Financial Performance - For the first half of 2025, the company's operating revenue was approximately 15.48 billion, a decrease from 16.30 billion in the same period last year, representing a decline of about 5.06% [1] - The total profit for the same period was approximately 201.45 million, down from 218.10 million, indicating a decrease of about 7.67% [1] - The net profit attributable to shareholders was approximately 116.40 million, compared to 130.02 million last year, reflecting a decline of about 10.43% [1] - The net cash flow from operating activities was negative at approximately -641.92 million, worsening from -253.53 million in the previous year [1] Profitability Metrics - The weighted average return on equity for the first half of 2025 was 1.54%, a decrease of 0.25 percentage points year-on-year [17] - The return on invested capital for the same period was 1.6%, down by 0.2 percentage points compared to the previous year [17] Cash Flow Analysis - The net cash flow from operating activities decreased by 388 million year-on-year, while financing cash flow also saw a decline of approximately 26.92 million [20] - The company reported a negative free cash flow trend over recent years, with significant declines noted in 2023 and the first half of 2025 [23][24] Asset and Liability Changes - As of mid-2025, accounts receivable decreased by 48.87%, while inventory increased by 56.67%, indicating a shift in asset composition [33][39] - The company's total liabilities decreased by 42% in accounts payable, while contract liabilities increased by 44.03% [36] Shareholder Composition - The top ten shareholders as of mid-2025 included new entrants, with notable increases in holdings by several major shareholders [49][50] Valuation Metrics - As of August 27, 2025, the company's price-to-earnings ratio (TTM) was approximately 34.33, with a price-to-book ratio of about 0.92 and a price-to-sales ratio of approximately 0.2 [1]

Market Overview - On August 28, the trade sector rose by 0.85% compared to the previous trading day, with Wukuang Development leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Wukuang Development (600058) closed at 10.65, with an increase of 8.78% and a trading volume of 841,700 shares, amounting to a transaction value of 874 million [1] - CITIC Metal (601061) closed at 8.95, up 5.05%, with a trading volume of 600,700 shares [1] - Nanjing Commercial Travel (600250) closed at 11.73, up 2.09%, with a trading volume of 162,000 shares [1] - Other notable stocks include Jiangsu Shuntian (600287) and Huihong Group (600981), which saw minor increases of 0.66% and 0.63% respectively [1] Capital Flow - The trade sector experienced a net inflow of 69.74 million in main funds, while retail funds saw a net outflow of 26.26 million [2] - Main funds showed a significant net inflow in Wukuang Development, amounting to 10.8 million, while retail funds had a net outflow of 50.13 million [3] - Jiangsu Guotai (002091) had a net inflow of 4.62 million from main funds, but also saw a net outflow of 10.35 million from retail investors [3]

Company Overview - The company is engaged in goods trading, modern logistics, and the health industry [5] - The company has not experienced any changes in its controlling shareholder or actual controller [2][4] Financial Data - The total value of China's goods trade imports and exports reached 21.79 trillion yuan in the first half of 2025, a year-on-year increase of 2.9% [6] - The company has seen an increase in financial expenses due to exchange rate fluctuations compared to the same period last year [9] - The net cash flow from operating activities decreased due to increased inventory [10] - The company increased its financial asset investments compared to the same period last year [11] - Government subsidies received by the company and its subsidiaries increased compared to the previous year [12] Industry Analysis Goods Trading Industry - The global economic environment is facing significant uncertainty due to U.S. tariff policies and geopolitical conflicts, impacting the trading industry [6] - The company has managed to stabilize its import and export scale by seizing short-term order opportunities [6] - The company faces challenges in its export of textiles and electromechanical products due to external pressures [6] Modern Logistics Industry - The logistics market is experiencing low-speed growth, with container throughput in China reaching 17.298 million TEU, a year-on-year increase of 6.9% [7] - The company’s freight business has been affected by fluctuating international shipping prices and U.S. tariff policies [7] - The company has maintained stable profitability through marketing, service quality improvement, and risk management [7] Health Industry - The health industry in China is performing steadily, supported by favorable government policies [8] - There is a decline in the import volume of high-end medical equipment due to domestic substitution policies [8] - The company’s import business for medical devices has been impacted by competitive pressures and cost control measures [8] Major Business Developments - The company is focusing on maintaining existing clients and expanding its customer base to enhance service quality and competitiveness [8] - The company plans to repurchase and cancel 5,228,180 shares of restricted stock, accounting for approximately 0.596% of its total share capital [29][30] - The repurchase price for the first grant of restricted stock is set at 3.43395 yuan per share, while the reserved grant is set at 3.87395 yuan per share [30][46]

Group 1 - The company reported a total revenue of 15.479 billion yuan, ranking 6th among disclosed peers, with a year-on-year decrease of 0.824 billion yuan, representing a decline of 5.05% compared to the same period last year [1] - The net profit attributable to shareholders was 116 million yuan, ranking 4th among disclosed peers, with a decrease of 13.6238 million yuan, reflecting a year-on-year decline of 10.48% [1] - The net cash inflow from operating activities was -642 million yuan, ranking 7th among disclosed peers, with a decrease of 388 million yuan compared to the same period last year [1] Group 2 - The latest debt-to-asset ratio is 55.23%, ranking 3rd among disclosed peers, with a decrease of 3.68 percentage points from the previous quarter and a decrease of 0.14 percentage points from the same period last year [3] - The latest gross profit margin is 5.16%, ranking 4th among disclosed peers, with an increase of 0.64 percentage points from the previous quarter and an increase of 0.24 percentage points from the same period last year, achieving two consecutive years of growth [3] - The latest return on equity (ROE) is 1.54%, ranking 5th among disclosed peers, with a decrease of 0.26 percentage points from the same period last year [3] Group 3 - The diluted earnings per share are 0.13 yuan, ranking 4th among disclosed peers, with a decrease of 0.02 yuan, reflecting a year-on-year decline of 13.33% [3] - The latest total asset turnover ratio is 0.85 times, ranking 4th among disclosed peers, with a decrease of 0.10 times compared to the same period last year, representing a decline of 10.97% [3] - The latest inventory turnover ratio is 6.80 times, with a decrease of 1.59 times compared to the same period last year, reflecting a decline of 18.92% [3] Group 4 - The number of shareholders is 30,500, with the top ten shareholders holding 606 million shares, accounting for 69.07% of the total share capital [3]

Group 1 - The company Dongfang Chuangye reported a revenue of approximately 15.479 billion yuan for the first half of 2025, representing a year-on-year decrease of 5.05% [1] - The net profit attributable to shareholders of the listed company was approximately 116 million yuan, a year-on-year decrease of 10.48% [1] - The basic earnings per share were 0.13 yuan, reflecting a year-on-year decrease of 13.33% [1]

Meeting Overview - The 31st meeting of the 9th Board of Directors of Dongfang International Entrepreneurship Co., Ltd. was held on August 26, 2025, with all 9 directors present [1] - The meeting was chaired by Chairman Tan Ming and complied with the relevant regulations of the Company Law and the Articles of Association [1] Resolutions Passed - The board approved the repurchase and cancellation of restricted stocks held by 279 incentive targets at a repurchase price of 3.43395 CNY per share, totaling approximately 18,180,700.71 CNY [1] - After the repurchase, the total share capital will decrease from 877,143,737 shares to 871,915,557 shares [1] - The board also approved a risk assessment of the Group Financial Company, confirming its compliance with regulatory requirements [2] Policy and Regulation Updates - The board passed several resolutions related to the establishment and revision of various management systems, including: - Market value management system [3] - Management measures for shares held by directors and senior management [3] - Information disclosure system [3] - Insider information registration management system [3] - Investor relations management system [4] - General manager work details [4] - All resolutions received unanimous approval from the board members present [3][4]

Core Viewpoint - The company is undertaking a repurchase and cancellation of a portion of its A-share restricted stock, along with an adjustment to the repurchase price, in accordance with relevant laws and regulations [2][19]. Group 1: Legal Framework and Procedures - The legal opinion is based on the Company Law, Securities Law, and the Management Measures for Equity Incentives issued by the China Securities Regulatory Commission [2][3]. - The company has followed necessary procedures for the repurchase and cancellation of restricted stock, including obtaining approvals from the board and independent directors [5][9]. Group 2: Repurchase Details - The total number of restricted stocks to be repurchased and canceled is 5,228,180 shares, which includes stocks from four individuals who have terminated their labor contracts and stocks from others due to unmet performance targets [9][12]. - The repurchase price for the first grant of restricted stocks is set at 3.43395 CNY per share, while the price for the reserved grant is 3.87395 CNY per share [13][16]. Group 3: Financial Implications - The total funds allocated for this repurchase amount to approximately 18,180,700.71 CNY, sourced from the company's own funds [16][18]. - Following the completion of the repurchase, the company's total share capital will decrease from 877,143,737 shares to 871,915,557 shares [17][18]. Group 4: Conclusion and Compliance - The company has met the necessary approvals and authorizations for the repurchase and cancellation of restricted stocks, ensuring compliance with relevant laws and internal regulations [19].

Core Viewpoint - The company, Dongfang Chuangye, has announced a plan to repurchase and cancel a portion of restricted stock, which will lead to a reduction in registered capital and requires notification to creditors [1][4]. Group 1: Repurchase and Cancellation of Restricted Stock - The board of directors approved the repurchase and cancellation of 1,041,000 shares of restricted stock due to 17 incentive participants terminating or having their contracts terminated [1]. - From January 22, 2024, to June 30, 2024, the company will repurchase and cancel restricted stock for 4 incentive participants due to contract terminations and performance targets not being met, totaling 5,228,180 shares [2][3]. - The repurchase price for the first grant of restricted stock is set at 3.43395 CNY per share, while the reserved grant price is 3.87395 CNY per share, with a total repurchase fund of approximately 18,180,700.71 CNY [3]. Group 2: Impact on Registered Capital and Creditors - Following the repurchase and cancellation, the company's total share capital will decrease from 877,143,737 shares to 871,915,557 shares [3]. - Creditors have the right to request debt repayment or guarantees within 30 days of receiving the notice, or within 45 days from the announcement date if they did not receive a notice [4][5]. - Creditors must submit written requests along with relevant proof of debt to the company, following the legal requirements outlined in the Company Law [5].

Core Viewpoint - The company plans to repurchase and cancel a total of 5,228,180 restricted shares from 279 incentive targets, which represents approximately 0.596% of the company's total share capital of 877,143,737 shares [1][9][14]. Summary by Sections Repurchase Details - The repurchase involves 5,228,180 restricted shares that have been granted but not yet released from restrictions, affecting 279 incentive targets [1][6]. - The repurchase price for the first grant of restricted shares is set at 3.43395 CNY per share, while the reserved grant price is 3.87395 CNY per share [1][12]. - The total funds allocated for this repurchase amount to approximately 18,180,700.71 CNY, sourced from the company's own funds [1][13]. Approval Process - The repurchase plan was approved by the company's board and the remuneration committee, following the authorization from the 2021 and 2022 shareholder meetings [2][4]. - Independent directors provided their opinions on the repurchase plan, affirming its compliance with relevant regulations [2][15]. Reasons for Repurchase - The repurchase is necessitated by the termination of labor contracts for some incentive targets and the failure to meet performance targets for the third release period [6][9]. - Specifically, four incentive targets will have their shares repurchased due to contract terminations, and the remaining shares are due to unmet performance criteria [7][9]. Impact on Share Capital - Following the completion of the repurchase, the company's total share capital will decrease from 877,143,737 shares to 871,915,557 shares [14][15]. - The repurchase will not alter the control of the company or its compliance with listing conditions [15]. Legal Compliance - The company has obtained necessary approvals and authorizations for the repurchase, ensuring compliance with the relevant management regulations and the incentive plan [16].

经会议审议表决，决议如下： 1、审议通过公司《2025 年半年度报告及其摘要》 证券代码：600278 证券简称：东方创业 编号：临 2025-034 东方国际创业股份有限公司 第九届董事会第三十一次会议决议公告 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。 一、董事会会议召开情况 东方国际创业股份有限公司（以下简称"公司"）第九届董事会第三十一次会议 通知于 2025 年 8 月 20 日以书面和电子邮件方式向各位董事发出。会议于 2025 年 8 月 26 日在公司会议室召开，会议由公司董事长谭明先生主持。本次会议应到董事 9 名，实到董事 9 名，公司部分高管和董事会秘书列席本次会议。会议的召开符合《公 司法》及《公司章程》的有关规定。 二、董事会会议审议、表决情况 本议案已经公司 2025 年第五次审计委员会审议通过。 (表决结果:同意 9 票，反对 0 票，弃权 0 票) 2、审议通过《关于回购注销限制性股票及调整限制性股票回购价格的议案》 因激励对象存在与公司终止或解除劳动合同及激励计划第三个解除限售期公司 层面 ...