龙元建设(600491) - 2025 Q2 - 季度财报

Important Notes Board of Directors, Supervisory Committee, and Senior Management Guarantee the Authenticity of the Report The company's board, supervisory committee, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report and assume legal responsibility - The company's Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report[3] All Company Directors Attended the Board Meeting All directors of the company attended the board meeting - All company directors attended the board meeting[4] This Semi-annual Report is Unaudited This semi-annual report has not been audited - This semi-annual report is unaudited[4] Declaration by Company Head and Chief Accountant The company's responsible persons declare the authenticity, accuracy, and completeness of the financial report - Company head Lai Zhaohui, chief accountant Li Xiufeng, and head of the accounting department Li Xiufeng declare the authenticity, accuracy, and completeness of the financial report[5] Profit Distribution or Capitalization of Capital Reserve Plan The Board of Directors resolved not to distribute profits or capitalize capital reserves for the reporting period - The company proposes no profit distribution and no capitalization of capital reserves[6] Risk Disclosure on Forward-Looking Statements Forward-looking statements in the report involve uncertainties and do not constitute substantive commitments - Forward-looking statements in this report are subject to uncertainties and do not constitute substantive commitments to investors, who are advised to be aware of investment risks[7] No Non-operational Fund Occupation by Controlling Shareholders The company has no non-operational fund occupation by its controlling shareholder or other related parties - There is no non-operational fund occupation by the controlling shareholder or other related parties[8] No Provision of Guarantees in Violation of Decision-Making Procedures The company has not provided external guarantees in violation of prescribed decision-making procedures - There is no provision of external guarantees in violation of prescribed decision-making procedures[8] No Inability of More Than Half of the Directors to Guarantee the Report's Authenticity There is no situation where more than half of the directors cannot guarantee the report's authenticity - There is no situation where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the semi-annual report[8] Major Risk Warning The company has described relevant risks in the "Potential Risks" section of the "Management Discussion and Analysis" - The company has described relevant risks in this report; please refer to the "Potential Risks" section in the "Management Discussion and Analysis"[8] Section I Definitions Definitions of Common Terms This section provides definitions for common terms used in the report to ensure accurate interpretation - The Company, this Company, Longyuan Group refer to Longyuan Construction Group Co, Ltd[13] - The reporting period refers to January 1, 2025, to June 30, 2025[13] - Hangzhou Communications Investment Group refers to Hangzhou Communications Investment Group Co, Ltd[13] Section II Company Profile and Key Financial Indicators Company Information This section presents basic registration information such as the company's name and legal representative - The company's Chinese name is 龙元建设集团股份有限公司, and its short name is Longyuan Construction[14] - The company's legal representative is Lai Zhaohui[14] Contact Persons and Methods This section provides contact information for the company's Board Secretary and Securities Affairs Representative - Board Secretary: Zhang Li, Tel: 021-65615689, Email: stock@lycg.com.cn[15] - Securities Affairs Representative: Luo Xing, Tel: 021-65615689, Email: stock@lycg.com.cn[15] Changes in Basic Information This section discloses the company's basic information and confirms no historical changes during the period - Company registered address: 165 Xinfeng Road, Dancheng, Xiangshan County, Zhejiang Province; Historical changes: None[16] - Company office address: Longyuan Group, Lane 99, Shouyang Road, Jing'an District, Shanghai; Postal code: 200072[16] Changes in Information Disclosure and Report Location This section specifies the website and location for the semi-annual report, confirming no changes during the period - Website for the semi-annual report: **www.sse.com.cn**[19](index=19&type=chunk) - Location for the semi-annual report: Longyuan Group, Lane 99, Shouyang Road, Jing'an District, Shanghai[19] - Index for inquiries about changes during the reporting period: None[19] Company Stock Profile This section provides information on the company's A-share stock, confirming no change in the stock name Company Stock Profile | Stock Class | Stock Exchange | Stock Ticker | Stock Code | Previous Stock Ticker | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Longyuan Construction | 600491 | Unchanged | Key Accounting Data and Financial Indicators The company's net profit turned positive year-over-year, while revenue and operating cash flow declined sharply Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,651,584,874.54 | 4,946,256,125.85 | -46.39 | | Total Profit | 140,939,852.84 | -183,080,091.35 | N/A | | Net Profit Attributable to Shareholders | 70,384,128.64 | -203,095,411.70 | N/A | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -164,732,667.52 | -247,399,121.86 | N/A | | Net Cash Flow from Operating Activities | 148,946,558.84 | 694,766,110.11 | -78.56 | | As of Period End | As of Prior Year End | Change from Prior Year End (%) | | | Net Assets Attributable to Shareholders | 10,137,697,619.43 | 10,095,942,527.81 | 0.41 | | Total Assets | 53,019,414,198.44 | 55,427,779,105.35 | -4.35 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.05 | -0.13 | N/A | | Diluted Earnings Per Share (Yuan/Share) | 0.05 | -0.13 | N/A | | Basic EPS (Excluding Non-recurring Items) (Yuan/Share) | -0.11 | -0.16 | N/A | | Weighted Average Return on Equity (%) | 0.70 | -1.90 | Increase of 2.60 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | -1.63 | -2.31 | Increase of 0.68 percentage points | Non-recurring Profit and Loss Items and Amounts This section details the company's non-recurring profit and loss items, with gains from non-current asset disposal being the main contributor Non-recurring Profit and Loss Items and Amounts | Non-recurring Profit and Loss Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 254,350,362.52 | | Government Grants Recognized in Current Profit or Loss | 2,904,507.68 | | Fees for Fund Occupation Charged to Non-financial Enterprises | 1,724,456.00 | | Reversal of Impairment Provision for Individually Tested Receivables | 21,014,079.86 | | Other Non-operating Income and Expenses | -6,470,433.80 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 283,548.36 | | Less: Income Tax Impact | -39,347,637.16 | | Minority Interest Impact (After Tax) | 657,912.70 | | Total | 235,116,796.16 | Section III Management Discussion and Analysis Industry and Business Overview The company's business spans general contracting, infrastructure investment, and green buildings - The company focuses on general construction contracting and infrastructure investment, with synergistic development across three main segments: general contracting, infrastructure investment, and green buildings[25] - The general contracting segment holds premium-grade qualifications for building construction and first-grade qualifications for municipal public works, undertaking large-scale, high-standard complex projects[26][27] - The infrastructure investment segment actively participates in infrastructure investment, financing, construction, and operation management through the PPP model, accumulating extensive experience and resources[28] - The green building segment, centered on prefabricated and photovoltaic buildings, features the S-SYSTEM and over 400 technology patents, aligning with national carbon neutrality strategies[29][30] Discussion and Analysis of Operating Performance The company achieved a net profit turnaround due to asset disposal gains but faced a sharp decline in new orders and revenue, prompting measures to address liquidity pressure - The company's total operating revenue was 2.652 billion yuan, and net profit attributable to shareholders was 70 million yuan, achieving a year-over-year turnaround[30] - The turnaround was primarily due to the asset disposal gain from the land and buildings of its subsidiary, Dadi Steel Structure[30] Revenue of Each Business Segment During the Reporting Period | Revenue of Each Business Segment During the Reporting Period | Operating Revenue (Yuan) | Operating Costs (Yuan) | Gross Margin | | :--- | :--- | :--- | :--- | | I. General Contracting | 1,095,900,632.06 | 1,062,902,415.56 | 3.01% | | (1) Civil Engineering | 883,915,970.40 | 864,516,416.78 | 2.19% | | (2) Water Conservancy | 211,984,661.66 | 198,385,998.78 | 6.41% | | II. Infrastructure Investment | 836,085,596.00 | 93,424,228.07 | 88.83% | | III. Green Building | 714,201,723.90 | 659,968,474.12 | 7.59% | | Total | 2,646,187,951.96 | 1,816,295,117.75 | 31.36% | - New orders amounted to 953 million yuan, a year-over-year decrease of 38.63%; total operating revenue decreased by 46.39%[30] - The company is actively promoting a private placement, which has been approved by the CSRC, and is in communication with Hangzhou Communications Investment Group regarding the subscription[31] - The company is facing operational difficulties and temporary liquidity pressure, resulting in failure to repay some maturing debts[33] Analysis of Core Competitiveness The company demonstrates strong resilience and growth potential through its diversified business model, market reputation, professional team, and strategic partnerships - The company has established a diversified business model, including general contracting and infrastructure investment, effectively mitigating operational risks and enhancing project quality through partnerships with state-owned developers[34] - With over forty years of industry experience, the company holds premium-grade qualifications for general construction contracting and has won over 500 provincial-level or higher quality engineering awards[34] - The company possesses extensive experience in infrastructure investment management and operations, with most projects now in the operational phase[35] - The company's green building business has developed a leading domestic steel structure prefabricated building system and is advancing its building-integrated photovoltaics business, showing strong market prospects[35] - The strategic cooperation and private placement with Hangzhou Communications Investment Group are expected to bring resource synergies, market expansion, improved financial conditions, and lower financing costs[35] Main Operating Activities During the Reporting Period This section analyzes financial statement changes, asset and liability status, investments, and subsidiary performance, revealing revenue decline and cash flow pressures Analysis of Changes in Financial Statement Items This section details the year-over-year changes in key financial statement items, including revenues, costs, expenses, and cash flows Analysis of Changes in Financial Statement Items | Item | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,651,584,874.54 | 4,946,256,125.85 | -46.39 | | Operating Costs | 1,825,134,827.75 | 4,046,651,976.66 | -54.90 | | Selling Expenses | 4,547,168.86 | 3,467,580.62 | 31.13 | | Administrative Expenses | 163,002,609.18 | 179,144,099.09 | -9.01 | | Financial Expenses | 663,561,238.95 | 703,827,554.20 | -5.72 | | R&D Expenses | 33,084,383.89 | 71,708,269.93 | -53.86 | | Net Cash Flow from Operating Activities | 148,946,558.84 | 694,766,110.11 | -78.56 | | Net Cash Flow from Investing Activities | 122,119,264.44 | -58,385,738.34 | N/A | | Net Cash Flow from Financing Activities | -457,285,379.88 | -861,540,325.83 | N/A | Analysis of Assets and Liabilities This section analyzes the composition and changes in the company's assets and liabilities, noting significant increases in notes receivable and inventories Changes in Assets and Liabilities | Item | Current Period-End Balance | % of Total Assets | Prior Year-End Balance | % of Total Assets | YoY Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 29,444,456.74 | 0.06 | 12,300,255.80 | 0.02 | 139.38 | Primarily due to increased use of notes for settlement | | Inventories | 51,298,198.60 | 0.10 | 18,510,508.22 | 0.03 | 177.13 | Primarily due to an increase in raw materials for production | | Right-of-use Assets | 9,167,786.39 | 0.02 | 15,393,101.62 | 0.03 | -40.44 | Primarily due to the expiration of some leases | | Lease Liabilities | 4,135,464.12 | 0.01 | 9,096,966.32 | 0.02 | -54.54 | Primarily due to the expiration of some leases | | Other Comprehensive Income | -2,603,345.44 | 0.00 | 3,537,275.80 | 0.01 | N/A | Primarily due to exchange rate fluctuations | - Overseas assets amounted to 233,180,798.79 yuan, accounting for 0.44% of total assets[40] Analysis of Investment Status The company divested some non-core businesses while exploring new areas through equity investment changes and the establishment of a new technology company - From January to April 2025, the company's subsidiaries Ningbo Mingguang, Ningbo Minghuan, Ningbo Mingju, Ningbo Mingli, Ningbo Mingyi, Liaoning Longyuan Construction Engineering Co, Ltd, Ningbo Mingdi Investment Management Co, Ltd, and Shanghai Yongjiang Construction Labor Co, Ltd were deregistered[42] - On April 2, 2025, the company's subsidiary Longyuan Mingcheng transferred its 20% equity stake in Hangzhou Chengji Investment Management Co, Ltd, and completed the business registration change[42] - On August 25, 2025, a subsidiary of Longyuan Mingcheng, Shanghai Longyuan Tiance Enterprise Management Co, Ltd, co-established Tiance Dexin (Shanghai) Technology Development Co, Ltd, holding a 30% stake[43] Analysis of Major Subsidiaries and Investees This section discloses financial data for major subsidiaries, showing Dadi Steel Structure as the main profit contributor, while others reported losses Performance of Major Subsidiaries and Investees | Company Name | Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dadi Steel Structure | Subsidiary | Construction | 10,080.00 | 171,604.64 | 35,969.58 | 62,898.55 | 27,882.11 | 23,744.80 | | Xin'an Curtain Wall | Subsidiary | Construction | 5,000.00 | 43,698.07 | -20,772.22 | 2,538.37 | 281.65 | 279.61 | | Longyuan Mingcheng | Subsidiary | Industrial Investment | 30,000.00 | 675,469.31 | 36,046.12 | 208.63 | -2,964.15 | -2,984.50 | | Longyuan Shenghong | Subsidiary | Water Conservancy | 10,000.00 | 119,771.13 | 25,386.46 | 38,969.77 | 2,159.98 | 1,823.03 | | Hangzhou Chengtou | Subsidiary | Engineering Management | 5,000.00 | 15,187.39 | 10,787.94 | 3,641.50 | 323.93 | 271.01 | | Shanghai Longyuan | Subsidiary | Construction | 10,000.00 | 170,124.87 | 26,024.21 | 10.71 | -333.18 | -343.42 | | Longyuan Mingzhu | Subsidiary | Other Construction | 10,000.00 | 6,114.02 | -7,110.40 | 0.00 | -354.08 | -354.16 | Structured Entities Controlled by the Company This section lists the company's controlled partnerships and their investments, primarily in infrastructure PPP projects - Jiaxing Chengpu Investment Partnership (Limited Partnership) has a total subscribed capital of 250.01 million yuan and has invested in two infrastructure PPP projects in Shandong[46] - Ningbo Huide Rongze Investment Management Center (Limited Partnership) has a total subscribed capital of 30 million yuan and is engaged in investment management and industrial investment[47] - Shaoxing Haiju Investment Management Partnership (Limited Partnership) has a total subscribed capital of 228 million yuan and has invested in the Shaoxing Jinghu New Area Huxi Resettlement Community BT project[47] Other Disclosures The company faces risks from policy changes, litigation, bad debts, and liquidity, and has implemented corresponding countermeasures Potential Risks The company faces risks from macroeconomic policy changes, litigation, bad debts, and liquidity pressures, with countermeasures in place - The company's main business is subject to macroeconomic policy risks, influenced by factors such as national economic performance, fixed asset investment, and urbanization[48] - The company faces potential litigation risks from issues such as insufficient project funding, quality disputes, and payment disputes for materials and labor[49] - With the expansion of business scale, the company's accounts receivable, mainly consisting of project settlement payments and retention money, are exposed to the risk of bad debt losses[49] - The company is experiencing short-term liquidity pressure due to a sluggish downstream industry, slower-than-expected project collections, and constrained financing channels, leading to overdue debts[49] - To mitigate liquidity risks, the company will actively pursue project collections, dispose of existing assets, and expedite the change of control to introduce a high-quality state-owned industrial investor[50] Section IV Corporate Governance, Environmental, and Social Changes in Directors, Supervisors, and Senior Management Vice President Wang Dehua resigned, and Lin Shengmin was appointed as the new Vice President during the reporting period - Vice President Wang Dehua resigned[52] - Lin Shengmin was appointed as Vice President[52] Profit Distribution or Capitalization of Capital Reserve Plan The company does not plan to distribute semi-annual profits or capitalize its capital reserve - The company proposes no profit distribution[52] - The company proposes no capitalization of capital reserves[52] Section V Significant Matters Fulfillment of Commitments This section discloses the fulfillment of commitments by the company's actual controller, shareholders, and related parties regarding non-competition and related transactions - Hangzhou Communications Investment Group has committed to resolving and avoiding non-competition with the listed company, including transferring control of its subsidiaries to the company[56][57] - Hangzhou Communications Investment Group has committed to maintaining the independence of the listed company in terms of personnel, finance, organization, assets, and business[57][58] - Hangzhou Communications Investment Group has committed to regulating related-party transactions, ensuring they are legally executed and approved to prevent the illegal transfer of funds or profits[58][59] - The controlling shareholder and actual controller, Lai Zhenyuan, has committed not to invest in or operate businesses that compete with the company[59] Material Litigation and Arbitration The company is involved in several material lawsuits and arbitrations concerning construction contract disputes, with some cases involving substantial amounts still under review - In a construction contract dispute with Shenyang Changfeng Real Estate, the claimed amount is 621 million yuan; the first-instance ruling awarded the company 224 million yuan plus interest, and the case is now in the second-instance trial[61] - A dispute over a cooperative development project with Ningbo Sunshine Bay Development involves a claim of 729 million yuan, which has been converted into a 60% equity stake in Ningbo Sunshine, pending business registration changes[61] - During the reporting period, the company had no single lawsuit with an amount exceeding 10% of its latest audited net assets[63] - On July 26, 2025, the company disclosed that its cumulative litigation amount exceeded 10% of its latest audited net assets[63] Material Related-Party Transactions This section discloses related-party transactions in daily operations and financing, with financial support from related parties helping to alleviate liquidity pressure Related-Party Transactions in Daily Operations The company's routine related-party transactions for 2025 have been disclosed in a separate announcement - The company's routine related-party transactions for 2025 were disclosed in the "Announcement on Daily Related-Party Transactions for 2025" (No. Lin 2025-013) on April 30, 2025[64] Related-Party Debts and Claims (Undisclosed) This section discloses previously unannounced related-party debts and claims, primarily financial support from related parties to alleviate liquidity pressure Related-Party Debts and Claims | Related Party | Relationship | Opening Balance | Current Period Change | Closing Balance | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Communications Investment Co, Ltd | Subsidiary of a shareholder | 337,024,400.00 | 0.00 | 337,024,400.00 | | Lai Zhenyuan | Controlling shareholder | 64,241,186.17 | -59,981,300.00 | 4,259,886.17 | | Zheng Guixiang | Other related party | 11,572,240.40 | 0.00 | 11,572,240.40 | | Lai Zhaohui | Controlling shareholder | 35,673,535.09 | -3,612,000.00 | 32,061,535.09 | | Lai Yejun | Controlling shareholder | 119,287,941.22 | 0.00 | 119,287,941.22 | | Total | | 567,799,302.88 | -63,593,300.00 | 504,206,002.88 | - These related-party debts and claims arose from transactions such as the transfer of equity and debt, as well as financial support provided by related parties to the company[67] - The related-party debts and claims help alleviate the company's temporary liquidity constraints and support its operations[67] Material Contracts and Their Performance This section discloses the company's material guarantees and new business volume, indicating a high ratio of total guarantees to net assets and the existence of overdue guarantees Material Guarantees The company's total guarantee amount was 11.51 billion yuan, representing 113.49% of its net assets, with 173 million yuan in overdue guarantees Total Company Guarantees | Indicator | Amount (in 10,000 Yuan) | | :--- | :--- | | Total Outstanding Guarantees at Period-End (A) (Excluding subsidiaries) | 76,793.25 | | Guarantees for Subsidiaries Incurred During the Period | 46,077.84 | | Total Outstanding Guarantees for Subsidiaries at Period-End (B) | 1,073,781.34 | | Total Guarantees (A+B) | 1,150,574.59 | | Total Guarantees as a Percentage of Net Assets (%) | 113.49% | | Including: Guarantees for Shareholders and Related Parties (C) | 0 | | Guarantees for Entities with Asset-Liability Ratio Over 70% (D) | 1,032,006.76 | | Guarantees Exceeding 50% of Net Assets (E) | 643,689.71 | | Total of the Above Three Items (C+D+E) | 1,675,696.47 | - As of the current date, the amount of overdue guarantees is 173 million yuan[71] - The company has approved a new guarantee limit of no more than 3.255 billion yuan for its subsidiaries for the year 2025 and has made adjustments to the guarantee quotas[71][72][73] Other Material Contracts The company secured new business contracts totaling 953 million yuan during the reporting period - The company secured 953 million yuan in new business during the reporting period[74] Section VI Changes in Share Capital and Shareholder Information Changes in Share Capital The company's total number of shares and share capital structure remained unchanged during the reporting period - During the reporting period, the company's total number of shares and share capital structure remained unchanged[76] Shareholder Information This section discloses shareholder information, identifying Lai Zhenyuan as the largest shareholder and Hangzhou Communications Investment Group as the second largest - As of the end of the reporting period, the total number of common shareholders was 37,526[77] Top Ten Shareholders | Shareholder Name | Change During Period | Shares Held at Period-End | Ownership (%) | Restricted Shares | Share Status | Quantity | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lai Zhenyuan | 0 | 254,119,182 | 16.61 | 0 | Pledged | 253,900,000 | Domestic Individual | | | | | | | Frozen | 219,182 | | | Hangzhou Communications Investment Group Co, Ltd | 0 | 128,499,668 | 8.40 | 0 | None | 0 | State-owned Legal Entity | | Lai Zhaohui | 0 | 108,567,090 | 7.10 | 0 | Pledged | 108,500,000 | Domestic Individual | | | | | | | Frozen | 67,090 | | | | | | | | Marked | 25,300,000 | | | HKSCC NOMINEES LIMITED | 28,671,094 | 55,873,890 | 3.65 | 0 | None | 0 | Other | | Basic Pension Insurance Fund Portfolio 1203 | -8,348,769 | 18,805,031 | 1.23 | 0 | None | 0 | Other | | National Social Security Fund Portfolio 503 | -25,149,600 | 18,000,000 | 1.18 | 0 | None | 0 | Other | | Zhang Ying | 0 | 13,957,678 | 0.91 | 0 | None | 0 | Unknown | | Li Peng | 680,000 | 13,950,000 | 0.91 | 0 | None | 0 | Unknown | | Xu Haifei | 0 | 10,000,000 | 0.65 | 0 | None | 0 | Unknown | | Penghua Fund - CCB - China Life - China Life Insurance (Group) Company entrusted Penghua Fund Management Co, Ltd for private placement portfolio | 3,231,300 | 9,637,500 | 0.63 | 0 | None | 0 | Other | - Among the top ten shareholders, Lai Zhenyuan and Lai Zhaohui are father and son[80] Section VII Bond-Related Matters Corporate Bonds and Non-financial Enterprise Debt Financing Instruments The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - Not applicable[82] Convertible Corporate Bonds The company had no convertible corporate bonds during the reporting period - Not applicable[82] Section VIII Financial Report Audit Report This semi-annual report has not been audited - This semi-annual report is unaudited[4] Financial Statements This section provides the company's consolidated and parent company financial statements for the semi-annual period of 2025 Consolidated Balance Sheet As of June 30, 2025, total consolidated assets were 53.02 billion yuan, a 4.35% decrease from the previous year-end - Total assets were 53,019,414,198.44 yuan, a decrease of 4.35% from the previous year-end[22] - Net assets attributable to shareholders were 10,137,697,619.43 yuan, an increase of 0.41% from the previous year-end[22] Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 33.38 billion yuan, a 5.62% decrease from the previous year-end - The parent company's total assets were 33,382,170,009.74 yuan, a decrease of 5.62% from the previous year-end[31] - The parent company's total equity was 9,937,466,640.98 yuan, a decrease of 2.53% from the previous year-end[32] Consolidated Income Statement For the first half of 2025, the company's total operating revenue was 2.65 billion yuan, a 46.39% decrease year-over-year, while net profit turned positive - Total operating revenue was 2,651,584,874.54 yuan, a decrease of 46.39% year-over-year[22] - Total profit was 140,939,852.84 yuan, achieving a turnaround from a loss in the prior year period[22] - Net profit attributable to shareholders was 70,384,128.64 yuan, achieving a turnaround from a loss in the prior year period[22] - Basic earnings per share was 0.05 yuan/share, compared to -0.13 yuan/share in the prior year period[22] Parent Company Income Statement For the first half of 2025, the parent company's operating revenue was 757 million yuan, a 67.34% decrease, with a net loss of 234 million yuan - The parent company's operating revenue was 757,009,856.62 yuan, a decrease of 67.34% year-over-year[94] - The parent company's net loss was -233,998,774.74 yuan, remaining at a similar level to the prior year period[94] Consolidated Cash Flow Statement Net cash flow from operating activities was 149 million yuan, a 78.56% decrease, while net cash flow from investing activities turned positive - Net cash flow from operating activities was 148,946,558.84 yuan, a decrease of 78.56% year-over-year[22] - Net cash flow from investing activities was 122,119,264.44 yuan, compared to -58,385,738.34 yuan in the prior year period[37] - Net cash flow from financing activities was -457,285,379.88 yuan, compared to -861,540,325.83 yuan in the prior year period[37] Parent Company Cash Flow Statement The parent company's net operating cash flow was -288 million yuan, showing a reduced outflow, while financing activities provided a net inflow - Net cash flow from operating activities was -288,277,313.78 yuan, compared to -687,134,057.36 yuan in the prior year period[101] - Net cash flow from investing activities was -54,950.00 yuan, compared to -27,509,278.61 yuan in the prior year period[101] - Net cash flow from financing activities was 223,102,104.48 yuan, compared to 702,378,360.28 yuan in the prior year period[101] Consolidated Statement of Changes in Equity Total consolidated equity increased by 73.67 million yuan, primarily driven by the increase in net profit attributable to parent company shareholders - The total increase in equity for the period was 73,669,437.66 yuan[103] - Total comprehensive income attributable to parent company shareholders was 64,243,507.40 yuan[103] Parent Company Statement of Changes in Equity The parent company's total equity decreased by 257.44 million yuan, mainly due to the net loss for the period - The total decrease in equity for the period was -257,440,860.99 yuan[107] - Total comprehensive income was -233,998,774.74 yuan[107] Company Basic Information This section introduces the company's history, registered capital, share capital, and main business activities - The company was formerly Xiangshan County Second Construction Engineering Co, Ltd, and was listed on the Shanghai Stock Exchange on May 24, 2004[110] - As of June 30, 2025, the company's total issued share capital is 1,529,757,955 shares, with a registered capital of 1,529,757,955.00 yuan[110] - The company's main business activities are construction and infrastructure investment[110] Basis of Preparation for Financial Statements The financial statements are prepared in accordance with PRC Accounting Standards for Business Enterprises and on a going concern basis - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant regulations from the CSRC[111] - These financial statements are prepared on a going concern basis[112] Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates, confirming no material impact from new accounting standards adopted in 2025 Financial Instruments This section details the classification, measurement, derecognition, and impairment of financial instruments, emphasizing the expected credit loss model - Financial assets are classified at initial recognition as: measured at amortized cost, at fair value through other comprehensive income (FVTOCI), or at fair value through profit or loss (FVTPL)[128] - Financial liabilities are classified at initial recognition as: measured at FVTPL or at amortized cost[129] - The company applies an expected credit loss (ECL) model for impairment of financial assets measured at amortized cost, FVTOCI debt instruments, and financial guarantee contracts[140] - For receivables and contract assets from transactions governed by revenue standards, the company measures the loss allowance at an amount equal to lifetime ECL[140] Long-term Equity Investments This section explains the criteria for joint control and significant influence, and the accounting treatment for long-term equity investments - Joint control is the contractually agreed sharing of control of an arrangement; significant influence is the power to participate in the financial and operating policy decisions of the investee[147] - For long-term equity investments in subsidiaries formed through a business combination under common control, the initial investment cost is measured at the share of the acquiree's net assets' book value in the ultimate controlling party's consolidated financial statements[148] - The company uses the cost method for investments in subsidiaries and the equity method for investments in associates and joint ventures[150] Revenue This section details the company's revenue recognition policies, including methods for construction contracts and PPP projects - The company recognizes revenue when a performance obligation is satisfied by transferring a promised good or service to a customer[177] - Construction contracts are typically treated as a single performance obligation satisfied over time, with revenue recognized based on the progress of completion (input method)[181] - PPP contracts, which include construction, operation, and transfer activities, recognize construction revenue and a contract asset during the construction phase, and recognize a receivable or an intangible asset during the operation phase[182] Changes in Significant Accounting Policies and Estimates The company adopted new accounting standard interpretations from January 1, 2024, with no material impact on its financial position or performance - The company adopted "Interpretation No 17 of the Accounting Standards for Business Enterprises" from January 1, 2024, with no material impact on its financial position or performance[201][202][203][204] - The company adopted the "Interim Provisions on the Accounting Treatment of Data Resources" from January 1, 2024, with no material impact on its financial position or performance[205] - The company early adopted "Interpretation No 18 of the Accounting Standards for Business Enterprises" regarding warranty-type quality assurances, with no material impact on its financial position or performance[205][206] Taxes This section outlines the company's main taxes and tax rates, noting that several subsidiaries benefit from a preferential 15% corporate income tax rate Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales revenue and taxable service income as stipulated by tax law | 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Based on the actual VAT paid | 1%, 5%, 7% | | Corporate Income Tax | Based on taxable income | 15%, 25% | - Several subsidiaries, including Hangzhou Chengtou Construction Co, Ltd and Zhejiang Dadi Steel Structure Co, Ltd, are eligible for a preferential 15% corporate income tax rate as certified high-tech enterprises[209][210][211] Notes to Consolidated Financial Statements This section provides detailed notes on the items in the consolidated financial statements, explaining their composition, changes, and accounting treatment Cash and Cash Equivalents Cash and cash equivalents totaled 993 million yuan at period-end, a 23.54% decrease, with a high proportion of restricted funds Cash and Cash Equivalents | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Cash on Hand | 557,543.26 | 648,374.97 | | Bank Deposits | 731,907,130.71 | 917,739,512.97 | | Other Monetary Funds | 260,573,535.79 | 380,280,456.34 | | Total | 993,038,209.76 | 1,298,668,344.28 | Restricted Cash and Cash Equivalents | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Bank Acceptance Bill Deposits | 19,914,961.54 | 12,786,430.38 | | Letter of Guarantee Deposits | 43,325,067.98 | 46,871,004.49 | | Frozen Funds | 179,652,218.91 | 307,160,520.99 | | Loan Deposits | 7,010,000.00 | 5,010,000.00 | | Other Deposits | 11,171,287.36 | 8,452,500.48 | | Total | 261,073,535.79 | 380,280,456.34 | Notes Receivable Notes receivable totaled 29.44 million yuan at period-end, a 139.38% increase, primarily consisting of commercial acceptance bills Notes Receivable by Category | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Bank Acceptance Bills | 3,085,591.38 | 1,292,220.89 | | Commercial Acceptance Bills | 28,041,346.13 | 11,710,675.44 | | Impairment Provision for Notes Receivable | 1,682,480.77 | 702,640.53 | | Total | 29,444,456.74 | 12,300,255.80 | Notes Receivable Endorsed or Discounted but Not Yet Matured at Period-End | Item | Derecognized Amount at Period-End | Not Derecognized Amount at Period-End | | :--- | :--- | :--- | | Bank Acceptance Bills | | 3,085,591.38 | | Commercial Acceptance Bills | | 26,365,000.72 | | Total | | 29,450,592.10 | Accounts Receivable Accounts receivable totaled 5.21 billion yuan at period-end, down 6.84%, with 39.58% aged within one year and significant bad debt provisions Accounts Receivable by Aging | Aging | Closing Book Balance | Opening Book Balance | | :--- | :--- | :--- | | Within 1 year | 2,062,882,460.27 | 1,685,653,339.49 | | 1 to 2 years | 1,046,019,623.59 | 1,352,249,522.65 | | 2 to 3 years | 325,744,407.60 | 537,989,724.65 | | 3 to 4 years | 518,109,503.02 | 581,297,721.53 | | 4 to 5 years | 430,530,589.75 | 458,694,266.42 | | Over 5 years | 1,508,624,444.57 | 1,690,841,940.09 | | Bad Debt Provision | 679,497,855.02 | 711,408,323.65 | | Total | 5,212,413,173.78 | 5,595,318,191.18 | Top Five Debtors for Accounts Receivable and Contract Assets at Period-End | Debtor Name | A/R Closing Balance | Contract Assets Closing Balance | Total Closing Balance | % of Total | Bad Debt Provision | | :--- | :--- | :--- | :--- | :--- | :--- | | Customer 1 | 242,328,899.35 | | 242,328,899.35 | 1.35 | 14,539,733.96 | | Customer 2 | 178,010,740.83 | | 178,010,740.83 | 0.99 | 53,403,222.25 | | Customer 3 | 152,241,799.35 | | 152,241,799.35 | 0.85 | 9,134,507.96 | | Customer 4 | 131,039,583.00 | | 131,039,583.00 | 0.73 | 7,862,374.98 | | Customer 5 | 116,699,319.12 | | 116,699,319.12 | 0.65 | 7,001,959.15 | | Total | 820,320,341.65 | | 820,320,341.65 | 4.57 | 91,941,798.30 | Contract Assets Contract assets totaled 11.65 billion yuan at period-end, down 11.67%, primarily related to PPP project investments with corresponding impairment provisions Contract Assets | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Contract Assets | 11,644,979,035.94 | 13,183,820,520.71 | | Total | 11,644,979,035.94 | 13,183,820,520.71 | Contract Assets by Bad Debt Provision Method | Category | Closing Book Balance | Closing Bad Debt Provision | Closing Provision Ratio (%) | Closing Book Value | Opening Book Balance | Opening Bad Debt Provision | Opening Provision Ratio (%) | Opening Book Value | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Provision by Portfolio | 12,004,330,875.87 | 359,351,839.93 | 2.99 | 11,644,979,035.94 | 13,541,693,885.82 | 357,873,365.11 | 2.64 | 13,183,820,520.71 | | Of which: Portfolio 5 (PPP project investments) | 4,522,910,471.73 | 25,067,591.06 | 0.55 | 4,497,842,880.67 | 4,434,715,193.57 | 25,879,681.78 | 0.58 | 4,408,835,511.79 | Other Receivables Other receivables totaled 2.93 billion yuan at period-end, up 1.79%, primarily consisting of inter-company balances, with a bad debt provision of 770 million yuan Other Receivables | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Other Receivables | 2,930,009,352.18 | 2,878,338,010.12 | | Total | 2,930,009,352.18 | 2,878,338,010.12 | Other Receivables by Bad Debt Provision Method | Category | Closing Book Balance | Closing Bad Debt Provision | Closing Provision Ratio (%) | Closing Book Value | Opening Book Balance | Opening Bad Debt Provision | Opening Provision Ratio (%) | Opening Book Value | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Provision by Credit Risk Portfolio | 3,700,217,700.56 | 770,208,348.38 | 20.82 | 2,930,009,352.18 | 3,620,366,371.15 | 742,028,361.03 | 20.50 | 2,878,338,010.12 | Top Five Debtors for Other Receivables at Period-End | Debtor Name | Closing Balance | % of Total | Nature of Funds | Aging | Bad Debt Provision | | :--- | :--- | :--- | :--- | :--- | :--- | | Customer 1 | 822,692,225.74 | 22.23 | Inter-company balance | 1-5 years | 49,361,533.54 | | Customer 2 | 333,196,672.30 | 9.00 | Inter-company balance | Over 5 years | 19,991,800.34 | | Customer 3 | 129,700,314.10 | 3.51 | Inter-company balance | Within 2 years | 7,782,018.84 | | Customer 4 | 119,161,060.52 | 3.22 | Inter-company balance | 1-5 years | 47,664,424.20 | | Customer 5 | 94,580,320.37 | 2.56 | Inter-company balance | 1-5 years | 5,674,819.22 | | Total | 1,499,330,593.03 | 40.52 | | | 130,474,596.14 | Non-current Assets Due Within One Year Non-current assets due within one year totaled 4.54 billion yuan, down 13.59%, primarily consisting of other debt investments related to PPP projects Non-current Assets Due Within One Year | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Other Debt Investments Due Within One Year | 5,203,177,253.26 | 5,907,463,976.91 | | Bad Debt Provision | 666,004,929.27 | 664,584,199.14 | | Total | 4,537,172,323.99 | 5,242,879,777.77 | Details of Other Non-current Assets Due Within One Year | Item | Amount | Impairment Provision | Provision Ratio (%) | | :--- | :--- | :--- | :--- | | Low-risk PPP project investments | 1,718,945,322.54 | 8,594,726.63 | 0.50 | | Medium-risk PPP project investments | 1,998,243,620.27 | 119,894,617.20 | 6.00 | | High-risk PPP project investments | 1,485,988,310.45 | 537,515,585.44 | 36.17 | | Total | 5,203,177,253.26 | 666,004,929.27 | | Long-term Equity Investments Long-term equity investments totaled 707 million yuan at period-end, down 2.17%, primarily in associates, with an investment income of 2.22 million yuan Long-term Equity Investments | Investee | Opening Balance (Book Value) | Investment Gain/Loss (Equity Method) | Closing Balance (Book Value) | | :--- | :--- | :--- | :--- | | Beijing Mingshu Data Technology Co, Ltd | 3,156,756.77 | -3,156,756.77 | 0.00 | | Rongbaozhai (Ningbo) Co, Ltd | 1,226,943.05 | -38,500.24 | 1,188,442.81 | | Ningbo Mingdong Investment Co, Ltd | 228,742,566.68 | -4,803,470.44 | 223,939,096.24 | | Shanghai Housing Construction Design Institute Co, Ltd | 22,570,752.99 | 6,915,782.39 | 16,694,535.38 | | Jiaxing Chengpu Investment Partnership (LP) | 211,696,254.92 | 7,826,222.48 | 219,522,477.40 | | Juxian Mingju Infrastructure Investment Management Co, Ltd | 28,424,347.44 | 1,795,843.20 | 30,220,190.64 | | Shanghai Yicheng Parking Service Co, Ltd | 13,517,534.23 | -157,346.00 | 13,360,188.23 | | Hangzhou Chengtou Infrastructure Investment Management Co, Ltd | 5,162,997.66 | -5,162,997.66 | 0.00 | | Caihui Private Equity Fund Management Co, Ltd | 30,496,759.48 | 1,011,592.63 | 31,508,352.11 | | Hubei Qingneng Hangtou Consulting Co, Ltd | 486,661.55 | -26,496.18 | 460,165.37 | | Qingdao Mingqing Health Industry Management Co, Ltd | 118,722,090.93 | -9,523,600.36 | 109,248,490.57 | | Qingdao Juliang Financial Leasing Co, Ltd | 29,352,159.60 | 378,744.28 | 29,730,903.88 | | Heze Mingfu Infrastructure Investment Co, Ltd | 27,936,380.16 | 1,902,448.35 | 29,838,828.51 | | Tianchang Chengkong Whole-process Consulting Co, Ltd | 714,076.36 | 95,522.99 | 809,599.35 | | Total | 722,206,281.82 | 2,219,986.33 | 706,521,270.49 | Goodwill Goodwill had a book value of 99.33 million yuan, primarily from acquisitions, with the goodwill of one subsidiary fully impaired Goodwill Book Value | Investee or Goodwill-forming Event | Opening Balance | Increase from Business Combination | Decrease from Disposal | Closing Balance | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Chengtou Construction Co, Ltd | 1,314,074.83 | | | 1,314,074.83 | | Ningbo Haishantang Culture Development Co, Ltd | 2,252,889.05 | | | 2,252,889.05 | | Ningbo Longyuan Shenghong Ecological Construction Engineering Co, Ltd | 53,564,210.43 | | | 53,564,210.43 | | Zhejiang Jinkun Construction Engineering Co, Ltd | 40,450,000.00 | | | 40,450,000.00 | | Shanghai Gexing Investment Management Co, Ltd | 1,750,385.11 | | | 1,750,385.11 | | Total | 99,331,559.42 | | | 99,331,559.42 | Goodwill Impairment Provision | Investee or Goodwill-forming Event | Opening Balance | Increase from Impairment | Decrease from Disposal | Closing Balance | | :--- | :--- | :--- | :--- | :--- | | Ningbo Haishantang Culture Development Co, Ltd | 2,252,889.05 | | | 2,252,889.05 | | Total | 2,252,889.05 | | | 2,252,889.05 | Assets with Restricted Ownership or Use Rights Total restricted assets amounted to 30.90 billion yuan, accounting for 58.27% of total assets, primarily pledged and mortgaged for loans Assets with Restricted Ownership or Use Rights | Item | Closing Book Balance | Closing Book Value | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Other Monetary Funds | 80,921,316.88 | 80,921,316.88 | Pledge | Deposits for bills, guarantees, etc | | Other Monetary Funds | 179,652,218.91 | 179,652,218.91 | Frozen | Funds frozen due to litigation | | Accounts Receivable | 142,702,225.63 | 134,140,092.09 | Pledge | Pledged for loans | | Contract Assets | 4,679,393,999.54 | 4,653,543,990.84 | Pledge | Pledged for loans | | Fixed Assets | 701,655,668.03 | 543,245,950.94 | Mortgage | Mortgaged for loans | | Intangible Assets | 67,241,550.00 | 53,191,097.82 | Mortgage | Mortgaged for loans | | Non-current Assets Due Within 1 Year | 4,211,763,385.57 | 3,625,387,849.60 | Pledge | Pledged for loans | | Other Non-current Assets | 20,831,220,712.05 | 20,727,064,608.50 | Pledge | Pledged for loans | | Total | 30,894,551,076.61 | 29,997,147,125.58 | | | Short-term Borrowings Short-term borrowings totaled 3.92 billion yuan at period-end, a 1.69% decrease, including 430 million yuan in overdue loans Short-term Borrowings by Category | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Unsecured Loans | 844,217,379.00 | 864,134,000.00 | | Mortgaged Loans | | 82,700,000.00 | | Guaranteed Loans | 919,199,000.00 | 955,699,000.00 | | Pledged Loans | | 57,087,650.00 | | Mortgaged + Guaranteed Loans | 1,751,516,917.56 | 1,651,125,148.98 | | Pledged + Guaranteed Loans | 114,000,000.00 | 114,000,000.00 | | Mortgaged + Pledged + Guaranteed Loans | 150,000,000.00 | 150,000,000.00 | | Factoring Loans | | 17,300,000.00 | | Discounted Bills | | 8,000,000.00 | | Interest Payable on Short-term Borrowings | 137,072,059.34 | 83,106,035.24 | | Total | 3,916,005,355.90 | 3,983,151,834.22 | - The total amount of overdue short-term borrowings at the end of the period was 429,735,354.98 yuan[300] Long-term Borrowings Long-term borrowings totaled 16.26 billion yuan at period-end, up 0.34%, primarily consisting of pledged and guaranteed loans Long-term Borrowings by Category | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Unsecured Loans | 1,268,608,492.75 | 1,268,608,492.75 | | Mortgaged Loans | 23,383,200.00 | 24,908,200.00 | | Guaranteed Loans | 493,730,000.00 | 394,730,000.00 | | Pledged Loans | 8,539,063,705.45 | 8,582,013,705.45 | | Pledged + Guaranteed Loans | 5,804,843,462.73 | 5,804,843,462.73 | | Mortgaged + Pledged + Guaranteed Loans | 131,000,000.00 | 131,000,000.00 | | Total | 16,260,628,860.93 | 16,206,103,860.93 | Operating Revenue and Operating Costs Operating revenue was 2.65 billion yuan and operating costs were 1.83 billion yuan, both showing significant year-over-year declines Operating Revenue and Operating Costs | Item | Current Period Revenue | Current Period Costs | Prior Period Revenue | Prior Period Costs | | :--- | :--- | :--- | :--- | :--- | | Main Business | 2,646,187,951.96 | 1,816,295,117.75 | 4,936,219,131.02 | 4,033,202,160.03 | | Other Business | 5,396,922.58 | 8,839,710.00 | 10,036,994.83 | 13,449,816.63 | | Total | 2,651,584,874.54 | 1,825,134,827.75 | 4,946,256,125.85 | 4,046,651,976.66 | Revenue, Costs, and Gross Margin by Industry | Industry | Operating Revenue | Operating Costs | Gross Margin | | :--- | :--- | :--- | :--- | | (1) Civil Engineering | 883,915,970.40 | 863,623,734.13 | 2.30% | | (2) Decoration & Steel Structure | 714,201,723.90 | 660,861,156.77 | 7.47% | | (3) Water Conservancy | 211,984,661.66 | 198,385,998.78 | 6.41% | | (4) PPP Project Investment | 730,409,065.05 | 1,606,383.56 | 99.78% | | (5) Other | 105,676,530.95 | 91,817,844.51 | 13.11% | | Total | 2,646,187,951.96 | 1,816,295,117.75 | 31.36% | Top Five Customers by Revenue | Customer | Sales Amount | % of Total | | :--- | :--- | :--- | | Customer 1 | 264,965,689.24 | 10.01% | | Customer 2 | 159,131,136.86 | 6.01% | | Customer 3 | 143,898,101.06 | 5.44% | | Customer 4 | 71,525,572.22 | 2.70% | | Customer 5 | 62,521,739.34 | 2.36% | | Total | 702,042,238.72 | 26.53% | Credit Impairment Loss Credit impairment loss was -2.75 million yuan, a significant decrease from the prior year, mainly due to changes in bad debt losses on receivables Credit Impairment Loss | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Bad Debt Loss on Notes Receivable | 979,840.24 | 461,868.43 | | Bad Debt Loss on Accounts Receivable | -31,910,468.63 | -35,904,374.65 | | Bad Debt Loss on Other Receivables | 28,179,987.34 | 110,213,498.75 | | Total | -2,750,641.05 | 74,770,992.53 | Asset Impairment Loss Asset impairment loss was 72.45 million yuan, a 42.56% increase, primarily from impairment of other non-current assets and contract assets Asset Impairment Loss | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | I. Contract Asset Impairment Loss | 1,478,474.82 | 9,816,767.71 | | Other Non-current Asset Impairment Loss | 69,551,429.62 | 5,327,496.64 | | Non-current Assets Due Within One Year Impairment Loss | 1,420,730.13 | 35,673,623.86 | | Total | 72,450,634.57 | 50,817,888.21 | Asset Disposal Gain Asset disposal gain was 255 million yuan, primarily from the disposal of fixed assets, which was a key factor in the company's profit turnaround Asset Disposal Gain | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Gain on Disposal of Fixed Assets | 255,460,195.55 | 304,097.39 | | Total | 255,460,195.55 | 304,097.39 | Changes in Consolidation Scope The consolidation scope changed with the removal of two subsidiaries, Liaoning Longyuan Construction and Shanghai Yongjiang Construction Labor - Compared to the previous period, two entities were removed from consolidation: **Liaoning Longyuan Construction Engineering Co, Lt