Core Viewpoint - The company reported a significant increase in revenue and profit for the first half of 2025, driven by improved project deliveries and diversified business strategies [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 6.679 billion yuan, representing a year-on-year increase of over 500% [1]. - The net profit attributable to shareholders was 521 million yuan, marking a turnaround from losses [1]. - The company successfully issued 1.52 billion yuan in corporate bonds at a record low interest rate of 1.88% [3]. Group 2: Project Delivery and Real Estate Development - The company completed the early delivery of the Yun Cui Forest East District project, achieving a 100% delivery rate for both single visit and overall deliveries [1]. - The company showcased its commitment to quality living through the successful preview of the Yu Pin Yin Hu Wan project, characterized by low density [1]. - The Yun Qi Chun Shen project was recognized for its modern design and high usable area, receiving the "Bai Yu Lan Quality Construction Project" award [2]. Group 3: Asset Management and Urban Services - The company implemented a "tenglong huan niao" strategy, resulting in a 35% year-on-year increase in newly signed area [2]. - The management scale of the company's property management segment reached 25.31 million square meters, with 22 new projects added [2]. - In the agriculture sector, the company expanded its client base, adding over ten new clients, and achieved a 100% renewal rate for existing clients [2]. Group 4: Financial Strategy - The company proactively repaid 1.56 billion yuan in operating property loans, reducing financial costs through controlled financing scale [3]. - The financing interest rate decreased by 105 basis points year-on-year due to the optimization of the debt structure [3]. - The company initiated a CMBS restructuring to secure low-cost, long-term funding [3].

中华企业股份有限公司 募集资金管理办法 第二条 本办法所称募集资金是指公司通过发行股票或者其他具有股权性质 的证券,向投资者募集并用于特定用途的资金，但不包括公司实施股权激励计划 募集的资金。本办法所称超募资金是指实际募集资金净额超过计划募集资金金额 的部分。 第三条 公司董事会应当持续关注募集资金存放、管理和使用情况，有效防 范投资风险，提高募集资金使用效益。 公司董事和高级管理人员应当勤勉尽责，确保公司募集资金安全，不得操控 公司擅自或变相改变募集资金用途。 第四条 公司控股股东、实际控制人及其他关联人不得占用公司募集资金， 不得利用公司募集资金投资项目（以下简称"募投项目"）获取不正当利益。 第五条 公司募集资金应当专款专用。公司使用募集资金应当符合国家产业 政策和相关法律法规，践行可持续发展理念，履行社会责任，原则上应当用于主 营业务，有利于增强公司竞争能力和创新能力。 中国证监会及上海证券交易所相关规则对公司发行股份、可转换公司债券购 买资产并募集配套资金用途另有规定的，从其规定。 （2025年8月修订） 第一章 总则 第一条 为加强、规范公司募集资金的存放、使用与管理, 提高资金使用 效率和效益, ...

第三条 公司对外担保实行统一管理，非经公司董事会或股东会审议批准，任何人 无权以公司名义签署对外担保的合同、协议或其他类似的法律文件。 第四条 公司董事和高级管理人员应审慎对待和严格控制对外担保产生的债务风 险，并对违规或失当的对外担保产生的损失依法承担连带责任。 中华企业股份有限公司 对外担保管理制度 (2025 年 8 月修订) 第一章 总则 第一条 为规范中华企业股份有限公司（以下简称"公司")的对外担保行为， 有效防范公司对外担保风险，确保公司资产安全，维护股东利益，根据《中华人民共 和国公司法》《中华人民共和国民法典》《上市公司监管指引第 8 号——上市公司资 金往来、对外担保的监管要求》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等法律、法规和规范性文件以及《中华 企业股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结合公司的实 际情况，制定本制度。 第二条 本制度所称对外担保是指公司为他人提供的担保，包括公司对控股子公司 提供的担保。公司控股子公司或实际控制的其他主体的对外担保，视同公司行为，其 对外担保应执行本制度。担保形式包括保证、抵 ...

中华企业股份有限公司 股东会议事规则 第一章 总则 第一条 为规范中华企业股份有限公司（以下简称"公司"或"本公司"）行 为,保证股东会依法行使职权,根据《中华人民共和国公司法》(以下简称"《公司 法》")、《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司股东会 规则》和《公司章程》的规定,制定本规则。 第二条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关 规定召开股东会,保证股东能够依法行使权利。 公司董事会应当切实履行职责,认真、按时组织股东会。公司全体董事应当 勤勉尽责,确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次, 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开, 有下列情 形之一的，公司在事实发生之日起两个月以内召开临时股东会会议： （一）董事人数不足《公司法》规定人数或者《公司章程》所定人数的三分 之二时； （二）公司未弥补的亏损达股本总额三分之一时； （三）单独或者合计持有公司百分之十以上股份的股东请求时； （四）董事会认为必要 ...

中华企业股份有限公司董事会议事规则 第一条 宗旨 为了进一步规范中华企业股份有限公司（以下简称"公司"或"本公司"）董事 会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规 范运作和科学决策水平，根据《公司法》、《证券法》、《上市公司治理准则》、 《上海证券交易所股票上市规则》（以下简称"《上市规则》"）和《中华企业 股份有限公司章程》（以下简称"《公司章程》"）等有关规定，制订本规则。 第二条 董事会办公室 董事会下设董事会办公室，处理董事会日常事务。董事会秘书负责保管董事会印 章、公司股东会和董事会会议的筹备及文件保管、公司股东资料的管理、办理信 息披露事务、投资者关系工作等事宜。 第三条 定期会议 董事会会议分为定期会议和临时会议。董事会每年至少召开两次会议。 第四条 定期会议的提案 在发出召开董事会定期会议的通知前，董事会办公室应当充分征求各董事的意见， 初步形成会议提案后交董事长拟定。董事长在拟定提案前，应当视需要征求总经 理和其他高级管理人员的意见。 第五条 临时会议 有下列情形之一的，董事会应当召开临时会议： 第六条 会议的召集和主持 第七条 会议通知 董事会召开定期会议和临 ...

中华企业股份有限公司 关联交易管理制度 (2025 年 8 月修订) 第一章 总则 第一条 为规范中华企业股份有限公司(以下简称"公司")的关联交易, 保证关联 交易的合法性、必要性、合理性和公允性, 维护公司和股东的利益, 根据《中华人民共 和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》(以下简称 "《上市规则》")、《上海证券交易所上市公司自律监管指引第 5 号——交易与关联 交易》等法律法规、规范性文件及《中华企业股份有限公司章程》(以下简称"《公司 章程》")的规定, 制定本制度。 第二条 关联交易是指公司、控股子公司及控制的其他主体与公司关联人之间发生的 转移资源或义务的事项。公司与公司的控股子公司及控制的其他主体之间发生的关联交 易不适用本制度。 第三条 公司关联交易应当定价公允、决策程序合规、信息披露规范。关联交易应当 根据公司相关规章制度执行, 公司法务相关部门负责关联交易的合同管理。 第四条 董事会秘书负责关联交易信息的披露。 第二章 关联人和关联关系 第五条 公司关联人包括关联法人（或者其他组织）和关联自然人。 第六条 具有下列情形之一的法人（或者其他组织）, 为公司的 ...

中华企业股份有限公司 董事及高级管理人员薪酬管理制度 （2025年8月制订） 第一章 总则 第一条 为进一步完善中华企业股份有限公司（以下简称"公司"）董事 与高级管理人员的薪酬管理，建立科学有效的激励与约束机制，有效调动董 事和高级管理人员的积极性，依据国家相关法律、法规及《中华企业股份有 限公司章程》（以下简称"《公司章程》"）等规定，结合公司实际情况， 特制定本制度。 第二条 适用本制度的董事和高级管理人员包括：公司董事、总经理、副 总经理、董事会秘书、财务总监等。 第三条 公司薪酬制度遵循以下原则： （四）长远发展的原则，使薪酬水平与公司持续健康发展的目标相符。 第二章 薪酬的构成及确定 第四条 公司董事会下设薪酬与考核委员会作为对董事和高级管理人员 进行考核以及初步确定薪酬分配的管理机构。 薪酬与考核委员会负责制定董事、高级管理人员的考核标准并进行考核， 制定、审查董事、高级管理人员的薪酬决定机制、决策流程、支付与止付追 索安排等薪酬政策与方案，并就下列事项向董事会提出建议： （一）董事、高级管理人员的薪酬； （二）制定或者变更股权激励计划、员工持股计划，激励对象获授权益、 行使权益条件的成就； （ ...

中华企业股份有限公司章程 中华企业股份有限公司章程 (2025 年 8 月修订) 第一章 总则 第一条 为维护中华企业股份有限公司（以下简称"公司"）、公司股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》(以下简称 "《证券法》")、《中国共产党章程》和其他有关规定，制定本章程。 第二条 公司系依照《股份有限公司规范意见》和其他有关规定成立的股 份有限公司。公司已按照有关规定，对照《公司法》进行了规范，并依法履行 了重新登记手续。 公司经上海市建设委员会"沪建经(93)第 0619 号"文批准，以及经政府 其他主管部门批准，由公司独家申请以股份有限公司改制、社会募集股份方式 设立；在上海市工商行政管理局注册登记，取得营业执照，统一社会信用代码： 913100001323409633。 第三条 公司发起人为中华企业公司，公司于 1993 年 8 月 1 日经上海市 证券管理办公室沪证办(1993)064 号文批准，于 1993 年 9 月 10 日首次发行人 民币普通股 7863.19 万股（大写：柒仟捌佰陆拾叁万壹仟玖佰股 ...

[Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions of commonly used terms in the report, including company-related parties and time concepts, ensuring a clear understanding of professional terminology - This section defines key terms like "China Enterprise," "Real Estate Group," and "Gubei Group," along with time concepts such as "reporting period," to ensure readers clearly understand professional terminology and company-specific designations[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information, contact details, changes in fundamental circumstances, and key financial performance metrics [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section introduces China Enterprise Co., Ltd.'s basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is China Enterprise Co., Ltd., abbreviated as China Enterprise, with Li Zhong as its legal representative[15](index=15&type=chunk) [II. Contact Person and Contact Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication and information inquiries - The Board Secretary is Gu Xin, and the Securities Affairs Representative is Xu Jianwei, both reachable at **021-20772222**[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section discloses changes in the company's basic information, including its registered address, office address, postal code, website, and email address - The company's registered address is No. 2 Huashan Road, Shanghai, and its office address is Floors 5-7, No. 1388 Puming Road, Pudong New Area, Shanghai[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=4&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location where semi-annual reports are kept - The company's designated newspapers for information disclosure are "China Securities Journal," "Shanghai Securities News," and "Securities Daily," with reports published on **www.sse.com.cn**[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides basic information about the company's stock, including its type, listing exchange, stock abbreviation, and stock code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation China Enterprise and stock code **600675**[19](index=19&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section details the company's key accounting data and financial indicators for the reporting period, explaining changes and showing significant performance improvement [(I) Key Accounting Data](index=5&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) During the reporting period, the company's operating revenue significantly increased, total profit and net profit attributable to shareholders turned profitable, and net cash flow from operating activities improved | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,679,203,000.18 yuan | 1,066,811,349.37 yuan | 526.09 | | Total Profit | 1,335,500,437.65 yuan | -333,427,389.06 yuan | Not Applicable | | Net Profit Attributable to Shareholders of the Listed Company | 520,991,150.56 yuan | -351,815,592.71 yuan | Not Applicable | | Net Cash Flow from Operating Activities | -28,133,618.62 yuan | -507,002,620.05 yuan | Not Applicable | - Net assets attributable to shareholders of the listed company increased by **3.63%** year-on-year, while total assets decreased by **5.95%** year-on-year[21](index=21&type=chunk) [(II) Key Financial Indicators](index=5&type=section&id=(%E4%BA%8C)%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's key financial indicators show basic earnings per share and weighted average return on net assets both turned positive, reflecting a significant improvement in profitability | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.09 | -0.06 | Not Applicable | | Diluted Earnings Per Share (yuan/share) | 0.09 | -0.06 | Not Applicable | | Weighted Average Return on Net Assets (%) | 3.57 | -2.40 | Not Applicable | - The increase in total profit is primarily due to an increase in products delivered and recognized as revenue during the reporting period compared to the prior year, as well as contributions from the joint venture Shanghai Baojinrun Real Estate Co., Ltd[22](index=22&type=chunk) - The increase in net cash flow from operating activities is mainly due to a decrease in cash paid for goods and services compared to the prior year period[23](index=23&type=chunk) [IX. Non-recurring Gains and Losses and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section discloses the company's non-recurring gains and losses for the reporting period, totaling **24.51 million yuan**, primarily from non-current asset disposal, government grants, and other non-operating income/expenses | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 159,430.92 | | Government grants recognized in current profit or loss | 14,544,001.50 | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities (excluding effective hedging activities related to normal business operations) | 3,834,606.42 | | Other non-operating income and expenses apart from the above | 7,092,033.77 | | Less: Income tax impact | 752,000.18 | | Less: Impact on minority interests (after tax) | 363,610.58 | | Total | 24,514,461.85 | [Section III Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's industry and main business operations, discusses operating performance, core competitiveness, and key financial changes, and identifies potential risks [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section analyzes the stable yet differentiated Chinese real estate market in H1 2025 and details China Enterprise's business scope and development strategy as Shanghai's first professional real estate developer [1. Explanation of Industry Conditions](index=7&type=section&id=1%E3%80%81%20%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In H1 2025, China's real estate market was generally stable but highly differentiated across cities, with land market activity concentrated in prime urban plots - In H1 2025, real estate transactions were generally stable, with the new home market in key cities continuing its recovery in Q1 but cooling down in Q2[27](index=27&type=chunk) - Cumulative prices for second-hand homes in 100 cities fell by **2.88%**, while new home prices cumulatively rose by **0.97%**[27](index=27&type=chunk) - In the land market, residential land transfer fees in 300 cities increased by over **20%** year-on-year in H1 2025, with the top 20 cities accounting for **66%** of the national total[27](index=27&type=chunk) [2. Explanation of Company's Main Business Operations](index=7&type=section&id=2%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) China Enterprise, as Shanghai's first professional real estate developer, covers residential and commercial development, property management, and actively participates in the Shanghai Real Estate Group's "urban renewal platform" - Founded in 1954 and restructured into an A-share listed company in 1993, the company is Shanghai's first professional real estate development and operation enterprise[29](index=29&type=chunk) - Its business scope includes residential development, commercial and office project development, operation of investment properties, and property management services[29](index=29&type=chunk) - The company is committed to becoming "an influential urban renewal comprehensive development and operation enterprise in Shanghai"[29](index=29&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, China Enterprise focused on "seeking progress while maintaining stability and winning by quality," enhancing resilience and vitality through five key initiatives: Party building, financial foundation, product upgrading, asset optimization, and diversified services [1. Party Building Leadership, Steering High-Quality Development](index=8&type=section&id=1%E3%80%81%20%E5%85%9A%E5%BB%BA%E5%BC%95%E9%A2%86%EF%BC%8C%E6%8A%8A%E7%A8%B3%E9%AB%98%E8%B4%A8%E9%87%8F%E5%8F%91%E5%B1%95%E6%96%B9%E5%90%91%E7%9B%98) The company's Party Committee strengthened Party building through various forms, enhancing grassroots organization and leveraging mass organizations to solidify the political and public foundation for stable enterprise development - China Enterprise's Party Committee prioritized strengthening Party building leadership, ensuring adherence to the Central Eight Provisions throughout the decision-making process through leadership-led learning and comprehensive cadre education[32](index=32&type=chunk) [2. Financial Foundation, Solidifying a Stable Capital Base](index=8&type=section&id=2%E3%80%81%20%E8%B4%A2%E5%8A%A1%E7%AD%91%E5%9F%BA%EF%BC%8C%E5%A0%82%E5%AE%9E%E7%A8%B3%E5%81%A5%E8%B5%84%E9%87%91%E5%BA%95%E7%9B%98) The company optimized its financing structure, reduced financial expenses, and ensured cash flow safety by successfully issuing low-interest corporate bonds, repaying loans early, and initiating CMBS restructuring - The company successfully issued **1.52 billion yuan** in corporate bonds with a record-low coupon rate of **1.88%** and an oversubscription ratio of **3.68 times**[33](index=33&type=chunk) - **1.56 billion yuan** in operating property loans were repaid early, reducing financing interest rates by **105 basis points**[33](index=33&type=chunk) - CMBS "new for old" restructuring was initiated to secure low-cost, long-term funds through multiple channels, optimizing the financing structure[33](index=33&type=chunk) [3. Product Upgrading, Delivering High-Quality Projects](index=8&type=section&id=3%E3%80%81%20%E4%BA%A7%E5%93%81%E5%8D%87%E7%BA%A7%EF%BC%8C%E5%85%91%E7%8E%B0%E9%AB%98%E5%93%81%E8%B4%A8%E4%BA%A4%E4%BB%98) In H1, the company focused on the "Shanghai-style good house" concept, achieving high-quality project delivery and pre-inspections through ultra-low energy consumption technology, facade and landscape enhancements, and modern Shanghai-style elements - The Yuncui Forest project achieved high-quality delivery of its East District with ultra-low energy consumption technology, reaching **100%** one-time visit delivery rate and overall delivery rate[34](index=34&type=chunk) - The Songjiang Guangfulin project enhanced its facade and landscape, creating a new Chinese aesthetic community[34](index=34&type=chunk) [4. Asset Optimization, Unleashing New Momentum for Existing Asset Value](index=8&type=section&id=4%E3%80%81%20%E8%B5%84%E4%BA%A7%E6%8F%90%E8%B4%A8%EF%BC%8C%E9%87%8A%E6%94%BE%E5%AD%98%E9%87%8F%E4%BB%B7%E5%80%BC%E6%96%B0%E5%8A%A8%E8%83%BD) The company achieved a **35%** year-on-year increase in new signed area through "cage-for-bird" strategies and targeted招商, successfully attracting benchmark financial institutions and leading chip enterprises, accelerating the release of existing asset value - During the reporting period, the company achieved a **35%** year-on-year increase in new signed area through "cage-for-bird" strategies and targeted investment promotion[35](index=35&type=chunk) - China Enterprise International Financial Center attracted several benchmark financial institutions, while Gubei Fortune Center successfully introduced a leading chip enterprise[35](index=35&type=chunk) [5. Diversified Services, Cultivating New Sustainable Profit Curves](index=8&type=section&id=5%E3%80%81%20%E5%A4%9A%E5%85%83%E6%9C%8D%E5%8A%A1%EF%BC%8C%E5%9F%B9%E8%82%B2%E5%8F%AF%E6%8C%81%E7%BB%AD%E7%9B%88%E5%88%A9%E6%96%B0%E6%9B%B2%E7%BA%BF) The property management segment's scale grew to **25.31 million sq.m.**, and the agriculture segment's gross profit margin steadily increased through supply chain optimization and group meal operations, contributing continuous cash flow and profit growth - The property management segment's scale increased to **25.31 million sq.m.**, with **22** new property management projects secured through market expansion[36](index=36&type=chunk) - The agriculture segment's food supply chain added over ten new clients, and the group meal business expanded to **45** service projects with a **100%** renewal rate[36](index=36&type=chunk) - In the second half of the year, the company will focus on "ensuring delivery, promoting sales, and stabilizing cash flow," deepening investment attraction, strengthening cost control, and optimizing capital structure[36](index=36&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=8&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) China Enterprise built its core competitiveness through a clear development strategy, industrial synergistic development, and stable shareholder returns, aiming to become a leading urban renewal comprehensive development and operation enterprise in Shanghai [1. Clear Development Strategy](index=8&type=section&id=1%E3%80%81%20%E5%8F%91%E5%B1%95%E6%88%98%E7%95%A5%E6%98%8E%E7%A1%AE) The company's "14th Five-Year Plan" clearly positions it as "an influential urban renewal comprehensive development and operation enterprise in Shanghai," focusing on real estate development, asset management, and urban life services - The company's "14th Five-Year Plan" positions it as "an influential urban renewal comprehensive development and operation enterprise in Shanghai," focusing on real estate development, asset management, and urban life services[37](index=37&type=chunk) [2. Industrial Synergistic Development](index=8&type=section&id=2%E3%80%81%20%E4%BA%A7%E4%B8%9A%E5%8D%8F%E5%90%8C%E5%8F%91%E5%B1%95) The company actively develops its urban life services segment, with its subsidiary Xinhong Agriculture Co. building an integrated production-processing-sales food service system, and Gubei Property Group excelling in property management - Xinhong Agriculture Co. has initially established a meal service system with an integrated urban agriculture production, processing, and sales industrial chain as its core competitiveness[38](index=38&type=chunk)[39](index=39&type=chunk) - Gubei Property Group has formed a "one body, two wings" structure, with its business scale, professional capabilities, and service quality ranking among the industry's best, continuously enhancing its brand influence[39](index=39&type=chunk) [3. Stable Shareholder Returns](index=9&type=section&id=3%E3%80%81%20%E8%82%A1%E4%B8%9C%E5%9B%9E%E6%8A%A5%E7%A8%B3%E5%AE%9A) Since its listing, the company has cumulatively distributed **4.34 billion yuan** in cash dividends, demonstrating its continued commitment to shareholder returns amidst slowing economic recovery - Since its listing, the company has cumulatively distributed **4.34 billion yuan** in cash dividends, emphasizing shareholder returns[40](index=40&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=9&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's major operating conditions, including financial statement item changes, asset-liability status, investment, and performance of key subsidiaries and associates, reflecting overall financial performance and operational efficiency [(I) Analysis of Main Business Operations](index=9&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The analysis of main business operations shows significant growth in operating revenue and costs due to increased product delivery, and improved net cash flow from operating activities due to reduced cash payments for goods and services | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,679,203,000.18 | 1,066,811,349.37 | 526.09 | | Operating Cost | 4,489,244,157.61 | 801,888,487.32 | 459.83 | | Net Cash Flow from Operating Activities | -28,133,618.62 | -507,002,620.05 | Not Applicable | | Investment Income | 260,174,693.97 | 3,849,732.87 | 6658.25 | | Income Tax Expense | 432,857,887.74 | 1,639,988.79 | 26293.95 | - Changes in operating revenue and operating costs are mainly due to an increase in products meeting revenue recognition conditions during the reporting period compared to the prior year period[41](index=41&type=chunk) - Changes in investment income are mainly due to revenue recognition from projects developed by the joint venture Shanghai Baojinrun Real Estate Co., Ltd[42](index=42&type=chunk) [(III) Analysis of Assets and Liabilities](index=10&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) The company's asset-liability structure changed significantly at the end of the reporting period, with a substantial decrease in contract liabilities and reclassification-driven changes in non-current liabilities due within one year and bonds payable, alongside disclosures of restricted assets [1. Asset and Liability Status](index=10&type=section&id=1%E3%80%81%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) At the end of the reporting period, the company's contract liabilities significantly decreased due to project delivery and revenue recognition, while non-current liabilities due within one year and bonds payable changed significantly due to corporate bond reclassification | Item Name | Current Period End Amount (10,000 yuan) | Prior Year End Amount (10,000 yuan) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Contract Liabilities | 471,961.96 | 886,943.43 | -46.79 | | Non-current Liabilities Due Within One Year | 649,634.69 | 126,367.92 | 414.08 | | Bonds Payable | 698,414.92 | 1,077,174.24 | -35.16 | - The decrease in contract liabilities is mainly due to revenue recognition from the China Enterprise Yuncui Forest project upon delivery[45](index=45&type=chunk) - Changes in non-current liabilities due within one year and bonds payable are mainly due to the reclassification of corporate bonds maturing within one year from bonds payable to non-current liabilities due within one year[45](index=45&type=chunk) [3. Major Restricted Assets as of the End of the Reporting Period](index=10&type=section&id=3%E3%80%81%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E4%B8%BB%E8%A6%81%E8%B5%84%E4%BA%A7%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) At the end of the reporting period, the company's major restricted assets included monetary funds, inventories, investment properties, and long-term equity investments, primarily due to sales supervision, guarantee deposits, and loan collateral/pledges | Item | Period-end Book Value (10,000 yuan) | Restriction Reason | | :--- | :--- | :--- | | Monetary Funds | 12,903.79 | Sales supervision funds, guarantee deposits, net housing payments, judicial freeze funds, etc. | | Inventories | 268,004.34 | Loan collateral | | Investment Properties | 326,980.01 | Loan collateral | | Long-term Equity Investments | 151,386.52 | Loan pledge | | Total | 759,274.66 | | [(IV) Analysis of Investment Status](index=11&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This section analyzes the company's overall equity investment, including investment recovery and financial assets measured at fair value, indicating partial recovery of equity investments and fair value changes generating gains [1. Overall Analysis of External Equity Investments](index=11&type=section&id=1%E3%80%81%20%E5%AF%B9%E5%A4%96%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%80%BB%E4%BD%93%E5%88%86%E6%9E%90) During the reporting period, the company recovered its investment in Shanghai Sugino Real Estate Co., Ltd., which has completed its industrial and commercial changes - During the reporting period, the company recovered its investment; after capital reduction, Shanghai Sugino Real Estate Co., Ltd.'s registered capital changed from **100 million yuan** to **8 million yuan**, with the company still holding **100%** equity, and industrial and commercial changes have been completed[49](index=49&type=chunk) [(3). Financial Assets Measured at Fair Value](index=12&type=section&id=(3).%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) The company's financial assets measured at fair value are primarily stock investments, with a period-end balance of **61.57 million yuan** and fair value change gains of **3.83 million yuan** for the current period | Asset Category | Beginning Balance (yuan) | Fair Value Change Gains/Losses for the Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Stocks | 53,059,759.75 | 3,834,606.42 | 56,894,366.17 | | Others | 4,671,863.76 | | 4,671,863.76 | | Total | 57,731,623.51 | 3,834,606.42 | 61,566,229.93 | - Securities investments primarily include stocks in Guotai Haitong, Bank of Shanghai, and Xinhuangpu, with a total period-end book value of **56.89 million yuan**[52](index=52&type=chunk)[53](index=53&type=chunk) [(VI) Analysis of Major Holding and Associate Companies](index=13&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section discloses financial information for the company's major holding and associate companies, with Shanghai Songze Real Estate Co., Ltd. and Shanghai Baojinrun Real Estate Co., Ltd. significantly impacting net profit, both achieving profitability | Company Name | Company Type | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Songze Real Estate Co., Ltd. | Subsidiary | 300,000.00 | 937,994.46 | 74,020.98 | | Shanghai Huanjiang Investment Development Co., Ltd. | Subsidiary | 58,180.00 | 822,834.20 | -6,646.99 | | Shanghai Baojinrun Real Estate Co., Ltd. | Associate Company | 96,000.00 | 154,224.17 | 52,733.74 | [V. Other Disclosure Matters](index=14&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section details potential policy, market, and operational risks, urging investors to consider uncertainties from deep adjustments in the real estate industry and the company's need to continuously optimize resource allocation [(I) Potential Risks](index=14&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces three major risks: policy, market, and operational. Dynamic policy changes, a slowing real estate industry, shifting market landscape, and long development cycles with high capital input pose significant challenges - Policy Risk: The uncertain global economic outlook affects the overall supply and demand in the real estate market, requiring close attention to dynamic policy changes[56](index=56&type=chunk) - Market Risk: The real estate industry's overall growth is slowing, and the market is shifting from incremental development to existing asset operation, with industry prospects still facing uncertainty[57](index=57&type=chunk) - Operational Risk: Central and local government control policies directly impact operations; long real estate development cycles and high capital investment demand strong financing capabilities, cost control, and project safety management from the company[59](index=59&type=chunk) [Section IV Corporate Governance, Environment and Society](index=16&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive measures, and efforts in poverty alleviation and rural revitalization [I. Changes in Company Directors, Supervisors, and Senior Management](index=16&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board of directors appointed Wang Xingxian as Deputy General Manager, with his term consistent with the eleventh board of directors - The company's board of directors appointed Comrade Wang Xingxian as Deputy General Manager, with his term consistent with the term of the eleventh board of directors[62](index=62&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=16&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "not applicable," meaning no distribution or conversion will occur - The company's proposed semi-annual profit distribution or capital reserve conversion plan is "No," thus not applicable[63](index=63&type=chunk) [III. Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=16&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company did not disclose any information regarding equity incentive plans, employee stock ownership plans, or other incentive measures[64](index=64&type=chunk) [V. Specifics of Consolidating Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=16&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) In H1 2025, the company's Party Committee prioritized paired assistance, allocating **200,000 yuan** to Tuan Shan Village, Nanjian County, Yunnan Province, fulfilling its social responsibility as a state-owned enterprise and supporting rural revitalization - The company's Party Committee designated poverty alleviation as a key annual task, continuing to build a Party building co-construction and exchange platform to promote village-enterprise collaboration and rural revitalization[65](index=65&type=chunk) - In the first half of the year, **200,000 yuan** in assistance funds for 2025 were allocated to Tuan Shan Village, Nanjian Town, Nanjian County, Dali Prefecture, Yunnan Province[65](index=65&type=chunk) [Section V Important Matters](index=18&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the fulfillment of commitments, significant related-party transactions, major contracts, and other important matters, including potential risks and the company's "quality and efficiency improvement and high returns" action plan [I. Fulfillment of Commitments](index=18&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the fulfillment of commitments by the company's actual controller, shareholders, and related parties, primarily concerning independence, standardized related-party transactions, asset ownership integrity, and avoiding horizontal competition, all strictly adhered to - The Real Estate Group committed to ensuring the company's independence in personnel, assets, finance, organization, and business, and strictly fulfilled this commitment[67](index=67&type=chunk)[68](index=68&type=chunk) - The Real Estate Group committed to standardizing related-party transactions, minimizing and reducing such transactions with the company, and ensuring fairness and impartiality[68](index=68&type=chunk)[69](index=69&type=chunk) - The Real Estate Group committed to resolving horizontal competition issues, avoiding direct competition with the company's main business, and ensuring the company enjoys priority under equal conditions[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [X. Significant Related-Party Transactions](index=24&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses significant related-party transactions related to the company's daily operations during the reporting period, including matters previously disclosed in temporary announcements with subsequent progress, and daily related-party transactions with the Real Estate Group and its controlled subsidiaries [(I) Related-Party Transactions Related to Daily Operations](index=24&type=section&id=(%E4%B8%80)%20%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's 11th Board of Directors approved the 2024 actual and 2025 estimated daily related-party transactions, subsequently approved by the General Meeting of Shareholders; other daily related-party transactions with the Real Estate Group and its controlled subsidiaries totaled no more than **2.41 million yuan** - On April 15, 2025, the company's board of directors approved the resolution on the actual amount of daily related-party transactions in 2024 and the estimated amount of daily related-party transactions in 2025, which was subsequently approved by the general meeting of shareholders on June 20, 2025[74](index=74&type=chunk) - During the reporting period, excluding already disclosed related-party transactions, the total amount of daily related-party transactions with the related party Real Estate Group and its controlled subsidiaries did not exceed **2.41 million yuan**, of which services received did not exceed **2.41 million yuan**[74](index=74&type=chunk) [XI. Major Contracts and Their Fulfillment](index=25&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the company's major guarantees performed and unfulfilled during the reporting period, primarily involving guarantees for subsidiaries, with the total guarantee amount representing **0.74%** of the company's net assets [(II) Major Guarantees Performed and Unfulfilled During the Reporting Period](index=26&type=section&id=(%E4%BA%8C)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company's guarantees for subsidiaries totaled **-2.52 million yuan** in new occurrences, with an ending balance of **110.08 million yuan**, representing **0.74%** of the company's net assets; all direct or indirect debt guarantees for entities with an asset-liability ratio exceeding **70%** amounted to **110.08 million yuan** | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total new guarantees for subsidiaries during the reporting period | -251.91 | | Total outstanding guarantees for subsidiaries at period-end (B) | 11,008.40 | | Total guarantees (A+B) | 11,008.40 | | Total guarantees as a percentage of the company's net assets (%) | 0.74 | | Debt guarantees provided directly or indirectly for guaranteed entities with an asset-liability ratio exceeding 70% (D) | 11,008.40 | [XIII. Explanation of Other Significant Matters](index=27&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) In H1 2025, the company actively implemented its "quality and efficiency improvement and high returns" action plan, focusing on its main business, shareholder returns, communication, and corporate governance; it also plans a private placement of shares for real estate projects and debt repayment - In H1 2025, the company focused on its core business, promoting stable development, and continuously deepening its modern agriculture and property services segments, aiming to become "an influential urban renewal comprehensive development and operation enterprise in Shanghai"[79](index=79&type=chunk) - The company improved its dividend decision-making mechanism, emphasized shareholder communication through various channels, and standardized corporate governance to enhance decision-making levels[79](index=79&type=chunk)[80](index=80&type=chunk) - The company plans to privately issue shares to no more than **35** specific investors, with proceeds to be used for "ensuring delivery, ensuring people's livelihood" related real estate project development and construction, as well as supplementing working capital and repaying debts[81](index=81&type=chunk) [Section VI Changes in Shares and Shareholder Information](index=27&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and shareholder structure, including the total number of shareholders and the shareholding of the top ten shareholders and unrestricted shareholders [I. Changes in Share Capital](index=27&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure [1. Table of Share Capital Changes](index=27&type=section&id=1%E3%80%81%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E8%A1%A8) 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[83](index=83&type=chunk) [II. Shareholder Information](index=28&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the total number of shareholders, the top ten shareholders, and the top ten unrestricted shareholders at the end of the reporting period, showing Shanghai Real Estate (Group) Co., Ltd. as the controlling shareholder [(I) Total Number of Shareholders:](index=28&type=section&id=(%E4%B8%80)%20%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%EF%BC%9A) As of the end of the reporting period, the company had **56,860** common stock shareholders | Indicator | Quantity | | :--- | :--- | | Total number of common stock shareholders at the end of the reporting period (households) | 56,860 | | Total number of preferred stock shareholders with restored voting rights at the end of the reporting period (households) | 0 | [(II) Table of Shareholding of Top Ten Shareholders and Top Ten Unrestricted Shareholders as of the End of the Reporting Period](index=28&type=section&id=(%E4%BA%8C)%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, Shanghai Real Estate (Group) Co., Ltd. was the largest shareholder with **65.21%**, and China Resources Land Holdings Co., Ltd. was the second largest with **6.82%**; there were no restricted shares among the top ten shareholders | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Real Estate (Group) Co., Ltd. | 3,942,607,879 | 65.21 | State-owned Legal Person | | China Resources Land Holdings Co., Ltd. | 412,246,713 | 6.82 | State-owned Legal Person | | Shanghai Guosheng (Group) Co., Ltd. | 180,960,000 | 2.99 | State-owned Legal Person | | Shenzhen Enqing Investment Development Co., Ltd. | 165,237,477 | 2.73 | Domestic Non-state-owned Legal Person | | Shanghai Xieyi Asset Management Co., Ltd. | 144,000,000 | 2.38 | State-owned Legal Person | - Among the top ten shareholders, Shanghai Real Estate (Group) Co., Ltd. has no associated relationship with the other nine shareholders, nor does it belong to the concerted parties as stipulated in the "Measures for the Administration of the Takeover of Listed Companies"[87](index=87&type=chunk) [Section VII Bond-Related Information](index=31&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section details the company's corporate bonds and non-financial enterprise debt financing instruments, including their basic information, use of raised funds, execution of investor option clauses, and key accounting data and financial indicators [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) This section details the company's corporate bonds and non-financial enterprise debt financing instruments, including their basic information, use of raised funds, execution of investor option clauses, and key accounting data and financial indicators, reflecting the company's specific situation in bond financing and debt management [(I) Corporate Bonds (Including Enterprise Bonds)](index=31&type=section&id=(%E4%B8%80)%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89) The company issued multiple corporate bonds during the reporting period, including "23 China Enterprise 01," "24 China Enterprise 01," and "25 China Enterprise 01," with low coupon rates, and executed investor put options, adjusting coupon rates [1. Basic Information of Corporate Bonds](index=31&type=section&id=1%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) During the reporting period, the company issued multiple corporate bonds, including "23 China Enterprise 01," "24 China Enterprise 01," and "25 China Enterprise 01," with coupon rates of **2.18%**, **2.40%**, and **1.88%** respectively, all paying interest annually and repaying principal at maturity | Bond Name | Bond Abbreviation | Bond Balance (100 million yuan) | Interest Rate (%) | Maturity Date | | :--- | :--- | :--- | :--- | :--- | | China Enterprise Co., Ltd. 2021 Public Issuance of Corporate Bonds to Professional Investors (Tranche 1) | 21 China Enterprise 01 | 7.50 | 2.18 | January 9, 2027 | | China Enterprise Co., Ltd. 2023 Public Issuance of Corporate Bonds to Professional Investors (Tranche 1) | 23 China Enterprise 01 | 30.87 | 2.55 | June 15, 2026 | | China Enterprise Co., Ltd. 2024 Public Issuance of Corporate Bonds to Professional Investors (Tranche 1) | 24 China Enterprise 01 | 31.50 | 2.40 | November 6, 2029 | | China Enterprise Co., Ltd. 2025 Public Issuance of Corporate Bonds to Professional Investors (Tranche 1) | 25 China Enterprise 01 | 15.20 | 1.88 | January 9, 2030 | [2. Triggering and Execution of Company or Investor Option Clauses and Investor Protection Clauses](index=34&type=section&id=2%E3%80%81%20%E5%85%AC%E5%8F%B8%E6%88%96%E6%8A%95%E8%B5%84%E8%80%85%E9%80%89%E6%8B%A9%E6%9D%83%E6%9D%A1%E6%AC%BE%E3%80%81%E6%8A%95%E8%B5%84%E8%80%85%E4%BF%9D%E6%8A%A4%E6%9D%A1%E6%AC%BE%E7%9A%84%E8%A7%A6%E5%8F%91%E5%92%8C%E6%89%A7%E8%A1%8C%E6%83%85%E5%86%B5) The "23 China Enterprise 01" bond included issuer's option to adjust coupon rate and investor put option; the issuer disbursed put funds on January 10, 2025, and subsequently lowered the coupon rate by **139 basis points** to **2.18%** - "23 China Enterprise 01" includes the issuer's option to adjust the coupon rate and an investor put option[94](index=94&type=chunk) - On January 10, 2025, the actual put funds for "23 China Enterprise 01" were disbursed, and the issuer decided to lower the coupon rate for the subsequent term of this bond by **139 basis points**, meaning the coupon rate for "23 China Enterprise 01" from January 10, 2025, to January 9, 2027, is **2.18%**[94](index=94&type=chunk) [(II) Corporate Bond Proceeds Utilization](index=35&type=section&id=(%E4%BA%8C)%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) Corporate bond proceeds are primarily used to repay corporate bonds and other interest-bearing debts; the **1.52 billion yuan** raised from "25 China Enterprise 01" has been fully used to replace maturing corporate bonds [1. Basic Information](index=35&type=section&id=1%E3%80%81%20%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The "25 China Enterprise 01" bond raised a total of **1.52 billion yuan**; at the end of the reporting period, both the raised funds balance and the special account balance were **0**, indicating full utilization of funds | Bond Code | Bond Abbreviation | Total Raised Funds (100 million yuan) | Raised Funds Balance at Period-end (100 million yuan) | | :--- | :--- | :--- | :--- | | 257022 | 25 China Enterprise 01 | 15.20 | 0.00 | [3. Use of Raised Funds](index=35&type=section&id=3%E3%80%81%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E7%9A%84%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The **1.52 billion yuan** raised from "25 China Enterprise 01" has been fully used to replace the principal of maturing corporate bonds ("19 China Enterprise 02"), consistent with the prospectus's stated purpose | Bond Code | Bond Abbreviation | Total Raised Funds (100 million yuan) | Amount Used to Repay Corporate Bonds (100 million yuan) | | :--- | :--- | :--- | :--- | | 257022 | 25 China Enterprise 01 | 15.20 | 15.20 | - The raised funds were used to repay the principal of corporate bond "19 China Enterprise 02"[99](index=99&type=chunk) [(IV) Important Matters Related to Corporate Bonds During the Reporting Period](index=36&type=section&id=(%E4%B8%89)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses the company's non-operating receivables and intercompany loan balances, as well as the structure and changes in interest-bearing debt at both company and consolidated levels, indicating a stable debt structure with no overdue interest-bearing debt [1. Non-operating Receivables and Intercompany Loans](index=36&type=section&id=1%E3%80%81%20%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%BE%80%E6%9D%A5%E5%8D%A0%E6%AC%BE%E5%92%8C%E8%B5%84%E9%87%91%E6%8B%86%E5%80%9F) At the end of the reporting period, the company's consolidated non-operating receivables and intercompany loans totaled **79 million yuan**, representing **0.44%** of consolidated net assets, not exceeding **10%** - At the beginning of the reporting period, the company's consolidated non-operating receivables and intercompany loans balance was **79 million yuan**[102](index=102&type=chunk) - At the end of the reporting period, outstanding non-operating receivables and intercompany loans totaled **79 million yuan**, accounting for **0.44%** of consolidated net assets, not exceeding **10%**[102](index=102&type=chunk) [2. Debt Situation](index=37&type=section&id=2%E3%80%81%20%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5) The company's (non-consolidated) interest-bearing debt balance increased by **8.27%** year-on-year to **18.45 billion yuan**, and the consolidated interest-bearing debt balance increased by **1.61%** year-on-year to **22.81 billion yuan**, with a debt structure primarily composed of corporate credit bonds and no overdue interest-bearing debt | Interest-bearing Debt Category | Total Amount (100 million yuan) | Percentage of Total Interest-bearing Debt (%) | | :--- | :--- | :--- | | Corporate Credit Bonds | 108.04 | 58.56 | | Bank Loans | 15.45 | 8.37 | | Non-bank Financial Institution Loans | 37.40 | 20.27 | | Other Interest-bearing Debts | 23.62 | 12.80 | | Total | 184.51 | — | - At the beginning and end of the reporting period, the company's (non-consolidated scope) interest-bearing debt balances were **17.04 billion yuan** and **18.45 billion yuan**, respectively, a year-on-year change of **8.27%**[103](index=103&type=chunk) - At the beginning and end of the reporting period, the company's consolidated interest-bearing debt balances were **22.45 billion yuan** and **22.81 billion yuan**, respectively, a year-on-year change of **1.61%**[105](index=105&type=chunk) [(V) Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market](index=39&type=section&id=(%E4%BA%94)%20%E9%93%B6%E8%A1%8C%E9%97%B4%E5%80%BA%E5%88%B8%E5%B8%82%E5%9C%BA%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company issued non-financial enterprise debt financing instruments in the interbank bond market, including "23 China Enterprise MTN001" with a balance of **2.2 billion yuan** and an interest rate of **3.82%**, and disclosed its guarantee situation and repayment plan [1. Basic Information of Non-Financial Enterprise Debt Financing Instruments](index=39&type=section&id=1%E3%80%81%20%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%85%B7%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company issued "23 China Enterprise MTN001" medium-term notes, with a balance of **2.2 billion yuan**, an interest rate of **3.82%**, paying interest annually and repaying principal at maturity, traded in the interbank bond market | Bond Name | Abbreviation | Code | Bond Balance (100 million yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | | China Enterprise Co., Ltd. 2023 First Tranche Medium-Term Notes | 23 China Enterprise MTN001 | 102380317 | 22 | 3.82% | [4. Execution and Changes of Guarantee Situation, Debt Repayment Plan, and Other Debt Repayment Support Measures During the Reporting Period and Their Impact](index=40&type=section&id=4%E3%80%81%20%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5%E3%80%81%E5%81%BF%E5%80%BA%E8%AE%A1%E5%88%92%E5%8F%8A%E5%85%B6%E4%BB%96%E5%81%BF%E5%80%BA%E4%BF%9D%E9%9A%9C%E6%8E%AA%E6%96%BD%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E6%89%A7%E8%A1%8C%E5%92%8C%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company's non-financial enterprise debt financing instruments' guarantee situation, debt repayment plan, and other debt repayment support measures were executed normally during the reporting period, with no changes - The company's non-financial enterprise debt financing instruments' guarantee situation, debt repayment plan, and other debt repayment support measures were executed normally during the reporting period, with no changes[112](index=112&type=chunk) [(VII) Key Accounting Data and Financial Indicators](index=41&type=section&id=(%E4%B8%83)%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's key financial indicators show a slight decrease in current and quick ratios, a **3.58 percentage point** decrease in asset-liability ratio, and significant improvements in profitability metrics such as net profit after non-recurring items, EBITDA to total debt ratio, and interest coverage ratio | Key Indicators | Current Period End | Prior Year End | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 2.14 | 2.41 | -11.20 | | Quick Ratio | 1.03 | 1.06 | -2.83 | | Asset-Liability Ratio (%) | 66.54 | 70.12 | Decreased by 3.58 percentage points | | Net Profit After Non-recurring Gains and Losses | 496,476,688.71 yuan | -365,503,562.17 yuan | Not Applicable | | EBITDA to Total Debt Ratio | 0.09 | 0.02 | 350.00 | | Interest Coverage Ratio | 4.10 | 0.25 | 1,540.00 | | Cash Interest Coverage Ratio | 2.75 | 0.87 | 216.09 | | EBITDA Interest Coverage Ratio | 4.65 | 0.69 | 573.91 | | Loan Repayment Rate (%) | 100 | 100 | Maintained at 100% | | Interest Payment Rate (%) | 100 | 100 | Maintained at 100% | - The decrease in asset-liability ratio is mainly due to a greater decrease in liabilities compared to total assets from the beginning of the year[114](index=114&type=chunk) - The significant improvement in profitability indicators is mainly due to increased operating revenue recognized during the reporting period, leading to higher EBITDA and EBIT compared to the prior year period[114](index=114&type=chunk) [Section VIII Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's semi-annual financial statements, including the audit report, consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [I. Audit Report](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's H

证券代码：600675 股票简称：中华企业 编号：临 2025-028 中华企业股份有限公司 关于修订《公司章程》并取消监事会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 内容的真实性、准确性和完整性承担法律责任。 中华企业股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第十 一届董事会第八次会议，审议通过了关于修订《公司章程》并取消监事会的议 案，该议案尚需提交公司股东会审议。现将具体情况公告如下： 为进一步提升公司发展质量，规范公司运作，提高科学治理水平，保护投 资者合法权益，公司根据最新的《公司法》、《上市公司章程指引》、《证券法》、 《上市公司治理准则》、《上市公司信息披露管理办法》和《上海证券交易所股 票上市规则》等法律法规的规定，拟修订《公司章程》。本次《公司章程》修订 完成后，公司将不再设置监事会，监事会的职权由董事会审计委员会行使，《监 事会议事规则》相应废止，《公司章程》修改前后内容对照如下： | 序号 | 修订前 | 修订后 | 说明 | | --- | --- | --- | --- | | 1 | 股东大会 | 股 ...