Core Viewpoint - The recent announcement from Xinyuan Fund Management regarding the resignation of Vice President Wang Hui has attracted significant market attention, indicating potential shifts in the company's management and strategy [1][5]. Company Overview - Xinyuan Fund Management is a bank-affiliated public fund company, with Nanjing Bank holding an 80% stake and Nanjing Gaoke holding 20% [5]. - The company currently manages 89 public fund products with a total management scale of 213.56 billion yuan, ranking 36th in the market [5]. Management Changes - Wang Hui, who joined Xinyuan Fund in August 2013 and has served as Vice President since 2016, will transition to a senior specialist role due to nearing retirement [3][4]. - The executive team will consist of six members post-adjustment, with three having backgrounds in Nanjing Bank and the other three possessing extensive experience in banking, public funds, and accounting firms [4]. Financial Performance - In the first half of 2025, Xinyuan Fund reported revenue of 356 million yuan, a year-on-year increase of 17.47%, and a net profit of 107 million yuan, up 18.99%, placing these figures in the top 25 among public funds [5]. - The fund's asset allocation is heavily weighted towards money market and bond funds, which together account for 97% of its total scale, amounting to 208.5 billion yuan [5]. Market Position and Strategy - Xinyuan Fund's strategy involves enhancing its equity product offerings, as the current market trend shows a lower proportion of equity products compared to competitors [6][7]. - The company aims to optimize its investment research team and improve asset allocation capabilities, focusing on aligning with national strategies and customer needs [6][7]. Product Development - Xinyuan Fund has seen significant growth in several actively managed equity funds, with some achieving returns exceeding 20% year-to-date [7]. - The company is also expanding its index product line, which includes various types of funds, and is preparing to launch its first ETF product [7].

Core Viewpoint - Nanjing Gaoke achieved a net profit attributable to shareholders of 1.381 billion yuan in the first half of the year, representing a year-on-year increase of 35.04% [1] - The company reported a non-recurring net profit of 1.352 billion yuan, up 22.52% year-on-year [1] Financial Performance - In 2025, the real estate business achieved a contracted sales area of 68,500 square meters, which includes 42,100 square meters from commercial housing projects and 26,400 square meters from affordable housing projects, marking a year-on-year increase of 2,437.04% [1] - The contracted sales amount reached 1.021 billion yuan, with 921 million yuan from residential and parking space projects and 100 million yuan from affordable housing projects, reflecting a year-on-year increase of 729.83% [1] - The company's operating revenue and net profit attributable to shareholders both grew year-on-year, maintaining profit forecasts [1] Investment Outlook - The company is recognized as a deeply rooted enterprise in the Nanjing region, with smooth financing channels, indicating a potential for continued performance improvement [1] - The report maintains a "buy" rating for the company's stock [1]

房地产/房地产开发 南京高科（600064.SH） 股权投资进展顺利，归母净利润双位数增长 2025 年 09 月 01 日 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 7.92 | | 一年最高最低(元) | 8.77/5.43 | | 总市值(亿元) | 137.04 | | 流通市值(亿元) | 137.04 | | 总股本(亿股) | 17.30 | | 流通股本(亿股) | 17.30 | | 近 3 个月换手率(%) | 65.61 | 股价走势图 -20% 0% 20% 40% 60% 2024-08 2024-12 2025-04 南京高科 沪深300 数据来源：聚源 相关研究报告 《地产业务收缩影响营收，归母净利 润同比增长—公司信息更新报告》 -2025.4.23 《营收规模同比收缩，融资成本优势 保持—公司信息更新报告》-2024.9.4 | ——公司信息更新报告 | | --- | | 齐东（分析师） | | | | | | 胡耀文（分析师） | | 杜致远（联系人） | | --- | --- | --- | -- ...

Core Viewpoint - Nanjing Gaoke (600064) reported significant growth in both revenue and net profit for the first half of 2025, indicating strong financial performance and operational efficiency [1] Financial Performance - Total revenue reached 1.96 billion yuan, a year-on-year increase of 87.39% [1] - Net profit attributable to shareholders was 1.381 billion yuan, up 35.04% year-on-year [1] - In Q2 2025, revenue was 899 million yuan, reflecting a 17.92% increase compared to the same quarter last year [1] - Q2 net profit was 689 million yuan, showing a 38.65% year-on-year growth [1] Profitability Metrics - Gross margin improved to 22.53%, an increase of 33.18% year-on-year [1] - Net margin decreased to 71.3%, down 27.71% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 268 million yuan, accounting for 13.69% of revenue, a decrease of 18.94% year-on-year [1] Shareholder Value - Earnings per share (EPS) increased to 0.8 yuan, a rise of 35.03% year-on-year [1] - Book value per share was 10.89 yuan, up 3.43% year-on-year [1] - Operating cash flow per share reached 0.32 yuan, a significant increase of 192.15% year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 6.74%, indicating average capital returns [3] - The net profit margin was reported at 83.09%, suggesting high value addition in products or services [3] - The company has a healthy cash position, with cash assets being robust [3] Fund Holdings - The largest fund holding Nanjing Gaoke shares is the Fortune CSI Dividend Index Enhanced A, with 10.7837 million shares [4] - Other funds have also entered the top ten holdings, indicating growing interest in the company [4]

Group 1 - The real estate sector showed strong performance at the beginning of the trading session, with *ST Nanzhi hitting the daily limit up [1] - Other companies such as Wantong Development, Zhangjiang Hi-Tech, Nanjing High-Tech, Tianbao Infrastructure, and Tongji Science and Technology also experienced gains [1]

Group 1 - The core viewpoint of the article highlights the significant growth in Nanjing Gaoke's financial performance for the first half of 2025, with a notable increase in both revenue and net profit [1] - Nanjing Gaoke reported an operating income of approximately 1.957 billion yuan, representing a year-on-year increase of 87.5% [1] - The net profit attributable to shareholders was around 1.381 billion yuan, showing a year-on-year growth of 35.04% [1] - The basic earnings per share reached 0.798 yuan, which is a 35.03% increase compared to the previous year [1] Group 2 - As of the report, Nanjing Gaoke's market capitalization stands at 13.7 billion yuan [2]

证券简称：南京高科 证券代码：600064 编号：临2025-023号 南京高科股份有限公司 关于召开2025年半年度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 9 月 9 日（星期二）前通过"南京高科投资者关系" 小程序或者公司邮箱 600064@600064.com 联系公司进行提问。公司将在业绩说 明会上对投资者普遍关注的问题进行回答。 一、说明会类型 公司已于 2025 年 8 月 29 日在《中国证券报》《上海证券报》《证 券时报》及上海证券交易所网站（www.sse.com.cn）上披露了 2025 年半年度报告及摘要。为让广大投资者更全面深入地了解公司经营业 绩等具体情况，公司决定以网络互动方式举行 2025 年半年度业绩说 明会。 三、公司出席说明会的人员 公司董事长、党委书记徐益民先生，董事、总裁陆阳俊先生，独 二、说明会召开时间和形式 召开时间：2025 年 9 月 10 日（星期三）15:00-16:00 召开地址： "南京高科投资者关 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, including abbreviations for the company itself, its controlling shareholder, subsidiaries, associates, and various funds, ensuring clarity and consistency of report content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including abbreviations for the company itself, its controlling shareholder, subsidiaries, associates, and various funds, ensuring clarity and consistency of report content - Company, the Company refers to Nanjing High-Tech Co., Ltd[12](index=12&type=chunk) - Xingang Company refers to Nanjing Xingang Development Co., Ltd., the Company's controlling shareholder[12](index=12&type=chunk) - Chenpai Pharmaceutical refers to Jiangsu Chenpai Pharmaceutical Group Co., Ltd., a controlled subsidiary of the Company[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, historical changes, information disclosure, stock summary, and key financial performance for the first half of 2025 [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - Company's Chinese name: Nanjing High-Tech Co., Ltd[14](index=14&type=chunk) - Company's Chinese abbreviation: Nanjing High-Tech[14](index=14&type=chunk) - Legal Representative: Xu Yimin[14](index=14&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication and information inquiries - Board Secretary: Xie Jianhui, Contact Number: 025-85800728, Email: 600064@600064.com[15](index=15&type=chunk) - Securities Affairs Representative: Chen Pei, Contact Number: 025-85800728, Email: 600064@600064.com[15](index=15&type=chunk) [III. Overview of Basic Information Changes](index=5&type=section&id=III.%20Overview%20of%20Basic%20Information%20Changes) This section introduces the historical changes in the company's registered address, with the most recent change in September 2016 to No. 2 Hengtong Avenue, Nanjing Economic and Technological Development Zone - Company's registered address: No. 2 Hengtong Avenue, Nanjing Economic and Technological Development Zone[16](index=16&type=chunk) - In September 2016, the company completed the industrial and commercial change registration of its registered address, changing it from 'No. 129 Xingang Avenue, Nanjing Economic and Technological Development Zone' to 'No. 2 Hengtong Avenue, Nanjing Economic and Technological Development Zone'[16](index=16&type=chunk) [IV. Overview of Information Disclosure and Document Placement Location Changes](index=5&type=section&id=IV.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Placement%20Location%20Changes) This section specifies the company's designated newspapers and website for information disclosure, as well as the placement location for its semi-annual report - Names of newspapers selected by the company for information disclosure: China Securities Journal, Shanghai Securities News, and Securities Times[17](index=17&type=chunk) - Website address for publishing semi-annual reports: www.sse.com.cn[17](index=17&type=chunk) - Placement location for the company's semi-annual report: Office of the Board Secretary[17](index=17&type=chunk) [V. Company Stock Overview](index=6&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and stock code - Stock type: A-share[18](index=18&type=chunk) - Stock exchange: Shanghai Stock Exchange[18](index=18&type=chunk) - Stock abbreviation: Nanjing High-Tech, Stock code: 600064[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, explaining the reasons for changes in operating revenue, total profit, net profit, and net cash flow from operating activities Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,957,020,093.24 yuan | 1,043,771,342.20 yuan | 87.50 | | Total Profit | 1,425,983,251.04 yuan | 976,276,437.05 yuan | 46.06 | | Net Profit Attributable to Listed Company Shareholders | 1,381,011,519.87 yuan | 1,022,701,962.75 yuan | 35.04 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 1,352,252,671.59 yuan | 1,103,698,659.67 yuan | 22.52 | | Net Cash Flow from Operating Activities | 545,140,063.03 yuan | -591,556,107.67 yuan | / | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 18,846,898,041.79 yuan | 18,807,328,135.55 yuan | 0.21 | | Total Assets (Period-End) | 38,462,800,057.71 yuan | 38,395,047,667.66 yuan | 0.18 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.798 | 0.591 | 35.03 | | Diluted Earnings Per Share (yuan/share) | 0.798 | 0.591 | 35.03 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.781 | 0.638 | 22.41 | | Weighted Average Return on Net Assets (%) | 7.27 | 5.67 | Increased by 1.60 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 7.12 | 6.12 | Increased by 1.00 percentage points | - The increase in operating revenue was primarily due to increased revenue from real estate development and sales; the increase in total profit and net profit attributable to the parent company was mainly due to increased investment income and fair value change gains; the change in net cash flow from operating activities was primarily due to increased proceeds from commercial housing sales[21](index=21&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **28,758,848.28 yuan** Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -777,939.81 | | Government grants recognized in profit or loss for the current period | 966,838.94 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | -21,536,786.28 | | Gains and losses from entrusted investment or asset management | 222,504.30 | | Gains arising from investment cost in subsidiaries, associates, and joint ventures being less than the fair value of identifiable net assets at the time of acquisition | 58,846,551.33 | | Other non-operating income and expenses apart from the above items | -137,327.71 | | Other gains and losses that meet the definition of non-recurring gains and losses | 105,057.96 | | Less: Income tax impact | 9,032,214.08 | | Minority interest impact (after tax) | -102,163.63 | | Total | 28,758,848.28 | - The gain from investment cost in subsidiaries, associates, and joint ventures being less than the fair value of identifiable net assets was primarily due to the company's purchase of Nanjing Bank shares[23](index=23&type=chunk) [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's industry, main business operations, operating performance, core competencies, and potential risks during the reporting period [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section analyzes the market environment of the company's two major industries, real estate municipal and equity investment, and outlines the company's main business operations and transformation strategies during the reporting period [(I) Industry Conditions During the Reporting Period](index=8&type=section&id=(I)%20Industry%20Conditions%20During%20the%20Reporting%20Period) In H1 2025, the real estate market continued to adjust with declining sales, while the construction industry faced pressure; however, the equity investment market saw steady growth, with increased fundraising and investment cases, particularly in AI, GPU, and innovative drug sectors, and a recovering IPO market - In the first half of 2025, national new commercial housing sales area decreased by **3.5%** year-on-year, and sales value decreased by **5.5%** year-on-year[26](index=26&type=chunk) - Nanjing's commercial residential sales in the first half of the year were **12,868 units**, remaining low, with policy effects falling short of expectations[26](index=26&type=chunk) - In the first half of 2025, the number and amount of new equity fundraisings in China increased by **12.1%** and **12.0%** year-on-year, respectively, while the number of investment cases and amounts increased by **21.9%** and **1.6%** year-on-year[27](index=27&type=chunk)[28](index=28&type=chunk) - The semiconductor and electronic equipment industry led in investment cases, with key attention on sub-sectors like AI, GPU, and innovative drugs; investment in innovative drugs increased by approximately **18%** year-on-year[28](index=28&type=chunk) [(II) Main Business Operations During the Reporting Period](index=9&type=section&id=(II)%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company's main businesses are real estate municipal and equity investment, driven by value and promoting industrial and investment synergy; real estate focuses on sales and cash flow, expanding new models; equity investment targets biotech and semiconductor innovation, strengthening post-investment management; Chenpai Pharmaceutical specializes in internal medicine, enhancing R&D - Real Estate and Municipal Business: Accelerating sales and cash recovery for existing projects, expanding agency construction and general contracting businesses, and exploring business model transformation and upgrading[29](index=29&type=chunk) - Equity Investment Business: Operating through fund-based, market-oriented, and professional approaches, focusing on technology innovation sectors such as biomedicine and semiconductor new materials, strengthening post-investment management to achieve value-added returns[30](index=30&type=chunk) - Chenpai Pharmaceutical: Specializing in internal medicine drugs, holding over **120** drug approval numbers, recognized as a National High-Tech Enterprise, and ranked among China's Top 100 Pharmaceutical Industrial Enterprises for Innovation Capability and Top 100 Traditional Chinese Medicine Industrial Enterprises[30](index=30&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved robust operating results with **87.50%** revenue growth and **35.04%** net profit growth, driven by accelerated real estate sales, strategic equity investments, and strengthened pharmaceutical business, while also optimizing risk management and financing structure, with plans to continue this momentum in the second half Key Operating Performance for H1 2025 | Indicator | Amount/Ratio | | :--- | :--- | | Operating Revenue | 1,957.02 million yuan, year-on-year increase of 87.50% | | Net Profit Attributable to Parent Company Owners | 1,381.01 million yuan, year-on-year increase of 35.04% | | Earnings Per Share | 0.798 yuan | | Weighted Average Return on Net Assets | 7.27% | - Real Estate Business: Contract sales area was **68,500 square meters**, a year-on-year increase of **2437.04%**; contract sales amount was **1,021.24 million yuan**, a year-on-year increase of **729.83%**. Real estate development and sales business achieved operating revenue of **1,387.36 million yuan**, a year-on-year increase of **211.32%**[32](index=32&type=chunk) - Equity Investment Business: New investments in Tongxin Medical and Kunlun Taike, additional investment in Ruichu Pharmaceutical, and completion of Shaoxing Runkang transfer. Achieved investment income of **1,258.24 million yuan**, a year-on-year increase of **19.01%**; fair value change gain of **3.16 million yuan**[34](index=34&type=chunk) - Management and Financial Status: Asset-liability ratio was **47.92%**; total interest-bearing debt at period-end was **9.573 billion yuan**, accounting for **24.89%** of total assets; average financing cost was approximately **2.53%**, a decrease of **0.28** percentage points from the prior period[35](index=35&type=chunk) - H2 Operating Plan: Real estate business will continue its steady exit, municipal business will deepen its regional market presence; equity investment business will prioritize both scientific innovation and strategy, strengthening post-investment management; internal management will optimize the governance system, resolve existing risks, reduce financing costs, and enhance company valuation[36](index=36&type=chunk)[37](index=37&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include strong brand influence and market insight, integrated industrial resource and synergy capabilities, robust capital operation and control, and effective risk management, collectively supporting its sustainable and healthy development - Brand Influence and Market Grasp Capability: Equity investment business enjoys high industry recognition, traditional main businesses like municipal engineering have comprehensive qualifications, and Chenpai Pharmaceutical has cultivated a strong brand image over **50 years** in the pharmaceutical sector[38](index=38&type=chunk) - Industrial Resource Integration and Synergy Capability: Implementing industrial linkage and industry-investment interaction across real estate, municipal, and equity investment sectors, integrating state-owned resource endowments with market-oriented operating systems to achieve complementary advantages[38](index=38&type=chunk) - Capital Operation and Control Capability: As a listed state-owned enterprise with excellent asset quality, the company has established good cooperative relationships with financial institutions, optimizing its debt structure and reducing financing costs through methods such as issuing medium-term notes[38](index=38&type=chunk)[39](index=39&type=chunk) - Risk Management and Control Capability: Diversified business types offer risk diversification advantages, and the experienced management team focuses on risk control, actively preventing and mitigating potential risks[39](index=39&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=13&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's key operating performance during the reporting period, including changes in financial statement items, main business revenue composition, asset and liability status, investment activities, and operating results of major controlled and associated companies [(I) Analysis of Main Business](index=13&type=section&id=(I)%20Analysis%20of%20Main%20Business) Current period operating revenue increased by **87.50%** due to significant growth in real estate development and sales; operating costs, selling, general, and R&D expenses also rose with the consolidation of Chenpai Pharmaceutical; financial expenses decreased, and fair value change gains increased significantly; real estate development and sales now account for **70.89%** of main business revenue, with pharmaceutical sales contributing for the first time Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,957,020,093.24 | 1,043,771,342.20 | 87.50 | | Operating Cost | 1,516,127,018.37 | 867,206,728.31 | 74.83 | | Selling Expenses | 106,842,873.88 | 21,698,724.87 | 392.39 | | Administrative Expenses | 69,801,806.25 | 45,085,008.70 | 54.82 | | Financial Expenses | 91,725,538.16 | 109,899,831.31 | -16.54 | | R&D Expenses | 16,648,948.67 | 4,806,241.77 | 246.40 | | Net Cash Flow from Operating Activities | 545,140,063.03 | -591,556,107.67 | / | | Net Cash Flow from Investment Activities | -123,498.59 | 696,697,712.73 | -100.02 | | Net Cash Flow from Financing Activities | -228,374,579.66 | 26,415,124.06 | -964.56 | | Fair Value Change Gains | 3,162,674.30 | -112,472,434.77 | / | | Non-Operating Income | 59,153,159.36 | 276,977.68 | 21,256.65 | - Changes in operating revenue and operating costs were primarily due to increased revenue recognized from real estate development and sales business[41](index=41&type=chunk) - Changes in selling expenses, administrative expenses, and R&D expenses were primarily due to the inclusion of Chenpai Pharmaceutical in the consolidation scope[41](index=41&type=chunk)[42](index=42&type=chunk) Composition of Main Business Revenue | By Industry | Current Period Amount (yuan) | Proportion of Main Business Revenue (%) | Prior Period Amount (yuan) | Proportion of Main Business Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Real Estate Development and Sales | 1,387,363,481.72 | 70.89 | 445,641,044.09 | 42.70 | 211.32 | | Municipal Infrastructure Construction | 106,089,850.61 | 5.42 | 429,772,309.08 | 41.17 | -75.31 | | Industrial Park Management and Services | 149,138,171.69 | 7.62 | 168,357,989.03 | 16.13 | -11.42 | | Integrated Land Development and Transfer | 64,275,349.50 | 3.29 | - | - | / | | Pharmaceutical Sales | 250,153,239.72 | 12.78 | - | - | / | - Real estate development and sales business revenue increased by **211.32%**, municipal infrastructure construction business revenue decreased by **75.31%**, and the increase in pharmaceutical sales business revenue was primarily due to the inclusion of Chenpai Pharmaceutical in the consolidation scope[46](index=46&type=chunk) [(III) Analysis of Assets and Liabilities](index=16&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's asset and liability structure remained stable with slight increases in total assets and net assets; cash, accounts receivable, and short-term borrowings significantly increased due to real estate sales and business needs, while non-current liabilities due within one year and current liabilities substantially decreased, and long-term borrowings increased, reflecting optimized debt structure Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Proportion of Total Assets at Period-End (%) | Prior Year-End Amount (yuan) | Proportion of Total Assets at Prior Year-End (%) | Change Ratio from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,474,238,922.87 | 3.83 | 1,124,896,211.61 | 2.93 | 31.06 | | Accounts Receivable | 1,075,063,247.22 | 2.80 | 705,078,890.74 | 1.84 | 52.47 | | Short-Term Borrowings | 5,473,331,000.00 | 14.23 | 4,172,374,372.22 | 10.87 | 31.18 | | Other Payables | 1,128,734,649.42 | 2.93 | 816,888,690.71 | 2.13 | 38.17 | | Non-Current Liabilities Due Within One Year | 281,904,836.42 | 0.73 | 1,892,007,637.93 | 4.93 | -85.10 | | Other Current Liabilities | 454,632,883.97 | 1.18 | 1,307,454,411.14 | 3.41 | -65.23 | | Long-Term Borrowings | 2,003,650,000.00 | 5.21 | 1,124,960,000.00 | 2.93 | 78.11 | - The increase in monetary funds was primarily due to increased proceeds from commercial housing sales in the real estate business[51](index=51&type=chunk) - The decrease in non-current liabilities due within one year and the increase in long-term borrowings were primarily due to the company repaying some maturing debts and adjusting the terms of some development loans[52](index=52&type=chunk) [(IV) Analysis of Investment Status](index=17&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total external equity investment was **353 million yuan**, mainly for increasing its stake in Nanjing Bank, contributing to Gaoke Xinjin Chuangxin Fund, and Gaoke Chuangtou Fund's investment in Tongxin Medical; major investment funds have exited multiple projects, realizing investment income; financial assets measured at fair value totaled **3,196.10 million yuan** at period-end, including shares in CITIC Securities, Nanjing Securities, and Qixia Construction - During the reporting period, the company's total external equity investment amounted to **353 million yuan**, primarily for increasing its stake in Nanjing Bank, capital contribution to Gaoke Xinjin Chuangxin Fund, and Gaoke Chuangtou Fund's investment in Tongxin Medical[53](index=53&type=chunk) - As of the end of the reporting period, Gaoke Xinjin Phase I Fund had cumulatively exited **10** projects, with a total recovered amount of **746 million yuan**[53](index=53&type=chunk) Key Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (10,000 yuan) | Fair Value Change Gain/Loss for Current Period (10,000 yuan) | Purchases for Current Period (10,000 yuan) | Sales/Redemptions for Current Period (10,000 yuan) | Period-End Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 118,393.10 | -511.10 | 4,363.24 | 2,514.01 | 124,896.46 | | Private Equity Funds | 3,000.00 | - | - | - | 3,000.00 | | Others | 178,440.74 | 827.37 | 18,938.40 | 1,350.00 | 191,713.52 | | Total | 299,833.84 | 316.27 | 23,301.64 | 3,864.01 | 319,609.98 | Key Securities Investment Information | Security Name | Initial Investment Cost (10,000 yuan) | Beginning Book Value (10,000 yuan) | Fair Value Change Gain/Loss for Current Period (10,000 yuan) | Period-End Book Value (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | CITIC Securities | 12,146.10 | 47,499.59 | -2,438.33 | 45,061.26 | | Nanjing Securities | 10,601.13 | 19,924.71 | -1,287.69 | 18,637.02 | | Qixia Construction | 15,965.37 | 22,225.90 | 1,572.34 | 23,798.24 | | Jinpu Landscape | 2,535.49 | 5,142.25 | 25.10 | 4,187.11 | | Jinzi Ham | 20,386.95 | 12,468.31 | 3,513.21 | 15,981.52 | | Tasly | 5,161.91 | 2,371.26 | 180.75 | 2,552.01 | | Beixin Yuan | 11,734.43 | 8,761.08 | 931.78 | 12,522.33 | | Shaoxing Runkang Biomedical Equity Investment Partnership (Limited Partnership) | 3,001.28 | 7,222.62 | 827.38 | 8,050.00 | | Guangzhou Rural Commercial Bank | 57,400.00 | 57,400.00 | - | 57,400.00 | | Total | 138,932.66 | 183,015.72 | 3,324.54 | 188,189.49 | [(VI) Analysis of Major Controlled and Associated Companies](index=20&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Associated%20Companies) This section lists the financial status of the company's major controlled subsidiaries and associated companies with a **10%** or more impact on the company's net profit, including total assets, net assets, operating revenue, and net profit Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing High-Tech Real Estate Co., Ltd. | Subsidiary | Real estate development, operation, sales, etc. | 150,000 | 1,292,360.33 | 365,092.21 | 60,705.88 | -673.69 | -1,105.22 | | Nanjing High-Tech Construction Development Co., Ltd. | Subsidiary | Construction, municipal engineering construction, construction investment, management and consulting, municipal engineering design, etc. | 31,500 | 256,716.42 | 44,959.67 | 30,989.57 | 95.48 | 148.48 | | Nanjing High-Tech Environmental Technology Co., Ltd. | Subsidiary | Sewage treatment and water reuse; environmental engineering and equipment maintenance | 3,500 | 21,771.18 | 17,555.00 | 6,588.55 | 2,634.35 | 2,514.40 | | Nanjing High-Tech Xinchuang Investment Co., Ltd. | Subsidiary | Industrial investment, venture capital, securities investment and investment management, consulting | 80,000 | 122,565.53 | 108,376.26 | 0.00 | 5,171.74 | 3,423.73 | | Nanjing High-Tech Urban Development Co., Ltd. | Subsidiary | Real estate development and operation; housing leasing; non-residential real estate leasing; engineering management services, etc. | 30,000 | 142,413.56 | 21,167.94 | 82,959.31 | 5,461.26 | 4,229.78 | | Jiangsu Chenpai Pharmaceutical Group Co., Ltd. | Subsidiary | Pharmaceutical production and sales, R&D, technology transfer, etc. | 5,500 | 73,553.00 | 56,481.49 | 25,015.32 | 2,915.54 | 2,462.48 | | Nanjing Bank Co., Ltd. | Associate | Deposits, loans, settlement and other approved agency businesses | 1,218,685.24 | 290,143,794.70 | 21,014,084.80 | 2,848,021.10 | 1,535,688.00 | 1,270,511.20 | [V. Other Disclosure Matters](index=21&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential risks related to the macro environment, business development, investment management, and financial capital, and outlines the company's action plans and achievements in enhancing valuation and shareholder returns [(I) Potential Risks](index=21&type=section&id=(I)%20Potential%20Risks) The company faces multiple risks including macro environment, business development, investment management, and financial capital; economic fluctuations may impact market demand and capital markets; real estate downturn, insufficient municipal project reserves, equity investment exit pressure, and pharmaceutical industry regulatory risks pose business development challenges; large investment scale and fair value volatility lead to investment management risks; high capital demand and slow cash recovery in real estate and equity investment may cause financial liquidity risks; the company aims to mitigate these through risk prevention and high-quality development - Macro Environmental Risk: Economic growth falling short of expectations may lead to market demand contraction, capital market volatility, and limited government investment capacity, restricting main business development[64](index=64&type=chunk) - Business Development Risk: Real estate business sales and cash recovery falling short of expectations, scarcity of high-quality large projects in municipal business, market pressure on equity investment project acquisition and exit, and regulatory and operational risks in the pharmaceutical industry[64](index=64&type=chunk) - Investment Management Risk: Large investment scale, diverse industries involved, fair value change gains from financial assets fluctuating with capital market, posing risks in investment decisions, project exit, investment income volatility, and market value fluctuations[65](index=65&type=chunk) - Financial Capital Risk: Real estate and equity investment businesses require significant capital and have long cycles; if sales are sluggish, cash recovery or exit speeds are lower than expected, or external financing is hindered, it may lead to substantial capital pressure[65](index=65&type=chunk) - Countermeasures: Focusing on the theme of 'Risk Prevention and Promotion Year,' advancing the resolution of existing risks, closely monitoring macroeconomic and industrial trends, prudently promoting main business transformation and upgrading, and enhancing risk identification, assessment, and prevention capabilities[66](index=66&type=chunk)[67](index=67&type=chunk) [(II) Other Disclosure Matters](index=22&type=section&id=(II)%20Other%20Disclosure%20Matters) The company disclosed its 'Valuation Enhancement Plan and 'Quality Improvement, Efficiency Increase, and High Returns' Action Plan,' aiming to boost value creation through strategic implementation, actively reward shareholders with a dividend plan, and enhance value recognition through expanded communication channels; H1 operating performance was strong, and the 2024 profit distribution plan was executed, with cumulative cash dividends nearing **6 billion yuan** - Implementing Development Strategy to Enhance Value Creation: H1 operating revenue was **1,957.02 million yuan**, a year-on-year increase of **87.50%**; net profit attributable to the parent company was **1,381.01 million yuan**, a year-on-year increase of **35.04%**[68](index=68&type=chunk) - Announcing Dividend Plan to Actively Reward Shareholders: Disclosed the 'Dividend Plan for the Next Three Years (2025-2027),' clarifying that the annual cash dividend ratio will be no less than **30%** of the net profit attributable to the parent company for the year[68](index=68&type=chunk) - In July 2025, the 2024 annual profit distribution plan was implemented, distributing **519 million yuan** in profits; cumulative cash dividends since listing totaled nearly **6 billion yuan**, almost **10 times** the total funds raised[68](index=68&type=chunk) - Expanding Communication Channels to Enhance Value Recognition: Strengthening communication through investor exchange activities, performance briefings, and surveys, and launching a new investor relations service account[69](index=69&type=chunk) [Section IV Corporate Governance, Environment and Society](index=23&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment%20and%20Society) This section covers changes in the company's governance structure, profit distribution plans, environmental information disclosure, and efforts in poverty alleviation and rural revitalization [I. Changes in Company Directors, Supervisors, and Senior Management](index=23&type=section&id=I.%20Changes%20in%20Company%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management [II. Profit Distribution or Capital Reserve Conversion Plan](index=23&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company did not propose a profit distribution plan or capital reserve conversion plan for this semi-annual period - Semi-annual proposed profit distribution plan, capital reserve conversion plan: No[71](index=71&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=23&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company's subsidiary, Nanjing High-Tech Environmental Technology Co., Ltd., is included in the list of enterprises required to disclose environmental information by law, and its environmental information disclosure report is available for inquiry - Number of enterprises included in the list of enterprises required to disclose environmental information by law: **1**[71](index=71&type=chunk) - Enterprise name: Nanjing High-Tech Environmental Technology Co., Ltd., its environmental information disclosure report can be found on the designated website[71](index=71&type=chunk) [V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Initiatives](index=24&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements,%20Rural%20Revitalization,%20and%20Other%20Initiatives) The company actively fulfills its social responsibilities by donating to support care services for elderly in need and academic assistance for students from disadvantaged families, while continuously conducting ecological civilization education volunteer services, earning the provincial 'Civilized Unit' title - The company donated **300,000 yuan** to the Amity Foundation to specifically support care services for elderly in need in Qixia District, Nanjing[72](index=72&type=chunk) - The company donated **100,000 yuan** to the Nanjing Rural Development Foundation to help students from disadvantaged families in Nanjing continue their studies, and was appointed as an invited Vice President Unit of Nanjing Rural Development 'Three Associations'[72](index=72&type=chunk) - Gaoke Environment continues to carry out ecological civilization education volunteer services, and the company has been awarded the provincial 'Civilized Unit' title for **21** consecutive years[72](index=72&type=chunk) [Section V Significant Matters](index=24&type=section&id=Section%20V%20Significant%20Matters) This section covers the fulfillment of commitments, integrity status of the company and its controlling shareholder, significant related party transactions, and major contracts and their performance [I. Fulfillment of Commitments](index=24&type=section&id=I.%20Fulfillment%20of%20Commitments) Nanjing Xingang Development Co., Ltd., the company's controlling shareholder, continues to fulfill its commitment to avoid horizontal competition made during the company's IPO, and has entrusted the company with municipal infrastructure construction, investment, and management related to the development zone - Controlling shareholder Nanjing Xingang Development Co., Ltd. committed not to directly operate or participate in any business that competes or may compete with the company's business, and guarantees that its controlled companies will also adhere to this commitment[74](index=74&type=chunk) - Nanjing Xingang Development Co., Ltd. committed to entrusting the company with specific businesses related to the development zone, including municipal infrastructure construction, investment and management, integrated land development, sewage treatment, and environmental protection project construction[74](index=74&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=25&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) Nanjing Xingang Development Co., Ltd., the company's controlling shareholder, had some shares frozen due to a contract dispute; part of the payment was cleared and some frozen shares were unfrozen during the reporting period, with the remaining shares actively being processed - On November 29, 2022, **229,000,000** shares held by Nanjing Xingang Development Co., Ltd. were frozen due to a contract dispute[77](index=77&type=chunk) - In April 2025, after Nanjing Xingang Development Co., Ltd. settled part of the payment, **87,806,393** shares were unfrozen[77](index=77&type=chunk) - The remaining frozen shares amount to **141,193,607** shares, accounting for **23.49%** of its total holdings, and are currently being actively processed[77](index=77&type=chunk) [X. Significant Related Party Transactions](index=25&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This section discloses significant related party transactions during the reporting period, including joint external investments and related party creditor-debtor relationships, reflecting business and financial interactions between the company and its related parties [(III) Significant Related Party Transactions for Joint External Investments](index=26&type=section&id=(III)%20Significant%20Related%20Party%20Transactions%20for%20Joint%20External%20Investments) The company's subsidiaries, Gaoke Xinchuang and Gaoke Keda, jointly initiated the Gaoke Chuangtou Fund with Gaoke Xinjin, and the company increased its capital contribution by **500 million yuan** to meet the fund's investment needs, with cumulative actual contributions reaching **685.58 million yuan** as of the reporting period end - The company's subsidiaries, Gaoke Xinchuang and Gaoke Keda, jointly initiated the Gaoke Chuangtou Fund with Gaoke Xinjin[79](index=79&type=chunk) - The company, as a limited partner, increased its capital contribution to Gaoke Chuangtou Fund by **500 million yuan** to meet investment capital needs[79](index=79&type=chunk) - As of the end of the reporting period, the company, Gaoke Xinchuang, and Gaoke Keda had cumulatively made actual contributions of **685.58 million yuan**[79](index=79&type=chunk) [(IV) Related Party Creditor-Debtor Relationships](index=26&type=section&id=(IV)%20Related%20Party%20Creditor-Debtor%20Relationships) The company (including its controlled subsidiaries) engages in daily related party transactions with Nanjing Bank, including deposits, loans, bond issuance, and property leases; as of the reporting period end, the company's loan balance with Nanjing Bank was **400 million yuan**, with total loan interest paid and accrued during the period amounting to **4.58 million yuan** - The company (including its controlled subsidiaries) is authorized to conduct daily related party transactions with Nanjing Bank within a limit of **2 billion yuan**[81](index=81&type=chunk) - As of the end of the reporting period, the company's loan balance with Nanjing Bank was **400 million yuan**[81](index=81&type=chunk) - During the reporting period, the total loan interest paid and accrued by the company to Nanjing Bank was **4.58 million yuan**[81](index=81&type=chunk) [XI. Significant Contracts and Their Performance](index=27&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) This section discloses the company's significant guarantees performed and unperformed during the reporting period, primarily involving guarantees for subsidiaries [(II) Significant Guarantees Performed and Unperformed During the Reporting Period](index=27&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Unperformed%20During%20the%20Reporting%20Period) During the reporting period, the company's total guarantees for subsidiaries amounted to **561 million yuan**, with a period-end balance of **561 million yuan**, representing **2.98%** of the company's net assets; all guarantees were provided by the company's controlled subsidiary Gaoke Real Estate for its controlled subsidiary Nanjing Keao Real Estate Co., Ltd., and the guaranteed entities' asset-liability ratios exceeded **70%** Total Guarantee Amount of the Company | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total guarantees for subsidiaries incurred during the reporting period | 56,100 | | Total guarantees for subsidiaries outstanding at period-end (B) | 56,100 | | Total guarantees (A+B) | 56,100 | | Proportion of total guarantees to company's net assets (%) | 2.98 | | Debt guarantees provided directly or indirectly for guaranteed entities with asset-liability ratio exceeding 70% (D) | 56,100 | | Total of the above three guarantee amounts (C+D+E) | 56,100 | - All the above guarantees were provided by Gaoke Real Estate, a controlled subsidiary of the company, for its controlled subsidiary Nanjing Keao Real Estate Co., Ltd[84](index=84&type=chunk) [Section VI Share Changes and Shareholder Information](index=28&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure, including the top ten shareholders and their holdings [I. Changes in Share Capital](index=28&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[86](index=86&type=chunk) [II. Shareholder Information](index=28&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **43,063** common shareholders; controlling shareholder Nanjing Xingang Development Co., Ltd. held **34.74%** of the company's shares, with **141,193,607** shares frozen; Central Huijin Asset Management Co., Ltd. and Nanjing Port (Group) Co., Ltd. were among the top ten shareholders - Total number of common shareholders at the end of the reporting period: **43,063**[87](index=87&type=chunk) Top Ten Shareholders' Shareholding Information | Shareholder Name (Full Name) | Shares Held at Period-End | Proportion (%) | Number of Restricted Shares Held | Pledge, Mark, or Freeze Status (Share Status/Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Xingang Development Co., Ltd. | 601,083,220 | 34.74 | 0 | Frozen 141,193,607 | State-owned Legal Person | | Central Huijin Asset Management Co., Ltd. | 46,180,883 | 2.67 | 0 | None | State-owned Legal Person | | Nanjing Port (Group) Co., Ltd. | 43,064,000 | 2.49 | 0 | None | State-owned Legal Person | | Liu Shaoluan | 40,393,192 | 2.33 | 0 | None | Domestic Natural Person | | Yang Wei | 28,619,720 | 1.65 | 0 | None | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Southern CSI All-Share Real Estate ETF | 15,455,757 | 0.89 | 0 | None | Other | | Hong Kong Securities Clearing Company Limited | 14,620,831 | 0.84 | 0 | None | Overseas Legal Person | | Yang Tingdong | 13,802,980 | 0.80 | 0 | None | Domestic Natural Person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 11,189,440 | 0.65 | 0 | None | Other | | Industrial and Commercial Bank of China Co., Ltd. - Fullgoal CSI Dividend Index Enhanced Securities Investment Fund | 10,783,749 | 0.62 | 0 | None | Other | - There is no related party relationship between the controlling shareholder Nanjing Xingang Development Co., Ltd. and other shareholders, nor are they acting in concert[89](index=89&type=chunk) [Section VII Bond-Related Information](index=30&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides details on the company's corporate bonds and non-financial enterprise debt financing instruments, including their basic information and key financial indicators [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=30&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section discloses the basic information of the non-financial enterprise debt financing instruments issued by the company in the interbank bond market, including the name, code, issue date, maturity date, bond balance, interest rate, and other relevant details of its medium-term notes [(V) Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market](index=31&type=section&id=(V)%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments%20in%20the%20Interbank%20Bond%20Market) The company issued multiple tranches of medium-term notes in the interbank bond market, including those from 2024 and 2025, with interest rates ranging from **2.16%** to **3.19%**, all traded by qualified investors, and without risk of delisting Basic Information of Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Accrual Date | Maturity Date | Bond Balance (100 million yuan) | Interest Rate (%) | Trading Venue | Risk of Delisting | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing High-Tech Co., Ltd. 2024 Phase I Medium-Term Note | 24 Nanjing High-Tech MTN001 | 102480142 | 2024/1/11 | 2024/1/12 | 2027/1/11 | 5.00 | 3.19 | Interbank Bond Market | No | | Nanjing High-Tech Co., Ltd. 2024 Phase II Medium-Term Note | 24 Nanjing High-Tech MTN002 | 102483058 | 2024/7/15 | 2024/7/17 | 2026/7/16 | 7.50 | 2.20 | Interbank Bond Market | No | | Nanjing High-Tech Co., Ltd. 2025 Phase I Medium-Term Note | 25 Nanjing High-Tech MTN001 | 102580159 | 2025/1/9 | 2025/1/13 | 2028/1/12 | 3.50 | 2.19 | Interbank Bond Market | No | | Nanjing High-Tech Co., Ltd. 2025 Phase II Medium-Term Note | 25 Nanjing High-Tech MTN002 | 102583172 | 2025/7/31 | 2025/8/4 | 2028/8/3 | 8.00 | 2.16 | Interbank Bond Market | No | [(VII) Key Accounting Data and Financial Indicators](index=33&type=section&id=(VII)%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section lists the company's key financial indicators at the end of and during the reporting period, including current ratio, quick ratio, asset-liability ratio, net profit after non-recurring gains and losses, total debt to EBITDA ratio, interest coverage ratio, cash interest coverage ratio, EBITDA interest coverage ratio, loan repayment rate, and interest payment rate, explaining the reasons for changes in some indicators Key Accounting Data and Financial Indicators | Key Indicator | Current Period-End/Current Period (Jan-Jun) | Prior Year-End/Prior Period | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 1.26 | 1.17 | 7.84 | - | | Quick Ratio | 0.48 | 0.39 | 22.08 | - | | Asset-Liability Ratio (%) | 47.92 | 47.97 | -0.10 | - | | Net Profit After Deducting Non-Recurring Gains and Losses | 1,352,252,671.59 yuan | 1,103,698,659.67 yuan | 22.52 | - | | Total Debt to EBITDA Ratio | 0.16 | 0.11 | 46.93 | Current period company profit increased and interest-bearing debt decreased | | Interest Coverage Ratio | 16.36 | 9.72 | 68.38 | Current period company profit increased and interest-bearing debt decreased | | Cash Interest Coverage Ratio | 5.38 | -2.97 | / | Net cash flow from operating activities increased compared to prior period | | EBITDA Interest Coverage Ratio | 16.85 | 10.12 | 66.58 | Current period company profit increased and interest-bearing debt decreased | | Loan Repayment Rate (%) | 100.00 | 100.00 | - | - | | Interest Payment Rate (%) | 100.00 | 100.00 | - | - | [Section VIII Financial Report](index=34&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial report, including consolidated and parent company financial statements, basic company information, basis of preparation, significant accounting policies, taxation, and detailed notes to financial statement items [II. Financial Statements](index=34&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position and operating results [Consolidated Balance Sheet](index=34&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **38,462,800,057.71 yuan**, total liabilities were **18,433,068,816.18 yuan**, and total owners' equity was **20,029,731,241.53 yuan** - As of June 30, 2025, consolidated total assets were **38,462,800,057.71 yuan**[100](index=100&type=chunk) - As of June 30, 2025, consolidated total liabilities were **18,433,068,816.18 yuan**[101](index=101&type=chunk) - As of June 30, 2025, consolidated total owners' equity was **20,029,731,241.53 yuan**[101](index=101&type=chunk) [Parent Company Balance Sheet](index=36&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **26,946,442,905.23 yuan**, total liabilities were **10,033,537,501.29 yuan**, and total owners' equity was **16,912,905,403.94 yuan** - As of June 30, 2025, parent company total assets were **26,946,442,905.23 yuan**[105](index=105&type=chunk) - As of June 30, 2025, parent company total liabilities were **10,033,537,501.29 yuan**[106](index=106&type=chunk) - As of June 30, 2025, parent company total owners' equity was **16,912,905,403.94 yuan**[106](index=106&type=chunk) [Consolidated Income Statement](index=38&type=section&id=Consolidated%20Income%20Statement) For January-June 2025, the company achieved total operating revenue of **1,959,981,924.23 yuan**, net profit of **1,395,433,215.51 yuan**, net profit attributable to parent company shareholders of **1,381,011,519.87 yuan**, and basic earnings per share of **0.798 yuan/share** - Total operating revenue for H1 2025 was **1,959,981,924.23 yuan**[108](index=108&type=chunk) - Net profit for H1 2025 was **1,395,433,215.51 yuan**, with net profit attributable to parent company shareholders at **1,381,011,519.87 yuan**[109](index=109&type=chunk) - Basic earnings per share for H1 2025 was **0.798 yuan/share**[109](index=109&type=chunk) [Parent Company Income Statement](index=40&type=section&id=Parent%20Company%20Income%20Statement) For January-June 2025, the parent company achieved operating revenue of **96,354,186.16 yuan**, net profit of **1,259,319,942.94 yuan**, and basic earnings per share of **0.728 yuan/share** - Parent company operating revenue for H1 2025 was **96,354,186.16 yuan**[112](index=112&type=chunk) - Parent company net profit for H1 2025 was **1,259,319,942.94 yuan**[112](index=112&type=chunk) - Parent company basic earnings per share for H1 2025 was **0.728 yuan/share**[113](index=113&type=chunk) [Consolidated Cash Flow Statement](index=41&type=section&id=Consolidated%20Cash%20Flow%20Statement) For January-June 2025, the company's net cash flow from operating activities was **545,140,063.03 yuan**, net cash flow from investment activities was **-123,498.59 yuan**, and net cash flow from financing activities was **-228,374,579.66 yuan** - Net cash flow from operating activities for H1 2025 was **545,140,063.03 yuan**[115](index=115&type=chunk) - Net cash flow from investment activities for H1 2025 was **-123,498.59 yuan**[116](index=116&type=chunk) - Net cash flow from financing activities for H1 2025 was **-228,374,579.66 yuan**[116](index=116&type=chunk) [Parent Company Cash Flow Statement](index=42&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For January-June 2025, the parent company's net cash flow from operating activities was **287,766,550.84 yuan**, net cash flow from investment activities was **79,656,987.65 yuan**, and net cash flow from financing activities was **-112,311,032.78 yuan** - Parent company net cash flow from operating activities for H1 2025 was **287,766,550.84 yuan**[118](index=118&type=chunk) - Parent company net cash flow from investment activities for H1 2025 was **79,656,987.65 yuan**[119](index=119&type=chunk) - Parent company net cash flow from financing activities for H1 2025 was **-112,311,032.78 yuan**[119](index=119&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=44&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) For January-June 2025, the company's consolidated total owners' equity increased by **54,007,871.88 yuan**, primarily due to increased net profit attributable to parent company owners and the impact of profit distribution - Total comprehensive income attributable to parent company owners for H1 2025 was **1,239,950,088.83 yuan**[121](index=121&type=chunk) - The amount of profit distributed to owners (or shareholders) for the current period was **519,101,893.20 yuan**[122](index=122&type=chunk) - Total owners' equity attributable to parent company at period-end was **18,846,898,041.79 yuan**[122](index=122&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=47&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) For January-June 2025, the parent company's total owners' equity decreased by **82,274,535.44 yuan**, primarily due to the impact of total comprehensive income and profit distribution - Parent company total comprehensive income for H1 2025 was **1,118,105,647.15 yuan**[127](index=127&type=chunk) - The amount of profit distributed to owners (or shareholders) for the current period was **519,101,893.20 yuan**[128](index=128&type=chunk) - Parent company total owners' equity at period-end was **16,912,905,403.94 yuan**[128](index=128&type=chunk) [III. Company Basic Information](index=51&type=section&id=III.%20Company%20Basic%20Information) This section outlines the company's establishment history, name changes, share capital evolution, business scope, and ultimate controlling party, illustrating its development trajectory and business positioning from inception to the present [1. Company Overview](index=51&type=section&id=1.%20Company%20Overview) Nanjing High-Tech Co., Ltd., established in 1992, underwent several name and share capital changes before listing on the Shanghai Stock Exchange in 1997; as of June 30, 2025, its total share capital and registered capital were **1,730,339,644 shares** and **1,730,339,644 yuan**, respectively; its diverse business scope includes real estate, municipal engineering, pharmaceutical production, and equity investment, with Nanjing State-owned Assets Supervision and Administration Commission as the ultimate controlling party - The company was established on July 4, 1992, and listed on the Shanghai Stock Exchange on May 6, 1997, with stock code '600064'[129](index=129&type=chunk) - As of June 30, 2025, the company's total issued share capital was **1,730,339,644 shares**, and its registered capital was **1,730,339,644 yuan**[133](index=133&type=chunk) - Business scope includes real estate development and operation, construction engineering, pharmaceutical production and sales, equity investment, and more[134](index=134&type=chunk) - The company's parent company is Nanjing Xingang Development Co., Ltd., and the ultimate controlling party is Nanjing State-owned Assets Supervision and Administration Commission[134](index=134&type=chunk) [IV. Basis of Financial Statement Preparation](index=52&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section explains the basis for preparing the company's financial statements and the assessment of its going concern assumption [1. Basis of Preparation](index=52&type=section&id=1.%20Basis%20of%20Preparation) The company's financial statements are prepared on a going concern basis, recognizing and measuring transactions and events in accordance with the 'Enterprise Accounting Standards' and relevant regulations issued by the Ministry of Finance - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with the 'Enterprise Accounting Standards - Basic Standards' and specific accounting standards, application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[135](index=135&type=chunk) [2. Going Concern](index=52&type=section&id=2.%20Going%20Concern) The company's management has assessed its ability to continue as a going concern for at least **12 months** from the end of the reporting period and believes the company can continue operating for the foreseeable future - The company has evaluated its ability to continue as a going concern for at least **12 months** from the end of the reporting period, and its management believes the company can continue operating for a foreseeable future period of no less than **12 months** from the approval date of these financial statements[136](index=136&type=chunk) [V. Significant Accounting Policies and Estimates](index=52&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, contract assets, fixed assets, investment properties, long-term equity investments, revenue recognition, employee benefits, deferred income tax, and leases, ensuring accuracy and comparability of financial reporting - The company has formulated several specific accounting policies and estimates for transactions and events such as revenue recognition, financial instruments, inventories, contract assets, fixed assets, and depreciation of investment properties, based on its actual production and operating characteristics[137](index=137&type=chunk) - Financial instruments are classified as financial assets measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[156](index=156&type=chunk) - Revenue recognition principles involve recognizing revenue when the customer obtains control of the related goods or services, distinguishing between performance obligations satisfied over time or at a point in time based on their nature[213](index=213&type=chunk)[214](index=214&type=chunk) - The company recognizes right-of-use assets and lease liabilities for leases other than short-term leases and leases of low-value assets, and uses the straight-line method for depreciation and interest expense calculation[227](index=227&type=chunk)[228](index=228&type=chunk) [VI. Taxation](index=79&type=section&id=VI.%20Taxation) This section details the company's main tax categories and rates, applicable tax incentives, and other tax-related explanations, providing a basis for understanding the company's tax burden [1. Main Tax Categories and Rates](index=79&type=section&id=1.%20Main%20Tax%20Categories%20and%20Rates) The company's main tax categories include Value-Added Tax, Urban Maintenance and Construction Tax, Corporate Income Tax, and Land Appreciation Tax, with their respective tax bases and applicable rates listed Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting deductible input VAT for the current period, the difference is the VAT payable | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Calculated based on the actual amount of turnover tax paid | 7% | | Corporate Income Tax | Calculated based on taxable income | 25% | | Land Appreciation Tax | Calculated based on the appreciation amount from real estate transfer and prescribed tax rates | 30%-60% | [2. Tax Incentives](index=80&type=section&id=2.%20Tax%20Incentives) Some of the company's subsidiaries, as national high-tech enterprises, enjoy a preferential corporate income tax rate of **15%** - The company's subsidiaries Nanjing High-Tech Environmental Technology Co., Ltd., Jiangsu Chenpai Pharmaceutical Group Co., Ltd., Jiangsu Hanchen Pharmaceutical Co., Ltd., and Jiangsu Chenpai Bond Pharmaceutical Co., Ltd. are subject to corporate income tax at a reduced rate of **15%**[235](index=235&type=chunk) [3. Others](index=80&type=section&id=3.%20Others) This section provides additional explanations on VAT collection rates for different businesses and the prepayment and settlement methods for Land Appreciation Tax - Revenue from real estate development and sales, construction engineering, leasing businesses, etc., is subject to VAT at **9%** of taxable operating revenue (old projects are temporarily subject to a simplified tax method at **3%**/**5%** collection rate)[236](index=236&type=chunk) - Revenue from property management, sewage treatment, engineering surveying, supervision and consulting services, loan interest, securities investment, and other financial services is subject to VAT at **6%** of taxable operating revenue[236](index=236&type=chunk) - Land Appreciation Tax is paid according to the prepayment ratio (**1.5%**) stipulated by the tax authorities, and settled based on the actual appreciation amount of the project and prescribed tax rates[236](index=236&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=80&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, trading financial assets, accounts receivable, inventories, long-term equity investments, fixed assets, and liabilities, explaining period-end balances, changes, and related accounting treatments Monetary Funds | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on hand | 660,000.07 | 371,448.47 | | Bank deposits | 1,438,666,747.25 | 1,111,470,459.37 | | Other monetary funds | 34,912,175.55 | 13,054,303.77 | | Total | 1,474,238,922.87 | 1,124,896,211.61 | Trading Financial Assets | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 1,500,288,494.31 | 1,297,374,660.62 | | Including: Equity instrument investments | 1,360,301,274.67 | 1,286,993,945.28 | | Bank wealth management products | 109,603,219.64 | 10,380,715.34 | | Others (reverse repurchase of national debt) | 30,384,000.00 | - | Aging of Accounts Receivable and Provision for Bad Debts | Aging | Period-End Book Balance (yuan) | Bad Debt Provision (yuan) | Provision Ratio (%) | | :--- | :--- | :--- | :--- | | Within 1 year | 882,034,581.12 | 27,683,176.45 | 3.14 | | 1 to 2 years | 59,938,003.27 | 6,480,327.41 | 10.81 | | 2 to 3 years | 153,171,697.20 | 30,908,730.92 | 20.18 | | 3 to 4 years | 13,674,185.48 | 6,934,274.75 | 50.71 | | 4 to 5 years | 12,837,315.81 | 6,535,302.11 | 50.91 | | Over 5 years | 42,663,693.99 | 42,663,693.99 | 100.00 | | Total | 1,164,319,476.87 | 121,205,505.63 | 10.41 | Inventory Classification | Item | Period-End Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw materials | 51,435,681.60 | 50,890,793.50 | | Merchandise inventory | 20,685,030.27 | 22,333,774.38 | | Revolving materials | 9,561,542.62 | 9,415,387.38 | | Goods in transit | 8,622,543.23 | 9,168,842.96 | | Consumable biological assets | 3,256,552.14 | 3,728,510.22 | | Contract performance costs | 341,576,617.77 | 208,685,155.56 | | Development costs | 7,063,733,039.41 | 7,992,659,429.83 | | Developed products | 2,776,682,753.71 | 2,858,058,992.19 | | Total | 10,275,553,760.75 | 11,154,940,886.02 | Long-Term Equity Investments | Investee | Beginning Balance (Book Value) (yuan) | Changes in Current Period (Additional Investment) (yuan) | Changes in Current Period (Reduced Investment) (yuan) | Changes in Current Period (Investment Income/Loss Recognized under Equity Method) (yuan) | Period-End Balance (Book Value) (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Bank Co., Ltd. | 15,594,805,696.76 | 225,739,952.86 | - | 1,215,051,585.63 | 15,994,122,196.00 | | Nanjing High-Tech Xinjin Chuangxin Equity Investment Partnership (Limited Partnership) | 131,349,502.40 | 136,000,000.00 | - | -8,505,971.14 | 258,843,531.26 | | Subtotal | 18,206,333,057.59 | 361,792,546.61 | 123,256,672.32 | 1,227,039,211.23 | 18,547,366,888.17 | Short-Term Borrowings | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Guaranteed borrowings | 400,000,000.00 | 300,000,000.00 | | Credit borrowings | 5,070,000,000.00 | 3,869,000,000.00 | | Accrued interest | 3,331,000.00 | 3,374,372.22 | | Total | 5,473,331,000.00 | 4,172,374,372.22 | Bonds Payable | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Medium-term notes | 1,626,644,575.34 | 1,681,981,295.76 | | Less: Bonds payable due within one year | 26,644,575.34 | 431,981,295.76 | | Total | 1,600,000,000.00 | 1,250,000,000.00 | [VIII. Research and Development Expenses](index=131&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section details the company's R&D expenses during the reporting period, all of which were expensed, primarily comprising employee compensation, raw material costs, depreciation, and technical service fees [1. Listed by Nature of Expense](index=131&type=section&id=1.%20Listed%20by%20Natur

Market Overview - The Shanghai Composite Index rose by 0.85% on August 18, with 29 sectors experiencing gains, led by the communication and comprehensive sectors, which increased by 4.46% and 3.43% respectively [1] - The real estate and oil & petrochemical sectors were the biggest losers, declining by 0.46% and 0.10% respectively, with the real estate sector at the top of the decline list [1] Capital Flow Analysis - The net outflow of capital from the two markets was 16.057 billion yuan, with 8 sectors seeing net inflows. The electronics sector led with a net inflow of 5.040 billion yuan and a daily increase of 2.48%, followed by the communication sector with a net inflow of 4.904 billion yuan and a daily increase of 4.46% [1] - The non-bank financial sector had the largest net outflow, totaling 7.087 billion yuan, followed by the power equipment sector with a net outflow of 5.090 billion yuan. Other sectors with significant outflows included pharmaceuticals, basic chemicals, and real estate [1] Real Estate Sector Performance - The real estate sector declined by 0.46% with a total net outflow of 2.004 billion yuan. Out of 100 stocks in this sector, 40 rose, including 1 hitting the daily limit, while 45 fell, including 1 hitting the lower limit [2] - Among the stocks with net inflows, the top three were Tibet Urban Investment with a net inflow of 55.565 million yuan, Tianbao Infrastructure with 33.574 million yuan, and Rongsheng Development with 22.805 million yuan [2] - The stocks with the largest net outflows included Wantong Development with a net outflow of 757.669 million yuan, Quzhou Development with 581.442 million yuan, and Poly Development with 179.508 million yuan [3]

Core Insights - The "2025 Soft Science World University Academic Ranking" has been released, showcasing the top 1000 research universities globally, with 222 universities from mainland China included, maintaining 13 in the top 100 compared to last year [1] Group 1: Rankings and Performance - Tsinghua University has entered the top 20 for the first time, ranking 18th globally and 1st in Asia [1] - Peking University ranks 23rd, Zhejiang University 24th, Shanghai Jiao Tong University 30th, and University of Science and Technology of China 40th, with all top five Chinese universities showing improvements from last year [1] - Nanjing University leads Jiangsu province at 75th globally, rising 7 places from last year, while several other Jiangsu universities also improved their rankings [2][3] Group 2: New Entrants and Growth - 22 universities from mainland China, including Guangxi Normal University and Tianjin University of Technology, made their debut in the rankings, indicating a rise in academic standards and international influence [1] - Jiangsu province has 26 universities on the list, the highest in the country, reflecting its strong educational foundation [1] Group 3: Educational Development in Jiangsu - Jiangsu province has implemented various measures to enhance higher education, including increased funding and educational reforms, leading to a well-structured and distinctive higher education system [5] - The province's government has launched initiatives to support universities in achieving world-class status, with a focus on artificial intelligence as a key driver for educational quality [5]