Core Viewpoint - The company has approved a framework agreement for related party transactions to enhance operational stability and competitiveness, which is expected to increase main business revenue and align with the interests of all shareholders, particularly minority shareholders [1][2]. Group 1 - The company's ninth board meeting was held on August 15, 2025, in Hangzhou, with all five directors present, ensuring compliance with legal and regulatory requirements [1]. - The board unanimously approved the proposal to sign a related party transaction framework agreement, with a voting result of 5 in favor, 0 against, and 0 abstentions [2]. - The agreement aims to standardize related transactions and support the company's normal business operations in construction engineering and other sectors [1][2].

Summary of Key Points Core Viewpoint - Shanghai Chuangxing Resource Development Co., Ltd. has announced the provision for credit impairment losses and asset impairment losses, totaling 1,854,641.03 yuan for the second quarter of 2025, reflecting a more accurate representation of the company's asset status [1][5]. Group 1: Impairment Loss Provision Overview - The company has made provisions for credit impairment and asset impairment losses based on discussions among management and in accordance with accounting standards [1]. - The total amount of impairment provisions includes 1,330,651.00 yuan for accounts receivable, 6,054.66 yuan for other receivables, and 517,935.37 yuan for fixed assets [2]. Group 2: Specifics of Credit Impairment Losses - The company assesses expected credit losses for accounts receivable, other receivables, and contract assets based on reasonable and evidence-based information, including forward-looking information [2][3]. - When objective evidence of impairment exists, individual assessments are conducted; otherwise, receivables are grouped based on credit risk characteristics to estimate expected credit losses [2][3]. Group 3: Asset Impairment Losses - The company evaluates whether there are indications of impairment for non-current non-financial assets, such as fixed assets and construction in progress, at the balance sheet date [4][5]. - If impairment indications are present, the recoverable amount is estimated, and impairment losses are recognized if the recoverable amount is lower than the carrying amount [5]. Group 4: Impact of Impairment Loss Provisions - The provisions for impairment losses will allow for a more accurate reflection of the company's asset status, ensuring that the accounting information regarding asset value is more truthful and reliable [5].

Core Viewpoint - The company, Shanghai Chuangxing Resource Development Co., Ltd., plans to sign a framework agreement for related party transactions with its affiliate, Lio Group Co., Ltd., for construction and related engineering services, which is deemed necessary for its normal business operations [1][4]. Summary by Sections 1. Overview of Related Party Transactions - The company will undertake multiple construction projects from its affiliate, Lio Group, and its subsidiaries, which constitutes related party transactions [1]. - The framework agreement aims to facilitate information disclosure and regulatory review, enhancing decision-making efficiency [1]. 2. Introduction of Related Party - Lio Group is controlled by the company's actual controller, Mr. Wang Xiangrong [2]. - Lio Group's financial data as of December 31, 2024, includes total assets of CNY 21,986.58 million, net assets of CNY 12,887.06 million, and a revenue of CNY 21,170.51 million with a net loss of CNY 259.29 million [2]. 3. Main Content of the Framework Agreement - The agreement applies to the company's subsidiaries, including Wenzhou Lianying Construction Engineering Co., Ltd., and any future entities included in the consolidated financial statements [3]. - Types of related transactions include construction contracting, procurement, and installation of engineering materials [3][4]. - The estimated total amount for construction contracts under this agreement for the next 12 months is capped at CNY 20 million [4]. 4. Purpose and Impact of the Related Transactions - The signing of the framework agreement is essential for the company's normal operations in construction and aims to standardize related transactions, ensuring operational stability [4]. - It is expected to enhance the company's business professionalism and competitiveness, contributing to increased main business revenue [4]. 5. Review Procedures for the Related Transactions - The independent directors held a meeting on August 13, 2025, where they unanimously agreed that the transaction is necessary for normal operations and does not harm the interests of shareholders, especially minority shareholders [5]. - The board of directors approved the agreement on August 15, 2025, with a unanimous vote, and the transaction does not require shareholder meeting approval [5].

Core Viewpoint - *ST Chuangxing (600193.SH) reported a significant decline in revenue and a negative net profit for the first half of 2025, indicating severe financial distress [1] Financial Performance - The company achieved an operating revenue of 374,000 yuan, representing a year-on-year decrease of 99.00% [1] - The net profit attributable to shareholders was -13.71 million yuan, reflecting ongoing losses [1] - The basic earnings per share stood at -0.032 yuan, indicating a negative return for shareholders [1]

Group 1 - The core point of the article is that *ST Chuangxing (600193.SH) has signed a framework agreement for related party transactions due to its involvement in construction engineering projects [1] - The company will undertake multiple construction projects from related party Liou Co. and its subsidiaries, which constitutes related party transactions [1] - The related party transactions are necessary for the company's long-term cooperation with its clients in the construction sector [1]

*ST创兴（SH 600193，收盘价：4.55元）8月15日晚间发布公告称，公司第九届第23次董事会会议于 2025年8月15日在浙江省杭州市上城区九和路325号物产天地中心2幢10楼公司会议室以现场结合通讯的 形式召开。会议审议了《关于签署关联交易框架协议的议案》等文件。 2024年1至12月份，*ST创兴的营业收入构成为：建筑装饰占比76.88%，软件和信息技术服务业占比 23.12%。 （文章来源：每日经济新闻） ...

证券代码：600193 证券简称：*ST 创兴 编号：2025－056 上海创兴资源开发股份有限公司 2025 年第二季度计提信用减值损失和资产减值损失的公告 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： 上海创兴资源开发股份有限公司（以下简称"创兴资源"或"公司"） 2025 年第二季度计提坏账准备及资产减值准备合计 1,854,641.03 元。 一、本次计提信用减值损失和资产减值损失情况概述 （一） 本次计提减值准备的原因 根据《企业会计准则》和公司相关政策的规定，经管理层充分讨论，公司对 2025 年第二季度的各项资产进行了减值测试，计提了相应的坏账准备及资产减 值准备。 （二）本次计提减值准备的资产范围及金额 公司及合并报表范围内子公司 2025 年第二季度计提坏账准备及资产减值准 备 1,854,641.03 元，具体情况如下： | | 单位：元 | | --- | --- | | 项目 | 本期发生额 | | 应收账款坏账准备 | 1,330,651.00 | | 其他应收款坏账准备 | 6,0 ...

本次事项无需提交股东大会审议。 关于签署关联交易框架协议的公告 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。 上海创兴资源开发股份有限公司（以下简称"公司"、"创兴资源"）拟与 关联方利欧集团股份有限公司（以下简称"利欧股份"）就建筑工程施工及配套 工程类业务签订《关联交易框架协议》。 该关联交易框架协议为公司正常生产经营行为，公司主要业务没有因此 类交易而对关联方形成依赖，不会对公司的持续经营能力产生不良影响。 证券代码：600193 证券简称：*ST 创兴 公告编号：2025－058 上海创兴资源开发股份有限公司 法定代表人：王相荣 注册资本：675480.420500 万人民币 一、关联交易概述 （一）关联交易基本情况 因公司从事建筑工程类业务，将承接多个由公司关联法人利欧股份及其下 属企业的建筑工程施工及配套工程。公司与上述关联方主体之间的交易均构成 关联交易。由于该等关联交易涉及关联交易内容均与建筑工程项目相关，且为 公司与关联方客户长期持续合作所需，为了方便公司信息披露及监管部门的审 核并提高决策效率，公司拟就持 ...

证券代码：600193 证券简称：*ST 创兴 公告编号：2025－057 上海创兴资源开发股份有限公司 第九届董事会第 23 次会议决议的公告 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。 上海创兴资源开发股份有限公司（以下简称"公司"）于 2025 年 8 月 12 日以书面及电话通知方式向董事发出公司第九届董事会第 23 次会议通知，会议 于 2025 年 8 月 15 日在浙江省杭州市上城区九和路 325 号物产天地中心 2 幢 10 楼公司会议室以现场结合通讯的形式召开。本次会议由董事长刘鹏召集并主持， 会议应到董事 5 名，实到董事 5 名，公司部分监事及高级管理人员列席本次会 议。本次会议的召集和召开符合有关法律、法规、规章和《公司章程》的规定。 全体与会董事审议并表决情况如下： 一、审议通过《关于签署关联交易框架协议的议案》 本次公司签署关联交易框架协议是公司基于开展建筑工程类等业务的正常 经营所需，是规范公司与关联方相关关联交易事项，保证公司经营的稳定性； 有利于提高公司相关业务的专业性和竞争力，有利于公司 ...

Financial Performance - The company's operating revenue for the first half of 2025 was CNY 373,987.56, a decrease of 99% compared to CNY 37,492,536.67 in the same period last year[21]. - The total profit for the period was a loss of CNY 13,401,130.69, compared to a loss of CNY 5,599,406.27 in the previous year, indicating a worsening financial performance[21]. - The net profit attributable to shareholders was a loss of CNY 13,711,186.36, compared to a loss of CNY 6,919,440.28 in the same period last year[21]. - The net cash flow from operating activities was negative CNY 4,344,296.33, a decline of 131.08% from CNY 13,979,466.47 in the previous year[21]. - The basic earnings per share for the period was -CNY 0.032, compared to -CNY 0.016 in the same period last year[23]. - The weighted average return on net assets was -14.18%, a decrease of 11.82 percentage points from -2.36% in the previous year[23]. - The company reported a net loss of CNY 13,711,186.36 for the first half of 2025, compared to a net loss of CNY 6,919,440.28 in the same period of 2024, indicating a significant increase in losses[94]. - Operating profit for the first half of 2025 was CNY -13,449,764.64, worsening from CNY -6,009,244.22 in the previous year[94]. - The total comprehensive loss for the first half of 2025 was CNY -13,711,186.36, reflecting the same amount as the net loss[94]. - The company’s financial performance indicates a need for strategic adjustments to address increasing losses and expenses[94]. Revenue and Costs - Operating costs amounted to CNY 532,752.07, reflecting a decline of 97.65% year-on-year due to no new projects in the main business[38]. - The company reported a 68.61% reduction in R&D expenses, totaling CNY 643,304.00, due to a decrease in R&D projects and personnel[38]. - Total operating revenue for the first half of 2025 was CNY 373,987.56, a significant increase from CNY 37,492,536.67 in the same period of 2024[92]. - Total operating costs for the first half of 2025 were CNY 14,780,330.77, compared to CNY 41,498,719.88 in the first half of 2024[92]. Assets and Liabilities - The net assets attributable to shareholders decreased by 13.22% to CNY 89,869,244.78 from CNY 103,564,231.14 at the end of the previous year[21]. - Total assets decreased by 7.61% to CNY 528,853,255.05 from CNY 572,427,808.91 at the end of the previous year[21]. - The company’s long-term equity investments increased by 14.55% to CNY 11,275,793.85, mainly due to profits from invested enterprises[42]. - The company’s total liabilities included a significant increase in payable employee compensation, which rose by 74.01% to CNY 3,874,796.33[42]. - Total liabilities decreased to CNY 438,984,010.27 from CNY 468,863,577.77[87]. - Current liabilities totaled CNY 438,654,599.42, a decrease from CNY 468,523,360.99[87]. Cash Flow - Cash and cash equivalents at the end of the period were CNY 2,838,837.72, down 32.55% from CNY 4,208,773.73 at the end of the previous year[42]. - The company experienced a net decrease in cash and cash equivalents of CNY 26,081.30 in the first half of 2025, contrasting with an increase of CNY 27,473.11 in the first half of 2024[104]. - Operating cash inflow for the first half of 2025 was CNY 274,746.94, a decrease from CNY 2,955,333.49 in the first half of 2024[103]. - Net cash flow from operating activities for the first half of 2025 was -CNY 3,011,081.30, compared to CNY 27,473.11 in the first half of 2024[103]. - Cash outflow from operating activities totaled CNY 3,285,828.24 in the first half of 2025, an increase from CNY 2,927,860.38 in the first half of 2024[103]. Shareholder and Ownership Changes - The company underwent a change in control, with the actual controller now being Mr. Wang Xiangrong, following the judicial auction of shares held by its former controlling shareholder[36]. - The company’s major shareholder, Huashang Industrial, had 67 million shares (15.75% of total shares) auctioned, resulting in a total transaction amount of 234.11 million RMB[72]. - Following the auction, Huashang Industrial's shareholding decreased from 23.90% to 8.15%, while new shareholders acquired significant stakes[72]. - The company currently has no controlling shareholder following the shareholding changes[81]. Risks and Challenges - The company faces a delisting risk if the audited profit, net profit, or net profit after deducting non-recurring gains and losses for the fiscal year 2024 is negative, and if the operating revenue after excluding unrelated business income is below 300 million yuan[52]. - The company may encounter risks in its construction business due to insufficient project contracts, delays, funding issues, and changes in policy or market conditions[52]. - The company has faced judicial freezes on bank deposits amounting to CNY 311,833.75[45]. Strategic Focus and Future Outlook - The company is focusing on expanding its business qualifications and enhancing customer credit risk management to improve its operational sustainability[32]. - The company plans to continue its strategy of capital injection and equity management to stabilize its financial position[111]. - The overall financial outlook remains cautious, with the company aiming to address the challenges faced in the current fiscal period[113]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption, ensuring the company's ability to continue operations[123]. - The company follows the enterprise accounting standards, ensuring that financial reports reflect the true financial condition and operating results[124]. - The company has established specific accounting policies and estimates based on its operational characteristics, particularly regarding revenue recognition[123]. - The company recognizes revenue when control of the goods is transferred to the customer, with specific criteria outlined for contract approval and payment terms[199].