Core Insights - The company, Jinhe Business Management (603682.SH), reported a total revenue of 491 million yuan for the first half of 2025, with a net profit attributable to shareholders of 75.45 million yuan, representing a year-on-year increase of 224.95% [1][3] - The operating cash flow for the company was 318 million yuan [1] Financial Performance - The latest debt-to-asset ratio stands at 79.72% [3] - The gross profit margin is reported at 23.27% [3] - The return on equity (ROE) is 7.61%, an increase of 5.58 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.16 yuan, which is an increase of 220.00% year-on-year, up by 0.11 yuan [3] - The total asset turnover ratio remains stable at 0.09 times, with a year-on-year increase of 3.43% [3] Shareholder Structure - The number of shareholders is 22,500, with the top ten shareholders holding a total of 300 million shares, accounting for 63.58% of the total share capital [3] - The largest shareholder is Shanghai Jinhe Investment Group Co., Ltd., holding 58.01% of the shares [3]

Core Viewpoint - The financial performance of Jinhe Commercial Management (603682) shows a decline in revenue but a significant increase in net profit, indicating a mixed financial outlook for the company [1] Financial Performance Summary - Total revenue for the first half of 2025 was 491 million yuan, a year-on-year decrease of 5.18% [1] - Net profit attributable to shareholders reached 75.45 million yuan, a year-on-year increase of 224.95% [1] - Gross margin was 23.27%, down 11.23% year-on-year, while net margin improved to 14.01%, up 357.54% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 129 million yuan, accounting for 26.34% of revenue, a decrease of 3.62% year-on-year [1] - Earnings per share (EPS) was 0.16 yuan, reflecting a year-on-year increase of 220.0% [1] Changes in Financial Items - Trade financial assets decreased by 100% due to the redemption of bank wealth management products [2] - Accounts receivable increased by 25.6%, influenced by macroeconomic conditions and industry cycles [2] - Prepayments rose by 140.9%, indicating an increase in project prepayments [2] - Long-term receivables decreased by 26.24% due to the impact of new leasing standards [2] - Accounts payable decreased by 51.94% as the company settled project engineering payments [3] Cash Flow Analysis - Net cash flow from operating activities decreased by 6.55%, attributed to extended payment terms for service fees [5] - Net cash flow from investing activities increased by 192.68% due to the redemption of bank wealth management products [6] - Net cash flow from financing activities decreased by 54.31% due to dividend distribution [7] Business Model and Performance Metrics - The company's return on invested capital (ROIC) was 3.68%, indicating weak capital returns [8] - The historical median ROIC since listing is 16.65%, suggesting better investment returns in previous years [8] - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors [9] Financial Health Indicators - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 32.33% [10] - Accounts receivable have reached 1116.26% of profit, indicating potential issues in collection [10]

Core Viewpoint - Jinhe Business Management (603682.SH) reported a decline in institutional ownership in its half-year report for 2025, with a total of 8 institutional investors holding 296 million shares, representing 62.58% of the total share capital, a decrease of 1.12 percentage points from the previous quarter [1] Institutional Ownership - As of August 22, 2025, institutional investors include Shanghai Jinhe Investment Group Co., Ltd., Shanghai Jinyou Investment Management Partnership (Limited Partnership), Shanghai Tongqi Cultural and Artistic Development Co., Ltd., BARCLAYS BANK PLC, MORGAN STANLEY & CO. INTERNATIONAL PLC, Shanghai Yuanchang Investment Management Co., Ltd., UBS AG, and Huatai Zijing CSI 500 Index Enhanced Initiation A [1] - The total institutional ownership decreased by 1.12 percentage points compared to the previous quarter [1] Public Fund Activity - One new public fund disclosed this period, Huatai Zijing CSI 500 Index Enhanced Initiation A, while one public fund, Huaxia CSI 500 Index Enhanced A, was not disclosed in this period [1] Foreign Investment - Three new foreign institutions disclosed their holdings this period, including BARCLAYS BANK PLC, MORGAN STANLEY & CO. INTERNATIONAL PLC, and UBS AG [1]

Core Viewpoint - The company plans to distribute a cash dividend of 1.10 yuan (including tax) for every 10 shares to all shareholders, totaling approximately 51.975 million yuan (including tax) based on the total share capital of 472.5 million shares as of June 30, 2025 [10][39]. Company Overview - The company is Shanghai Jinhe Commercial Management Co., Ltd., with the stock code 603682 [3]. - The board of directors guarantees the authenticity, accuracy, and completeness of the report, and no significant omissions or misleading statements exist [1][7]. Financial Data - As of June 30, 2025, the company's net profit attributable to shareholders is approximately 75.45 million yuan, and the accumulated undistributed profits of the parent company are about 328.76 million yuan [39]. Shareholder Meeting - The company will hold its third extraordinary general meeting on September 10, 2025, to review the proposed profit distribution plan [14][17]. - The meeting will adopt a combination of on-site and online voting methods [17][18]. Dividend Distribution Plan - The proposed cash dividend distribution will not involve stock dividends or capital reserve transfers [38][39]. - If there are changes in the total share capital before the dividend distribution date, the total distribution amount will remain unchanged, but the per-share distribution ratio will be adjusted accordingly [10][39].

Core Points - The company Jinhe Business Management announced the approval of multiple proposals during the 12th meeting of its fifth board of directors, including the agenda for the third extraordinary general meeting of shareholders in 2025 [2] Group 1 - The company held its fifth board of directors' 12th meeting on August 22, where several important resolutions were passed [2] - One of the key resolutions includes the proposal to convene the third extraordinary general meeting of shareholders in 2025 [2]

Group 1 - The company reported a revenue of 490,726,301.28 yuan for the first half of 2025, representing a year-on-year decrease of 5.18% [2] - The net profit attributable to shareholders of the listed company was 75,452,398.13 yuan, showing a significant year-on-year increase of 224.95% [2]

Core Viewpoint - Jinhe Commercial Management announced a semi-annual distribution plan for 2025, proposing a cash dividend of 1.1 yuan per 10 shares (including tax), with a total cash payout of 51.975 million yuan, representing 68.88% of the net profit, marking the seventh distribution since the company's listing [2][3]. Group 1: Distribution Plan - The company plans to distribute a cash dividend of 1.1 yuan per 10 shares, totaling 51.975 million yuan [2]. - The cash payout accounts for 68.88% of the company's net profit [2]. - This marks the seventh time the company has distributed dividends since its listing [2]. Group 2: Financial Performance - For the first half of 2025, the company reported operating revenue of 491 million yuan, a year-on-year decrease of 5.18% [2]. - The net profit for the same period was 75.4524 million yuan, showing a significant year-on-year increase of 224.95% [2]. - The basic earnings per share were reported at 0.16 yuan [2]. Group 3: Industry Comparison - In the retail trade sector, Jinhe Commercial Management's cash payout of 51.975 million yuan ranks third among nine companies that announced their semi-annual distribution plans for 2025 [3]. - The highest cash payout in the sector was from Jihong Co., amounting to 79.6685 million yuan, followed by Ruoyuchen with 65.6011 million yuan [3]. - The cash payout of Jinhe Commercial Management has a dividend yield of 1.83% [3].

（编辑 任世碧） 证券日报网讯 8月22日晚间，锦和商管发布关于2025年半年度利润分配方案的公告称，公司拟向全体股 东每10股派发现金红利1.10元（含税）。截至2025年6月30日，公司总股本472，500，000.00股，以此计 算合计拟派发现金红利51，975，000.00元（含税）。 ...

Group 1 - The company reported a revenue of 491 million yuan for the first half of 2025, representing a year-on-year decrease of 5.18% [1] - The net profit attributable to shareholders of the listed company was 75.45 million yuan, showing a significant year-on-year increase of 224.95% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.13 million yuan, which is a year-on-year increase of 160.71% [1] - The basic earnings per share were 0.16 yuan [1]

Core Viewpoint - The company plans to distribute a cash dividend of 1.10 yuan (including tax) for every 10 shares to all shareholders based on the total share capital as of the dividend distribution record date [1][2] Group 1: Financial Performance - As of June 30, 2025, the company's net profit attributable to shareholders is 75,452,398.13 yuan, and the accumulated undistributed profit of the parent company is 328,759,825.62 yuan [1] Group 2: Dividend Distribution Plan - The proposed profit distribution plan will be submitted for approval at the company's third extraordinary general meeting of shareholders in 2025 [1][2] - The company will not conduct capital reserve transfers to increase share capital or issue bonus shares [2] - If there are changes in the total share capital before the dividend distribution record date, the total distribution amount will remain unchanged, and the per-share distribution ratio will be adjusted accordingly [1][2]