[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and senior management guarantee the report's authenticity and completeness, confirming it is unaudited, with no profit distribution plan, and forward-looking statements are not substantial commitments - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report is unaudited[4](index=4&type=chunk) - No profit distribution plan or capital reserve to share capital plan was approved by the board for this reporting period[5](index=5&type=chunk) - Forward-looking statements regarding future plans do not constitute a substantial commitment to investors; investors should be aware of investment risks[5](index=5&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including regulatory bodies, group entities, and the reporting period - This section provides definitions for common terms used in the report, including the China Securities Regulatory Commission, Shanghai Stock Exchange, Huangpu District State-owned Assets Supervision and Administration Commission, New World Group, the Company, Caitongde, Radisson Blu Hotel, and New Maru Department Store, as well as the definition of the current reporting period (first half of 2025)[15](index=15&type=chunk) [Section II 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) This section presents the company's basic information and key financial performance indicators for the first half of 2025 Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 上海新世界股份有限公司 | | Chinese Abbreviation | 新世界 | | Stock Code | 600628 | | Listing Exchange | Shanghai Stock Exchange | | Legal Representative | Chairman Chen Yong | | Registered Address | No. 2-88 Nanjing West Road, Shanghai | | Postal Code | 200003 | | Information Disclosure Newspapers | "Shanghai Securities News", "Securities Times" | | Website | http://www.sse.com.cn | Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 528,055,203.11 | 540,398,404.69 | -2.28 | | Total Profit (CNY) | 54,826,473.46 | 56,572,412.79 | -3.09 | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 45,469,426.85 | 46,534,822.82 | -2.29 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses (CNY) | 27,425,549.92 | 37,114,142.95 | -26.10 | | Net Cash Flow from Operating Activities (CNY) | 10,524,746.98 | 92,386,269.42 | -88.61 | | Basic Earnings Per Share (CNY/share) | 0.07 | 0.07 | 0.00 | | Diluted Earnings Per Share (CNY/share) | 0.07 | 0.07 | 0.00 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (CNY/share) | 0.04 | 0.06 | -33.33 | | Weighted Average Return on Net Assets (%) | 1.07 | 1.11 | decreased by 0.04 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 0.65 | 0.88 | decreased by 0.23 percentage points | Asset and Liability Data as of H1 2025 | Indicator | Period-End (CNY) | Prior Year-End (CNY) | Period-End vs. Prior Year-End Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of Listed Company | 4,255,268,898.96 | 4,210,310,649.49 | 1.07 | | Total Assets | 5,662,166,765.69 | 5,738,064,887.48 | -1.32 | [Section III Management Discussion and Analysis](index=6&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) Management discusses the company's operational performance, industry conditions, and strategic initiatives during the reporting period [I. Description of the Company's Industry and Main Business Operations during the Reporting Period](index=6&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 core businesses include department store retail, pharmaceutical sales, and hotel services, benefiting from a stable consumer market and supportive policies for the health industry - The company is a department store retail enterprise located on Shanghai's Nanjing Road Pedestrian Street, operating one department store, New World City[21](index=21&type=chunk) - Wholly-owned subsidiary Shanghai Caitongde Pharmaceutical Co., Ltd. primarily sells over 5,000 types of traditional Chinese medicinal materials, proprietary Chinese medicines, and Western medicines, owning the "Caitongde Tang" and "Qunli" brands[21](index=21&type=chunk) - Wholly-owned subsidiary Shanghai New World Radisson Blu Hotel Co., Ltd. is a national five-star tourist hotel located on Nanjing Road[21](index=21&type%3Dchunk) Operating Model Data for January-June 2025 (Unit: CNY 10,000) | Business Type | Operating Model | Operating Revenue (2025) | Operating Cost (2025) | Gross Margin % (2025) | Operating Revenue (2024) | Operating Cost (2024) | Gross Margin % (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Department Store | Joint Operation Sales | 11,442 | 4,774 | 58.28 | 12,389 | 4,731 | 61.81 | | | Self-Operated Sales | 388 | 310 | 20.10 | 434 | 338 | 22.12 | | Pharmaceutical Sales | Joint Operation Sales | 187 | 10 | 94.65 | 191 | 39 | 79.58 | | | Self-Operated Sales | 12,184 | 6,766 | 44.47 | 12,819 | 7,526 | 41.29 | | | Traditional Chinese Medicine Diagnosis and Treatment | 14,225 | 11,538 | 18.89 | 14,732 | 12,056 | 18.16 | | | Production and Processing | 1,043 | 863 | 17.26 | 932 | 772 | 17.17 | | Hotel Services | Self-Operated Sales | 9,625 | 2,998 | 68.85 | 8,444 | 3,202 | 62.08 | | Other Industries | Self-Operated Sales | 3,712 | 2,854 | 23.11 | 4,099 | 3,041 | 25.81 | | **Total** | | **52,806** | **30,113** | **42.97** | **54,040** | **31,705** | **41.33** | - In the first half of 2025, China's total retail sales of consumer goods increased by **5.0%** year-on-year, national online retail sales increased by **8.5%**, and Shanghai's total retail sales of consumer goods increased by **1.7%**[26](index=26&type=chunk) - The state continues to issue policies supporting the high-quality development of the Traditional Chinese Medicine industry, benefiting traditional Chinese medicine brands[27](index=27&type=chunk) [II. Discussion and Analysis of Operations](index=8&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 in 2025 H1 actively responded to a complex economic environment, focusing on strengthening foundations, management, adjustments, marketing, and development, transforming its retail, pharmaceutical, and hotel sectors - In the first half of 2025, China's GDP grew by **5.3%** year-on-year, and total retail sales of consumer goods increased by **5.0%**; Shanghai's GDP grew by **5.1%**, and total retail sales of consumer goods increased by **1.7%**[28](index=28&type=chunk)[29](index=29&type=chunk) - The company seized opportunities to expand domestic demand, breaking new ground with "renovation and revitalization," building momentum with "innovative marketing," and laying foundations with "solidified management"[30](index=30&type=chunk) - The department store retail sector actively explored a transformation from "department store shopping" to a "lifestyle destination," building five new consumption scenarios: "culture and tourism, animation, exhibitions, performances, and services," and completed the reshaping of the eleventh-floor "e-Exhibition Space"[31](index=31&type=chunk) - The pharmaceutical sales sector focused on "cultivating and strengthening emerging industries and optimizing core businesses," fully advancing the Xuzhongdao project construction[31](index=31&type=chunk) - The hotel services sector leveraged the recovery of the inbound tourism market and visa-free policies to enhance operational quality and deepen marketing linkages with the department store retail sector[31](index=31&type=chunk) [III. Analysis of Core Competencies 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 include scientific management, renowned brands, continuous business model innovation, and supportive policy implementation, driving enhanced consumer experience and performance - The company adheres to scientific management, earning honors such as "National Civilized Unit" and "China Quality Award Nomination," and released its first sustainability report, receiving the "Securities Star 2025 Carbon Trailblazer Award"[32](index=32&type=chunk) - The company's "New World City," Radisson Blu Hotel Shanghai New World, and Caitongde Pharmaceutical are all located in Shanghai's core Huangpu District business circle, attracting large customer traffic and enjoying renowned brands[33](index=33&type=chunk) - The department store retail sector drives consumption experience upgrades by focusing on five new scenarios: "culture and tourism, animation, exhibitions, performances, and services," with the eleventh-floor "e-Exhibition Space" becoming a new landmark for cultural, commercial, and tourism integration[34](index=34&type=chunk) - The company actively implemented green smart home appliance consumption subsidies and "trade-in for consumer goods" policies, and upgraded services for overseas consumers, including departure tax refunds and multilingual services, with departure tax refund business increasing by **168.93%** year-on-year in the first half[35](index=35&type=chunk)[36](index=36&type=chunk) [IV. Analysis of Key Operating Conditions 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 the company's H1 2025 financial performance, including changes in revenue, costs, asset-liability structure, and investments in subsidiaries and associates [(1) Analysis of Main Business Operations](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) This subsection details the changes in the company's main business revenue and costs, attributing shifts primarily to slight declines in department store and pharmaceutical sales Analysis of Financial Statement Item Changes (Unit: CNY) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 528,055,203.11 | 540,398,404.69 | -2.28 | Primarily due to a slight decrease in department store and pharmaceutical sales revenue | | Operating Cost | 301,130,688.25 | 317,045,820.09 | -5.02 | Primarily due to fixed costs remaining largely stable, while current period pharmaceutical sales revenue slightly decreased, leading to a corresponding synchronous reduction in variable costs | | Selling Expenses | 58,977,064.17 | 58,580,701.30 | 0.68 | Primarily due to a slight increase in salaries compared to the prior period | | Administrative Expenses | 110,929,192.47 | 100,649,387.45 | 10.21 | Primarily due to a slight increase in salaries compared to the prior period and increased incidental hotel procurement expenses | | Financial Expenses | 7,451,494.22 | 7,086,487.49 | 5.15 | Primarily due to some idle raised funds being used to purchase notice deposits in the prior year, which were converted to structured deposits in the current period, resulting in reduced interest income | | Net Cash Flow from Operating Activities | 10,524,746.98 | 92,386,269.42 | -88.61 | Primarily due to decreased revenue in the current period, with sales collections lower than in the prior period | | Net Cash Flow from Investing Activities | 277,985,343.00 | 422,683,182.73 | -34.23 | Primarily due to lower net cash flow from matured wealth management products redeemed in the current period compared to the prior period | | Net Cash Flow from Financing Activities | -9,988,587.03 | 66,868,919.19 | -114.94 | Primarily due to lower net cash flow from borrowings obtained in the current period compared to the prior period | [(3) 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) This subsection analyzes the changes in the company's asset and liability structure, highlighting shifts in monetary funds, transactional financial assets, and restricted assets Asset and Liability Status Changes (Unit: CNY) | Item Name | Period-End Balance | Period-End % of Total Assets | Prior Year-End Balance | Prior Year-End % of Total Assets | Period-End vs. Prior Year-End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,657,300,977.46 | 29.27 | 1,378,780,862.67 | 24.03 | 20.20 | Primarily due to maturity and redemption of structured deposits at period-end | | Transactional Financial Assets | 397,000,000.00 | 7.01 | 731,000,000.00 | 12.74 | -45.69 | Primarily due to maturity and redemption of structured deposits at period-end | | Accounts Receivable | 92,527,471.63 | 1.63 | 83,667,752.20 | 1.46 | 10.59 | Due to credit card and merchandise payment collections | | Prepayments | 3,585,559.86 | 0.06 | 2,331,636.11 | 0.04 | 53.78 | Primarily due to increased prepaid engineering costs | | Other Current Assets | 14,688,326.65 | 0.26 | 8,590,808.42 | 0.15 | 70.98 | Primarily due to increased deductible VAT | | Fixed Assets | 2,388,414,480.40 | 42.18 | 2,445,540,735.34 | 42.62 | -2.34 | | | Right-of-Use Assets | 1,538,535.31 | 0.03 | 2,786,838.25 | 0.05 | -44.79 | Due to normal amortization of right-of-use assets during the lease term | | Accounts Payable | 584,394,287.08 | 10.32 | 668,319,026.71 | 11.65 | -12.56 | | | Contract Liabilities | 2,359,339.23 | 0.04 | 3,362,724.21 | 0.06 | -29.84 | Primarily due to refunds of hotel room and conference room deposits | | Lease Liabilities | 620,203.62 | 0.01 | 848,766.95 | 0.01 | -26.93 | Due to normal rent payments and reclassification of lease payments due within one year to non-current liabilities due within one year | Restricted Major Assets at Period End (Unit: CNY) | Item | Period-End Book Value | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 19,494,502.15 | Single-purpose commercial prepaid card fund custody account and performance bonds | | Buildings (including land) | 146,874,023.39 | Pledged as collateral for a CNY 270 million short-term loan from China Construction Bank, with the pledged area accounting for approximately 9.85% of New World City's total area | [(4) Analysis of Investment Status](index=12&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) This subsection details the company's significant equity investments in subsidiaries and its financial asset portfolio measured at fair value Significant Equity Investments (Unit: CNY) | Investee Company Name | Main Business | Investment Amount | Shareholding (%) | Impact on Current Period Profit/Loss | | :--- | :--- | :--- | :--- | :--- | | Shanghai Caitongde Pharmaceutical Co., Ltd. | Distributing traditional Chinese medicinal materials | 100,000,000.00 | 100% | 18,555,544.78 | | Shanghai New World Radisson Blu Hotel Co., Ltd. | Hotel | 24,700,000.00 | 100% | 15,702,857.66 | | Shanghai New World City Property Management Co., Ltd. | Property management | 4,750,000.00 | 100% | 11,821,929.04 | | Shanghai New World Feiyu Advertising Co., Ltd. | Advertising | 450,000.00 | 100% | 130,457.24 | | Shanghai New World City Co., Ltd. | Trade | 10,000,000.00 | 100% | 312,643.03 | | Kunshan New World Wool Textile and Garment Co., Ltd. | Garment manufacturing | 5,000,000.00 | 100% | 222.42 | | Shanghai New World City E-commerce Co., Ltd. | E-commerce | 30,000,000.00 | 100% | -461,873.60 | | Shanghai New World Investment Consulting Co., Ltd. | Investment consulting | 159,000,000.00 | 100% | - | | Shanghai New World Project Management Co., Ltd. | Project management | 5,000,000.00 | 100% | - | | Shanghai New World Hotel Co., Ltd. | Catering and entertainment | 2,000,000.00 | 100% | - | | Shanghai New World Ruihe Investment Management Co., Ltd. | Investment management | 700,000.00 | 35% | - | | Shanghai New World Investment Center (Limited Partnership) | Investment management | 30,544,426.47 | 59.88% | - | | **Total** | | **372,144,426.47** | | **46,061,780.57** | Financial Assets Measured at Fair Value (Unit: CNY) | Asset Category | Beginning Balance | Current Period Purchase Amount | Current Period Sale/Redemption Amount | Period-End Balance | | :--- | :--- | :--- | :--- | :--- | | Stocks | 18,360,092.71 | - | - | 17,842,771.50 | | Other (Equity Instrument Investments) | 132,214,179.45 | - | - | 132,214,179.45 | | Other (Wealth Management Products) | 731,000,000.00 | 1,432,000,000.00 | 1,766,000,000.00 | 397,000,000.00 | | **Total** | **881,574,272.16** | **1,432,000,000.00** | **1,766,000,000.00** | **547,056,950.95** | [(6) Analysis of Major Holding and Participating Companies](index=14&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) This subsection provides a financial overview of the company's key subsidiaries, detailing their main businesses, registered capital, and financial performance Financial Information of Major Subsidiaries (Unit: CNY 10,000) | Company Name | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai New World Investment Consulting Co., Ltd. | Investment consulting | 15,900 | 16,535.77 | 15,253.44 | - | - | - | | Shanghai New World Feiyu Advertising Co., Ltd. | Advertising | 45 | 162.87 | 128.85 | 16.88 | 13.73 | 13.05 | | Shanghai New World City Property Management Co., Ltd. | Property management | 475 | 5,052.77 | 2,230.89 | 3,737.88 | 1,576.48 | 1,182.19 | | Shanghai New World Radisson Blu Hotel Co., Ltd. | Hotel | 2,470 | 4,294.05 | -2,180.61 | 9,625.15 | 1,567.79 | 1,570.29 | | Kunshan New World Wool Textile and Garment Co., Ltd. | Garment manufacturing | 500 | 1,120.62 | 122.41 | - | -30.72 | 0.02 | | Shanghai New World City E-commerce Co., Ltd. | E-commerce | 3,000 | 2,930.25 | 2,905.38 | 30.78 | -46.83 | -46.19 | | Shanghai New World Project Management Co., Ltd. | Project management | 500 | 503.31 | 500.00 | - | - | - | | Shanghai New World City Co., Ltd. | Trade | 1,000 | 1,806.41 | 1,108.71 | 273.44 | 32.91 | 31.26 | | Shanghai Caitongde Pharmaceutical Co., Ltd. | Distributing traditional Chinese medicinal materials | 10,000 | 54,919.35 | 32,343.97 | 20,969.59 | 1,599.33 | 1,199.24 | | Shanghai Caitongde Health Products Management Co., Ltd. | Distributing health products | 100 | 320.73 | 133.40 | 27.89 | 4.71 | 4.67 | | Shanghai Caitongde Tang Pharmacy Co., Ltd. | Pharmaceutical retail | 100 | 2,957.67 | 539.52 | 3,232.76 | 46.30 | 43.93 | | Shanghai Huqingyutang Guoyao Pharmacy Co., Ltd. | Pharmaceutical retail | 540 | 681.98 | -2,173.56 | 967.97 | 4.14 | 4.14 | | Shanghai Qunli Herbal Medicine Store Co., Ltd. | Traditional Chinese herbal medicine consultation and retail | 880 | 7,933.62 | 2,695.65 | 12,589.33 | 334.96 | 198.65 | | Wujiang Shanghai Caitongde Tang Traditional Chinese Medicine Decoction Pieces Co., Ltd. | Production and sales of traditional Chinese medicine decoction pieces | 750 | 43,902.33 | 3,604.06 | 15,018.51 | 787.49 | 784.01 | | Shanghai Tonghanchuntang North Branch Traditional Chinese Medicine Clinic Co., Ltd. | Traditional Chinese herbal medicine consultation | 50 | 50.35 | 50.35 | 0.93 | 0.03 | 0.03 | | Shanghai Baoda Ginseng and Medicine Store Co., Ltd. | Pharmaceutical retail | 23 | 349.38 | 310.71 | 42.86 | 17.22 | 16.36 | | Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Co., Ltd. | Production and sales of traditional Chinese medicine decoction pieces | 500 | 35,317.57 | -1,362.58 | - | -435.77 | -422.47 | [V. Other Disclosures](index=15&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, weak consumer demand, changing consumption patterns, industry policy shifts, and rising operating costs, impacting profitability across its business segments - Macroeconomic fluctuations lead to weak consumer demand, sluggish growth in the department store sector, and challenges in matching renovation investments with output[50](index=50&type=chunk) - Changing consumption patterns, with live e-commerce continuously diverting offline traffic, pose challenges to traditional department stores' homogenized business models; pharmaceutical industry policy changes and implementation intensify market competition[51](index=51&type=chunk) - Rising labor costs, operating costs, and raw material prices for traditional Chinese medicine severely compress the profitability of the traditional retail industry[52](index=52&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=16&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) This section confirms no changes in directors or senior management, no profit distribution or capital increase plans, and no equity incentive schemes during the reporting period - No changes in the company's directors or senior management during the reporting period[55](index=55&type=chunk) - For the first half of 2025, the company will not distribute profits or convert capital reserves into share capital[55](index=55&type=chunk) - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures[56](index=56&type=chunk) [Section V Significant Matters](index=17&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) This section covers the company's commitments, related party transactions, audit status, and progress on major investment projects [I. Fulfillment of Commitments](index=17&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) The controlling shareholder, New World Group, committed to resolving horizontal competition issues within six years of the 2023 acquisition and to minimize and ensure fairness in related party transactions - Controlling shareholder Shanghai New World (Group) Co., Ltd. committed to gradually resolving horizontal competition issues with the listed company in certain businesses within **six years** after the acquisition[58](index=58&type=chunk) - New World Group committed to minimizing related party transactions with the listed company and its controlled entities, ensuring fairness and arm's-length principles for unavoidable transactions[58](index=58&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties during the Reporting Period](index=17&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties - No non-operating funds occupied by the controlling shareholder or other related parties during the reporting period[59](index=59&type=chunk) [III. Irregular Guarantees](index=17&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures - No external guarantees provided in violation of prescribed decision-making procedures during the reporting period[59](index=59&type=chunk) [IV. Semi-Annual Report Audit Status](index=18&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This semi-annual report has not been audited - This semi-annual report is unaudited[4](index=4&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=18&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) During the reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during this reporting period[60](index=60&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period](index=18&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 good integrity during the reporting period, with no unfulfilled court judgments or overdue significant debts - The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no unfulfilled court judgments or overdue significant debts[60](index=60&type=chunk) [X. Significant Related Party Transactions](index=18&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company approved and disclosed its estimated routine related party transactions for 2025 on February 28, 2025, with no other significant related party transactions during the reporting period - The company's twelfth board meeting, second session, held on February 28, 2025, approved the "Proposal on Estimated Routine Related Party Transactions for 2025," which has been publicly announced[61](index=61&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=20&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's raised funds were allocated to the completed department store upgrade project and the ongoing health industry expansion project, with the Xuzhongdao production base progressing well and idle funds managed through cash management Overall Use of Raised Funds (Unit: CNY) | Source of Raised Funds | Total Raised Funds | Net Raised Funds | Total Committed Investment in Prospectus | Cumulative Raised Funds Invested as of Period-End | Amount Invested This Year | Percentage of Amount Invested This Year (%) | Total Raised Funds with Changed Use | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 1,315,319,983.02 | 1,304,371,983.02 | 1,304,371,983.02 | 613,389,163.96 | 57,344,889.85 | 4.40 | 672,725,595.95 | - The total committed investment of raised funds is calculated based on the stock issuance price and quantity, after deducting sponsorship, underwriting, and other issuance expenses[66](index=66&type=chunk) - The company's raised funds are primarily used for the department store business upgrade project (completed, amount **CNY 56 million**) and the health industry expansion project (completed health industry chain resource integration and capital increase for Caitongde Company's registered capital)[71](index=71&type=chunk) - The Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Production Base project achieved structural topping out by the end of 2024, and as of the end of June 2025, all secondary structural construction and most waterproofing and insulation work were completed, with mechanical and electrical installation approximately **60%** complete and fine decoration approximately **40%** complete[75](index=75&type=chunk) Cash Management of Idle Raised Funds (Unit: CNY 10,000) | Board Approval Date | Cash Management Quota for Raised Funds | Start Date | End Date | Cash Management Balance at Period-End | Was Highest Balance During Period Exceeded Authorized Quota | | :--- | :--- | :--- | :--- | :--- | :--- | | November 22, 2024 | 110,000.00 | November 22, 2024 | November 21, 2025 | 39,700.00 | No | [XIII. Explanation of Other Significant Matters](index=21&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company adopted a cautious approach to its health industry expansion, carefully selecting projects for business synergy and profitability, and has successfully advanced the Xuzhongdao production base through capital increase and construction - The company adopted a cautious approach to projects involving heavy asset investment from the original fundraising plan, conducting extensive market research and multi-party evaluations, and did not forcefully proceed with construction[71](index=71&type=chunk) - The company's project selection adheres to principles of business synergy, profitability, team integration, and management scope, having contacted, inspected, communicated, and negotiated with nearly **20** projects in the pharmaceutical and health industry[72](index=72&type=chunk) - In 2021, wholly-owned subsidiary Shanghai Caitongde Pharmaceutical Co., Ltd. invested its own funds to acquire an **80%** equity stake in Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Co., Ltd., aiming for resource integration, complementary advantages, and synergistic development[73](index=73&type=chunk) - In 2022, the company changed some of its raised fund investment projects and permanently supplemented working capital, laying a solid foundation for a new round of development[73](index=73&type=chunk) - In 2023, Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Co., Ltd. completed its capital increase, introducing **2** external strategic partners, and commenced construction of its production base in December of the same year, with the project progressing smoothly[74](index=74&type=chunk)[75](index=75&type=chunk) [Section VI Share Changes and Shareholder Information](index=22&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) This section confirms no changes in the company's total shares or capital structure during the reporting period and lists the top ten shareholders - No changes in the company's total shares or capital structure during the reporting period[77](index=77&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period (Unit: shares) | Shareholder Name | Shares Held at Period-End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Huangpu District State-owned Assets Supervision and Administration Commission | 134,074,446 | 20.73 | State | | Shanghai Zongyi Holdings Co., Ltd. | 84,524,934 | 13.07 | Domestic Natural Person | | Shanghai New World (Group) Co., Ltd. | 49,618,040 | 7.67 | State-owned Legal Person | | Shanghai Huangpu Rongmei Culture Co., Ltd. | 25,332,017 | 3.92 | Other | | Zan Shengda | 18,000,000 | 2.78 | Domestic Natural Person | | Central Huijin Asset Management Co., Ltd. | 12,732,700 | 1.97 | Other | | Guohua Life Insurance Co., Ltd. - Universal Account III | 9,600,000 | 1.48 | Other | | Lao Feng Xiang Co., Ltd. | 6,155,001 | 0.95 | Other | | Industrial and Commercial Bank of China Co., Ltd. - CSI Shanghai State-owned Enterprise ETF | 5,222,842 | 0.81 | Other | | Bailian Group Co., Ltd. | 4,375,994 | 0.68 | Other | - Shanghai Huangpu District State-owned Assets Supervision and Administration Commission and Shanghai New World (Group) Co., Ltd. are parties acting in concert; Shanghai Zongyi Holdings Co., Ltd. and Zan Shengda are parties acting in concert[80](index=80&type=chunk) [Section VII Bond-Related Information](index=24&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) The company has no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[82](index=82&type=chunk) - The company has no convertible corporate bonds[82](index=82&type=chunk) [Section VIII Financial Report](index=25&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) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items [I. Audit Report](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual financial report has not been audited - This semi-annual report is unaudited[84](index=84&type=chunk) [II. Financial Statements](index=25&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, providing a comprehensive view of its financial position, operating results, and cash flows Consolidated Balance Sheet Summary (As of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Current Assets | 2,349,835,094.04 | 2,408,366,340.26 | | Total Non-Current Assets | 3,312,331,671.65 | 3,329,698,547.22 | | **Total Assets** | **5,662,166,765.69** | **5,738,064,887.48** | | Total Current Liabilities | 1,384,837,264.28 | 1,504,180,081.10 | | Total Non-Current Liabilities | 21,493,737.45 | 22,034,376.51 | | **Total Liabilities** | **1,406,331,001.73** | **1,526,214,457.61** | | Total Owners' Equity Attributable to Parent Company | 4,255,268,898.96 | 4,210,310,649.49 | | Minority Interests | 566,865.00 | 1,539,780.38 | | **Total Owners' Equity** | **4,255,835,763.96** | **4,211,850,429.87** | Consolidated Income Statement Summary (January-June 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 528,055,203.11 | 540,398,404.69 | | Total Operating Costs | 491,008,527.08 | 495,897,429.81 | | Operating Profit | 44,920,746.05 | 55,002,271.34 | | Total Profit | 54,826,473.46 | 56,572,412.79 | | Net Profit | 45,246,711.47 | 46,128,575.75 | | Net Profit Attributable to Parent Company Shareholders | 45,469,426.85 | 46,534,822.82 | | Total Comprehensive Income | 44,858,720.57 | 45,138,472.78 | | Basic Earnings Per Share (CNY/share) | 0.07 | 0.07 | Consolidated Cash Flow Statement Summary (January-June 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 10,524,746.98 | 92,386,269.42 | | Net Cash Flow from Investing Activities | 277,985,343.00 | 422,683,182.73 | | Net Cash Flow from Financing Activities | -9,988,587.03 | 66,868,919.19 | | Net Increase in Cash and Cash Equivalents | 278,520,114.79 | 581,925,772.76 | | Cash and Cash Equivalents at Period-End | 1,637,806,475.31 | 1,704,235,229.72 | [III. Company Basic Information](index=36&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) This section provides an overview of Shanghai New World Co., Ltd., including its establishment, listing, registered capital, location, main business activities, and ultimate controlling party - Shanghai New World Co., Ltd. was established in August 1988, listed on the Shanghai Stock Exchange in January 1993, with a registered capital of **CNY 646,875,384**[103](index=103&type=chunk) - The company's main business is department store retail (New World City), and it owns wholly-owned subsidiaries such as Shanghai Caitongde Pharmaceutical Co., Ltd. (traditional Chinese medicinal materials, proprietary Chinese medicines, etc.) and Shanghai New World Radisson Blu Hotel Co., Ltd. (five-star hotel)[103](index=103&type=chunk)[104](index=104&type=chunk) - The company's parent company and ultimate actual controller are both the Shanghai Huangpu District State-owned Assets Supervision and Administration Commission[104](index=104&type=chunk) [IV. Basis of Financial Statement Preparation](index=36&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 company's financial statements are prepared on a going concern basis, adhering to Accounting Standards for Business Enterprises, with an assessment confirming strong going concern ability for the next 12 months - The company prepares its financial statements on a going concern basis, in accordance with the Accounting Standards for Business Enterprises, based on actual transactions and events[105](index=105&type=chunk) - After assessment, the company's ability to continue as a going concern for the **12 months** from the end of this reporting period is good, with no significant doubts[106](index=106&type=chunk) [V. Significant Accounting Policies and Estimates](index=36&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 the company's key accounting policies and estimates for financial statement preparation, covering areas from compliance with accounting standards, accounting period, and reporting currency to financial instruments, inventory, fixed assets, revenue recognition, government grants, deferred income tax, and leases - The financial statements prepared by the company comply with enterprise accounting standards, accurately and completely reflecting its financial position and operating results[108](index=108&type=chunk) - The company's accounting year runs from January 1 to December 31, with a business cycle of **12 months**, and the recording currency is RMB[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - Inventories include merchandise inventory, raw materials, etc.; merchandise inventory is valued using the retail method, other inventories use the weighted-average method, and the perpetual inventory system is adopted[149](index=149&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **20-50 years** for buildings and structures, **5-15 years** for general equipment, and **8-10 years** for transportation equipment[167](index=167&type=chunk) - Revenue is recognized when performance obligations are satisfied over time or at a point in time, measured at the transaction price allocated to each performance obligation[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities; as a lessor, leases are classified as finance leases or operating leases[196](index=196&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) [VI. Taxation](index=61&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax categories and rates, detailing tax incentives for subsidiaries, including VAT reductions and corporate income tax exemptions/reductions for small low-profit enterprises and agricultural projects Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value Added | 13%, 9%, 6%, 5%, 3% | | Consumption Tax | Taxable Sales Amount | 5% | | Urban Maintenance and Construction Tax | Payable Turnover Tax | 7% | | Corporate Income Tax | Taxable Income | 25%, 20% | | Education Surcharge | Payable Turnover Tax | 3% | | Local Education Surcharge | Payable Turnover Tax | 2% | - Some of the company's subsidiaries are small low-profit enterprises, enjoying VAT reductions and corporate income tax preferential policies, such as a **25%** reduction in taxable income and a **20%** corporate income tax rate for 2024, extended until December 31, 2027[209](index=209&type=chunk) - Some subsidiaries are small-scale VAT taxpayers, exempt from VAT for monthly sales below **CNY 100,000**, a policy effective until December 31, 2027[209](index=209&type=chunk) - Wujiang Shanghai Caitongde Tang Traditional Chinese Medicine Decoction Pieces Co., Ltd., engaged in agriculture, forestry, animal husbandry, and fishery projects, may be exempt from or enjoy reduced corporate income tax on its income[210](index=210&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=62&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 for key consolidated financial statement items, explaining their composition, changes, and related accounting treatments - Monetary funds at period-end totaled **CNY 1,657,300,977.46**, of which **CNY 19,494,502.15** were restricted funds, including single-purpose commercial prepaid card fund custody accounts and performance bonds[212](index=212&type=chunk)[262](index=262&type=chunk) - Transactional financial assets at period-end totaled **CNY 397,000,000.00**, primarily investments in wealth management products[215](index=215&type=chunk) - Accounts receivable at period-end had a book value of **CNY 92,527,471.63**, with an allowance for doubtful accounts of **CNY 25,828,510.99**[214](index=214&type=chunk) - Construction in progress at period-end totaled **CNY 198,998,073.95**, mainly for the Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Production Base project[248](index=248&type=chunk)[249](index=249&type=chunk) - Operating revenue for the current period was **CNY 528,055,203.11**, and operating cost was **CNY 301,130,688.25**, with main business revenue primarily from commercial, pharmaceutical, and hotel services industries[295](index=295&type=chunk)[297](index=297&type=chunk) - Net cash flow from operating activities was **CNY 10,524,746.98**, a significant decrease of **88.61%** from **CNY 92,386,269.42** in the prior year[95](index=95&type=chunk) [VIII. Research and Development Expenses](index=97&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company incurred no R&D expenses, no capitalized development expenditures, and no significant externally acquired R&D projects - The company had no R&D expenses during the reporting period[324](index=324&type=chunk) [IX. Changes in Consolidation Scope](index=98&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, there were no changes in the company's consolidation scope, including no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries - No non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries occurred during the reporting period[324](index=324&type=chunk) [X. Interests in Other Entities](index=99&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 details the company's interests in subsidiaries, joint ventures, and associates, including their main operating locations, business nature, shareholding percentages, and key financial information for significant non-wholly-owned subsidiaries and associates Composition of the Enterprise Group (Major Subsidiaries) | Subsidiary Name | Main Operating Location | Business Nature | Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Shanghai New World Investment Consulting Co., Ltd. | Shanghai | Investment consulting | 100.00 | Establishment | | Shanghai New World Feiyu Advertising Co., Ltd. | Shanghai | Advertising | 100.00 | Establishment | | Shanghai New World City Property Management Co., Ltd. | Shanghai | Property management | 100.00 | Establishment | | Shanghai New World Radisson Blu Hotel Co., Ltd. | Shanghai | Hotel | 100.00 | Establishment | | Shanghai New World City E-commerce Co., Ltd. | Shanghai | E-commerce | 100.00 | Purchase | | Shanghai New World Project Management Co., Ltd. | Shanghai | Project management | 100.00 | Establishment | | Kunshan New World Wool Textile and Garment Co., Ltd. | Kunshan | Garment manufacturing | 100.00 | Establishment | | Shanghai New World City Co., Ltd. | Shanghai | Trade | 100.00 | Establishment | | Shanghai Caitongde Pharmaceutical Co., Ltd. | Shanghai | Distributing traditional Chinese medicinal materials | 100.00 | Business Combination | | Shanghai Caitongde Health Products Management Co., Ltd. | Shanghai | Distributing health products | 100.00 | Business Combination | | Shanghai Caitongde Tang Pharmacy Co., Ltd. | Shanghai | Pharmaceutical retail | 100.00 | Business Combination | | Shanghai Huqingyutang Guoyao Pharmacy Co., Ltd. | Shanghai | Pharmaceutical retail | 100.00 | Business Combination | | Shanghai Qunli Herbal Medicine Store Co., Ltd. | Shanghai | Traditional Chinese herbal medicine consultation | 100.00 | Business Combination | | Shanghai Caitongde Tang Traditional Chinese Medicine Clinic Co., Ltd. | Shanghai | Prescription and retail | 100.00 | Business Combination | | Wujiang Shanghai Caitongde Tang Traditional Chinese Medicine Decoction Pieces Co., Ltd. | Wujiang | Traditional Chinese medicine clinic | 62.00 | Business Combination | | Shanghai Tonghanchuntang North Branch Traditional Chinese Medicine Clinic Co., Ltd. | Shanghai | Production and sales | 100.00 | Business Combination | | Shanghai Baoda Ginseng and Medicine Store Co., Ltd. | Shanghai | Traditional Chinese medicine decoction pieces | 100.00 | Business Combination | | Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Co., Ltd. | Shanghai | Traditional Chinese herbal medicine | 80.00 | Business Combination | - Shanghai New World Investment Center (Limited Partnership) is a significant associate, with the company holding **59.88%** equity, but due to appointing **3** out of **7** members to the investment decision committee, its voting power is **42.86%**, accounted for using the equity method[333](index=333&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Wujiang Shanghai Caitongde Tang Traditional Chinese Medicine Decoction Pieces Co., Ltd.) | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 439,023,310.83 | 434,927,567.77 | | Total Liabilities | 402,982,703.85 | 406,727,084.68 | | Operating Revenue | 150,185,090.34 | 151,911,883.66 | | Net Profit | 7,840,123.89 | 10,889,205.75 | | Minority Shareholding Percentage | 38.00% | | | Period-End Minority Interests Balance | 3,705,000.00 | | [XI. Government Grants](index=103&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the company's government grants, primarily income-related, totaling **CNY 9,821,057.07** for the current period, with asset-related deferred income at **CNY 552,300.00** at period-end Government Grants Recognized in Profit or Loss for the Current Period (Unit: CNY) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset-related | - | 27,666.51 | | Income-related | 9,821,057.07 | 470,602.40 | | **Total** | **9,821,057.07** | **498,268.91** | Liability Items Involving Government Grants (Unit: CNY) | Financial Statement Item | Beginning Balance | Current Period New Grant Amount | Current Period Amount Recognized in Non-Operating Income | Current Period Transferred to Other Income | Current Period Other Changes | Period-End Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 552,300.00 | - | - | - | - | 552,300.00 | Asset-related | [XII. Risks Related to Financial Instruments](index=104&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces market risks (including exchange rate, interest rate, and other price risks), credit risk, and liquidity risk, which it actively manages through credit limits, monitoring borrowing, and maintaining credit lines to balance risk and return - The company's main financial instruments include borrowings, accounts receivable, accounts payable, and other equity instrument investments[337](index=337&type=chunk) - The company faces exchange rate risk (main business denominated and settled in RMB, small foreign currency balances), interest rate risk (floating rate bank borrowings), and other price risks (market price fluctuations)[337](index=337&type=chunk)[338](index=338&type=chunk) - The company mitigates credit risk through credit limits, credit approvals, and bad debt provisions, with liquid funds held in banks with high credit ratings[340](index=340&type=chunk) - The company manages liquidity risk by ensuring sufficient fund liquidity, regularly analyzing liability structure and maturity, and monitoring bank borrowing utilization[340](index=340&type=chunk) [XIII. Disclosure of Fair Value](index=106&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) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, categorized into three levels based on input observability, and explains the valuation methods for each level Fair Value of Assets and Liabilities Measured at Fair Value at Period End (Unit: CNY) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | **I. Recurring Fair Value Measurement** | | | | | | (I) Transactional Financial Assets | - | 397,000,000.00 | - | 397,000,000.00 | | (III) Other Equity Instrument Investments | 132,214,179.45 | 17,842,771.50 | - | 150,056,950.95 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **132,214,179.45** | **414,842,771.50** | **-** | **547,056,950.95** | - Level 1 financial instruments are listed company shares traded on exchanges, with fair value determined by the closing price at period-end[344](index=344&type=chunk) - Level 2 financial instruments are equity investments held for long-term investment purposes and principal-protected floating-rate bank short-term wealth management products, valued using the asset-based approach and expected return rate to forecast cash flows[345](index=345&type=chunk) - Level 3 financial instruments are equity interests in non-operating or intended-to-be-exited companies, with fair value determined by the estimated recoverable amount[346](index=346&type=chunk) [XIV. Related Parties and Related Party Transactions](index=107&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) This section details the company's related parties and transactions, including its parent company, subsidiaries, other related parties, and specifics of sales/purchases, service provision, related leases, and unsettled items - The company's parent company and ultimate controlling party are both the Shanghai Huangpu District State-owned Assets Supervision and Administration Commission, with both shareholding and voting power at **20.73%**[348](index=348&type=chunk) - Shanghai New World (Group) Co., Ltd. and its subsidiaries (e.g., Shanghai New Maru Department Store Co., Ltd., Shanghai Peromon Western Suit Co., Ltd.) are other related parties of the company[350](index=350&type=chunk) Related Party Transactions for Sales/Purchases of Goods and Provision/Acceptance of Services (Current Period Amount) | Related Party | Related Transaction Content | Current Period Amount (CNY) | | :--- | :--- | :--- | | Shanghai Peromon Western Suit Co., Ltd. | Joint sales procurement | 831,730.83 | | Shanghai New World Hardware & Electrical Co., Ltd. | Purchase of goods | 868,467.50 | | Shanghai Laodatong Food Marketing Co., Ltd. | Purchase of goods | 43,930.00 | | Shanghai Xinghualou Food Marketing Co., Ltd. | Purchase of goods | 212,800.00 | | Shanghai New World (Group) Co., Ltd. | Sale of goods | 150,943.40 | | Shanghai Xinwan Commercial Operations Co., Ltd. | Provision of services | 21,961.97 | | Shanghai Xinghualou (Group) Co., Ltd. | Sale of goods | 14,159.29 | Related Leases as Lessee (Current Period Amount) | Lessor Name | Type of Leased Asset | Rent Paid (CNY) | Lease Liability Interest Expense (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Haodu Hotel Co., Ltd. | Building | 440,366.98 | 19,567.20 | Unsettled Items with Related Parties (Period-End Book Balance) | Item Name | Related Party | Period-End Book Balance (CNY) | | :--- | :--- | :--- | | Other Payables | Shanghai New World Investment Center (Limited Partnership) | 10,815,000.00 | | Other Payables | Shanghai Laodatong Food Marketing Co., Ltd. | 7,350.00 | | Other Payables | Shanghai New World Hardware & Electrical Co., Ltd. | 530,185.50 | | Accounts Payable | Shanghai Peromon Western Suit Co., Ltd. | 251,735.49 | | Accounts Payable | Shanghai Laodatong Food Marketing Co., Ltd. | 12,400.00 | [XV. Share-Based Payment](index=110&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) During the reporting period, the company had no share-based payment events, including equity instruments, equity-settled share-based payments, cash-settled share-based payments, or share-based payment expenses - The company had no share-based payment events during the reporting period[356](index=356&type=chunk) [XVI. Commitments and Contingencies](index=111&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) As of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure - As of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure[356](index=356&type=chunk) [XVII. Events After the Balance Sheet Date](index=111&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) From the reporting period end to the approval date of the financial statements, the company had no significant non-adjusting events, profit distribution, or sales returns - No significant non-adjusting events, profit distribution, or sales returns occurred after the reporting period[357](index=357&type=chunk) [XVIII. Other Significant Matters](index=112&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) This section discloses the company's segment information, categorizing operations into commercial, pharmaceutical, hotel services, and other industries, and details the significant permanent authorization of the "Xuzhongdao" trademark to its subsidiary - The company's operating segments are categorized into commercial, pharmaceutical, hotel services, and other industries[357](index=357&type=chunk) Financial Information of Reporting Segments (H1 2025) | Item | Commercial (CNY) | Pharmaceutical Industry (CNY) | Hotel Services (CNY) | Other Industries (CNY) | Inter-segment Eliminations (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 118,304,780.60 | 265,723,986.06 | 96,251,529.84 | 38,261,942.14 | 2,038,095.24 | 516,504,143.40 | | Main Business Cost | 50,839,733.09 | 188,745,487.76 | 49,308,025.42 | 28,436,955.83 | 21,366,262.37 | 295,963,939.73 | | Total Assets | 5,129,264,919.91 | 1,233,357,137.09 | 42,940,515.52 | 233,621,273.29 | 977,017,080.12 | 5,662,166,765.69 | | Total Liabilities | 914,370,140.53 | 897,736,727.53 | 64,746,627.75 | 51,085,531.67 | 521,608,025.75 | 1,406,331,001.73 | - Subsidiary Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Co., Ltd. signed an agreement with Shanghai Pharmacy Co., Ltd. to obtain permanent authorization for the "Xuzhongdao" trademark and trade name, with an authorization fee of **CNY 29 million** to be paid over five years[361](index=361&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=113&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 for key parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income - Parent company accounts receivable at period-end totaled **CNY 6,019,325.28**, primarily from tenants and credit/consumption cards[363](index=363&type=chunk)[365](index=365&type=chunk) - Parent company other receivables at period-end totaled **CNY 369,665,014.77**, mainly temporary loans to related companies[370](index=370&type=chunk)[372](index=372&type=chunk) - Parent company investments in subsidiaries at period-end totaled **CNY 451,239,078.66**, including investments in **9** subsidiaries such as Shanghai New World Investment Consulting Co., Ltd. and Shanghai Caitongde Pharmaceutical Co., Ltd.[379](index=379&type=chunk)[381](index=381&type=chunk) - Parent company operating revenue for the current period was **CNY 142,769,712.12**, and operating cost was **CNY 81,868,595.49**, primarily from commercial business[386](index=386&type=chunk)[384](index=384&type=chunk) - Parent company investment income for the current period was **CNY 19,546,186.33**, mainly from long-term equity investments accounted for using the cost method and investments in wealth management products[385](index=385&type=chunk) [XX. Supplementary Information](index=121&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 supplementary financial information, including a detailed statement of non-recurring gains and losses, and key financial ratios such as return on net assets and earnings per share Statement of Non-Recurring Gains and Losses for the Current Period (Unit: CNY) | Item | Amount | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the reversal of impairment provisions already made | -2,417.06 | | Government grants recognized in profit or loss for the current period, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 9,821,057.07 | | Gains or losses from entrusted investments or asset management | 7,724,257.29 | | Reversal of impairment provisions for accounts receivable for which impairment tests were conducted individually | 441,550.28 | | Other non-operating income and expenses apart from the above items | 218,087.63 | | Less: Income tax impact | 158,658.28 | | Minority interests impact (after tax) | - | | **Total** | **18,043,876.93** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (CNY/share) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 1.07 | 0.07 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 0.65 | 0.04 |

上海新世界股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理和使用 的监管要求》、上海证券交易所《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 及相关格式指引等规定，现将上海新世界股份有限公司（以下简称"本公司"）2025 年半年度 募集资金存放与实际使用情况的专项报告如下： 一、募集资金基本情况 经中国证券监督管理委员会于 2016 年 6 月 2 日以证监许可[2016]770 号文《关于核准上海 新世界股份有限公司非公开发行股票的批复》核准，结合公司利润分配情况，公司采用向特定投 资者非公开发行的方式发行人民币普通股股票115,076,114股，发行价格为每股人民币11.43元。 本次非公开发行募集资金总额为人民币为 1,315,319,983.02 元，扣除保荐承销费人民币 10,948,000.00 元后的货币募集资金为人民币 1,304,371,983.02 ...

证券代码：600628 证券简称：新世界 公告编号：临2025-019 上海新世界股份有限公司 2025年半年度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》附件《第四号 —零售》、《关于做好主板上市公司 2025 年半年度报告披露工作的重要提醒》等有关规定的 要求，上海新世界股份有限公司（以下简称"公司"）现将 2025 年半年度主要经营数据披 露如下： 一、2025 年半年度，公司无门店变动情况； 二、2025 年半年度，公司无拟增加门店情况； 三、2025 年半年度主要经营数据： 上海新世界股份有限公司 董事会 二零二五年八月二十九日 | 业态 | 经营模式 | 2025 年 1-6 | 月（单位：万元） | | 2024 年 1-6 | 月（单位：万元） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 营业收入 | 营业成本 | 毛利率% | 营业收入 | 营业成本 ...

Group 1 - The core point of the article highlights that Sun Yingsha has won the championship at the WTT European Grand Slam in Sweden, increasing her world ranking points to 12,200, setting a new record under the current ranking system [1] - The International Table Tennis Federation (ITTF) implemented a new ranking system in 2022, where an athlete's world ranking points are based on the sum of their highest eight scores from the past 12 months [1] - Sun Yingsha is ranked first among female players, followed by her teammates Wang Manyu, Chen Xingtong, Kuai Man, and Wang Yidi in the top five [1] Group 2 - In men's singles, Chinese players Lin Shidong and Wang Chuqin occupy the top two positions, with Japan's Harimoto Tomokazu and Brazil's Calderano following [1] - The article also mentions that the Chinese duo Wang Manyu/Kuai Man leads in women's doubles, while Lin Shidong/Kuai Man ranks first in mixed doubles [2] - The men's doubles world number one is the Lebrun brothers from France [2]

Core Insights - The first case of human infection with the New World screw-worm fly has been reported in the United States [1] Group 1 - The New World screw-worm fly is known for causing severe health issues in livestock, which could have significant implications for the agricultural industry [1] - The discovery of this infection raises concerns about potential outbreaks and the need for monitoring and control measures in affected areas [1]

Core Viewpoint - A research team from the University of Tokyo has developed a new method for synthesizing ammonia from nitrogen and water at ambient temperature and pressure, potentially revolutionizing the ammonia production process and contributing to a "nitrogen cycle society" [1][2]. Group 1: Traditional Ammonia Production Challenges - Traditional ammonia synthesis relies on the Haber process, which requires high temperature and pressure, leading to high energy consumption and carbon emissions [1]. - The current method is heavily dependent on fossil fuels for hydrogen extraction, primarily from coal and natural gas [1]. Group 2: New Ammonia Synthesis Method - The Tokyo University team previously created a thermal-driven system that bypasses hydrogen as an intermediate, achieving ammonia synthesis with a nearly 100-fold increase in efficiency compared to traditional methods [2]. - The new light-driven ammonia synthesis system utilizes an iridium-based compound to harness solar energy, allowing for ammonia production under mild conditions without CO2 emissions [2]. Group 3: Future Prospects and Challenges - The research team aims to develop an artificial nitrogenase to enhance ammonia synthesis efficiency and achieve scalability [3]. - Current challenges include improving reaction efficiency, optimizing material selection, and ensuring system durability and recyclability [3][4]. - Ammonia is viewed as a more suitable energy carrier than hydrogen due to its easier storage and transportation, making it a crucial component in the future hydrogen economy [4].

Core Insights - The Chinese space station's application system has successfully implemented 58 scientific and application projects in orbit this year, achieving significant advancements [1] - A recent experiment conducted with the assistance of astronauts involved heating tungsten alloy to over 3100℃, setting a new record for the highest heating temperature in international space materials science experiments [1] Summary by Categories - **Scientific Achievements** - The space station has completed 58 projects in 2023, showcasing its active role in scientific research and application [1] - The tungsten alloy heating experiment surpassed previous records, highlighting advancements in materials science [1] - **Experimental Details** - The experiment involved astronauts and aimed to explore the properties of materials at extreme temperatures, which is crucial for future space applications [1]

Core Viewpoint - The successful breakthrough of the containerless material experiment cabinet on the Chinese space station, achieving a new world record temperature of over 3100℃, highlights advancements in high-temperature materials research [1] Group 1: Technological Achievements - The containerless material experiment cabinet, referred to as the "space alchemy furnace," is located in the Tianhe core module of the Chinese space station [1] - Over the past four years, the experiment cabinet has been focused on developing high-performance materials such as tungsten alloys and niobium alloys, which can withstand the extreme heat generated by rocket engines [1] Group 2: Implications for Material Science - The research conducted in the space environment aims to create new types of materials that can endure high temperatures, which is crucial for advancements in aerospace technology [1]

Group 1 - The latest Fortune Global 500 list reveals the economic strength of various countries, with a total revenue of approximately $41.7 trillion, accounting for over one-third of global GDP, and a year-on-year growth of about 1.8% [2][11] - Walmart leads the list with revenues of $680.985 billion and profits of $19.436 billion, followed by Amazon with $637.959 billion in revenue and $59.248 billion in profit [2] - The threshold for inclusion in the list increased from $32.1 billion to $32.2 billion in sales revenue [2] Group 2 - American companies dominate the list, accounting for 44% of the total, with an average sales figure of $121.7 billion and net profits of $31 billion, reflecting a year-on-year increase of 19% and 31% respectively [8][11] - In contrast, Chinese companies, totaling 130, generated $10.7 trillion in revenue but had an average net profit of only $4.2 billion, less than half of their American counterparts [11][18] - Japanese companies have seen a significant decline, dropping from 149 to 38 on the list, with an average net profit of only $3.13 billion, highlighting a stagnation in their business models [20][22] Group 3 - High-tech companies are showing strong performance, with 34 global high-tech firms averaging $96.7 billion in revenue and $18.1 billion in net profit, marking increases of 9.6% and 24% year-on-year [5][11] - Notable examples include Nvidia, which boasts a 55% net profit margin, and other tech giants like Microsoft and Google, which have established significant revenue streams through advanced technologies [8][10] - The rise of companies like BYD and Chery illustrates China's shift from scale to efficiency, with BYD surpassing Tesla and Chery achieving significant export growth [13][14][15] Group 4 - Pinduoduo's revenue reached $54.736 billion with a profit of $15.626 billion, showcasing a remarkable efficiency in its operations, particularly in agricultural product sales [17] - The contrasting business models of the U.S., China, and Japan highlight different paths to economic success, with the U.S. focusing on technology, China on efficiency, and Japan struggling with outdated practices [24]

Group 1: Global Economic Overview - The Fortune Global 500 list reflects a massive wealth distribution of $41.7 trillion globally, with U.S. companies accounting for 138 firms and 45% of global profits [2] - Chinese companies, totaling 130, generate an average profit of less than half that of U.S. firms, indicating significant room for improvement in profit margins [2] - Japan's decline is stark, dropping from 149 companies at its peak to only 38, highlighting a fading commercial glory [2] Group 2: Japan's Corporate Challenges - Japan's "lean production" model has become a double-edged sword, with companies like Toyota experiencing a 15-place drop in ranking despite $300 billion in revenue due to slow electric vehicle transition [3] - Sony's profit margin stands at 5.2%, losing $2 billion in orders due to competition from Apple's in-house chips, while also facing pressure in the automotive sector [3] - The average net profit of Japanese companies is $3.13 billion, significantly lower compared to their U.S. and Chinese counterparts [3] Group 3: China's Transition and Growth - Chinese firms generated a total revenue of $10.7 trillion, but their average net profit of $42 million is considerably lower than that of U.S. companies [4] - Industrial and financial sectors remain dominant in China, with the Industrial and Commercial Bank of China leading with a profit of 360 billion RMB [4] - BYD has entered the global top 100, surpassing Tesla with innovations in battery technology, while Chery and Geely have also shown significant growth in exports and revenue [4] Group 4: Silicon Valley's Wealth Creation - Saudi Aramco earned $750 billion in profit, while Silicon Valley tech giants average a net profit of $181 million, with U.S. firms leading in sales and profits [6] - Nvidia's net profit margin is 55%, dominating 80% of the global AI chip market, showcasing the power of its technological moat [6] - The combined profits of Microsoft, Google, and Apple exceeded 3.4 trillion RMB last year, illustrating the vast wealth generated by these tech giants [6] Group 5: Economic Models and Future Implications - The contrasting development models of Silicon Valley, Shenzhen, and Tokyo illustrate the current global economic landscape, with a focus on efficiency and innovation [10] - The ongoing competition among these regions raises questions about wealth distribution and the future of economic prosperity [10]