启迪设计(300500) - 2024 Q4 - 年度财报(更正)

Part I. Important Notice, Table of Contents, and Definitions Important Notice The board assures report accuracy, highlighting 2024 financial performance and the proposed profit distribution 2024 Annual Performance Overview | Indicator | 2024 Amount | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 1.185 billion yuan | -25.79% | | Net Profit Attributable to Shareholders of Listed Company | -99.4421 million yuan | - | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains/Losses | -119.3955 million yuan | - | | Credit Impairment Provision | 160.8580 million yuan | - | | Asset Impairment Provision | 99.3697 million yuan | - | - Performance decline primarily due to underperforming businesses of wholly-owned subsidiary Shenzhen Jialida and controlling subsidiary Shenzhen Bilude, leading to goodwill impairment; additionally, Shenzhen Jialida's accounts receivable aging increased, resulting in significant credit impairment losses[5] - The profit distribution plan approved by the company's board of directors is to distribute a cash dividend of 1.50 yuan (tax inclusive) per 10 shares to all shareholders based on the current total share capital, with no bonus shares or capital reserve conversion to share capital[7] Company Profile and Key Financial Indicators Company Basic Information This chapter provides the company's basic registration, contact, and disclosure information, including its stock details Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Tus-Design | | Stock Code | 300500 | | Legal Representative | Zha Jinrong | | Registered Address | No. 9 Wangmao Street, Suzhou Industrial Park | | Company Website | www.tusdesign.com | | Accounting Firm | ShineWing Certified Public Accountants (Special General Partnership) | Key Accounting Data and Financial Indicators This chapter presents the company's core financial data for the past three years, highlighting 2024 performance and retrospective adjustments Key Financial Indicators for the Past Three Years (Unit: Yuan) | Indicator | 2024 | 2023 (Adjusted) | 2022 (Adjusted) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,184,792,877.33 | 1,579,749,836.17 | 1,871,230,233.75 | | Net Profit Attributable to Shareholders of Listed Company | -99,442,055.79 | -314,959,765.30 | 18,320,945.71 | | Net Profit Attributable to Parent Excluding Non-recurring Gains/Losses | -119,395,542.34 | -339,419,709.94 | -13,931,318.87 | | Net Cash Flow from Operating Activities | 104,439,023.81 | 309,212,970.71 | 12,580,142.46 | | Basic Earnings Per Share (Yuan/Share) | -0.5716 | -1.8104 | 0.1053 | | Weighted Average Return on Net Assets | -8.62% | -22.87% | 1.19% | | Total Assets | 3,032,005,506.68 | 3,427,754,495.11 | 3,684,714,004.66 | | Net Assets Attributable to Shareholders of Listed Company | 1,098,179,749.57 | 1,208,586,758.43 | 1,542,683,759.32 | - The company retrospectively restated and adjusted its annual financial reports from 2020 to 2023 due to prior period accounting errors found in its wholly-owned subsidiary Shenzhen Jialida Energy Saving Technology Co., Ltd[22] 2024 Quarterly Key Financial Indicators (Unit: Yuan) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 325,222,305.26 | 419,331,630.96 | 221,357,771.78 | 218,881,169.33 | | Net Profit Attributable to Shareholders of Listed Company | 9,323,905.65 | 12,417,277.73 | -38,859,904.60 | -82,323,334.57 | 2024 Non-recurring Gains and Losses Items (Unit: Yuan) | Item | 2024 Amount | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 1,004,084.94 | | Government Grants Included in Current Profit/Loss | 7,323,270.71 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 7,482,105.56 | | Debt Restructuring Gains/Losses | 6,701,446.18 | | Total | 19,953,486.55 | Management Discussion and Analysis Industry Overview The design and construction industries faced deep adjustments in 2024 due to real estate pressure, but found structural opportunities from green transformation, new infrastructure, and AI - The construction and real estate industries remain in a critical phase of deep adjustment and transformation, with sustained pressure on industry prosperity, as national real estate development investment decreased by 10.6% year-on-year[33] - Policies are driving the industry towards industrialization, digitalization, and green transformation, creating new market demands in areas such as new infrastructure, green development, and urban renewal[33][35] - AI technology is gradually being implemented in the engineering design consulting industry, becoming a key driver for industry transformation, upgrading, and enhancing efficiency and productivity[40] Main Business The company aims to be a leading technology integration service provider in urban and rural construction, focusing on full-process solutions for green, digital, and smart buildings, actively expanding into design consulting, general construction contracting, and new energy sectors, and leveraging its AI research center to drive digital and intelligent upgrades across the design process to foster new growth engines Full-Process Design and Consulting Business As a core business, full-process design and consulting completed several landmark projects, with the new 'Tus-Design Building' headquarters becoming a green smart building benchmark, earning multiple international awards, and delivering exemplary projects in TOD, new industrial spaces, boutique hotels, cultural education, and healthcare, showcasing the company's professional and innovative capabilities - The company's new headquarters, 'Tus-Design Building,' received Green Building Three-Star, Healthy Building Three-Star, and LEED Gold pre-certification, along with multiple domestic and international awards including the US MUSE Design Award Gold and German Iconic Design Award Best of Best[45][46] - Deeply involved in the construction of all 9 Suzhou rail transit lines, covering various project types such as depots, stations, and over-track development, with the Suzhou East Station project representing an innovative exploration in integrated park development[47][49] - Developed benchmark projects like the Huichuan Technology Energy Storage Base in the 'Industrial Loft' new industrial space sector, and has consecutively ranked first for five sessions on the professional list for hotel architecture[50][51] Urban Renewal The company leveraged its deep experience in ancient city protection and urban regeneration to create multiple urban renewal showcases in Suzhou, including the Pingjiang Historic and Cultural District and Shiquan Street renovation projects, successfully revitalizing urban spaces through the transformation of old residential areas, characteristic alleys, and traditional buildings, with the Shiquan Street project selected as a typical case by the Ministry of Housing and Urban-Rural Development - Developed a series of urban renewal projects for old residential areas and characteristic alleys in Suzhou's Pingjiang Historic and Cultural District, including Yunxiu Garden, Pingjiang Garden, and Zhongzhangjia Alley renovation[61] - The Shiquan Street comprehensive urban renewal project, which the company participated in, was recognized by the Ministry of Housing and Urban-Rural Development as a national model for old street renovation due to its 'people-oriented symbiotic concept'[63] General Construction Contracting Business The company continues to expand its design-led EPC general contracting business, leveraging its full-process management advantages, with the Yuan Chuang Zhi Gu Digital Economy Industrial Park project successfully topped out, setting a new 'land acquisition to commencement' speed record in Suzhou, and successful practices in projects like Xuchuang Optoelectronics Industrial Park Phase II and Suzhou Huazhan Aerospace Electrical New Infrastructure Connector Industrialization demonstrating its strong capabilities in new infrastructure and industrial building EPC - The Yuan Chuang Zhi Gu Digital Economy Industrial Park project achieved Suzhou's first 'eight permits issued simultaneously,' taking only 3 working days from land contract signing to obtaining the construction permit[65] - The EPC General Contracting Project Observation and Exchange Meeting held at the Xuchuang Optoelectronics Industrial Park Phase II project showcased the company's intelligent and technological achievements in deep integration of design and construction, receiving high praise from industry associations[68] Dual Carbon New Energy Business The company leveraged its first-mover advantage in building energy efficiency to actively expand its dual carbon new energy business, completing multiple distributed photovoltaic power station EPC projects and securing new wind power and fishery-solar complementary photovoltaic project construction quotas, with services covering centralized energy stations, distributed photovoltaics, building energy-saving renovations, and energy performance contracting, aiming to provide comprehensive 'carbon neutrality' solutions - During the reporting period, the company's first 'flexible module + photovoltaic carport BIPV' project was connected to the grid, and it undertook the distributed photovoltaic construction project in Shunchang County, Fujian[73] - The Shijiazhuang Zanhuang 50MW wind power and Cangzhou Haixing Shangdian Fishery-Solar 70MW complementary photovoltaic projects have obtained construction quotas from the Hebei Provincial Development and Reform Commission[73] Digital Technology Business The company deepened the application of AI and digital technologies in engineering design, internally deploying large language models and training image models combined with its knowledge base to significantly improve design efficiency and quality, and externally productizing R&D achievements, successfully commercializing intelligent design solutions and the 'Qiyuan Yunzhi' smart operation and maintenance system - Internally supporting main business: Completed local deployment of large language models, enabling interactive knowledge Q&A and content generation combined with the company's knowledge base, and promoting the application of image models in actual projects[75] - Externally exploring new businesses: Productized AI model training and deployment capabilities to output intelligent design solutions; the independently developed 'Qiyuan Yunzhi' smart operation and maintenance system has achieved commercial implementation in external projects[76] Core Competencies The company's core competencies are fourfold: full industry chain integration covering consulting, design, construction, and operation; technological innovation and R&D focused on digitalization, intelligence, and green low-carbon solutions; a talent advantage with master-level experts and a comprehensive training system; and strong brand influence and market recognition built through high-end academic activities, prestigious domestic and international awards, and delivery of major benchmark projects - The company has built comprehensive carbon neutrality service capabilities, balancing 'open source' (new energy) and 'throttling' (energy saving), and actively explores the integrated development direction of 'source-grid-load-storage'[81] - As of the end of the reporting period, the group holds 310 valid patents (47 invention patents), 147 software copyrights, and is participating in the compilation of 37 industry standards[85] - The company has 382 professionals with senior titles and 365 national registered personnel, with its core team including experts enjoying State Council special allowances and Jiangsu Provincial Design Masters[87] - In 2024, the company was honored as a 'Top Ten Chinese Architectural Design Brand' and garnered multiple top domestic and international accolades, including the US MUSE Gold Award, German Iconic Design Award Best of Best, and Zhan Tianyou Civil Engineering Prize of China[89] Operating Performance Analysis During the reporting period, the company achieved 1.185 billion yuan in operating revenue, a 25.00% year-on-year decrease, and a net loss attributable to parent of 99.4421 million yuan, with the decline primarily due to significant reductions in construction engineering and new energy & energy-saving business revenues; design consulting, as a core segment, showed robust performance with a 7.27% revenue increase and a 5.65 percentage point rise in gross margin, while effective cost control led to decreases in selling, administrative, and financial expenses, though R&D expenses decreased by 39.04% year-on-year due to fewer projects 2024 Operating Revenue Composition (by Industry) | Industry | Operating Revenue (Yuan) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Design Consulting | 846,831,006.88 | 71.48% | 7.27% | | Construction Engineering | 182,391,234.56 | 15.39% | -67.65% | | New Energy and Energy Saving | 120,691,901.04 | 10.19% | -45.11% | | Other | 34,878,734.85 | 2.94% | 424.38% | | Total | 1,184,792,877.33 | 100% | -25.00% | Performance of Main Business Segments | Business Segment | Operating Revenue YoY | Operating Cost YoY | Gross Margin YoY | | :--- | :--- | :--- | :--- | | Design Consulting | 7.27% | -1.48% | 5.65% | | Construction Engineering | -67.65% | -74.48% | 19.55% | | New Energy and Energy Saving | -45.11% | -32.54% | -24.69% | 2024 Period Expenses (Unit: Yuan) | Expense Item | 2024 | 2023 | YoY Change | Main Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 27,105,524.35 | 33,292,332.44 | -18.58% | - | | Administrative Expenses | 111,490,765.69 | 118,220,743.82 | -5.69% | - | | Financial Expenses | 11,735,012.18 | 17,518,466.65 | -33.01% | Increased interest income during the reporting period | | R&D Expenses | 56,092,246.24 | 92,018,335.11 | -39.04% | Decreased R&D projects and labor costs during the reporting period | Key Cash Flow Statement Items (Unit: Yuan) | Item | 2024 Annual | 2023 Annual | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 104,439,023.81 | 309,212,970.71 | -66.22% | | Net Cash Flow from Investing Activities | 92,472,912.78 | -149,546,568.15 | 161.84% | | Net Cash Flow from Financing Activities | -114,642,968.30 | -55,820,755.54 | -105.38% | | Net Increase in Cash and Cash Equivalents | 82,359,442.58 | 103,930,478.68 | -20.76% | Non-Core Business Analysis During the reporting period, non-core businesses significantly impacted total profit, with asset impairment losses reaching -99.37 million yuan, accounting for 97.28% of total profit, being the primary cause of the loss, mainly comprising impairment of goodwill, contract assets, fixed assets, and intangible assets; concurrently, investment income was 27.54 million yuan, primarily from associate investments and disposal of financial assets Non-Core Business Profit and Loss (Unit: Yuan) | Item | Amount | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 27,544,427.90 | -26.96% | Associate income, disposal of financial assets, debt restructuring, etc | | Gains/Losses from Fair Value Changes | 2,181,805.00 | -2.14% | Fair value changes of financial assets held for trading | | Asset Impairment | -99,369,701.54 | 97.28% | Impairment losses on goodwill, contract assets, fixed assets, intangible assets | Assets and Liabilities Status As of year-end 2024, total assets were 3.032 billion yuan, a 11.55% year-on-year decrease, with accounts receivable being the largest asset component at 33.18%, while contract assets significantly decreased from 16.13% to 4.98% of total assets; liabilities showed optimized structure with reduced short-term and increased long-term borrowings, and 571 million yuan in restricted assets, primarily for loan collateral and pledges Key Balance Sheet Item Changes | Item | 2024 Year-end Amount (Yuan) | Proportion of Total Assets | 2024 Beginning-of-Year Amount (Yuan) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 734,587,608.57 | 24.23% | 628,833,804.17 | 18.35% | 5.88% | | Accounts Receivable | 1,005,961,283.32 | 33.18% | 1,057,356,900.62 | 30.85% | 2.33% | | Contract Assets | 151,112,481.13 | 4.98% | 553,053,898.25 | 16.13% | -11.15% | | Fixed Assets | 500,047,987.66 | 16.49% | 411,707,643.16 | 12.01% | 4.48% | | Short-term Borrowings | 187,685,908.83 | 6.19% | 276,581,859.01 | 8.07% | -1.88% | | Long-term Borrowings | 229,445,486.37 | 7.57% | 160,565,560.14 | 4.68% | 2.89% | - As of the end of the reporting period, the company had 571 million yuan in restricted assets, primarily comprising fixed assets and intangible assets pledged for borrowings, and cash and cash equivalents, accounts receivable, and contract assets pledged for deposits and borrowings[119] Analysis of Major Holding and Associate Companies This chapter discloses the operating performance of major subsidiaries and associate companies, with wholly-owned subsidiary Shenzhen Jialida Energy Saving Technology Co., Ltd. and controlling subsidiary Shenzhen Bilude Architectural Consulting Co., Ltd. being the primary contributors to the company's current period loss, recording net losses of 160 million yuan and 17.67 million yuan respectively, while associate company Beijing Gouli Technology Co., Ltd. performed well with a net profit of 78.38 million yuan Performance of Major Subsidiaries and Associate Companies (Unit: Yuan) | Company Name | Company Type | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Jialida Energy Saving Technology Co., Ltd | Subsidiary | 538,108,081.03 | 154,612,419.20 | 108,056,586.02 | -173,116,462.48 | -159,742,380.75 | | Shenzhen Bilude Architectural Consulting Co., Ltd | Subsidiary | 56,186,951.31 | 21,258,730.01 | 14,527,345.56 | -18,326,801.92 | -17,673,854.73 | | Suzhou Zhongzheng Engineering Testing Co., Ltd | Subsidiary | 76,819,783.50 | 22,581,876.97 | 86,610,104.68 | 8,877,052.82 | 6,221,562.25 | | Beijing Gouli Technology Co., Ltd | Associate Company | 615,200,150.48 | 315,603,996.86 | 420,570,623.65 | 76,992,557.49 | 78,376,391.92 | - During the reporting period, the company's consolidation scope decreased by 3 entities, with 3 new subsidiaries established, 3 deregistered, and 2 transferred[128] Future Development Outlook The company will continue to uphold the 'solidify and innovate' philosophy, focusing on its main businesses in line with national green economy, dual carbon goals, and new quality productive forces strategies; operating plans include strengthening risk control for cost reduction and efficiency improvement, serving green economic development by integrating green concepts into urban renewal and general contracting projects, continuously promoting dual carbon businesses like wind and solar power, and increasing R&D and application in AI and digitalization; the company has also identified and addressed risks related to policy, accounts receivable, human resources, post-investment management, digital investment, and EPC business - Company Development Strategy: Aiming to be a 'leader in human settlement environment technology integration services,' the company will optimize its industrial structure around national strategies, promoting the enhancement of six core capabilities: investment and financing, full-process consulting, construction management, dual carbon new energy, digital technology, and post-operation[133] - Key Operating Plans: - Strengthen risk control for cost reduction and efficiency improvement - Refine and specialize main businesses, serving green economic development - Continuously promote dual carbon businesses, deepening cooperation with state-owned enterprises - Increase digital R&D and application, exploring new business models[134][135][136][137] - Key risks faced by the company include: policy risks, accounts receivable and contract asset risks, human resource management risks, post-investment management risks, digital investment risks, and capital and quality control risks associated with EPC general contracting business[138][139][140][142][143][144] Corporate Governance Overview of Corporate Governance During the reporting period, the company operated in strict compliance with laws and regulations like the Company Law and Securities Law, with no significant discrepancies between its actual corporate governance and relevant provisions; the company maintains independence from its controlling shareholder in assets, personnel, finance, organization, and business, possessing autonomous operating capabilities, and has a sound compensation and performance evaluation mechanism for directors, supervisors, and senior management, with information disclosure adhering to principles of truthfulness, accuracy, completeness, and timeliness - The company's corporate governance structure is sound, with the general meeting of shareholders, board of directors, supervisory board, and management operating strictly in accordance with internal control systems, safeguarding the legitimate rights and interests of all shareholders[148] - The company is independent from its controlling shareholder in terms of business, personnel, assets, organization, and finance, possessing independent and complete business operations and autonomous operating capabilities[149][152] - During the reporting period, changes in the company's directors, supervisors, and senior management primarily resulted from the re-election of the board of directors and supervisory board[160] Environmental and Social Responsibility (ESG) Environmental Protection The company and its subsidiaries are not key polluting entities, with no major environmental accidents or administrative penalties for environmental issues during the reporting period; the company actively practices green and low-carbon development, implementing environmental responsibilities in product R&D, production, and daily operations, and its new headquarters, 'Tus-Design Building,' as a green smart building exemplar, has received multiple green certifications and is included in the national '14th Five-Year Plan' high-quality green building demonstration project database, fully showcasing the company's achievements in controlling carbon emissions and energy consumption throughout the building lifecycle - The company and its subsidiaries are not classified as key polluting entities by environmental authorities, and there were no major environmental accidents or penalties during the reporting period[209] - The company is a leading enterprise in the green and low-carbon sector, with diversified services covering green building certification, building carbon emission management, energy-saving renovations, and zero-carbon planning[210][211] - The company's green smart building project, 'Tus-Design Building,' has been included in the national demonstration project database, integrating cutting-edge technologies such as photovoltaic integration, BIM, and big data to achieve energy saving and consumption reduction throughout the entire design, construction, and operation process[213] Social Responsibility The company actively fulfills its social responsibilities, safeguarding the legitimate rights and interests of shareholders, employees, suppliers, and customers while maintaining stable operations; it protects shareholder rights through improved governance and fair information disclosure, employee rights by adhering to labor laws and providing good working conditions and competitive compensation, and fosters honest, win-win partnerships; additionally, the company deeply integrates Party building into daily operations to empower high-quality enterprise development - Ensuring shareholders' right to know, especially for small and medium shareholders, through fair information disclosure and diverse communication channels such as performance briefings and investor hotlines[215] - Strictly adhering to labor laws, establishing a comprehensive human resource management system to protect employee rights, and providing a competitive and comprehensive compensation system[216] - Incorporating Party building into the 'Articles of Association,' creating the 'Chuanrong' themed Party building brand, exploring deep integration of Party building with business, and empowering the company's innovative development[216][217] Significant Matters Fulfillment of Commitments This chapter details commitments made by company-related parties during asset restructuring and initial public offering, primarily concerning avoiding horizontal competition, regulating related-party transactions, and share lock-ups; during the reporting period, all related parties strictly fulfilled their commitments, with no breaches - The company's actual controller, shareholders, and related parties strictly fulfilled their commitments regarding horizontal competition, related-party transactions, fund occupation, and share lock-ups made during asset restructuring and IPO, both during and as of the end of the reporting period[220][226] Significant Litigation and Arbitration During the reporting period, the company disclosed a significant construction engineering contract dispute with Tus-Science City (Zhaoqing) Investment Development Co., Ltd., involving 139 million yuan, which was settled in August 2023; additionally, the company was involved in multiple minor lawsuits not meeting the significance threshold, with 16 cases as plaintiff and 14 as defendant, none of which had a material impact on the company - The significant litigation with Tus-Science City (Zhaoqing), involving 139 million yuan, has been settled, but the counterparty has not yet paid the remaining balance as per the agreement[235] - Multiple minor lawsuits occurred during the reporting period, with the company as plaintiff in outstanding cases totaling 2.5972 million yuan and as defendant in outstanding cases totaling 46.6408 million yuan, none of which are expected to have a material impact on the company[235] Significant Contracts and Their Performance This chapter discloses the company's significant contracts, noting no major trusteeship, contracting, or procurement contracts during the reporting period; important lease agreements include renting parts of Tus-Design Building to Ping An Bank and Xinghai Street property to Suzhou Wanfeng Software Technology, generating significant rental income positively impacting operating profit; additionally, the company provided guarantees totaling 515 million yuan for subsidiaries, with an actual outstanding guarantee balance of 357 million yuan Significant Lease Contracts | Lessor | Lessee | Leased Asset | Lease Income (Million Yuan) | | :--- | :--- | :--- | :--- | | Suzhou Jiuwang Real Estate Co., Ltd | Ping An Bank Suzhou Branch | Portions of Tus-Design Building | 12.6704 | | Tus-Design Group Co., Ltd | Suzhou Wanfeng Software Technology Co., Ltd | No. 9 Xinghai Street Property | 6.1738 | Significant Guarantees (Unit: Million Yuan) | Guarantee Type | Approved Amount During Reporting Period | Actual Guarantee Balance at Period End | | :--- | :--- | :--- | | Guarantees for Subsidiaries | 515 | 356.6535 | | Total Guarantees | 540.6 | 356.6535 | Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital of 173,974,869 shares remained unchanged, but the share structure shifted as 3.2819 million restricted shares were released due to executive departures, reducing their proportion of total share capital from 5.55% to 3.67%, with unrestricted shares increasing accordingly from 94.45% to 96.33% Share Change Status (Unit: Shares) | Share Type | Before This Change | After This Change | Change Amount | | :--- | :--- | :--- | :--- | | Restricted Shares | 9,658,764 | 6,376,914 | -3,281,850 | | Unrestricted Shares | 164,316,105 | 167,597,955 | +3,281,850 | | Total Share Capital | 173,974,869 | 173,974,869 | 0 | - Changes in restricted shares were primarily due to the departure of former Chairman Dai Yaping and former Supervisory Board Chairman Zhao Hongkang, whose executive lock-up shares were released from restrictions as per regulations[264] Shareholders and Actual Controller As of the end of the reporting period, the company had 14,994 common shareholders, with Suzhou Saide Investment Management Co., Ltd. as the largest shareholder holding 44.54%; the company has no actual controller, as the original concerted action agreement expired and terminated in February 2019, and among the top ten shareholders, excluding the largest, the remaining are natural persons with relatively dispersed holdings Top Ten Shareholders' Holdings | Shareholder Name | Shareholding Percentage | Number of Shares Held (Shares) | Nature of Shares | | :--- | :--- | :--- | :--- | | Suzhou Saide Investment Management Co., Ltd | 44.54% | 77,480,000 | Domestic Non-State-Owned Legal Person | | Dai Yaping | 2.45% | 4,258,800 | Domestic Natural Person | | Zha Jinrong | 2.04% | 3,556,800 | Domestic Natural Person | | Tang Shaohua | 1.25% | 2,173,600 | Domestic Natural Person | | Li Haijian | 1.13% | 1,963,115 | Domestic Natural Person | - The company has no actual controller; the concerted action agreement among the original concerted parties, including Dai Yaping and Zha Jinrong, automatically terminated upon expiration on February 3, 2019, and was not renewed[270] Financial Report Audit Report ShineWing Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2024 financial statements, affirming that the statements fairly present the company's financial position, operating results, and cash flows in all material respects in accordance with enterprise accounting standards; key audit matters were 'recognition of operating revenue' and 'goodwill impairment,' for which the auditors performed sufficient procedures - The audit opinion type is a standard unqualified opinion[278] - Key audit matters include: - Recognition of Operating Revenue: Due to revenue recognition for design consulting, construction engineering, and other businesses based on performance progress, involving management's significant judgments and accounting estimates regarding total contract revenue and completion progress - Goodwill Impairment: Due to the significant amount of goodwill and the impairment test involving significant judgments such as future cash flow forecasts[280][281] Financial Statements This chapter provides the company's 2024 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet As of year-end 2024, the company's total assets were 3.032 billion yuan, total liabilities 1.895 billion yuan, and equity attributable to parent company owners 1.098 billion yuan, with an asset-liability ratio of 62.51% Consolidated Balance Sheet Key Data (Unit: Yuan) | Item | Period-end Balance | Beginning-of-Period Balance | | :--- | :--- | :--- | | Total Assets | 3,032,005,506.68 | 3,427,754,495.11 | | Total Liabilities | 1,895,184,479.53 | 2,173,439,185.31 | | Total Equity Attributable to Parent Company Owners | 1,098,179,749.57 | 1,208,586,758.43 | Consolidated Income Statement In 2024, the company achieved 1.185 billion yuan in total operating revenue, 1.063 billion yuan in total operating costs, a total profit of -102 million yuan, and a net profit attributable to parent company shareholders of -99.4421 million yuan Consolidated Income Statement Key Data (Unit: Yuan) | Item | 2024 Annual | 2023 Annual | | :--- | :--- | :--- | | Total Operating Revenue | 1,184,792,877.33 | 1,579,749,836.17 | | Operating Profit | -100,681,392.77 | -293,673,113.47 | | Total Profit | -102,150,705.40 | -323,341,821.18 | | Net Profit Attributable to Parent Company Shareholders | -99,442,055.79 | -314,959,765.30 | Consolidated Cash Flow Statement In 2024, net cash flow from operating activities was 104 million yuan, a 66.22% year-on-year decrease; net cash flow from investing activities turned positive at 92.47 million yuan; net cash flow from financing activities was -115 million yuan, with cash and cash equivalents balance at period-end reaching 665 million yuan Consolidated Cash Flow Statement Key Data (Unit: Yuan) | Item | 2024 Annual | 2023 Annual | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 104,439,023.81 | 309,212,970.71 | | Net Cash Flow from Investing Activities | 92,472,912.78 | -149,546,568.15 | | Net Cash Flow from Financing Activities | -114,642,968.30 | -55,820,755.54 | | Period-end Cash and Cash Equivalents Balance | 665,120,691.87 | 582,761,249.29 | Other Significant Matters This chapter discloses other significant matters impacting investor decisions, primarily concerning the correction of prior period accounting errors; the company retrospectively restated financial data for its wholly-owned subsidiary Shenzhen Jialida Energy Saving Technology Co., Ltd. from 2020 to 2023, detailing the specific impact of these adjustments on key items in the consolidated and parent company financial statements for each year - The company corrected prior period accounting errors found in its wholly-owned subsidiary Shenzhen Jialida Energy Saving Technology Co., Ltd., and adjusted its financial reports from 2020 to 2023 using the retrospective restatement method[697][698] Impact of Accounting Error Correction on Key Consolidated Statement Items for 2023 (Unit: Yuan) | Item | Adjustment Amount | | :--- | :--- | | Total Operating Revenue | -16,859,906.75 | | Total Operating Cost | -33,465,930.73 | | Operating Profit | 15,674,710.47 | | Net Profit Attributable to Parent Company Owners | 15,814,407.49 |