（文章来源：证券日报） 证券日报网讯 8月21日晚间，交建股份发布公告称，公司第三届监事会第十九次会议审议通过了关于 《安徽省交通建设股份有限公司2025年半年度报告》的议案等多项议案。 ...

Growth - Teva Pharmaceutical reported a net profit of 38.01 million yuan in the first half of the year, a year-on-year increase of 1313.23% [1] - Qianfang Technology achieved a net profit of 170 million yuan, up 1287.12% year-on-year [1] - Tianyu Digital Science and Technology recorded a net profit of 23.62 million yuan, reflecting a 453.67% increase [1] - Suzhou Gude reported a net profit of 43.70 million yuan, up 310.28% year-on-year [1] - Sainuo Medical achieved a net profit of 13.84 million yuan, an increase of 296.54% [1] - Runfeng Co., Ltd. reported a net profit of 556 million yuan, up 205.62% year-on-year [1] - Guodian Nanzi achieved a net profit of 159 million yuan, reflecting a 197.03% increase [1] - Ruijie Networks reported a net profit of 452 million yuan, up 194% year-on-year [1] - Zhongjing Technology achieved a net profit of 25.74 million yuan, an increase of 144.05% [1] - China National Materials Technology reported a net profit of 999 million yuan, up 114.92% year-on-year [1] - Lante Optics achieved a net profit of 103 million yuan, reflecting a 110.27% increase [1] - Yidao Information reported a net profit of 11.41 million yuan, up 96.02% year-on-year [1] - Qianzhao Optoelectronics achieved a net profit of 69.23 million yuan, an increase of 88.04% [1] - Ruile New Materials reported a net profit of 166 million yuan, up 74.22% year-on-year [1] - Lvtian Machinery achieved a net profit of 140 million yuan, reflecting a 64.36% increase [1] - Mega Chip Color reported a net profit of 110 million yuan, up 48.83% year-on-year [1] - Jiaojian Co., Ltd. achieved a net profit of 113 million yuan, an increase of 48.66% [1] - Huhua Electronics reported a net profit of 1.683 billion yuan, up 47.50% year-on-year [1] - Sany Heavy Industry achieved a net profit of 5.216 billion yuan, reflecting a 46% increase [1] - Goodix Technology reported a net profit of 431 million yuan, up 35.74% year-on-year [1] - Allwinner Technology achieved a net profit of 161 million yuan, an increase of 35.36% [1] - Bichu Electronics reported a net profit of 640 million yuan, up 30.32% year-on-year [1] - Ganneng Co., Ltd. achieved a net profit of 438 million yuan, reflecting a 29.39% increase [1] - Weigao Medical reported a net profit of 492 million yuan, up 28.07% year-on-year [1] - GoerTek achieved a net profit of 1.417 billion yuan, reflecting a 15.65% increase [1] - Huason Pharmaceutical reported a net profit of 53.95 million yuan, up 14.27% year-on-year [1] - Gaoxin Development achieved a net profit of 66.92 million yuan, an increase of 14.06% [1] - Shanghai Jahwa reported a net profit of 266 million yuan, up 11.66% year-on-year [1] Stable Growth - Hangcha Group reported a net profit of 1.121 billion yuan, reflecting an increase of 11.38% year-on-year [2] - Dong'e Ejiao achieved a net profit of 818 million yuan, up 10.74% [2] - Beikong Technology reported a net profit of 54.31 million yuan, an increase of 10.59% [2] - Hongxin Electronics achieved a net profit of 53.99 million yuan, up 9.85% year-on-year [2] - Huace Testing reported a net profit of 467 million yuan, reflecting a 7.03% increase [2] - Samsung Medical achieved a net profit of 1.230 billion yuan, up 6.93% year-on-year [2] - Jiangzhong Pharmaceutical reported a net profit of 522 million yuan, reflecting a 5.80% increase [2] - Hualing Cable achieved a net profit of 63.64 million yuan, up 4.74% year-on-year [2] - Kuaijishan reported a net profit of 93.88 million yuan, reflecting a 3.41% increase [2] - Laishen Tongling achieved a net profit of 60.61 million yuan, turning from loss to profit [2] - Yunnan Geology reported a net profit of 22.15 million yuan, turning from loss to profit [2] - Shandong Steel achieved a net profit of 1.253 million yuan, turning from loss to profit [2] Decline and Loss - Zhongtian Rocket reported a net profit of 394,460 yuan, a year-on-year decrease of 80.74% [2] - Liuhua Co., Ltd. achieved a net profit of 344,280 yuan, down 78.01% year-on-year [2] - Qiaqia Food reported a net profit of 886.42 million yuan, a decrease of 73.68% [2] - Hangjin Technology achieved a net profit of 1.372 million yuan, down 58.38% year-on-year [2] - Taiping Bird reported a net profit of 7.771 million yuan, a decrease of 54.61% [2] - Canadian Solar reported a net profit of 731 million yuan, down 41.01% year-on-year [2] - Sinopec achieved a net profit of 21.483 billion yuan, a decrease of 39.8% [2] - Fulejia reported a net profit of 230 million yuan, down 32.54% year-on-year [2] - Palin Bio reported a net profit of 236 million yuan, down 27.89% [2] - Yiwei Lithium Energy achieved a net profit of 1.605 billion yuan, down 24.9% year-on-year [2] - Jinguang Electric reported a net profit of 42.34 million yuan, down 17.16% [2] - Hexing Co., Ltd. achieved a net profit of 107 million yuan, down 16.98% year-on-year [2] - Electric Investment Production and Financing reported a net profit of 459 million yuan, down 13.41% [2] - Tiantan Biological achieved a net profit of 633 million yuan, down 12.88% year-on-year [2] - Huali Group reported a net profit of 1.671 billion yuan, down 11.06% [2] - Zhongyou Engineering achieved a net profit of 470 million yuan, down 10.87% year-on-year [2] Further Losses - Chongda Technology reported a net profit of 222 million yuan, down 6.19% year-on-year [3] - Xinhua Department Store achieved a net profit of 86.01 million yuan, down 2.52% [3] - Zhuosheng Micro reported a net loss of 147 million yuan, turning from profit to loss [3] - Penghui Energy reported a net loss of 88.23 million yuan, turning from profit to loss [3] - Yipin Hong reported a net loss of 73.54 million yuan, turning from profit to loss [3] - Zhongbing Hongjian reported a net loss of 40.71 million yuan, turning from profit to loss [3] - Sanwei Xinan reported a net loss of 29.39 million yuan, turning from profit to loss [3] - Anyuan Coal reported a net loss of 290 million yuan [3] - Keda Xunfei reported a net loss of 239 million yuan [3] - Jishi Media reported a net loss of 23.2 million yuan [3] - Nanjing Chemical Fiber reported a net loss of 88.93 million yuan [3] - Guangsheng Tang reported a net loss of 66.69 million yuan [3] - Chutian Long reported a net loss of 39.77 million yuan [3]

智通财经APP讯，交建股份(603815.SH)发布2025年半年度报告，报告期内，公司实现营业收入19.62亿 元，同比增长9.01%。实现归属于上市公司股东的净利润1.13亿元，同比增长48.66%。实现归属于上市 公司股东的扣除非经常性损益的净利润1.14亿元，同比增长48.31%。基本每股收益0.18元。 ...

（文章来源：每日经济新闻） 2024年1至12月份，交建股份的营业收入构成为：建筑施工行业占比97.81%，其他业务占比2.19%。 交建股份（SH 603815，收盘价：8.44元）8月21日晚间发布公告称，公司第三届第二十三次董事会会议 于2025年8月21日在公司会议室召开。会议审议了《安徽省交通建设股份有限公司关于2025年半年度募 集资金存放与实际使用情况的专项报告》等文件。 ...

交建股份（SH 603815，收盘价：8.44元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收入 约19.62亿元，同比增加9.01%；归属于上市公司股东的净利润约1.13亿元，同比增加48.66%；基本每股 收益0.18元，同比增加50%。 （文章来源：每日经济新闻） ...

证券代码：603815 证券简称：交建股份 公告编号：2025-052 安徽省交通建设股份有限公司 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 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》和《上海证券交易所上市公司自律监管指南第 1 号——公告格式》的规 定，将安徽省交通建设股份有限公司（以下简称本公司或公司）2025 年半年度 募集资金存放与使用情况报告如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2021]18 号文核准，本公司于 2021 年 6 月向社会非公开发行人民币普通股（A 股）119,924,235 股，每股发行价为 7.26 元，应募集资金总额为人民币 87,064.99 万元，根据有关规定扣除发行费用 1,143.70 万元后，实际募集资金金额为 85,921.30 万元。该募集资金已于 2021 年 6 月到账。上述资金到账情况业经容诚会计师事务所（特殊普通合伙）容诚验 字[2021] ...

二、募集资金管理情况 证券代码：603815 证券简称：交建股份 公告编号：2025-053 安徽省交通建设股份有限公司 关于注销募集资金使用专用账户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2021]18 号文核准，安徽省交通建设 股份有限公司（以下简称"公司"）于 2021 年 6 月向社会非公开发行人民币普 通股（A 股）119,924,235 股，每股发行价为 7.26 元，应募集资金总额为人民币 87,064.99 万元，根据有关规定扣除发行费用 1,143.70 万元后，实际募集资金 金额为 85,921.30 万元。该募集资金已于 2021 年 6 月到账。上述资金到账情况 业经容诚会计师事务所（特殊普通合伙）容诚验字[2021]230Z0133 号《验资报 告》验证。公司对募集资金采取了专户存储管理。 2025 年 8 月 22 日 根据有关法律法规及《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》的规定，遵循规范、安全、高效、 ...

证券代码：603815 证券简称：交建股份 公告编号：2025-051 安徽省交通建设股份有限公司 第三届监事会第十九次会议决议公告 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法律责任。 安徽省交通建设股份有限公司（以下简称"公司"）第三届监事会第十九次 会议通知于 2025 年 8 月 11 日以电子邮件方式送达各位监事。会议于 2025 年 8 月 21 日以现场会议的方式在公司会议室召开。本次会议应出席监事 3 人，实际 出席监事 3 人。会议由监事会主席屈晓蕾召集并主持。本次会议的召开符合《中 华人民共和国公司法》《公司章程》《监事会议事规则》等有关法律、法规、规范 性文件的规定，程序合法。经与会监事认真讨论，审核并通过如下事项： 1、审议通过关于《安徽省交通建设股份有限公司 2025 年半年度报告》的 议案 经与会监事审议，一致通过"关于《安徽省交通建设股份有限公司 2025 年 半年度报告》的议案"。 监事会认为：公司编制的《安徽省交通建设股份有限公司 2025 年半年度报 告》符合法律、法规和中国证监会的规定；报告的内 ...

证券代码：603815 证券简称：交建股份 公告编号：2025-050 表决结果：同意 8 票；反对 0 票；弃权 0 票。 2、审议通过《安徽省交通建设股份有限公司关于 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 经与会董事审议，一致通过"《安徽省交通建设股份有限公司关于 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"。 第三届董事会第二十三次会议决议公告 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法律责任。 安徽省交通建设股份有限公司（以下简称"公司"）第三届董事会第二十三 次会议通知于 2025 年 8 月 11 日以电子邮件方式送达各位董事。会议于 2025 年 8 月 21 日以现场结合通讯会议的方式在公司会议室召开。本次会议应出席董事 8 人，实际出席董事 8 人，其中董事俞红华、董事何林海、独立董事陈亮以通讯方 式参会。本次会议由董事长胡先宽先生召集并主持。本次会议的召开符合《中华 人民共和国公司法》《公司章程》《董事会议事规则》等有关法律、法规、规范 性文件的规定，程序合法。 ...

[Company Profile and Key Financial Indicators](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's fundamental information and presents its key financial performance metrics for the reporting period [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Anhui Communications Construction Co., Ltd. (Stock Code: 603815) is listed on the Shanghai Stock Exchange, with Wu Xiaohui as its legal representative, primarily engaged in highway and municipal infrastructure construction, survey, design, and testing services - Basic company information: **Anhui Communications Construction Co., Ltd.**, stock code **603815**, legal representative **Wu Xiaohui**[13](index=13&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company achieved strong performance growth during the reporting period, with revenue increasing by 9.01%, and total profit and net profit attributable to shareholders significantly rising by 51.74% and 48.66% respectively, driven by cost reduction initiatives Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,962,402,647.94 | 1,800,226,416.46 | 9.01 | | Total Profit | 155,596,308.37 | 102,539,083.98 | 51.74 | | Net Profit Attributable to Shareholders | 112,545,582.99 | 75,706,265.02 | 48.66 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 113,834,451.46 | 76,755,883.32 | 48.31 | | Net Cash Flow from Operating Activities | -168,176,610.59 | -219,786,334.54 | N/A | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.18 | 0.12 | 50.00% | | Diluted Earnings Per Share (yuan/share) | 0.18 | 0.12 | 50.00% | | Weighted Average Return on Net Assets (%) | 4.69 | 3.27 | Increased by 1.42 percentage points | - The primary reasons for profit growth include **reduced project procurement costs** and the company's **'cost reduction and efficiency improvement' measures**, leading to **effective cost compression** and **increased returns from investment projects**[22](index=22&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%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, operational performance, core competencies, main business segments, and potential risks faced during the reporting period [Industry and Main Business Overview](index=6&type=section&id=%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) The company's core business is highway and municipal infrastructure construction, aiming to build an integrated "investment, design, construction, and maintenance" industrial pattern, with stable industry prospects driven by national infrastructure development - The company's core business is **highway and municipal infrastructure construction**, with operating models including **construction general contracting, PPP, and EPC models**[26](index=26&type=chunk)[27](index=27&type=chunk) - The industry benefits from the national **14th Five-Year Plan**'s emphasis on infrastructure construction, particularly **new infrastructure, new urbanization, and major projects**, with China's infrastructure investment growing by **4.6%** in H1 2025[27](index=27&type=chunk)[28](index=28&type=chunk) - Infrastructure investment in the regional market (**Anhui Province**) grew rapidly by **7.3%** in H1, providing a favorable market environment for the company[28](index=28&type=chunk) [Discussion and Analysis of Operations](index=7&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company significantly improved its operating performance, with total profit increasing by over 50%, driven by market expansion, technological innovation, enhanced project management, and active shareholder returns Key Operating Indicators for H1 2025 | Indicator | Amount (billion yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 1.962 | 9.01% | | Total Profit | 0.156 | 51.74% | | Net Profit Attributable to Shareholders | 0.113 | 48.66% | - Market expansion: Successfully penetrated **East China and Southwest markets**, and deepened strategic collaboration with **central and state-owned enterprises**, jointly winning multiple projects[31](index=31&type=chunk) - Technological innovation: Increased R&D investment, achieving **9 provincial-level construction methods**, **7 national invention patents**, and **11 utility model patents** in H1[34](index=34&type=chunk) - Shareholder returns: Completed **2024 annual profit distribution**, with a **cash dividend of 0.65 yuan per 10 shares** totaling **39.80 million yuan**; also completed **share repurchase plan**, repurchasing **6.5467 million shares** totaling **40.01 million yuan**[36](index=36&type=chunk)[37](index=37&type=chunk) [Analysis of Core Competencies](index=8&type=section&id=%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 stem from its experienced management team, excellent project management, strong technological innovation, leading qualification system, and established brand reputation through quality projects - Talent advantage: Experienced core team, with **75% of employees under 35** and **over 500 professional technical personnel**[38](index=38&type=chunk) - Project management: Developed a full lifecycle project management model centered on **four controls** (quality, safety, progress, cost), earning national awards such as the **Luban Prize** and **Li Chun Prize**[39](index=39&type=chunk)[40](index=40&type=chunk) - Technological innovation: Holds **42 invention patents**, **58 utility model patents**, **74 provincial/ministerial-level construction methods**, and established the **Jiaojian Digital Construction Platform**[41](index=41&type=chunk) - Qualifications and reputation: Possesses **Special-grade qualification for highway engineering general contracting** and other high-level qualifications, maintaining an **AA credit rating in the national construction market for 5 consecutive years**[42](index=42&type=chunk) [Main Business Analysis](index=9&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue and cost grew by 9.01% and 4.20% respectively, indicating effective cost control, while financial and R&D expenses saw significant increases, and bill settlements rose Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,962,402,647.94 | 1,800,226,416.46 | 9.01 | | Operating Cost | 1,714,046,385.39 | 1,644,917,711.53 | 4.20 | | Financial Expenses | 33,338,262.40 | 25,742,038.86 | 29.51 | | R&D Expenses | 6,882,571.30 | 3,541,161.08 | 94.36 | Major Balance Sheet Item Changes | Item Name | Current Period End Amount (yuan) | Change from Prior Year End (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Notes Receivable | 12,309,825.33 | 317.34 | Increased settlement of receivables by notes | | Notes Payable | 128,628,717.84 | 51.70 | Increased settlement by notes | - The company's main subsidiaries, **Bozhou Xiangju, Jieshou Qimei, and Xinyun Construction**, all achieved profitability during the reporting period, contributing stable profits to the company[52](index=52&type=chunk) [Potential Risks](index=13&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces various risks including macroeconomic fluctuations, intense market competition, potential safety and environmental incidents, management challenges from business expansion, and raw material price volatility - **Macroeconomic risks**: The company's business is highly correlated with national macroeconomic conditions and fixed asset investment, where economic downturns could adversely affect operations[51](index=51&type=chunk) - **Market competition risks**: The highway and municipal construction industry is fragmented and highly competitive, with the company facing pressure from central and local state-owned enterprises[51](index=51&type=chunk) - **Raw material price fluctuation risks**: Unforeseen fluctuations in prices of major raw materials like steel, cement, and asphalt could lead to construction costs exceeding budget, impacting operating performance[53](index=53&type=chunk)[54](index=54&type=chunk) [Corporate Governance, Environment, and Society](index=15&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's directors, supervisors, and senior management, along with the proposed profit distribution plan for the reporting period [Changes in Directors, Supervisors, Senior Management, and Profit Distribution](index=15&type=section&id=%E8%91%A3%E7%9B%91%E9%AB%98%E5%8F%98%E5%8A%A8%E4%B8%8E%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D) During the reporting period, Mr. Cao Zhenming resigned as the company's board secretary, and the company does not plan any semi-annual profit distribution or capital reserve capitalization - On **May 28, 2025**, the company's board secretary **Cao Zhenming** resigned due to personal reasons[57](index=57&type=chunk) - The company plans no profit distribution or capital reserve capitalization for H1 2025[58](index=58&type=chunk) [Significant Matters](index=16&type=section&id=%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant matters including the fulfillment of commitments, major litigation and arbitration cases, and the status of significant guarantees and the use of raised funds [Commitments and Litigation/Arbitration](index=16&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E4%B8%8E%E8%AF%89%E8%AE%BC%E4%BB%B2%E8%A3%81) During the reporting period, the company and related parties strictly fulfilled commitments made during IPO and refinancing, while disclosing several major litigation and arbitration cases primarily involving significant engineering payment disputes - The company's actual controller, shareholders, and directors, supervisors, and senior management strictly fulfilled long-term commitments regarding **avoiding horizontal competition, regulating related-party transactions, and not occupying company funds** during the reporting period[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - The company is involved in multiple major lawsuits, such as the **engineering payment dispute case** with **Guangxi Dehetaihe Investment Co., Ltd.** (involving approximately **101 million yuan**) and the **engineering payment dispute case** with **Bengbu Lingang Infrastructure Investment Development Co., Ltd.** (involving approximately **44.57 million yuan**), both currently in second-instance trial[69](index=69&type=chunk) [Significant Guarantees and Use of Raised Funds](index=27&type=section&id=%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E4%B8%8E%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8) As of the reporting period end, the company's external guarantees were exclusively for subsidiaries, totaling **1.462 billion yuan** (58.56% of net assets), while **859 million yuan** in raised funds from 2021 have been fully utilized for debt repayment and a rural construction project Guarantees at Period End | Guarantee Item | Amount (million yuan) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period End | 1,462.39 | | Total Guarantees as % of Company Net Assets | 58.56 | - The **859 million yuan** raised from the 2021 non-public offering of shares has been almost fully utilized, with a cumulative investment progress exceeding **100%**; however, the **Jieshou City Beautiful Countryside Construction PPP Project** has experienced construction delays due to the owner, with the construction period extended to **June 2026**[76](index=76&type=chunk)[79](index=79&type=chunk) [Share Changes and Shareholder Information](index=31&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides an overview of the company's shareholding structure and key shareholder information at the end of the reporting period [Shareholder Information](index=31&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **20,552 shareholders**, with controlling shareholder Xiangyuan Holding Group Co., Ltd. holding **44.32%** and actual controller Mr. Yu Faxiang directly holding **2.54%**, indicating a relatively concentrated equity structure with some shares pledged - As of the reporting period end, the company had **20,552 shareholders**[83](index=83&type=chunk) Top Five Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Share Status | | :--- | :--- | :--- | :--- | | 祥源控股集团有限责任公司 | 274,293,290 | 44.32 | Pledged | | 俞发祥 | 15,729,100 | 2.54 | Pledged | | 黄山市为众投资管理中心（有限合伙） | 8,690,000 | 1.40 | Pledged | | 俞水祥 | 7,294,930 | 1.18 | Pledged | | 黄山市行远投资管理中心（有限合伙） | 6,965,000 | 1.13 | None | - Controlling shareholder **Xiangyuan Holding Group Co., Ltd.** and actual controller **Yu Faxiang** are parties acting in concert, with Xiangyuan Holding serving as the executive partner for three limited partnerships among the top ten shareholders[86](index=86&type=chunk) [Financial Report](index=36&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's comprehensive financial statements and detailed notes, offering insights into its financial position, performance, and cash flows [Financial Statements](index=36&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Financial statements show that as of the reporting period end, total assets were **10.003 billion yuan**, and net assets attributable to shareholders were **2.392 billion yuan**, with operating revenue of **1.962 billion yuan** (up **9.01%**) and net profit attributable to shareholders of **113 million yuan** (up **48.66%**), while operating cash flow remained negative but improved [Consolidated Balance Sheet](index=36&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total assets were **10.003 billion yuan**, a slight decrease of **1.45%** from the end of last year, with total liabilities at **7.506 billion yuan** and an asset-liability ratio of **75.0%**, while accounts receivable and contract assets combined constituted **over 50%** of total assets Consolidated Balance Sheet Key Items (Unit: billion yuan) | Item | June 30, 2025 (billion yuan) | December 31, 2024 (billion yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 100.03 | 101.50 | -1.45% | | Total Liabilities | 75.06 | 76.85 | -2.33% | | Equity Attributable to Parent Company Owners | 23.92 | 23.50 | 1.79% | | Accounts Receivable | 42.90 | 45.18 | -5.05% | | Contract Assets | 12.01 | 10.66 | 12.66% | [Consolidated Income Statement](index=40&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company achieved **1.962 billion yuan** in operating revenue, a **9.01%** year-on-year increase, with operating costs growing slower than revenue at **4.20%**, leading to improved gross margin and a significant **48.66%** rise in net profit attributable to parent company shareholders to **113 million yuan** Consolidated Income Statement Key Items (Unit: billion yuan) | Item | H1 2025 (billion yuan) | H1 2024 (billion yuan) | YoY Growth | | :--- | :--- | :--- | :--- | | Operating Revenue | 19.62 | 18.00 | 9.01% | | Operating Cost | 17.14 | 16.45 | 4.20% | | Total Profit | 1.56 | 1.03 | 51.74% | | Net Profit | 1.19 | 0.76 | 56.99% | | Net Profit Attributable to Parent Company Shareholders | 1.13 | 0.76 | 48.66% | [Consolidated Cash Flow Statement](index=44&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) During the reporting period, net cash flow from operating activities was **-168 million yuan**, a net outflow but an improvement from **-220 million yuan** in the prior year, with investing activities showing an **11.86 million yuan** outflow and financing activities a **8.78 million yuan** net outflow, resulting in a period-end cash and cash equivalents balance of **587 million yuan**, a decrease of **189 million yuan** from the beginning of the period Consolidated Cash Flow Statement Key Items (Unit: billion yuan) | Item | H1 2025 (billion yuan) | H1 2024 (billion yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1.68 | -2.20 | | Net Cash Flow from Investing Activities | -0.12 | -0.09 | | Net Cash Flow from Financing Activities | -0.09 | -0.60 | | Net Increase in Cash and Cash Equivalents | -1.89 | -2.89 | [Notes to Consolidated Financial Statements](index=91&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) The notes to the financial statements detail the composition and changes of various accounting items, highlighting **2.791 billion yuan** in restricted assets used for bank loans and several pending lawsuits primarily involving engineering payment disputes - As of the period end, the book value of assets with restricted ownership or use rights totaled **2.791 billion yuan**, primarily including long-term receivables, accounts receivable, other non-current assets pledged for bank loans, and mortgaged fixed assets and investment properties[371](index=371&type=chunk)[372](index=372&type=chunk) - The company is involved in multiple pending lawsuits and arbitrations, mainly concerning engineering payment disputes, with significant cases including an arbitration with **Lingbi County Transportation Investment Co., Ltd.** (involving **134 million yuan**) and a lawsuit with **Guangxi Dehetaihe Investment Co., Ltd.** (involving **101 million yuan**)[494](index=494&type=chunk)[495](index=495&type=chunk) - The period-end balance of accounts receivable was **4.659 billion yuan**, with a bad debt provision of **369 million yuan**; notably, **over 60% of accounts receivable are over 1 year old**, indicating **collection risk is noteworthy**[304](index=304&type=chunk)[305](index=305&type=chunk)