证券代码：600149 证券简称：廊坊发展 公告编号：临 2025-028 廊坊发展股份有限公司 关于参加2025年河北辖区上市公司投资者网上集体接待日 暨2025年半年报集体业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 15 日（周一）15:00-17:00 会议召开地点：全景路演（https://rs.p5w.net）网络平台 会议召开方式：网络在线交流 投资者可于 9 月 14 日 16:00 前通过公司邮箱 lf600149@163.com 进 行提问，公司将在说明会上对投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点、方式 召开时间：2025 年 9 月 15 日（周一）15:00-17:00 召开地点：全景路演（https://rs.p5w.net）网络平台 召开方式：网络在线交流 三、参加人员 公司董事长、总经理曹玫女士；副总经理、董事会秘书张春岭先生；财 务总监许艳宁女士；独立董事赵玉梅女士。 一、说明会类型 为进一步加强与投资者 ...

Group 1 - The core point of the article is that Langfang Development reported a decrease in revenue but a significant increase in net profit for the first half of 2025 [1] Group 2 - The company's operating revenue for the first half of 2025 was approximately 98.07 million yuan, a year-on-year decrease of 4.88% [1] - The net profit attributable to shareholders was approximately 4.19 million yuan, representing a year-on-year increase of 338.69% [1] - The basic earnings per share were 0.011 yuan, which is a year-on-year increase of 266.67% [1]

Core Viewpoint - Langfang Development (600149) reported a mixed performance in its 2025 interim report, with a decline in total revenue but a significant increase in net profit, indicating improved profitability despite revenue challenges [1]. Financial Performance - Total revenue for the first half of 2025 was 98.07 million yuan, a decrease of 4.88% year-on-year [1]. - Net profit attributable to shareholders reached 4.188 million yuan, up 338.69% year-on-year [1]. - In Q2 2025, total revenue was 8.6209 million yuan, down 39.99% year-on-year, while net profit was -2.8471 million yuan, a slight increase of 0.09% year-on-year [1]. - Gross margin improved to 33.31%, an increase of 25.47% year-on-year, and net margin rose to 16.46%, up 48.04% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 10.1105 million yuan, accounting for 10.31% of revenue, a decrease of 20.46% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) was 0.01 yuan, reflecting a significant increase of 266.67% year-on-year [1]. - The company's return on invested capital (ROIC) was 32.19%, indicating strong capital returns [2]. - The average operating cash flow over the past three years was only 17.47% of current liabilities, suggesting potential liquidity concerns [3]. Asset and Liability Management - Cash and cash equivalents decreased to 195 million yuan, down 24.98% year-on-year [1]. - Accounts receivable increased to 16.1613 million yuan, up 14.19% year-on-year [1]. - Interest-bearing debt was reduced to 48.2363 million yuan, a decrease of 48.01% year-on-year [1].

Group 1 - The core viewpoint of the news is that Langfang Development has seen a significant increase in shareholder accounts and stock price performance over a recent period, indicating potential investor interest and market activity [1][2] - As of June 30, 2025, the number of shareholders for Langfang Development reached 33,823, an increase of 5,646 accounts or 20.04% compared to March 31, 2025 [1][2] - The average shareholding value per account for Langfang Development is 57,900 yuan, which is below the industry average of 290,000 yuan for A-share listed companies in the power sector [1][2] Group 2 - From March 31, 2025, to June 30, 2025, Langfang Development's stock price increased by 22.04%, coinciding with the increase in shareholder accounts [1][2] - During the same period, the company experienced a net outflow of 138 million yuan from major funds and 78.75 million yuan from speculative funds, while retail investors contributed a net inflow of 217 million yuan [2] - The stock was listed on the "Dragon and Tiger List" five times during this period, with institutional special seats appearing once [2]

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This chapter defines key terms used throughout the report, ensuring clarity and consistent understanding of specialized terminology Common Term Definitions | Term | Definition | | :--- | :--- | | CSRC | China Securities Regulatory Commission | | SSE | Shanghai Stock Exchange | | The Company | Langfang Development Co., Ltd. (including companies within the consolidated scope) | | Reporting Period | January 1, 2025 to June 30, 2025 | | Yuan, 10,000 yuan, 100 million yuan | Renminbi yuan, Renminbi 10,000 yuan, Renminbi 100 million yuan, China's legal tender | | Company Law | Company Law of the People's Republic of China | | Securities Law | Securities Law of the People's Republic of China | | Listing Rules | Shanghai Stock Exchange Stock Listing Rules | | Articles of Association | Articles of Association of Langfang Development Co., Ltd. | | Langfang Holdings | Langfang Investment Holding Group Co., Ltd. | | Huayi Development | Langfang Huayi Development Smart Energy Co., Ltd. | | Guangyan Heating | Langfang Guangyan Heating Co., Ltd. | [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This chapter provides an overview of the Company's fundamental information, stock details, key accounting data, and financial indicators for the reporting period, including non-recurring gains and losses [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the Company's official names, abbreviations, and legal representative details Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 廊坊发展股份有限公司 | | Chinese Abbreviation | 廊坊发展 | | Foreign Name | Langfang Development Co.,Ltd. | | Foreign Name Abbreviation | LFD | | Legal Representative | Cao Mei | [II. Contact Persons and Information](index=4&type=section&id=II.%20Contact%20Persons%20and%20Information) This section details the contact information for the Company's Board Secretary and Securities Affairs Representative Contact Persons and Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Zhang Chunling | Wen Xiaohui | | Contact Address | 22nd Floor, Block B, Langfang Development Building, No. 3 Yongfeng Road, Guangyang District, Langfang City, Hebei Province | 22nd Floor, Block B, Langfang Development Building, No. 3 Yongfeng Road, Guangyang District, Langfang City, Hebei Province | | Phone | 0316-2766166 | 0316-2766166 | | Fax | 0316-2765688 | 0316-2765688 | | Email | lf600149@163.com | lf600149@163.com | [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section summarizes historical changes in the Company's registered and office addresses, noting no changes during the reporting period - The Company's registered address underwent multiple changes between 2005 and 2020, ultimately becoming Unit 2, 22nd Floor, Building 1, Kaichuang Building, Guangyang District, Langfang City[13](index=13&type=chunk)[15](index=15&type=chunk) - The Company's office address is 22nd Floor, Block B, Langfang Development Building, No. 3 Yongfeng Road, Guangyang District, Langfang City, Hebei Province, with no changes during the reporting period[15](index=15&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the Company's official channels for information disclosure and the designated location for report custody Information Disclosure and Document Custody Locations | Indicator | Content | | :--- | :--- | | Newspaper for Information Disclosure | Securities Daily | | Website Address for Semi-Annual Report | www.sse.com.cn | | Company Semi-Annual Report Custody Location | Company Board of Directors Office | [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) This section outlines the Company's stock type, listing exchange, stock abbreviations, and stock code Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 廊坊发展 | 600149 | ST坊展 | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, operating revenue slightly decreased, while total profit and net profit attributable to shareholders significantly increased, driven by lower heating fuel costs and reduced financial and depreciation expenses Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 98.07 million yuan | 103.10 million yuan | -4.88 | | Total Profit | 21.54 million yuan | 16.31 million yuan | 32.06 | | Net Profit Attributable to Shareholders of the Listed Company | 4.19 million yuan | 0.95 million yuan | 338.69 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 4.08 million yuan | 0.42 million yuan | 874.20 | | Net Cash Flow from Operating Activities | -23.91 million yuan | -46.34 million yuan | Not applicable | | Net Assets Attributable to Shareholders of the Listed Company (Period-end) | 236.34 million yuan | 232.15 million yuan | 1.80 | | Total Assets (Period-end) | 576.55 million yuan | 629.41 million yuan | -8.40 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.011 | 0.003 | 266.67 | | Diluted Earnings Per Share (yuan/share) | 0.011 | 0.003 | 266.67 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.011 | 0.001 | 1,000.00 | | Weighted Average Return on Net Assets (%) | 1.79 | 0.65 | Increased by 1.14 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 1.74 | 0.28 | Increased by 1.46 percentage points | - The significant changes in total profit, net profit attributable to shareholders of the listed company, and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses are primarily due to a decrease in the unit price of coal for heating operations, as well as reduced financial and depreciation expenses[20](index=20&type=chunk) - The substantial changes in basic earnings per share, diluted earnings per share, and basic earnings per share after deducting non-recurring gains and losses are mainly due to the year-on-year increase in net profit attributable to shareholders of the listed company in the current period[21](index=21&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section itemizes non-recurring gains and losses for the reporting period, totaling **107,384.32 yuan** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government grants recognized in current profit or loss | 39,294.06 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 264,817.53 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 24,981.20 | | Other non-operating income and expenses apart from the above | -155,338.21 | | Less: Income tax impact | 12,983.91 | | Impact on minority interests (after tax) | 53,386.35 | | Total | 107,384.32 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This chapter provides a comprehensive analysis of the Company's operating performance, including its core business, operating model, industry landscape, strategies, core competencies, and associated risks [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The Company primarily operates in heating services, including centralized and distributed heating, complemented by property leasing and commercial consulting, benefiting from regional development and clean energy policies [(I) Main Businesses Engaged by the Company](index=7&type=section&id=%28I%29%20Main%20Businesses%20Engaged%20by%20the%20Company) The Company's core business is heating services, encompassing planning, design, construction, and operation for various users, alongside property leasing and commercial consulting services - Heating business: As of H1 2025, cumulative contracted area is **10.91 million square meters**, actual heating area is **5.68 million square meters**, and the heating operating area exceeds **100 square kilometers**, making it the largest heating enterprise by coverage in Langfang City[26](index=26&type=chunk) - Property leasing business: Achieved revenue of **1.30 million yuan** during the reporting period[26](index=26&type=chunk) - Commercial operation consulting services business: Achieved revenue of **0.64 million yuan** during the reporting period[26](index=26&type=chunk) [(II) Operating Model](index=7&type=section&id=%28II%29%20Operating%20Model) The Company operates centralized and distributed heating models through its subsidiaries, with the heating season from November 15 to March 15 annually - Centralized heating: Utilizes power plant waste heat, industrial waste heat, or large-scale coal/gas boilers as heat sources, distributing thermal energy through a pipeline network[27](index=27&type=chunk) - Distributed heating: Establishes small heat source stations within residential communities or small industrial parks, providing micro-grid heating using natural gas, electricity, or other clean energy sources[27](index=27&type=chunk) - Subsidiary operations: Huayi Development (holding **62%** equity) focuses on clean energy supply, while Guangyan Heating (Huayi Development holding **55%** equity) specializes in centralized heating, ranking as the second-largest heating enterprise in Langfang urban area[28](index=28&type=chunk)[29](index=29&type=chunk) [(III) Industry Overview](index=8&type=section&id=%28III%29%20Industry%20Overview) The regional heating industry benefits from the Beijing-Tianjin-Hebei coordinated development strategy and national heat pump promotion, positioning the Company as a crucial urban heating provider - Policy tailwinds: The Beijing-Tianjin-Hebei coordinated development strategy and the high-quality development of the China (Hebei) Pilot Free Trade Zone Daxing Airport Area (Langfang) are driving rapid growth in the regional heating industry[30](index=30&type=chunk) - Heat pump promotion: National Development and Reform Commission and other departments issued the "Action Plan for Promoting High-Quality Development of the Heat Pump Industry," encouraging the localized promotion of heat pump applications to replace coal-fired boilers and scattered coal burning[30](index=30&type=chunk) - Company's position: The Company is the only state-controlled A-share listed company in Langfang City, with its heating business exhibiting public utility characteristics, stable revenue, and a significant role in urban heating[31](index=31&type=chunk) [II. Discussion and Analysis of Operating Performance](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, the Company focused on core business development, enhancing quality through market expansion, cost efficiency, financial management, and governance, while sustaining other revenue streams [(I) Deepening Core Business, Enhancing Quality and Capacity](index=9&type=section&id=%28I%29%20Deepening%20Core%20Business%2C%20Enhancing%20Quality%20and%20Capacity) The Company enhances core business quality and competitiveness through public building market expansion, energy-efficient system optimization, innovative energy services, and robust safety management - Market expansion: Deepening efforts in the public building project sector, systematically researching and actively engaging in integrated energy solutions, and innovating heating models[34](index=34&type=chunk) - Cost reduction and efficiency improvement: Reducing electricity consumption by analyzing and adjusting circulation pump operating parameters; upgrading automatic control systems, installing heat meters, and optimizing refrigeration business automatic control systems to enhance energy utilization efficiency[35](index=35&type=chunk) - Energy supply innovation: Leveraging market advantages to collaborate deeply with equipment suppliers, building a diversified business layout to enhance sustainable development capabilities and comprehensive competitiveness[36](index=36&type=chunk) - Safety production: Implementing safety production responsibility systems, conducting safety inspections and hazard investigations, and organizing full-staff safety production training and emergency drills[37](index=37&type=chunk) [(II) Enhancing Company Fund Management Efficiency](index=9&type=section&id=%28II%29%20Enhancing%20Company%20Fund%20Management%20Efficiency) The Company improves fund management efficiency by strengthening budget control and optimizing cash flow to ensure effective capital deployment - Budget management: Formulating scientific and detailed annual budgets, clearly defining various expenditures[38](index=38&type=chunk) - Cash flow management: Carefully planning fund utilization based on external environment and internal operational needs to ensure effective liquidity[38](index=38&type=chunk) [(III) Continuing Other Businesses to Secure Company Revenue](index=9&type=section&id=%28III%29%20Continuing%20Other%20Businesses%20to%20Secure%20Company%20Revenue) The Company maintains property leasing and commercial consulting services, ensuring stable revenue streams - Property leasing business: Achieved revenue of **1.30 million yuan**[39](index=39&type=chunk) - Commercial operation consulting services business: Achieved revenue of **0.64 million yuan**[39](index=39&type=chunk) [(IV) Strengthening Management Foundation, Enhancing Governance Efficiency](index=9&type=section&id=%28IV%29%20Strengthening%20Management%20Foundation%2C%20Enhancing%20Governance%20Efficiency) The Company enhances governance and operational efficiency through continuous institutional refinement, robust process management, and talent development initiatives - Institutional development: Establishing and improving various management systems to ensure work is guided by rules and enhance standardization[40](index=40&type=chunk) - Process management: Comprehensively reviewing and optimizing key business processes to improve work efficiency and service quality[41](index=41&type=chunk) - Talent development: Encouraging employees to learn new knowledge and skills, enhancing overall quality and professional capabilities[41](index=41&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The Company's core competencies include its strategic location, strong state-owned shareholder support, expert heating technology team, and comprehensive technical advantages in heating and cooling services [(I) Location Advantage](index=10&type=section&id=%28I%29%20Location%20Advantage) The Company benefits from its strategic location within the Beijing-Tianjin-Hebei coordinated development zone and Beijing Daxing International Airport's radiation zone, providing significant business expansion opportunities - Beijing-Tianjin-Hebei coordinated development core functional area: Langfang City, situated between Beijing and Tianjin, directly benefits from national strategies and actively seeks business expansion opportunities[42](index=42&type=chunk) - Beijing Daxing International Airport radiation zone: The construction of the airport's economic zone provides further opportunities for the Company's heating business expansion[43](index=43&type=chunk) [(II) State-Owned Shareholder Advantage](index=10&type=section&id=%28II%29%20State-Owned%20Shareholder%20Advantage) The Company benefits from its controlling shareholder, Langfang Investment Holding Group Co., Ltd., a key state-owned enterprise providing extensive resource support for business growth and optimization - Controlling shareholder: Langfang Investment Holding Group Co., Ltd. is a key state-owned enterprise under Langfang City, with businesses covering land development, industrial park operations, urban renewal, infrastructure construction, etc., providing resource advantages to the Company[44](index=44&type=chunk) [(III) Professional Team Advantage](index=10&type=section&id=%28III%29%20Professional%20Team%20Advantage) The Company boasts a professional team of management and technical experts specializing in centralized and distributed heating, ensuring robust support for business development - Core team: A team of seasoned management and technical experts in the heating and natural gas industries has been assembled, possessing an integrated capability from technology to market, and from planning and design to construction and operation[45](index=45&type=chunk) [(IV) Full-Process Technical Advantage in Heating and Cooling Business](index=10&type=section&id=%28IV%29%20Full-Process%20Technical%20Advantage%20in%20Heating%20and%20Cooling%20Business) The Company possesses comprehensive technical advantages across the entire heating and cooling value chain, from multi-energy planning and design to construction, upgrades, and integration, continuously fostering technological innovation - Multi-energy complementary planning capability: Ability to formulate optimal energy supply matching methods, offering various combination solutions such as natural gas boilers, heat pumps, electric thermal storage, water thermal storage, etc[46](index=46&type=chunk) - Cold and heat source to household design capability: Providing comprehensive design solutions that consider safety, environmental protection, and energy saving factors for different needs[47](index=47&type=chunk) - Project construction capability: Possessing Grade II qualifications for municipal public utility general contracting and Grade II professional contracting for building mechanical and electrical installation engineering, demonstrating comprehensive project construction and management capabilities[47](index=47&type=chunk) - Technical upgrade and renovation capability: Capable of environmental protection and energy-saving renovations for existing heating and cooling systems, optimizing pipeline network design, and upgrading automatic control systems[47](index=47&type=chunk) - Software and hardware supporting supply system integration capability: Collaborating with renowned industry enterprises to build a complete supplier system and possessing system integration capabilities[48](index=48&type=chunk) - Water thermal storage and medium-deep geothermal planning and design capability: Providing "shallow geothermal + energy storage" combined heating and cooling and "geothermal +" heating solutions[48](index=48&type=chunk) - Technological innovation: Continuously increasing R&D investment, adopting new equipment, processes, and methods, having obtained multiple patents, and providing overall solutions[48](index=48&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=11&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the Company's financial statement changes, asset and liability status, investment activities, and the operating performance of its major subsidiaries and associates [(I) Main Business Analysis](index=11&type=section&id=%28I%29%20Main%20Business%20Analysis) During the reporting period, operating revenue decreased by **4.88%**, while operating costs, selling, general and administrative, and financial expenses all significantly reduced, resulting in a substantial increase in total profit Financial Statement Related Item Fluctuation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 98.07 million yuan | 103.10 million yuan | -4.88 | | Operating Cost | 65.40 million yuan | 75.73 million yuan | -13.64 | | Selling Expenses | 0.18 million yuan | 0.47 million yuan | -62.37 | | General and Administrative Expenses | 9.77 million yuan | 10.64 million yuan | -8.12 | | Financial Expenses | 0.16 million yuan | 2.26 million yuan | -92.86 | | Research and Development Expenses | 0.46 million yuan | 0.47 million yuan | -1.12 | | Net Cash Flow from Operating Activities | -23.91 million yuan | -46.34 million yuan | Not applicable | | Net Cash Flow from Investing Activities | -49.35 million yuan | -29.59 million yuan | Not applicable | | Net Cash Flow from Financing Activities | -1.14 million yuan | 202.51 million yuan | -100.56 | - The decrease in operating costs is primarily due to a reduction in the price of coal fuel for heating operations[51](index=51&type=chunk) - The decrease in selling expenses is mainly due to changes in sales personnel remuneration[51](index=51&type=chunk) - The decrease in general and administrative expenses is primarily due to reduced depreciation expenses[51](index=51&type=chunk) - The decrease in financial expenses is mainly due to reduced borrowing interest[51](index=51&type=chunk) [(III) Analysis of Assets and Liabilities](index=12&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets decreased by **8.40%**, with lower monetary funds and inventory, a **91.33%** increase in intangible assets, an **80.72%** drop in contract liabilities, and **8.40 million yuan** in new deferred income Assets and Liabilities Status (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (yuan) | Current Period-end % of Total Assets | Prior Year-end Amount (yuan) | Prior Year-end % of Total Assets | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 194.51 million yuan | 33.74 | 263.47 million yuan | 41.86 | -26.17 | Expenditures for purchasing structured deposits not yet matured, asset purchases, etc. | | Trading Financial Assets | 30.00 million yuan | 5.20 | - | - | - | Purchase of structured deposits | | Inventories | 12.30 million yuan | 2.13 | 30.74 million yuan | 4.88 | -59.98 | Raw material consumption | | Intangible Assets | 48.26 million yuan | 8.37 | 25.23 million yuan | 4.01 | 91.33 | Increase in land use rights | | Contract Liabilities | 16.12 million yuan | 2.80 | 83.62 million yuan | 13.29 | -80.72 | Revenue recognized as scheduled | | Deferred Income | 8.40 million yuan | 1.46 | - | - | - | Received coal-fired boiler replacement subsidy | - Details of restricted major assets at period-end are provided in Section VIII, "Notes VII, 31, Assets with Restricted Ownership or Use Rights"[53](index=53&type=chunk) [(IV) Investment Status Analysis](index=13&type=section&id=%28IV%29%20Investment%20Status%20Analysis) During the reporting period, controlled subsidiaries steadily progressed heating operations, and the Company invested in principal-protected floating-rate structured deposit products using its own funds - Equity investment: Controlled subsidiaries Huayi Development and Guangyan Heating steadily advanced their heating businesses, solidifying the main business[54](index=54&type=chunk) Financial Assets Measured at Fair Value (Structured Deposits) | Asset Category | Period-beginning Amount (yuan) | Current Period Purchase Amount (yuan) | Current Period Sale/Redemption Amount (yuan) | Period-end Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | | Structured Deposits | - | 78.90 million yuan | 48.90 million yuan | 30.00 million yuan | - Structured deposits: During the reporting period, **78.90 million yuan** was purchased, **48.90 million yuan** was redeemed, with a period-end balance of **30.00 million yuan**[56](index=56&type=chunk) [(VI) Analysis of Major Controlled and Associate Companies](index=15&type=section&id=%28VI%29%20Analysis%20of%20Major%20Controlled%20and%20Associate%20Companies) This section details the business scope, equity structure, and financial performance of major controlled subsidiaries, Huayi Development and Guangyan Heating, both significantly impacting the Company's net profit through their heating operations - Langfang Huayi Development Smart Energy Co., Ltd.: Established on November 9, 2017, with a registered capital of **40 million yuan**, the Company holds **62%** equity, primarily engaged in clean energy supply, providing multi-variety energy needs including heating, gas, cooling, electricity, hot water, and steam[58](index=58&type=chunk) - Langfang Guangyan Heating Co., Ltd.: Established on October 30, 2006, with a registered capital of **10.20 million yuan**, Huayi Development holds **55%** equity, primarily engaged in centralized heating, with a heating coverage concentrated in the western and northern main urban areas of Langfang City, serving over **60,000 households**[59](index=59&type=chunk) Major Subsidiary Financial Data (Consolidated, Unit: 10,000 yuan) | 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Langfang Huayi Development Smart Energy Co., Ltd. | Subsidiary | Heating Business | 4,000.00 | 39,834.00 | 17,143.01 | 9,742.92 | 2,423.53 | 1,870.39 | | Langfang Guangyan Heating Co., Ltd. | Subsidiary | Heating Business | 1,020.00 | 28,123.39 | 12,036.94 | 9,006.15 | 2,364.51 | 1,831.02 | [V. Other Disclosure Matters](index=16&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential risks including policy changes, market competition, financial instability, raw material price volatility, environmental regulations, and aging infrastructure [(I) Potential Risks](index=16&type=section&id=%28I%29%20Potential%20Risks) The Company faces risks from macroeconomic and industrial policy changes, intensified market competition, potential financial mismanagement, raw material price volatility, increased environmental compliance costs, and rising maintenance expenses for aging infrastructure - Policy risk: National macroeconomic adjustments or industrial policy changes may create uncertainties for the Company's operations[62](index=62&type=chunk) - Market competition: Deepening reforms in the heating industry's institutional mechanisms and opening up market access intensify competitive pressure[62](index=62&type=chunk) - Financial risk: Poor operational management may lead to issues with capital structure, asset-liability ratio, receivables and payables, and cash flow, causing financial strain[62](index=62&type=chunk) - Raw material price fluctuation risk: Price volatility of key fuels like coal and power plant waste heat for heating operations will impact the Company's performance[62](index=62&type=chunk) - Environmental risk: Stricter environmental standards and policy changes may increase the Company's costs related to raw materials, equipment, and other environmental aspects[62](index=62&type=chunk) - Aging pipeline equipment risk: As heating pipeline equipment ages, maintenance and renewal costs will increase[62](index=62&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=17&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This chapter details changes in the Company's directors and senior management, profit distribution plans, and environmental disclosures, reflecting its commitment to governance, environmental, and social responsibilities [I. Changes in Company Directors and Senior Management](index=17&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, the Company elected its eleventh Board of Directors and appointed new key senior management positions, including General Manager, Deputy General Manager, Board Secretary, and Chief Financial Officer - On August 8, 2025, Ms. Cao Mei and Mr. Zhang Chunling were elected as employee directors of the Company's eleventh Board of Directors[65](index=65&type=chunk) - On August 26, 2025, Mr. Zhang Bin and Mr. Zhang Donghui were elected as directors of the Company's eleventh Board of Directors, and Ms. Wang Qian, Mr. Sun Haixia, and Ms. Zhao Yumei were elected as independent directors[65](index=65&type=chunk) - Ms. Li Junyan and Ms. Liu Chang, directors of the tenth Board of Directors, and Mr. Feng Guoxin, independent director, as well as Ms. Wei Shuhuan, Ms. Wang Guibing, and Ms. Zhang Di, supervisors of the tenth Board of Supervisors, left their positions upon expiration of their terms[65](index=65&type=chunk) - On August 26, 2025, Ms. Cao Mei was elected as the Chairperson of the eleventh Board of Directors and appointed as General Manager; Mr. Zhang Chunling was appointed as Deputy General Manager and Board Secretary; and Ms. Xu Yanning was appointed as Chief Financial Officer[65](index=65&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The Company's semi-annual profit distribution or capital reserve conversion plan is 'No,' indicating no such actions for the reporting period - Distribution or conversion: No[66](index=66&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=17&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) One subsidiary, Langfang Guangyan Heating Co., Ltd., is legally required to disclose environmental information, which is accessible on the National Pollutant Discharge Permit Management Information Platform - Number of enterprises included in the list of enterprises required to disclose environmental information by law: **1**[66](index=66&type=chunk) - Enterprise name: Langfang Guangyan Heating Co., Ltd[66](index=66&type=chunk) - Environmental information disclosure report query index: National Pollutant Discharge Permit Management Information Platform (https://permit.mee.gov.cn/perxxgkinfo/syssb/xkgg/xkgg!licenseInformation.action)[66](index=66&type=chunk) [Section V Significant Matters](index=18&type=section&id=Section%20V%20Significant%20Matters) This chapter details significant matters during the reporting period, including commitment fulfillment, major related-party transactions, and guarantees, providing crucial insights into the Company's operations and financial health [I. Fulfillment of Commitments](index=18&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, no unfulfilled or ongoing commitments were identified from the Company or its related parties, though a historical asset replacement commitment with the former actual controller persists - Commitments during the reporting period or ongoing: None[68](index=68&type=chunk) - Historical commitment: In 2003, the Company and its former actual controller, Jiantong Group, agreed on an asset replacement; due to Jiantong Group's failure to contribute capital, Jiantong Group committed to bearing all economic losses arising therefrom[471](index=471&type=chunk) [VII. Major Litigation and Arbitration Matters](index=18&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The Company had no major litigation or arbitration matters during the reporting period - The Company had no major litigation or arbitration matters in this reporting period[68](index=68&type=chunk) [X. Major Related-Party Transactions](index=19&type=section&id=X.%20Major%20Related-Party%20Transactions) This section discloses major related-party transactions, including heating services, bank deposit settlements, and cooling operation contracts, detailing daily operations and creditor-debtor relationships [(I) Related-Party Transactions Related to Daily Operations](index=19&type=section&id=%28I%29%20Related-Party%20Transactions%20Related%20to%20Daily%20Operations) The Company engaged in heating project management agreements, bank deposit and settlement activities, and re-evaluated cooling operation contracts with related parties, all duly reviewed and disclosed - Entrusted operation management for heating projects: Subsidiary Guangyan Heating signed an agreement with Langfang Xinhangcheng Real Estate Development Co., Ltd. to provide heating project operation management services, with an agreement amount of approximately **6.03 million yuan** and a validity period of 1 year[69](index=69&type=chunk) - Bank deposits and settlement business: The Company and its controlled subsidiaries' daily maximum balance for demand deposits and settlement business at Langfang Bank is capped at **100 million yuan**[69](index=69&type=chunk) - Cooling operation contract: Re-reviewed the cooling source equipment maintenance, renovation, and refrigeration operation contract signed between subsidiary Huayi Development and Langfang Guokai Xingan Investment Co., Ltd., with a 5-year validity period and an estimated maximum amount of **5.57 million yuan**[69](index=69&type=chunk) [(IV) Related-Party Creditor-Debtor Transactions](index=20&type=section&id=%28IV%29%20Related-Party%20Creditor-Debtor%20Transactions) The Company maintains routine related-party receivables and payables, along with bank deposits and loans, none of which materially impact its financial position Related-Party Creditor-Debtor Transactions (Unit: 10,000 yuan) | Related Party | Period-beginning Balance of Receivables | Amount Incurred for Receivables | Period-end Balance of Receivables | Period-beginning Balance of Payables | Amount Incurred for Payables | Period-end Balance of Payables | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Langfang Jinglang Intercity Real Estate Development Co., Ltd. | 1.05 | 0.00 | 1.05 | 0.00 | 43.27 | 43.27 | | Langfang Guokai Xingan Investment Co., Ltd. | 0.00 | 50.26 | 50.26 | 0.00 | 0.00 | 0.00 | | Langfang Xinhangcheng Real Estate Development Co., Ltd. | 149.32 | 106.12 | 255.44 | 0.00 | 0.00 | 0.00 | | Langfang Jinglang Intercity Industrial Park Development and Construction Co., Ltd. | 0.00 | 0.00 | 0.00 | 0.00 | 80.58 | 80.58 | | Total | 150.37 | 156.38 | 306.75 | 0.00 | 123.85 | 123.85 | Related-Party Bank Financial Business (Unit: 10,000 yuan) | Related Party | Period-beginning Deposit Balance | Total Deposits in Current Period | Period-end Deposit Balance | Total Withdrawals in Current Period | Period-beginning Loan Balance | Current Period Loan Amount | Current Period Repayment Amount | Period-end Loan Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Langfang Bank Co., Ltd. | 327.72 | 10,130.23 | 1,014.91 | 9,443.04 | 1,000.00 | 0.00 | 1,000.00 | 0.00 | - Related-party creditor-debtor transactions are all generated from routine business purchases, sales, or acceptance of services, with no material impact on the financial position[71](index=71&type=chunk) - Financial business with Langfang Bank represents normal financing, fund settlement, and deposit activities, priced fairly, with no impact on the Company's independence[73](index=73&type=chunk) [XI. Major Contracts and Their Fulfillment](index=21&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) This section discloses the Company's significant guarantees, both executed and outstanding during the reporting period, primarily involving joint liability guarantees for its subsidiaries [(II) Major Guarantees Executed and Outstanding During the Reporting Period](index=21&type=section&id=%28II%29%20Major%20Guarantees%20Executed%20and%20Outstanding%20During%20the%20Reporting%20Period) During the reporting period, the Company provided joint liability guarantees totaling **30 million yuan** for subsidiary bank financing, with the period-end guarantee balance for subsidiaries totaling **40 million yuan**, representing **16.93%** of net assets Company Total Guarantee Status (Unit: 10,000 yuan) | Indicator | Amount | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 3,000 | | Total outstanding guarantees to subsidiaries at period-end (B) | 4,000 | | Total guarantees (A+B) | 4,000 | | Total guarantees as a percentage of the Company's net assets (%) | 16.93 | | Debt guarantees provided directly or indirectly to guaranteed parties with an asset-liability ratio exceeding 70% (D) | 3,000 | | Total of the above three guarantee amounts (C+D+E) | 3,000 | - The Company provided joint liability guarantees for bank financing totaling **10 million yuan** for its controlled subsidiary Huayi Development and **20 million yuan** for Guangyan Heating, amounting to **30 million yuan** in total[76](index=76&type=chunk) [Section VI Share Changes and Shareholder Information](index=22&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This chapter details the Company's share capital changes and shareholder information, including total shareholders, top ten shareholders, and unrestricted shareholding details [I. Share Capital Changes](index=22&type=section&id=I.%20Share%20Capital%20Changes) No changes occurred in the Company's total share capital or share structure during the reporting period - During the reporting period, there were no changes in the Company's total share capital or share structure[78](index=78&type=chunk) [II. Shareholder Information](index=23&type=section&id=II.%20Shareholder%20Information) As of period-end, the Company had **33,823** common shareholders; Evergrande Real Estate Group Co., Ltd. (**20.00%**) and Langfang Investment Holding Group Co., Ltd. (**15.30%**) were the top two, with Evergrande's shares judicially frozen - Total number of common shareholders at the end of the reporting period: **33,823 households**[81](index=81&type=chunk) Top Ten Shareholders' Shareholding Status | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Evergrande Real Estate Group Co., Ltd. | 76,032,050 | 20.00 | Frozen | 76,032,050 | | Langfang Investment Holding Group Co., Ltd. | 58,173,700 | 15.30 | Unrestricted | 0 | | Li Dong | 6,151,900 | 1.62 | Unrestricted | 0 | | Pan Zhinan | 4,878,400 | 1.28 | Unrestricted | 0 | | Lu Hongdi | 2,145,056 | 0.56 | Unrestricted | 0 | | Huang Yuping | 1,900,000 | 0.50 | Unrestricted | 0 | | Chen Fuxing | 1,824,801 | 0.48 | Unrestricted | 0 | | Sheng Sifeng | 1,628,600 | 0.43 | Unrestricted | 0 | | He Yubo | 1,422,500 | 0.37 | Unrestricted | 0 | | Wei Zhenghong | 1,400,000 | 0.37 | Unrestricted | 0 | - All **76,032,050 shares** (**20.00%** of total share capital) held by Evergrande Real Estate Group Co., Ltd. are judicially frozen and have been subject to multiple rounds of rotational freezing[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Section VII Bond-Related Information](index=25&type=section&id=Section%20VII%20Bond-Related%20Information) This chapter confirms the Company has no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The Company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[89](index=89&type=chunk) - The Company has no convertible corporate bonds[89](index=89&type=chunk) [Section VIII Financial Report](index=26&type=section&id=Section%20VIII%20Financial%20Report) This chapter presents the Company's unaudited financial statements, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with comprehensive notes on accounting policies, taxes, and financial item details [I. Audit Report](index=26&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[3](index=3&type=chunk) [II. Financial Statements](index=26&type=section&id=II.%20Financial%20Statements) This section presents the Company's consolidated and parent company financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Consolidated Balance Sheet](index=26&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **576.55 million yuan**, total liabilities **238.22 million yuan**, and total owners' equity **338.33 million yuan** [Parent Company Balance Sheet](index=28&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **246.30 million yuan**, total liabilities **10.74 million yuan**, and total owners' equity **235.56 million yuan** [Consolidated Income Statement](index=30&type=section&id=Consolidated%20Income%20Statement) From January to June 2025, consolidated total operating revenue was **98.07 million yuan**, total profit **21.54 million yuan**, and net profit attributable to parent company shareholders **4.19 million yuan** [Parent Company Income Statement](index=31&type=section&id=Parent%20Company%20Income%20Statement) From January to June 2025, parent company operating revenue was **0.51 million yuan**, total profit **-2.54 million yuan**, and net profit **-2.56 million yuan** [Consolidated Cash Flow Statement](index=32&type=section&id=Consolidated%20Cash%20Flow%20Statement) From January to June 2025, consolidated net cash flow from operating activities was **-23.91 million yuan**, from investing activities **-49.35 million yuan**, and from financing activities **-1.14 million yuan** [Parent Company Cash Flow Statement](index=33&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) From January to June 2025, parent company net cash flow from operating activities was **-2.09 million yuan**, from investing activities **-30,349.00 yuan**, and from financing activities **0 yuan** [Consolidated Statement of Changes in Owners' Equity](index=35&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) From January to June 2025, consolidated total owners' equity increased by **16.15 million yuan**, reaching a period-end balance of **338.33 million yuan** [Parent Company Statement of Changes in Owners' Equity](index=43&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) From January to June 2025, parent company total owners' equity decreased by **2.56 million yuan**, with a period-end balance of **235.56 million yuan** [III. Company Basic Information](index=47&type=section&id=III.%20Company%20Basic%20Information) This section outlines Langfang Development Co., Ltd.'s historical background, share capital evolution, registered details, business nature, core operations, and ultimate controlling party - Company history: Founded in 1958, formerly Xingtai Metallurgical Machinery Manufacturing and Repair Plant, listed in 1999 with stock code 600149[124](index=124&type=chunk) - Share capital changes: After multiple stock dividends, capital increases from reserves, and equity division reforms, the total share capital was finally determined to be **380.16 million shares**[125](index=125&type=chunk)[126](index=126&type=chunk) - Change of control: The Company's controlling shareholder is Langfang Investment Holding Group Co., Ltd., and the ultimate actual controller is Langfang State-owned Assets Supervision and Administration Commission[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) - Business nature: The Company and its subsidiaries are primarily engaged in centralized heating, heating engineering construction, property leasing, and commercial operation consulting services[135](index=135&type=chunk) [IV. Basis of Financial Statement Preparation](index=50&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The Company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and historical cost measurement, affirming its ability to continue operations - Basis of preparation: Prepared on a going concern basis, in accordance with the Enterprise Accounting Standards, their application guidance, interpretations, and other relevant regulations issued by the Ministry of Finance[136](index=136&type=chunk) - Going concern: The Company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[137](index=137&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=50&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the significant accounting policies and estimates used in financial statement preparation, covering business combinations, financial instruments, assets, revenue recognition, and government grants, ensuring accuracy and comparability - Compliance with Enterprise Accounting Standards: Financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting the financial position[139](index=139&type=chunk) - Accounting period: Adopts the calendar year, from January 1 to December 31 annually[140](index=140&type=chunk) - Operating cycle: Uses a 12-month period as an operating cycle, serving as the criterion for classifying assets and liabilities as current or non-current[141](index=141&type=chunk) - Recording currency: Renminbi[142](index=142&type=chunk) - Materiality criteria: Specific materiality criteria are set for bad debt provisions, write-offs of receivables, construction in progress, non-wholly-owned subsidiaries, associates, and cash flows from investing activities[144](index=144&type=chunk) - Revenue recognition: Revenue is recognized when the customer obtains control of the related goods, with heating services recognized based on performance progress, and heating engineering recognized using the output method[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) [VI. Taxes](index=77&type=section&id=VI.%20Taxes) This section discloses the Company's main tax categories and rates, along with tax preferential policies for heating enterprises, small low-profit enterprises, and high-tech enterprises, including VAT, property tax, urban land use tax, and income tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income calculated at 13%, 9%, or 6% for output tax, and paid based on the difference after deducting deductible input tax | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Calculated at 5% or 7% of the payable turnover tax | 5%, 7% | | Enterprise Income Tax | Calculated at 25% of taxable income | 25% | | Education Surcharge | Calculated at 3% of the payable turnover tax | 3% | | Local Education Surcharge | Calculated at 2% of the payable turnover tax | 2% | | Property Tax | For self-used properties, 70% of the original value is the tax basis, with a tax rate of 1.2%; for leased properties, rental income is the tax basis, with a tax rate of 12% | 1.2%, 12% | - Tax incentives: Heating enterprises providing heating services to residents are exempt from VAT, and the factory buildings and land used are exempt from property tax and urban land use tax, with the policy extended until the end of the 2027 heating season[276](index=276&type=chunk) - Income tax incentives for small low-profit enterprises: For annual taxable income not exceeding **1 million yuan**, 25% of the amount is included in taxable income and taxed at a 20% rate; for amounts exceeding **1 million yuan** but not exceeding **3 million yuan**, 25% of the amount is included in taxable income and taxed at a 20% rate, with the policy extended until December 31, 2027[277](index=277&type=chunk) - High-tech enterprise income tax incentives: Subsidiary Langfang Huayi Development Smart Energy Co., Ltd. has enjoyed a 15% income tax preferential rate since 2023[277](index=277&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=78&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for all consolidated financial statement items, encompassing assets, liabilities, equity, income, expenses, cash flows, and other relevant disclosures, offering comprehensive financial transparency [VIII. Research and Development Expenses](index=120&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section discloses the Company's research and development expenses for the reporting period, primarily personnel costs, all of which were expensed Research and Development Expenses by Nature | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Personnel Expenses | 460,739.00 | 465,971.67 | | Total | 460,739.00 | 465,971.67 | | Of which: Expensed R&D | 460,739.00 | 465,971.67 | | Capitalized R&D | - | - | [IX. Changes in Consolidation Scope](index=121&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, no significant changes occurred in the Company's consolidation scope, including business combinations or subsidiary disposals - During the reporting period, there were no significant changes in the Company's consolidation scope, such as business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[431](index=431&type=chunk) [X. Interests in Other Entities](index=122&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the Company's interests in subsidiaries, including the group structure and key financial data of important non-wholly-owned subsidiaries, as well as interests in associates Composition of the Enterprise Group (Partial) | Subsidiary Name | Registered Address | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | :--- | | Langfang Lingkong Free Trade Zone Jizhan Commercial Management Co., Ltd. | Langfang | Business Services | 51 | | Langfang Huayi Development Smart Energy Co., Ltd. | Langfang | Heating | 62 | | Langfang Guangyan Heating Co., Ltd. | Langfang | Heating | 55 (Indirect) | Key Financial Information of Important Non-Wholly-Owned Subsidiary (Langfang Huayi Development Smart Energy Co., Ltd.) | Indicator | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Minority Shareholding Ratio (%) | 38.00 | 38.00 | | Current Period Profit/Loss Attributable to Minority Shareholders | 11,958,906.82 | 17,144,330.29 | | Period-end Minority Interests Balance | 101.84 million yuan | 90.03 million yuan | | Total Assets | 398.34 million yuan | 448.63 million yuan | | Total Liabilities | 226.91 million yuan | 295.90 million yuan | | Operating Revenue | 97.43 million yuan | 101.16 million yuan | | Net Profit | 18.70 million yuan | 17.14 million yuan | | Operating Cash Flow | -21.85 million yuan | -42.69 million yuan | Summary Financial Information of Insignificant Associates | Indicator | Period-end Balance/Current Period Amount (yuan) | Period-beginning Balance/Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Investment Book Value | 15.54 million yuan | 15.42 million yuan | | Net Profit | 112,489.42 | 529,730.51 | | Total Comprehensive Income | 112,489.42 | 529,730.51 | [XI. Government Grants](index=126&type=section&id=XI.%20Government%20Grants) This section discloses government grants received, including **8.40 million yuan** in asset-related coal-fired boiler replacement subsidies and **31,385.35 yuan** in income-related grants recognized in current profit or loss Liability Items Involving Government Grants | Financial Statement Item | Period-beginning Balance (yuan) | New Grants in Current Period (yuan) | Period-end Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | - | 8.40 million yuan | 8.40 million yuan | Asset-related | | Coal-fired Boiler Replacement Subsidy | - | 8.40 million yuan | 8.40 million yuan | Asset-related | | Total | - | 8.40 million yuan | 8.40 million yuan | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | 31,385.35 | 100,080.19 | | Total | 31,385.35 | 100,080.19 | [XII. Risks Related to Financial Instruments](index=127&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section analyzes the Company's exposure to credit, market (interest rate and foreign exchange), and liquidity risks, outlining strategies for their management - Credit risk: Primarily faces customer credit risk from credit sales, mitigated by credit limit approvals and collection measures; liquidity funds are held in banks with high credit ratings, resulting in low credit risk[445](index=445&type=chunk) - Market risk: Interest rate risk is low, as period-end monetary funds are mainly bank time deposits, and new short-term borrowings have fixed interest rates; foreign exchange risk has no significant impact, as the Company has no overseas operations or export business[447](index=447&type=chunk)[448](index=448&type=chunk) - Liquidity risk: Managed by regularly reviewing liquidity needs, maintaining ample cash reserves, and securing committed backup funds from major financial institutions to meet both long-term and short-term liquidity requirements[449](index=449&type=chunk) [XIII. Disclosure of Fair Value](index=128&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the Company's assets and liabilities measured at fair value at period-end, primarily trading financial assets (structured deposits), and details the valuation techniques Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 2 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | (I) Trading Financial Assets | 30.00 million yuan | 30.00 million yuan | | 1. Financial assets measured at fair value with changes recognized in current profit or loss | 30.00 million yuan | 30.00 million yuan | | Total assets continuously measured at fair value | 30.00 million yuan | 30.00 million yuan | - The Company's bank wealth management products (structured deposits) are valued using the expected return rate stipulated in the contract[454](index=454&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=130&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section comprehensively discloses the Company's related parties, including parent, subsidiaries, and associates, and details outstanding related-party transactions such as goods, services, leases, and receivables/payables Parent Company Information | Parent Company Name | Registered Address | Business Nature | Registered Capital (10,000 yuan) | Shareholding Ratio (%) | Voting Rights Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Langfang Investment Holding Group Co., Ltd. | No. 165 Xinhua Road, Guangyang District, Langfang City, Hebei Province | Financing consulting services; information technology consulting services; real estate consulting; land remediation services; engineering management services; municipal facility management; housing leasing; non-residential real estate leasing, etc. | 260,000 | 15.30 | 15.30 | - The ultimate controlling party of the Company is Langfang State-owned Assets Supervision and Administration Commission[456](index=456&type=chunk) Other Related Party Information (Partial) | Other Related Party Name | Relationship with the Company | | :--- | :--- | | Langfang Guokai Xingan Investment Co., Ltd. | Controlled by the same controlling shareholder | | Langfang Kaichuang Real Estate Development Co., Ltd. | Controlled by the same controlling shareholder | | Langfang Xinhangcheng Real Estate Development Co., Ltd. | Controlled by the same controlling shareholder | | Langfang Bank Co., Ltd. | A director of the Company also serves as a director of this entity | Related-Party Transactions for Purchases/Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Langfang Kaifu Property Service Co., Ltd. | Acceptance of Services | 403,638.22 | 246,181.80 | | Langfang Guokai Xingan Investment Co., Ltd. | Purchase of Goods | 182,576.37 | 21,273.88 | Related-Party Transactions for Sales/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Langfang Guokai Xingan Investment Co., Ltd. | Sale of Goods | 653,124.76 | 601,960.95 | | Langfang Xinhangcheng Real Estate Development Co., Ltd. | Provision of Services | 1.06 million yuan | 3.72 million yuan | | Langfang Heating Energy Co., Ltd. | Provision of Services | 155,360.58 | - | Related-Party Lease Information (The Company as Lessee) | Lessor Name | Type of Leased Asset | Rent Paid (yuan) | Increase in Right-of-Use Assets (yuan) | | :--- | :--- | :--- | :--- | | Langfang Kaichuang Real Estate Development Co., Ltd. | Buildings | 175,595.00 | 556,904.50 | - Information on related-party guarantees is detailed in Section VIII, Financial Report, Note VII, 32, Short-term Borrowings[464](index=464&type=chunk) Key Management Personnel Remuneration | Item | Current Period Amount (10,000 yuan) | Prior Period Amount (10,000 yuan) | | :--- | :--- | :--- | | Key Management Personnel Remuneration | 125.81 | 132.19 | Receivables from Related Parties (Partial) | Item Name | Related Party | Period-end Book Balance (yuan) | Impairment Provision (yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Langfang Jinglang Intercity Real Estate Development Co., Ltd. | 10,501.05 | 315.03 | | Accounts Receivable | Langfang Guokai Xingan Investment Co., Ltd. | 502,557.20 | - | | Other Receivables | Tietong Huaxia Telecom Co., Ltd. | 40.28 million yuan | 40.28 million yuan | Payables to Related Parties (Partial) | Item Name | Related Party | Period-end Book Balance (yuan) | | :--- | :--- | :--- | | Accounts Payable | Langfang Kaifu Property Service Co., Ltd. | 77,202.36 | | Contract Liabilities | Langfang Jinglang Intercity Real Estate Development Co., Ltd. | 432,730.26 | | Contract Liabilities | Langfang Jinglang Intercity Industrial Park Development and Construction Co., Ltd. | 805,801.85 | [XVI. Commitments and Contingencies](index=136&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of period-end, the Company had no significant commitments or contingent matters impacting financial statement understanding, apart from a historical commitment related to the former actual controller - Significant commitments: As of June 30, 2025, the Company had no commitments affecting the reading and understanding of these financial statements[470](index=470&type=chunk) - Other commitments: In 2010, the Company reached a settlement agreement with Huaxia Jiantong Technology Development Group Co., Ltd., where the latter committed to bearing all economic losses arising from asset replacement due to insufficient capital contribution[471](index=471&type=chunk) - Contingencies: As of June 30, 2025, the Company had no contingent matters affecting the reading and understanding of these financial statements[472](index=472&type=chunk) [XVII. Events After the Balance Sheet Date](index=136&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) The Company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date - The Company had no important non-adjusting events, profit distribution, or sales returns after the balance sheet date[473](index=473&type=chunk) [XVIII. Other Significant Matters](index=137&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses the unresolved equity transfer of Shixin Technology Development Co., Ltd. and the judicial freezing of shares held by controlling shareholder Evergrande Real Estate Group Co., Ltd - Transfer of Shixin Technology Development Co., Ltd. equity: The Company transferred **90%** of Shixin Technology's equity in 2012, but the transferee, Beijing Zhuoyue Real Estate Development Co., Ltd., failed to pay the remaining consideration, for which the Company has fully provided impairment provisions[475](index=475&type=chunk) - Shareholder shares frozen: All **76,032,050 shares** (**20.00%** of the Company's shares) held by Evergrande Real Estate Group Co., Ltd. are judicially frozen[476](index=476&type=chunk) [XIX. Notes to Major Items in Parent Company Financial Statements](index=138&type=section&id=XIX.%20Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This section provides detailed notes for major parent company financial statement items, including accounts receivable, other receivables, and long-term equity investments [XX. Supplementary Information](index=148&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, net asset return, and earnings per share Current Period Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Government grants recognized in current profit or loss | 39,294.06 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 264,817.53 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 24,981.20 | | Other non-operating income and expenses apart from the above | -155,338.21 | | Less: Income tax impact | 12,983.91 | | Impact on minority interests (after tax) | 53,386.35 | | Total | 107,384.32 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the Company | 1.79 | 0.011 | 0.011 | | Net profit attributable to ordinary shareholders of the Company after deducting non-recurring gains and losses | 1.74 | 0.011 | 0.011 |

Board Meeting Overview - The board meeting was held on August 26, 2025, with all 7 directors present, and was chaired by the company's chairman, Cao Mei [1][2] - The meeting was conducted in accordance with relevant laws and regulations, with notifications sent via email and other means [1] Election of Board Members - Cao Mei was elected as the chairman of the 11th board of directors with unanimous approval (7 votes in favor) [1] - The members of various specialized committees were elected, including: - Strategic Committee: Chairperson Cao Mei, members Wang Qian, Zhang Chunling, Zhang Bin, Zhang Donghui [1] - Audit Committee: Chairperson Zhao Yumei, members Sun Haixia, Zhang Donghui [1] - Nomination Committee: Chairperson Sun Haixia, members Zhao Yumei, Zhang Bin [1] - Compensation and Assessment Committee: Chairperson Wang Qian, members Sun Haixia, Zhang Chunling [1] Appointment of Key Executives - Cao Mei was appointed as the General Manager with unanimous approval (7 votes in favor) [2] - Zhang Chunling was appointed as the Deputy General Manager with unanimous approval (7 votes in favor) [2] - Zhang Chunling was also appointed as the Secretary of the Board with unanimous approval (7 votes in favor) [2] - Xu Yanning was appointed as the Chief Financial Officer with unanimous approval (7 votes in favor) [2] - Wen Xiaohui was appointed as the Securities Affairs Representative with unanimous approval (7 votes in favor) [2] Executive Profiles - Cao Mei: Born in 1972, holds a Master's in Business Administration, currently serves as the Chairman and General Manager of the company, with extensive experience in various leadership roles [3] - Zhang Chunling: Born in 1974, holds a Bachelor's degree, currently serves as Deputy General Manager and Secretary of the Board, with a background in securities and capital operations [3] - Xu Yanning: Born in 1978, holds a Bachelor's degree and is a certified public accountant, currently serves as CFO and has experience in auditing and financial management [4] - Wen Xiaohui: Born in 1987, holds a Bachelor's degree, currently serves as Securities Affairs Representative, with prior experience in land development and investment [4]

Group 1 - The legal opinion confirms the legitimacy of the 2025 First Extraordinary General Meeting of Shareholders of Langfang Development Co., Ltd. [1][16] - The meeting was convened in accordance with the Company Law, Securities Law, and the company's articles of association [2][16] - The meeting took place on August 26, 2025, with both on-site and online voting methods utilized [3][4] Group 2 - A total of 1 participant attended the on-site meeting, representing 58,173,700 shares, which is 15.3024% of the total voting shares [4] - 212 shareholders participated in online voting, representing 8,311,703 shares, which is 2.1864% of the total voting shares [4] - The meeting's resolutions were passed with significant majority votes, with one resolution receiving 62,235,083 votes in favor, accounting for 93.6071% of the valid votes [5][7][12] Group 3 - The voting results for various resolutions showed a consistent trend of approval, with percentages of votes in favor ranging from 90.8509% to 93.6173% [7][12][15] - The independent directors elected during the meeting included Wang Qian, Sun Haixia, and Zhao Yumei, with their respective approval rates being 90.8509%, 90.9939%, and 89.9992% [15][16] - The legal opinion concludes that all procedures and results of the meeting comply with relevant laws and regulations [16]

Meeting Overview - The shareholder meeting of Langfang Development Co., Ltd. was held on a specified date in 2025, with a total attendance representing 17.4888% of the shares [1] - The meeting was convened by the board of directors and chaired by the chairwoman, Ms. Cao Mei, utilizing a combination of on-site and online voting methods [1] Voting Results - All non-cumulative voting proposals were approved, with the majority of votes in favor, including 93.6071% for one proposal and 93.5841% for another [1] - The voting results showed a consistent trend of high approval rates across multiple proposals, with percentages ranging from 93.4760% to 93.6173% [1][2] Legal Compliance - The meeting's procedures, attendance, and voting processes were confirmed to comply with the Company Law and relevant regulations, ensuring the legality and validity of the resolutions passed [2][3]

Group 1 - The core point of the article is that Langfang Development (SH 600149) held its first board meeting of the 11th session on August 26, 2025, to discuss the election of the chairman and other related documents [1] - For the fiscal year 2024, Langfang Development's revenue composition is as follows: heating business accounts for 51.75%, other businesses for 47.18%, rental income for 0.62%, and mobile phone sales for 0.46% [1] - As of the report date, Langfang Development has a market capitalization of 2.2 billion yuan [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

证券代码：600149 证券简称：廊坊发展 公告编号：2025-026 廊坊发展股份有限公司 2025年第一次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 8 月 26 日 (二)股东大会召开的地点：河北省廊坊市广阳区永丰道 3 号廊坊发展大厦 B 座 22 层公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 213 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 66,485,403 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 17.4888 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长曹玫女士主持会议，会议采用现场 投票和网络投票相结合的方式表决。本次会议的召集 ...