Group 1 - The company reported a revenue of 791 million yuan for the first half of 2025, representing a year-on-year decrease of 12.72% [1] - The net profit attributable to the parent company was 76.4 million yuan, down 25.6% year-on-year [1] - The net profit excluding non-recurring items was 68.21 million yuan, a decline of 21.11% compared to the previous year [1] - The basic earnings per share stood at 0.139 yuan [1]

上海锦江在线网络服务股份有限公司 第十一届董事会第二次会议决议公告 证券代码：600650/900914 证券简称：锦江在线/锦在线 B 公告编号：2025-021 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。 公司第十一届董事会第二次会议于 2025 年 8 月 19 日以书面方式发出会议通知和相 关材料，并于 2025 年 8 月 26 日以现场会议方式召开。会议应到董事 9 人，实到 9 人， 公司高级管理人员列席会议。本次会议符合《公司法》、《公司章程》等有关规定，所 作决议合法有效。会议由许铭董事长主持。 经会议审议表决，一致通过以下议案： 一、关于公司 2025 年半年度报告及摘要的议案 表决结果：9 票同意，0 票反对，0 票弃权。 该议案已经公司董事会审计与风控委员会审议通过。 详见同时披露于上海证券交易所网站（www.sse.com.cn）的公司 2025 年半年度报 告及摘要。 二、关于锦江国际集团财务有限责任公司风险持续评估报告的议案 表决结果：9 票同意，0 票反对，0 票弃权。 该议案已经公司董事会 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for key terms used throughout the report, ensuring clarity on company identifiers and the reporting period [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, clarifying key terms such as "Jinjiang Online," "the Company," "the Group," and the reporting period - The reporting period is defined as **January 1, 2025, to June 30, 2025**[10](index=10&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, historical changes, stock overview, and key financial performance metrics for the reporting period [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section introduces the basic information of Shanghai Jinjiang Online Network Services Co., Ltd., including its Chinese name, abbreviation, English name, and legal representative - The company's full Chinese name is Shanghai Jinjiang Online Network Services Co., Ltd., abbreviated as Jinjiang Online, with **Xu Ming** as the legal representative[12](index=12&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email - The Board Secretary is **Shen Yun**, and the Securities Affairs Representative is **Wu Jia**, both located at **18th Floor, 100 Yan'an East Road, Shanghai**[13](index=13&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section outlines the historical changes in the company's registered address and notes no changes occurred during the reporting period - The company's registered address is **1 Pudong Avenue, China (Shanghai) Pilot Free Trade Zone**, changed to the current address in **2000**, with no changes during the reporting period[14](index=14&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 specifies the company's designated newspapers and website for information disclosure and the location for semi-annual report custody, confirming no changes during the reporting period - The company's designated newspapers for information disclosure are **"Shanghai Securities News"** and **"Hong Kong Commercial Daily,"** and the website address is **www.sse.com.cn**[15](index=15&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section lists the company's stock types, listing exchanges, stock abbreviations, codes, and previous stock abbreviations Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Jinjiang Online | 600650 | Jinjiang Investment, Xin Jinjiang | | B-share | Shanghai Stock Exchange | Jin Online B | 900914 | Jin Tou B-share, Xin Jin B-share | [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, explaining the performance decline due to reduced auto sales and operations revenue and lower fair value changes in financial assets Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 790,707,983.66 | 905,915,998.20 | -12.72 | | Total Profit | 93,319,326.68 | 125,943,655.11 | -25.90 | | Net Profit Attributable to Listed Company Shareholders | 76,401,084.73 | 102,687,972.20 | -25.60 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains and Losses | 68,211,117.85 | 86,463,439.63 | -21.11 | | Net Cash Flow from Operating Activities | 10,888,870.12 | 100,131,017.30 | -89.13 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 4,274,715,572.01 | 4,232,115,955.48 | 1.01 | | Total Assets (Period-End) | 5,665,585,638.39 | 5,553,732,201.39 | 2.01 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.139 | 0.186 | -25.27 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (Yuan/Share) | 0.124 | 0.157 | -21.02 | | Weighted Average Return on Net Assets (%) | 1.78 | 2.61 | Decrease of 0.83 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 1.59 | 2.20 | Decrease of 0.61 percentage points | - Operating revenue decreased by **12.72%** year-on-year, and net profit attributable to parent company owners decreased by **25%**, primarily due to reduced auto sales and operations revenue from 4S store closures and ride-hailing impact, as well as lower fair value changes in financial assets and investment income from investee companies[19](index=19&type=chunk)[20](index=20&type=chunk) [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 non-recurring gains and losses items and their amounts for the reporting period, totaling **8,189,966.88 yuan** Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 812,325.21 | | Government grants recognized in profit or loss for the current period | 3,768,483.39 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 10,931,236.36 | | One-off expenses incurred by enterprises due to the discontinuation of related business activities (e.g., employee resettlement expenses) | -1,946,332.00 | | Other non-operating income and expenses apart from the above items | 2,520,155.10 | | Other gains and losses items that meet the definition of non-recurring gains and losses | -5,738,775.00 | | Less: Income tax impact | 2,122,208.62 | | Impact on minority interests (after tax) | 34,917.56 | | Total | 8,189,966.88 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry landscape, main business operations, core competencies, key operating performance, and other significant disclosures during the reporting period [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the latest policies and development trends in the company's industries (pre-cooked dishes, cold chain logistics, international freight forwarding, autonomous driving) and describes the operating models and development of its four main businesses: vehicle operations, cold chain logistics, semi-finished food, and international freight forwarding - The pre-cooked dishes industry is subject to new food safety standards, strengthening regulation and promoting standardized development[26](index=26&type=chunk) - The cold chain logistics industry shows steady growth, expanding market size and extending to townships, driven by consumption promotion policies and national cold chain logistics hub construction[27](index=27&type=chunk) - The international freight forwarding industry is supported by Ministry of Commerce policies, encouraging international logistics hub construction and smooth flow of bulk commodities, new energy vehicles, and cold chain goods[28](index=28&type=chunk) - The autonomous driving industry is accelerating from "technology verification" to "scenario implementation," with **L3** autonomous driving products gradually launching and driverless taxis starting paid operations in Shanghai[29](index=29&type=chunk) - The company's main businesses include vehicle operations, cold chain logistics, semi-finished food, and international freight forwarding, with no significant changes in operating models[30](index=30&type=chunk)[31](index=31&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company actively responded to complex market conditions, focused on its main businesses, and advanced market-oriented reforms and digital transformation, with operating revenue and net profit decreasing year-on-year, but key businesses like international freight forwarding, passenger transport, and food supply chain still making progress Completion of Key Operating Indicators | Indicator | Amount for Current Period (10,000 Yuan) | YoY Decrease (%) | | :--- | :--- | :--- | | Operating Revenue | 79,070.80 | 13 | | Net Profit Attributable to Parent Company Owners | 7,640.11 | 26 | | Net Profit Excluding Non-Recurring Gains and Losses | 6,821.11 | 21 | - International freight forwarding business: Jinjiang Jiya's air export volume grew by over **10%** year-on-year; ocean freight maintained its advantage on North American routes, actively developing non-US markets like Africa and Southeast Asia, adding dozens of new clients in automotive and other industries[33](index=33&type=chunk)[34](index=34&type=chunk) - Automotive passenger transport business: Commercial vehicle business expanded to new clients in education, finance, and new energy sectors, adding over a hundred long-term charter partnerships; Jinjiang Taxi is renewing its entire fleet and continuing smart connected driverless taxi demonstration operations[36](index=36&type=chunk)[37](index=37&type=chunk) - Food supply chain business: Maintained rapid growth in the first half; Jinjiang Low-Temperature focused on beef category for integrated warehousing and distribution, Jinjiang Yuwei completed R&D and launched over **30** new products, with online channel revenue doubling[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - The company continued to advance market-oriented reforms, optimize performance appraisal, strengthen digital construction, coordinate various business segments to promote expense control, comprehensive budget, and business-finance middle-office systems, and upgraded its air freight business system and "Jin Dashu" mini-program[40](index=40&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include its "Jinjiang" brand advantage, support from Jinjiang International's hotel network, rich business resources and operational experience, high-quality asset portfolio, efficient business chain synergy, standardized corporate governance, and stable shareholder returns - The "Jinjiang" brand enjoys high recognition and a good image domestically and internationally, with its influence further expanding as Jinjiang International pursues its "global layout, multinational operation" strategy[42](index=42&type=chunk) - Jinjiang International Group owns or manages over **14,120** hotels globally, providing support for the company's vehicle operations, cold chain logistics, and semi-finished food businesses[42](index=42&type=chunk) - Jinjiang Jiya ranks highly in the international freight forwarding industry, Jinjiang Auto holds a leading position in Shanghai's passenger transport sector, and the cold chain logistics business is known for its strong refrigeration and low-temperature distribution capabilities[42](index=42&type=chunk) - The company's asset portfolio is high-quality; its stake in Shanghai Pudong International Airport Cargo Terminal Co., Ltd. provides stable investment returns, and its financial assets yield stable dividend income[43](index=43&type=chunk) - The company adheres to a dual-driven strategy of food and cold chain, ensuring product quality and revenue stability through business chain synergy, such as Jinjiang Yuwei and Jinjiang Low-Temperature unifying refrigerant ratio standards[43](index=43&type=chunk) - The company strictly adheres to laws and regulations, continuously improving its corporate governance structure and internal control system, forming a standardized and efficient governance mechanism[43](index=43&type=chunk) - The company's articles of association stipulate that the total annual cash dividend shall not be less than **30%** of the net profit attributable to listed company shareholders, ensuring investors share in development dividends[44](index=44&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=11&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the changes in the company's main business financial statement items, asset and liability status, and investment situation, noting decreases in operating revenue and costs, a significant reduction in sales expenses, and substantial increases in right-of-use assets and lease liabilities due to new long-term lease contracts Analysis of Changes in Financial Statement Items | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 790,707,983.66 | 905,915,998.20 | -12.72 | | Operating Cost | 675,382,238.78 | 738,509,908.26 | -8.55 | | Sales Expenses | 34,683,916.22 | 63,203,784.83 | -45.12 | | Administrative Expenses | 72,349,893.23 | 73,650,239.90 | -1.77 | | Financial Expenses | -10,786,914.41 | -8,839,614.99 | -22.03 | | R&D Expenses | 205,719.85 | 198,129.76 | 3.83 | | Net Cash Flow from Operating Activities | 10,888,870.12 | 100,131,017.30 | -89.13 | | Net Cash Flow from Investing Activities | -30,167,727.01 | -100,884,560.27 | 70.10 | | Net Cash Flow from Financing Activities | -9,175,562.77 | -16,910,078.09 | 45.74 | - Sales expenses decreased by **45.12%** year-on-year, primarily due to reduced labor costs in the automotive operations business[47](index=47&type=chunk) - Net cash flow from operating activities decreased by **89.13%** year-on-year, mainly due to a decrease in cash inflows resulting from reduced operating revenue[47](index=47&type=chunk) - Net cash flow from investing activities increased by **70.10%** year-on-year, primarily due to a decrease in the acquisition of fixed assets and other long-term assets in the current period[47](index=47&type=chunk) Changes in Assets and Liabilities | Item Name | Current Period End Amount (Yuan) | Prior Year End Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Right-of-Use Assets | 63,426,293.56 | 10,371,020.24 | 511.57 | Primarily due to new long-term lease contracts for right-of-use buildings in the current period | | Long-Term Borrowings | 41,500,000.00 | 69,947,307.50 | -40.67 | Primarily due to repayment of matured debt in the current period | | Lease Liabilities | 53,282,484.36 | 3,877,312.90 | 1,274.21 | Primarily due to new long-term lease contracts and increased lease payments in the current period | Financial Assets Measured at Fair Value | Security Type | Period-End Carrying Value (Yuan) | Period-Beginning Carrying Value (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | | :--- | :--- | :--- | :--- | | Stocks (Trading Financial Assets) | 109,932,249.91 | 99,001,013.55 | 10,941,796.36 | | Stocks (Other Equity Instrument Investments) | 1,179,914,356.99 | 1,144,044,264.99 | 35,870,092.00 | | Total | 1,289,846,606.90 | 1,243,045,278.54 | 46,811,888.36 | [V. Other Disclosures](index=16&type=section&id=V.%20Other%20Disclosures) This section discloses the macroeconomic policy and market operating risks faced by the company and details the measures taken in response to the "Quality Improvement, Efficiency Enhancement, and Returns" initiative, including focusing on main businesses, non-reduction of holdings by controlling shareholders, emphasizing investor returns, and strengthening investor communication - The company faces macroeconomic policy risks, such as the impact of new ride-hailing models, rising labor costs, and stricter vehicle emission controls potentially increasing operating costs[55](index=55&type=chunk) - In terms of market operating risks, competition in the automotive operations, sales, warehousing, and logistics markets is intensifying, with both large and small enterprises entering the market[55](index=55&type=chunk) - Controlling shareholder Jinjiang Capital pledged not to reduce its holdings in the company for **12 months** from March 5, 2024, to March 4, 2025, to boost investor confidence[58](index=58&type=chunk) - The company values investor returns; the **2024** profit distribution plan, approved at the June 27, 2025, shareholders' meeting, proposed a cash dividend of **0.11 yuan (tax inclusive)** per share[59](index=59&type=chunk) - The company strengthens investor communication through various channels, including investor hotlines, email, SSE e-interaction platform, and on-site surveys, and held an earnings briefing to enhance transparency[60](index=60&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=18&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors and senior management, as well as its profit distribution plan for the reporting period [I. Changes in Company Directors and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) This section discloses the resignations of the company's Supervisory Board Chairman, supervisors, and employee supervisors during the reporting period, and the resolution to abolish the Supervisory Board Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Guan Lijuan | Chairman of the Supervisory Board | Resignation | | Zhang Jue | Supervisor | Resignation | | Liu Gan | Employee Supervisor | Resignation | - The company's **2024** Annual Shareholders' Meeting, held on June 27, 2025, reviewed and approved the "Proposal on Abolishing the Company's Supervisory Board"[63](index=63&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section states the company's proposed semi-annual profit distribution plan, explicitly indicating no distribution or conversion - The company's proposed semi-annual profit distribution plan is no distribution or conversion, with **0** shares for bonus issues, cash dividends, and capital reserve conversions per **10** shares[64](index=64&type=chunk) [Section V Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments by the actual controller and significant related party transactions during the reporting period [I. Fulfillment of Commitments](index=19&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments by Jinjiang International, the company's actual controller, regarding resolving horizontal competition, pledging to take effective measures to avoid such competition and gradually resolve it within three years - Jinjiang International committed to taking effective measures to avoid substantial horizontal competition with Jinjiang Online and plans to gradually resolve horizontal competition issues within **three years** after the equity transfer through entrusted management, asset swap, asset sale, or asset injection[66](index=66&type=chunk) - During the reporting period, Jinjiang International's commitments were strictly fulfilled, with no instances of failure to perform in a timely manner[66](index=66&type=chunk) [X. Significant Related Party Transactions](index=20&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This section details the company's daily related party transactions, related party receivables and payables, and financial business activities, including deposit and loan services, with related parties during the reporting period - The company has daily related party transactions with its actual controller and its affiliated enterprises, including vehicle passenger transport services, management services, goods sales, property leasing, and financial company deposits and loans[68](index=68&type=chunk) Related Party Receivables and Payables (Not Disclosed in Temporary Announcements) | Related Party | Relationship | Period-End Funds Provided to Related Party (10,000 Yuan) | Period-End Funds Provided by Related Party to Listed Company (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Jinjiang International Group Finance Co., Ltd. | Parent company's controlled subsidiary | - | 2,000 | | Shanghai Zhendong Automobile Services Co., Ltd. | Joint venture | - | 600 | | Shanghai Jinjiang Sheshan Automobile Services Co., Ltd. | Joint venture | 300 | - | | Total | / | 300 | 2,600 | Deposit Business (with Related Financial Company) | Related Party | Relationship | Period-Beginning Balance (Yuan) | Total Deposits for Current Period (Yuan) | Total Withdrawals for Current Period (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jinjiang International Group Finance Co., Ltd. | Parent company's wholly-owned subsidiary | 100,834,983.84 | 340,748.33 | 963,444.40 | 100,212,287.77 | Loan Business (with Related Financial Company) | Related Party | Relationship | Loan Limit (10,000 Yuan) | Loan Interest Rate Range | Period-Beginning Balance (10,000 Yuan) | Period-End Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jinjiang International Group Finance Co., Ltd. | Parent company's wholly-owned subsidiary | 2,000 | 3.10% | 2,000 | 2,000 | [Section VI Share Changes and Shareholder Information](index=23&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, shareholder structure, and information on directors, supervisors, and senior management during the reporting period [I. Share Capital Changes](index=23&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[75](index=75&type=chunk) [II. Shareholder Information](index=23&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of common shareholders at the end of the reporting period, as well as the shareholdings of the top ten shareholders and top ten unrestricted common shareholders - As of the end of the reporting period, the company had a total of **69,202** common shareholders[76](index=76&type=chunk) Shareholdings of Top Ten Shareholders | Shareholder Name | Period-End Shareholding (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Jinjiang Capital Co., Ltd. | 212,586,460 | 38.54 | State-owned Legal Person | | Shanghai Jinjiang Hotel Co., Ltd. | 3,761,493 | 0.68 | State-owned Legal Person | | China Merchants Securities (Hong Kong) Co., Ltd. | 3,133,777 | 0.57 | Overseas Legal Person | | Ping An Bank Co., Ltd. - SWSS Smart Auto Stock Investment Fund | 2,129,900 | 0.39 | Other | | Shanghai Jinjiang Automobile Services Co., Ltd. (Labor Union) | 1,600,000 | 0.29 | Domestic Non-State-owned Legal Person | | Agricultural Bank of China Co., Ltd. - SWSS New Energy Auto Theme Flexible Allocation Mixed Securities Investment Fund | 1,599,300 | 0.29 | Other | | Industrial and Commercial Bank of China Co., Ltd. - CSI Shanghai State-Owned Enterprise ETF | 1,562,595 | 0.28 | Other | | VANGUARD EMERGING MARKETS STOCK INDEX FUND | 1,448,425 | 0.26 | Overseas Legal Person | | DEBORAH WANG LIN | 1,300,000 | 0.24 | Overseas Natural Person | | Shan Rudai | 1,296,600 | 0.24 | Domestic Natural Person | - Among the company's top **10** shareholders, Shanghai Jinjiang Capital Co., Ltd. is the controlling shareholder of Shanghai Jinjiang Hotel Co., Ltd., and the labor union of Shanghai Jinjiang Automobile Services Co., Ltd. is a labor union organization of a subsidiary of the company, indicating related party or concerted action relationships[79](index=79&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=25&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section describes the changes in shareholdings and equity incentives for directors, supervisors, and senior management during the reporting period, noting no significant changes or inapplicability - During the reporting period, changes in shareholdings of current and former directors and senior management are not applicable, and no equity incentives were granted[81](index=81&type=chunk) [Section VII Bond-Related Information](index=26&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of corporate bonds and non-financial enterprise debt financing instruments for the company [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=26&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that the company has no corporate bonds and non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[83](index=83&type=chunk) [Section VIII Financial Report](index=27&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's consolidated financial statements, including the balance sheet, income statement, cash flow statement, statement of changes in owners' equity, and detailed notes on accounting policies, taxes, and financial statement items [Consolidated Balance Sheet](index=27&type=section&id=Consolidated%20Balance%20Sheet) This statement presents the consolidated assets, liabilities, and owners' equity as of June 30, 2025, and December 31, 2024 Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 5,665,585,638.39 | 5,553,732,201.39 | | Total Liabilities | 1,142,189,273.63 | 1,082,163,072.85 | | Total Owners' Equity Attributable to Parent Company | 4,274,715,572.01 | 4,232,115,955.48 | [Consolidated Income Statement](index=31&type=section&id=Consolidated%20Income%20Statement) This statement presents the consolidated operating revenue, total profit, net profit, and earnings per share for January-June 2025 and January-June 2024 Key Data from Consolidated Income Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 790,707,983.66 | 905,915,998.20 | | Total Operating Costs | 778,489,644.83 | 873,124,966.05 | | Total Profit | 93,319,326.68 | 125,943,655.11 | | Net Profit | 87,475,483.09 | 113,547,743.39 | | Net Profit Attributable to Parent Company Shareholders | 76,401,084.73 | 102,687,972.20 | | Basic Earnings Per Share (Yuan/Share) | 0.139 | 0.186 | [Consolidated Cash Flow Statement](index=34&type=section&id=Consolidated%20Cash%20Flow%20Statement) This statement presents the net cash flows from operating, investing, and financing activities for January-June 2025 and January-June 2024 Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 10,888,870.12 | 100,131,017.30 | | Net Cash Flow from Investing Activities | -30,167,727.01 | -100,884,560.27 | | Net Cash Flow from Financing Activities | -9,175,562.77 | -16,910,078.09 | | Net Increase in Cash and Cash Equivalents | -28,454,419.66 | -17,663,621.06 | [Consolidated Statement of Changes in Owners' Equity](index=37&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) This statement presents the changes in consolidated owners' equity for January-June 2025 and January-June 2024, including the impact of net profit, other comprehensive income, and profit distribution Key Data from Consolidated Statement of Changes in Owners' Equity | Item | Period-End Balance H1 2025 (Yuan) | Period-End Balance H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 4,274,715,572.01 | 3,911,387,237.31 | | Minority Interests | 248,680,792.75 | 249,689,630.92 | | Total Owners' Equity | 4,523,396,364.76 | 4,161,076,868.23 | [I. Company Basic Information](index=41&type=section&id=I.%20Company%20Basic%20Information) This section provides an overview of the company, including its registered address, establishment date, listing status, equity structure, and main business operations of the company and its subsidiaries - The company was established on **February 24, 1993**, with A-shares and B-shares listed on the Shanghai Stock Exchange[110](index=110&type=chunk) - Jinjiang Capital is the company's largest shareholder, holding **38.54%** of shares, and Jinjiang International is the ultimate controlling company[110](index=110&type=chunk) - The Group primarily engages in vehicle services, logistics services, tourism services, business services, hotels, property management, office space leasing, real estate development and operation, and food operations[111](index=111&type=chunk) [II. Basis of Financial Statement Preparation](index=41&type=section&id=II.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the financial statements are prepared on a going concern basis, using the accrual basis and historical cost measurement principles, with some financial instruments measured at fair value - The financial statements are prepared on a going concern basis, with no significant doubts about the ability to continue as a going concern[113](index=113&type=chunk)[114](index=114&type=chunk) - Accounting is based on the accrual method, with historical cost as the measurement basis, and some financial instruments are measured at fair value[115](index=115&type=chunk) [III. Significant Accounting Policies and Accounting Estimates](index=42&type=section&id=III.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section elaborates on the company's statement of compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, accounts receivable, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, and provisions - The company's financial statements comply with the Enterprise Accounting Standards issued by the Ministry of Finance and the information disclosure rules of the China Securities Regulatory Commission[116](index=116&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar; its operating cycle is short, using **12 months** as the liquidity classification standard for assets and liabilities[117](index=117&type=chunk)[118](index=118&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[138](index=138&type=chunk) - The company applies impairment accounting for financial assets measured at amortized cost based on expected credit losses[145](index=145&type=chunk) - Fixed assets are depreciated using the straight-line method, with clear useful lives, estimated net residual values, and annual depreciation rates for various types of fixed assets[190](index=190&type=chunk) - Intangible assets include land use rights, taxi operating vehicle licenses, other vehicle licenses, and software; intangible assets with finite useful lives are amortized over their estimated useful lives, while those with indefinite useful lives are not amortized[195](index=195&type=chunk)[196](index=196&type=chunk) - The company recognizes revenue when customers obtain control of the related goods or services, at the transaction price allocated to that performance obligation; main businesses include vehicle operations, vehicle sales, vehicle repair, cold chain logistics, and goods sales[208](index=208&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk) - In applying accounting policies, the company made significant judgments and accounting estimates regarding impairment of taxi operating vehicle licenses, goodwill impairment, useful life of allocated land, estimated useful lives and net residual values of fixed assets and investment properties, long-term employee benefits, deferred income tax assets, and deferred income tax liabilities[237](index=237&type=chunk)[239](index=239&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk) [IV. Taxation](index=63&type=section&id=IV.%20Taxation) This section lists the company's main tax types and rates and explains the corporate income tax preferential policies enjoyed by subsidiaries that meet the small and micro-profit enterprise standards Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Payable VAT is the balance after output tax minus deductible input tax | 13%, 9%, 3%, 6%, 5% | | Urban Maintenance and Construction Tax | Turnover tax amount | 7% | | Corporate Income Tax | Taxable income | 25% and 20% | | Education Surcharge | Turnover tax amount | 3% | | Local Education Surcharge | Turnover tax amount | 2% | | River Management Fee | Turnover tax amount | 1% | - Shanghai Jinjiang Automobile Leasing Co., Ltd., Dalian Jinjiang Automobile Leasing Co., Ltd., Shanghai Jinzhen Internet Technology Co., Ltd., and Shanghai Huayang Nianhua Advertising Co., Ltd. qualify as small and micro-profit enterprises, enjoying a preferential policy of calculating taxable income at **25%** and paying corporate income tax at a **20%** rate, extended until **December 31, 2027**[246](index=246&type=chunk) [V. Notes to Consolidated Financial Statement Items](index=64&type=section&id=V.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, financial assets, accounts receivable, inventories, long-term equity investments, fixed assets, intangible assets, liabilities, owners' equity, and various income, expenses, and cash flows, explaining their composition, changes, and related accounting treatments - Monetary funds period-end balance was **1,736,260,391.96 yuan**, including **100,212,287.77 yuan** deposited in financial companies and other monetary funds as third-party payment platform balances[247](index=247&type=chunk)[250](index=250&type=chunk) - Trading financial assets period-end balance was **109,932,249.91 yuan**, primarily equity instrument investments, with fair value determined by closing prices on the Shanghai and Shenzhen Stock Exchanges[249](index=249&type=chunk) Accounts Receivable by Age | Age | Period-End Carrying Balance (Yuan) | Period-Beginning Carrying Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year | 246,152,122.81 | 254,725,344.45 | | 1 to 2 years | 8,450,937.42 | 1,934,670.53 | | Over 2 years | 3,203,495.19 | 2,860,552.27 | | Total | 257,806,555.42 | 259,520,567.25 | - Accounts receivable bad debt provision period-end balance was **17,699,087.79 yuan**, with **6,176,348.48 yuan** accrued in the current period[268](index=268&type=chunk) Other Receivables Items | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Dividends Receivable | 87,262,990.14 | 35,555,703.34 | | Other Receivables | 75,137,352.55 | 46,165,774.56 | | Total | 162,400,342.69 | 81,721,477.90 | - Inventories period-end balance was **79,756,668.33 yuan**, mainly including merchandise inventory and spare parts, with no inventory impairment provision accrued[289](index=289&type=chunk) Long-Term Equity Investments | Investee Unit | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Subtotal of Joint Ventures | 280,450,481.71 | 276,613,866.38 | | Subtotal of Associates | 308,081,728.80 | 312,708,561.21 | | Total | 588,532,210.51 | 589,322,427.59 | Other Equity Instrument Investments | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | Gains Recognized in Other Comprehensive Income for Current Period (Yuan) | | :--- | :--- | :--- | :--- | | Listed Company Stock Investments | 1,179,914,356.99 | 1,144,044,264.99 | 35,870,092.00 | | Total | 1,179,914,356.99 | 1,144,044,264.99 | 35,870,092.00 | - Fixed assets period-end carrying value was **891,070,906.89 yuan**, including **174,176,401.40 yuan** for buildings and structures and **691,029,446.67 yuan** for operating vehicles[308](index=308&type=chunk) - Right-of-use assets period-end carrying value was **63,426,293.56 yuan**, with a current period increase of **59,389,643.23 yuan**, primarily due to building and structure leases[317](index=317&type=chunk) - Intangible assets period-end carrying value was **420,920,569.49 yuan**, mainly including land use rights and taxi operating vehicle licenses[319](index=319&type=chunk) - Goodwill carrying amount was **37,943,975.64 yuan**, primarily from Shanghai Volkswagen Xinya Taxi Co., Ltd[321](index=321&type=chunk) - Deferred income tax assets period-end balance was **10,330,795.32 yuan**, and deferred income tax liabilities period-end balance was **293,102,478.66 yuan**[327](index=327&type=chunk) - Employee benefits payable period-end balance was **111,894,635.91 yuan**, including short-term compensation of **73,066,675.69 yuan**, post-employment benefits - defined contribution plans of **11,216,598.44 yuan**, and termination benefits of **27,611,361.78 yuan**[347](index=347&type=chunk) - Operating revenue for the current period was **790,707,983.66 yuan**, and operating cost was **675,382,238.78 yuan**, both decreasing year-on-year[383](index=383&type=chunk) - Sales expenses for the current period were **34,683,916.22 yuan**, a year-on-year decrease of **45.12%**, mainly due to reduced employee compensation[384](index=384&type=chunk) - Investment income for the current period was **61,531,436.45 yuan**, primarily from long-term equity investments accounted for using the equity method and dividend income from other equity instrument investments[390](index=390&type=chunk) - Fair value change gain for the current period was **10,931,236.36 yuan**, primarily from trading financial assets[392](index=392&type=chunk) - Credit impairment loss for the current period was **5,952,305.02 yuan**, mainly bad debt losses on accounts receivable[394](index=394&type=chunk) [VI. Research and Development Expenses](index=112&type=section&id=VI.%20Research%20and%20Development%20Expenses) This section discloses the nature of the company's R&D expenses, primarily materials and other costs, totaling **205,719.85 yuan** for the current period R&D Expenses by Nature of Expense | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Materials and Other Costs | 205,719.85 | 198,129.76 | | Total | 205,719.85 | 198,129.76 | [VII. Changes in Consolidation Scope](index=112&type=section&id=VII.%20Changes%20in%20Consolidation%20Scope) This section states that there were no changes in the company's consolidation scope during the reporting period due to non-same-control business combinations, same-control business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons - During the reporting period, there were no changes in the company's consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons[416](index=416&type=chunk) [VIII. Interests in Other Entities](index=113&type=section&id=VIII.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, key financial information of important non-wholly-owned subsidiaries, and summarized financial information of unimportant joint ventures and associates - The company has **37** subsidiaries, with Shanghai Jinjiang Automobile Services Co., Ltd., Shanghai Jinjiang International Low-Temperature Logistics Development Co., Ltd., and Shanghai Shanghai Food Co., Ltd. being key subsidiaries[417](index=417&type=chunk)[418](index=418&type=chunk) Key Financial Information of Important Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage (%) | Net Profit Attributable to Minority Shareholders for Current Period (Yuan) | Dividends Declared to Minority Shareholders for Current Period (Yuan) | Minority Interests Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Jinjiang Auto | 5.00 | -408,410.79 | 1,873,704.10 | 119,570,304.08 | | Logistics Management | 35.00 | 11,442,564.80 | - | 111,955,033.22 | - The company's important associate is Shanghai Pudong International Airport Cargo Terminal Co., Ltd. (holding **20%** equity), with total comprehensive income attributable to parent company owners of **162,434,313.87 yuan** for the current period[426](index=426&type=chunk)[427](index=427&type=chunk) Summarized Financial Information of Unimportant Joint Ventures and Associates | Item | Total Carrying Value of Joint Venture Investments (Yuan) | Total Carrying Value of Associate Investments (Yuan) | | :--- | :--- | :--- | | Total Carrying Value of Investments | 280,450,481.71 | 85,570,394.41 | | Net Profit | 5,987,112.02 | -178,542.98 | | Total Comprehensive Income | 5,987,112.02 | -178,542.98 | [IX. Government Grants](index=117&type=section&id=IX.%20Government%20Grants) This section discloses the liability items related to government grants and government grants recognized in profit or loss for the current period, primarily including relocation compensation and project grants Liability Items Related to Government Grants | Item | Period-Beginning Balance (Yuan) | Transferred to Other Income for Current Period (Yuan) | Period-End Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Relocation Compensation | 16,316,204.07 | 479,888.34 | 15,836,315.73 | Asset-related | | Project Grants | 4,906,076.63 | 101,093.10 | 4,804,983.53 | Asset-related | | Total | 21,222,280.70 | 580,981.44 | 20,641,299.26 | / | Government Grants Recognized in Profit or Loss for Current Period | Type | Financial Statement Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | :--- | | Income-related | Government grants related to daily activities | 3,768,483.39 | 187,148.50 | | Asset-related | Government grants related to daily activities | 580,981.44 | 580,981.44 | | Total | | 4,349,464.83 | 768,129.94 | [X. Risks Related to Financial Instruments](index=118&type=section&id=X.%20Risks%20Related%20to%20Financial%20Instruments) This section analyzes the market risks (foreign exchange risk, interest rate risk, other price risks), credit risk, and liquidity risk faced by the company, and describes the policies and measures taken to manage these risks - The company's main business is denominated and settled in RMB, with limited foreign currency settlement, so foreign exchange risk is not significant[435](index=435&type=chunk) - The company's monetary funds are primarily floating-rate bank deposits, and borrowings include both fixed and floating rates; there are currently no interest rate swap arrangements, so interest rate risk is not significant[436](index=436&type=chunk) - Other price risks primarily arise from trading equity instrument investments and other equity instrument investments; the company mitigates risk by holding a diversified portfolio of equity securities[437](index=437&type=chunk) - If equity instrument prices increase (decrease) by **10%**, it would lead to an increase (decrease) in the Group's net profit of **8,244,918.74 yuan** and an increase (decrease) in shareholders' equity of **96,738,495.52 yuan**[437](index=437&type=chunk) - Credit risk primarily arises from monetary funds, accounts receivable, and other receivables; the company mitigates risk through credit limit management, credit approval, and provision for bad debts[438](index=438&type=chunk) Analysis of Financial Liabilities by Undiscounted Remaining Contractual Obligations Maturity | Item | Within 1 Year (Yuan) | 1 to 5 Years (Yuan) | Over 5 Years (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings | 20,201,500.00 | - | - | 20,201,500.00 | | Accounts Payable | 101,953,391.54 | - | - | 101,953,391.54 | | Other Payables | 194,927,688.63 | - | - | 194,927,688.63 | | Long-Term Borrowings | 40,951,002.72 | 44,357,771.53 | - | 85,308,774.25 | | Long-Term Payables | 6,552,980.10 | 7,596,686.70 | - | 14,149,666.80 | | Lease Liabilities | 12,334,159.94 | 30,400,557.86 | 32,738,532.11 | 75,473,249.91 | | Total | 376,920,722.93 | 82,355,016.09 | 32,738,532.11 | 492,014,271.13 | [XI. Disclosure of Fair Value](index=120&type=section&id=XI.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value at the end of the period, including trading financial assets, other equity instrument investments, and other non-current financial assets, and explains the basis for determining fair value and valuation techniques for each level Fair Value Measurement Items at Period-End | Item | Level 1 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 109,932,249.91 | - | 109,932,249.91 | | Other Equity Instrument Investments | 1,179,914,356.99 | - | 1,179,914,356.99 | | Other Non-Current Financial Assets - Equity Instrument Investments | - | 41,639,530.00 | 41,639,530.00 | | Total Assets Measured at Fair Value on a Recurring Basis | 1,289,846,606.90 | 41,639,530.00 | 1,331,486,136.90 | - Level 1 fair value measurement items are determined by the closing prices on the Shanghai and Shenzhen Stock Exchanges on the last trading day before the balance sheet date[444](index=444&type=chunk) - Level 3 fair value measurement items (other non-current financial assets) are valued using the comparable company method, with a liquidity discount of **20.44%**[448](index=448&type=chunk) [XII. Related Parties and Related Party Transactions](index=122&type=section&id=XII.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's parent company, subsidiaries, joint ventures, associates, and other related parties, and lists related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, related party leases, related party fund borrowings, and unsettled related party receivables and payables - The company's parent company is Shanghai Jinjiang Capital Co., Ltd., and the ultimate controlling party is Jinjiang International (Group) Co., Ltd[453](index=453&type=chunk)[454](index=454&type=chunk) - The company engages in related party transactions, including purchases and sales of goods, and provision and acceptance of services, with subsidiaries of Jinjiang Capital, subsidiaries of Jinjiang International, joint ventures, and associates[459](index=459&type=chunk)[461](index=461&type=chunk) - As a lessor, the company recognized lease income of **3,480,371.90 yuan** in the current period (leasing properties to subsidiaries of Jinjiang Capital)[463](index=463&type=chunk) - As a lessee, the company leased properties from Jinjiang International and its subsidiaries in the current period, paying rent and lease liability interest[465](index=465&type=chunk)[466](index=466&type=chunk) - The company has fund borrowings from financial companies and Shanghai Zhendong Automobile Services Co., Ltd., and fund lendings to Shanghai Jinjiang Sheshan Automobile Services Co., Ltd[468](index=468&type=chunk)[469](index=469&type=chunk) - Receivables from related parties primarily include accounts receivable (from subsidiaries of Jinjiang Capital, Shanghai Shendi (Group) Co., Ltd., etc.) and other receivables (from Shanghai Jinjiang Sheshan Automobile Services Co., Ltd., Shanghai Petroleum Group Changle Gas Station Co., Ltd., etc.), as well as dividends receivable (from Shanghai Pudong International Airport Cargo Terminal Co., Ltd., Jiangsu Nanjing Long-Distance Passenger Transport Group Co., Ltd.)[473](index=473&type=chunk) - Payables to related parties primarily include accounts payable (to subsidiaries of Jinjiang Capital), other payables (to Shanghai Zhendong Automobile Services Co., Ltd., Shanghai Nissan Automobile Maintenance Center, etc.), and contract liabilities (to subsidiaries of Jinjiang Capital, Jinmao Jinjiang, etc.)[474](index=474&type=chunk) [XIII. Share-Based Payment](index=129&type=section&id=XIII.%20Share-Based%20Payment) This section states that the company has no share-based payment related information - The company has no share-based payment related information, including equity instruments, equity-settled or cash-settled share-based payments, share-based payment expenses, or modifications/terminations of share-based payments[475](index=475&type=chunk) [XIV. Commitments and Contingencies](index=130&type=section&id=XIV.%20Commitments%20and%20Contingencies) This section states that the company has no significant commitments or contingencies - The Group has no significant commitments or contingencies[475](index=475&type=chunk) [XV. Events After the Balance Sheet Date](index=131&type=section&id=XV.%20Events%20After%20the%20Balance%20Sheet%20Date) This section states that the company has no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date - The company has no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date[476](index=476&type=chunk) [XVI. Other Significant Matters](index=131&type=section&id=XVI.%20Other%20Significant%20Matters) This section discloses that the company has no prior period accounting error corrections, significant debt restructurings, asset swaps, annuity plans, or discontinued operations, and details the financial information of the company's four reportable segments based on business operations - The company has no prior period accounting error corrections, significant debt restructurings, asset swaps, annuity plans, or discontinued operations[476](index=476&type=chunk) - The company's business operations are divided into four reportable segments: vehicle operations, vehicle sales, cold chain logistics, and goods sales[477](index=477&type=chunk) Financial Information of Reportable Segments (Current Period) | Item | Vehicle Operations (Yuan) | Vehicle Sales (Yuan) | Cold Chain Logistics (Yuan) | Goods Sales and Others (Yuan) | Unallocated Items (Yuan) | Inter-Segment Eliminations (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 449,594,732.37 | 169,516,149.75 | 136,112,624.30 | 30,981,689.68 | 4,502,787.56 | - | 790,707,983.66 | | Operating Cost | 388,772,735.09 | 142,480,442.69 | 119,999,568.47 | 22,937,458.66 | 1,192,033.87 | - | 675,382,238.78 | | Operating Profit | -420,262.94 | 13,737,899.02 | -1,085,174.29 | 802,987.90 | 76,818,345.11 | -945,376.78 | 90,799,171.58 | | Net Profit | -1,069,578.41 | 12,665,442.83 | -1,209,581.90 | 804,409.47 | 75,339,414.32 | -945,376.78 | 87,475,483.09 | | Total Segment Assets | 1,843,034,618.54 | 174,737,571.70 | 499,300,479.08 | 49,045,646.71 | 1,799,511,206.62 | 607,723,767.22 | 3,757,905,755.43 | | Total Segment Liabilities | 385,361,941.64 | 154,215,217.93 | 232,676,356.80 | 20,676,963.54 | 470,074,656.81 | 494,795,925.25 | 768,209,211.47 | [XVII. Notes to Parent Company Financial Statement Items](index=136&type=section&id=XVII.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income Parent Company Other Receivables Items | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Dividends Receivable | 20,825,251.40 | 1,191,004.80 | | Other Receivables | 4,060,941.82 | 2,978,986.55 | | Total | 24,886,193.22 | 4,169,991.35 | Parent Company Long-Term Equity Investments | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 834,546,268.64 | 885,546,268.64 | | Investments in Associates and Joint Ventures | 135,236,179.97 | 128,577,480.33 | | Total | 969,782,448.61 | 1,014,123,748.97 | Parent Company Operating Revenue and Operating Costs | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 3,950,503.35 | 1,048,431.87 | 3,809,194.32 | 1,048,431.87 | | Other Businesses | 552,284.21 | 143,602.00 | 964,572.75 | 131,353.47 | | Total | 4,502,787.56 | 1,192,033.87 | 4,773,767.07 | 1,179,785.34 | Parent Company Investment Income | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Investment Income from Long-Term Equity Investments Accounted for Using Equity Method | 6,658,699.64 | 12,776,792.15 | | Investment Income from Trading Financial Assets During Holding Period | 5,151,180.64 | 1,800.00 | | Dividend Income from Other Equity Instrument Investments During Holding Period | 17,746,936.00 | 25,458,568.80 | | Total | 29,556,816.28 | 38,237,160.95 | [XVIII. Supplementary Information](index=143&type=section&id=XVIII.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses for the current period and a calculation table for return on net assets and earnings per share, explaining the basis for preparing non-recurring gains and losses Detailed Statement of Non-Recurring Gains and Losses for Current Period | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 812,325.21 | | Government grants recognized in profit or loss for the current period | 3,768,483.39 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 10,931,236.36 | | One-off expenses incurred by enterprises due to the discontinuation of related business activities | -1,946,332.00 | | Other non-operating income and expenses apart from the above items | 2,520,155.10 | | Other gains and losses items that meet the definition of non-recurring gains and losses | -5,738,775.00 | | Less: Income tax impact | 2,122,208.62 | | Minority interests impact (after tax) | 34,917.56 | | Total | 8,189,966.88 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (Yuan) | | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 1.78 | 0.139 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 1.59 | 0.124 | - The detailed statement of non-recurring gains and losses is prepared in accordance with the "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public - Non-Recurring Gains and Losses" revised in **2023**[497](index=497&type=chunk)

Group 1 - The company reported a revenue of 791 million yuan for the first half of 2025, representing a year-on-year decline of 12.72% [1] - The net profit for the same period was 76.4011 million yuan, showing a year-on-year decrease of 25.60% [1]

Market Overview - On August 26, the railway and highway sector rose by 0.3% compared to the previous trading day, with Dongguan Holdings leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Dongguan Holdings (000828) closed at 12.07, up 4.50% with a trading volume of 419,900 shares and a turnover of 514 million yuan [1] - Other notable performers included Sanfengsi (001317) with a 2.95% increase, and Jinjiang Online (600650) with a 2.60% increase [1] - Conversely, Deep Highway (600548) saw a decline of 0.93%, and Fulin Transportation (002357) decreased by 0.72% [2] Capital Flow - The railway and highway sector experienced a net outflow of 134 million yuan from institutional investors, while retail investors saw a net inflow of 1.27 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remained active [2] Individual Stock Capital Flow - Jinjiang Online (600650) had a net outflow of 26.26 million yuan from institutional investors, while retail investors contributed a net inflow of 24.29 million yuan [3] - Haiqi Group (603069) saw a net inflow of 21.89 million yuan from institutional investors, indicating strong interest [3] - Conversely, Ninghu Highway (600377) had a significant net outflow of 21.70 million yuan from institutional investors, suggesting caution among larger players [3]

Group 1 - The Free Trade Port concept declined by 0.48% as of the market close on August 13, ranking among the top declines in concept sectors [1][2] - Within the Free Trade Port sector, notable declines were seen in companies such as Jiaoyun Co., COSCO Shipping Technology, and Shanghai Construction, while Milky Way, Jiacheng International, and Hainan Huatie experienced gains of 2.45%, 1.35%, and 1.26% respectively [1][2] - The Free Trade Port sector saw a net outflow of 482 million yuan from major funds today, with 33 stocks experiencing net outflows, and 20 stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - The top net outflow stock was China Duty Free Group, with a net outflow of 118 million yuan, followed by Haima Automobile, Beibu Gulf Port, and Hainan Airport with net outflows of 51.71 million yuan, 30.93 million yuan, and 26.28 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflow included Shanghai Port Group, Jinjiang Online, and Jiacheng International, with net inflows of 18.77 million yuan, 9.53 million yuan, and 4.38 million yuan respectively [2][3] - The Free Trade Port concept sector had several stocks with significant declines, including China Duty Free Group (-0.03%), Haima Automobile (-0.43%), and Beibu Gulf Port (-0.60%) [2][3]

Market Overview - On August 13, the railway and highway sector declined by 0.22% compared to the previous trading day, with Jiangxi Changyun leading the decline [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Chongqing Road and Bridge (600106) with a closing price of 7.35, up 9.70% and a trading volume of 1.1391 million shares, totaling 813 million yuan [1] - Fulin Yuan V (002357) closed at 10.32, up 1.28% with a trading volume of 126,400 shares, totaling 130 million yuan [1] - Major decliners included: - Jiangxi Changyun (600561) closed at 7.28, down 2.54% with a trading volume of 162,000 shares, totaling 118 million yuan [2] - Sanfengsi (001317) closed at 48.13, down 1.68% with a trading volume of 27,700 shares, totaling 134 million yuan [2] Capital Flow - The railway and highway sector experienced a net outflow of 58.05 million yuan from institutional investors, while retail investors saw a net inflow of 43.52 million yuan [2] - The capital flow for key stocks showed: - Chongqing Road and Bridge had a net inflow of 77.96 million yuan from institutional investors, but a net outflow of 30.19 million yuan from retail investors [3] - Jiangxi Changyun had a net inflow of 7.54 million yuan from institutional investors and a net outflow of 16.56 million yuan from retail investors [3]

Market Overview - On August 1, the railway and highway sector experienced a slight decline of 0.12% compared to the previous trading day, with Jinjiang Online leading the drop [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Chongqing Road and Bridge (600106) with a closing price of 6.77, up 4.96% on a trading volume of 1.0378 million shares and a transaction value of 708 million [1] - Sanfengsi (001317) closed at 47.09, up 2.19% with a transaction value of 238 million [1] - Conversely, Jinjiang Online (600650) led the declines with a closing price of 16.30, down 1.21% on a trading volume of 149,100 shares and a transaction value of 244 million [2] Capital Flow - The railway and highway sector saw a net outflow of 47.388 million from institutional investors, while retail investors contributed a net inflow of 45.488 million [2] - The capital flow for specific stocks indicated: - Daqin Railway (601006) had a net inflow of 44.2479 million from institutional investors, while retail investors had a net outflow of 39.8223 million [3] - Shandong Highway (600350) experienced a net inflow of 10.8363 million from institutional investors, with a net outflow of 13.0292 million from retail investors [3]

金融界消息 截至2025年7月30日收盘，锦江在线（600650）报收于16.66元，下跌3.36%，换手率 5.66%，成交量22.11万手，成交金额3.70亿元。 资金流向方面，今日主力资金净流出6461.81万元，占比成交额17.47%。其中，超大单净流出2945.64万 元、占成交额7.96%，大单净流出3516.17万元、占成交额9.51%，中单净流出流入914.88万元、占成交 额2.47%，小单净流入5546.93万元、占成交额15.0%。 锦江在线最新一期业绩显示，截至2025一季报，公司营业总收入3.71亿元、同比减少20.07%，归属净利 润1261.61万元，同比减少67.92%，扣非净利润1323.30万元，同比减少47.83%，流动比率4.175、速动比 率4.060、资产负债率18.70%。 天眼查商业履历信息显示，上海锦江在线网络服务股份有限公司，成立于1993年，位于上海市，是一家 以从事住宿业为主的企业。企业注册资本55161.0107万人民币，实缴资本55161.0107万人民币。公司法 定代表人为许铭。 通过天眼查大数据分析，上海锦江在线网络服务股份有限公司共对外投资了1 ...

证券之星消息，7月30日铁路公路板块较上一交易日下跌0.42%，锦江在线领跌。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。铁路公路板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002627 | 三峡旅游 | 5.58 | 2.01% | 37.68万 | 2.09亿 | | 001317 | 三丰司 | 47.20 | 1.40% | 3.37万 | 1.58亿 | | 600561 | 江西长远 | 6.80 | 1.19% | 8.04万 | 5437.94万 | | 000429 | 粤高速 A | 12.53 | 0.89% | 7.11万 | 8887.62万 | | 002357 | 富临远 / | 10.70 | 0.85% | 15.96万 | 1.72亿 | | 601006 | 大奏铁路 | 6.67 | 0.76% | 81.07万 | 5.40亿 | | 600548 | 深高速 | 10.4 ...