山西科新发展股份有限公司 关于控股子公司涉及重大诉讼的进展公告 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。 证券代码：600234 证券简称：科新发展 编号：临 2025—030 二、本次诉讼的进展情况 因被告深圳莱华置业有限公司未按照约定时间履行相关款项给 付义务，经提达装饰申请，法院于近日出具了《执行裁定书》（（2025） 粤 0305 执调 11581 号），裁定如下： 冻结、划拨莱华置业存款，扣留、提取其等值收入或查封、扣 押、冻结其等值财产（以上述生效法律文书确定的款项及利息、执行 费、执行中实际支出的费用为限，暂计人民币 152,280,383.99 元）。 本裁定立即执行。 重要内容提示 案件所处的诉讼阶段：强制执行阶段。 上市公司的控股子公司深圳提达装饰工程有限公司所处的当 事人地位：执行申请人。 法院判决被告深圳莱华置业有限公司支付深圳提达装饰工程 有限公司工程款 130,002,183.53 元及相应的逾期付款违约 金。 公司已按照《企业会计准则》等相关规定计提相应坏账准备。 本案目前处于强制执 ...

[Section 1 Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including company names, subsidiaries, regulatory bodies, financial units, and the reporting period Common Terms and Definitions | Term | Definition | | :--- | :--- | | The Company, Company, Listed Company, Kexin Development | Shanxi Kexin Development Co, Ltd | | Shanshui Culture | The company's former name "Shanxi Guanghe Shanshui Culture Communication Co, Ltd" | | Reporting Period | January 1, 2025 to June 30, 2025 | [Section 2 Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its Chinese name, abbreviation, English name, and legal representative Company Information | Indicator | Content | | :--- | :--- | | Company Chinese Name | 山西科新发展股份有限公司 | | Company Chinese Abbreviation | 科新发展 | | Company Legal Representative | Lian Zongsheng | [II. Contact Persons and Methods](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, and phone numbers Contact Information | Position | Name | Contact Address | Phone | | :--- | :--- | :--- | :--- | | Board Secretary | Dai Rong | Floors 1501-1504, Block A, Building 12, Shenzhen Bay Technology and Ecological Park, Nanshan District, Shenzhen | 0755-23996252/0351-4040922 | | Securities Affairs Representative | Wen Tingyun | Floors 1501-1504, Block A, Building 12, Shenzhen Bay Technology and Ecological Park, Nanshan District, Shenzhen | 0755-23996252/0351-4040922 | [III. Summary of Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section presents the current status of the company's basic information, such as registered address, office address, website, and email, noting no changes during the reporting period Basic Information | Indicator | Content | | :--- | :--- | | Company Registered Address | 289 Yingze Street, Yingze District, Taiyuan City | | Company Office Address | Floors 1501-1504, Block A, Building 12, Shenzhen Bay Technology and Ecological Park, Nanshan District, Shenzhen | | Company Website | http://www.600234.net/ | | Email | zq@600234.net | [IV. Summary of Changes in Information Disclosure and Document Location](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the company's designated newspaper for information disclosure, the website for the semi-annual report, and the document location, with no changes during the reporting period Information Disclosure | Indicator | Content | | :--- | :--- | | Information Disclosure Newspaper | Shanghai Securities News | | Website for Semi-Annual Report | www.sse.com.cn | | Semi-Annual Report Location | Company's Securities Investment Management Department | [V. Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation and code, and previous stock abbreviation Stock Profile | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-Share | Shanghai Stock Exchange | Kexin Development | 600234 | *ST Kexin | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's revenue grew significantly by 319.15% and net profit turned positive, while total assets slightly decreased and net assets grew by 4.88% Key Accounting Data (Jan-Jun 2025 vs Prior Year Period) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 128,955,120.72 | 30,765,550.59 | 319.15 | | Total Profit | 24,400,476.30 | -7,046,847.66 | N/A | | Net Profit Attributable to Shareholders | 22,897,206.99 | -7,046,905.51 | N/A | | Net Cash Flow from Operating Activities | -8,702,669.72 | -23,083,387.40 | N/A | | Net Assets Attributable to Shareholders (End of Period) | 491,813,016.97 | 468,915,809.98 (Prior Year-End) | 4.88 | | Total Assets (End of Period) | 819,515,499.85 | 870,920,562.88 (Prior Year-End) | -5.90 | 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) | 0.0872 | -0.0268 | N/A | | Diluted Earnings Per Share (Yuan/Share) | 0.0872 | -0.0268 | N/A | | Basic EPS after Non-recurring Items (Yuan/Share) | -0.0012 | -0.0275 | N/A | | Weighted Average Return on Equity (%) | 0.05 | -0.41 | N/A | | Weighted Average ROE after Non-recurring Items (%) | -0.0007 | -0.42 | N/A | [IX. Non-recurring Profit and Loss Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains totaled 23.22 million yuan, mainly from government grants and the reversal of impairment provisions for individually tested receivables Non-recurring Profit and Loss Items and Amounts | Non-recurring Item | Amount (Yuan) | | :--- | :--- | | Government grants included in current profit or loss | 603,488.08 | | Reversal of impairment provision for individually tested receivables | 23,007,348.42 | | Other non-operating income and expenses | -392,083.76 | | Minority interest impact (after tax) | 0.25 | | Total | 23,218,752.49 | [Section 3 Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Description of the Company's Industry and Main Business during the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main businesses are construction engineering, office leasing, and internet advertising, with construction being the primary revenue source - The company's business segments include construction engineering, office building leasing, and internet advertising, with construction engineering being the main source of revenue[25](index=25&type=chunk) [(I) Main Business Introduction](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E4%BB%8B%E7%BB%8D) The company operates its construction business via subsidiaries, offers office leasing through its own property, and provides digital marketing services - **Construction Engineering**: Provides integrated design and construction services through subsidiaries Tida Decoration, Tida Construction, and Tida Electromechanical, holding multiple professional qualifications[26](index=26&type=chunk) - **Office Building Leasing**: Generates rental and property management income from its self-owned Tianlong Building[27](index=27&type=chunk) - **Internet Advertising**: Provides digital marketing services through Haoyuanjing Technology, leveraging platforms like Tencent, Ocean Engine, and Xiaohongshu[28](index=28&type=chunk) [(II) Business Model](index=7&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The construction business acquires projects through bidding, while the internet advertising business profits from media platform rebates - **Construction Engineering**: Secures projects primarily through bidding, offering a full-process service system managed by its engineering technology center[29](index=29&type=chunk)[30](index=30&type=chunk) - **Internet Advertising**: Provides ad placement and risk management services for advertisers, earning profits through media platform rebates[31](index=31&type=chunk) [(III) Industry Overview](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The construction decoration industry grew, while real estate sales declined, but the urban renewal market is expanding with strong policy support - **Construction Decoration Industry**: Output value in H1 2025 was **597.293 billion yuan**, a year-on-year increase of **4.3%**[32](index=32&type=chunk) - **Real Estate Market**: In H1 2025, national commercial housing sales area and sales value decreased by **3.5%** and **5.5%** year-on-year, respectively[32](index=32&type=chunk) - **Urban Renewal**: The market size is projected to exceed **8.6 trillion yuan** in 2025, supported by national policies, with over 60,000 projects implemented in 2024, representing an investment of about **2.9 trillion yuan**[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - **Internet Advertising**: Generative AI is becoming a core tool for personalized ad creation, while VR and live streaming are emerging as new advertising channels[35](index=35&type=chunk) [II. Discussion and Analysis of Operating Performance](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company's delisting risk warning was removed as revenue grew 319.15% and net profit turned positive, driven by construction business growth - The company's delisting risk warning was revoked in May 2025 as management focused on executing a centralized strategy[36](index=36&type=chunk) - Construction engineering business revenue reached **118.12 million yuan**, a year-on-year increase of **413.54%**[38](index=38&type=chunk) - Office building leasing business revenue was **6.28 million yuan**, a year-on-year increase of **1.12%**[38](index=38&type=chunk) - Internet advertising business is gradually scaling down, with revenue of **4.55 million yuan**[38](index=38&type=chunk) Operating Performance Overview (Jan-Jun 2025) | Indicator | Current Period (million Yuan) | Prior Year Period (million Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 128.96 | 30.77 | 319.15 | | Net Profit Attributable to Shareholders | 22.90 | -7.05 | N/A | | Net Profit after Non-recurring Items | -0.32 | -7.21 | N/A | | Net Cash Flow from Operating Activities | -8.70 | -23.08 | N/A | | Total Assets (End of Period) | 819.52 | 870.92 (2024 Year-End) | -5.90 | | Net Assets (End of Period) | 491.81 | 468.92 (2024 Year-End) | 4.88 | | Total Liabilities (End of Period) | 308.05 | 382.79 (2024 Year-End) | -19.53 | | Asset-Liability Ratio (End of Period) | 37.59% | - | - | [III. Analysis of Core Competitiveness during the Reporting Period](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its extensive construction qualifications, strong brand reputation, and stable, experienced management team - **Construction Qualification Advantage**: Holds **17 engineering qualifications**, including Grade I for building decoration and Grade II for electromechanical installation, enhancing market competitiveness[39](index=39&type=chunk) - **Engineering Quality and Brand Advantage**: Focuses on brand building and integrity, with its subsidiary Tida Decoration recognized as a member of multiple industry associations[39](index=39&type=chunk) - **Stable Management Team Advantage**: The management and technical teams possess extensive industry experience and certifications, enabling full-cycle service capabilities[39](index=39&type=chunk) [IV. Key Operating Activities during the Reporting Period](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes changes in financial statement items, assets, liabilities, investments, and key subsidiaries during the reporting period [(I) Main Business Analysis](index=10&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue and costs rose significantly due to increased project settlements in the construction segment, while operating expenses also grew - **Revenue and cost of sales increased substantially** due to a larger scale of project settlements in the construction engineering segment[40](index=40&type=chunk)[41](index=41&type=chunk) - **Selling expenses increased by 20.86%**, mainly due to personnel salaries in the internet advertising business[41](index=41&type=chunk) - **Administrative expenses increased by 33.70%**, primarily from higher personnel salaries and professional service fees in the first half of the year[41](index=41&type=chunk) - **Finance costs were negative but decreased** year-on-year as interest income exceeded expenses, though a lower average cash balance reduced interest income[41](index=41&type=chunk) - **Net cash outflow from operating activities narrowed** as management intensified efforts to collect historical receivables[41](index=41&type=chunk) - **Net cash flow from financing activities increased** due to a short-term bank loan obtained by a subsidiary[42](index=42&type=chunk) Analysis of Financial Statement Items (Jan-Jun 2025 vs Prior Year Period) | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 128,955,120.72 | 30,765,550.59 | 319.15 | | Operating Costs | 110,246,109.27 | 21,269,254.45 | 418.34 | | Selling Expenses | 912,818.27 | 755,245.18 | 20.86 | | Administrative Expenses | 15,101,291.62 | 11,295,221.06 | 33.70 | | Finance Costs | -98,933.47 | -272,667.11 | N/A | | R&D Expenses | 0 | 1,525,815.74 | -100 | | Net Cash Flow from Operating Activities | -8,702,669.72 | -23,083,387.40 | N/A | | Net Cash Flow from Investing Activities | -357,976.35 | -1,583,416.92 | N/A | | Net Cash Flow from Financing Activities | 7,468,663.50 | -1,220,363.59 | N/A | [(III) Analysis of Assets and Liabilities](index=11&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Total assets and liabilities decreased by 5.90% and 19.53% respectively, with notable reductions in receivables, contract assets, and contract liabilities - At the end of the period, **restricted cash and cash equivalents totaled 0.46 million yuan**, with 0.16 million yuan frozen due to dormant accounts and 0.30 million yuan frozen due to litigation[47](index=47&type=chunk) Changes in Assets and Liabilities (Period-End vs Prior Year-End) | Item | Current Period-End (Yuan) | % of Total Assets | Prior Year-End (Yuan) | % of Total Assets | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 214,236,954.74 | 26.14 | 232,954,069.69 | 26.75 | -8.03 | Collection of historical receivables and scale-down of internet advertising | | Other Receivables | 11,456,095.09 | 1.40 | 17,362,362.22 | 1.99 | -34.02 | Collection of partial payment for the transfer of Shaanxi Runting Advertising | | Contract Assets | 78,982,881.52 | 9.64 | 97,827,130.34 | 11.23 | -19.26 | Reclassification to accounts receivable upon meeting settlement conditions | | Other Current Assets | 15,231,929.68 | 1.86 | 12,847,142.70 | 1.48 | 18.56 | Increase in input VAT to be credited from internet advertising business | | Right-of-use Assets | 1,854,598.73 | 0.23 | 5,195,659.62 | 0.60 | -64.30 | Early termination of office leases and normal depreciation | | Deferred Tax Assets | 677,104.88 | 0.08 | 1,581,447.48 | 0.18 | -57.18 | Decrease in deductible temporary differences due to lower right-of-use asset value | | Contract Liabilities | 14,035,268.35 | 1.71 | 24,994,381.89 | 2.87 | -43.85 | Decrease in advance payments due to scaling down of internet advertising | | Employee Benefits Payable | 1,792,605.62 | 0.22 | 3,075,852.06 | 0.35 | -41.72 | Payment of year-end bonuses accrued at the end of the previous year | | Taxes Payable | 13,694,415.03 | 1.67 | 19,007,475.29 | 2.18 | -27.95 | Payment of corporate income tax for the previous year | | Lease Liabilities | 194,574.94 | 0.02 | 3,088,837.81 | 0.35 | -93.70 | Early lease termination and reclassification to current portion | [(IV) Investment Status Analysis](index=13&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's overall equity investments remained stable, with the primary financial asset at fair value being its stake in Zhenjinzhuan Development Financial Assets at Fair Value (Period-End) | Asset Class | Beginning Balance (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | | Other (Equity investment in Zhenjinzhuan) | 819,049.62 | 819,049.62 | [(VI) Analysis of Major Subsidiaries and Associates](index=15&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's main subsidiaries contributed to revenue and profit, while its associate, Beijing Junren Pictures, remains inactive and is pending disposal - Associates Zhenjinzhuan Development Co, Ltd (19.23% stake) and Beijing Junren Pictures (45% stake) are not consolidated[53](index=53&type=chunk) - Beijing Junren Pictures has not conducted substantive business since its establishment, and the company is actively pursuing the disposal of its equity stake[53](index=53&type=chunk) Key Subsidiary Financials (Jan-Jun 2025, Unit: million Yuan) | Company Name | Main Business | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | | Tianlong Hengshun Trading | Property leasing, etc | 4.05 | -0.72 | | Shenzhen Tida Decoration | Building decoration, etc | 78.92 | 19.31 | | Haoyuanjing Technology | Digital marketing services | 4.55 | 1.34 | | Tida Electromechanical | Electromechanical installation, etc | 9.96 | 2.33 | | Tida Construction | Construction engineering, etc | 29.24 | 1.73 | [V. Other Disclosure Matters](index=16&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from macroeconomic fluctuations, intense market competition, and liquidity constraints due to delayed customer payments [(I) Potential Risks](index=16&type=section&id=%28%E4%B8%80%29%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company is exposed to macroeconomic and policy risks affecting the construction sector, fierce market competition, and liquidity pressures - **Macroeconomic and Policy Risks**: The construction engineering industry is highly correlated with economic cycles and macroeconomic policies, posing risks to business development[54](index=54&type=chunk) - **Market Competition Risk**: Intense competition and product homogenization in the construction industry may lead to increased market pressure and declining gross profit margins[54](index=54&type=chunk) - **Liquidity Risk**: Delayed payments from some construction business clients have resulted in uncollected receivables, causing liquidity constraints[54](index=54&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=17&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [II. Profit Distribution or Capital Reserve Capitalization Plan](index=17&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution or capital reserve capitalization plan for the reporting period Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Distribution or Capitalization | No | | Bonus Shares per 10 Shares | 0 | | Cash Dividend per 10 Shares (Yuan, incl tax) | 0 | | Capitalized Shares per 10 Shares | 0 | [Section 5 Important Matters](index=18&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [I. Fulfillment of Commitments](index=18&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) All commitments made by the company's actual controller, controlling shareholder, and other related parties were strictly fulfilled during the reporting period - Kexin Industrial Holdings has made a long-term commitment to resolve industry competition and avoid direct or indirect competition with the listed company[60](index=60&type=chunk) - Kexin Industrial Holdings has made a long-term commitment to regulate related-party transactions, conducting them on a fair and market-based principle when necessary[60](index=60&type=chunk)[61](index=61&type=chunk) - Kexin Industrial Holdings has made a long-term commitment to maintain the company's independence in business, assets, finance, personnel, and organization[61](index=61&type=chunk)[62](index=62&type=chunk) - The actual controller, Mr Lian Zongsheng, has made a long-term commitment that acquisition funds are from legitimate personal or self-raised sources, free from external fundraising or complex arrangements[62](index=62&type=chunk)[63](index=63&type=chunk) - Mr Lian Zongsheng and related parties have committed to maintaining the company's independence and regulating related-party transactions while acting as the actual controller[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) [VII. Major Litigation and Arbitration Matters](index=26&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company resolved 11 lawsuits involving 31.84 million yuan and has 11 pending cases, with total claims of 141.83 million yuan as plaintiff - During the reporting period, **11 litigation cases were resolved**, involving approximately **31.84 million yuan**[68](index=68&type=chunk) - There are currently **11 unresolved litigation cases**, with no new progress in four of them, involving a total of approximately **2.71 million yuan**[68](index=68&type=chunk) - As plaintiff, there are **4 cases involving a total of approximately 141.83 million yuan**, including disputes over lease and construction contracts, a company dissolution case, and a service contract dispute[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - As defendant, there are **3 cases involving a total of approximately 3.26 million yuan**, related to sales contract disputes, director compensation, and shareholder liability claims[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk) [IX. Statement on the Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=28&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company, its controlling shareholder, and actual controller maintained a good integrity record with no unfulfilled court judgments or major overdue debts - The company, its controlling shareholder, and actual controller have a good integrity record, with no unfulfilled court judgments or significant overdue debts[73](index=73&type=chunk) [XI. Major Contracts and Their Performance](index=30&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the company's leasing activities and major guarantees, including leasing out its own property and providing a guarantee for a subsidiary's loan [(I) Custody, Contracting, and Leasing Matters](index=30&type=section&id=%28%E4%B8%80%29%20%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9) The company generated 6.28 million yuan in rental income from its Tianlong Building and incurred 1.33 million yuan in rent expenses for its offices - The company manages the leasing of Taiyuan Tianlong Building, with lease agreements signed with 32 tenants for terms of 1-8 years, none of whom are related parties[76](index=76&type=chunk) - In the first half of 2025, total rental income was **6.28 million yuan**[76](index=76&type=chunk) - During the reporting period, the company's rental expenses for its offices totaled **1.33 million yuan**[76](index=76&type=chunk) [(II) Major Guarantees Performed and Outstanding during the Reporting Period](index=31&type=section&id=%28%E4%BA%8C%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company provided an 8 million yuan guarantee for its subsidiary, Tida Decoration, representing 1.63% of the company's net assets - The company provided a joint liability guarantee for an **8 million yuan** working capital loan for its wholly-owned subsidiary, Tida Decoration, which was approved by the shareholders' meeting[78](index=78&type=chunk) Company's Total Guarantee Amount (Including Guarantees for Subsidiaries) | Indicator | Amount (Yuan) | | :--- | :--- | | Guarantees for subsidiaries incurred during the period | 8,000,000.00 | | Balance of guarantees for subsidiaries at period-end (B) | 8,000,000.00 | | Total Guarantee Amount (A+B) | 8,000,000.00 | | Total Guarantee Amount as a % of Net Assets | 1.63 | | Guarantees for entities with an asset-liability ratio over 70% (D) | 8,000,000.00 | | Total of the above three guarantee categories (C+D+E) | 8,000,000.00 | [Section 6 Changes in Share Capital and Shareholders](index=32&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [I. Changes in Share Capital](index=32&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total number of shares and share capital structure remained unchanged during the reporting period - The company's total number of shares and share capital structure did not change during the reporting period[80](index=80&type=chunk) [II. Shareholder Information](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the period-end, the company had 9,942 shareholders, with the top two holding 17.88% and 10.35% respectively, and some shareholders acting in concert - Total number of common shareholders at the end of the reporting period: **9,942**[81](index=81&type=chunk) - Shenzhen Kexin Industrial Holdings Co, Ltd and Shenzhen Paide Yisheng Investment Partnership (LP) are in a concert party relationship[84](index=84&type=chunk) - Zhong Ansheng and Zheng Junjie previously had joint investment and employment relationships, forming a concert party relationship[84](index=84&type=chunk) - Hou Wuhong is in a concert party relationship with Lian Miaolin, and Lian Chunjun is also in a concert party relationship with Lian Miaolin[84](index=84&type=chunk) Top Ten Shareholders (Period-End) | Shareholder Name | Shares Held (Shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Shenzhen Kexin Industrial Holdings Co, Ltd | 46,949,044 | 17.88 | Domestic Non-state-owned Legal Entity | | Shenzhen Paide Yisheng Investment Partnership (LP) | 27,164,647 | 10.35 | Domestic Non-state-owned Legal Entity | | Wang Peng | 13,126,049 | 5.00 | Domestic Natural Person | | Sanya Donghui Investment Co, Ltd | 12,939,100 | 4.93 | Domestic Non-state-owned Legal Entity | | Zhong Ansheng | 11,033,598 | 4.20 | Domestic Natural Person | | Lian Miaolin | 8,855,382 | 3.37 | Domestic Natural Person | | Liu Xiaocong | 6,618,380 | 2.52 | Domestic Natural Person | | Lian Miaochun | 5,596,393 | 2.13 | Domestic Natural Person | | Zheng Junjie | 5,400,229 | 2.06 | Domestic Natural Person | | Hou Wuhong | 5,396,743 | 2.06 | Domestic Natural Person | [Section 7 Bond-related Information](index=34&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [I. Corporate Bonds (including Enterprise Bonds) and Non-financial Enterprise Debt Financing Instruments](index=34&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period [II. Convertible Corporate Bonds](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company had no convertible corporate bonds during the reporting period [Section 8 Financial Report](index=35&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [II. Financial Statements](index=35&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for the first half of 2025, detailing its financial position and performance [Consolidated Balance Sheet](index=35&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total consolidated assets were 819 million yuan, with total liabilities of 308 million yuan and total equity of 511 million yuan Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 56,124,742.28 | 61,110,222.74 | | Accounts Receivable | 214,236,954.74 | 232,954,069.69 | | Contract Assets | 78,982,881.52 | 97,827,130.34 | | Total Current Assets | 384,465,604.60 | 431,294,065.10 | | Investment Property | 427,507,800.00 | 427,507,800.00 | | Total Non-current Assets | 435,049,895.25 | 439,626,497.78 | | Total Assets | 819,515,499.85 | 870,920,562.88 | | Short-term Borrowings | 8,000,000.00 | 0 | | Accounts Payable | 157,104,959.25 | 216,035,864.42 | | Contract Liabilities | 14,035,268.35 | 24,994,381.89 | | Total Current Liabilities | 215,082,061.45 | 286,207,481.66 | | Total Non-current Liabilities | 92,966,423.31 | 96,584,913.52 | | Total Liabilities | 308,048,484.76 | 382,792,395.18 | | Total Equity Attributable to Parent | 491,813,016.97 | 468,915,809.98 | | Total Equity | 511,467,015.09 | 488,128,167.70 | [Consolidated Income Statement](index=40&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, the company achieved total revenue of 129 million yuan, a 319.15% increase, and turned a profit with a net income of 23.34 million yuan Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 128,955,120.72 | 30,765,550.59 | | Total Operating Costs | 127,522,158.40 | 35,546,049.47 | | Operating Profit | 24,792,560.06 | -7,048,843.76 | | Total Profit | 24,400,476.30 | -7,046,847.66 | | Net Profit | 23,338,847.39 | -7,046,847.66 | | Net Profit Attributable to Parent | 22,897,206.99 | -7,046,905.51 | | Basic Earnings Per Share (Yuan/Share) | 0.0872 | -0.0268 | [Consolidated Cash Flow Statement](index=43&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, net cash outflow from operating activities was 8.70 million yuan, while net cash inflow from financing activities was 7.47 million yuan - Cash inflow from financing activities was primarily from an **8 million yuan** loan[104](index=104&type=chunk) Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -8,702,669.72 | -23,083,387.40 | | Net Cash Flow from Investing Activities | -357,976.35 | -1,583,416.92 | | Net Cash Flow from Financing Activities | 7,468,663.50 | -1,220,363.59 | | Net Increase in Cash and Cash Equivalents | -1,591,982.57 | -25,887,167.91 | | Cash and Cash Equivalents at End of Period | 55,666,487.98 | 45,077,721.55 | [III. Company Basic Information](index=55&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, now Shanxi Kexin Development, operates in construction, leasing, and advertising, with a registered capital of 263 million yuan - The company was founded in December 1988 and listed on the Shanghai Stock Exchange on June 15, 2000[117](index=117&type=chunk) - As of June 30, 2025, the company's total issued share capital is **262.52 million shares**, with a registered capital of **262.52 million yuan**[118](index=118&type=chunk) - The company's headquarters is in Shenzhen, and the ultimate actual controller is Lian Zongsheng[118](index=118&type=chunk) - Main business activities include construction engineering, office building leasing, and internet advertising[118](index=118&type=chunk) Subsidiaries in Consolidated Financial Statements | Subsidiary Name | Abbreviation | Change | | :--- | :--- | :--- | | Shanxi Jinzheng Optical Technology Co, Ltd | Jinzheng Optical | No change | | Taiyuan Tianlong Hengshun Trading Co, Ltd | Tianlong Hengshun | No change | | Shenzhen Shanshui Tianhu Information Technology Co, Ltd | Shanshui Tianhu | No change (Name changed) | | Shenzhen Tida Decoration Engineering Co, Ltd | Tida Decoration | No change | | Shenzhen Tida Construction Engineering Co, Ltd | Tida Construction | No change | | Shenzhen Tida Electromechanical Technology Co, Ltd | Tida Electromechanical | No change | [IV. Basis of Preparation for Financial Statements](index=55&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, with the company confirming its ability to continue operations for at least 12 months - The company's financial statements are prepared on a going concern basis[119](index=119&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant events affecting this ability[120](index=120&type=chunk) [V. Significant Accounting Policies and Estimates](index=55&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details key accounting policies and estimates for areas like revenue recognition, financial instruments, and asset valuation - The company's financial statements comply with corporate accounting standards, providing a true and fair view of its financial position[122](index=122&type=chunk) - The accounting year is from January 1 to December 31, with an operating cycle of 12 months[123](index=123&type=chunk)[124](index=124&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[143](index=143&type=chunk) - Revenue is recognized when the customer obtains control of the goods or services, at the transaction price allocated to the performance obligation[217](index=217&type=chunk) - Revenue from construction is recognized over time using the input method, rental income is recognized on a straight-line basis, and advertising revenue is based on consumption[219](index=219&type=chunk) [VI. Taxation](index=82&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section outlines the company's main taxes and rates, including VAT and corporate income tax, and details tax incentives for its subsidiaries - Subsidiaries Taiyuan Tianlong Hengshun, Shenzhen Tida Construction, and Shenzhen Mingzhuang Commercial Development benefit from small and micro-enterprise income tax reductions until December 31, 2027[333](index=333&type=chunk)[334](index=334&type=chunk) - These subsidiaries also enjoy a 50% reduction in "six taxes and two fees" until December 31, 2027[335](index=335&type=chunk) Main Taxes and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Net of output tax less deductible input tax | 13%, 9%, 6%, 3% (simplified) | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 16.50% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | | Property Tax | 70% of property's original value (or rental income) | 12%, 1.2% | Corporate Income Tax Rates by Entity | Entity Name | Income Tax Rate (%) | | :--- | :--- | | Shanxi Kexin Development Co, Ltd | 25% | | Taiyuan Tianlong Hengshun Trading Co, Ltd | 20% | | Shenzhen Tida Construction Engineering Co, Ltd | 20% | | Shenzhen Mingzhuang Commercial Development Co, Ltd | 20% | | Hong Kong Shanshui Yunmei Technology Co, Ltd | 16.50% | [VII. Notes to Consolidated Financial Statement Items](index=83&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the consolidated financial statements, explaining balances, changes, and influencing factors [1. Cash and Cash Equivalents](index=83&type=section&id=1%E3%80%81%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) The period-end balance of cash and cash equivalents was 56.12 million yuan, with 0.46 million yuan restricted due to frozen accounts - At period-end, **restricted cash totaled 458,254.30 yuan**, with 163,156.38 yuan frozen due to dormant accounts and 295,097.92 yuan frozen due to litigation[337](index=337&type=chunk) Composition of Cash and Cash Equivalents (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Cash on Hand | 342.25 | | Bank Deposits | 55,666,145.73 | | Other Cash Equivalents | 458,254.30 | | Total | 56,124,742.28 | [5. Accounts Receivable](index=84&type=section&id=5%E3%80%81%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) The gross balance of accounts receivable was 339 million yuan at period-end, with a total bad debt provision of 124 million yuan Accounts Receivable by Aging (Period-End) | Aging | Gross Balance (Yuan) | | :--- | :--- | | Within 1 year | 180,074,037.20 | | 1 to 2 years | 37,657,742.21 | | 2 to 3 years | 21,416,688.16 | | Over 3 years | 99,485,013.82 | | Total | 338,633,481.39 | Bad Debt Provision for Accounts Receivable (Period-End) | Category | Gross Balance (Yuan) | Bad Debt Provision (Yuan) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Individually Assessed | 136,894,503.17 | 112,033,932.45 | 81.84 | | Collectively Assessed | 201,738,978.22 | 12,362,594.20 | 6.13 | | Total | 338,633,481.39 | 124,396,526.65 | - | Top 5 Accounts Receivable and Contract Assets by Debtor (Period-End) | Debtor Name | Accounts Receivable (Yuan) | Contract Assets (Yuan) | % of Total | | :--- | :--- | :--- | :--- | | Shenzhen Laihua Real Estate Co, Ltd | 112,544,711.77 | 0 | 26.59 | | Guangdong Qishang Construction Group Co, Ltd | 34,444,107.70 | 2,084,642.84 | 8.63 | | Shenzhen Jinshiji Engineering Industrial Co, Ltd | 23,603,822.84 | 12,143,090.58 | 8.44 | | Nantong Fourth Construction Group Co, Ltd | 26,758,469.98 | 8,188,833.94 | 8.26 | | Shenzhen Huansheng Construction Group Co, Ltd | 28,047,000.09 | 5,266,932.88 | 7.87 | | Total | 225,398,112.38 | 27,683,500.24 | 59.79 | [6. Contract Assets](index=89&type=section&id=6%E3%80%81%E5%90%88%E5%90%8C%E8%B5%84%E4%BA%A7) The carrying value of contract assets decreased by 19.26% to 78.98 million yuan, mainly due to reclassification to accounts receivable Contract Assets (Period-End) | Item | Gross Balance (Yuan) | Bad Debt Provision (Yuan) | Carrying Value (Yuan) | | :--- | :--- | :--- | :--- | | Contract assets from projects recognized over time | 79,659,602.15 | 5,511,677.73 | 74,147,924.42 | | Project retention money | 5,003,643.76 | 168,686.66 | 4,834,957.10 | | Total | 84,663,245.91 | 5,680,364.39 | 78,982,881.52 | Bad Debt Provision for Contract Assets (Period-End) | Category | Gross Balance (Yuan) | Bad Debt Provision (Yuan) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Individually Assessed | 5,097,915.91 | 4,035,307.65 | 79.16 | | Collectively Assessed | 79,565,330.00 | 1,645,056.74 | 2.07 | | Total | 84,663,245.91 | 5,680,364.39 | - | [9. Other Receivables](index=94&type=section&id=9%E3%80%81%E5%85%B6%E4%BB%96%E5%BA%94%E6%94%B6%E6%AC%BE) The gross balance of other receivables was 51.78 million yuan, primarily consisting of inter-company balances and proceeds from equity transfers Other Receivables by Aging (Period-End) | Aging | Gross Balance (Yuan) | | :--- | :--- | | Within 1 year | 11,417,561.86 | | 1 to 2 years | 602,763.03 | | 2 to 3 years | 20,000.00 | | Over 3 years | 39,744,305.71 | | Total | 51,784,629.60 | Other Receivables by Nature (Period-End) | Nature | Gross Balance (Yuan) | | :--- | :--- | | Inter-company balances | 38,539,719.15 | | Equity transfer proceeds | 9,500,000.00 | | Deposits and guarantees | 2,460,371.61 | | Remaining land auction payment | 739,441.98 | | Petty cash | 351,719.30 | | Other | 193,377.56 | | Total | 51,784,629.60 | Bad Debt Provision for Other Receivables (Period-End) | Category | Ending Balance (Yuan) | | :--- | :--- | | Collectively Assessed | 40,328,534.51 | | Total | 40,328,534.51 | Top 5 Other Receivables by Debtor (Period-End) | Debtor Name | Ending Balance (Yuan) | % of Total | Nature | | :--- | :--- | :--- | :--- | | Korea Welltech Co | 12,106,202.42 | 23.38 | Inter-company balance | | Fujian Lanyue Enterprise Management Co, Ltd | 9,500,000.00 | 18.35 | Equity transfer proceeds | | Zhuhai Jinzheng Electric Appliance Co, Ltd | 6,603,561.05 | 12.75 | Inter-company balance | | Ruifeng Pharmaceutical | 3,900,000.00 | 7.53 | Inter-company balance | | Hexi Shopping Mall | 2,411,866.80 | 4.66 | Inter-company balance | | Total | 34,521,630.27 | 66.67 | - | [32. Short-term Borrowings](index=109&type=section&id=32%E3%80%81%E7%9F%AD%E6%9C%9F%E5%80%9F%E6%AC%BE) The period-end balance of short-term borrowings was 8 million yuan, representing a credit loan obtained by a subsidiary - The credit loan is an **8 million yuan** borrowing obtained by Shenzhen Tida Decoration from Bank of China on June 27, 2025, with a 36-month term[302](index=302&type=chunk) Short-term Borrowings by Type (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Credit Loans | 8,000,000.00 | | Total | 8,000,000.00 | [36. Accounts Payable](index=110&type=section&id=36%E3%80%81%E5%BA%94%E4%BB%98%E8%B4%A6%E6%AC%BE) The balance of accounts payable decreased to 157 million yuan from 216 million yuan, with the majority due within one year Accounts Payable by Aging (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Within 1 year | 99,385,030.78 | | 1-2 years | 9,619,322.53 | | 2-3 years | 5,396,589.51 | | Over 3 years | 42,704,016.43 | | Total | 157,104,959.25 | [38. Contract Liabilities](index=111&type=section&id=38%E3%80%81%E5%90%88%E5%90%8C%E8%B4%9F%E5%80%BA) Contract liabilities decreased significantly to 14.04 million yuan due to the scale-down of the internet advertising business Contract Liabilities (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Advances from customers | 14,035,268.35 | | Total | 14,035,268.35 | [39. Employee Benefits Payable](index=111&type=section&id=39%E3%80%81%E5%BA%94%E4%BB%98%E8%81%8C%E5%B7%A5%E8%96%AA%E9%85%AC) The balance of employee benefits payable decreased to 1.79 million yuan following the payment of prior-year bonuses Employee Benefits Payable (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | I. Short-term benefits | 1,792,605.62 | | II. Post-employment benefits - defined contribution plans | 0 | | Total | 1,792,605.62 | Short-term Benefits (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | I. Salaries, bonuses, allowances, and subsidies | 1,506,309.24 | | IV. Housing provident fund | 2,370.00 | | V. Union fees and employee education funds | 283,926.38 | | Total | 1,792,605.62 | [40. Taxes Payable](index=112&type=section&id=40%E3%80%81%E5%BA%94%E4%BA%A4%E7%A8%8E%E8%B4%B9) The balance of taxes payable decreased to 13.69 million yuan after the payment of prior-year corporate income tax Composition of Taxes Payable (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Value-Added Tax | 12,101,415.20 | | Corporate Income Tax | 678,515.22 | | Personal Income Tax | 66,883.50 | | Urban Maintenance and Construction Tax | 493,099.19 | | Education Surcharge | 211,199.79 | | Local Education Surcharge | 141,072.81 | | Stamp Duty | 2,229.32 | | Total | 13,694,415.03 | [41. Other Payables](index=112&type=section&id=41%E3%80%81%E5%85%B6%E4%BB%96%E5%BA%94%E4%BB%98%E6%AC%BE) The balance of other payables decreased to 16.32 million yuan, comprising mainly borrowings, construction payables, and professional fees Other Payables by Nature (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Borrowings and interest | 771,264.00 | | Construction payables | 4,765,765.15 | | Professional service fees | 2,500,000.00 | | Deposits and supplier payables | 2,221,030.45 | | Other | 6,062,821.96 | | Total | 16,320,881.56 | [43. Non-current Liabilities Due within One Year](index=113&type=section&id=43%E3%80%811%20%E5%B9%B4%E5%86%85%E5%88%B0%E6%9C%9F%E7%9A%84%E9%9D%9E%E6%B5%81%E5%8A%A8%E8%B4%9F%E5%80%BA) The balance of non-current liabilities due within one year was 1.80 million yuan, consisting entirely of current lease liabilities Non-current Liabilities Due within One Year (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Lease liabilities due within 1 year | 1,800,754.87 | | Total | 1,800,754.87 | [47. Lease Liabilities](index=114&type=section&id=47%E3%80%81%E7%A7%9F%E8%B5%81%E8%B4%9F%E5%80%BA) Lease liabilities decreased significantly to 0.19 million yuan due to early lease terminations and reclassifications Lease Liabilities (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Lease payments payable | 2,043,543.59 | | Less: Unrecognized finance charges | 48,213.78 | | Less: Lease liabilities due within one year | 1,800,754.87 | | Lease liabilities ending balance | 194,574.94 | [53. Share Capital](index=116&type=section&id=53%E3%80%81%E8%82%A1%E6%9C%AC) The company's total share capital remained unchanged during the reporting period at 263 million yuan - The company's total number of shares and share capital structure did not change during the reporting period[327](index=327&type=chunk) Share Capital (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Total Shares | 262,520,973.00 | [55. Capital Reserve](index=116&type=section&id=55%E3%80%81%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF) The company's capital reserve remained unchanged at 744 million yuan, consisting of capital premium and other capital reserves - There was no change in capital reserve during the period[328](index=328&type=chunk) Composition of Capital Reserve (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Capital premium (Share premium) | 479,807,171.90 | | Other capital reserve | 263,889,333.21 | | Total | 743,696,505.11 | [59. Surplus Reserve](index=116&type=section&id=59%E3%80%81%E7%9B%88%E4%BD%99%E5%85%AC%E7%A7%AF) The company's surplus reserve remained unchanged at 12.62 million yuan, entirely comprising the statutory surplus reserve - There was no change in surplus reserve during the period[330](index=330&type=chunk) Composition of Surplus Reserve (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Statutory surplus reserve | 12,617,809.90 | | Total | 12,617,809.90 | [60. Retained Earnings](index=117&type=section&id=60%E3%80%81%E6%9C%AA%E5%88%86%E9%85%8D%E5%88%A9%E6%B6%A6) The deficit in retained earnings narrowed to -527 million yuan from -550 million yuan, reflecting the net profit of 22.90 million yuan for the period Retained Earnings | Item | Current Period (Yuan) | | :--- | :--- | | Retained earnings at beginning of prior period, before adjustment | -549,919,478.03 | | Add: Net profit attributable to parent company owners | 22,897,206.99 | | Retained earnings at end of period | -527,022,271.04 | [61. Revenue and Cost of Sales](index=117&type=section&id=61%E3%80%81%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) Revenue and cost of sales grew significantly, driven by the construction engineering segment, which contributed 118 million yuan in revenue Revenue and Cost of Sales (Current Period) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 128,955,120.72 | 110,246,109.27 | | Total | 128,955,120.72 | 110,246,109.27 | Breakdown of Revenue and Cost of Sales (Current Period) | Contract Type | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Leasing Business | 6,283,893.41 | 390,459.93 | | Construction Engineering Business | 118,117,671.28 | 108,561,792.09 | | Internet Advertising Business | 4,553,556.03 | 1,293,857.25 | | Total | 128,955,120.72 | 110,246,109.27 | [64. Administrative Expenses](index=119&type=section&id=64%E3%80%81%E7%AE%A1%E7%90%86%E8%B4%B9%E7%94%A8) Administrative expenses increased by 33.70% to 15.10 million yuan, driven by higher staff costs and professional fees Composition of Administrative Expenses (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Employee benefits | 9,578,600.12 | | Professional, consulting, and other fees | 2,747,675.84 | | Lease expenses | 476,347.67 | | Office expenses | 408,371.45 | | Travel expenses | 237,034.84 | | Board of directors fees | 196,908.06 | | Depreciation and amortization | 1,767,574.15 | | Repair expenses | 227,656.82 | | Entertainment expenses | 355,085.43 | | Utilities and telephone expenses | 61,951.29 | | Litigation fees | -955,914.05 | | Total | 15,101,291.62 | [66. Finance Costs](index=120&type=section&id=66%E3%80%81%E8%B4%A2%E5%8A%A1%E8%B4%B9%E7%94%A8) Net finance income was 0.10 million yuan, a decrease from the prior period due to lower average cash balances reducing interest income Composition of Finance Costs (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Interest expense | 125,940.93 | | Less: Interest income | 256,305.34 | | Bank charges | 31,430.94 | | Total | -98,933.47 | [71. Credit Impairment Loss](index=121&type=section&id=71%E3%80%81%E4%BF%A1%E7%94%A8%E5%87%8F%E5%80%BC%E6%8D%9F%E5%A4%B1) The credit impairment loss for the period was 21.50 million yuan, primarily related to bad debt losses on accounts receivable Composition of Credit Impairment Loss (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Bad debt loss on accounts receivable | 21,232,376.94 | | Bad debt loss on other receivables | 271,698.25 | | Total | 21,504,075.19 | [72. Asset Impairment Loss](index=121&type=section&id=72%E3%80%81%E8%B5%84%E4%BA%A7%E5%87%8F%E5%80%BC%E6%8D%9F%E5%A4%B1) The asset impairment loss for the period was 1.24 million yuan, entirely from the impairment of contract assets Composition of Asset Impairment Loss (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | I. Impairment loss on contract assets | 1,238,022.35 | | Total | 1,238,022.35 | [74. Non-operating Income](index=122&type=section&id=74%E3%80%81%E8%90%A5%E4%B8%9A%E5%A4%96%E6%94%B6%E5%85%A5) Non-operating income for the period was 28,440 yuan, consisting of penalty income Composition of Non-operating Income (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Penalty income | 28,440.37 | | Total | 28,440.37 | [75. Non-operating Expenses](index=122&type=section&id=75%E3%80%81%E8%90%A5%E4%B8%9A%E5%A4%96%E6%94%AF%E5%87%BA) Non-operating expenses totaled 0.42 million yuan, mainly from condolence payments and penalty expenses Composition of Non-operating Expenses (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Penalty expenses | 13,038.80 | | Condolence payment for deceased employee | 407,485.33 | | Total | 420,524.13 | [76. Income Tax Expense](index=122&type=section&id=76%E3%80%81%E6%89%80%E5%BE%97%E7%A8%8E%E8%B4%B9%E7%94%A8) The income tax expense for the period was 1.06 million yuan, comprising current and deferred tax expenses Income Tax Expense (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Current income tax expense | 867,566.23 | | Deferred income tax expense | 194,062.68 | | Total | 1,061,628.91 | [78. Cash Flow Statement Items](index=123&type=section&id=78%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E9%A1%B9%E7%9B%AE) Other cash receipts from operating activities totaled 15.23 million yuan, while other cash payments were 11.51 million yuan Other Cash Receipts from Operating Activities (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Inter-company balances and deposits | 8,765,300.44 | | Government grants | 2,500.00 | | Bank interest income | 256,305.27 | | Collections on behalf of others | 1,470,696.65 | | Other | 4,734,603.60 | | Total | 15,229,405.96 | Other Cash Payments for Operating Activities (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Selling and administrative expenses | 5,194,131.28 | | Bank charges | 70,145.59 | | Inter-company balances and other | 5,562,495.81 | | Payments on behalf of others | 686,877.97 | | Total | 11,513,650.65 | Other Cash Payments for Financing Activities (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Cash paid for right-of-use assets | 531,336.50 | | Total | 531,336.50 | [79. Supplementary Information to the Cash Flow Statement](index=124&type=section&id=79%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) Net profit was 23.34 million yuan, while net cash outflow from operating activities was 8.70 million yuan Reconciliation of Net Profit to Net Cash Flow from Operating Activities (Current Period) | Supplementary Information | Amount (Yuan) | | :--- | :--- | | Net Profit | 23,338,847.39 | | Add: Asset impairment provision | -1,238,022.35 | | Credit impairment loss | -21,504,075.19 | | Depreciation of fixed assets | 160,229.59 | | Amortization of right-of-use assets | 985,860.96 | | Amortization of intangible assets | 167,272.74 | | Amortization of long-term deferred expenses | 448,268.68 | | Finance costs (income as "-") | 22,007.58 | | Decrease in deferred tax assets (increase as "-") | 904,342.60 | | Increase in deferred tax liabilities (decrease as "-") | -710,279.92 | | Decrease in inventories (increase as "-") | 108,501.69 | | Decrease in operating receivables (increase as "-") | -86,889,098.85 | | Increase in operating payables (decrease as "-") | 75,503,475.36 | | Net Cash Flow from Operating Activities | -8,702,669.72 | Composition of Cash and Cash Equivalents (Period-End) | Item | Ending Balance (Yuan) | | :--- | :--- | | I. Cash | 55,666,487.98 | | Including: Cash on hand | 342.25 | | Bank deposits available for payment | 55,666,145.73 | | III. Ending balance of cash and cash equivalents | 55,666,487.98 | [VIII. R&D Expenditures](index=127&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company incurred no R&D expenditures in the current period, compared to 1.53 million yuan in the prior period R&D Expenditures (Current Period) | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Employee benefits | 0 | 1,525,815.74 | | Total | 0 | 1,525,815.74 | | Including: Expensed R&D | 0 | 1,525,815.74 | [X. Interests in Other Entities](index=129&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section lists the company's interests in its 10 subsidiaries, detailing their location, registered capital, business nature, and ownership percentage Interests in Subsidiaries (Ownership Percentage) | Subsidiary Name | Main Location | Registered Capital | Business Nature | Ownership (%) | | :--- | :--- | :--- | :--- | :--- | | Taiyuan Tianlong Hengshun Trading Co, Ltd | Taiyuan | 5,000,000.00 | Sales of electronics, appliances, and alcohol | 100 | | Shanxi Jinzheng Optical Technology Co, Ltd | Taiyuan | 153,850,000.00 | Production and sales of optical films | 65 | | Shenzhen Shanshui Tianhu Information Technology Co, Ltd | Shenzhen | 10,000,000.00 | Investment consulting and management | 100 | | Shenzhen Tida Decoration Engineering Co, Ltd | Shenzhen | 30,000,000.00 | Building decoration | 100 | | Shenzhen Tida Construction Engineering Co, Ltd | Shenzhen | 40,800,000.00 | Building decoration | 100 | | Shenzhen Tida Electromechanical Technology Co, Ltd | Shenzhen | 43,000,000.00 | Building decoration | 100 | | Shenzhen Haoyuanjing Technology Co, Ltd | Shenzhen | 5,000,000.00 | Software and IT services | 51 | [XI. Government Grants](index=131&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized 0.42 million yuan in government grants in the current period, primarily for office rent subsidies - Government grants recognized in the current period were mainly for Shenzhen office rent subsidies[373](index=373&type=chunk) Liabilities Related to Government Grants (Period-End) | Financial Statement Item | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | | Deferred Income | 126,857.28 | Asset-related | | Total | 126,857.28 | - | Government Grants Recognized in Profit or Loss (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Income-related | 407,485.33 | | Asset-related | 11,892.84 | | Total | 419,378.17 | [XIII. Fair Value Disclosures](index=132&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value total 428 million yuan, primarily consisting of investment properties and other non-current financial assets - Investment property (Tianlong Building) fair value is determined using a third-party valuation technique[377](index=377&type=chunk) - Unlisted equity investment (Zhenjinzhuan) fair value is determined using the asset-based approach[378](index=378&type=chunk) Fair Value of Assets and Liabilities at Period-End | Item | Level 2 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Investment Property | 427,507,800.00 | 0 | 427,507,800.00 | | Other Non-current Financial Assets | 0 | 819,049.62 | 819,049.62 | | Total Assets at Fair Value | 427,507,800.00 | 819,049.62 | 428,326,849.62 | [XIV. Related Parties and Related Party Transactions](index=134&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controller is Mr Lian Zongsheng, and it engaged in an 18.40 million yuan construction service transaction with a related party - The company's ultimate controlling party is Mr Lian Zongsheng, who holds a 28.23% stake[380](index=380&type=chunk)[381](index=381&type=chunk) - The company's controlling shareholder is Shenzhen Kexin Industrial Holdings Co, Ltd[381](index=381&type=chunk) Related Party Transactions for Goods/Services (Current Period) | Related Party | Transaction Content | Amount (Yuan) | | :--- | :--- | :--- | | Shenzhen Shijie Urban Operation Group Co, Ltd | Construction engineering services | 18,397,965.83 | | Total | - | 18,397,965.83 | Key Management Personnel Compensation | Item | Current Period (million Yuan) | | :--- | :--- | | Key management personnel compensation | 1.97 | [XVI. Commitments and Contingencies](index=138&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has no significant undisclosed commitments but faces several material contingencies related to various legal disputes involving its subsidiaries - As of June 30, 2025, the company has no significant undisclosed commitments[393](index=393&type=chunk) - **Lease Dispute**: A subsidiary's lease dispute with Shanxi Gome Electrical Appliances has entered the enforcement stage after a favorable first-instance ruling[394](index=394&type=chunk)[395](index=395&type=chunk)[396](index=396&type=chunk)[397](index=397&type=chunk)[398](index=398&type=chunk) - **Construction Dispute**: A subsidiary won a lawsuit against Shenzhen Laihua Real Estate for **130 million yuan** in engineering payments and has applied for enforcement[401](index=401&type=chunk)[402](index=402&type=chunk) - **Company Dissolution Case**: The company's request to dissolve Beijing Junren Pictures was dismissed in the first instance; an appeal has been filed[403](index=403&type=chunk)[404](index=404&type=chunk) - **Service Contract Dispute**: A subsidiary has filed a lawsuit against Xi'an Jikedao Media for **0.85 million yuan** in overdue payments[405](index=405&type=chunk) - **Contract Dispute with Tan Zhiheng**: After an unsuccessful appeal, Tan Zhiheng has applied for a retrial at the High Court[410](index=410&type=chunk)[411](index=411&type=chunk) [XVIII. Other Important Matters](index=145&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company identifies its reportable segments based on its internal organizational and management structure, resulting in three segments - The company determines its operating segments based on its internal organizational structure, management requirements, and internal reporting system[417](index=417&type=chunk) - The company has **3 reportable segments**: Construction Engineering, Office Building Leasing, and Internet Advertising[418](index=418&type=chunk) Financial Information by Reportable Segment (Current Period) | Item | Leasing (Yuan) | Internet Advertising (Yuan) | Construction Engineering (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 6,283,893.41 | 4,553,556.03 | 118,117,671.28 | 128,955,120.72 | | Main Business Cost | 390,459.93 | 1,293,857.25 | 108,561,792.09 | 110,246,109.27 | | Total Assets | 626,598,407.82 | 22,124,011.84 | 393,468,345.27 | 819,515,499.86 | [XIX. Notes to Key Items in the Parent Company's Financial Statements](index=146&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the parent company's key financial items, including receivables and long-term equity investments Parent Company Accounts Receivable by Aging (Period-End) | Aging | Gross Balance (Yuan) | | :--- | :--- | | Within 1 year | 4,464,232.03 | | 1 to 2 years | 52,118.05 | | Over 5 years | 10,818,004.03 | | Total | 15,334,354.11 | Parent Company Other Receivables by Aging (Period-End) | Aging | Gross Balance (Yuan) | | :--- | :--- | | Within 1 year | 77,673,441.55 | | 1 to 2 years | 39,833,694.62 | | 2 to 3 years | 62,489,571.00 | | Over 3 years | 56,075,642.68 | | Total | 236,072,349.85 | Parent Company Long-term Equity Investments (Period-End) | Item | Carrying Value (Yuan) | | :--- | :--- | | Investments in subsidiaries | 5,239,073.35 | | Total | 5,239,073.35 | [XX. Supplementary Information](index=156&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring items and return on equity, with non-recurring gains totaling 23.22 million yuan Schedule of Non-recurring Profit and Loss | Item | Amount (Yuan) | | :--- | :--- | | Government grants included in current profit or loss | 603,488.08 | | Reversal of impairment provision for individually tested receivables | 23,007,348.42 | | Other non-operating income and expenses | -392,083.76 | | Minority interest impact (afte

Market Overview - The decoration and renovation sector experienced a decline of 0.59% on August 28, with Kexin Development leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Notable gainers in the decoration sector included: - ST Baoying (002047) with a closing price of 2.30, up 1.77% on a trading volume of 156,300 shares and a turnover of 35.38 million yuan - Zhengzhong Design (002811) closed at 11.90, up 1.71% with a trading volume of 208,700 shares and a turnover of 245 million yuan - ST Dongyi (002713) closed at 4.59, up 1.55% with a trading volume of 73,400 shares and a turnover of 33.55 million yuan [1] - Kexin Development (600234) saw a significant drop of 10.02%, closing at 9.07 with a trading volume of 174,000 shares and a turnover of 164 million yuan [2] Capital Flow - The decoration sector experienced a net outflow of 65.98 million yuan from institutional investors, while retail investors saw a net inflow of 50.82 million yuan [2] - The capital flow for specific stocks showed: - Hainan Development (002163) had a net inflow of 12.46 million yuan from institutional investors, while it faced a net outflow of 9.47 million yuan from retail investors [3] - ST Baoying (002047) had a net inflow of 1.72 million yuan from institutional investors, but a net outflow of 1.43 million yuan from retail investors [3]

Group 1 - The A-share real estate sector is undergoing adjustments, with significant declines observed in various stocks [1] - Shen Shen Fang A has hit the daily limit down, indicating a strong negative market reaction [1] - Other companies such as *ST Nan Zhi, Hualian Holdings, and Daming City have also experienced declines exceeding 3% [1]

证券之星消息，8月25日装修装饰板块较上一交易日上涨0.59%，名雕股份领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。装修装饰板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002830 | 名雕股份 | 19.14 | 10.00% | 4.10万 | 7677.67万 | | 002620 | ST瑞和 | 4.92 | 4.90% | 7.59万 | 3704.32万 | | 300621 | 维业股份 | 9.83 | 3.15% | 14.68万 | 1.45亿 | | 601886 | 江河集团 | 7.85 | 2.21% | 7.74万 | 6051.05万 | | 002963 | 蒙尔赛 | 13.73 | 1.70% | 6.87万 | 9473.36万 | | 002482 | 广田隼团 | 1.85 | 1.65% | 95.72万 | 1.76亿 | | 600234 | 科新发展 | ...

从资金流向上来看，当日装修装饰板块主力资金净流出5017.74万元，游资资金净流出1520.23万元，散户 资金净流入6537.97万元。装修装饰板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002830 | 名雕股份 | 17.96 | 5.15% | 4.42万 | | 7818.00万 | | 002822 | ST中装 | 3.89 | 4.57% | 27.50万 | | 1.06亿 | | 600193 | *ST创兴 | 4.70 | 3.30% | 13.34万 | | 6212.21万 | | 601886 | 江河集团 | 7.61 | 2.70% | 8.14万 | | 6148.73万 | | 002713 | *ST东易 | 4.69 | 1.96% | 12.81万 | | 5917.64万 | | 002163 | 海南发展 | 9.92 | 1.22% | 19.65万 | | 1.93亿 | | 002963 | 豪尔 ...

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary of CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1][3] Salary Overview - The average salary for CFOs in the decoration and renovation sector is 593,600 yuan, which is lower than the average salary of 632,100 yuan for the construction decoration industry, showing a year-on-year increase of 2.8% [9][10] - The median salary for CFOs in this sector is 504,400 yuan, with the highest and lowest salaries differing by nearly 1 million yuan [9] Demographics - The average age of CFOs in the decoration and renovation sector is 49.41 years, with 52.9% being over 50 years old and 47.1% between 40-50 years old, indicating an aging trend [1] - Male CFOs dominate the sector, comprising approximately 64.7%, with an average age of 47.55 years, while female CFOs account for about 35.3% with an average age of 54.17 years [1] Tenure and Education - Most CFOs in the decoration and renovation sector have a short tenure, with 41.2% serving between 1-3 years, while those with 10 years or more account for about 11.8% [3] - In terms of education, approximately 43.8% of CFOs hold a bachelor's degree, while 37.5% have a master's degree [7] Salary by Gender and Education - Male CFOs earn an average salary of 571,400 yuan, which is lower than the average salary of female CFOs at 634,300 yuan [10] - CFOs with a bachelor's degree have an average salary of 654,400 yuan, while those with a master's degree earn about 554,000 yuan [10] Compliance Issues - Four CFOs in the decoration and renovation sector faced regulatory issues, with specific cases of internal reprimands and warnings issued for non-compliance in financial matters [11][12]

Core Insights - The report highlights the salary trends and demographic characteristics of CFOs in the A-share market for 2024, indicating a total salary pool of 4.27 billion yuan for CFOs across listed companies, with an average annual salary of 814,800 yuan [1][3]. Group 1: Salary and Compensation - The average annual salary for CFOs in the decoration and renovation sector is 593,600 yuan, which is lower than the average salary of 632,100 yuan for the broader construction and decoration industry, reflecting a year-on-year increase of 2.8% [9][10]. - The highest-paid CFO is Xue Wen from *ST Baoying, earning 1.2844 million yuan, while the lowest is Lin Wangchun from ST Ruihe, with a salary of 291,200 yuan, representing a year-on-year decrease of 31.6% [10][11]. Group 2: Demographics and Education - The average age of CFOs in the decoration and renovation sector is 49.41 years, with 52.9% being over 50 years old, and there are no CFOs under 40 [1][3]. - In terms of educational background, approximately 43.8% of CFOs hold a bachelor's degree, while 37.5% have a master's degree [7]. Group 3: Tenure and Experience - The majority of CFOs in the decoration and renovation sector have a short tenure, with 41.2% serving for 1-3 years, while those with 10 years or more account for about 11.8% [3]. - The longest-serving CFO is Huang Li from Mingdiao Co., who has held the position since November 2011, nearing 14 years [3]. Group 4: Gender Analysis - Male CFOs dominate the sector, comprising approximately 64.7% of the total, with an average age of 47.55 years, while female CFOs account for about 35.3% and have a higher average age of 54.17 years [1][10].

Market Performance - The decoration and renovation sector increased by 0.56% on August 4, with Zhengzhong Design leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Stock Performance - Zhengzhong Design (002811) closed at 12.28, up 5.32% with a trading volume of 712,700 shares and a transaction value of 865 million [1] - Other notable gainers included *ST Chuangxing (600193) up 5.04%, Kexin Development (600234) up 4.12%, and Zhongtian Jingzhuang (002989) up 3.47% [1] - Conversely, Jianghe Group (601886) fell by 1.59%, and Hainan Development (002163) decreased by 0.99% [2] Capital Flow - The decoration and renovation sector experienced a net outflow of 137 million from institutional investors, while retail investors saw a net inflow of 1.32 billion [2] - The overall capital flow indicates that retail investors are more active in this sector compared to institutional investors [2] Individual Stock Capital Flow - *ST Chuangxing (600193) had a net inflow of 14.49 million from institutional investors, while it faced a net outflow of 12.26 million from speculative funds [3] - Zhengzhong Design (002811) saw a net inflow of 82.17 million from speculative funds, indicating strong retail interest despite a net outflow from institutional investors [3] - The overall trend shows that while institutional investors are withdrawing, retail investors are actively buying into certain stocks within the sector [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603828 | ST柯利达 | 4.78 | -2.65% | 4.74万 | 2269.41万 | | 600234 | 科新发展 | 9.08 | -2.58% | 7.42万 | 6804.60万 | | 002989 | 中天精装 | 33.03 | -2.22% | 5.27万 | 1.75亿 | | 002789 | *ST建艺 | 8.21 | -1.68% | 1.43万 | 1178.71万 | | 002163 | 海南发展 | 10.60 | -1.58% | 55.62万 | 5.95 Z | | 002713 | *ST东易 | 4.45 | -1.55% | 4.52万 | 2018.03万 | | 002047 | *ST宝鹰 | 66" I | -1.49% | 9.21万 | 1837.44万 | | 002620 | ST瑞和 | 3.92 | -1.26% | 12.38万 | 4859.93万 | | 60 ...