Market Overview - The futures concept sector experienced a decline of 0.14% compared to the previous trading day, with Suhao Fashion leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the futures concept sector included: - Yuanda Environmental (600292) with a closing price of 13.50, up 6.13%, and a trading volume of 451,800 shares, totaling 608 million yuan [1] - Quzhou Development (600208) closed at 4.53, up 1.57%, with a trading volume of 926,400 shares, totaling 418 million yuan [1] - Xinda Securities (601059) closed at 18.82, up 1.29%, with a trading volume of 409,000 shares, totaling 773 million yuan [1] - Conversely, significant decliners included: - Shisuo Fashion (600287) closed at 6.09, down 2.40%, with a trading volume of 83,700 shares, totaling 51.23 million yuan [2] - Meihu Co. (603319) closed at 37.57, down 2.39%, with a trading volume of 134,400 shares, totaling 510 million yuan [2] - Zhongke Jincai (002657) closed at 35.80, down 1.57%, with a trading volume of 303,400 shares, totaling 1.104 billion yuan [2] Capital Flow - The futures concept sector saw a net outflow of 380 million yuan from main funds, while retail funds experienced a net inflow of 269 million yuan [2] - The main fund inflows for notable stocks included: - Xinda Securities (601059) with a net inflow of 47.42 million yuan, accounting for 6.14% of total inflows [3] - Yuanda Environmental (600292) with a net inflow of 45.33 million yuan, accounting for 7.45% of total inflows [3] - In contrast, significant outflows were observed in: - Yuanda Environmental (600292) with a net outflow of 51.45 million yuan from retail investors, accounting for -6.66% [3] - Dahuang Technology (600288) with a net outflow of 72.80 million yuan from retail investors, accounting for -22.97% [3]

Core Viewpoint - New Huangpu (600638) reported a significant increase in net profit for the first half of 2025, with a year-on-year growth of 368.46%, despite a slight decline in total revenue [1] Financial Performance - Total revenue for the first half of 2025 was 497 million yuan, a decrease of 0.04% compared to the previous year [1] - Net profit attributable to shareholders reached 102 million yuan, up 368.46% year-on-year [1] - In Q2 2025, total revenue was 219 million yuan, down 21.84% year-on-year, while net profit attributable to shareholders was 24.04 million yuan, an increase of 32.08% [1] - Gross margin was 33.49%, a decrease of 33.15% year-on-year, while net margin improved to 27.31%, up 365.62% [1] - Total operating expenses (selling, administrative, and financial) amounted to 240 million yuan, accounting for 48.3% of revenue, a decrease of 22.13% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) increased to 0.15 yuan, a rise of 368.63% year-on-year [1] - Operating cash flow per share was 1.95 yuan, a significant increase of 788.91% year-on-year [1] - Return on Invested Capital (ROIC) for the previous year was 4.12%, indicating weak capital returns [2][3] - The company's historical median ROIC over the past decade was 3.63%, with a notably poor performance in 2019 [2] Cash Flow and Debt Management - The company has a healthy cash position, with cash assets significantly exceeding liabilities [2] - The cash flow situation warrants attention, as the ratio of cash assets to current liabilities is only 55.51% [3]

Group 1 - The company reported a total sales amount of 87.02 million yuan and a sales area of 2,923.63 square meters during the reporting period [2] - The company achieved a revenue recognition amount of 205.87 million yuan with a recognized area of 11,533.14 square meters, while the area pending recognition at the end of the reporting period was 56,579.08 square meters [2]

Group 1 - The core point of the article is that Xinhuangpu announced its financial results for the first half of 2025, showing significant growth in both revenue and net profit [1] - The company achieved operating revenue of 388,804,118.86 yuan, representing a year-on-year increase of 9.16% [1] - The net profit attributable to shareholders of the listed company was 101,630,494.22 yuan, reflecting a substantial year-on-year growth of 368.46% [1]

Core Insights - New Huangpu (600638.SH) reported a revenue of 389 million yuan for the first half of 2025, representing a year-on-year growth of 9.16% [1] - The net profit attributable to shareholders reached 102 million yuan, showing a significant year-on-year increase of 368.46% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 79.83 million yuan, reflecting a year-on-year growth of 328.05% [1] - The basic earnings per share stood at 0.1509 yuan [1]

Core Viewpoint - Shanghai New Huangpu Industrial Group Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by strategic initiatives in real estate and financial services [1][2]. Company Overview and Key Financial Indicators - The company achieved operating revenue of approximately 388.80 million RMB, a 9.16% increase from the previous year [2][5]. - Total profit reached approximately 114.69 million RMB, marking a substantial increase of 330.81% year-on-year [2][5]. - Net profit attributable to shareholders was approximately 101.63 million RMB, up 368.46% compared to the same period last year [2][5]. - The company's total assets increased by 4.61% to approximately 20.04 billion RMB [2][5]. Business Performance Analysis - The real estate sector showed signs of recovery, with improved sales performance in core areas and a focus on rental housing projects [3][5]. - The financial services segment demonstrated steady growth, with a complete range of licenses in futures, trusts, and funds, contributing to overall profitability [3][5]. - The company maintained a strong cash flow, with net cash flow from operating activities increasing by 788.91% to approximately 1.32 billion RMB [2][5]. Competitive Advantages - The company benefits from early involvement in the rental housing market, leveraging its experience to enhance project efficiency and profitability [5]. - The "Technology Capital" brand, recognized as a high-tech entrepreneurial park, provides a competitive edge in attracting businesses and investments [5]. - A robust financial services cluster supports the company's dual-driven strategy in real estate and finance, enhancing operational synergies [5]. Future Outlook - The company plans to continue focusing on the Yangtze River Delta region, capitalizing on local market trends and demographic shifts to drive growth [5]. - Ongoing investments in technology and innovation are expected to further enhance operational efficiency and market competitiveness [5].

Group 1 - The company reported a revenue of 389 million yuan for the first half of 2025, representing a year-on-year growth of 9.16% [1] - The net profit attributable to shareholders reached 102 million yuan, showing a significant year-on-year increase of 368.46% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 79.83 million yuan, reflecting a year-on-year growth of 328.05% [1] - The basic earnings per share were reported at 0.1509 yuan [1]

Group 1 - The company reported a revenue of 389 million yuan for the first half of the year, representing a year-on-year growth of 9.16% [1] - The net profit attributable to shareholders reached 102 million yuan, showing a significant year-on-year increase of 368.46% [1] - The basic earnings per share were reported at 0.1509 yuan per share [1]

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines key terms, company abbreviations, related parties, regulatory bodies, and the reporting period used throughout the report - The company's abbreviation "Xin Huang Pu" refers to Shanghai Xin Huang Pu Industrial Group Co., Ltd[12](index=12&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Shanghai Xin Huang Pu Industrial Group Co., Ltd., abbreviated as **Xin Huang Pu**[14](index=14&type=chunk) - Legal Representative: Zhao Zhengrong[14](index=14&type=chunk) [II. Contact Person and Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, telephone, fax, and email - Board Secretary: Xu Jun, Contact Address: 32nd Floor, East Building, No. 668 Beijing East Road, Shanghai[15](index=15&type=chunk) - Email: stock@600638.com[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section outlines historical changes to the company's registered address and confirms its current registered and office addresses - The company's registered address changed to 32nd Floor, East Building, No. 668 Beijing East Road, Huangpu District, Shanghai in July 2019[16](index=16&type=chunk) - Company Website: http://www.600638.com[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's designated newspapers for information disclosure, website address, and the location for custody of the semi-annual report - Information Disclosure Newspapers: "Shanghai Securities News", "Securities Times"[18](index=18&type=chunk) - Website for Semi-Annual Report Publication: www.sse.com.cn[18](index=18&type=chunk) [V. Summary of Company Shares](index=5&type=section&id=V.%20Summary%20of%20Company%20Shares) This section provides the company's stock listing information, including share type, listing exchange, stock abbreviation, and code - Share Type: A-shares, Listing Exchange: Shanghai Stock Exchange, Stock Abbreviation: **Xin Huang Pu**, Stock Code: **600638**[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for January-June 2025, highlighting significant year-over-year growth in operating revenue and net profit Key Accounting Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-over-year change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 388,804,118.86 | 356,167,422.84 | 9.16% | | Total Profit | 114,694,180.26 | 26,622,805.56 | 330.81% | | Net Profit Attributable to Shareholders of the Listed Company | 101,630,494.22 | 21,694,579.07 | 368.46% | | Net Cash Flow from Operating Activities | 1,316,309,674.63 | -191,072,224.46 | 788.91% | | Net Assets Attributable to Shareholders of the Listed Company (Period-end) | 4,598,519,053.39 | 4,496,888,559.17 | 2.26% | | Total Assets (Period-end) | 20,044,007,983.75 | 19,159,945,400.09 | 4.61% | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Indicator | Current Period | Prior Year Period | Year-over-year change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.1509 | 0.0322 | 368.63% | | Diluted Earnings Per Share (yuan/share) | 0.1509 | 0.0322 | 368.63% | | Basic EPS Excluding Non-recurring Gains and Losses (yuan/share) | 0.1185 | 0.0277 | 327.80% | | Weighted Average Return on Net Assets (%) | 2.2348 | 0.4884 | increased by 1.7464 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 1.7554 | 0.4199 | increased by 1.3355 percentage points | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the composition and amounts of non-recurring gains and losses for the current reporting period, totaling **21.80 million yuan** Non-recurring Gains and Losses Items (Amount in yuan) | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 6,061,242.18 | | Government grants recognized in current profit or loss | 12,252.70 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 171,392.01 | | Capital occupation fees received from non-financial enterprises recognized in current profit or loss | 1,566,149.92 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 15,028,874.79 | | Other non-operating income and expenses apart from the above | -1,076,284.04 | | Less: Income tax impact | -59,324.71 | | Minority interest impact (after tax) | 21,358.24 | | **Total** | **21,801,594.03** | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Industry and Principal Business Overview for the Reporting Period](index=8&type=section&id=I.%20Industry%20and%20Principal%20Business%20Overview%20for%20the%20Reporting%20Period) During the reporting period, the real estate industry showed signs of stabilization with moderate recovery under continuous policy support, while the company maintained a dual-driven strategy of real estate and finance - The real estate industry showed signs of stabilization under continuous policy support, with premium properties in core areas and demand for improved housing leading the recovery[27](index=27&type=chunk) - The company consistently pursues a dual-driven development strategy in real estate and finance, with real estate operations primarily involving independent development, sales, leasing, and operations[27](index=27&type=chunk) - The company's financial segment covers diverse areas including futures, trusts, funds, and private securities, forming a nascent financial cluster with comprehensive licenses in futures, trusts, and funds[28](index=28&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved total operating revenue of **497.18 million yuan** and net profit of **106.17 million yuan**, driven by strategic transformation, enhanced operational management, and asset-light initiatives across all business segments - During the reporting period, the company achieved **total operating revenue of 497.18 million yuan**, with operating revenue of **388.80 million yuan**[28](index=28&type=chunk) - Net profit for the reporting period was **106.17 million yuan**, and net profit attributable to shareholders of the parent company was **101.63 million yuan**[28](index=28&type=chunk) - The company actively responded to the external environment, accelerating strategic transformation, including strengthening operational management, enhancing business expansion capabilities, optimizing capital efficiency, and steadily advancing asset-light transformation[28](index=28&type=chunk) [ (I) Rental Housing: Occupancy Rate Steadily Rising, Brand Effect Prominent](index=8&type=section&id=(I)%20Rental%20Housing%3A%20Occupancy%20Rate%20Steadily%20Rising%2C%20Brand%20Effect%20Prominent) The company's Meilong and Wujing affordable rental housing projects performed well, and the "Zhumengcheng" long-term rental apartment brand continued to enhance its market influence, with occupancy rates steadily rising - The company's Meilong and Wujing affordable rental housing projects performed remarkably, and the "Zhumengcheng" long-term rental apartment brand continued to enhance its market influence, with occupancy rates steadily rising during the reporting period[29](index=29&type=chunk) - The company actively fulfills its social responsibility to help young talents settle down and thrive, continuously promoting the construction and refined operation of rental housing[30](index=30&type=chunk) [ (II) Commercial Residential Sales: Multiple Measures, Breaking Through Adversity](index=9&type=section&id=(II)%20Commercial%20Residential%20Sales%3A%20Multiple%20Measures%2C%20Breaking%20Through%20Adversity) Facing an overall market contraction, the company focused on sales target and cash flow management, flexibly adjusted marketing strategies, and strengthened team execution and proactive marketing capabilities, successfully accelerating destocking and achieving good sales performance - The company focused on sales target management and cash flow management, flexibly adjusting marketing strategies and strengthening team execution and proactive marketing capabilities[30](index=30&type=chunk) - During the reporting period, the company successfully accelerated the destocking of remaining inventory across projects, achieving good sales performance despite adverse conditions[30](index=30&type=chunk) [ (III) Commercial Office and Park Operations: Stable and Quality-Oriented, Resilience Demonstrated](index=9&type=section&id=(III)%20Commercial%20Office%20and%20Park%20Operations%3A%20Stable%20and%20Quality-Oriented%2C%20Resilience%20Demonstrated) Amid intensified competition, the company's operations team continuously improved service levels and operational efficiency through building renovation, investment promotion, and cost control, ensuring core operating indicators achieved "half the time, half the task" - The company's operations team closely adhered to established goals, continuously improving service levels and operational efficiency, and steadily advancing building renovation and upgrades[30](index=30&type=chunk) - By continuously optimizing the business environment, the company ensured that core operating indicators such as rental income and occupancy rate achieved "half the time, half the task"[30](index=30&type=chunk) [ (IV) Engineering Construction: Progress Controllable, "Guaranteed Delivery" Solidly Advanced](index=9&type=section&id=(IV)%20Engineering%20Construction%3A%20Progress%20Controllable%2C%20%E2%80%9CGuaranteed%20Delivery%E2%80%9D%20Solidly%20Advanced) The company's construction projects progressed steadily, ensuring overall controllable progress, and the company strictly fulfilled its "guaranteed delivery" commitment, with all related tasks proceeding smoothly and risks under control - The company's construction projects are based on actual conditions, fully advancing to ensure overall controllable progress[30](index=30&type=chunk) - The company strictly fulfills its "guaranteed delivery" commitment, with all related tasks progressing smoothly and risks under control[30](index=30&type=chunk) [ (V) Financial Business: Steady Development, Technology Empowerment](index=9&type=section&id=(V)%20Financial%20Business%3A%20Steady%20Development%2C%20Technology%20Empowerment) Hua Wen Futures adheres to a strategy-led, technology-empowered, talent-driven, and management-strengthened philosophy, focusing on key tasks and continuously promoting innovation and transformation, maintaining a leading market share and good overall performance - Hua Wen Futures adheres to the philosophy of "strategy-led, technology-empowered, talent-driven, and management-strengthened," focusing on key tasks and continuously promoting technological innovation, digital transformation, and wealth management transformation[31](index=31&type=chunk) - During the reporting period, Hua Wen Futures maintained a leading market share, with overall good performance in profitability, client equity scale, and regulatory ratings[31](index=31&type=chunk) [ (VI) Analysis of Real Estate Industry Operating Information](index=9&type=section&id=(VI)%20Analysis%20of%20Real%20Estate%20Industry%20Operating%20Information) This section details real estate development investment, sales recognition, and leasing during the reporting period, including key data such as land area, planned construction area, total investment, sales amount, recognized revenue, and rental income for various projects Real Estate Development Investment During the Reporting Period (Selected Projects) | Region | Project | Business Type | Total Investment (10,000 yuan) | Actual Investment in Reporting Period (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Huzhou | Xin Huang Pu Garden Mansion | Residential | 66,000.00 | 321.39 | | Shanghai | Minhang District Meilong Town 02-03A01 Plot | Affordable Rental Housing | 104,000.00 | 10,881.71 | | Shanghai | Jiangnan Yijingxuan | Residential | 147,230.37 | 6,610.47 | | Nanjing | Jiangbei New Area G27 Plot | Residential | 76,084.00 | 14,587.18 | Real Estate Sales and Recognition During the Reporting Period | Indicator | Amount/Area | | :--- | :--- | | Sales Amount | 8,702.09 ten thousand yuan | | Sales Area | 2,923.63 square meters | | Recognized Revenue Amount | 20,587.26 ten thousand yuan | | Recognized Area | 11,533.14 square meters | | Area Awaiting Recognition at Period-end | 56,579.08 square meters | Real Estate Leasing During the Reporting Period (Selected Projects) | Region | Project | Business Type | Leased Building Area (square meters) | Rental Income (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Shanghai | Science & Technology City | Office Building | 70,405.54 | 3,360.30 | | Shanghai | Wujing Xingyue Riverfront Home | Residential | 153,885.93 | 6,487.02 | | Shanghai | Meilong Xingyue Dream Garden | Residential | 70,994.54 | 3,315.80 | [III. Analysis of Core Competitiveness During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its advantages in affordable housing, science and technology parks, synergistic financial businesses, deep cultivation in the Yangtze River Delta, and robust asset reserves with financial stability - As one of the earliest enterprises in Shanghai to engage in the construction and operation of long-term rental apartments, the company has accumulated rich experience in the affordable housing sector[34](index=34&type=chunk) - Its "Science & Technology City" is the only high-tech startup park in Shanghai's city center named by the Shanghai Municipal Government, possessing significant brand and location advantages[34](index=34&type=chunk)[35](index=35&type=chunk) - The company has built a financial business cluster covering core licenses such as futures, trusts, and funds, achieving synergistic efficiency from its dual-driven real estate and finance strategy[35](index=35&type=chunk) - The company has long focused on core cities and surrounding areas in the Yangtze River Delta, with Shanghai at its core, laying a solid foundation for developing asset-light business models such as agency construction and agency management[35](index=35&type=chunk) - The company's core assets are primarily located in high-value areas in Shanghai and its surroundings, with a stable financial structure, abundant cash flow, and strong risk resistance capabilities[35](index=35&type=chunk) [IV. Key Operating Conditions During the Reporting Period](index=12&type=section&id=IV.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes changes in the company's financial statement items, asset and liability status, investment situation, and operating performance of major controlled and associate companies, revealing that profit growth primarily stemmed from increased investment income [ (I) Analysis of Principal Business](index=12&type=section&id=(I)%20Analysis%20of%20Principal%20Business) During the reporting period, the company's operating revenue increased by 9.16%, operating costs increased by 45.48%, while selling and administrative expenses both decreased, leading to significant profit growth primarily due to a substantial rise in investment income Financial Statement Item Changes (Current Period vs. Prior Year Period) | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 388,804,118.86 | 356,167,422.84 | 9.16% | | Operating Costs | 258,599,264.57 | 177,751,981.02 | 45.48% | | Selling Expenses | 86,484,976.81 | 119,281,438.43 | -27.50% | | Administrative Expenses | 89,690,852.75 | 119,376,411.39 | -24.87% | | Net Cash Flow from Operating Activities | 1,316,309,674.63 | -191,072,224.46 | 788.91% | | Investment Income | 112,729,688.71 | 35,699,344.16 | 215.78% | | Total Profit | 114,694,180.26 | 26,622,805.56 | 330.81% | | Net Profit | 106,165,952.45 | 20,887,100.63 | 408.28% | | Net Profit Attributable to Parent Company Shareholders | 101,630,494.22 | 21,694,579.07 | 368.46% | - The change in operating costs was primarily due to increased sales cost recognition by subsidiary real estate project companies[37](index=37&type=chunk) - The change in net cash flow from operating activities was primarily due to increased client margin inflows at subsidiary futures companies[37](index=37&type=chunk) - Changes in investment income, investment income from associates and joint ventures, fair value change gains, operating profit, total profit, net profit, and net profit attributable to parent company shareholders were primarily due to increased investment income during the reporting period[37](index=37&type=chunk) [ (III) Analysis of Assets and Liabilities](index=13&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were **20.04 billion yuan**, an increase of 4.61% from the end of the previous year, with significant changes in settlement provisions, financial assets purchased under resale agreements, other non-current assets, prepayments, short-term borrowings, and employee benefits payable, and some assets are restricted Asset and Liability Status Changes (Current Period-end vs. Prior Year-end) | Item Name | Current Period-end (yuan) | Current Period-end as % of Total Assets | Prior Year-end (yuan) | Prior Year-end as % of Total Assets | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Settlement Provisions | 18,213,736.94 | 0.09% | 5,326,868.21 | 0.03% | 241.92% | | Prepayments | 196,127,932.01 | 0.98% | 297,514,603.87 | 1.55% | -34.08% | | Financial Assets Purchased Under Resale Agreements | 1,336,001.34 | 0.01% | 0.00 | 0.00% | 100.00% | | Investments in Other Equity Instruments | 20,000,000.00 | 0.10% | 0.00 | 0.00% | 100.00% | | Other Non-current Assets | 244,232,664.41 | 1.22% | 24,579,338.02 | 0.13% | 893.65% | | Short-term Borrowings | 29,018,995.21 | 0.14% | 60,074,250.00 | 0.31% | -51.69% | | Employee Benefits Payable | 16,103,979.97 | 0.08% | 63,526,919.80 | 0.33% | -74.65% | | Non-current Liabilities Due Within One Year | 43,156,798.46 | 0.22% | 123,588,591.81 | 0.65% | -65.08% | - Major restricted assets at period-end include monetary funds of **15.59 million yuan** (project guarantee deposits), investment properties of **3.67 billion yuan** (collateral for borrowings), fixed assets of **381.09 million yuan** (collateral for borrowings), and dividends receivable of **180.00 million yuan** (regulatory restrictions)[41](index=41&type=chunk) [ (IV) Analysis of Investment Status](index=14&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company's total equity investment was **4.14 billion yuan**, with **2.51 billion yuan** in subsidiaries and **1.64 billion yuan** in joint ventures and associates, and the fair value of financial assets measured at fair value increased to **444 million yuan** at period-end Overall Analysis of External Equity Investments (Period-end Balance in yuan) | Item | Book Balance (yuan) | Impairment Provision (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Investments in Subsidiaries | 2,514,152,351.36 | 7,235,946.76 | 2,506,916,404.60 | | Investments in Joint Ventures and Associates | 1,649,361,332.87 | 12,579,190.46 | 1,636,782,142.41 | | **Total** | **4,163,513,684.23** | **19,815,137.22** | **4,143,698,547.01** | Financial Assets Measured at Fair Value (Period-end vs. Period-beginning in yuan) | Asset Category | Period-beginning (yuan) | Period-end (yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 270,357,173.94 | 273,083,885.30 | | Other Non-current Financial Assets | 168,633,116.19 | 171,159,004.13 | | **Total** | **438,990,290.13** | **444,242,889.43** | [ (VI) Analysis of Major Controlled and Associate Companies](index=15&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Associate%20Companies) This section lists basic information and operating performance for the company's major controlled subsidiaries and associate companies, reflecting the operational status of each subsidiary Selected Major Subsidiary Financial Data (Unit: 10,000 yuan) | Company Name | Company Type | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huzhou Nanxun Jiashun Investment Management Co., Ltd. | Subsidiary | 19,781.00 | 24,528.77 | 23,444.15 | 32.57 | -30.13 | -30.90 | | Shanghai Science & Technology City Management Development Co., Ltd. | Subsidiary | 1,350.00 | 8,272.53 | 2,992.63 | 2,282.22 | 552.69 | 555.70 | | Hua Wen Futures Co., Ltd. | Subsidiary | 55,000.00 | 910,733.18 | 67,131.45 | 10,867.59 | 274.75 | 73.98 | | Hangzhou Xin Huang Pu Binzhi Real Estate Development Co., Ltd. | Subsidiary | 5,000.00 | 14,899.73 | 7,306.42 | 7,675.50 | 1,873.33 | 1,413.37 | - During the reporting period, the company newly established subsidiaries including Nanjing Puyang Real Estate Development Co., Ltd., Beijing Changpu Construction Co., Ltd., Shanghai Puhuiwan Urban Construction Development Co., Ltd., and Shanghai Puxinwan Urban Construction Development Co., Ltd[48](index=48&type=chunk) [ (VII) Structured Entities Controlled by the Company](index=18&type=section&id=(VII)%20Structured%20Entities%20Controlled%20by%20the%20Company) The structured entities controlled by the company primarily include FOF single asset management plans under Hua Wen Futures and private securities investment funds under Puhao, with their main business being investment in financial products - Structured entities controlled by the company include Hua Wen Futures Huarui Wensheng FOF No. 1 Single Asset Management Plan, Hua Wen Futures Jiangran Jinqu No. 1 FOF Single Asset Management Plan, and Hua Wen Futures Huarui Zhuanxiang FOF No. 1 Single Asset Management Plan, all with **100% shareholding**[48](index=48&type=chunk) - Puhao Hengsheng No. 1 Private Securities Investment Fund holds **34.35%** of shares, while Puhao Jinqu Greek Letter No. 2 Private Securities Investment Fund and Puhao Zhiyuan Value Balance No. 1 Private Securities Investment Fund both hold **100%** of shares[48](index=48&type=chunk) [Section IV Corporate Governance, Environment and Society](index=19&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) [I. Changes in Company Directors, Supervisors, and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were changes in the company's board of directors, with three non-independent directors resigning, one new non-independent director elected, and the General Manager and CFO resigning - Mr. Li Xingchun, Ms. Zhang Xiujuan, and Mr. Zhou Xumin, then non-independent directors, resigned from their positions as company directors and members of relevant board committees due to personal work arrangements or reaching statutory retirement age[51](index=51&type=chunk) - Mr. Chen Yeming, current non-independent director, was elected as a company director at the 2024 Annual General Meeting held on June 6, 2025[51](index=51&type=chunk) - Mr. Su Gang, then General Manager and CFO, resigned in January 2025 due to personal reasons[51](index=51&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "none," indicating no such actions for this reporting period - The company's proposed semi-annual profit distribution or capital reserve conversion plan is **"none"**[52](index=52&type=chunk) [V. Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts](index=20&type=section&id=V.%20Specifics%20of%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization%20Efforts) The company's subsidiary, Hua Wen Futures, actively engaged in rural revitalization activities, collaborating with various counties and donating **300,000 yuan** for livestock breeding, effectively promoting rural employment and consolidating poverty alleviation achievements - Since 2023, Hua Wen Futures has continuously carried out rural revitalization activities with Tongbai County, Henan Province for three consecutive years, donating **50,000 yuan** in assistance funds to the Tongbai County Wucheng Town Industrial Base project in early 2025[54](index=54&type=chunk) - In early 2025, an additional **200,000 yuan** and **50,000 yuan** in assistance funds were provided to the Agricultural and Rural Bureaus of Min County and Lankao County, respectively[54](index=54&type=chunk) - Hua Wen Futures actively expanded its assistance scope, newly signing pairing assistance agreements with Eryuan County, Jianchuan County, and Linxiang County in Yunnan Province, donating a total of **300,000 yuan** to support the local livestock breeding industry's revitalization[54](index=54&type=chunk) - These rural revitalization efforts played a positive role in helping **5,008 rural residents** find employment and consolidating poverty alleviation achievements for **509 households**[54](index=54&type=chunk) [Section V Significant Matters](index=21&type=section&id=Section%20V%20Significant%20Matters) [I. Fulfillment of Commitments](index=21&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, there were no commitment matters requiring disclosure from the company's actual controller, shareholders, related parties, acquirers, or the company itself - There were no commitment matters requiring disclosure from the company's actual controller, shareholders, related parties, acquirers, or the company itself during or continuing into the reporting period, indicated as **"Not Applicable"**[56](index=56&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=21&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had **no significant litigation or arbitration matters** during this reporting period[56](index=56&type=chunk) [XI. Significant Contracts and Their Performance](index=23&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company provided guarantees to subsidiaries, with a total guarantee amount of **2.31 billion yuan**, accounting for 47.56% of the company's net assets Company External Guarantees (Excluding Guarantees to Subsidiaries) | Guarantor | Guaranteed Party | Guarantee Amount (10,000 yuan) | Is Guarantee Overdue | | :--- | :--- | :--- | :--- | | Shanghai Pulun Wensheng Real Estate Co., Ltd. | First-hand Commercial Housing Buyers | 19,171.80 | No | | Xin Huang Pu (Zhejiang) Investment Development Co., Ltd. | First-hand Commercial Housing Buyers | 386.00 | No | | Xin Huang Pu (Huzhou) Real Estate Development Co., Ltd. | First-hand Commercial Housing Buyers | 764.00 | No | | Shanghai Xinjie Real Estate Co., Ltd. | Affordable Housing Buyers | 865.00 | No | | Shanghai Xinfu Real Estate Co., Ltd. | Affordable Housing Buyers | 5,169.00 | No | | **Total Guarantee Balance at Period-end (A)** | | **26,355.80** | | Company Guarantees to Subsidiaries | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Guarantee Amount to Subsidiaries During Reporting Period | -3,666.37 | | Total Guarantee Balance to Subsidiaries at Period-end (B) | 204,333.63 | Company Total Guarantee Amount (Including Guarantees to Subsidiaries) | Indicator | Amount (10,000 yuan) | Percentage | | :--- | :--- | :--- | | Total Guarantee Amount (A+B) | 230,689.43 | 47.56% | [XIII. Explanation of Other Significant Matters](index=24&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company's controlling shareholder adjusted its internal shareholding structure by establishing new asset management plans to acquire company shares held by original trust plans via block trades, with no change in the total number or proportion of shares held - Shanghai Xinhua Wen Investment Co., Ltd., the controlling shareholder of Shanghai Xin Huang Pu Industrial Group Co., Ltd., indirectly holds **32.17 million shares** (shareholding ratio of **4.78%**) of the company through Xizang Trust Co., Ltd. - Ankun No. 5 Collective Fund Trust Plan and Xizang Trust Co., Ltd. - Ankun No. 8 Collective Fund Trust Plan[60](index=60&type=chunk) - Shanghai Xinhua Wen as the sole settlor will establish new asset management plans and acquire all Xin Huang Pu shares held by the original Ankun No. 5 and Ankun No. 8 plans via block trades[60](index=60&type=chunk) - This adjustment is an internal structural adjustment of Xinhua Wen and its concerted parties' shareholding through financial products, with no change in the total number or proportion of shares held by Xinhua Wen and its concerted parties[60](index=60&type=chunk) [Section VI Share Changes and Shareholder Information](index=25&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Share Capital Changes](index=25&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were **no changes** in the company's total share capital or share structure[62](index=62&type=chunk) [II. Shareholder Information](index=25&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 32,189 common shareholders, and this section discloses the shareholding of the top ten shareholders and top ten unrestricted common shareholders, with Shanghai Xinhua Wen Investment Co., Ltd. being the largest shareholder - As of the end of the reporting period, the total number of common shareholders was **32,189**[63](index=63&type=chunk) Top Ten Shareholders' Shareholding (Selected) | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Share Status | Number of Shares (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Xinhua Wen Investment Co., Ltd. | 120,701,293 | 17.92 | Pledged | 120,420,000 | State-owned Legal Person | | Shanghai Huangpu District State-owned Assets Supervision and Administration Commission | 85,107,090 | 12.64 | Unrestricted | - | State | | Chen Guangyu | 27,731,800 | 4.12 | Unrestricted | - | Domestic Natural Person | - Shanghai Xinhua Wen Investment Co., Ltd. also holds **17.38 million shares**, **14.79 million shares**, and **13.90 million shares** of Xin Huang Pu through Xizang Trust Co., Ltd. - Ankun No. 5 Collective Fund Trust Plan, Ankun No. 8 Collective Fund Trust Plan, and Danze No. 1 Collective Fund Trust Plan, respectively[69](index=69&type=chunk) [Section VII Bond-Related Information](index=29&type=section&id=Section%20VII%20Bond-Related%20Information) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=29&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - Information on corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments is **"Not Applicable"**[73](index=73&type=chunk) [II. Convertible Corporate Bonds](index=29&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - Information on convertible corporate bonds is **"Not Applicable"**[73](index=73&type=chunk) [Section VIII Financial Report](index=30&type=section&id=Section%20VIII%20Financial%20Report) [I. Audit Report](index=30&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[5](index=5&type=chunk) [II. Financial Statements](index=30&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow - Financial statements include the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[75](index=75&type=chunk)[78](index=78&type=chunk)[81](index=81&type=chunk)[85](index=85&type=chunk)[88](index=88&type=chunk)[91](index=91&type=chunk)[95](index=95&type=chunk)[101](index=101&type=chunk) - The Consolidated Balance Sheet shows that as of June 30, 2025, the company's **total assets were 20.04 billion yuan**, total liabilities were **15.19 billion yuan**, and total owners' equity was **4.85 billion yuan**[75](index=75&type=chunk)[77](index=77&type=chunk) - The Consolidated Income Statement shows total operating revenue of **497.18 million yuan**, net profit of **106.17 million yuan**, and net profit attributable to parent company shareholders of **101.63 million yuan** for January-June 2025[82](index=82&type=chunk)[84](index=84&type=chunk) - The Consolidated Cash Flow Statement shows net cash flow from operating activities of **1.32 billion yuan**, net cash flow from investing activities of **-254.37 million yuan**, and net cash flow from financing activities of **253.78 million yuan** for January-June 2025[89](index=89&type=chunk) [III. Company Profile](index=48&type=section&id=III.%20Company%20Profile) This section outlines the company's historical evolution, share capital changes, registration information, and principal business activities, confirming its status as a real estate operating enterprise listed in 1993 and renamed in 2019 - Shanghai Xin Huang Pu Industrial Group Co., Ltd. originated from the restructuring of three state-owned enterprises, including Huangpu District Real Estate Management Company, and was listed on the Shanghai Stock Exchange in **March 1993**[105](index=105&type=chunk) - On May 17, 2018, the company converted capital reserves into shares at a ratio of 2 shares for every 10 shares held by all shareholders, resulting in a total share capital of **673,396,786 shares**[105](index=105&type=chunk) - On June 28, 2019, the company's Chinese name was changed to "Shanghai Xin Huang Pu Industrial Group Co., Ltd."[106](index=106&type=chunk) - As of June 30, 2025, the company's total issued share capital was **673,396,786 shares**, with a registered capital of **673,396,786 yuan**[106](index=106&type=chunk) - The company's principal business activities include real estate operations, renovation of old and dilapidated housing, interior and exterior architectural decoration, property management, and real estate consulting[106](index=106&type=chunk) [IV. Basis of Financial Statement Preparation](index=48&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and on a going concern basis - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the relevant provisions of "Information Disclosure and Reporting Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[107](index=107&type=chunk) - These financial statements are prepared on a **going concern basis**[108](index=108&type=chunk) [V. Significant Accounting Policies and Estimates](index=48&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering key areas such as financial instruments, inventories, investment properties, fixed assets, intangible assets, long-term deferred expenses, revenue recognition, government grants, deferred income tax assets/liabilities, and leases - These financial statements comply with the requirements of the Accounting Standards for Business Enterprises issued by the Ministry of Finance, truly and completely reflecting the consolidated and parent company's financial position as of June 30, 2025, and the consolidated and parent company's operating results and cash flows for the first half of 2025[110](index=110&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with an operating cycle of **12 months**, and the recording currency is **RMB**[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) - Detailed explanations are provided for the classification, recognition criteria, measurement methods, derecognition, and impairment testing methods of financial instruments[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - The company's inventories are classified into real estate development and non-development categories, initially measured at cost, valued using the weighted average method or specific identification method upon issuance, and impairment provisions are made based on the lower of cost and net realizable value[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, distinguishing between revenue recognized over a period of time or at a point in time based on the nature of the performance obligation[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk) - Government grants are classified as asset-related or income-related, either reducing the carrying amount of related assets or recognized as deferred income, and then recognized in profit or loss over the useful life of the related asset or during the period when related costs, expenses, or losses are incurred[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk) [VI. Taxation](index=73&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and applicable tax rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, local education surcharge, property tax, and land value-added tax Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services as stipulated by tax laws, with output tax minus deductible input tax being the VAT payable | 6%, 9%, 13% | | Value-Added Tax (VAT) | Calculated based on sales amount and levy rate (simplified tax method and small-scale taxpayers) | 3%, 5% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT paid | 5%, 7% | | Corporate Income Tax | Calculated based on taxable income | 25% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | | Property Tax | Based on 70% of the original value of the property (or rental income) as the tax base | 12%, 4% (Note 2), 1.2% | | Land Value-Added Tax | Calculated based on the appreciation amount from real estate transfer and prescribed progressive tax rates | Progressive tax rates from 30% to 60% on the appreciation amount | [VII. Notes to Consolidated Financial Statement Items](index=74&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end balances, period-beginning balances, and changes for each major item in the consolidated financial statements, providing comprehensive financial insights - The period-end balance of monetary funds was **6.26 billion yuan**, of which **4.35 billion yuan** was futures margin deposits from subsidiary Hua Wen Futures Co., Ltd[220](index=220&type=chunk)[224](index=224&type=chunk) - The period-end book value of inventories was **2.01 billion yuan**, primarily comprising development costs of **1.54 billion yuan** and developed products of **473.84 million yuan**[266](index=266&type=chunk) - The period-end book value of long-term equity investments was **1.64 billion yuan**, including an investment in associate Zhongtai Trust Co., Ltd. with a book value of **1.44 billion yuan**[284](index=284&type=chunk)[285](index=285&type=chunk) - Operating revenue for the current period was **388.80 million yuan**, and operating costs were **258.60 million yuan**[364](index=364&type=chunk) - Investment income for the current period was **112.73 million yuan**, primarily from long-term equity investments accounted for using the equity method[383](index=383&type=chunk) [VIII. Research and Development Expenses](index=129&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company had no research and development expenses requiring disclosure - The company had **no R&D project development expenditures** that met capitalization conditions[417](index=417&type=chunk) [IX. Changes in Consolidation Scope](index=130&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company disposed of one subsidiary and newly established several subsidiaries and structured entities, altering its consolidation scope - During this period, the company disposed of subsidiary Beijing Xindongjing Technology Co., Ltd., with a disposal price of **6.94 million yuan** upon loss of control[418](index=418&type=chunk) - Newly consolidated subsidiaries for this period include Nanjing Puyang Real Estate Development Co., Ltd., Beijing Changpu Construction Co., Ltd., Shanghai Puhuiwan Urban Construction Development Co., Ltd., and Shanghai Puxinwan Urban Construction Development Co., Ltd[419](index=419&type=chunk) - Newly consolidated structured entities include Puhao Hengsheng No. 1 Private Securities Investment Fund and Hua Wen Futures Huarui Wensheng FOF No. 1 Single Asset Management Plan[420](index=420&type=chunk) - Subsidiaries no longer consolidated for this period include Hua Wen Futures Hualing Xuan Ge No. 6 Single Asset Management Plan (deregistered) and Beijing Xindongjing Technology Co., Ltd. (transferred)[420](index=420&type=chunk) [X. Interests in Other Entities](index=131&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, important non-wholly-owned subsidiaries, and key financial information of important joint ventures and associates - The company owns multiple wholly-owned or controlled subsidiaries, with business natures covering services, investment management, business services, wholesale, and real estate[421](index=421&type=chunk) - Important associate companies include Zhongtai Trust Co., Ltd. (holding **29.97%**) and Jiangxi Ruiqi Futures Co., Ltd. (holding **20.00%**), both accounted for using the equity method[425](index=425&type=chunk) - Zhongtai Trust Co., Ltd. had total assets of **5.54 billion yuan** and net profit of **74.94 million yuan** at period-end[426](index=426&type=chunk) - Jiangxi Ruiqi Futures Co., Ltd. had total assets of **2.87 billion yuan** and net profit of **4.76 million yuan** at period-end[426](index=426&type=chunk) [XI. Government Grants](index=135&type=section&id=XI.%20Government%20Grants) During the reporting period, the total government grants recognized in current profit or loss amounted to **1.67 million yuan**, primarily consisting of income-related fiscal subsidies, performance incentives, and social security subsidies - The total government grants recognized in current profit or loss for this period amounted to **1.67 million yuan**, compared to **3.09 million yuan** in the prior period[431](index=431&type=chunk) - Major government grant items include fiscal subsidies of **1.20 million yuan** and performance incentives for affordable rental housing from Shanghai Minhang District Housing Security and Housing Management Bureau of **0.25 million yuan**[381](index=381&type=chunk) [XII. Risks Related to Financial Instruments](index=135&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk, which are managed through credit policies, cash flow monitoring, maintaining an appropriate mix of fixed and floating rate instruments, and hedging interest rate risk - The company faces various financial risks in its operations: credit risk, market risk, and liquidity risk. The Board of Directors is fully responsible for setting risk management objectives and policies[433](index=433&type=chunk) - Credit risk management involves transacting only with creditworthy counterparties, continuously monitoring accounts receivable balances and recovery, and making sufficient provisions for expected credit losses on financial assets[434](index=434&type=chunk) - Liquidity risk is managed by monitoring cash balances, readily marketable securities, and rolling forecasts of future 12-month cash flows to ensure the company has sufficient funds to meet its obligations under all reasonable foreseeable circumstances[436](index=436&type=chunk) - Market risk includes interest rate risk and price risk. As of June 30, 2025, the company's total interest-bearing debt was **3.55 billion yuan**, of which **2.96 billion yuan** was floating-rate debt[439](index=439&type=chunk) [XIII. Fair Value Disclosures](index=139&type=section&id=XIII.%20Fair%20Value%20Disclosures) 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 values, and details the basis for determining market prices and valuation techniques for each level Total Assets Measured at Fair Value on a Recurring Basis (Period-end in yuan) | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 14,050,102.20 | 259,033,783.10 | - | 273,083,885.30 | | Investments in Other Equity Instruments | - | - | 20,000,000.00 | 20,000,000.00 | | Other Non-current Financial Assets | - | - | 171,159,004.13 | 171,159,004.13 | | **Total** | **14,050,102.20** | **259,033,783.10** | **191,159,004.13** | **464,242,889.43** | - For listed equity instruments, debt instrument investments, and fund investments, the company uses the closing price on the stock exchange on the trading day closest to the balance sheet date as the basis for determining fair value[445](index=445&type=chunk) - For trust plans, asset management plans, and wealth management products, the company uses the net value published by the issuer or trustee closest to the balance sheet date as the basis for fair value. For unlisted fund investments, the company uses the valuation provided by the asset manager closest to the balance sheet date as the basis for determining fair value. For bonds traded on the national interbank bond market, the company uses the valuation published daily by China Central Depository & Clearing Co., Ltd. as the basis for determining fair value[446](index=446&type=chunk) - For unlisted equity investments, the company obtains valuation quotes from counterparties or uses valuation techniques such as discounted cash flow analysis, net asset value, market comparable approach, and option pricing models to determine their fair value[447](index=447&type=chunk) [XIV. Related Parties and Related Party Transactions](index=141&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's parent company, subsidiaries, joint ventures, and associates, as well as related party guarantees that occurred during the reporting period - The company's parent company is Shanghai Xinhua Wen Investment Co., Ltd., with a shareholding ratio of **24.77%**, and the ultimate controlling party is Beijing International Trust Co., Ltd. (Derui Equity Investment Fund Collective Fund Trust Plan)[451](index=451&type=chunk) - The company, as the guaranteed party, received guarantees from Xin Huang Pu (Zhejiang) Investment Development Co., Ltd., Huzhou Nanxun Jiashun Investment Management Co., Ltd., Shanghai Science & Technology City Management Development Co., Ltd., and Shanghai Hengli Real Estate Co., Ltd[454](index=454&type=chunk) - The company, as the guarantor, provided guarantees for Shanghai Xinlong Enterprise Development Co., Ltd., Shanghai Longmin Real Estate Development Co., Ltd., Shanghai Xinpu Real Estate Development Co., Ltd., and Xinlong Xinganxian Supply Chain (Shanghai) Co., Ltd[454](index=454&type=chunk) - Receivables from related parties include dividends receivable from Zhongtai Trust Co., Ltd. of **180.00 million yuan**[456](index=456&type=chunk) [XVI. Commitments and Contingencies](index=145&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company has significant contingent liabilities related to providing phased guarantees for commercial housing purchasers' mortgage loans, with a guaranteed amount of **2.64 billion yuan** as of June 30, 2025 - The company and its subsidiaries provide phased guarantees for commercial housing purchasers' mortgage loans in accordance with real estate operating practices. The guarantee period extends from the effective date of the guarantee contract until the "Real Estate Certificate" for the purchased housing is issued, mortgage registration procedures are completed, and the certificate is handed over to the bank for custody[459](index=459&type=chunk) - As of June 30, 2025, the company and its subsidiaries bore phased guarantee amounts totaling **2.64 billion yuan**[459](index=459&type=chunk) [XVII. Events After the Balance Sheet Date](index=145&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) There were no significant non-adjusting events, profit distribution, or sales returns requiring disclosure after the reporting period - There were **no significant non-adjusting events, profit distribution, or sales returns** requiring disclosure after the reporting period[461](index=461&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=147&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section details the period-end balances, period-beginning balances, and changes for major items in the parent company's financial statements, including accounts receivable, other receivables, and long-term equity investments - The period-end book value of parent company accounts receivable was **10.06 million yuan**, with **82.72%** being within 1 year of age[464](index=464&type=chunk) - The period-end book balance of parent company other receivables was **1.54 billion yuan**, with **94.98%** being intercompany balances[478](index=478&type=chunk)[481](index=481&type=chunk) - The period-end book value of parent company long-term equity investments was **4.09 billion yuan**, including **2.51 billion yuan** in subsidiaries and **1.58 billion yuan** in associates and joint ventures[488](index=488&type=chunk) - Parent company operating revenue for the current period was **32.56 million yuan**, primarily from real estate leasing[495](index=495&type=chunk)[498](index=498&type=chunk) - Parent company investment income for the current period was **99.53 million yuan**, primarily from long-term equity investments accounted for using the equity method[501](index=501&type=chunk) [XX. Supplementary Information](index=159&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, net asset return, and earnings per share - Total non-recurring gains and losses for the current period: **21.80 million yuan**[503](index=503&type=chunk) Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 2.2348 | 0.1509 | 0.1509 | | Net Profit Attributable to Common Shareholders of the Company Excluding Non-recurring Gains and Losses | 1.7554 | 0.1185 | 0.1185 |

Group 1 - The company reported a revenue of 389 million yuan for the first half of 2025, representing a year-on-year growth of 9.16% [1] - The net profit attributable to shareholders reached 102 million yuan, showing a significant year-on-year increase of 368.46% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 79.83 million yuan, reflecting a year-on-year growth of 328.05% [1] - The basic earnings per share were reported at 0.1509 yuan [1]