京能热力(002893) - 2020 Q2 - 季度财报

Section I Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, the full table of contents, and definitions of key terms used throughout the report for clarity Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy, highlighting operational risks and stating no plans for cash dividends or bonus shares - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume legal responsibility[3] - All directors attended the Board of Directors meeting to review this report[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section lists the report's complete table of contents, covering twelve main chapters from important notes to financial reports, providing an overall structural overview for investors - The report's table of contents includes twelve main chapters, covering comprehensive information on company operations, finance, governance, and significant matters[8] Definitions This section defines common terms used in the report, including company abbreviations, controlling shareholders, major subsidiaries, regulatory bodies, currency units, and core businesses, ensuring clear understanding of the report's content - Key terms such as "the Company", "Huatong Heat", "Controlling Shareholder", and "Huatong Xingyuan" are clearly defined in the report[10] - "Heating" is defined as a social service providing heat for production and daily life, while "Reporting Period" refers to January 1, 2020, to June 30, 2020[10] Section II Company Profile and Key Financial Indicators This section introduces the company's basic information, contact details, and presents key accounting data and financial indicators for the reporting period Company Profile Beijing Huayuan Yitong Heat Technology Co Ltd (stock abbreviation: Huatong Heat, stock code: 002893) is listed on the Shenzhen Stock Exchange, with Li He as its legal representative - The company's stock abbreviation is "Huatong Heat", stock code "002893", listed on the Shenzhen Stock Exchange[12] - The company's legal representative is Li He[12] Contact Person and Information Xie Lingyu serves as the Board Secretary and Zhao Jingfeng as the Securities Affairs Representative, both located at 5th Floor, Building 4, Zone 3, No 186 South Fourth Ring West Road, Fengtai District, Beijing, with contact details including phone, fax, and email provided - Xie Lingyu is the Board Secretary, and Zhao Jingfeng is the Securities Affairs Representative[13] - The company's contact address is 5th Floor, Building 4, Zone 3, No 186 South Fourth Ring West Road, Fengtai District, Beijing[13] Other Information During the reporting period, there were no changes to the company's registered address, office address, website, email, or information disclosure newspaper and designated website, remaining consistent with the 2019 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[14] - The information disclosure newspaper and designated website remained unchanged during the reporting period[15] Key Accounting Data and Financial Indicators In the first half of 2020, the company's operating revenue increased by 3.06% to 587 million Yuan, and net profit attributable to shareholders increased by 18.24% to 83.36 million Yuan, while net cash flow from operating activities decreased by 60.14% due to subsidiary acquisitions and intercompany payments, with basic and diluted earnings per share both increasing by 20.59% 2020 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 586,999,322.55 | 569,585,296.12 | 3.06% | | Net Profit Attributable to Listed Company Shareholders | 83,360,131.01 | 70,498,858.19 | 18.24% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains and Losses) | 81,882,573.18 | 67,304,027.05 | 21.66% | | Net Cash Flow from Operating Activities | -335,093,609.89 | -209,249,494.06 | -60.14% | | Basic Earnings Per Share (Yuan/share) | 0.41 | 0.341 | 20.59% | | Diluted Earnings Per Share (Yuan/share) | 0.41 | 0.34 | 20.59% | | Weighted Average Return on Net Assets | 12.73% | 11.05% | 1.68% | | Total Assets (Period-end) | 1,877,437,424.63 | 2,014,852,191.88 | -6.82% | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 669,118,378.45 | 636,126,644.42 | 5.19% | - Net cash flow from operating activities decreased by 60.14% year-on-year, primarily due to changes in the consolidation scope from the acquisition of Qianxi Fulong and Qianxi Heran, and the payment of intercompany balances with former related parties during the reporting period[16] Differences in Accounting Data under Domestic and International Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International Accounting Standards or foreign accounting standards and those prepared under Chinese Accounting Standards - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and those under Chinese Accounting Standards[17] - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under foreign accounting standards and those under Chinese Accounting Standards[18] Non-recurring Gains and Losses and Amounts The company's non-recurring gains and losses totaled 1.4776 million Yuan during the reporting period, primarily comprising non-current asset disposal gains/losses, government grants, and other non-operating income/expenses, with non-current asset disposal being negative and government grants positive 2020 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains and losses | -682,696.80 | Disposal of scrapped, unusable fixed assets | | Government grants recognized in current profit or loss | 285,000.00 | | | Other non-operating income and expenses apart from the above | 22,690.86 | | | Other profit and loss items meeting the definition of non-recurring gains and losses | 2,114,169.04 | | | Less: Income tax impact | 261,905.27 | | | Minority interest impact (after tax) | -300.00 | | | Total | 1,477,557.83 | -- | - During the reporting period, the company did not classify any non-recurring gains and losses as recurring gains and losses[21] Section III Business Overview This section outlines the company's main businesses, significant changes in major assets, and an analysis of its core competitiveness Company's Main Businesses During the Reporting Period The company's main businesses are heat supply and energy-saving technology services, focusing on R&D, investment, and renovation in energy-saving heating, positioning itself as a specialized energy service provider and a pioneer in urban community "heating investment and operation" models, actively exploring other business areas and participating in industry standard setting - The company's main businesses are heat supply (providing heating and domestic hot water) and energy-saving technology services (renovating heating facilities, improving flue gas desulfurization and denitrification systems, etc)[24] - Adhering to the philosophy of "focusing on energy saving, green heating", the company is committed to energy-saving technology R&D, investment, and renovation, and has been recognized as a Beijing municipal-level enterprise technology center[24] - The company is a pioneer in the urban community "heating investment and operation" model and one of the first heating enterprises in Beijing to implement energy performance contracting services, participating in the formulation of multiple national and Beijing municipal industry standards[24] Significant Changes in Major Assets During the reporting period, the company's major assets underwent significant changes, with fixed assets, intangible assets, construction in progress, and goodwill substantially increasing due to the acquisition of Qianxi Fulong and Qianxi Heran, while monetary funds, other receivables, and inventories decreased Significant Changes in Major Assets | Major Asset | Explanation of Significant Change | | :--- | :--- | | Fixed Assets | Increased by 77.74% at period-end compared to period-start, mainly due to the acquisition of Qianxi Fulong and Qianxi Heran during the reporting period, resulting in a change in the consolidation scope | | Intangible Assets | Increased by 1,248.06% at period-end compared to period-start, mainly due to the acquisition of Qianxi Fulong and Qianxi Heran during the reporting period, recognizing franchise contract rights as an intangible asset | | Construction in Progress | Increased by 377.15% at period-end compared to period-start, mainly due to the acquisition of Qianxi Fulong and Qianxi Heran during the reporting period, resulting in a change in the consolidation scope | | Monetary Funds | Decreased by 86.11% at period-end compared to period-start, mainly because most property owners pay heating fees before the heating season, leading to higher monetary funds at the beginning of the period | | Other Receivables | Decreased by 67.91% at period-end compared to period-start, mainly because during the reporting period, the company adjusted the performance earnest money paid for Heran Limited equity acquisition to long-term equity investment accounting through litigation | | Inventories | Decreased by 58.08% at period-end compared to period-start, mainly due to the company strengthening internal control and precise management of retained natural gas | | Goodwill | Increased by 4,792.23% at period-end compared to period-start, mainly due to the acquisition of Qianxi Fulong and Qianxi Heran during the reporting period, recognizing the difference between investment consideration and the fair value share of identifiable net assets as goodwill at the consolidated level | | Other Non-current Assets | Increased by 120.38% at period-end compared to period-start, mainly due to an increase in prepaid engineering costs | Core Competitiveness Analysis The company's core competitiveness lies in its extensive intangible asset portfolio, including 19 registered trademarks, 61 patents, and 44 software copyrights, alongside various heating operation qualifications, safety production certifications, energy service registrations, high-tech enterprise certifications, engineering construction qualifications, and franchise rights, forming comprehensive technical and market barriers - The company and its controlled subsidiaries collectively own 19 registered trademarks across multiple categories (e.g., 37, 38, 39, 40, 42), with exclusive rights valid until 2023-2030[27][28] - The company and its subsidiaries collectively hold 61 patents, including invention patents and utility model patents, covering various technical fields such as ground source heat pumps, heating network control, and boiler energy saving, all of which are maintained[28][29][30][31] - The company and its controlled subsidiaries collectively possess 44 software copyrights, involving boiler linkage control, climate compensation monitoring, remote meter reading, indoor temperature monitoring, and energy management systems, all originally acquired[32][33][34] - The company holds heating operation qualifications and licenses in Beijing, Heilongjiang Province, and Hebei Province, along with multiple safety production standardization certificates and construction safety production licenses[34][35] - The company and its subsidiaries Huatong Xingyuan, Huatong Limited, and Huayi Longda are all listed in the National Development and Reform Commission and Ministry of Finance's registered energy service companies list[36] - Huatong Xingyuan, Huayi Longda, and Huatong Heat have all obtained high-tech enterprise certificates, valid until 2021-2022, enjoying tax incentives[36][37] - The company holds exclusive central heating franchise rights in Pinggu District, Beijing, and Qianxi County, Tangshan City, valid until 2039-2043[37][38][39] - The company has obtained quality management, environmental management, occupational health and safety management, and energy management system certification certificates[40] Section IV Management Discussion and Analysis This section provides an overview of the company's operations, a detailed analysis of its main and non-main businesses, asset and liability status, investment activities, and the risks faced along with corresponding countermeasures Overview In the first half of 2020, the company actively responded to the pandemic challenges, maintaining a strategy of both organic and inorganic growth, achieving stable operating performance with 587 million Yuan in operating revenue (up 3.06%) and 83.36 million Yuan in net profit attributable to shareholders (up 18.24%), while continuously advancing smart heating, focusing on R&D, expanding business through capital operations, and optimizing internal management and employee training - In the first half of 2020, the company achieved operating revenue of 586.9993 million Yuan, operating profit of 92.4158 million Yuan, and total profit of 92.0408 million Yuan, largely consistent with the prior year period[43] - Net profit attributable to listed company shareholders was 83.3601 million Yuan, an increase of 18.24% compared to the prior year period[43] - The company achieved good results in energy saving, consumption reduction, and heat efficiency improvement through information system upgrades and technological innovation, maintaining stable main business operations[44] - As of the end of the reporting period, the company had obtained 19 trademarks, 61 patents, and 44 software copyrights, continuously strengthening technical innovation and R&D collaboration with universities[45] - The company actively explored a second growth track by acquiring heating service businesses and franchise rights in Qianxi County, Tangshan City, Hebei Province, and a portion of equity in Beijing Bowen Hanxiang Technology Training Co Ltd[46] - The company continuously optimized internal management, improved comprehensive budgeting, strengthened expense control, and implemented regular employee training to enhance overall quality and brand image[47] Main Business Analysis The company's main business is heat production and supply, with operating revenue increasing by 3.06% in the first half of 2020, primarily driven by heating services and energy-saving technology services, while financial expenses rose by 45.86% due to ABS issuance and interest, and income tax expenses decreased by 53.68% due to high-tech enterprise preferential tax rates, and net cash flow from operating activities significantly declined by 60.14% due to subsidiary acquisitions and intercompany payments Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 586,999,322.55 | 569,585,296.12 | 3.06% | | | Operating Cost | 453,765,267.93 | 431,740,042.98 | 5.10% | | | Selling Expenses | 2,480,933.09 | 3,064,656.24 | -19.05% | | | Administrative Expenses | 33,253,203.57 | 38,478,937.50 | -13.58% | | | Financial Expenses | 19,669,425.53 | 13,485,247.14 | 45.86% | The company issued new long-term borrowings from ABS at the end of April 2019, leading to an increase in interest during the current reporting period | | Income Tax Expenses | 10,674,694.57 | 23,047,836.63 | -53.68% | The company obtained a national high-tech enterprise certificate in October 2019, applying a preferential tax rate for corporate income tax | | R&D Investment | 24,715,119.49 | 25,171,123.47 | -1.81% | | | Net Cash Flow from Operating Activities | -335,093,609.89 | -209,249,494.06 | -60.14% | Acquisition of Qianxi Fulong and Qianxi Heran during the reporting period changed the consolidation scope, and payments were made for intercompany balances with former related parties of Qianxi Fulong and Qianxi Heran | | Net Cash Flow from Financing Activities | 37,765,134.42 | 73,164,854.31 | -48.38% | Mainly due to the company's ABS issuance at the end of April 2019 | Operating Revenue Composition | Item | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 586,999,322.55 | 100% | 569,585,296.12 | 100% | 3.06% | | By Industry | | | | | | | Heat Production and Supply | 586,999,322.55 | 100.00% | 569,585,296.12 | 100.00% | 3.06% | | By Product | | | | | | | Heating Services | 575,541,685.67 | 98.05% | 559,375,608.60 | 98.21% | 2.89% | | Energy-saving Technology Services | 11,457,636.88 | 1.95% | 10,209,687.52 | 1.79% | 12.22% | | By Region | | | | | | | North China | 580,937,140.32 | 98.97% | 564,146,351.34 | 99.05% | 2.98% | | Northeast China | 6,062,182.23 | 1.03% | 5,438,944.78 | 0.95% | 11.46% | - The gross profit margin for heat production and supply business was 22.70%, a year-on-year decrease of 1.50%[54] Non-Main Business Analysis During the reporting period, the company had no non-main business analysis content Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets decreased by 6.82% year-on-year, while net assets attributable to shareholders increased by 5.19%, with fixed assets, construction in progress, intangible assets, and goodwill significantly rising due to subsidiary acquisitions, and monetary funds and long-term borrowings fluctuating due to increased operating borrowings and ABS loan repayments Significant Changes in Asset Composition | Item | Amount at Current Period-end (Yuan) | Proportion of Total Assets | Amount at Prior Year Period-end (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 90,098,052.40 | 4.80% | 137,492,638.80 | 8.70% | -3.90% | Mainly due to financing from the issuance of "Shouchuang-Huatong Heat Residential Heating Fee Receivable Asset-Backed Special Plan" at the end of the prior year period, resulting in higher monetary funds at that time | | Fixed Assets | 719,341,008.51 | 38.32% | 385,610,588.88 | 24.39% | 13.93% | Mainly due to the acquisition of Qianxi Fulong Company during the reporting period, changing the consolidation scope and increasing fixed assets | | Construction in Progress | 92,955,124.14 | 4.95% | 38,479,156.68 | 2.43% | 2.52% | Mainly due to the acquisition of Qianxi Fulong Company during the reporting period, changing the consolidation scope and increasing construction in progress | | Short-term Borrowings | 505,569,243.22 | 26.93% | 395,000,000.00 | 24.99% | 1.94% | Increase in operating borrowings during the current reporting period | | Long-term Borrowings | 117,844,700.00 | 6.28% | 173,426,666.67 | 10.97% | -4.69% | Mainly due to the repayment of the first tranche of ABS borrowings during the current reporting period | | Intangible Assets | 48,732,222.69 | 2.60% | 3,537,529.70 | 0.22% | 2.38% | Mainly due to the acquisition of Qianxi Fulong and Qianxi Heran during the reporting period, recognizing franchise contract rights as an intangible asset | | Goodwill | 37,530,081.21 | 2.00% | 767,136.21 | 0.05% | 1.95% | Mainly due to the acquisition of Qianxi Fulong and Qianxi Heran during the reporting period, recognizing the difference between investment consideration and the fair value share of identifiable net assets as goodwill at the consolidated level | | Other Non-current Assets | 89,779,823.87 | 4.78% | 158,554,769.62 | 10.03% | -5.25% | Performance earnest money for Heran Limited equity acquisition was paid in the prior year period | Financial Assets Measured at Fair Value | Item | Beginning Balance (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 504,090,000.00 | 500,080,000.00 | 4,010,000.00 | | Other Non-current Financial Assets | 10,000,000.00 | 5,208,154.00 | 0.00 | 15,208,154.00 | | Total | 10,000,000.00 | 509,298,154.00 | 500,080,000.00 | 19,218,154.00 | - As of the end of the reporting period, information on restricted asset rights is detailed in Section XI, "VII, 81, Assets with Restricted Ownership or Use Rights"[60] Investment Analysis During the reporting period, the company's investment amount significantly increased by 2738.23%, primarily through equity acquisitions of Qianxi Heran and Qianxi Fulong, expanding its heating service business and securing franchise rights in Qianxi County, while also acquiring a portion of Zhonghe Yian's equity and planning to enter the education sector through Longda Culture to implement a diversified strategic deployment Investment Amount During the Reporting Period | Investment Amount in Current Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change Percentage | | :--- | :--- | :--- | | 283,822,854.00 | 10,000,000.00 | 2,738.23% | - The company acquired 35% equity in Qianxi Heran (investment of 41.65 million Yuan) and 50.50% equity in Qianxi Fulong (investment of 80.295 million Yuan) through equity acquisition, obtaining heating franchise rights in Qianxi County, which also involved litigation[63][64] - The company's wholly-owned subsidiary, Huayi Longda, paid cash to acquire 65% equity in Qianxi Heran (75.6797 million Yuan) and 44.5% equity in Qianxi Fulong (80.99 million Yuan) from Zhonghe Yian (Beijing) Human Resources Service Co Ltd, further consolidating control over Qianxi's heating business[64][128] - During the reporting period, the company had no significant ongoing non-equity investments, financial assets measured at fair value, financial asset investments, use of raised funds, or significant non-raised fund investment projects[66][67][68][69][70] Significant Asset and Equity Disposals During the reporting period, the company did not dispose of any significant assets or equity - The company did not dispose of significant assets during the reporting period[71] - The company did not dispose of significant equity during the reporting period[72] Analysis of Major Holding and Participating Companies The company's major holding subsidiaries include Huatong Xingyuan, Huayi Longda, Shenyang Jianyuan, Qianxi Fulong, and Qianxi Heran, as well as the newly established Longda Culture, with the acquisitions of Qianxi Fulong and Qianxi Heran being strategically important for the company's layout in Hebei and for energy saving and emission reduction, while the establishment of Longda Culture marks the company's entry into the cultural education sector Major Subsidiaries and Participating Companies with Net Profit Impact Exceeding 10% | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Huatong Xingyuan Heating Energy-saving Technology Co Ltd | Subsidiary | Energy-saving services | 10,000,000.00 | 398,922,686.69 | 82,969,800.94 | 11,457,636.88 | 3,159,583.46 | 3,107,970.02 | | Beijing Huayi Longda Technology Development Co Ltd | Subsidiary | Heating services, investment management | 10,000,000.00 | 548,216,051.48 | 68,282,668.66 | 4,249,568.45 | -2,429,092.23 | -2,276,681.94 | | Shenyang Jianyuan Heating Co Ltd | Subsidiary | Heating services | 10,000,000.00 | 34,839,893.40 | 10,944,627.61 | 6,062,182.23 | 182,127.46 | 148,917.97 | | Qianxi Fulong Heat Technology Co Ltd | Subsidiary | Heating services, pipeline services | 100,000,000.00 | 316,508,335.57 | -16,927,113.52 | 745,353.61 | -4,173,696.84 | -2,906,067.16 | | Qianxi Heran Energy-saving Technology Co Ltd | Subsidiary | Energy-saving services | 60,000,000.00 | 152,646,849.99 | 115,554,292.99 | 0.00 | -68,399.85 | -42,083.06 | - The acquisitions of Qianxi Fulong and Qianxi Heran had a net profit impact of -2,906,067.16 Yuan and -42,083.06 Yuan respectively, but secured heating qualifications and franchise rights in Qianxi County, Tangshan City, Hebei Province, which is beneficial for strengthening the company's strategic layout in Hebei and applying energy-saving and environmental protection technologies[73][74] - The newly established Longda (Beijing) Technology Culture Development Co Ltd had a net profit impact of -9,103.12 Yuan, aiming to develop cultural and artistic services, open a second growth track, and enhance the company's competitiveness[74] Structured Entities Controlled by the Company During the reporting period, the company had no structured entities under its control - The company had no structured entities under its control during the reporting period[75] Forecast of Operating Performance for January-September 2020 The company did not issue any warnings or explanations regarding expected losses or significant changes in operating performance for January-September 2020 - The company did not make any forecasts for its operating performance for January-September 2020[75] Risks Faced by the Company and Countermeasures The company faces risks from changes in industrial policy, uncertainty of fiscal subsidies, raw material price fluctuations, technological obsolescence, production safety, lower-than-expected returns on external investments, and acquisition integration challenges; to mitigate these, the company strengthens safety management, optimizes performance and compensation systems, improves internal controls, formulates investment and M&A strategies, and enhances post-acquisition integration - The company faces risks from changes in industrial policy, with heating tariffs subject to government regulation, and changes in energy prices and labor costs potentially creating operational pressure[75] - Fiscal subsidies pose a risk; if the subsidy mechanism is not adjusted in time or is canceled, and heating prices are not market-driven, it will adversely affect profitability[76] - Fluctuations in raw material (natural gas) prices may put pressure on the company's cash flow, and changes in fuel subsidy policies will affect profitability[77] - Risks of technological obsolescence and the application of new technologies may lead to the company's technologies losing their leading edge and reduced market competitiveness[78] - Heating enterprises face production safety risks related to hot water boiler operation and natural gas pipeline transportation[79] - External investments (such as Qianxi heating business, education and training industry) may carry risks of lower-than-expected returns[80] - Acquisitions of Qianxi Heran, Qianxi Fulong, and Bowen Hanxiang may face integration risks, and if integration is not as expected, it will adversely affect operating performance and shareholder interests[81] - The company ensures production safety by establishing an all-staff safety management network, electronic monitoring, automatic alarm systems, and regular inspection systems[82][83] - The company has established a comprehensive performance evaluation system and compensation mechanism to enhance employee motivation[84] - The company mitigates management risks by improving internal control systems, standardizing operational frameworks, revising management policies, and enhancing the quality of its management team[84] - The company formulates investment and M&A strategic plans, strengthens risk control at all stages of M&A, and closely monitors and adjusts acquired projects to reduce investment and integration risks[84] Section V Significant Matters This section details significant events during the reporting period, including shareholder meetings, profit distribution plans, commitment fulfillment, accounting firm appointments, litigation, media scrutiny, penalties, integrity status, equity incentive plans, related party transactions, and subsidiary matters Information on Annual and Extraordinary General Meetings Held During the Reporting Period During the reporting period, the company held three extraordinary general meetings and one annual general meeting, approving multiple proposals, with investor participation rates consistently above 53% Shareholder Meetings During the Reporting Period | Meeting Session | Meeting Type | Investor Participation Rate | Date Held | Disclosure Date | | :--- | :--- | :--- | :--- | :--- | | 2020 First Extraordinary General Meeting | Extraordinary General Meeting | 54.17% | April 03, 2020 | April 07, 2020 | | 2019 Annual General Meeting | Annual General Meeting | 54.03% | May 20, 2020 | May 21, 2020 | | 2020 Second Extraordinary General Meeting | Extraordinary General Meeting | 53.42% | June 22, 2020 | June 23, 2020 | - There were no requests from preferred shareholders with restored voting rights to convene an extraordinary general meeting during the reporting period[88] Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[88] Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, the company had no commitments from its controlling shareholder, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue and unfulfilled as of the end of the reporting period - During the reporting period, the company had no commitments from its controlling shareholder, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue and unfulfilled as of the end of the reporting period[89] Appointment and Dismissal of Accounting Firms The company's semi-annual report was unaudited, and no accounting firm was appointed or dismissed during the reporting period - The company's semi-annual report was unaudited[91] Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period During the reporting period, the company's Board of Directors and Supervisory Board had no explanations regarding a "non-standard audit report" for the current period Board of Directors' Explanations on "Non-Standard Audit Report" for the Previous Year During the reporting period, the company's Board of Directors had no explanations regarding a "non-standard audit report" for the previous year Bankruptcy and Reorganization Matters During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[92] Litigation Matters The company was involved in multiple litigation matters during the reporting period, including a significant lawsuit with Sanming Xiaofei that was executed through equity offset, and several contract disputes and property damage compensation cases with Wangfu Property, Chuanglian Company, small property owners, Shenyang Junhui Company, Shenyang Henglian Company, and Han Chao, some of which are still pending or in execution - The significant lawsuit between the company's wholly-owned subsidiary Huayi Longda and Sanming Xiaofei, involving 120 million Yuan, was executed and completed through Sanming Xiaofei offsetting performance earnest money and related fees with partial equity in Qianxi Heran and Qianxi Fulong[93] - The company, as plaintiff, has a contract dispute with Wangfu Property involving 29.55 million Yuan, currently in the first instance with no judgment yet[94] - The company, as plaintiff, has an archive management software dispute with Chuanglian Company involving 130,000 Yuan, where the court ruled to terminate the contract, refund 100,000 Yuan, and pay 30,000 Yuan in liquidated damages, and is currently in execution[94] - The company has accumulated 27 million Yuan in litigation cases for unpaid heating fees from small property owners, which are beneficial for the company to recover outstanding payments[94] - Shenyang Jianyuan has engineering contract disputes with Shenyang Junhui Company and Shenyang Henglian Company, with some cases dismissed or judged, and others still pending or in execution[94][95] - The lawsuit between the company, as defendant, and Chuanke Pump Industry regarding pump payments has been concluded, with the court ruling that the company is not required to pay for unqualified pumps and can return them, while paying for qualified pumps and interest[95] Media Scrutiny During the reporting period, the company was not subject to widespread media scrutiny - The company was not subject to widespread media scrutiny during the reporting period[96] Penalties and Rectifications During the reporting period, the company had no penalties or rectifications - The company had no penalties or rectifications during the reporting period[97] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company, its controlling shareholder, and actual controller did not have any unfulfilled effective court judgments or large overdue debts - During the reporting period, there was no non-operating occupation of funds of the listed company by the controlling shareholder and its related parties[107] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company implemented the repurchase and cancellation of its 2018 Restricted Stock and Stock Option Incentive Plan, involving some restricted shares and stock options, and adjusted the number and price of related equity to reflect unmet performance targets and personnel changes - The company repurchased and canceled 2,012,800 restricted shares from its 2018 Restricted Stock and Stock Option Incentive Plan at repurchase prices of 6.86 Yuan/share and 7.06 Yuan/share plus bank deposit interest, due to position adjustments or resignations of some incentive recipients and the failure to meet the unlocking conditions for 2019 performance[98][100] - The company canceled 725,140 stock options from its 2018 Restricted Stock and Stock Option Incentive Plan due to resignations or position adjustments of some incentive recipients and the failure to meet the exercise conditions for 2019 performance[99] - The company adjusted the number and price of related equity under the 2018 Restricted Stock and Stock Option Incentive Plan, resulting in 1.90632 million initially granted restricted shares at a repurchase price of 5.20 Yuan/share, and 351,000 reserved restricted shares at a repurchase price of 5.35 Yuan/share[101] - The adjusted number of initially granted stock options is 653,016 at an exercise price of 10.60 Yuan/share, and reserved stock options is 177,450 at an exercise price of 10.78 Yuan/share[101] Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships - The company had no related party transactions related to daily operations during the reporting period[102] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[103] - The company had no related party transactions involving joint external investments during the reporting period[104] - The company had no related party creditor-debtor relationships during the reporting period[105] - The company had no other significant related party transactions during the reporting period[106] Non-Operating Funds Occupied by Controlling Shareholder and Related Parties from the Listed Company During the reporting period, there was no non-operating occupation of funds of the listed company by the controlling shareholder and its related parties - During the reporting period, there was no non-operating occupation of funds of the listed company by the controlling shareholder and its related parties[107] Significant Contracts and Their Performance The company had multiple leasing contracts during the reporting period, primarily for office premises, with high total rents, and also had external guarantees and entrusted wealth management, with total external guarantees accounting for 30.79% of net assets and an outstanding entrusted wealth management balance of 4.01 million Yuan - The company had no trusteeship or contracting arrangements during the reporting period[108][109][110] Leasing Information | Lessor Name | Lessee Name | Leased Asset Description | Lease Start Date | Lease End Date | Rent (Yuan/month) | Related Party | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Century Starry Sky Film Investment Co Ltd | Huatong Heat | 5th Floor, Building 4, Zone 3, No 186 South Fourth Ring West Road, Fengtai District, Beijing, building area 1816.54㎡ | May 01, 2017 | April 30, 2022 | 295,041.35 | No | | Kerry (Shenyang) Real Estate Development Co Ltd | Huatong Heat | Unit 2606, 26th Floor, Block A, Enterprise Plaza, No 121 Qingnian Street, Shenhe District, Shenyang City, building area 495.76㎡ | October 01, 2019 | July 31, 2021 | 46,849.32 | No | | Beijing Huarui Xingmao Real Estate Consulting Co Ltd | Huatong Heat | Room 03, 16th Floor, Building 2, Huamao Center, No 79 Jianguo Road, Chaoyang District, Beijing, building area 264.23㎡ | May 01, 2019 | May 31, 2020 | 114,965.23 | No | | Chifeng Heran Energy-saving Technology Co Ltd | Qianxi Fulong | West of Tuanjie Road, Qianxi County Finance Sixth Hospital | July 01, 2016 | Indefinite | 0.00 | No | - During the reporting period, the company had no leasing projects whose profit or loss impact reached 10% or more of the company's total profit for the reporting period[111] External Guarantees by the Company and its Subsidiaries | Guarantor Name | Guaranteed Amount (10,000 Yuan) | Actual Guaranteed Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing ShouChuang Financing Guarantee Co Ltd | 20,000 | 20,000 | Joint and several liability guarantee | From the effective date of the "Guarantee Agreement" until two years after the expiration of the debt performance period under the main contract | No | No | | Beijing Huatong Xingyuan Heating Energy-saving Technology Co Ltd | 600 | 600 | Joint and several liability guarantee | 2019.10.28-2021.10.27 | No | No | | Total Actual Guaranteed Balance at Period-end | 20,600 | 20,600 | | | | | | Proportion of Total Actual Guaranteed Amount to Company's Net Assets | 30.79% | | | | | | - During the reporting period, the company had no irregular external guarantees[115] Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount Incurred (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | 3,000 | 0 | 0 | | Bank Wealth Management Products | 47,409 | 401 | 0 | | Total | 50,409 | 401 | 0 | - The company had no other significant contracts during the reporting period[117] Social Responsibility The company and its subsidiaries are designated key polluting units by environmental protection authorities, having installed and operated dust removal, desulfurization, and denitrification equipment, completed environmental impact assessments and emergency plans, and continued to fulfill poverty alleviation agreements by donating materials to impoverished villages to support stable poverty eradication - The company and its subsidiaries are designated key polluting units by environmental protection authorities, with main pollutants including particulate matter, SO₂, NOx, and nitrogen oxides[118][119] - The company has installed and is operating dust removal, desulfurization, and denitrification equipment, and has also carried out low-nitrogen modifications to boiler burners[119] - The company has completed multiple construction project environmental impact assessments and other environmental protection administrative permits, and has prepared emergency plans for environmental incidents and self-monitoring plans[120][121][122] - The company continues to fulfill its paired assistance agreements with Laojungou Village, Dayingzi Township, Linxi County, Chifeng City, Inner Mongolia, and Xiaozhuang Village, Wulonggou Township, Laiyuan County, Baoding City, Hebei Province[123] - Before the 2020 Spring Festival, the company donated quilts and bedding to elderly residents over 60 and impoverished villagers in Xiaozhuang Village, Wulonggou Township, Laiyuan County, Baoding City, Hebei Province[124] - In the second half of 2020, the company will continue to overcome the impact of the pandemic and assist impoverished villages in achieving stable poverty eradication[125] Significant Matters of Company Subsidiaries The company's subsidiary Huayi Longda acquired 35% equity in Qianxi Heran and 50.5% equity in Qianxi Fulong through equity offset, and further paid cash to acquire 65% equity in Qianxi Heran and 44.5% equity in Qianxi Fulong from Zhonghe Yian, totaling 157 million Yuan; additionally, its second-tier wholly-owned subsidiary Longda Culture acquired and invested in Beijing Bowen Hanxiang Technology Training Co Ltd, holding a total of 19.5477% equity for 69.14476 million Yuan, marking the company's entry into the education sector - The company's wholly-owned subsidiary Huayi Longda, through court mediation, offset 120 million Yuan in performance earnest money and related fees owed by Sanming Xiaofei with 35% equity in Qianxi Heran and 50.5% equity in Qianxi Fulong[127] - Huayi Longda paid 156.6697 million Yuan in cash to acquire 65% equity in Qianxi Heran and 44.5% equity in Qianxi Fulong from Zhonghe Yian, after which the company will wholly control Qianxi Heran and Qianxi Fulong[128] - The company's second-tier wholly-owned subsidiary Longda Culture acquired and invested in Beijing Bowen Hanxiang Technology Training Co Ltd for 69.14476 million Yuan, holding a total of 19.5477% equity, thereby entering the education and training sector[129] Section VI Share Changes and Shareholder Information This section details the company's share capital changes, securities issuance, shareholder numbers, and shareholding structure, including information on major shareholders and changes in controlling shareholder or actual controller Share Change Information During the reporting period, the company's total share capital increased from 159.7 million shares to 205 million shares, primarily due to the repurchase and cancellation of some restricted shares followed by the implementation of the 2019 equity distribution, which involved converting capital reserves into shares at a rate of 3 shares for every 10 shares, impacting earnings per share and net assets per share - The company repurchased and canceled 2,012,800 restricted shares, reducing the total share capital from 159,749,200 shares to 157,736,400 shares[133][138] - The company implemented its 2019 equity distribution, converting capital reserves into shares at a rate of 3 shares for every 10 shares for all shareholders, increasing the total share capital from 157,736,400 shares to 205,057,320 shares[133][138] Share Change Information | Category | Number of Shares Before Change (shares) | Proportion Before Change | Capital Reserve Conversion (shares) | Other (shares) | Subtotal (shares) | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 74,640,862 | 46.72% | 21,810,207 | -1,940,172 | 19,870,035 | 94,510,897 | 46.09% | | II. Unrestricted Shares | 85,108,338 | 53.28% | 25,510,713 | -72,628 | 25,438,085 | 110,546,423 | 53.91% | | III. Total Shares | 159,749,200 | 100.00% | 47,320,920 | -2,012,800 | 45,308,120 | 205,057,320 | 100.00% | - Share changes resulted in basic and diluted earnings per share increasing by 20.59% year-on-year, while net assets per share attributable to ordinary shareholders decreased by 18.05% compared to the end of the previous year[140] Restricted Share Change Information | Shareholder Name | Restricted Shares at Period-start (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares at Period-end (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhao Yibo | 44,050,266 | 13,215,080 | 0 | 57,265,346 | Pre-IPO individual restricted shares | | Chen Xiuming | 24,847,255 | 7,454,177 | 0 | 32,301,432 | Senior management lock-up shares | | Li He | 653,068 | 60,720 | 0 | 713,788 | Senior management lock-up shares; equity incentive restricted shares | | Shi Xiujie | 591,466 | 76,040 | 0 | 667,506 | Senior management lock-up shares; equity incentive restricted shares | | Lu Hongguang | 318,490 | -39,653 | 0 | 278,837 | Senior management lock-up shares; equity incentive restricted shares | | Gao Qinghong | 312,000 | -109,200 | 0 | 202,800 | Senior management lock-up shares | | Zou Yingchun | 249,600 | -87,360 | 0 | 162,240 | Equity incentive restricted shares | | Chen Heying | 205,200 | -71,820 | 0 | 133,380 | Equity incentive restricted shares | | Other Restricted Shareholders | 2,413,650 | -1,022,325 | 0 | 1,391,325 | Senior management lock-up shares; equity incentive restricted shares | | Total | 74,640,862 | 19,870,035 | 0 | 94,510,897 | -- | Securities Issuance and Listing Information During the reporting period, the company had no securities issuance or listing activities Number of Shareholders and Shareholding Information At the end of the reporting period, the company had 18,793 ordinary shareholders, with Zhao Yibo holding 27.93% as the controlling shareholder and Chen Xiuming holding 19.84% among the top ten ordinary shareholders, both having a significant portion of their shares pledged, and the company is unaware of any associated relationships or concerted actions among the top ten shareholders - At the end of the reporting period, the total number of ordinary shareholders was 18,793[145] Shareholding Information of Ordinary Shareholders Holding 5% or More or Top 10 Ordinary Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Ordinary Shares Held at Period-end (shares) | Number of Restricted Ordinary Shares Held (shares) | Number of Unrestricted Ordinary Shares Held (shares) | Pledged or Frozen Status (Number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhao Yibo | Domestic Natural Person | 27.93% | 57,265,346 | 57,265,346 | 0 | Pledged: 39,364,000 | | Chen Xiuming | Domestic Natural Person | 19.84% | 40,688,705 | 32,301,432 | 8,387,273 | Pledged: 23,249,200 | | Zhongshan General Technology Venture Capital Center (Limited Partnership) | Domestic Non-state-owned Legal Person | 4.71% | 9,657,133 | 0 | 9,657,133 | | | Karamay Kunlun Chaoyang Venture Capital Fund Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 3.41% | 6,994,963 | 0 | 6,994,963 | | | Xiang Yanru | Domestic Natural Person | 1.01% | 2,079,870 | 0 | 2,079,870 | | | Tao Xiangyu | Domestic Natural Person | 0.99% | 2,037,429 | 0 | 2,037,429 | | | Yao Yuxin | Domestic Natural Person | 0.83% | 1,694,277 | 0 | 1,694,277 | | | Beijing Keqiao Growth Venture Capital Center (Limited Partnership) | Domestic Non-state-owned Legal Person | 0.71% | 1,446,279 | 0 | 1,446,279 | | | Wang Yingjun | Domestic Natural Person | 0.50% | 1,026,168 | 0 | 1,026,168 | | | Yang Yong | Domestic Natural Person | 0.50% | 1,016,579 | 0 | 1,016,579 | | - The company is unaware of any associated relationships or whether the top ten shareholders are acting in concert[146] - Shareholders Xiang Yanru and Yao Yuxin hold some shares through client credit trading guarantee securities accounts[147] - The company's top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders did not engage in agreed repurchase transactions during the reporting period[148] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[149] - The company's actual controller did not change during the reporting period[149] Section VII Preferred Shares Information This section confirms that the company had no preferred shares during the reporting period Preferred Shares Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[152] Section VIII Convertible Corporate Bonds Information This section confirms that the company had no convertible corporate bonds during the reporting period Convertible Corporate Bonds Information During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds during the reporting period[155] Section IX Information on Directors, Supervisors, and Senior Management This section details the shareholding changes and personnel changes of the company's directors, supervisors, and senior management during the reporting period Shareholding Changes of Directors, Supervisors, and Senior Management During the reporting period, the total shareholding of the company's directors, supervisors, and senior management increased, with significant increases for Chairman Zhao Yibo and Director Chen Xiuming, while the number of restricted shares for some senior executives changed due to adjustments in the equity incentive plan Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Period-start (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at Period-end (shares) | Restricted Shares Granted at Period-end (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhao Yibo | Chairman | 44,050,266 | 13,215,080 | 0 | 57,265,346 | 0 | | Chen Xiuming | Director | 33,129,673 | 10,241,262 | 2,682,230 | 40,688,705 | 0 | | Li He | Director, General Manager | 801,424 | 209,227 | 104,000 | 906,651 | 135,200 | | Lu Hongguang | Director, Deputy General Manager | 337,987 | 70,196 | 104,000 | 304,183 | 135,200 | | Xie Lingyu | Director, Board Secretary | 156,000 | 23,400 | 78,000 | 101,400 | 101,400 | | Ma Yan | Director, CFO | 156,000 | 23,400 | 78,000 | 101,400 | 101,400 | | Tang Wenzhi | Director | 226,200 | 42,900 | 83,200 | 185,900 | 108,160 | | Sun Hongjiang | Former Chairman of Supervisory Board | 290,511 | 87,153 | 0 | 377,664 | 0 | | Total | -- | 79,148,061 | 23,912,618 | 3,129,430 | 99,931,249 | 581,360 | Changes in Company Directors, Supervisors, and Senior Management During the reporting period, Supervisory Board Chairman Sun Hongjiang and Supervisors Li Yutong and Wei Xing resigned due to personal reasons or work adjustments, while Liu Haiqing was elected as Chairman of the Supervisory Board, and Wang Xiaolong and Yu Zihan were elected as Supervisors Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Sun Hongjiang | Former Chairman of Supervisory Board | Resignation | February 04, 2020 | Resigned as Chairman and Supervisor of the Second Supervisory Board due to personal reasons | | Li Yutong | Former Supervisor | Resignation | April 23, 2020 | Resigned as company Supervisor due to work adjustment | | Liu Haiqing | Chairman of Supervisory Board | Election | April 23, 2020 | Elected as Supervisor and Chairman of the Second Supervisory Board | | Wei Xing | Former Supervisor | Resignation | June 03, 2020 | Resigned as company Supervisor due to work adjustment | | Wang Xiaolong | Supervisor | Election | May 20, 2020 | Elected as Supervisor of the Second Supervisory Board | | Yu Zihan | Supervisor | Election | July 17, 2020 | Elected as Supervisor of the Second Supervisory Board | Section X Corporate Bonds Information This section confirms that the company has no corporate bonds publicly issued and listed on a stock exchange that are not yet due or have not been fully redeemed as of the approval date of the semi-annual report Corporate Bonds Information The company has no corporate bonds publicly issued and listed on a stock exchange that are not yet due or have not been fully redeemed as of the approval date of the semi-annual report - The company has no corporate bonds publicly issued and listed on a stock exchange that are not yet due or have not been fully redeemed as of the approval date of the semi-annual report[161] Section XI Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for both consolidated and parent company levels, along with detailed notes on significant accounting policies, taxation, and various financial statement items Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[163] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2020, comprehensively presenting the company's financial position, operating results, and cash flow situation - The consolidated balance sheet shows that as of June 30, 2020, the company's total assets were 1,877,437,424.63 Yuan, total liabilities were 1,203,334,670.21 Yuan, and total owners' equity was 674,102,754.42 Yuan[165][168] - The consolidated income statement shows that for the first half of 2020, total operating revenue was 586,999,322.55 Yuan, net profit was 81,366,145.87 Yuan, and net profit attributable to parent company owners was 83,360,131.01 Yuan[173][175] - The consolidated cash flow statement shows that for the first half of 2020, net cash flow from operating activities was -335,093,609.89 Yuan, net cash flow from investing activities was -253,335,989.69 Yuan, and net cash flow from financing activities was 37,765,134.42 Yuan[185][186] Consolidated Balance Sheet As of June 30, 2020, the company's consolidated total assets amounted to 1.877 billion Yuan, with current assets of 542 million Yuan and non-current assets of 1.335 billion Yuan, while total liabilities were 1.203 billion Yuan, including current liabilities of 854 million Yuan and non-current liabilities of 349 million Yuan, and owners' equity attributable to the parent company was 669 million Yuan Consolidated Balance Sheet Key Data | Item | June 30, 2020 (Yuan) | December 31, 2019 (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,877,437,424.63 | 2,014,852,191.88 | | Total Current Assets | 542,027,057.30 | 1,185,760,168.32 | | Total Non-current Assets | 1,335,410,367.33 | 829,092,023.56 | | Total Liabilities | 1,203,334,670.21 | 1,378,725,547.46 | | Total Current Liabilities | 854,122,056.22 | 1,024,986,937.87 | | Total Non-current Liabilities | 349,212,613.99 | 353,738,609.59 | | Total Owners' Equity Attributable to Parent Company | 669,118,378.45 | 636,126,644.42 | | Total Owners' Equity | 674,102,754.42 | 636,126,644.42 | Parent Company Balance Sheet As of June 30, 2020, the parent company's total assets amounted to 1.739 billion Yuan, with current assets of 960 million Yuan and non-current assets of 778 million Yuan, while total liabilities were 1.168 billion Yuan, including current liabilities of 880 million Yuan and non-current liabilities of 287 million Yuan, and total owners' equity was 571 million Yuan Parent Company Balance Sheet Key Data | Item | June 30, 2020 (Yuan) | December 31, 2019 (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,738,685,470.81 | 2,009,743,654.42 | | Total Current Assets | 96