Core Viewpoint - The stock price of Tibet City Investment has experienced fluctuations, with a recent decline of 2.02% on September 18, 2023, and a total market capitalization of 10.15 billion yuan [1]. Group 1: Stock Performance - Year-to-date, Tibet City Investment's stock price has decreased by 0.93%, with a 5-day decline of 2.56% and a 20-day decline of 4.39%, while showing a 60-day increase of 7.13% [2]. - The company has appeared on the trading leaderboard twice this year, with the most recent occurrence on July 22 [2]. Group 2: Financial Performance - For the first half of 2025, Tibet City Investment reported revenue of 743 million yuan, representing a year-on-year increase of 393.66%, while the net profit attributable to shareholders was -64.12 million yuan, reflecting a year-on-year growth of 37.34% [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Tibet City Investment was 55,500, an increase of 1.95% from the previous period, with an average of 17,155 circulating shares per shareholder, a decrease of 1.92% [2]. - The company has distributed a total of 176 million yuan in dividends since its A-share listing, with 32.15 million yuan distributed over the past three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Southern CSI Real Estate ETF, which increased its holdings by 1.42 million shares to 7.29 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 0.30 million shares to 6.02 million shares [3]. - New entrants among the top ten shareholders include CSI Shanghai State-owned Enterprise ETF, holding 5.27 million shares, and Southern CSI 1000 ETF, holding 5.26 million shares [3].

Market Performance - On September 10, the real estate development sector rose by 0.44% compared to the previous trading day, with Shouke Co. leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Gainers in Real Estate Sector - Shouke Co. (600376) closed at 4.68, with a gain of 10.12% and a trading volume of 1.9874 million shares, amounting to a transaction value of 909 million yuan [1] - Suning Universal (000718) closed at 2.74, up 10.04%, with a trading volume of 1.5715 million shares [1] - Hezhan Energy (000809) closed at 3.64, gaining 9.97%, with a trading volume of 1.3357 million shares [1] - Wolong New Energy (600173) closed at 8.39, up 9.96%, with a trading volume of 1.4224 million shares [1] Other Notable Stocks - ST Rongkong (000668) closed at 9.77, with a gain of 5.05% [1] - ST Zhongdi (000609) closed at 4.82, up 4.56% [1] - Fuxing Co. (000926) closed at 3.32, gaining 3.75% [1] Market Capital Flow - The real estate development sector experienced a net outflow of 1.213 billion yuan from major funds, while retail investors saw a net inflow of 1.149 billion yuan [2] - Speculative funds had a net inflow of 64.198 million yuan [2]

每周精选 不可错过 WEEKLY NEWS IT桔子出品 1.梅卡曼德再获新融资 融资交易 01 September 星期一 西藏诺迪康药业发布公告，拟通过在香港设立全资子公司TopRidge Pharma Limited对Accuredit Therapeutics Limited（锐正基因）进行股权投资，投资金额6000万美元（全部为自有资金），持有其 40.82%的股权；诺迪康大股东关联公司CMS Medical Venture Investment（HK）Limited，投资1500万美 元，持有其10.20%的股权。锐正基因（苏州）本次A轮融资总额7500万美元，用于研发基于LNP的体内 基因编辑产品。 3.芯片封装设备研发商微见智能获超亿元B轮融资 微见智能近日完成超亿元B轮融资，新投资方包括前海金控、明势资本、力合科创，老股东海通开元、 分享投资追投，深渡资本继续担任本轮独家财务顾问。资金将主要用于产品研发，面向AI时代对传 输、存储、计算等未来先进封装方向，加大研发和产品布局力度。 微见智能成立于2019年12月，专注于高精度复杂工艺芯片封装设备研发和生产，主要产品为MV全系列 高精度固晶装备 ...

据证券之星公开数据整理，近期西藏城投（600773）发布2025年中报。根据财报显示，西藏城投营收上 升亏损收窄。截至本报告期末，公司营业总收入7.43亿元，同比上升393.66%，归母净利润-6412.11万 元，同比上升37.34%。按单季度数据看，第二季度营业总收入2.08亿元，同比上升180.71%，第二季度 归母净利润-2973.45万元，同比上升43.84%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率14.84%，同比减74.8%，净利率-13.31%，同比 增84.47%，销售费用、管理费用、财务费用总计1.87亿元，三费占营收比25.12%，同比减78.85%，每股 净资产5.03元，同比增1.63%，每股经营性现金流-0.34元，同比增42.43%，每股收益-0.07元，同比增 42.24% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.5亿 | 7.43 Z | 393.66% | | 归母净利润（元） | -1.02亿 | -6412.11万 | 37.34% | | 扣非净利 ...

Core Viewpoint - The company has released its 2025 semi-annual report, highlighting its operational performance, financial status, and future development plans, emphasizing a focus on quality improvement and return on investment amidst regulatory challenges in the real estate sector [1][4][17]. Company Overview - The company is engaged in real estate development and has faced ongoing regulatory adjustments in the industry, prompting a shift towards high-quality development and innovative operational strategies [18][19]. - As of the end of the reporting period, the company had no new real estate land reserves and no new construction projects initiated [11][12]. Financial Data - The company reported a total of 29 contract sales with an area of 0.31 million square meters and a sales amount of approximately 57.96 million yuan during the second quarter of 2025 [13]. - The company achieved a rental income of approximately 9.70 million yuan from its leased properties during the same period [15]. Significant Events - The company held its 10th Supervisory Board's 7th meeting on August 28, 2025, where the semi-annual report and the special report on the use of raised funds were approved [3][4][6]. - The company has established a "Quality Improvement and Return on Investment" action plan for 2025, focusing on enhancing operational efficiency and asset management [17][20]. Fundraising and Usage - The company raised approximately 999.99 million yuan through a stock issuance in March 2024, with a net amount of about 986.48 million yuan available for use [29][30]. - As of June 30, 2025, the company had utilized approximately 661.86 million yuan of the raised funds, with a remaining balance of about 333.66 million yuan [30][32]. Governance and Compliance - The company has revised its governance structure to align with regulatory requirements, ensuring clear responsibilities among its governance bodies [21][22]. - The company emphasizes the importance of shareholder returns, maintaining a cash dividend policy that has seen an average payout ratio of 50.28% over the past three years [23][24]. Information Disclosure - The company is committed to transparent information disclosure and investor relations management, adhering to relevant regulations and enhancing communication channels with investors [25].

证券代码：600773 证券简称：西藏城投 公告编号：2025-032 一、监事会会议召开情况 西藏城市发展投资股份有限公司（以下简称"公司"）第十届监事会第七次 （定期）会议于 2025 年 8 月 28 日上午 9：30 以通讯方式召开。 本次会议应出席监事 3 名，实到监事 3 名，会议由监事会主席于隽隽先生召 集并主持。本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和 公司章程的规定。 二、监事会会议审议情况 （一）审议通过《2025 年半年度报告及摘要》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025 年半年度报告》及《2025 年半年度报告摘要》。 表决结果：有效表决票数为 3 票，其中同意 3 票，反对 0 票，弃权 0 票。 西藏城市发展投资股份有限公司 第十届监事会第七次（定期）会议决议公告 本公司监事会及全体监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个别及连带责任。 （二）审议通过《关于 2025 年半年度募集资金存放与实际使用情况的专项报 告的议案》 具体内容详见公司同日在 ...

Group 1 - The company's total operating revenue for the first half of 2025 was 743 million yuan, an increase of 593 million yuan compared to the same period last year, representing a year-on-year increase of 393.66% [1] - The net profit attributable to the parent company was -64.12 million yuan, an increase of 38.21 million yuan compared to the same period last year [1] - The net cash flow from operating activities was -320 million yuan, an increase of 236 million yuan compared to the same period last year, marking two consecutive years of growth [1] Group 2 - The company's latest debt-to-asset ratio is 58.88%, ranking 22nd among disclosed peers, a decrease of 0.57 percentage points from the previous quarter and a decrease of 10.89 percentage points from the same period last year [3] - The latest gross profit margin is 14.84%, an increase of 5.86 percentage points from the previous quarter [3] - The latest return on equity (ROE) is -1.34%, an increase of 0.83 percentage points compared to the same period last year [3] - The diluted earnings per share are -0.07 yuan, an increase of 0.05 yuan compared to the same period last year [3] - The latest total asset turnover ratio is 0.06 times, ranking 26th among disclosed peers, an increase of 0.05 times compared to the same period last year, representing a year-on-year increase of 512.26% [3] - The latest inventory turnover ratio is 0.09 times, an increase of 0.09 times compared to the same period last year, representing a year-on-year increase of 1212.68% [3]

证券代码：600773 证券简称：西藏城投 公告编号：2025-032 西藏城市发展投资股份有限公司 第十届监事会第七次（定期）会议决议公告 本公司监事会及全体监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个别及连带责任。 一、监事会会议召开情况 西藏城市发展投资股份有限公司（以下简称"公司"）第十届监事会第七次 （定期）会议于 2025 年 8 月 28 日上午 9：30 以通讯方式召开。 本次会议应出席监事 3 名，实到监事 3 名，会议由监事会主席于隽隽先生召 集并主持。本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和 公司章程的规定。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025 年半年度报告》及《2025 年半年度报告摘要》。 表决结果：有效表决票数为 3 票，其中同意 3 票，反对 0 票，弃权 0 票。 （二）审议通过《关于 2025 年半年度募集资金存放与实际使用情况的专项报 告的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《关 于 202 ...

证券代码：600773 证券简称：西藏城投 公告编号：2025-028 西藏城市发展投资股份有限公司 表决结果：有效表决票数为 9 票，其中同意 9 票，反对 0 票，弃权 0 票。 （二）审议通过《关于 2025 年半年度募集资金存放与实际使用情况的专项 报告的议案》 第十届董事会第八次（定期）会议决议公告 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个别及连带责任。 一、董事会会议召开情况 西藏城市发展投资股份有限公司（以下简称"公司"）第十届董事会第八次 （定期）会议于 2025 年 8 月 28 日上午 9：00 以通讯方式召开。 本次会议应出席董事 9 名，实际出席董事 9 名，由董事长陈卫东先生召集并 主持，公司部分监事及高级管理人员列席会议。本次会议的召开符合有关法律、 行政法规、部门规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 （一）审议通过《2025 年半年度报告及摘要》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025 年半年度报告》及《2025 年半年度报告 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) - The company's responsible person, chief accountant, and head of accounting department declare and guarantee the truthfulness, accuracy, and completeness of the financial report in the semi-annual report[5](index=5&type=chunk) - There is no profit distribution plan or capital reserve conversion to share capital plan for this reporting period[6](index=6&type=chunk) - Forward-looking statements in this report, such as future plans and development strategies, do not constitute a substantive commitment by the company to investors; investors are advised to be aware of investment risks[6](index=6&type=chunk) - There are no non-operating funds occupied by controlling shareholders or other related parties, nor are there any external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) - The company has described the main potential risks in detail in Section III "Management Discussion and Analysis" of this report[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions of key terms used throughout the report [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 outlines the company's basic information and presents its key financial performance and position [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 discloses the company's Chinese name, abbreviation, foreign name, abbreviation, and legal representative information - Company's Chinese name: **Tibet Urban Development Investment Co., Ltd**[13](index=13&type=chunk) - Company's Chinese abbreviation: **Tibet Urban Investment**[13](index=13&type=chunk) - Company's legal representative: **Chen Weidong**[13](index=13&type=chunk) [Contact Person and 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 the names, contact addresses, telephone numbers, fax numbers, and email addresses of the Board Secretary and Securities Affairs Representative - Board Secretary: **Liu Ying**; Securities Affairs Representative: **Huang Weihua**[14](index=14&type=chunk) - Contact phone: **021-63536929**; Fax: **021-63535429**[14](index=14&type=chunk) - Email: **xzct600773@163.com**[14](index=14&type=chunk) [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) During the reporting period, there were no changes to the company's registered address, office address, or related information - Company's registered address: **Room 311, 3rd Floor, Jintai Group Office Building, Boda Road A1-10, Lhasa Economic Development Zone, Tibet Autonomous Region**[15](index=15&type=chunk) - Company's office addresses: **Lhasa and Shanghai, with no changes during the reporting period**[15](index=15&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage 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%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the company's selected newspapers for information disclosure, the website address for the semi-annual report, and the report's storage location - Company's selected newspapers for information disclosure: **China Securities Journal, Securities Times, Securities Daily**[16](index=16&type=chunk) - Website address for the semi-annual report: **www.sse.com.cn**[16](index=16&type=chunk) - Storage location for the company's semi-annual report: **Company's Securities Department**[16](index=16&type=chunk) [Brief Introduction to Company Shares](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 introduces the company's A-share listing exchange, abbreviation, code, and former abbreviation - Share type: **A-shares**; Stock exchange: **Shanghai Stock Exchange**[19](index=19&type=chunk) - Stock abbreviation: **Tibet Urban Investment**; Stock code: **600773**[19](index=19&type=chunk) - Former stock abbreviations: ***ST Yalong, Tibet Yalong**[19](index=19&type=chunk) [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 discloses the company's key accounting data and financial indicators for the current reporting period (January-June) and the same period last year, showing significant revenue growth but continued net loss, with a narrower loss year-on-year 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (CNY) | Prior Year Same Period (CNY) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 742,550,374.34 | 150,417,346.87 | 393.66 | | Total Profit | -95,298,361.73 | -128,624,856.88 | / | | Net Profit Attributable to Shareholders of Listed Company | -64,121,145.88 | -102,326,207.32 | / | | Net Cash Flow from Operating Activities | -319,936,393.71 | -555,775,305.65 | / | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 4,787,948,331.09 | 4,847,305,345.62 | -1.22 | | Total Assets (Period-end) | 11,064,759,804.81 | 11,821,708,672.41 | -6.40 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Same Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.067 | -0.116 | / | | Diluted Earnings Per Share (CNY/share) | -0.067 | -0.116 | / | | Basic Earnings Per Share After Non-Recurring Gains and Losses (CNY/share) | -0.069 | -0.116 | / | | Weighted Average Return on Net Assets (%) | -1.33 | -2.40 | Increased by 1.07 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains and Losses (%) | -1.37 | -2.40 | Increased by 1.03 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=5&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 lists the detailed items and amounts of non-recurring gains and losses for the reporting period, totaling **CNY 1,893,710.68** 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government grants included in current profit and loss | 36,182.29 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 2,054,359.96 | | Other non-operating income and expenses apart from the above items | -133,960.57 | | Less: Income tax impact | -333.45 | | Impact on minority interests (after tax) | 63,204.45 | | Total | 1,893,710.68 | [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 provides an in-depth analysis of the company's industry, business operations, core competencies, and financial performance during the reporting period [Industry and Main Business Overview](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) The company's main business is real estate development and sales, operating in an industry facing overall pressure but showing signs of sales stabilization, while actively pursuing a "innovation-driven, transformation and development" strategy into new energy and materials - The company's main business is **real estate development and sales**, belonging to the real estate industry[26](index=26&type=chunk) - In the first half of 2025, national commercial housing sales area decreased by **3.5% year-on-year**, and sales value decreased by **5.5% year-on-year**, indicating a "stop-decline and stabilize" trend in the market[27](index=27&type=chunk) - The company is focusing on "achieving new breakthroughs in real estate development through quality and efficiency improvement; achieving new breakthroughs in commercial asset operations through industrial cultivation; and achieving new breakthroughs in lithium salt carbon materials through business transformation"[28](index=28&type=chunk) [Discussion and Analysis of Operations](index=7&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) During the reporting period, the company made progress in real estate development, sales, hotel operations, commercial operations, and external investments, with real estate sales contracts totaling **CNY 189 million**, hotel business revenue growing by **246.86%**, and lithium salt carbon material production line construction advancing - In real estate development, the company's main ongoing projects are located in Xi'an, Shaanxi, with a total construction area of **549,000 square meters**[29](index=29&type=chunk) - In real estate sales, the company achieved **contract sales of CNY 189 million** and a sales area of **13,900 square meters** for real estate projects during the reporting period[29](index=29&type=chunk) - In hotel operations, the company's hotel business achieved a total revenue of **CNY 23.9522 million**, a **246.86% year-on-year increase**[29](index=29&type=chunk) - In external investments, the construction of the **10,000-ton lithium hydroxide toll processing line** in cooperation between Tibet Guoneng Mining Development Co., Ltd. and Lanxiao Technology continues to advance, with the **3,300-ton line successfully completed**[31](index=31&type=chunk) [Analysis of Core Competencies](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) The company's core competencies include extensive real estate development experience, a professional management team, accurate market strategic positioning, and unique resource endowments and technological advantages in salt lake lithium resource development - The company has accumulated **over two decades of rich industry experience** in real estate development, completing more than 20 relocation housing and ordinary commercial housing projects[32](index=32&type=chunk) - Leveraging Shanghai's talent advantages, the company has formed a **stable and excellent management team**, with many members holding master's degrees or senior professional titles[32](index=32&type=chunk) - The company possesses **over ten years of experience** in real estate development and urban renewal, focusing on both ordinary commercial housing and affordable housing construction, and expanding into commercial real estate[33](index=33&type=chunk) - The company has invested in and developed two salt lakes, Longmucuo and Jiezhe Chaka in Ngari, Tibet, with a combined **lithium carbonate reserve of 3.9 million tons**, and has obtained **18 invention patents**[33](index=33&type=chunk)[34](index=34&type=chunk) [Key Operating Performance](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%90%A5%E6%83%85%E5%86%B5) This section details the company's financial statement item changes, asset-liability status, and operating performance of major holding and participating companies, with operating revenue and cost significantly increasing due to project completion and investment cash flow rising from matured wealth management products [(I) Main Business Analysis](index=9&type=section&id=%28I%29%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue and cost significantly increased due to the completion and delivery of the Jingchen Zunyu Mansion project, operating cash flow improved due to reduced engineering payments and taxes, and net cash flow from investing activities substantially increased from the maturity and recovery of bank wealth management products Major Accounting Item Fluctuation Analysis | Item | Current Period (CNY) | Prior Year Same Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 742,550,374.34 | 150,417,346.87 | 393.66 | Completion and delivery of Jingchen Zunyu Mansion project | | Operating Cost | 632,324,423.55 | 61,803,705.72 | 923.12 | Completion and delivery of Jingchen Zunyu Mansion project | | Selling Expenses | 45,449,799.05 | 40,670,281.07 | 11.75 | / | | Administrative Expenses | 83,670,555.86 | 75,291,671.11 | 11.13 | / | | Financial Expenses | 57,429,670.06 | 62,668,124.96 | -8.36 | / | | Net Cash Flow from Operating Activities | -319,936,393.71 | -555,775,305.65 | / | Decrease in engineering payments and taxes year-on-year | | Net Cash Flow from Investing Activities | 239,262,483.94 | 6,075,000.00 | 3,838.48 | Recovery of matured bank wealth management product investments | | Net Cash Flow from Financing Activities | 73,854,623.60 | 1,587,343,452.55 | -95.35 | / | [(III) Analysis of Assets and Liabilities](index=9&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure underwent several changes, with accounts receivable and other current assets decreasing due to collections and matured wealth management products, construction in progress transferred to fixed assets, and significant changes in short-term borrowings and taxes payable; the total restricted assets at period-end amounted to **CNY 3.542 billion** Asset and Liability Status Changes | Item Name | Period-end Amount (CNY) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Accounts Receivable | 4,551,257.71 | -41.46 | Primarily due to collection of accounts receivable | | Other Current Assets | 266,669,182.82 | -53.67 | Primarily due to maturity of bank wealth management products at period-end | | Construction in Progress | 0.00 | -100.00 | Primarily due to completion of Shanghai Zangtou Hotel upgrade and transfer from construction in progress to fixed assets | | Long-Term Deferred Expenses | 35,093,376.27 | 43.64 | Primarily due to Zangtou Hotel purchasing a large quantity of opening supplies, to be amortized in future years | | Short-Term Borrowings | 160,131,691.66 | 332.42 | Primarily due to new short-term borrowings in the current period | | Notes Payable | 0.00 | -100.00 | Primarily due to repayment of notes in the current period | | Contract Liabilities | 92,251,324.98 | -84.08 | Primarily due to pre-sale housing funds from prior years being recognized as revenue in the current period | | Taxes Payable | 48,359,714.80 | -63.42 | Primarily due to payment of a significant amount of previously accrued income tax in the current period | | Other Current Liabilities | 9,441,128.43 | -81.66 | Primarily due to transfer of previously deferred output tax in the current period | | Long-Term Payables | 170,38