Group 1: Overseas Strategy Research - The current AH premium level still has some room to decline, with the narrowing mainly contributed by traditional industries. Traditional industries like real estate and banking still have room for further narrowing, while emerging industries such as semiconductors and hardware are expected to see a gradual narrowing in the future. A-share first-listed companies have a greater downward space for AH premium [3]. Group 2: Strategy Special Report - The structural recovery continues, with AI + overseas expansion being the core prosperity clues in the second-quarter reports. The performance growth of all A non-financial oil and petrochemical (All A two non) slowed down in 25Q2, but the prosperity clues within the technology growth sector accelerated their spread. The global AI industry resonance and overseas expansion are the core prosperity clues. Mid-cap growth stocks have outstanding performance growth, and the prosperity of hard technology and non-banking sectors is dominant [5][6]. Group 3: Industry Strategy - Comprehensive - Interferon α1b, suitable for the Chinese population, has the advantages of low antigenicity and few adverse reactions. It can be used for common viral diseases and malignant tumors, especially in children. The market is mainly in China and India, with a good competitive landscape. Some injections have been included in the medical insurance, and future demand is expected to increase [10]. Group 4: Industry Tracking Report - Military - The military parade demonstrated the high prosperity of the military industry. New and advanced military equipment was showcased, reflecting China's military technological innovation and strategic deterrence capabilities. The industry demand is highly certain, and with the acceleration of reform and innovation, it is expected to maintain high prosperity. Recommended stocks include AVIC Shenyang Aircraft, AVIC Optoelectronics, etc. [13][14][15]. Group 5: Industry Special Research - Household Appliances - The domestic subsidy effect continues, but the marginal effect is decreasing, and the tariff impact on exports is expected to ease. The overseas revenue proportion of the household appliance sector is increasing, and many companies are expanding into new fields. The performance of some companies in Q2 exceeded expectations, mainly in small household appliances and cleaning appliances. Four investment lines are recommended [18][19][20]. Group 6: Industry Strategy - Textile and Apparel - In 2025, the cumulative export of textiles and clothing in China and Vietnam increased year-on-year. In Q2, the revenue growth of many companies slowed down or declined, and the profit margin was under greater pressure. The short-term tariff impact will end at the end of the year, and future order prosperity is the core variable. Recommended stocks include Bailong Eastern, Jiuxing Holdings, etc. [25][26][27]. Group 7: Industry Tracking Report - Social Services - The investment view recommends AI applications, new retail and renovation, and emotional and experiential consumption stocks. The performance of the retail and consumer service sectors last week was ranked 9th and 14th respectively. Key industry information and company announcements were updated [29][30][31]. Group 8: Industry Semi-annual Report - Textile and Apparel - In 25H1, the Hong Kong stock sports sector led the industry in revenue and net profit growth, while the A-share brand performance was divided. The market expectations for brands after the semi-annual reports were mostly revised downwards, but the sports sector showed more resilience. Four investment lines are recommended [34][35][37]. Group 9: Industry Weekly Report - Petroleum - This week, crude oil trading returned to fundamental factors. The probability of interest rate cuts in the US has increased in the medium and long term, and the demand for crude oil has weakened. Recommended stocks include Xin凤鸣, Tongkun Co., Ltd., etc. [39]. Group 10: Company Semi-annual Report Comment - Quicktron Intelligent - The company achieved steady growth in 25H1, with high growth in contract liabilities laying a foundation for future growth. Benefiting from the high prosperity of the downstream AI industry, the demand for its main business continues to grow. The TCB prototype is expected to be launched within this year, expanding the semiconductor packaging map [40][41][42]. Group 11: Company Semi-annual Report Comment - Runhe Software - In 2025H1, the company's non-recurring profit increased significantly, and the intelligent IoT business maintained high prosperity. The company is making efforts in open-source Hongmeng, open-source Euler, and enterprise-level AI to create new driving forces, and is building an AI full-stack technology system [44][45][46]. Group 12: Overseas Report - China Everbright Holdings - The company is a leader in the private equity industry, with both the asset and liability sides showing improvement inflection points. It focuses on technological innovation and is gradually entering the harvest period. A "buy" rating is given for the first coverage, with a target price of HK$14.18 [49][50][51]. Group 13: Company First Coverage - Hanbell Precise Machinery - The company is a leader in the compressor industry, with healthy operating indicators and strong cash flow generation ability. The demand for data centers is surging, and the demand for magnetic levitation compressors is expanding. The company is expected to benefit from the industry's development, and a "buy" rating is given for the first coverage [54][55][56]. Group 14: Company Semi-annual Report Comment - Ruijie Networks - The company's data center business accounts for more than 50% of its revenue, showing strong income elasticity. The net profit margin shows an inflection point trend, and the expense ratio has decreased. A "buy" rating is maintained, with an upward adjustment of the performance forecast [59][60][61]. Group 15: Company Semi-annual Report Comment - Zhonggong International - The company's semi-annual report shows a decline in net profit but an improvement in gross profit margin and cash flow. Newly signed contracts increased by 33%. It has technical and brand advantages in细分 fields, and its investment and operation business in engineering has achieved multi-point breakthroughs. A "buy" rating is maintained [62][63][64]. Group 16: Company Semi-annual Report Comment - Jiuli Special Material - The company's overseas revenue exceeded domestic revenue in the first half of 2025, indicating significant international development achievements. The composite pipe orders were released, and the welding pipe gross profit margin decreased. The power equipment industry is booming, and the alloy company continues to grow. A "buy" rating is maintained [68][69][70]. Group 17: Company Semi-annual Report Comment - MEI Airtech - The company's operation is stable, and its performance is growing steadily. It actively responds to the overseas expansion of new energy and accelerates global layout to expand downstream markets. Solid-state batteries require higher cleanliness, and the company's clean equipment is expected to benefit first. A "buy" rating is maintained [72][73][74]. Group 18: Company Semi-annual Report Comment - Haimuxing - The company's performance was under pressure in 25H1, but it is expected to improve in the future. Its globalization strategy has achieved remarkable results, and its non-lithium battery business is advancing steadily. With sufficient orders, it has strong performance elasticity. A "buy" rating is given [77][78][79]. Group 19: Company First Coverage - FAW Jiefang - The company is a leading enterprise in China's commercial vehicle industry. Its 2025 semi-annual report was under pressure, but with the recovery of the domestic and overseas markets, its profitability is expected to improve. It is accelerating overseas layout to enhance its profitability. A "buy" rating is given for the first coverage [80][81][83]. Group 20: Company Semi-annual Report Comment - Shenzhou Information - The company's revenue increased steadily in the first half of 2025, and its profit in Q2 significantly reduced losses. Its financial software and service business grew steadily against the trend, and its large customer strategy achieved remarkable results. It has deeply explored the "AI + finance" application, and two strategic products have been implemented in scenarios. A "buy" rating is maintained [84][85][86]. Group 21: Company Semi-annual Report Comment - SAIC Motor - The company's reform results are emerging, and its performance is stabilizing and rebounding. The Huawei project is progressing smoothly, and the first model of the SAIC Shangjie brand is worth looking forward to. A "buy" rating is maintained [89][90]. Group 22: Company Semi-annual Report Comment - China World Trade Center - The company's revenue and profit decreased year-on-year in 2025H1, and the rent and occupancy rate of each business format fluctuated. The China World Trade Center supports its core revenue. A "buy" rating is maintained [92][93][94].

9月3日，A股市场整体下跌。 截至收盘，上证指数收报3813.56点，下跌1.16%，深证成指收报12472点，下跌0.65%，创业板指收报 2899.37点，上涨0.95%，北证50指数下跌1.49%。A股市场合计成交23961.02亿元，较上一交易日减少 5166.64亿元。 1. A股市场全天主力资金净流出479.12亿元 今日A股市场主力资金开盘净流出51.09亿元，尾盘净流出97.71亿元，全天净流出479.12亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-9-3 | -479.12 | -51.09 | -97. 71 | -202. 78 | | 2025-9-2 | -1196. 85 | -404. 51 | -93.05 | -719.76 | | 2025-9-1 | -364.22 | -183.69 | -41.39 | -131.29 | | 2025-8-29 | -527.66 | -222.09 ...

板块租金短期承压，核心资产静待复苏 中国国贸(600007) 中国国贸中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 陈昭颖(研究助理) | 021-23183953 | chenzhaoying@gtht.com | S0880125042226 | 本报告导读： 我们预计公司 2025-2026 年 EPS 分别为 1.29 元、1.34 元，给予公司 2025 年 20XPE， 目标价为 25.78 元，维持公司"增持"评级。 投资要点： 股票研究 /[Table_Date] 2025.09.03 [Table_Industry] 房地产/金融 [Table_Market] 交易数据 | 52 周内股价区间(元) | 20.40-27.59 | | --- ...

据证券之星公开数据整理，近期中国国贸(600007)发布2025年中报。根据财报显示，中国国贸净利润同 比下降8.02%。截至本报告期末，公司营业总收入18.9亿元，同比下降3.85%，归母净利润6.32亿元，同 比下降8.02%。按单季度数据看，第二季度营业总收入9.4亿元，同比下降4.41%，第二季度归母净利润 3.21亿元，同比下降8.58%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率59.63%，同比减2.05%，净利率33.48%， 同比减4.35%，销售费用、管理费用、财务费用总计1.05亿元，三费占营收比5.53%，同比增4.05%，每 股净资产9.11元，同比增1.09%，每股经营性现金流0.84元，同比减10.59%，每股收益0.63元，同比减 7.35% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 19.65 亿 | 26681 | -3.85% | | 归母净利润(元) | 6.88 亿 | 6.32亿 | -8.02% | | 扣非净利润(元) | 6.75亿 | 6.2 ...

公司代码：600007 公司简称：中国国贸 第一节 重要提示 一、 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到上海证券交易所网站仔细阅读半年度报告全文。 二、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完 整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 三、 公司全体董事出席董事会会议。 四、 本半年度财务报告已经德勤华永会计师事务所（特殊普通合伙）审阅，未经审计。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案。 不适用。 第二节 公司基本情况 一、 公司简介 ■ 二、 公司主要财务数据 金额单位：人民币元 ■ 三、 前10名股东持股情况表 四、 截至报告期末的优先股股东总数、前10名优先股股东情况表 不适用。 五、 控股股东或实际控制人变更情况 不适用。 六、 在半年度报告批准报出日存续的债券情况 不适用。 一、 第三节 重要事项 一、 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司 经营情况有重大影响和预计未来会有重大影响的事 ...

Group 1 - The core viewpoint of the article is that China International Trade (600007.SH) reported a decline in both revenue and net profit for the first half of 2025 compared to the previous year [1] Group 2 - The company achieved total operating revenue of 1.89 billion yuan in the first half of 2025, representing a year-on-year decrease of 3.85% [1] - The net profit attributable to shareholders of the parent company was 632 million yuan, reflecting a year-on-year decline of 8.02% [1] - The basic earnings per share were reported at 0.63 yuan [1]

二、报告期内房地产开发投资情况 不适用。 三、报告期内房地产销售情况 证券代码：600007 证券简称：中国国贸 公告编号：2025-013 中国国际贸易中心股份有限公司 2025 年上半年房地产行业经营性信息简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、报告期内房地产储备情况 不适用。 | | 期末融资余额 | 利率 | | --- | --- | --- | | （1）长期借款 | | | | 中国建设银行股份有限公司北京华贸支行 | 500,000,000 | 3.55% | 金额单位：人民币元 | 期末融资总额 | 整体平均融资成本(%) | 利息资本化金额 | | --- | --- | --- | | 500,000,000 | 3.55% | - | 不适用。 四、报告期内房地产出租情况 1 金额单位：人民币元 地区 项目 经营 业态 出租房地产 的建筑面积 (平方米) 出租房地产的 租金收入 权益 比例 （%） 是否采用 公允价值 计量模式 租金收入/房 地产公允价值 (%) 北京 中国 国际 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report; the financial report has been reviewed by Deloitte Touche Tohmatsu Certified Public Accountants LLP and is unaudited, with no instances of controlling shareholder fund occupation or illegal guarantees - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - The company's semi-annual financial report has been reviewed by Deloitte Touche Tohmatsu Certified Public Accountants LLP (Special General Partnership) and is unaudited[5](index=5&type=chunk) - The company has no non-operating fund occupation by controlling shareholders or related parties, nor any external guarantees in violation of prescribed decision-making procedures[8](index=8&type=chunk)[9](index=9&type=chunk) [Major Risk Warning](index=3&type=section&id=%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed potential risks in this report, primarily in 'Section III Management Discussion and Analysis,' 'V. Other Disclosures,' ' (I) Risks Faced,' advising investors to review - Potential risks faced by the company are detailed in 'Section III Management Discussion and Analysis,' 'V. Other Disclosures,' ' (I) Risks Faced'[12](index=12&type=chunk) [Section I Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) The company did not provide specific definitions in this reporting period - No definitions provided in this reporting period[16](index=16&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section outlines the company's basic information, contact details, stock overview, and key accounting data and financial indicators for the reporting period, noting no changes in basic information but a year-on-year decline in major financial figures including operating revenue, total profit, and net profit [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) The company's full Chinese name is China World Trade Center Co., Ltd., abbreviated as China World Trade, with Huang Guoxiang as its legal representative - The company's Chinese name is China World Trade Center Co., Ltd., abbreviated as China World Trade[18](index=18&type=chunk) - The company's legal representative is Huang Guoxiang[18](index=18&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Chen Feng, Securities Affairs Representatives are Luo Yangzhe and Zhang Kan, with contact address and phone in Beijing Chaoyang District, Jianguomenwai Avenue No. 1, and email dongmi@cwtc.com - The Board Secretary is Chen Feng, and Securities Affairs Representatives are Luo Yangzhe and Zhang Kan[19](index=19&type=chunk) - Contact address is No. 1 Jianguomenwai Avenue, Chaoyang District, Beijing, phone 010-65052288, email dongmi@cwtc.com[19](index=19&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%20%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) During the reporting period, there were no changes in the company's basic information, including registered address, office address, website, and email address - During the reporting period, the company's basic information remained unchanged[21](index=21&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=%E5%9B%9B%E3%80%81%20%E4%BF%A1%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company's designated information disclosure newspapers are China Securities Journal and Shanghai Securities News, the semi-annual report is published on the Shanghai Stock Exchange website, and the document custody location is the Board Secretary's Office on the 29th floor of China World Tower A, No. 1 Jianguomenwai Avenue, Chaoyang District, Beijing - The company's selected information disclosure newspapers are China Securities Journal and Shanghai Securities News[22](index=22&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[22](index=22&type=chunk) - The company's semi-annual report is available at the Board Secretary's Office on the 29th floor of China World Tower A, No. 1 Jianguomenwai Avenue, Chaoyang District, Beijing[22](index=22&type=chunk) [V. Company Stock Overview](index=6&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation China World Trade and stock code 600007 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation China World Trade and stock code 600007[23](index=23&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%85%AD%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue, total profit, net profit attributable to parent, and net cash flow from operating activities all decreased year-on-year, with total assets and net assets attributable to parent also declining from the end of the previous year, alongside a downward trend in basic earnings per share and weighted average return on net assets Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,889.65 million yuan | 1,965.29 million yuan | -3.85% | | Total Profit | 843.98 million yuan | 917.10 million yuan | -7.97% | | Net Profit Attributable to Parent Company Shareholders | 632.37 million yuan | 687.54 million yuan | -8.02% | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | 628.47 million yuan | 674.61 million yuan | -6.84% | | Net Cash Flow from Operating Activities | 842.59 million yuan | 942.42 million yuan | -10.59% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | | Net Assets Attributable to Parent Company Shareholders | 9,177.44 million yuan | 9,653.08 million yuan | -4.93% | | Total Assets | 11,205.41 million yuan | 12,324.32 million yuan | -9.08% | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.63 yuan/share | 0.68 yuan/share | -8.02% | | Diluted Earnings Per Share (yuan/share) | 0.63 yuan/share | 0.68 yuan/share | -8.02% | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.62 yuan/share | 0.67 yuan/share | -6.84% | | Weighted Average Return on Net Assets (%) | 6.59% | 7.16% | decrease of 0.57 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 6.55% | 7.02% | decrease of 0.47 percentage points | [VII. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%B8%83%E3%80%81%20%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company has no differences in accounting data under domestic and overseas accounting standards - The company has no differences in accounting data under domestic and overseas accounting standards[26](index=26&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AB%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 3.90 million yuan, primarily from tenant breach penalties and government subsidies, offset by net losses on disposal of non-current assets and sponsorship donations Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Net loss on disposal of non-current assets | -106,784 | | Government subsidies | 1,472,989 | | Sponsorship and donation expenses | -1,081,894 | | Tenant breach penalty income | 4,650,443 | | Accounts payable not required to be paid | 275,235 | | Other non-operating income and expenses apart from the above | -3,299 | | Income tax impact | -1,301,673 | | Impact on minority interests (after tax) | -389 | | **Total** | **3,904,628** | [IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=%E4%B9%9D%E3%80%81%20%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) The company does not have equity incentive or employee stock ownership plans, thus this disclosure of net profit after deducting share-based payment impact is not applicable - The company has no equity incentive or employee stock ownership plans, so this disclosure is not applicable[29](index=29&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section discusses the company's industry, main business, operations, core competitiveness, key operating data, asset and liability status, real estate information, investment status, controlled and investee companies, and potential risks, noting stable performance despite market pressures and a year-on-year decline in operating revenue and total profit [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company primarily engages in leasing and managing investment properties such as office buildings, shopping malls, and apartments, as well as hotel operations, belonging to the real estate industry, maintaining a leading position with self-managed operations except for hotels managed by Shangri-La - The company primarily engages in the leasing and management of investment properties such as office buildings, shopping malls, and apartments, as well as hotel operations[31](index=31&type=chunk) - The company belongs to the 'real estate industry,' and all main businesses, except for hotels managed by Shangri-La, are self-managed and operated by the company[31](index=31&type=chunk) - The company maintains a leading position in the industry in terms of operational scale, hardware facilities, management and services, and market position[31](index=31&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=%E4%BA%8C%E3%80%81%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, Beijing's commercial property and hotel sectors faced significant pressure, with a weak office market, intense retail competition, insufficient demand for serviced apartments, and declining high-end hotel revenue; despite this, the company achieved stable operating performance through accurate market assessment and proactive strategies, though operating revenue and total profit still decreased year-on-year - In the first half of 2025, Beijing's office market was weak with high vacancy rates and rental pressure; the retail commercial property market faced intense competition and downward rental pressure[33](index=33&type=chunk)[35](index=35&type=chunk) - The high-end serviced apartment market experienced weak demand, with downward pressure on rents and occupancy rates; the high-end hotel industry faced significant operational pressure, with both occupancy rates and average room rates declining[35](index=35&type=chunk) - During the reporting period, the company achieved operating revenue of **1.89 billion yuan**, a year-on-year decrease of **3.9%**; total profit was **840 million yuan**, a year-on-year decrease of **8.0%**[36](index=36&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=11&type=section&id=%E4%B8%89%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its China World Trade Center complex in Beijing's CBD, one of the largest and most comprehensive high-end business service complexes, boasting advantages in brand, location, integration, resources, management, and service, while actively promoting green and healthy operations with multiple LEED and WELL Platinum certifications - The company's China World Trade Center complex is located in the core area of Beijing's Central Business District, standing as one of the largest and most comprehensive high-end business service complexes[39](index=39&type=chunk) - The company maintains a leading market position through its advantages in brand, location, integration, resources, management, and service[39](index=39&type=chunk) - The company actively implements green, healthy, and sustainable development operational philosophies, with China World Tower A simultaneously achieving both LEED Platinum and WELL Platinum certifications[39](index=39&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=12&type=section&id=%E5%9B%9B%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes changes in financial statement items for the company's main business, asset and liability status, real estate leasing, and financial financing, noting declines in operating revenue and gross profit margin for property leasing and management and hotel operations, a significant reduction in long-term borrowings, and slight decreases in average rent and occupancy rates for office buildings, shopping malls, and apartments [(I) Analysis of Main Business](index=12&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's main businesses include property leasing and management and hotel operations; during the reporting period, property leasing and management revenue decreased by 3.35% year-on-year with a 0.90 percentage point decline in gross profit margin, while hotel operations revenue decreased by 7.15% with a 5.81 percentage point decline in gross profit margin, and financial expenses significantly reduced by 67.83% due to loan repayments Changes in Operating Revenue, Cost, and Gross Profit Margin by Industry | Industry Segment | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property Leasing and Management | 1,651.72 million | 530.07 million | 67.91% | -3.35% | -0.56% | decrease of 0.90 percentage points | | Hotel Operations | 237.94 million | 232.72 million | 2.19% | -7.15% | -1.29% | decrease of 5.81 percentage points | Operating Revenue Composition and Changes | Revenue Item | Current Period Amount (yuan) | Share of Main Business Revenue (%) | Prior Period Amount (yuan) | Share of Main Business Revenue (%) | Change from Prior Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Office Buildings | 728.62 million | 38.56% | 767.83 million | 39.07% | -39.21 million | | Shopping Malls | 641.99 million | 33.97% | 656.13 million | 33.39% | -14.14 million | | Apartments | 93.00 million | 4.92% | 93.98 million | 4.78% | -0.98 million | | Hotels | 237.94 million | 12.59% | 256.26 million | 13.04% | -18.33 million | | Other (Note) | 188.11 million | 9.96% | 191.09 million | 9.72% | -2.98 million | | **Total** | **1,889.65 million** | **100%** | **1,965.29 million** | **100%** | **-75.64 million** | - Financial expenses decreased by **67.83%** year-on-year, primarily due to repayment of corporate bonds and some long-term borrowings, lower interest expenses, and reduced bank deposit interest income in the current period[51](index=51&type=chunk) [(II) Explanation of Significant Profit Changes Caused by Non-Main Business](index=15&type=section&id=(%E4%BA%8C)%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%AF%BC%E8%87%B4%E5%88%A9%E6%B6%A6%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company had no significant profit changes caused by non-main business activities - The company had no significant profit changes caused by non-main business activities[56](index=56&type=chunk) [(III) Analysis of Assets and Liabilities](index=15&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's monetary funds, total assets, and net assets attributable to parent all decreased; long-term borrowings significantly reduced by 53.92% due to repayment of 585 million yuan in bank loans, while prepayments and employee compensation also decreased due to amortization and bonus payments Changes in Assets and Liabilities | Item | End of Current Period (yuan) | Share of Total Assets (%) | End of Prior Year (yuan) | Share of Total Assets (%) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,069.48 million | 27.39% | 3,986.11 million | 32.34% | -23.00% | | Long-Term Borrowings | 500 million | 4.46% | 1,085 million | 8.80% | -53.92% | | Prepayments | 18.38 million | 0.16% | 32.16 million | 0.26% | -42.85% | | Employee Compensation Payable | 65.60 million | 0.59% | 122.39 million | 0.99% | -46.40% | - Long-term borrowings decreased primarily due to the repayment of **585 million yuan** in bank long-term loan principal[57](index=57&type=chunk) - As of the end of the reporting period, the company's restricted bank deposit balance was **123 million yuan**, representing funds managed on behalf of property management projects[61](index=61&type=chunk) [(IV) Analysis of Real Estate Industry Operating Information](index=17&type=section&id=(%E5%9B%9B)%20%E6%88%BF%E5%9C%B0%E4%BA%A7%E8%A1%8C%E4%B8%9A%E7%BB%8F%E8%90%A5%E6%80%A7%E4%BF%A1%E6%81%AF%E5%88%86%E6%9E%90) During the reporting period, the company had no real estate reserves, development investments, or sales; real estate leasing data for China World Trade Center's office buildings, shopping malls, and apartments, including leased area, rental income, and occupancy rates, were disclosed, with long-term borrowings of 500 million yuan and an overall average financing cost of 3.55% - During the reporting period, the company had no real estate reserves, development investments, or sales[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) Real Estate Leasing Status | Region | Project | Operating Segment | Leased Building Area (sqm) | Rental Income (yuan) | | :--- | :--- | :--- | :--- | :--- | | Beijing | China World Trade Center | Office Buildings | 356,248 | 710.70 million | | Beijing | China World Trade Center | Shopping Malls | 180,460 | 605.57 million | | Beijing | China World Trade Center | Apartments | 80,124 | 92.34 million | - The company's total financing at period-end was **500 million yuan**, with an overall average financing cost of **3.55%**[70](index=70&type=chunk) [(V) Analysis of Investment Status](index=18&type=section&id=(%E4%BA%94)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company made no significant equity or non-equity investments and held no financial assets measured at fair value - During the reporting period, the company had no significant equity or non-equity investments[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [(VI) Significant Asset and Equity Disposals](index=18&type=section&id=(%E5%85%AD)%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company had no significant asset and equity disposal matters - The company had no significant asset and equity disposals[75](index=75&type=chunk) [(VII) Analysis of Major Controlled and Investee Companies](index=19&type=section&id=(%E4%B8%83)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's main subsidiary, China World Trade Property and Hotel Management Co., Ltd., primarily engages in property management and electromechanical services, contributing to the company's net profit during the reporting period, with no acquisitions or disposals of subsidiaries Financial Status of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China World Trade Property and Hotel Management Co., Ltd. | Subsidiary | Property management and electromechanical services | 30 million | 396.37 million | 100.60 million | 219.97 million | 9.72 million | 6.75 million | - During the reporting period, the company had no acquisitions or disposals of subsidiaries[77](index=77&type=chunk) [(VIII) Information on Structured Entities Controlled by the Company](index=19&type=section&id=(%E5%85%AB)%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company has no controlled structured entities - The company has no controlled structured entities[78](index=78&type=chunk) [V. Other Disclosures](index=19&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces adverse impacts from macroeconomic downturns, insufficient domestic demand, and business difficulties, potentially leading to lower-than-expected operating revenue; as a landmark high-rise complex, it also faces significant pressure in fire safety, public security, and anti-terrorism, for which preventive measures and commercial insurance have been implemented to mitigate potential losses - The company's operations face challenges such as macroeconomic downturns, insufficient domestic demand, and business difficulties, which may lead to lower-than-expected operating revenue[79](index=79&type=chunk) - As a landmark high-rise building in Beijing with high population density, China World Trade Center faces greater pressure in fire safety, public security, and anti-terrorism[79](index=79&type=chunk) - The company has implemented preventive measures and purchased relevant commercial insurance to mitigate losses in the event of an accident[79](index=79&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=20&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section discloses corporate governance information, including no changes in directors, supervisors, or senior management, and no profit distribution or equity incentive plans; the company actively fulfills social responsibilities by supporting 'China World Trade Center Primary School' and constructing 'China World Trade Center Gratitude Bridges' for poverty alleviation and rural revitalization [I. Changes in the Company's Directors, Supervisors, and Senior Management](index=20&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) As of the end of the reporting period, there were no changes in the company's directors, supervisors, or senior management - As of the end of this reporting period, there were no changes in the company's directors, supervisors, or senior management during the current year[83](index=83&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=20&type=section&id=%E4%BA%8C%E3%80%81%20%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's semi-annual report does not include a profit distribution plan or a capital reserve conversion plan - The company's semi-annual report does not include a profit distribution plan or a capital reserve conversion plan[84](index=84&type=chunk) [III. Information and Impact of the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=20&type=section&id=%E4%B8%89%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company has no equity incentive plan, employee stock ownership plan, or other employee incentive measures - The company has no equity incentive plan, employee stock ownership plan, or other employee incentive measures[86](index=86&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=20&type=section&id=%E5%9B%9B%E3%80%81%20%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%83%85%E5%86%B5) The company is not applicable to the situation of being included in the list of enterprises required to disclose environmental information by law - The company is not applicable to the situation of being included in the list of enterprises required to disclose environmental information by law[86](index=86&type=chunk) [V. Specific Information on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=20&type=section&id=%E4%BA%94%E3%80%81%20%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively participates in poverty alleviation and rural revitalization, funding the reconstruction of 'China World Trade Center Primary School' and providing students with uniforms, sports equipment, and study tours, with 41,000 yuan in donations during the reporting period, and collaborating with the China Foundation for Rural Development on the 'China World Trade Center Gratitude Bridge' project, investing 770,000 yuan in new bridges in Guang'an, Sichuan - The company funded the reconstruction of Shiya Primary School in Dongdi Town, Changning County, Yibin City, Sichuan Province, naming it 'China World Trade Center Primary School,' and provided students with unified autumn/winter school uniforms and sports equipment[85](index=85&type=chunk) - In July 2025, the company organized a 4-day study tour in Chengdu for 16 students and 3 teachers from China World Trade Center Primary School, with related donation expenses totaling **41,000 yuan** during the reporting period[85](index=85&type=chunk)[87](index=87&type=chunk) - The company collaborated with the China Foundation for Rural Development on the 'China World Trade Center Gratitude Bridge' public welfare project, supporting the construction of convenient bridges in Guang'an City, Sichuan Province, investing **770,000 yuan** in new convenient bridges during the reporting period[88](index=88&type=chunk) [Section V Significant Matters](index=22&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses significant matters during the reporting period, including the fulfillment of commitments, particularly the renewal of the land use right lease agreement with the controlling shareholder; the company has no controlling shareholder fund occupation, illegal guarantees, or major litigation/arbitration; the semi-annual financial report was reviewed by Deloitte Touche Tohmatsu Certified Public Accountants LLP, and significant related party transactions are detailed [I. Fulfillment of Commitments](index=22&type=section&id=%E4%B8%80%E3%80%81%20%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's land use right lease contract for China World Trade Center Phase I with controlling shareholder China World Trade Center Co., Ltd. expired on September 30, 2019, was renewed in April 2020 until August 29, 2038, and the cost-sharing agreement for China World Trade Center Phase II land use rights and related taxes is still being fulfilled - The company renewed the China World Trade Center Phase I Land Use Right Lease Contract with China World Trade Center Co., Ltd., with a lease term from October 1, 2019, to August 29, 2038[92](index=92&type=chunk) - The cost-sharing agreement for China World Trade Center Phase II land use rights and some usage taxes and business taxes is still being fulfilled as of August 29, 2025[94](index=94&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=23&type=section&id=%E4%BA%8C%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties - The company had no non-operating fund occupation by controlling shareholders or other related parties[95](index=95&type=chunk) [III. Illegal Guarantees](index=23&type=section&id=%E4%B8%89%E3%80%81%20%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no illegal guarantees - The company had no illegal guarantees[96](index=96&type=chunk) [IV. Semi-Annual Report Audit Status](index=23&type=section&id=%E5%9B%9B%E3%80%81%20%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) The company re-appointed Deloitte Touche Tohmatsu Certified Public Accountants LLP to audit its 2025 annual financial report and internal controls, and to review its 2025 semi-annual financial report, with no non-standard audit opinions - The company re-appointed Deloitte Touche Tohmatsu Certified Public Accountants LLP (Special General Partnership) to audit its 2025 annual financial report and internal controls, and to review its 2025 semi-annual financial report[97](index=97&type=chunk) - The company has no explanation regarding a 'non-standard audit opinion report' from the accounting firm, meaning there are no non-standard audit opinions[98](index=98&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Year's Annual Report](index=23&type=section&id=%E4%BA%94%E3%80%81%20%E4%B8%8A%E5%B9%B4%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E6%B6%89%E5%8F%8A%E4%BA%8B%E9%A1%B9%E7%9A%84%E5%8F%98%E5%8C%96%E5%8F%8A%E5%A4%84%E7%90%86%E6%83%85%E5%86%B5) The company had no changes or handling of matters related to non-standard audit opinions in the previous year's annual report - The company had no changes or handling of matters related to non-standard audit opinions in the previous year's annual report[99](index=99&type=chunk) [VI. Bankruptcy and Reorganization Matters](index=23&type=section&id=%E5%85%AD%E3%80%81%20%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy and reorganization matters - The company had no bankruptcy and reorganization matters[100](index=100&type=chunk) [VII. Major Litigation and Arbitration Matters](index=23&type=section&id=%E4%B8%83%E3%80%81%20%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters - The company had no major litigation or arbitration matters[101](index=101&type=chunk) [VIII. Listed Company and Its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers Suspected of Violations, Penalties, and Rectification](index=24&type=section&id=%E5%85%AB%E3%80%81%20%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company, its directors, supervisors, senior management, controlling shareholders, and actual controllers were not suspected of violations, subjected to penalties, or required rectification - The company, its directors, supervisors, senior management, controlling shareholders, and actual controllers were not suspected of violations, subjected to penalties, or required rectification[102](index=102&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=24&type=section&id=%E4%B9%9D%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity with no dishonest situations - The company, its controlling shareholders, and actual controllers maintained good integrity with no dishonest situations[103](index=103&type=chunk) [X. Significant Related Party Transactions](index=24&type=section&id=%E5%8D%81%E3%80%81%20%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company has related party creditor-debtor transactions with its controlling shareholder, China World Trade Center Co., Ltd., primarily involving energy fees, business receivables/payables, and rental deposits, which have no significant impact on the company's operating results or financial position, and no other significant related party transactions occurred during the reporting period - The company has related party creditor-debtor transactions with its controlling shareholder, China World Trade Center Co., Ltd., primarily involving energy fees, business receivables/payables, and rental deposits[110](index=110&type=chunk) - Related party creditor-debtor transactions have no significant impact on the company's operating results or financial position[110](index=110&type=chunk) - During the reporting period, there were no related party transactions involving asset or equity acquisitions/disposals, no significant related party transactions for joint external investments, no financial business with affiliated finance companies, and no other significant related party transactions[107](index=107&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=25&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has no entrustment, contracting, or leasing matters, no significant guarantees, and no other significant contracts - The company has no entrustment, contracting, or leasing matters[113](index=113&type=chunk) - The company has no significant guarantees that were fulfilled or remain unfulfilled during the reporting period[114](index=114&type=chunk) - The company has no other significant contracts[115](index=115&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=26&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company has no progress in the use of raised funds - The company has no progress in the use of raised funds[116](index=116&type=chunk) [XIII. Explanation of Other Significant Matters](index=26&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company has no other significant matters - The company has no other significant matters[117](index=117&type=chunk) [Section VI Share Changes and Shareholder Information](index=27&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses that the company's share capital structure remained unchanged during the reporting period and lists the top ten shareholders as of the end of the reporting period, with controlling shareholder China World Trade Center Co., Ltd. holding 80.65% and no changes in its shareholding, and no changes in the shareholdings of directors, supervisors, senior management, controlling shareholders, or actual controllers [I. Changes in Share Capital](index=27&type=section&id=%E4%B8%80%E3%80%81%20%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and share capital structure remained unchanged, with no changes in restricted shares - During the reporting period, the company's total share capital and share capital structure remained unchanged[119](index=119&type=chunk) - The company had no changes in restricted shares[120](index=120&type=chunk) [II. Shareholder Information](index=27&type=section&id=%E4%BA%8C%E3%80%81%20%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 16,349 shareholders; among the top ten, China World Trade Center Co., Ltd. held the largest stake at 80.65%, with no changes in its shareholding during the period, and no strategic investors or general legal entities became top ten shareholders due to new share placements - As of the end of the reporting period, the company had a total of **16,349** common shareholders[122](index=122&type=chunk) Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shares Held at Period-End | Shareholding Ratio (%) | Number of Restricted Shares Held | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | | China World Trade Center Co., Ltd. | Other | 812,360,241 | 80.65% | 0 | None | | E Fund Management Co., Ltd. - Social Security Fund 1104 Portfolio | Unknown | 22,500,000 | 2.23% | Unknown | Unknown | | China Construction Bank Corporation - Huatai-PineBridge CSI Dividend Low Volatility ETF | Unknown | 12,504,430 | 1.24% | Unknown | Unknown | | Gu Guomian | Unknown | 11,630,400 | 1.15% | Unknown | Unknown | | Gu Qing | Unknown | 11,117,300 | 1.10% | Unknown | Unknown | | Xu Pengda | Unknown | 9,139,810 | 0.91% | Unknown | Unknown | | Hong Kong Securities Clearing Company Limited | Unknown | 7,664,532 | 0.76% | Unknown | Unknown | | Agricultural Bank of China Limited - CSI 500 ETF | Unknown | 2,963,725 | 0.29% | Unknown | Unknown | | Industrial and Commercial Bank of China Limited - Southern CSI All-Share Real Estate ETF | Unknown | 2,572,603 | 0.26% | Unknown | Unknown | | China Merchants Bank Co., Ltd. - CICC CSI Dividend Low Volatility Index Initiated Securities Investment Fund | Unknown | 2,561,600 | 0.25% | Unknown | Unknown | - As of the end of the reporting period, only China World Trade Center Co., Ltd. held more than **5%** of the company's shares, and its shareholding quantity remained unchanged during the reporting period[124](index=124&type=chunk) [III. Directors, Supervisors, and Senior Management Information](index=28&type=section&id=%E4%B8%89%E3%80%81%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of current or former directors, supervisors, and senior management, nor were they granted equity incentives - Changes in shareholdings of current and former directors, supervisors, and senior management during the reporting period are not applicable[128](index=128&type=chunk) - Directors, supervisors, and senior management were not granted equity incentives during the reporting period[128](index=128&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=28&type=section&id=%E5%9B%9B%E3%80%81%20%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%8B%B1%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder or actual controller remained unchanged[128](index=128&type=chunk) [V. Preferred Share Information](index=29&type=section&id=%E4%BA%94%E3%80%81%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no preferred share information - The company has no preferred share information[129](index=129&type=chunk) [Section VII Bond-Related Information](index=30&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[131](index=131&type=chunk) - The company has no convertible corporate bonds[131](index=131&type=chunk) [Section VIII Financial Report](index=31&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's 2025 semi-annual financial report, reviewed by Deloitte Touche Tohmatsu Certified Public Accountants LLP and unaudited, including consolidated and company balance sheets, income statements, cash flow statements, statements of changes in shareholders' equity, detailed financial statement notes, and supplementary information, comprehensively reflecting the company's financial position, operating results, and cash flows for the reporting period [I. Audit Report](index=31&type=section&id=%E4%B8%80%E3%80%81%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has been reviewed by Deloitte Touche Tohmatsu Certified Public Accountants LLP (Special General Partnership) and is unaudited; the review report indicates no matters that would lead the accountants to believe the interim financial statements were not prepared in accordance with enterprise accounting standards or did not fairly reflect the company's financial position, operating results, and cash flows in all material respects - The company's semi-annual financial report has been reviewed by Deloitte Touche Tohmatsu Certified Public Accountants LLP (Special General Partnership) and is unaudited[133](index=133&type=chunk) - The review report noted no matters that would lead the accountants to believe the interim financial statements were not prepared in accordance with enterprise accounting standards or did not fairly reflect the company's financial position, operating results, and cash flows in all material respects[139](index=139&type=chunk) [II. Financial Statements](index=31&type=section&id=%E4%BA%8C%E3%80%81%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and company financial statements for the six months ended June 30, 2025, including balance sheets, income statements, cash flow statements, and statements of changes in shareholders' equity, along with detailed financial statement notes and supplementary information, offering foundational data for understanding the company's financial performance [Consolidated and Company Balance Sheets](index=35&type=section&id=%E5%90%88%E5%B9%B6%E5%8F%8A%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were 11.205 billion yuan, a 9.08% decrease from the end of the previous year; consolidated total liabilities were 2.023 billion yuan, a 24.13% decrease; and net assets attributable to parent company shareholders were 9.177 billion yuan, a 4.93% decrease Key Consolidated Balance Sheet Data (June 30, 2025) | Indicator | June 30, 2025 (Consolidated) (yuan) | December 31, 2024 (Consolidated) (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 11,205,406,969 | 12,324,321,965 | -9.08% | | Total Liabilities | 2,022,920,476 | 2,666,283,503 | -24.13% | | Net Assets Attributable to Parent Company Shareholders | 9,177,440,514 | 9,653,080,107 | -4.93% | [Consolidated and Company Income Statements](index=36&type=section&id=%E5%90%88%E5%B9%B6%E5%8F%8A%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to June 2025, the company's consolidated operating revenue was 1.890 billion yuan, a 3.85% year-on-year decrease; consolidated total profit was 844 million yuan, a 7.97% year-on-year decrease; and net profit attributable to parent company shareholders was 632 million yuan, an 8.02% year-on-year decrease Key Consolidated Income Statement Data (Jan-Jun 2025) | Indicator | Jan-Jun 2025 (Consolidated) (yuan) | Jan-Jun 2024 (Consolidated) (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,889,651,964 | 1,965,293,521 | -3.85% | | Total Profit | 843,980,850 | 917,100,107 | -7.97% | | Net Profit Attributable to Parent Company Shareholders | 632,371,194 | 687,537,223 | -8.02% | | Basic and Diluted Earnings Per Share (yuan) | 0.63 | 0.68 | -8.02% | [Consolidated and Company Cash Flow Statements](index=37&type=section&id=%E5%90%88%E5%B9%B6%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to June 2025, the company's consolidated net cash flow from operating activities was 843 million yuan, a 10.59% year-on-year decrease; net cash flow from investing activities was -31 million yuan; and net cash flow from financing activities was -1.710 billion yuan, primarily due to increased cash payments for debt repayment Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Indicator | Jan-Jun 2025 (Consolidated) (yuan) | Jan-Jun 2024 (Consolidated) (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 842,594,891 | 942,423,094 | -10.59% | | Net Cash Flow from Investing Activities | -31,085,484 | -24,310,132 | 27.87% | | Net Cash Flow from Financing Activities | -1,710,140,088 | -1,382,395,262 | 23.71% | - Net cash flow from financing activities increased, primarily due to increased cash payments for debt repayment, including the repayment of **585 million yuan** in bank loan principal[53](index=53&type=chunk)[146](index=146&type=chunk) [Consolidated Statement of Changes in Shareholders' Equity](index=38&type=section&id=%E5%90%88%E5%B9%B6%E8%82%A1%E4%B8%9C%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, the company's consolidated shareholders' equity totaled 9.182 billion yuan; during the reporting period, net profit was 632 million yuan, and 1.108 billion yuan in cash dividends were distributed to shareholders, leading to a reduction in undistributed profits - From January to June 2025, net profit attributable to parent company shareholders was **632,371,194 yuan**[147](index=147&type=chunk) - During the reporting period, the company distributed **1,108,010,787 yuan** cash dividends to shareholders[147](index=147&type=chunk)[278](index=278&type=chunk) [Company Statement of Changes in Shareholders' Equity](index=39&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, the company's shareholder equity at the company level totaled 9.091 billion yuan; during the reporting period, the company's net profit was 631 million yuan, and 1.108 billion yuan in cash dividends were distributed - From January to June 2025, the company's net profit was **630,706,347 yuan**[149](index=149&type=chunk) - During the reporting period, the company distributed **1,108,010,787 yuan** cash dividends to shareholders[149](index=149&type=chunk)[278](index=278&type=chunk) [Notes to Financial Statements](index=40&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) The notes to financial statements detail the company's basic information, key accounting policies and estimates, taxes, notes to consolidated and company financial statement items, equity in other entities, segment information, related party relationships and transactions, commitments, operating lease receivables after the balance sheet date, financial risks, and capital management, providing essential context and details for understanding the financial statements [I. Company Basic Information](index=40&type=section&id=%E4%B8%80%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) China World Trade Center Co., Ltd. was solely established by China World Trade Center Co., Ltd. on October 15, 1997, with a total share capital of 1,007,282,534 yuan, primarily engaging in leasing office spaces, apartments, shopping malls, and hotel operations - The company was solely established by China World Trade Center Co., Ltd. on October 15, 1997[150](index=150&type=chunk) - The company's total share capital is **1,007,282,534 yuan**[151](index=151&type=chunk) - The company and its subsidiaries primarily engage in leasing office spaces, apartments, shopping malls, and hotel operations[151](index=151&type=chunk) [II. Key Accounting Policies and Estimates](index=40&type=section&id=%E4%BA%8C%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%92%8C%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's financial statement preparation in accordance with enterprise accounting standards, going concern basis, accounting year, functional currency, materiality criteria, consolidated financial statement preparation, cash and cash equivalents, foreign currency transactions, financial instrument classification and measurement, inventories, long-term equity investments, joint operations, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, impairment of long-term assets, employee compensation, dividend distribution, provisions, lease and other revenue recognition, government grants, deferred income tax assets and liabilities, lease accounting, segment information, and significant accounting estimates and judgments such as expected credit loss measurement, and depreciation of investment properties and fixed assets - These financial statements are prepared in accordance with Enterprise Accounting Standards and the China Securities Regulatory Commission's 'No. 15 Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public – General Provisions on Financial Reports (Revised 2023)'[155](index=155&type=chunk) - The Group classifies financial assets into three categories based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss for the current period[166](index=166&type=chunk) - The Group depreciates its investment properties and fixed assets over their estimated useful lives and regularly reviews these estimated useful lives[222](index=222&type=chunk) [III. Taxes](index=61&type=section&id=%E4%B8%89%20%E7%A8%8E%E9%A1%B9) This section lists the company's applicable major tax types and rates for the reporting period, including corporate income tax, value-added tax, urban maintenance and construction tax, education surcharge, local education surcharge, property tax, and land use tax, noting that subsidiary Beijing China World Trade Center International Exhibition Co., Ltd. qualifies for small and micro-enterprise tax reductions Major Tax Types and Rates | Tax Type | Tax Rate | Tax Base | | :--- | :--- | :--- | | Corporate Income Tax | 20%, 25% | Taxable income | | Value-Added Tax | 3%-13% | Taxable value-added amount | | Property Tax | 1.2% and 12% | 70% of original value of taxable property and rental income | | Land Use Tax | 30 yuan/sqm/year | Actual occupied land area | - Subsidiary Beijing China World Trade Center International Exhibition Co., Ltd. qualified for small and micro-enterprise tax reductions in 2024 and is expected to qualify in 2025, enjoying a corporate income tax rate of **20%** on the portion of annual taxable income not exceeding **3 million yuan**, which is reduced to **25%** of the taxable income[226](index=226&type=chunk) [IV. Notes to Consolidated Financial Statement Items](index=62&type=section&id=%E5%9B%9B%20%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E9%99%84%E6%B3%A8) This section details specific consolidated financial statement items, including restricted monetary funds, aging and bad debt provisions for accounts receivable, depreciation and mortgage status of investment properties and fixed assets, long-term borrowing balances and interest rates, composition and changes in operating revenue and costs, expense breakdowns, non-recurring gains and losses, income tax expenses, and supplementary cash flow information, providing deeper insights into consolidated financial data - As of June 30, 2025, the restricted bank deposit balance was **123 million yuan**, representing funds managed on behalf of property management projects[227](index=227&type=chunk) - The company's long-term mortgage loan principal and interest balance is **500 million yuan**, with the collateral being part of the properties and corresponding land use rights of China World Trade Center Phase III A, with a book value of approximately **1.883 billion yuan**[273](index=273&type=chunk)[275](index=275&type=chunk) - From January to June 2025, the company's operating revenue and operating costs are presented by two business segments: property leasing and management, and hotel operations, with property leasing and management revenue of **1.652 billion yuan** and hotel operations revenue of **238 million yuan**[280](index=280&type=chunk) [V. Equity in Other Entities](index=94&type=section&id=%E4%BA%94%20%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's equity in subsidiaries and associates; its main subsidiary is China World Trade Property and Hotel Management Co., Ltd., with a 95% stake, and total book value of investments in associates, including Beijing Times Network Star Technology Co., Ltd., Beijing Lichuang Smart Technology Co., Ltd., Beijing Changfazhan Guomao Property Management Co., Ltd., and Beijing Shoucheng Guomao Property Management Co., Ltd., is 30.25 million yuan - The company's main subsidiary is China World Trade Property and Hotel Management Co., Ltd., with a shareholding ratio of **95%**[309](index=309&type=chunk) - The total book value of the company's equity investments in associates is **30,254,263 yuan**, including Times Network Star, Lichuang Smart, Beijing Changfazhan, and Shoucheng Guomao[311](index=311&type=chunk) [VI. Segment Information](index=96&type=section&id=%E5%85%AD%20%E5%88%86%E9%83%A8%E4%BF%A1%E6%81%AF) The company is divided into leasing and property management and hotel operations segments; from January to June 2025, the leasing and property management segment generated 875 million yuan in total profit, while the hotel operations segment incurred a loss of 16.83 million yuan, with inter-segment transfer prices determined by reference to prices used for third-party sales - The Group has two reporting segments: leasing and property management, and hotel operations[314](index=314&type=chunk) - From January to June 2025, the total profit from leasing and property management business was **874,689,333 yuan**, and the total profit from hotel operations was **-16,825,101 yuan**[313](index=313&type=chunk) [VII. Related Party Relationships and Transactions](index=97&type=section&id=%E4%B8%83%20%E5%85%B3%E8%81%94%E6%96%B9%E5%85%B3%E7%B3%BB%E5%8F%8A%E5%85%B6%E4%BA%A4%E6%98%93) The company's ultimate controlling party is China World Trade Center Co., Ltd., with an 80.65% stake; the company engages in daily operating related party transactions with China World Trade Center Co., Ltd. and Shangri-La, including labor acceptance and provision, and leasing, with transaction prices negotiated based on market rates; as of the end of the reporting period, the company had outstanding payables to related parties - The company's ultimate controlling party is China World Trade Center Co., Ltd., which holds an **80.65%** shareholding and voting rights in the company[318](index=318&type=chunk)[320](index=320&type=chunk) - The company has related party transactions with China World Trade Center Co., Ltd. involving the acceptance of services (e.g., catering fees, labor fees, public relations management fees, steam fees) and the provision of services (e.g., sales commissions, entrusted management fees, maintenance fees)[326](index=326&type=chunk)[329](index=329&type=chunk) - As of June 30, 2025, the company had other payables totaling **8.8925 million yuan** to China World Trade Center Co., Ltd., Shangri-La, and other related parties, as well as lease liabilities of **44.5120 million yuan** to China World Trade Center Co., Ltd.[336](index=336&type=chunk) [VIII. Commitments](index=103&type=section&id=%E5%85%AB%20%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) As of the balance sheet date, the company's contracted capital expenditure commitments not yet recognized on the balance sheet totaled 102 million yuan - As of the balance sheet date, the company's contracted capital expenditure commitments not yet recognized on the balance sheet totaled **102,000,000 yuan**[337](index=337&type=chunk) [IX. Operating Lease Receivables After Balance Sheet Date](index=104&type=section&id=%E4%B9%9D%20%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E7%BB%8F%E8%90%A5%E7%A7%9F%E8%B5%81%E6%94%B6%E6%AC%BE%E9%A2%9D) As of June 30, 2025, the company, as lessor, had total undiscounted operating lease receivables after the balance sheet date amounting to 6.346 billion yuan Operating Lease Receivables After Balance Sheet Date | Period | June 30, 2025 (yuan) | | :--- | :--- | | Within one year | 2,045,159,433 | | One to two years | 1,362,836,482 | | Two to three years | 838,283,625 | | Over three years | 2,100,059,999 | | **Total** | **6,346,339,539** | [X. Financial Risks](index=104&type=section&id=%E5%8D%81%20%E9%87%91%E8%9E%8D%E9%A3%8E%E9%99%A9) The company faces market risks (foreign exchange and interest rate risks), credit risk, and liquidity risk; a 10% appreciation or depreciation of RMB against USD would impact net profit by approximately 106,263 yuan, while a 50 basis point increase or decrease in floating interest rates would affect net profit by approximately 1.875 million yuan, with risks managed through monitoring foreign currency transactions, assessing customer credit, and maintaining ample cash reserves - The financial risks faced by the company in its operating activities include market risks (foreign exchange risk and interest rate risk), credit risk, and liquidity risk[339](index=339&type=chunk) - As of June 30, 2025, if the RMB appreciates or depreciates by **10%** against the USD, with other factors remaining constant, the company's net profit would increase or decrease by approximately **106,263 yuan**[341](index=341&type=chunk) - As of June 30, 2025, if the interest rate on floating-rate borrowings increases or decreases by **50 basis points**, with other factors remaining constant, the company's net profit would decrease or increase by approximately **1,875,000 yuan**[343](index=343&type=chunk) [XI. Capital Management](index=107&type=section&id=%E5%8D%81%E4%B8%80%20%E8%B5%84%E6%9C%AC%E7%AE%A1%E7%90%86) The company's capital management objectives are to ensure continuous operation, provide returns to shareholders, and maintain an optimal capital structure to reduce capital costs, using the asset-liability ratio to monitor capital, which was 18.05% on a consolidated basis as of June 30, 2025 - The company's capital management objectives are to ensure continuous operation, provide returns to shareholders, and maintain an optimal capital structure to reduce capital costs[350](index=350&type=chunk) - The company monitors capital using the asset-liability ratio; as of June 30, 2025, the consolidated asset-liability ratio was **18.05%**[351](index=351&type=chunk)[352](index=352&type=chunk) [XII. Notes to Company Financial Statements](index=108&type=section&id=%E5%8D%81%E4%BA%8C%20%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section provides company-level financial statement notes, including aging and bad debt provisions for accounts receivable and other receivables, long-term equity investments (subsidiaries and associates), and the composition of operating revenue and costs, and investment income, corresponding to the consolidated financial statement notes but limited to company-specific data - At the company level, the book balance of accounts receivable is **153 million yuan**, with a single provision for bad debts of **941,000 yuan**[354](index=354&type=chunk) - At the company level, long-term equity investments include an investment of **9.5 million yuan** in subsidiary China World Trade Property and Hotel Management Co., Ltd., and an investment of **22.2664 million yuan** in associates[363](index=363&type=chunk) - At the company level, from January to June 2025, operating revenue was **1.738 billion yuan**, operating cost was **620 million yuan**, and investment income was **5.1563 million yuan**[366](index=366&type=chunk)[367](index=367&type=chunk) [Supplementary Financial Statement Information](index=116&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides the detailed statement of non-recurring gains and losses and net asset return and earnings per share data for January-June 2025; net non-recurring gains and losses amounted to 3.9046 million yuan, primarily from tenant breach penalties and government subsidies, with a weighted average return on net assets of 6.59% and basic earnings per share of 0.63 yuan Net Non-Recurring Gains and Losses for Jan-Jun 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Total non-recurring gains and losses | 5,206,690 | | Income tax impact | -1,301,673 | | Impact on minority interests (after tax) | -389 | | **Net non-recurring gains and losses** | **3,904,628** | Net Asset Return and Earnings Per Share for Jan-Jun 2025 | Indicator | Jan-Jun 2025 | | :--- | :--- | | Weighted average return on net profit attributable to common shareholders (%) | 6.59% | | Basic earnings per share of net profit attributable to common shareholders | 0.63 | | Weighted average return on net profit attributable to common shareholders after deducting non-recurring gains and losses (%) | 6.55% | | Basic earnings per share of net profit attributable to common shareholders after deducting non-recurring gains and losses | 0.62 |

Group 1 - The real estate development sector increased by 1.05% on August 28, with Zhangjiang Hi-Tech leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Group 2 - On that day, the real estate development sector saw a net inflow of 1.024 billion yuan from main funds, while retail funds experienced a net outflow of 586 million yuan [2] - The table provided shows the net inflow and outflow of various stocks within the real estate sector, highlighting significant movements in funds [2]