Core Viewpoint - The company, China Light Textile City, demonstrated a solid financial performance in the first half of 2025, achieving a revenue of 515 million yuan, a year-on-year increase of 8.9%, and a net profit attributable to shareholders of 167 million yuan, reinforcing its position as the world's largest textile distribution center [1][2]. Financial Performance - In the first half of 2025, the company reported a revenue of 515 million yuan, up 8.9% year-on-year, and a net profit of 167 million yuan [1]. - The rental business showed steady growth, with revenue reaching 484 million yuan, a year-on-year increase of 16.46% [3]. Business Model and Market Position - The company has established itself as an indispensable part of China's textile industry, benefiting from a complete industrial chain from upstream to downstream [3]. - The traditional business model is solid, but the company recognizes the need for digital transformation to open new growth avenues [5][6]. Digital Transformation - The management is committed to digital transformation, leveraging AI technology to enhance trading models and create new growth opportunities [6][7]. - The company plans to develop three intelligent platforms to integrate various data types, enhancing market and product capabilities [6][7]. New Business Initiatives - The company is expanding its self-operated trade business, focusing on professional trade services to address market pain points and capture unmet demand in foreign markets [9][10]. - The establishment of a trade company aims to provide centralized procurement and supply chain management services, enhancing market reach [9]. Strategic Shift - The company is transitioning from a market manager to an industry operator, expanding its revenue sources beyond rental income to include platform service fees and trade commissions [11]. - The online trading platform will integrate logistics, payment, and financial services, enhancing service capabilities for textile merchants [11]. Future Outlook - The company is expected to evolve into a more digitalized entity, with a focus on data as a valuable asset driving its future growth [12][13]. - The transformation is seen as an evolution rather than a disruption, positioning the company as a core node in the global textile industry's digital ecosystem [14].

Group 1 - The general retail sector increased by 0.05% on August 28, with agricultural products leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Notable gainers in the general retail sector included agricultural products, which rose by 10.05% to a closing price of 8.43 [1] Group 2 - The general retail sector experienced a net outflow of 1.121 billion yuan from major funds, while retail investors saw a net inflow of 748 million yuan [2] - Key stocks that faced declines included Zhejiang Dongri, which fell by 7.71% to a closing price of 56.48 [2] - The trading volume for the general retail sector showed significant activity, with various stocks reporting millions in transaction amounts [2]

Core Viewpoint - Zhejiang China Light Textile City Group Co., Ltd. (referred to as "Light Textile City") has positioned itself as a "comprehensive integrated service provider" and achieved a revenue of 515 million yuan, a year-on-year increase of 8.93%, and a net profit of 167 million yuan, a year-on-year increase of 0.82% in the first half of 2025 [1] Group 1: Business Development and Innovations - The digital trade port project has entered a new phase, with the completion of cold chain areas, electrical engineering, and photovoltaic projects, while logistics and intelligent storage areas are actively being promoted for investment [1] - Light Textile City plans to innovate in three major business areas: leveraging artificial intelligence to create a textile "intelligent body," accelerating the upgrade of the online Light Textile City platform, and expanding global fabric trade and supply chain services [1][2] - The "China Light Textile City AI Model" project aims to build an industry-leading vertical model for fabric textiles, allowing users to generate high-quality fabric design outputs from simple inputs [2] Group 2: Digital Transformation and AI Integration - Light Textile City is set to upgrade its online platforms, including "Lianxiangjia," "Online Light Textile City," and "Global Textile Network," to enhance digital capabilities [3] - The AI model will transform fragmented production capacity into a searchable, tradable, and predictable "cloud factory," improving supply-demand matching efficiency [3] - The integration of logistics, cross-border payment, and supply chain finance resources will be a key focus for the online fabric trading platform [3] Group 3: Global Trade and Supply Chain Services - Light Textile City plans to launch global fabric trade and supply chain services, addressing domestic clients' procurement challenges and establishing showrooms in countries with strong textile demand [4] - The establishment of a unified data standard for textiles will enhance China's textile industry's bargaining power in international markets [4] - The new global trade services are expected to convert existing customer resources and market channels into competitive advantages, driving revenue and profit growth for Light Textile City [4] Group 4: Strategic Partnerships - On August 27, Light Textile City announced a collaboration with Zhejiang Lingdi Digital Technology Co., Ltd., focusing on fabric digital infrastructure and the development of a new generation online platform [5] - This partnership aims to provide a replicable and promotable digital transformation solution for traditional markets in China [5]

Group 1 - The company reported a revenue of approximately 515 million yuan for the first half of 2025, representing a year-on-year increase of 8.93% [1] - The net profit attributable to shareholders of the listed company was approximately 167 million yuan, showing a year-on-year decrease of 6.49% [1] - The basic earnings per share were 0.12 yuan, which is a year-on-year decrease of 7.69% [1]

Core Points - The meeting of the 11th Supervisory Board of Zhejiang China Light Textile City Group Co., Ltd. was held on August 26, 2025, via communication voting, with all three supervisors participating and voting, thus meeting legal requirements [1][2] - The Supervisory Board approved the company's 2025 semi-annual report, confirming that the preparation and review processes comply with national laws, regulations, and internal management systems [1] - The content and format of the semi-annual report were found to meet the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange, accurately reflecting the company's financial status as of June 30, 2025, and its operational results and cash flows during the reporting period [1] - No violations of confidentiality regulations were reported among the personnel involved in the preparation and review of the semi-annual report [1]

轻纺城第十一届监事会第七次会议决议公告 股票简称：轻纺城 股票代码：600790 编号：临 2025－020 浙江中国轻纺城集团股份有限公司 第十一届监事会第七次会议决议公告 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。 浙江中国轻纺城集团股份有限公司第十一届监事会第七次会议 通知于 2025 年 8 月 21 日以传真、E-MAIL 和专人送达等形式递交各 监事，于 2025 年 8 月 26 日以通讯表决方式召开。会议应表决监事 3 名，实际表决监事 3 名，符合《公司法》和《公司章程》的有关规定， 决议合法有效。 会议审议各议案后形成以下决议： 1 对公司 2025 年半年度报告发表如下意见： （1）公司 2025 年半年度报告的编制和审核程序符合国家法律、 法规、《公司章程》和公司内部管理制度等相关规定； （2）公司 2025 年半年度报告的内容和格式符合中国证监会和上 海证券交易所的相关规定，所包含的信息能从各个方面真实、客观地 反映公司 2025 年 6 月 30 日的财务状况、报告期内的经营成果和现金 流 ...

Important Notice [Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=Statement%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Senior%20Management) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, assuming legal responsibility - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - All directors attended the Board of Directors meeting[4](index=4&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) [Statement on the Truthfulness of Financial Reports](index=2&type=section&id=Statement%20on%20the%20Truthfulness%20of%20Financial%20Reports) Company head Pan Jianhua, chief accountant Wu Jianchang, and head of accounting Wu Jianchang declare the financial report in the semi-annual report is true, accurate, and complete - Company head Pan Jianhua, chief accountant Wu Jianchang, and head of accounting Wu Jianchang declare the financial report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) The company's profit distribution or capital reserve capitalization plan is not applicable 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 descriptions regarding future plans and development strategies in this report do not constitute a substantive commitment to investors, who are advised to note investment risks - Forward-looking descriptions regarding future plans and development strategies in this report do not constitute a substantive commitment to investors, who are advised to note investment risks[6](index=6&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Related Parties](index=2&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Related%20Parties) The company has no non-operating funds occupied by its controlling shareholder or other related parties - There is no non-operating fund occupation by the controlling shareholder or other related parties[7](index=7&type=chunk) [External Guarantees](index=2&type=section&id=External%20Guarantees) The company has not provided any external guarantees in violation of prescribed decision-making procedures - There are no external guarantees provided in violation of prescribed decision-making procedures[8](index=8&type=chunk) [Board Members' Assurance of Report Truthfulness](index=2&type=section&id=Board%20Members'%20Assurance%20of%20Report%20Truthfulness) The company does not have a situation where more than half of its directors cannot guarantee the truthfulness, accuracy, and completeness of the disclosed semi-annual report - There is no situation where more than half of the directors cannot guarantee the truthfulness, accuracy, and completeness of the company's disclosed semi-annual report[9](index=9&type=chunk) [Significant Risk Warning](index=2&type=section&id=Significant%20Risk%20Warning) The company has detailed potential industry and market risks in Section III, Management Discussion and Analysis, advising investors to review them - The company has detailed potential industry and market risks in Section III, Management Discussion and Analysis[7](index=7&type=chunk) Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, including company name, related parties, major asset restructuring, and key subsidiaries, to ensure clear understanding of the report content - "The Company" refers to Zhejiang China Light & Textile City Group Co., Ltd[12](index=12&type=chunk) - Major asset restructuring refers to the company's acquisition of Dongshenglu Market assets and Beilian Market assets, along with corresponding prepaid rents and deposits, held by the Development and Operation Group, through non-public issuance of shares and cash payment[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Zhejiang China Light & Textile City Group Co., Ltd., abbreviated as Light & Textile City[14](index=14&type=chunk) - The company's legal representative is Pan Jianhua[14](index=14&type=chunk) [Contact Person and Information](index=4&type=section&id=Contact%20Person%20and%20Information) This section provides the name, address, phone, fax, and email of the company's Board Secretary for investor and stakeholder communication - The Board Secretary's name is Qian Ziqiang, contact number is 0575-84135808, and email is qianzq@qfcgroup.com[15](index=15&type=chunk) [Overview of Basic Information Changes](index=4&type=section&id=Overview%20of%20Basic%20Information%20Changes) This section details the historical changes in the company's registered address and confirms its current office address and postal code - The company's registered and office address is Zhongqing Building, No. 1 Jianhu Road, Keqiao Street, Keqiao District, Shaoxing City, Zhejiang Province[16](index=16&type=chunk) - The company's registered address changed in 2001, 2002, and 2014[16](index=16&type=chunk) [Overview of Information Disclosure and Document Storage Location Changes](index=5&type=section&id=Overview%20of%20Information%20Disclosure%20and%20Document%20Storage%20Location%20Changes) This section specifies the company's designated information disclosure newspapers, website for semi-annual reports, and document storage location, noting no changes during the reporting period - The company's selected information disclosure newspapers are Shanghai Securities News, China Securities Journal, and Securities Daily[18](index=18&type=chunk) - The website address for publishing semi-annual reports is http://www.sse.com.cn[18](index=18&type=chunk) [Company Stock Overview](index=5&type=section&id=Company%20Stock%20Overview) This section provides information on the company's A-share listing exchange, stock abbreviation, and stock code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Light & Textile City" and stock code 600790[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 8.93%, but total profit and net profit attributable to shareholders decreased by 11.53% and 6.49% respectively. Net cash flow from operating activities significantly dropped by 105.01%, influenced by rent collection, tax payments, and employee salaries. Total assets and net assets attributable to shareholders both grew Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 515,258,008.88 | 473,024,416.33 | 8.93 | | Total Profit | 188,641,031.44 | 213,234,182.29 | -11.53 | | Net Profit Attributable to Shareholders of Listed Company | 166,819,753.33 | 178,391,138.03 | -6.49 | | Net Cash Flow from Operating Activities | -17,575,093.10 | 350,918,844.36 | -105.01 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 6,491,653,900.56 | 6,192,172,517.35 | 4.84 | | Total Assets (Period-end) | 13,613,126,050.37 | 13,007,098,660.96 | 4.66 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-period Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.12 | 0.13 | -7.69% | | Diluted Earnings Per Share (RMB/share) | 0.12 | 0.13 | -7.69% | | Basic EPS Excluding Non-recurring Gains/Losses (RMB/share) | 0.12 | 0.12 | 0% | | Weighted Average Return on Net Assets (%) | 2.62 | 2.92 | Decreased by 0.3 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains/Losses (%) | 2.62 | 2.71 | Decreased by 0.09 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **-107,369.67 RMB**, primarily comprising non-current asset disposal gains/losses, government subsidies, and other non-operating income/expenses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,208,015.63 | | Government Subsidies Recognized in Current Profit/Loss | 1,428,122.85 | | Other Non-operating Income and Expenses Apart from the Above | 47,387.77 | | Less: Income Tax Impact | -210,142.50 | | Impact on Minority Interests (After Tax) | 585,007.16 | | Total | -107,369.67 | Section III Management Discussion and Analysis [Industry and Main Business](index=7&type=section&id=Industry%20and%20Main%20Business) The company operates in the "Business Services" sector within "Leasing and Business Services," primarily offering modern, specialized, and integrated textile fabric trading business services, while expanding upstream and downstream the industry chain - The company's industry is "Business Services" (L72) within "Leasing and Business Services" (L) as per the China Securities Regulatory Commission's "Industry Classification Guidelines for Listed Companies" (2012 Revision)[27](index=27&type=chunk) - The company is committed to providing modern, specialized, and integrated textile fabric trading business services, and expanding upstream and downstream the industry chain[27](index=27&type=chunk) [Discussion and Analysis of Operations](index=7&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved significant results in market expansion, digital ecosystem construction, logistics support, and corporate governance, focusing on "market, digital, and investment" strategies. Future plans involve an "industry+AI+platform" model, leveraging AI, online platform upgrades, and global supply chain services to diversify revenue and enhance industry efficiency - In the first half of 2025, the company maintained a steady development trend in its overall operations, focusing on the three main development themes of "market, digital, and investment"[27](index=27&type=chunk) - The company will further leverage AI, 3D, and other technologies to explore market potential, comprehensively expanding its business operations and capabilities through an "industry+AI+platform" model[29](index=29&type=chunk)[30](index=30&type=chunk) - New projects will enhance merchants' market expansion capabilities, reduce transaction costs and time, and provide new performance growth opportunities for the company, including platform service fees, digital asset usage fees, and trade commission income[30](index=30&type=chunk) [Key Work in the First Half of the Year](index=7&type=section&id=Key%20Work%20in%20the%20First%20Half%20of%20the%20Year) In the first half, the company made progress in market management, digital ecosystem, and logistics support, including lease renewals, market promotion events, new specialized zones, and the launch of a curtain trading platform. Logistics infrastructure was completed, and new international logistics routes were opened - Completed lease renewal and fee collection for **223 six-year leases**, **567 one-year leases**, and **1680 short-term rental units**[27](index=27&type=chunk) - Organized **84 "Cloth Across the World" series events** and participated in or organized **4 self-hosted or group exhibitions**[27](index=27&type=chunk) - Dongshenglu Market's outdoor functional fabric specialty zone opened, attracting **18 benchmark enterprises**; the Textile New Material Center signed **16 industry-leading enterprises**; Beilian Market's "Finished Curtain Exhibition and Trade Zone" welcomed **107 tenants**[27](index=27&type=chunk) - Launched the curtain trading platform, released **V1.6**, completed the debut of the "Lianxiangjia" brand, and integrated with the "Wanshifu" after-sales system[28](index=28&type=chunk) - The cold chain area, power transmission project, and photovoltaic project of the Light & Textile Digital Trade Port project completed acceptance, with rapid progress in attracting tenants for the logistics warehousing area and public intelligent立体仓[28](index=28&type=chunk) - Launched the "Keqiao-Dongxing-Vietnam" logistics special line, establishing various efficient multimodal transport service combinations[28](index=28&type=chunk) [Next Steps for Business Expansion](index=7&type=section&id=Next%20Steps%20for%20Business%20Expansion) The company plans to innovate business models and expand operations by developing a "China Light & Textile City AI large model," upgrading its online trading platform, and expanding global fabric trade and supply chain services, leveraging AI and digital economy opportunities - The company plans to launch the "China Light & Textile City Textile Intelligent Body" integrated platform project, building an industry-leading vertical large model for textile fabrics based on a deep learning architecture[30](index=30&type=chunk)[31](index=31&type=chunk) - The AI large model will possess core capabilities such as fabric image generation, structured sample data generation, series sample design, and trend prediction, enabling comprehensive AI empowerment across markets, merchants, products, and channels[31](index=31&type=chunk) - The online upgrade plan for Light & Textile City will build a digital platform matrix driven by "data resource integration, intelligent fabric display, diversified transaction scenarios, and ecological service forms"[32](index=32&type=chunk) - Global fabric trade and supply chain services will address market pain points, expand overseas markets, and establish integrated exhibition and trade halls through specialized services such as centralized procurement, finished product supply, and supply chain management[34](index=34&type=chunk)[35](index=35&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=Analysis%20of%20Core%20Competencies) During the reporting period, the company's core competencies remained unchanged, characterized by significant industrial agglomeration, strong brand influence, leading digital advantages, and a comprehensive supporting service system, solidifying its leading position in the textile industry - Keqiao District, Shaoxing City, where the company is located, is one of the leading textile printing and dyeing industrial clusters in China, attracting massive commercial, logistics, capital, and information flows[37](index=37&type=chunk) - "Light & Textile City," as the first listed company in China with professional wholesale markets as its core business, enjoys the reputation of "China's First Professional Wholesale Market Stock" and has received numerous accolades[37](index=37&type=chunk) - The company pioneered projects such as "Digital Light & Textile City," "Digital Logistics Port," and "Likeda Smart Logistics Platform," and continuously iterated and upgraded "Online Light & Textile City" and "Global Textile Network," possessing a first-mover advantage in digitalization[39](index=39&type=chunk) - The company provides extensive logistics services, actively promotes international sea-rail intermodal freight train business, and utilizes platforms such as the World Cloth Merchants Conference and Textile Expo to facilitate business expansion[39](index=39&type=chunk) [Key Operating Performance](index=10&type=section&id=Key%20Operating%20Performance) During the reporting period, operating revenue increased by 8.93%, but total profit decreased by 11.53%, and net cash flow from operating activities significantly dropped by 105.01%. The asset-liability structure remained stable, with growth in total assets and net assets. The company actively engaged in external equity and significant non-equity investments, analyzed major subsidiaries, and identified risks such as traditional market challenges, talent shortages, and a weak economic recovery Analysis of Major Accounting Item Changes (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 515,258,008.88 | 473,024,416.33 | 8.93 | | Operating Cost | 277,098,840.72 | 240,449,258.91 | 15.24 | | Selling Expenses | 14,654,681.56 | 16,897,529.95 | -13.27 | | Administrative Expenses | 56,810,965.47 | 47,542,062.19 | 19.50 | | Financial Expenses | 27,032,977.58 | 19,400,667.43 | 39.34 | | R&D Expenses | 4,724,744.25 | 3,024,392.10 | 56.22 | | Net Cash Flow from Operating Activities | -17,575,093.10 | 350,918,844.36 | -105.01 | | Net Cash Flow from Investing Activities | -590,735,672.88 | -477,761,517.91 | N/A | | Net Cash Flow from Financing Activities | 525,854,283.01 | -818,895,983.31 | N/A | - The increase in operating revenue was primarily due to the combined effect of reduced rental income from commercial properties, auction of some market commercial properties in the current period, and auction of some Jinsidai properties in the prior period[41](index=41&type=chunk) - The significant decrease in net cash flow from operating activities was mainly due to the large-scale collection of matured commercial property rents in the prior period, lower actual tax payments in the current period compared to the prior period, and higher employee salary payments in the current period[43](index=43&type=chunk) - The company received **91,618,629.34 RMB** in cash dividends from Zheshang Bank for 2024, which had a significant impact on profit[44](index=44&type=chunk) - The period-end balance of construction in progress increased by **33.68%** year-on-year, primarily due to construction expenditures for the Digital Logistics Port, Light & Textile Smart Valley Digital Industrial Park, and Textile Museum projects[47](index=47&type=chunk) - The period-end balance of minority interests increased by **146.94%** year-on-year, mainly due to the International Logistics Center receiving capital increase funds from minority shareholders[47](index=47&type=chunk) - The company established Xinjiang Light & Textile City Investment Co., Ltd. to invest in and construct the Xinjiang China Light & Textile City comprehensive textile trading market project, with a total stake of **51%**[48](index=48&type=chunk)[55](index=55&type=chunk) - The company faces traditional market operating challenges such as market saturation, intense competition, a sluggish real estate market, rising labor costs, diversified consumer demands, and lagging AI technology application[55](index=55&type=chunk) - The company faces risks of insufficient talent reserves, including declining industry attractiveness, mismatch between digital transformation and traditional workers' skills, difficulty in recruiting technical personnel, and lack of diversified incentive mechanisms[56](index=56&type=chunk) Section IV Corporate Governance, Environment, and Social Responsibility [Changes in Directors, Supervisors, and Senior Management](index=16&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company appointed Mr. Chen Junqiao as Deputy General Manager (seconded) for a one-year term, during which he will not receive a salary from the company - The company appointed Mr. Chen Junqiao as Deputy General Manager (seconded) for a one-year term, during which he will not receive a salary from the company[59](index=59&type=chunk) [Profit Distribution or Capital Reserve Capitalization Plan](index=16&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Capitalization%20Plan) The company will not implement profit distribution or capital reserve capitalization for this semi-annual period - The proposed profit distribution plan and capital reserve capitalization plan for this semi-annual period are "No"[60](index=60&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=16&type=section&id=Equity%20Incentive%20and%20Employee%20Stock%20Ownership%20Plans) During the reporting period, the company had no progress or changes in its equity incentive plans, employee stock ownership plans, or other employee incentive measures - During the reporting period, the company had no progress or changes in its equity incentive plans, employee stock ownership plans, or other employee incentive measures[61](index=61&type=chunk) [Poverty Alleviation and Rural Revitalization](index=16&type=section&id=Poverty%20Alleviation%20and%20Rural%20Revitalization) The company actively fulfills its social responsibilities, continuously engaging in charitable activities and diversified assistance projects to support vulnerable groups, with **28,500 RMB** spent on assisting needy households during the reporting period - The company consistently upholds its social responsibility, actively engaging in public welfare and charitable endeavors, and continuously implementing diversified assistance projects to help vulnerable groups improve their living conditions[62](index=62&type=chunk) - During the reporting period, the company spent a total of **28,500 RMB** on assisting needy households[62](index=62&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=18&type=section&id=Fulfillment%20of%20Commitments) The company's controlling shareholder, Development and Operation Group, and indirect controlling shareholder, Keqiao State-owned Assets Holding, have strictly fulfilled all commitments made in acquisition reports, equity change reports, and major asset restructuring, including avoiding horizontal competition, regulating related-party transactions, ensuring company independence, and gradually injecting market resources, with all commitments strictly fulfilled on schedule - The Development and Operation Group committed not to use its controlling position to harm the legitimate rights and interests of the company and other shareholders, not to interfere with the company's operations, to gradually inject relevant market resources into the company, and to grant the company priority purchase rights[64](index=64&type=chunk) - Keqiao State-owned Assets Holding committed to ensuring the company's independence in personnel, assets, finance, organization, and business, avoiding horizontal competition, and regulating and reducing related-party transactions[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) - All commitments have long-term fulfillment periods and were timely and strictly fulfilled during the reporting period[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) [Explanation of Integrity Status](index=22&type=section&id=Explanation%20of%20Integrity%20Status) During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled court judgments or large overdue debts, maintaining a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled court judgments or large overdue debts[69](index=69&type=chunk) [Significant Contracts and Their Fulfillment](index=23&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company had no external guarantees but provided a total guarantee of **1,379,825,247.26 RMB** for its subsidiary, International Logistics Center, representing **18.59%** of the company's net assets Total Guarantee Amount of the Company | Indicator | Amount (RMB) | | :--- | :--- | | Total Guarantee Amount to Subsidiaries During Reporting Period | 99,198,701.26 | | Total Guarantee Balance to Subsidiaries at Period-end (B) | 1,379,825,247.26 | | Total Guarantee Amount (A+B) | 1,379,825,247.26 | | Ratio of Total Guarantee Amount to Company's Net Assets (%) | 18.59 | - The company provided guarantees for its subsidiary, International Logistics Center[74](index=74&type=chunk) [Progress in Use of Raised Funds](index=25&type=section&id=Progress%20in%20Use%20of%20Raised%20Funds) The company raised a total of **1.2 billion RMB** in 2023, with **1.1994 billion RMB** cumulatively invested by the end of the reporting period, achieving a **100%** investment progress. The funds were primarily used for working capital, and no changes or terminations occurred in the investment projects Overall Use of Raised Funds | Net Amount of Raised Funds (1) (RMB) | Total Committed Investment (3) (RMB) | Total Raised Funds Cumulatively Invested as of Period-end (4) (RMB) | Cumulative Investment Progress as of Period-end (%) (6)＝(4)/(1) | | :--- | :--- | :--- | :--- | | 1,200,000,000.00 | 1,199,400,000.00 | 1,199,400,000.00 | 100.00 | - The raised funds were primarily used for working capital loans[77](index=77&type=chunk) - No changes or terminations occurred in the investment projects during the reporting period[78](index=78&type=chunk) [Other Significant Matters](index=27&type=section&id=Other%20Significant%20Matters) The company's subsidiary, International Logistics Center, received **1.116866312 billion RMB** in expropriation compensation, with **371.152999 million RMB** outstanding. The controlling shareholder plans to increase its stake by **1-2%**. The company introduced ICBC Financial Asset Investment Co., Ltd. as a strategic investor, injecting **500 million RMB** into the subsidiary. Additionally, a strategic cooperation agreement with Zhejiang Lingdi Digital Technology Co., Ltd. aims to build a global textile digital trade platform using "AI+3D" technology - The company's subsidiary, Shaoxing China Light & Textile City International Logistics Center Co., Ltd., received a total of **1,116,866,312.00 RMB** in housing expropriation compensation, with **371,152,999.00 RMB** remaining outstanding[79](index=79&type=chunk) - The controlling shareholder, Development and Operation Group, plans to increase its A-share holdings in the company within 12 months, with a proposed increase of no more than **29.33 million shares**, representing no more than **2%** and no less than **1%** of the total share capital[80](index=80&type=chunk) - The company introduced strategic investor ICBC Financial Asset Investment Co., Ltd. to inject **500 million RMB** into its subsidiary, International Logistics Center, through a non-public agreement, resulting in ICBC Investment holding **21.05%** and the company holding **78.95%** after the capital increase[80](index=80&type=chunk) - The company signed a strategic cooperation agreement with Zhejiang Lingdi Digital Technology Co., Ltd. to build a global textile digital trade platform leveraging "AI+3D" technology, establishing the world's most comprehensive high-standard digital fabric product library and global textile data center[80](index=80&type=chunk)[81](index=81&type=chunk) Section VI Share Changes and Shareholder Information [Share Capital Changes](index=28&type=section&id=Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[83](index=83&type=chunk) [Shareholder Information](index=28&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **27,660** common shareholders. Shaoxing Keqiao District Development and Operation Group Co., Ltd. was the largest shareholder with **38.88%** of shares. The top ten unrestricted shareholders were largely consistent with the top ten shareholders, with no identified related-party relationships or concerted actions - As of the end of the reporting period, the total number of common shareholders was **27,660**[84](index=84&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Change During Reporting Period | Shares Held at Period-end (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Shaoxing Keqiao District Development and Operation Group Co., Ltd. | 16,511,434 | 569,874,082 | 38.88 | State-owned Legal Person | | China Construction Investment (Zhejiang) Venture Capital Co., Ltd. | 0 | 51,898,709 | 3.54 | Domestic Non-state-owned Legal Person | | Shaoxing Keqiao District Shicheng Development Investment Co., Ltd. | 0 | 29,999,961 | 2.05 | State-owned Legal Person | | Zhejiang Zecai Capital Management Co., Ltd. | 0 | 24,427,966 | 1.67 | State-owned Legal Person | | Zhejiang Keqiao Transformation and Upgrading Industry Fund Co., Ltd. | 0 | 20,000,019 | 1.36 | State-owned Legal Person | | Zhang Fangzheng | -4,968,600 | 19,700,000 | 1.34 | Unknown | | Yang Dongdan | 0 | 11,588,820 | 0.79 | Unknown | | Shaoxing Keqiao District Keqiao Street Hongjian Shareholding Economic Cooperative | 0 | 10,738,000 | 0.73 | Domestic Non-state-owned Legal Person | | Li Jun | 0 | 10,000,028 | 0.68 | Unknown | | Gong Wanlun | 0 | 8,239,172 | 0.56 | Unknown | - The company found no related-party relationships or concerted actions among the top ten unrestricted shareholders, or between the top ten unrestricted shareholders and the top ten shareholders, as defined by the "Measures for the Administration of the Takeover of Listed Companies"[88](index=88&type=chunk) - As of June 30, 2025, the company's special repurchase securities account held **107,875,522** common shares, accounting for **7.36%** of the company's total share capital, and is not included in the list of top ten shareholders[87](index=87&type=chunk) Section VII Bond-Related Information [Corporate Bonds and Debt Financing Instruments](index=31&type=section&id=Corporate%20Bonds%20and%20Debt%20Financing%20Instruments) The company issued its first tranche of asset-backed debt financing instruments in 2023, with a balance of **1.2 billion RMB** and an interest rate of **3.60%**, traded in the interbank market. During the reporting period, there were no issues with fund use or rectification, and no risk of delisting. Key financial indicators showed an increase in current and quick ratios, a decrease in asset-liability ratio, but a significant drop in cash interest coverage ratio Basic Information on Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Accrual Date | Maturity Date | Bond Balance (RMB) | Interest Rate (%) | Principal and Interest Payment Method | Trading Venue | Risk of Delisting | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang China Light & Textile City Group Co., Ltd. 2023 First Tranche Targeted Asset-Backed Debt Financing Instrument | 23 Light & Textile City PPN001 (Asset-Backed) | 032381118 | 2023年12月06日-12月07日 | 2023年12月08日 | 2026年12月08日 | 1,200,000,000.00 | 3.60 | Annual interest payment, principal repaid in full at maturity | Interbank Market | No | - All corporate bonds of the company did not involve the use or rectification of raised funds during the reporting period[91](index=91&type=chunk) Key Financial Indicators (Bond-Related) | Key Indicator | Current Period-end | Prior Year-end | Period-end vs. Prior Year-end Change (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 0.68 | 0.63 | 7.94 | | Quick Ratio | 0.68 | 0.63 | 7.94 | | Asset-Liability Ratio (%) | 45.47 | 49.49 | Decreased by 4.02 percentage points | | Interest Coverage Ratio | 4.72 | 4.90 | -3.67 | | Cash Interest Coverage Ratio | -0.16 | 13.98 | -101.14 | | Interest Payment Ratio (%) | 100.00 | 57.86 | Increased by 42.14 percentage points | Section VIII Financial Report [Financial Statements](index=35&type=section&id=Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the financial position, operating results, and cash flows at the end of the reporting period - The consolidated balance sheet shows total assets of **13,613,126,050.37 RMB** and total owners' equity attributable to the parent company of **6,491,653,900.56 RMB** at period-end[101](index=101&type=chunk) - The consolidated income statement shows total operating revenue of **515,258,008.88 RMB**, net profit of **168,566,526.04 RMB**, and net profit attributable to parent company shareholders of **166,819,753.33 RMB** for the current period[107](index=107&type=chunk)[109](index=109&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-17,575,093.10 RMB**, net cash flow from investing activities of **-590,735,672.88 RMB**, and net cash flow from financing activities of **525,854,283.01 RMB**[115](index=115&type=chunk) [Company Basic Information](index=52&type=section&id=Company%20Basic%20Information) Zhejiang China Light & Textile City Group Co., Ltd., established in 1993 and listed on the Shanghai Stock Exchange in 1997, has a registered capital of **1,465,790,928.00 RMB**. Its main business is market leasing and property management, with Shaoxing Keqiao District Development and Operation Group Co., Ltd. as its parent company and Shaoxing Keqiao District People's Government as the ultimate controlling party - The company was established on April 26, 1993, and listed on the Shanghai Stock Exchange on February 28, 1997[127](index=127&type=chunk) - As of June 30, 2025, the company's registered capital was **1,465,790,928.00 RMB**, with a total of **1,465,790,928 shares**[127](index=127&type=chunk) - The company's main business is market leasing and property management, with Shaoxing Keqiao District Development and Operation Group Co., Ltd. as its parent company and Shaoxing Keqiao District People's Government as the ultimate controlling party[127](index=127&type=chunk) [Basis of Financial Statement Preparation](index=52&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with accounting standards issued by the Ministry of Finance and relevant CSRC regulations, on a going concern basis, affirming the company's ability to continue operations for at least the next 12 months - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the relevant provisions of the China Securities Regulatory Commission's "Rules for the Disclosure of Information by Companies Issuing Securities to the Public No. 15 – General Provisions on Financial Reports"[128](index=128&type=chunk) - These financial statements are prepared on a going concern basis, and the company has the ability to continue as a going concern for at least 12 months from the end of this reporting period[129](index=129&type=chunk) [Significant Accounting Policies and Estimates](index=52&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for financial statement preparation, covering enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, accounts receivable, other receivables, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company identifies prepayments, accounts payable, contract liabilities, and other payables with an aging over one year and individual balances exceeding **0.3%** of total assets as significant items[136](index=136&type=chunk) - The company identifies structured entities, subsidiaries, joint ventures, and associates whose total assets/total revenue/total profit exceed **15%** of the group's total assets/total revenue/total profit as significant entities[136](index=136&type=chunk) - Financial assets are classified at initial recognition as: financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[146](index=146&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[152](index=152&type=chunk) - The company accounts for long-term equity investments in subsidiaries using the cost method, and for long-term equity investments in associates and joint ventures using the equity method[170](index=170&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods or services[199](index=199&type=chunk) - The company recognizes lease payments as rental income on a straight-line basis over the lease term[202](index=202&type=chunk) [Taxation](index=72&type=section&id=Taxation) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, property tax, education surcharge, and local education surcharge. Some subsidiaries enjoy preferential corporate income tax rates of **15%** or **20%** due to high-tech enterprise or small and micro enterprise qualifications Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of Goods and Taxable Services Revenue | 1%、3%、5%、6%、9%、13% | | Urban Maintenance and Construction Tax | Actual Amount of Turnover Tax Paid | 5%、7% | | Corporate Income Tax | Taxable Income | 25%、20%、15% | | Property Tax | Original Value of Property or Rental Income | 1.2%、12% | | Education Surcharge | Actual Amount of Turnover Tax Paid | 3% | | Local Education Surcharge | Actual Amount of Turnover Tax Paid | 2% | - Subsidiary Zhejiang China Light & Textile City Network Co., Ltd. is recognized as a high-tech enterprise and will pay corporate income tax at a **15%** rate in 2025[223](index=223&type=chunk) - Several subsidiaries meet the criteria for small and micro enterprises, applying a **25%** reduction in taxable income calculation and a **20%** corporate income tax rate for 2025, a policy extended until December 31, 2027[224](index=224&type=chunk) [Notes to Consolidated Financial Statement Items](index=74&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, and owners' equity, such as monetary funds, accounts receivable, other receivables, inventories, investment properties, fixed assets, construction in progress, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, short-term borrowings, notes payable, accounts payable, advances from customers, contract liabilities, employee compensation, taxes payable, other payables, long-term borrowings, bonds payable, deferred income, other non-current liabilities, share capital, capital reserves, treasury stock, other comprehensive income, surplus reserves, undistributed profits, operating income and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, notes to statement of changes in owners' equity, foreign currency monetary items, leases, and data resources, along with explanations for changes Composition of Monetary Funds | Item | Period-end Balance (RMB) | Period-beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 6,138.14 | 6,138.14 | | Bank Deposits | 1,430,462,423.08 | 1,512,870,865.78 | | Other Monetary Funds | 237,673.96 | 7,691,773.17 | | Total | 1,430,706,235.18 | 1,520,568,777.09 | - Accounts receivable at period-end amounted to **58,874,698.73 RMB**, with **98.26%** having an aging within one year[230](index=230&type=chunk)[232](index=232&type=chunk) - Other receivables at period-end amounted to **437,246,090.39 RMB**, of which **371,152,999.00 RMB** was for housing expropriation compensation, accounting for **84.88%**[250](index=250&type=chunk)[256](index=256&type=chunk) - Investment properties had a period-end book value of **5,308,271,852.13 RMB**, of which **1,805,338,085.56 RMB** for buildings and structures had not yet completed property title certificates[272](index=272&type=chunk)[274](index=274&type=chunk) - Construction in progress at period-end amounted to **2,184,247,736.69 RMB**, primarily including the Light & Textile Digital Logistics Port, Light & Textile Smart Valley Digital Industrial Park construction project, and Textile Museum project[284](index=284&type=chunk) - Goodwill impairment loss recognized in the current period was **639,987.95 RMB**, mainly due to goodwill arising from the recognition of deferred income tax liabilities, which decreased as the deferred income tax liabilities reversed[297](index=297&type=chunk)[298](index=298&type=chunk) - Other equity instrument investments at period-end amounted to **2,328,144,360.43 RMB**, primarily including investments in Zheshang Bank, Shanghai Pudong Development Bank, and Zhejiang Shaoxing Ruifeng Rural Commercial Bank[91](index=91&type=chunk) - Investment income for the current period was **114,067,201.57 RMB**, mainly from long-term equity investment income accounted for using the equity method and dividend income from other equity instrument investments held[372](index=372&type=chunk)[373](index=373&type=chunk) [Research and Development Expenses](index=123&type=section&id=Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenses were **4,724,744.25 RMB**, all expensed, primarily consisting of employee compensation and asset depreciation/amortization, representing a **56.22%** year-on-year increase R&D Expenses by Nature of Expense | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 4,226,475.74 | 2,993,057.87 | | Depreciation and Amortization | 498,268.51 | 31,334.23 | | Total | 4,724,744.25 | 3,024,392.10 | | Of which: Expensed R&D Expenses | 4,724,744.25 | 3,024,392.10 | | Capitalized R&D Expenses | 0.00 | 0.00 | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses[405](index=405&type=chunk) [Changes in Consolidation Scope](index=124&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company established Xinjiang Light & Textile City Investment Co., Ltd. and included it in the consolidation scope. Concurrently, Zhejiang China Light & Textile City Park Management Co., Ltd. was deregistered in January 2025 and is no longer included in the consolidated financial statements - The company established Xinjiang Light & Textile City Investment Co., Ltd. in the current period and included it in the consolidation scope from its establishment date[408](index=408&type=chunk) - Zhejiang China Light & Textile City Park Management Co., Ltd. was deregistered on January 6, 2025, and is no longer included in the consolidated financial statements thereafter[408](index=408&type=chunk) [Interests in Other Entities](index=125&type=section&id=Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates. The company holds full or controlling interests in over 20 subsidiaries, covering road transport, business services, and software and information technology services. Zhejiang Zhongfu City Service Group Co., Ltd. is a significant non-wholly-owned subsidiary. The company accounts for investments in associates like Kuaijishan Shaoxing Wine Co., Ltd. using the equity method - The company owns over **20** subsidiaries, including Shaoxing China Light & Textile City Logistics Center Development and Operation Co., Ltd. and Shaoxing China Light & Textile City International Logistics Center Co., Ltd[410](index=410&type=chunk)[411](index=411&type=chunk) - Zhejiang Zhongfu City Service Group Co., Ltd. is a significant non-wholly-owned subsidiary, with minority shareholders holding **50.50%** equity[414](index=414&type=chunk) - The company holds **21.27%** of Kuaijishan Shaoxing Wine Co., Ltd. and accounts for it using the equity method[419](index=419&type=chunk) - The company transferred **21.05%** equity of its subsidiary, Shaoxing China Light & Textile City International Logistics Center Co., Ltd., in the current period, reducing its stake from **100%** to **78.95%**[416](index=416&type=chunk) - The company transferred **1.5%** equity of its subsidiary, Zhejiang Zhongfu City Service Group Co., Ltd., in the current period, reducing its stake from **51%** to **49.5%**[416](index=416&type=chunk) [Government Grants](index=132&type=section&id=Government%20Grants) During the reporting period, the company recognized total government grants of **1,899,344.92 RMB**, comprising **492,249.07 RMB** related to assets and **1,407,095.85 RMB** related to income. The period-end balance of government grants in deferred income was **9,419,026.90 RMB** Liability Items Involving Government Grants | Financial Statement Item | Period-beginning Balance (RMB) | New Grant Amount in Current Period (RMB) | Amount Recognized in Non-operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Period-end Balance (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 9,911,275.97 | | | 492,249.07 | 9,419,026.90 | Related to Assets | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Related to Assets | 492,249.07 | 1,325,582.82 | | Related to Income | 1,407,095.85 | 1,501,323.43 | | Total | 1,899,344.92 | 2,826,906.25 | [Financial Instrument Risks](index=133&type=section&id=Financial%20Instrument%20Risks) The company faces credit, liquidity, and market risks (including interest rate and exchange rate risks). These risks are managed by assessing customer creditworthiness, monitoring cash flows, maintaining a balanced portfolio of fixed and floating rate instruments, and overseeing foreign currency transactions. A 100 basis point change in floating interest rates would alter total profit by **13,923,629.79 RMB**, while a **5%** change in the RMB-USD exchange rate would affect total profit by **271,789.99 RMB** - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[426](index=426&type=chunk) - The company's monetary funds are primarily deposited in reputable state-owned banks and other large and medium-sized listed banks with high credit ratings, resulting in low credit risk[427](index=427&type=chunk) - As of June 30, 2025, if floating-rate borrowing interest rates increase or decrease by **100 basis points**, the company's total profit would decrease or increase by **13,923,629.79 RMB**[429](index=429&type=chunk) - As of June 30, 2025, if the RMB appreciates or depreciates by **5%** against the USD, the company's total profit would increase or decrease by **271,789.99 RMB**[429](index=429&type=chunk) [Fair Value Disclosure](index=135&type=section&id=Fair%20Value%20Disclosure) The company discloses the period-end fair values of assets and liabilities measured at fair value, primarily other equity instrument investments and other non-current financial assets. Level 1 fair values are based on closing prices, Level 2 uses valuation techniques, and Level 3 combines market approach assessments with investment costs. The carrying amounts of financial assets and liabilities not measured at fair value are very close to their fair values Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Financial assets classified as fair value through profit or loss: Other non-current financial assets | | | 48,136,578.31 | 48,136,578.31 | | Other Equity Instrument Investments | 2,138,604,753.97 | 64,301,838.71 | 125,237,767.75 | 2,328,144,360.43 | | Total Assets Continuously Measured at Fair Value | 2,138,604,753.97 | 64,301,838.71 | 173,374,346.06 | 2,376,280,938.74 | - Level 1 fair value is determined based on the closing price at the stock exchange at period-end[435](index=435&type=chunk) - The fair value of the company's investments in Hangzhou Meiqi Technology Co., Ltd., Shanghai Nuosheng Medical Technology Co., Ltd., and Hangzhou Aoruan Technology Co., Ltd. is determined based on the company's valuation at the time of capital increase and the shareholding ratio[436](index=436&type=chunk) - The company's investment in Wuhan Newforce Biotechnology Co., Ltd. is valued using the market approach, selecting comparable listed companies in the same industry, using the market-to-R&D ratio as a comparable indicator, and also considering liquidity discounts[438](index=438&type=chunk) - The carrying amounts of financial assets and financial liabilities not measured at fair value are very close to their fair values[439](index=439&type=chunk) [Related Parties and Related Party Transactions](index=137&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) The company's parent company is Shaoxing Keqiao District Development and Operation Group Co., Ltd., with Shaoxing Keqiao District People's Government as the ultimate controlling party. The company engages in daily operating related-party transactions, including purchases and sales of goods, provision and acceptance of services, and related-party leases, with various related parties. Key management personnel compensation is also disclosed. All related-party transactions are conducted on market terms and at fair prices - The company's parent company is Shaoxing Keqiao District Development and Operation Group Co., Ltd., with a shareholding ratio of **38.88%**[441](index=441&type=chunk) - The company's ultimate controlling party is Shaoxing Keqiao District People's Government[441](index=441&type=chunk) - The company has related-party transactions for purchasing goods/receiving services with related parties such as Shaoxing Keqiao Water Supply Co., Ltd., Shaoxing Keqiao China Light & Textile City Talent Market Co., Ltd., and Shaoxing Keqiao Media Group Co., Ltd[444](index=444&type=chunk)[445](index=445&type=chunk) - The company sells goods/provides services to related parties such as Shaoxing Keqiao District Fangdu Supply Chain Service Co., Ltd. and Shaoxing Keyan Construction Investment Co., Ltd[445](index=445&type=chunk) - The company, as lessor, provides real estate use right leases to related parties such as Shaoxing Keqiao District Development and Operation Group Co., Ltd. and Shaoxing Keqiao District Fangdu Supply Chain Service Co., Ltd[449](index=449&type=chunk) - Key management personnel compensation for the current period was **1.4456 million RMB**, and for the prior period was **1.7339 million RMB**[463](index=463&type=chunk) [Commitments and Contingencies](index=145&type=section&id=Commitments%20and%20Contingencies) In 2023, the company issued **1.2 billion RMB** in targeted asset-backed debt financing instruments, collateralized by real estate with an original value of **460,353,183.52 RMB**. As of the end of the reporting period, there were no significant contingencies requiring disclosure - On December 6, 2023, the company issued **1.2 billion RMB** in targeted asset-backed debt financing instruments, collateralized by real estate with an original value of **460,353,183.52 RMB** and a net value of **345,774,597.88 RMB**[469](index=469&type=chunk) - The company has no significant contingencies requiring disclosure[470](index=470&type=chunk) [Other Significant Matters](index=146&type=section&id=Other%20Significant%20Matters) The company participates in securities lending but held no Zheshang Bank or Kuaijishan shares for lending at period-end. Its subsidiary, International Logistics Center, received **1.1168 billion RMB** in expropriation compensation, with **371.15 million RMB** outstanding. The company has recognized related asset disposal gains - As of June 30, 2025, the company held no Zheshang Bank or Kuaijishan shares for securities lending[473](index=473&type=chunk)[474](index=474&type=chunk) - The company's subsidiary, Shaoxing China Light & Textile City International Logistics Center Co., Ltd., received a total of **1,116,866,312.00 RMB** in housing expropriation compensation, with the remaining **371,152,999.00 RMB** recorded as other receivables[475](index=475&type=chunk) - The company has reclassified corresponding assets held for sale of **188,791,134.14 RMB** and recognized asset disposal gains of **1,267,973,161.33 RMB**[475](index=475&type=chunk) [Notes to Parent Company Financial Statement Major Items](index=148&type=section&id=Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section details the parent company's accounts receivable, other receivables, long-term equity investments, operating income and costs, and investment income. Parent company accounts receivable were **6.7 million RMB**, and other receivables were **546.2155228 million RMB**, with a significant portion from consolidated related parties. Total long-term equity investments were **2.1652384991 billion RMB**, including investments in subsidiaries and associates. Parent company operating income was **319.56359331 million RMB**, and investment income was **105.96860549 million RMB** - Parent company accounts receivable at period-end amounted to **6,700,000.00 RMB**, with a bad debt provision of **335,000.00 RMB**[481](index=481&type=chunk) - Parent company other receivables at period-end amounted to **546,215,522.80 RMB**, including **572,955,352.00 RMB** from consolidated related parties[485](index=485&type=chunk)[492](index=492&type=chunk)[497](index=497&type=chunk) - Parent company long-term equity investments at period-end amounted to **2,165,238,499.10 RMB**, including **1,374,689,346.17 RMB** in subsidiaries and **790,549,152.93 RMB** in associates and joint ventures[502](index=502&type=chunk) - Parent company operating income for the current period was **319,563,593.31 RMB**, and operating cost was **127,375,215.10 RMB**[509](index=509&type=chunk) - Parent company investment income for the current period was **105,968,605.49 RMB**, primarily from dividend income obtained from other equity instrument investments during the holding period[511](index=511&type=chunk)[512](index=512&type=chunk) [Supplementary Information](index=159&type=section&id=Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses for the current period and net asset return and earnings per share. Total non-recurring gains and losses amounted to **-107,369.67 RMB**. The weighted average return on net assets attributable to common shareholders was **2.62%**, and basic earnings per share was **0.12 RMB/share** Statement of Non-recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,208,015.63 | | Government Subsidies Recognized in Current Profit/Loss | 1,428,122.85 | | Other Non-operating Income and Expenses Apart from the Above | 47,387.77 | | Less: Income Tax Impact | -210,142.50 | | Impact on Minority Interests (After Tax) | 585,007.16 | | Total | -107,369.67 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (RMB/share) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 2.62 | 0.12 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-recurring Gains and Losses | 2.62 | 0.12 |

Group 1 - The company reported a revenue of 515 million yuan for the first half of 2025, representing a year-on-year increase of 8.93% [1] - The net profit for the same period was 167 million yuan, showing a year-on-year decline of 6.49% [1]

Group 1 - A new international logistics channel has been established for the export of textiles from China Light Textile City in Shaoxing, enhancing efficiency and convenience [1][3] - The "Kexin Asia" cross-border freight train, carrying 16 containers of fabric, departs from Shaoxing and will reach key cities in Central Asia, including Almaty, Tashkent, and Bishkek [3] - This new route reduces transit time by approximately 2 days compared to previous transportation methods, significantly improving international logistics speed and lowering logistics costs for enterprises [3] Group 2 - China Light Textile City has an annual transaction volume exceeding 400 billion RMB, with over 100 billion RMB in annual exports, of which nearly 60% is sold to Central Asia, the Middle East, and Europe [3]

Market Overview - As of 13:59, the Shanghai Composite Index is at 3723.60 points, with a decline of 0.12% [1] - The total trading volume of A-shares today is 21,733.08 billion yuan [1] Moving Average Analysis - 26 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Yangzi New Materials: 5-day MA is 1.11% lower than the 10-day MA [1] - Ningbo Fanzheng: 5-day MA is 0.94% lower than the 10-day MA [1] - China Petroleum: 5-day MA is 0.40% lower than the 10-day MA [1] Individual Stock Performance - Yangzi New Materials (002652): Today's change is +0.52%, with a 5-day MA of 3.91 yuan and a 10-day MA of 3.95 yuan, showing a distance of -1.11% [1] - Ningbo Fanzheng (300998): Today's change is -1.59%, with a 5-day MA of 25.04 yuan and a 10-day MA of 25.28 yuan, showing a distance of -0.94% [1] - China Petroleum (601857): Today's change is -0.58%, with a 5-day MA of 8.62 yuan and a 10-day MA of 8.66 yuan, showing a distance of -0.40% [1] Additional Stock Insights - Huabei Pharmaceutical (600812): No change today, with a 5-day MA of 6.67 yuan and a 10-day MA of 6.69 yuan, showing a distance of -0.28% [1] - ST Modern (002656): No change today, with a 5-day MA of 2.27 yuan and a 10-day MA of 2.28 yuan, showing a distance of -0.26% [1] - TBEA (600089): Today's change is -0.81%, with a 5-day MA of 13.52 yuan and a 10-day MA of 13.55 yuan, showing a distance of -0.24% [1]