Market Overview - The Shanghai Composite Index closed at 3872.88 points, up 1.17%, with a total trading volume of 1.7438 trillion yuan [1] - As of the current date, 94 A-shares have surpassed their annual moving average [1] Stocks Surpassing Annual Moving Average - Notable stocks with significant deviation rates include: - Kaiwang Technology (301182) with a deviation rate of 15.21% and a daily increase of 17.68% [1] - Wanli Stone (002785) with a deviation rate of 9.52% and a daily increase of 10.01% [1] - Daqing Huake (000985) with a deviation rate of 9.44% and a daily increase of 10.00% [1] - Other stocks with smaller deviation rates include: - China CNR (601990) and Beidahuang (000995), both just above their annual moving average [1] Additional Stocks with Positive Performance - Other stocks showing positive performance include: - Tonghui Information (430090) with a daily increase of 6.20% and a deviation rate of 4.69% [1] - Huangtai Liquor (000995) with a daily increase of 5.17% and a deviation rate of 4.47% [1] - Nanjing Securities (601990) with a daily increase of 4.09% and a deviation rate of 4.00% [1]

Core Insights - On September 16, Yatong Co., Ltd. saw a stock price increase of 5.35%, reaching 8.86 CNY per share, with a trading volume of 58.43 million CNY and a turnover rate of 2.64%, resulting in a total market capitalization of 3.117 billion CNY [1] Company Overview - Yatong Co., Ltd. is located in Chongming District, Shanghai, and was established on October 14, 1993, with its listing date on November 19, 1993. The company is primarily engaged in real estate development, communication pipeline construction and operation, and building steel trading [1] - The revenue composition of Yatong Co., Ltd. includes: - 74.94% from merchandise sales - 8.72% from engineering services - 7.86% from real estate sales - 3.79% from transportation services - 2.70% from other supplementary services - 1.05% from solar power generation - 0.51% from advertising and consulting services - 0.23% from hotel accommodation services - 0.20% from agriculture [1] Shareholder Insights - Among the top ten circulating shareholders of Yatong Co., Ltd., a fund under Huatai-PineBridge Fund ranks first. The China Securities Shanghai State-Owned Enterprise ETF (510810) increased its holdings by 188,800 shares in the second quarter, bringing its total to 2.0562 million shares, which accounts for 0.81% of the circulating shares. The estimated floating profit today is approximately 925,300 CNY [2] - The China Securities Shanghai State-Owned Enterprise ETF (510810) was established on July 28, 2016, with a current scale of 7.942 billion CNY. Year-to-date returns are 6%, ranking 3848 out of 4222 in its category; over the past year, returns are 39.97%, ranking 2831 out of 3804; and since inception, returns are 2.83% [2]

Market Performance - On September 5, the real estate development sector rose by 0.97% compared to the previous trading day, with Shoukai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Shoukai Co., Ltd. (600376) closed at 3.51, with a significant increase of 10.03% and a trading volume of 4.55 million shares, amounting to a transaction value of 1.55 billion [1] - Other notable gainers included Fuxing Co., Ltd. (000926) with a 6.30% increase, and Yatong Co., Ltd. (600692) with a 5.64% increase [1] Capital Flow Analysis - The real estate development sector experienced a net outflow of 114 million from institutional investors and 133 million from speculative funds, while retail investors saw a net inflow of 247 million [2][3] - Major stocks like Huafa Co., Ltd. (600325) and Jindi Group (600383) had mixed capital flows, with institutional inflows but speculative outflows [3]

Group 1 - The core viewpoint of the news is that Yatong Co., Ltd. experienced a stock price increase of 5.04%, reaching 8.75 yuan per share, with a total market capitalization of 3.078 billion yuan [1] - Yatong's main business segments include commodity sales (74.94%), engineering services (8.72%), real estate sales (7.86%), and transportation services (3.79%) among others [1] - The company is located in Chongming District, Shanghai, and was established on October 14, 1993, with its listing date on November 19, 1993 [1] Group 2 - Among Yatong's top ten circulating shareholders, a fund under Huatai-PineBridge Fund has increased its holdings by 188,800 shares, now holding a total of 2.0562 million shares, which represents 0.81% of the circulating shares [2] - The fund, China Securities Shanghai State-Owned Enterprises ETF (510810), has a current scale of 7.942 billion yuan and has achieved a year-to-date return of 3.28% [2] - The fund manager, Wu Zhenxiang, has a tenure of 15 years and 216 days, with the best fund return during his tenure being 177.69% [3]

Core Viewpoint - The financial performance of Yatong Co., Ltd. (600692) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges ahead for the company [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 212 million yuan, a decrease of 20.9% year-on-year [1]. - The net profit attributable to shareholders was -10.3154 million yuan, down 178.73% compared to the previous year [1]. - In Q2 2025, total revenue was 132 million yuan, reflecting a year-on-year decline of 4.91% [1]. - The net profit for Q2 2025 was 340,100 yuan, a decrease of 97.4% year-on-year [1]. - Inventory levels increased significantly, with a year-on-year growth of 35.81% [1]. Key Financial Ratios - Gross margin improved to 12.96%, an increase of 202.99% year-on-year [1]. - Net margin turned negative at -4.05%, a decline of 199.13% year-on-year [1]. - The ratio of selling, administrative, and financial expenses to revenue was 15.95%, up 20.88% year-on-year [1]. - Earnings per share dropped to -0.03 yuan, a decrease of 178.76% year-on-year [1]. - Operating cash flow per share was -1.37 yuan, down 214.85% year-on-year [1]. Changes in Financial Items - Cash and cash equivalents decreased by 36.40% due to loans made to shareholders [3]. - Accounts receivable increased by 13.94%, indicating potential collection issues [3]. - Inventory levels rose significantly, reflecting a 35.81% increase [1]. - Short-term borrowings decreased by 28.23% as the company repaid bank loans [4]. - Long-term borrowings increased by 95.99% due to new loans for renewable energy projects [4]. Cash Flow and Debt Analysis - The net cash flow from operating activities saw a drastic decline of 214.85% [4]. - The company’s cash assets are considered healthy, but the cash flow situation requires attention, with cash assets to current liabilities at only 18.1% [5]. - The accounts receivable to profit ratio reached 4879.8%, indicating potential liquidity issues [5]. - Inventory to revenue ratio stood at 449.21%, suggesting overstocking concerns [5].

Core Insights - The company, Yatong Co., Ltd., reported a decrease in the number of shareholders to 24,039 as of June 30, 2025, down by 120, or 0.5% from March 31, 2025 [1] - The average market value per shareholder is 105,400 yuan, which is below the industry average of 177,100 yuan for real estate development companies [1] - The stock price of Yatong Co., Ltd. declined by 9.43% during the period from March 31, 2025, to June 30, 2025 [1] Shareholder Statistics - As of June 30, 2025, the number of shareholders is 24,039, a decrease of 120 from the previous quarter, representing a 0.5% reduction [2] - The average number of shares held per shareholder remains stable at 14,600 shares [2] - The average market value per shareholder decreased from 115,800 yuan on March 31, 2025, to 105,400 yuan [2] Stock Performance - The stock experienced a price drop of 9.43% from March 31, 2025, to June 30, 2025, following a previous decline of 11.86% in the prior quarter [2] - During the same period, the company saw a net outflow of 192 million yuan from institutional investors, while retail investors contributed a net inflow of 144 million yuan [2]

Group 1 - The semi-annual report summary is derived from the full semi-annual report, and investors are encouraged to read the complete report for a comprehensive understanding of the company's operational results, financial status, and future development plans [1][1]. - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, asserting that there are no false records, misleading statements, or significant omissions, and they bear individual and joint legal responsibility [1][1]. - The report has not been audited [1][1]. Group 2 - There are no applicable profit distribution plans or capital reserve transfer to share capital plans approved by the board during the reporting period [1][1]. - The report includes basic company information and major financial data, but specific figures are not provided in the excerpt [1][1]. - There are no significant changes in the company's operating conditions or any major events that could impact the company's operations during the reporting period [1][1].

Group 1 - The company reported a revenue of 212 million, representing a year-on-year decrease of 20.90% [1] - The net profit attributable to shareholders was a loss of 10.32 million [1] - The non-recurring net profit also showed a loss of 10.94 million, with basic earnings per share at -0.0293 yuan [1]

Group 1 - The company reported a revenue of 212 million yuan for the first half of 2025, representing a year-on-year decrease of 20.90% [1] - The net profit attributable to shareholders of the listed company was -10.3154 million yuan [1] - The basic earnings per share were -0.0293 yuan [1]

[Important Notice](index=2&type=section&id=Important%20Notice) This section provides key declarations and risk warnings regarding the semi-annual report [Board of Directors and Senior Management Statement](index=2&type=section&id=Board%20of%20Directors%20and%20Senior%20Management%20Statement) The Board of Directors and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility - The company's Board of Directors and senior management guarantee the report's truthfulness, accuracy, and completeness[3](index=3&type=chunk) - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) The company has no applicable profit distribution or capital reserve capitalization plan for this reporting period - The profit distribution plan or capital reserve capitalization plan is not applicable for this reporting period[6](index=6&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) Forward-looking statements in the report do not constitute a substantive commitment to investors, who should be aware of investment risks - Forward-looking statements in the report do not constitute substantive commitments, and investors should be aware of investment risks[6](index=6&type=chunk) [Fund Occupation by Controlling Shareholder and Related Parties](index=2&type=section&id=Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Related%20Parties) There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - No non-operating fund occupation by controlling shareholders or other related parties occurred[7](index=7&type=chunk) [External Guarantees](index=2&type=section&id=External%20Guarantees) No external guarantees were provided in violation of decision-making procedures during the reporting period - No external guarantees were provided in violation of decision-making procedures[8](index=8&type=chunk) [Significant Risk Warning](index=2&type=section&id=Significant%20Risk%20Warning) The company has disclosed potential policy, market, operational, and financial risks, advising investors to consult the "Risks Faced" section in "Management Discussion and Analysis" - The company has detailed significant policy, market, operational, and financial risks, advising investors to consult relevant content in Section III of the report[7](index=7&type=chunk) [Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, including abbreviations for the company and its subsidiaries, ensuring accurate interpretation [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides clear definitions for common terms used in the report, such as Chongming State-owned Assets Supervision and Administration Commission, Yatong Hexie, and Ximeng Wumao - This section provides clear definitions for common terms used in the report, including Chongming District State-owned Assets Supervision and Administration Commission, Yatong Hexie, and Ximeng Wumao[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides basic registration details for Shanghai Yatong Co., Ltd., including its Chinese and English names, abbreviations, and legal representative - The company's Chinese name is Shanghai Yatong Co., Ltd., abbreviated as Yatong Shares, with Shi Jun as the legal representative[14](index=14&type=chunk) [Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) This section lists the contact details for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication - Contact information for Board Secretary Lei Xuan and Securities Affairs Representative Wu Hanlin has been disclosed, with the office address at No. 1, Lane 780, Lü Hai Road, Chengqiao Town, Chongming District, Shanghai[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses remained unchanged during the reporting period - The company's registered address is No. 1, Bayi Road, Chongming District, Shanghai, and its office address is No. 1, Lane 780, Lü Hai Road, Chengqiao Town, Chongming District, Shanghai[16](index=16&type=chunk) [Information Disclosure and Document Storage Location](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Location) The company's designated information disclosure newspaper is "Shanghai Securities News," with reports published on the SSE website and available at the company's office - The company's information disclosure newspaper is "Shanghai Securities News," reports are available on www.sse.com.cn, and documents are stored at No. 1, Lane 780, Lü Hai Road, Chengqiao Town, Chongming District, Shanghai[18](index=18&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Shares) The company's A-shares are listed on the Shanghai Stock Exchange under the ticker "Yatong Shares" and stock code 600692 - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Yatong Shares and code 600692[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by **20.90%**, with total profit and net profit attributable to shareholders turning from profit to loss, and net cash flow from operating activities significantly declining by **214.85%** [Key Accounting Data](index=5&type=page&id=%28I%29%20Key%20Accounting%20Data) During the reporting period, operating revenue decreased by **20.90%**, total profit and net profit attributable to shareholders turned to loss, and net cash flow from operating activities significantly declined by **214.85%** Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 212,102,647.81 | 268,146,001.41 | -20.90 | | Total Profit | -6,744,654.69 | 2,093,618.67 | -422.15 | | Net Profit Attributable to Shareholders of Listed Company | -10,315,408.59 | 13,102,023.46 | -178.73 | | Net Cash Flow from Operating Activities | -481,392,661.63 | 419,144,406.78 | -214.85 | | **Period-End Indicators** | **End of Current Period** | **End of Prior Year** | **Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 930,573,010.26 | 937,591,293.85 | -0.75 | | Total Assets | 5,055,085,058.88 | 5,187,486,713.09 | -2.55 | [Key Financial Indicators](index=5&type=page&id=%28II%29%20Key%20Financial%20Indicators) Basic and diluted earnings per share turned negative, and weighted average return on net assets decreased by **2.5014 percentage points**, indicating a significant decline in profitability Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.0293 | 0.0372 | -178.83 | | Diluted Earnings Per Share (CNY/share) | -0.0293 | 0.0372 | -178.83 | | Weighted Average Return on Net Assets (%) | -1.1043 | 1.3971 | Decrease 2.5014 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | -1.1714 | -1.7142 | Increase 0.5428 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **CNY 626,892.79**, primarily from government subsidies, non-operating income, and disposal of non-current assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -25,613.81 | | Government Subsidies Included in Current Profit and Loss | 389,796.46 | | Asset Losses Arising from Force Majeure | -17,652.83 | | Other Non-Operating Income and Expenses Apart from the Above | 281,781.49 | | Less: Income Tax Impact | 1,496.52 | | Impact on Minority Interests (After Tax) | -78.00 | | Total | 626,892.79 | [Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, main businesses, operational performance, core competencies, and financial situation during the reporting period [Industry and Main Business](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's main businesses span real estate development, communication network construction, steel trade, concrete products, and photovoltaic power station operations - The company's main businesses include real estate development, communication network construction and operation, architectural steel trade, concrete product manufacturing and sales, and photovoltaic power station construction and operation[26](index=26&type=chunk) - Real estate development focuses on commercial and affordable housing, communication engineering undertakes telecom operator business, steel trade uses order-based procurement and sales, and new energy business primarily involves photovoltaic and wind power plant construction and operation[26](index=26&type=chunk) [Discussion and Analysis of Operations](index=7&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company made progress in project construction, business expansion, and public services, with notable achievements in real estate, new energy, and concrete businesses - Changhong Xingtong implemented a "full-cycle plan control + node early warning radar" mechanism for the Changxing Plot 38 resettlement housing project, ensuring construction safety, quality, and progress[26](index=26&type=chunk) - New energy business successfully connected a **15MWp** distributed photovoltaic project ahead of schedule and connected the Chongming Jianshe Datong Reclamation Area **27MWp** fishery-photovoltaic complementary project, actively advancing the Xincun wind farm project[26](index=26&type=chunk) - Huandao Concrete, despite market contraction, secured **6** key engineering projects, increasing its market share in western Chongming by **11% to 21.09%**, and producing **26,000 cubic meters** of concrete, a **57.86% year-on-year increase**[27](index=27&type=chunk) - Yatong Culture successfully secured **15** business orders, with a significant increase in customer numbers, despite industry downturn pressure[27](index=27&type=chunk) - Ximeng Wumao recovered **CNY 107 million** in accounts receivable and an additional **CNY 56.37 million** from Shanju International, while orderly scaling back trade operations[27](index=27&type=chunk) - Shanghai Taxi's profit increased year-on-year, Chongming Taxi launched "Caring Exam Transport" and "Elderly Assistance" services, and Lü Hai Hotel expanded training services, improving its Ctrip rating to second in the Chongming area[27](index=27&type=chunk) [Analysis of Core Competencies](index=8&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company possesses a sound corporate governance structure and management system, establishing a strong brand and social image in real estate, taxi services, concrete, and communication engineering - The company has a standardized corporate governance structure and a comprehensive organizational management system, developed over **30 years**[29](index=29&type=chunk) - The company has established a strong brand in taxi, property, and communication sectors, with Shanghai Yatong Taxi Co., Ltd. consistently ranking among the top in passenger satisfaction for over a decade[29](index=29&type=chunk) - Real estate projects have received numerous honors, such as "Shuian Jingyuan" winning the "Shanghai Excellent Residential Gold Award" and "Changxing Plot 38" being rated as "Shanghai 2024 Green Construction Class II Honor"[29](index=29&type=chunk) - Huandao Concrete Products Co., Ltd. was awarded "Credit China Trustworthy Incentive Unit" and "Waste-Free Factory" title in Chongming District[29](index=29&type=chunk) [Key Operating Performance](index=8&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Operating revenue and costs decreased due to reduced trade sales, while selling expenses significantly dropped due to lower real estate sales agency fees; net cash flow from operating, investing, and financing activities all saw significant reductions - Operating revenue and operating costs decreased primarily due to reduced trade business sales[31](index=31&type=chunk) - Selling expenses decreased significantly due to reduced real estate business sales agency fees[31](index=31&type=chunk) - Net cash flow from operating activities significantly decreased, mainly due to the receipt of advance payments for housing on Changxing Plot 38 in the prior year[31](index=31&type=chunk) - Net cash flow from investing activities significantly decreased, mainly due to the disposal of Hulong Commercial Bank shares, Weiyin Construction, and Yinma Industrial equity in the prior year[31](index=31&type=chunk) - Net cash flow from financing activities significantly decreased, mainly due to the repayment of bank loans in the current period[31](index=31&type=chunk) [Analysis of Main Business](index=8&type=page&id=%28I%29%20Analysis%20of%20Main%20Business) Main business analysis shows decreased revenue and costs from trade, and lower selling expenses from real estate; new real estate projects include Changxing Town G9CM-0401 Unit 38-07, with revenue mainly from Xincheng Plot 2 and 15-20A-05A Financial Statement Item Variation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 212,102,647.81 | 268,146,001.41 | -20.90 | | Operating Cost | 184,618,773.59 | 256,678,601.40 | -28.07 | | Selling Expenses | 114,233.09 | 328,523.79 | -65.23 | | Administrative Expenses | 28,698,650.63 | 29,853,066.23 | -3.87 | | Financial Expenses | 5,013,543.73 | 5,195,913.65 | -3.51 | | Net Cash Flow from Operating Activities | -481,392,661.63 | 419,144,406.78 | -214.85 | | Net Cash Flow from Investing Activities | -91,190,647.95 | 22,360,002.39 | -507.83 | | Net Cash Flow from Financing Activities | -90,903,695.07 | -12,281,610.12 | Not applicable | Real Estate Development Investment During the Reporting Period | Region | Project | Business Type | Projects Under Construction/New Projects Started/Completed Projects | Total Investment (CNY 10,000) | Actual Investment During Reporting Period (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Changxing Town, Chongming District, Shanghai | Changxing Town G9CM-0401 Unit 38-07 Plot | Residential | New Projects Started | 422,687.59 | 27,520.85 | Real Estate Sales and Revenue Recognition During the Reporting Period | Region | Project | Business Type | Revenue Recognized (CNY 10,000) | | :--- | :--- | :--- | :--- | | Chengqiao Town, Chongming District, Shanghai | Xincheng Plot 2 | Residential | 897.59 | | Nanqiao New City, Fengxian District, Shanghai | Daju Community 15-20A-05A Plot | Residential | 398.27 | - The company's real estate leasing business includes commercial properties like Jingpin Commercial Building, Jinxiu Hotel, Jingnan Hotel, and agricultural land in Beiqixie and Beiliuxie, all measured at cost[36](index=36&type=chunk) [Analysis of Assets and Liabilities](index=10&type=page&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) Period-end saw significant decreases in monetary funds, notes receivable, prepayments, construction in progress, short-term borrowings, taxes payable, and non-current liabilities due within one year, while other receivables, other current assets, fixed assets, intangible assets, and long-term borrowings increased Asset and Liability Status Variation (Current Period End vs. Prior Year End) | Item Name | Current Period End Amount (CNY) | Prior Year End Amount (CNY) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 480,143,315.89 | 1,143,630,320.54 | -58.02 | | Notes Receivable | 100,000.00 | 11,875,196.99 | -99.16 | | Receivables Financing | 0.00 | 600,000.00 | -100.00 | | Prepayments | 9,480,065.35 | 45,010,597.48 | -78.94 | | Other Receivables | 374,403,968.26 | 129,094,241.04 | 190.02 | | Other Current Assets | 120,885,631.58 | 78,993,687.15 | 53.03 | | Fixed Assets | 324,409,279.74 | 172,374,964.87 | 88.20 | | Construction in Progress | 19,145,911.95 | 123,149,082.47 | -84.45 | | Intangible Assets | 18,751,887.10 | 14,459,912.55 | 29.68 | | Short-term Borrowings | 245,271,514.06 | 341,732,463.02 | -28.23 | | Advance Receipts | 503,060.34 | 202,140.00 | 148.87 | | Taxes Payable | 5,806,139.19 | 10,215,173.17 | -43.16 | | Non-current Liabilities Due Within One Year | 22,345,301.34 | 114,827,524.98 | -80.54 | | Long-term Borrowings | 110,390,779.50 | 56,325,000.00 | 95.99 | - The decrease in monetary funds and increase in other receivables were primarily due to Changhong Xingtong lending funds to shareholders based on their capital contribution ratio[38](index=38&type=chunk) - The increase in fixed assets was mainly due to the commissioning of Yadao New Energy's photovoltaic power generation project[39](index=39&type=chunk) - The decrease in construction in progress was mainly due to the transfer of Yadao New Energy's construction in progress (photovoltaic power generation project) to fixed assets[39](index=39&type=chunk) - The increase in intangible assets was mainly due to the acquisition of land use rights for Yadao New Energy's fishery-photovoltaic complementary project[39](index=39&type=chunk) - The increase in long-term borrowings was mainly due to increased loans for new energy projects[39](index=39&type=chunk) [Analysis of Major Holding and Participating Companies](index=13&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries and associates operate across various sectors, with Shanghai CRRC Dalian Shipyard Engineering Co., Ltd. significantly impacting net profit, while several subsidiaries reported losses Financial Performance of Major Subsidiaries and Associates (Jan-Jun 2025) | Company Name | Company Type | Main Business | Net Profit (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Yatong Communication Engineering Co., Ltd. | Subsidiary | Communication engineering construction | -1,467,083.88 | | Shanghai Yatong Tourism Services Co., Ltd. | Subsidiary | Travel agency, tourism, hotel, car rental, air/train ticket agency | -3,602,935.76 | | Shanghai Yatong Taxi Co., Ltd. | Subsidiary | Road passenger transportation | 1,066,428.86 | | Shanghai Yatong Ecological Agriculture Development Co., Ltd. | Subsidiary | Landscape engineering, ecological agriculture, livestock breeding | 10,035.03 | | Shanghai Yatong Culture Communication Co., Ltd. | Subsidiary | Advertising design, production, and publishing | -691,666.44 | | Shanghai Yatong Property Development Co., Ltd. | Subsidiary | Real estate development | -2,251,714.53 | | Shanghai Ximeng Wumao Co., Ltd. | Subsidiary | Chemical products, building materials, decorative materials, etc | -269,364.65 | | Shanghai CRRC Dalian Shipyard Engineering Co., Ltd. | Associate Company | Large ship repair | 99,211,364.66 | | Shanghai Yadao New Energy Technology Co., Ltd. | Subsidiary | Photovoltaic power generation | 2,971,103.02 | | Shanghai Changhong Xingtong Real Estate Development Co., Ltd. | Subsidiary | Real estate development | 4,536,738.40 | - Shanghai CRRC Dalian Shipyard Engineering Co., Ltd., an associate company, achieved a net profit of **CNY 99,211,364.66** during the reporting period, significantly impacting the company's net profit[42](index=42&type=chunk) - Several subsidiaries reported losses during the reporting period, including Shanghai Yatong Tourism Services Co., Ltd., Shanghai Yatong Property Development Co., Ltd., and Shanghai Huandao Concrete Products Co., Ltd.[42](index=42&type=chunk)[43](index=43&type=chunk) [Other Disclosure Matters](index=15&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces multiple risks including policy, market, operational, and financial challenges, with uncertainties in the real estate market and increased demands for transformation and capital - Policy risk: Real estate regulation policies are gradually being released, but the market still faces uncertainties[44](index=44&type=chunk) - Market risk: The real estate market is undergoing deep adjustment and recovery, with transactions falling short of expectations[44](index=44&type=chunk) - Operational risk: The company's transformation and development pose higher demands for operational management and a shortage of core technical talent[44](index=44&type=chunk) - Financial risk: Real estate development is a capital-intensive industry, and the company faces significant capital pressure[44](index=44&type=chunk) [Corporate Governance, Environment, and Society](index=16&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's directors and senior management, as well as the proposed profit distribution plan for the half-year [Changes in Directors and Senior Management](index=16&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, Lei Xuan was appointed as Deputy General Manager, while Zhu Xiaoping resigned as Supervisor and Shen Jianliang resigned as Deputy General Manager - Lei Xuan was appointed as Deputy General Manager[47](index=47&type=chunk) - Zhu Xiaoping resigned as Supervisor[47](index=47&type=chunk) - Shen Jianliang resigned as Deputy General Manager[47](index=47&type=chunk) [Profit Distribution or Capital Reserve Capitalization Plan](index=16&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Capitalization%20Plan) The proposed half-year profit distribution or capital reserve capitalization plan is to not distribute or capitalize, with zero bonus shares, dividends, or transfers per 10 shares - The proposed half-year profit distribution or capital reserve capitalization plan is to not distribute or capitalize[47](index=47&type=chunk) - The number of bonus shares, dividends, and transfers per 10 shares is **0**[47](index=47&type=chunk) [Significant Matters](index=17&type=section&id=Section%20V%20Significant%20Matters) This section addresses significant events, including major lawsuits and arbitrations, during the reporting period [Major Litigation and Arbitration Matters](index=17&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[50](index=50&type=chunk) [Share Changes and Shareholder Information](index=19&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure at the end of the reporting period [Changes in Share Capital](index=19&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital and share structure remained unchanged during the reporting period - The company's total share capital and share structure remained unchanged during the reporting period[55](index=55&type=chunk) [Shareholder Information](index=19&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **24,039** common shareholders, with Chongming District State-owned Assets Supervision and Administration Commission holding the largest stake at **32.51%** - As of the end of the reporting period, the total number of common shareholders was **24,039**[56](index=56&type=chunk) Top Ten Shareholders' Shareholding (As of End of Reporting Period) | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Chongming District State-owned Assets Supervision and Administration Commission | 114,341,751 | 32.51 | 96,753,547 | State-owned Legal Person | | Caida Securities Co., Ltd. | 3,937,150 | 1.12 | 0 | State-owned Legal Person | | Feng Ming | 2,100,000 | 0.60 | 0 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - CSI Shanghai State-owned Enterprise ETF | 2,056,160 | 0.58 | 0 | Other | | J. P. Morgan Securities PLC - Proprietary Funds | 1,961,297 | 0.56 | 0 | Other | - The **96,753,547** restricted shares held by Chongming District State-owned Assets Supervision and Administration Commission, although eligible for circulation, have not yet applied for lifting of restrictions[60](index=60&type=chunk) [Bond-Related Information](index=22&type=section&id=Section%20VII%20Bond-Related%20Information) This section addresses the company's bond and debt financing instruments, including convertible corporate bonds, for the reporting period [Corporate Bonds and Debt Financing Instruments](index=22&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) Disclosure of corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments is not applicable for the company during this reporting period - Information on corporate bonds and non-financial enterprise debt financing instruments is not applicable[63](index=63&type=chunk) [Convertible Corporate Bonds](index=22&type=section&id=II.%20Convertible%20Corporate%20Bonds) Disclosure of convertible corporate bonds is not applicable for the company during this reporting period - Information on convertible corporate bonds is not applicable[63](index=63&type=chunk) [Financial Report](index=23&type=section&id=Section%20VIII%20Financial%20Report) This section includes the audit report, comprehensive financial statements, company basic information, accounting policies, tax details, and notes to the financial statements [Audit Report](index=23&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[65](index=65&type=chunk) [Financial Statements](index=23&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[65](index=65&type=chunk)[68](index=68&type=chunk)[72](index=72&type=chunk)[74](index=74&type=chunk)[77](index=77&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk)[87](index=87&type=chunk) [Consolidated Balance Sheet](index=23&type=page&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **CNY 5.055 billion**, down **2.55%** from year-end; total liabilities were **CNY 3.635 billion**, down **3.39%**; and owners' equity attributable to the parent company was **CNY 931 million**, down **0.75%** Consolidated Balance Sheet Key Data (June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 5,055,085,058.88 | 5,187,486,713.09 | | Total Liabilities | 3,635,264,478.71 | 3,762,379,810.24 | | Total Owners' Equity Attributable to Parent Company | 930,573,010.26 | 937,591,293.85 | [Consolidated Income Statement](index=27&type=page&id=Consolidated%20Income%20Statement) In H1 2025, consolidated total operating revenue was **CNY 212.10 million**, down **20.90%**; net profit was **-CNY 8.58 million**, turning from profit to loss; and net profit attributable to parent company shareholders was **-CNY 10.32 million**, down **178.73%** Consolidated Income Statement Key Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 212,102,647.81 | 268,146,001.41 | | Total Operating Cost | 220,240,468.50 | 293,742,425.95 | | Total Profit | -6,744,654.69 | 2,093,618.67 | | Net Profit | -8,583,447.68 | 10,946,367.17 | | Net Profit Attributable to Parent Company Shareholders | -10,315,408.59 | 13,102,023.46 | | Basic Earnings Per Share (CNY/share) | -0.0293 | 0.0372 | [Consolidated Cash Flow Statement](index=30&type=page&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities was **-CNY 481.39 million**, a **214.85%** year-on-year decrease; net cash flow from investing activities was **-CNY 91.19 million**, a **507.83%** decrease; and net cash flow from financing activities was **-CNY 90.90 million** Consolidated Cash Flow Statement Key Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -481,392,661.63 | 419,144,406.78 | | Net Cash Flow from Investing Activities | -91,190,647.95 | 22,360,002.39 | | Net Cash Flow from Financing Activities | -90,903,695.07 | -12,281,610.12 | | Net Increase in Cash and Cash Equivalents | -663,487,004.65 | 429,222,799.05 | | Cash and Cash Equivalents at Period End | 476,006,179.18 | 754,933,197.32 | [Company Basic Information](index=39&type=section&id=III.%20Company%20Basic%20Information) Shanghai Yatong Co., Ltd., listed on November 19, 1993, has a registered capital of **CNY 352 million** and engages in real estate development, construction, metal sales, and photovoltaic equipment sales - The company was listed on **November 19, 1993**, with a registered capital of **CNY 351.7641 million**[90](index=90&type=chunk) - The company's main business activities include real estate development and operation, construction labor subcontracting, construction engineering, metal material sales, and photovoltaic equipment and component sales[90](index=90&type=chunk) [Basis of Financial Statement Preparation](index=39&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and related regulations, primarily using historical cost measurement - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations[91](index=91&type=chunk) - Accounting is based on the accrual method, with historical cost measurement used for all items except specific financial instruments and investment properties[91](index=91&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period[92](index=92&type=chunk) [Significant Accounting Policies and Estimates](index=39&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for various businesses, including enterprise mergers, financial instruments, inventories, fixed assets, intangible assets, and revenue recognition - The company's main businesses include real estate development and operation, construction labor subcontracting, construction engineering, metal material sales, and photovoltaic equipment and component sales[93](index=93&type=chunk) - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[94](index=94&type=chunk) - The accounting year follows the calendar year, with **12 months** as one operating cycle[95](index=95&type=chunk)[96](index=96&type=chunk) - Detailed accounting treatment methods for business combinations under common control and non-common control are explained, including asset and liability measurement and goodwill recognition[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - The classification, recognition, measurement, and derecognition methods for financial assets and liabilities, as well as fair value determination methods, are elaborated[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - Inventory classifications include development products and development costs, valued at cost, with issuance priced using the weighted average method or specific identification method, and provisions for inventory impairment defined[126](index=126&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk) - Fixed asset depreciation uses the straight-line method, with depreciation periods varying by asset category, such as **2-50 years** for buildings and structures, and **25 years** for photovoltaic equipment[148](index=148&type=chunk)[149](index=149&type=chunk) - Revenue recognition and measurement policies are differentiated by business type (real estate sales, goods sales, construction services, hotel room services), identifying performance obligations and recognizing revenue over time or at a point in time[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) [Taxes](index=58&type=section&id=VI.%20Taxes) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with rates of **3%-13%**, **5%**, and **25%** respectively, and some subsidiaries enjoying tax incentives Major Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Value-Added Amount | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Taxable VAT, Consumption Tax Amount | 5% | | Corporate Income Tax | Taxable Income | 25% | - Subsidiaries engaged in planting, such as Shanghai Yatong Ecological Agriculture Development Co., Ltd., are exempt from VAT and corporate income tax[184](index=184&type=chunk) - New energy projects (Wuhu Yaneng New Energy Co., Ltd., Shanghai Yashen Shuwei New Energy Development Co., Ltd.) enjoy a "three-year exemption, three-year half reduction" corporate income tax preferential policy[186](index=186&type=chunk) - The company's transportation income is subject to simplified VAT collection at a **3%** rate; rental of immovable property opts for simplified tax calculation, taxed at a **5%** rate[185](index=185&type=chunk) [Notes to Consolidated Financial Statement Items](index=59&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end and beginning balances and changes for each consolidated financial statement item, explaining significant variations in key metrics like monetary funds, receivables, inventory, fixed assets, borrowings, revenue, and net profit Monetary Funds Variation (Period End vs. Period Beginning) | Item | Period End Balance (CNY) | Period Beginning Balance (CNY) | | :--- | :--- | :--- | | Total | 480,143,315.89 | 1,143,630,320.54 | Accounts Receivable and Bad Debt Provision (Period End) | Category | Book Balance (CNY) | Bad Debt Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Total | 331,918,361.02 | 21,739,717.16 | 310,178,643.86 | Other Receivables and Bad Debt Provision (Period End) | Item | Period End Book Balance (CNY) | Bad Debt Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Total | 376,458,010.28 | 2,054,042.02 | 374,403,968.26 | Inventory Classification (Period End) | Item | Book Balance (CNY) | Inventory Impairment Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Development Products | 170,604,537.05 | 1,836,280.75 | 168,768,256.30 | | Development Costs | 2,795,857,616.13 | 0.00 | 2,795,857,616.13 | | Total | 2,967,876,738.71 | 1,836,280.75 | 2,966,040,457.96 | Fixed Assets (Period End) | Item | Original Book Value (CNY) | Accumulated Depreciation (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Total | 412,001,777.15 | 87,592,497.41 | 324,409,279.74 | Construction in Progress (Period End) | Item | Book Balance (CNY) | Book Value (CNY) | | :--- | :--- | :--- | | Shanghai Yadao Chongming Xincun Wind Farm Project | 19,145,911.95 | 19,145,911.95 | | Total | 19,145,911.95 | 19,145,911.95 | Short-term Borrowings Classification (Period End) | Item | Period End Balance (CNY) | | :--- | :--- | | Mortgage Loans | 57,510,338.29 | | Guaranteed Loans | 143,172,467.43 | | Credit Loans | 44,588,708.34 | | Total | 245,271,514.06 | Operating Revenue and Operating Cost (Current Period) | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 202,052,391.70 | 179,897,674.71 | | Other Businesses | 10,050,256.11 | 4,721,098.88 | | Total | 212,102,647.81 | 184,618,773.59 | [R&D Expenses](index=113&type=section&id=VIII.%20R%26D%20Expenses) The company did not disclose detailed information on R&D expenses by nature, capitalized R&D projects, or significant externally acquired R&D projects during the reporting period - The company did not disclose detailed information on R&D expenses by nature, capitalized R&D project development expenditures, or significant externally acquired R&D projects[325](index=325&type=chunk)[326](index=326&type=chunk) [Changes in Consolidation Scope](index=114&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company's consolidation scope did not undergo significant changes during the reporting period, with no non-common control business combinations, common control business combinations, reverse acquisitions, or loss of control over subsidiaries - During the reporting period, the company did not experience business combinations under non-common control, business combinations under common control, reverse acquisitions, or loss of control over subsidiaries[326](index=326&type=chunk)[327](index=327&type=chunk) [Interests in Other Entities](index=115&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in various subsidiaries across multiple industries, mostly **100%**, with Shanghai Changhong Xingtong Real Estate Development Co., Ltd. being a significant non-wholly owned subsidiary Major Subsidiary Shareholding | Subsidiary Name | Business Nature | Shareholding (%) | | :--- | :--- | :--- | | Shanghai Yatong Taxi Co., Ltd. | Transportation | 100 | | Shanghai Yatong Ecological Agriculture Development Co., Ltd. | Agriculture | 90 (Direct) + 10 (Indirect) | | Shanghai Yatong Culture Communication Co., Ltd. | Advertising | 100 | | Shanghai Yatong Property Development Co., Ltd. | Real Estate Development | 100 | | Shanghai Ximeng Wumao Co., Ltd. | Trade | 70 (Direct) + 30 (Indirect) | | Shanghai Yatong Communication Engineering Co., Ltd. | Engineering Construction | 51 (Direct) + 49 (Indirect) | | Shanghai Wuhua Holiday Hotel Co., Ltd. | Catering, Accommodation | 100 | | Shanghai Changhong Xingtong Real Estate Development Co., Ltd. | Real Estate Development | 60 | | Shanghai Yadao New Energy Technology Co., Ltd. | Solar Power Generation Technology Services | 100 | Financial Information of Significant Non-Wholly Owned Subsidiaries (Jan-Jun 2025) | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders for Current Period (CNY) | Minority Interests Balance at Period End (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Changhong Xingtong Real Estate Development Co., Ltd. | 40 | 1,814,695.36 | 449,633,455.55 | - The company's significant associate is Shanghai Zhongju Investment Development Co., Ltd., with a **35.00%** shareholding, accounted for using the equity method[335](index=335&type=chunk) - Shanghai Zhongju Investment Development Co., Ltd. reported a net loss of **-CNY 505,556.88** for the current period[337](index=337&type=chunk) [Government Grants](index=122&type=section&id=XI.%20Government%20Grants) The company did not disclose government grants recognized by receivable amounts or related liabilities, but grants included in current profit and loss are listed under other income - During the reporting period, the company did not disclose government grants recognized by receivable amounts or liabilities involving government grants[339](index=339&type=chunk) - Government grants included in current profit and loss are listed under other income[339](index=339&type=chunk) [Risks Related to Financial Instruments](index=122&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company did not disclose specific risks related to financial instruments and did not engage in hedging activities for risk management - The company did not disclose specific risks related to financial instruments[339](index=339&type=chunk) - The company did not engage in hedging activities for risk management[339](index=339&type=chunk) [Disclosure of Fair Value](index=123&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) The company's total assets continuously measured at fair value at period-end were **CNY 73.23 million**, primarily other equity instrument investments, with other financial instruments' fair values assessed as similar to book values Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Period End Fair Value (CNY) | | :--- | :--- | | Other Equity Instrument Investments | 73,234,390.75 | | Total Assets Continuously Measured at Fair Value | 73,234,390.75 | - The company's management assessed that the fair values of financial assets and liabilities not measured at fair value, such as monetary funds, notes receivable, accounts receivable, other receivables, short-term borrowings, and accounts payable, are similar to their book values[342](index=342&type=chunk) [Related Parties and Related Party Transactions](index=124&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) Related parties include subsidiaries, the associate Shanghai Zhongju Investment Development Co., Ltd., and other minority shareholders, with intercompany receivables and payables, and key management personnel compensation of **CNY 2.37 million** - The company's significant associate is Shanghai Zhongju Investment Development Co., Ltd.[344](index=344&type=chunk) - Other related parties include Shanghai Chongming Real Estate Development Co., Ltd., Shanghai Chundu Enterprise Management Co., Ltd., and other minority shareholders[345](index=345&type=chunk) Receivables from Related Parties (Period End) | Item Name | Related Party | Period End Book Balance (CNY 10,000) | | :--- | :--- | :--- | | Other Receivables | Shanghai Chongming Real Estate Development Co., Ltd. | 380.00 | | Other Receivables | Shanghai Chundu Enterprise Management Co., Ltd. | 18.25 | Payables to Related Parties (Period End) | Item Name | Related Party | Period End Book Balance (CNY) | | :--- | :--- | :--- | | Other Payables | Shanghai Zhongju Investment Development Co., Ltd. | 5,932.50 | Key Management Personnel Compensation | Item | Amount Incurred in Current Period (CNY 10,000) | | :--- | :--- | | Key Management Personnel Compensation | 237.00 | [Share-based Payment](index=127&type=section&id=XV.%20Share-based%20Payment) Disclosure of share-based payment information is not applicable for the company during the reporting period, as no equity-settled or cash-settled share-based payments occurred - The company's share-based payment information is not applicable[353](index=353&type=chunk) [Commitments and Contingencies](index=127&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure - As of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure[353](index=353&type=chunk) [Events After the Balance Sheet Date](index=128&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) No significant non-adjusting events, profit distributions, or sales returns requiring disclosure occurred between the reporting period end and the approval date of this report - No significant non-adjusting events, profit distributions, or sales returns requiring disclosure occurred between the reporting period end and the approval date of this report[354](index=354&type=chunk) [Other Significant Matters](index=128&type=section&id=XVIII.%20Other%20Significant%20Matters) During the reporting period, the company had no other significant transactions or events impacting investor decisions, such as prior period accounting error corrections, major debt restructurings, or asset exchanges - During the reporting period, the company had no prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information, or other significant matters[354](index=354&type=chunk)[355](index=355&type=chunk) [Notes to Parent Company Financial Statement Items](index=129&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section details the parent company's other receivables, long-term equity investments, operating revenue and costs, and investment income, noting a significant decrease in other receivables and an increase in long-term equity investments Parent Company Other Receivables (Period End vs. Period Beginning) | Item | Period End Balance (CNY) | Period Beginning Balance (CNY) | | :--- | :--- | :--- | | Other Receivables | 195,041,498.31 | 539,316,034.85 | | Total | 195,041,498.31 | 539,316,034.85 | - The parent company's other receivables significantly decreased at period-end, mainly due to reduced intercompany balances with subsidiaries[362](index=362&type=chunk) Parent Company Long-term Equity Investments (Period End vs. Period Beginning) | Item | Period End Balance (CNY) | Period Beginning Balance (CNY) | | :--- | :--- | :--- | | Investments in Subsidiaries | 489,966,974.59 | 435,166,220.53 | | Total | 489,966,974.59 | 435,166,220.53 | - The parent company's long-term equity investments increased at period-end, mainly due to additional investments in subsidiaries such as Shanghai Yadao New Energy Technology Co., Ltd.[372](index=372&type=chunk) Parent Company Operating Revenue and Operating Cost (Current Period) | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Other Businesses | 7,454,255.45 | 3,878,131.68 | | Total | 7,454,255.45 | 3,878,131.68 | - The parent company's investment income for the current period was **CNY 0**, compared to **CNY 21.04 million** in the prior period, primarily from the disposal of long-term equity investments and other non-current financial assets in the prior period[376](index=376&type=chunk) [Supplementary Information](index=138&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary details, including a breakdown of non-recurring gains and losses totaling **CNY 626,900** and key profitability metrics like weighted average return on net assets and basic earnings per share Current Period Non-Recurring Gains and Losses Details | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -25,613.81 | | Government Subsidies Included in Current Profit and Loss | 389,796.46 | | Asset Losses Arising from Force Majeure | -17,652.83 | | Other Non-Operating Income and Expenses Apart from the Above | 281,781.49 | | Less: Income Tax Impact | 1,496.52 | | Impact on Minority Interests (After Tax) | -78.00 | | Total | 626,892.79 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | -1.1043 | -0.0293 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | -1.1714 | -0.0311 |