[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, a comprehensive report directory, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the report's accuracy, while the financial leadership confirms the financial statements' integrity, noting the report is unaudited with no dividend distribution planned - 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) - Yao Changlin, the company's legal representative, Wu Lipeng, the person in charge of accounting work, and Xue Xiaoming, the head of the accounting department, declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company's 2025 semi-annual financial accounting report is unaudited[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2025[3](index=3&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly lists eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports, along with a list of reference documents - The report comprises eight main chapters, from important notices to financial reports[5](index=5&type=chunk) - Reference documents include financial statements signed and sealed by the company's负责人, the person in charge of accounting work, and the head of the accounting department, as well as originals of all publicly disclosed company documents and announcements during the reporting period[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including regulatory bodies, company names, currency units, and the reporting period, to ensure accurate understanding of information - Regulatory bodies such as SASAC, CSRC, Shenzhen Securities Regulatory Bureau, and SZSE are defined[9](index=9&type=chunk) - "Company," "the Company," and "Grandjoy Holdings" refer to Grandjoy Holdings Group Co., Ltd[9](index=9&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[9](index=9&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, stock details, and key financial performance indicators for the reporting period, highlighting revenue, net profit, and cash flow trends [Company Profile](index=6&type=section&id=Company%20Profile) Grandjoy Holdings Group Co., Ltd., stock code 000031, is listed on the Shenzhen Stock Exchange with Yao Changlin as its legal representative, maintaining consistent contact and disclosure information - Stock Abbreviation: **Grandjoy**, Stock Code: **000031**[11](index=11&type=chunk) - Stock Exchange for Listing: **Shenzhen Stock Exchange**[11](index=11&type=chunk) - The company's legal representative: **Yao Changlin**[11](index=11&type=chunk) - Board Secretary: **Deng Xiaotian**, Contact Number: **86-010-85619759**[12](index=12&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's operating revenue decreased by 5.29% year-on-year, but net profit attributable to shareholders turned profitable with a 129.87% increase, and net operating cash flow grew by 38.15% 2025 H1 Key Accounting Data and Financial Indicators | Indicator | Current Period (yuan) | Prior Period (yuan) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 15.23 billion yuan | 16.08 billion yuan | -5.29% | | Net Profit Attributable to Shareholders | 108.60 million yuan | -363.65 million yuan | 129.87% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses | 92.63 million yuan | -419.87 million yuan | 122.06% | | Net Cash Flow from Operating Activities | 2.69 billion yuan | 1.95 billion yuan | 38.15% | | Basic Earnings Per Share (yuan/share) | 0.03 yuan | -0.08 yuan | 137.50% | | Weighted Average Return on Net Assets | 1.02% | -2.68% | an increase of 3.7 percentage points | | Total Assets (Period-End) | 169.39 billion yuan | 178.57 billion yuan | -5.14% | | Net Assets Attributable to Shareholders (Period-End) | 10.78 billion yuan | 10.60 billion yuan | 1.75% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[17](index=17&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[18](index=18&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled 15.97 million yuan in H1 2025, primarily from non-current asset disposals, government grants, fair value changes, and other non-operating income/expenses, with some fund occupation fees classified as recurring 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 2.70 million yuan | | Government grants included in current profit and loss | 6.30 million yuan | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 0.67 million yuan | | Entrusted management fee income | 0.24 million yuan | | Other non-operating income and expenses apart from the above | 26.29 million yuan | | Less: Income tax impact | 8.62 million yuan | | Minority shareholder equity impact (after tax) | 11.60 million yuan | | **Total** | **15.97 million yuan** | - The company classifies interest on funds borrowed by subsidiaries from their minority shareholders or by the company from investee companies (**115.93 million yuan**) as recurring gains and losses, as it is directly related to normal production and operations and occurs continuously[23](index=23&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the company's business performance, industry trends, core competencies, and financial status in H1 2025, outlining strategic responses to market challenges and future plans - **2025 H1** domestic GDP increased by **5.3%** year-on-year[25](index=25&type=chunk) - Real estate market policies continue to optimize, aiming for stabilization and increased supply of high-quality housing[25](index=25&type=chunk) - In the first half of the year, national new commercial housing sales area decreased by **3.5%** year-on-year, and sales value decreased by **5.5%** year-on-year[26](index=26&type=chunk) - The company achieved operating revenue of **15.23 billion yuan** in the first half of the year, a year-on-year decrease of **5.29%**; net profit attributable to parent company owners was **108.60 million yuan**, a year-on-year increase of **472 million yuan**[38](index=38&type=chunk) - The comprehensive gross profit margin in the first half of the year was **36.35%**, an increase of **13.76 percentage points** compared to the same period last year[38](index=38&type=chunk) - The average cost of new borrowings for the company in the first half of 2025 was **2.85%**; the comprehensive financing cost for the first half of the year was **3.64%**, a decrease of **42 basis points** compared to the end of last year[39](index=39&type=chunk) [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) In H1 2025, the company navigated a complex global environment with stable domestic economic growth, optimizing real estate policies, expanding its commercial footprint, upgrading development products, and reducing financing costs [Industry Analysis](index=9&type=section&id=Industry%20Analysis) In H1 2025, China's economy grew steadily, with real estate sales declines narrowing due to policy support, while commercial property benefited from consumption stimulus, anticipating continued recovery in H2 - In the first half of 2025, domestic GDP reached approximately **RMB 66.05 trillion yuan**, an increase of **5.3%** year-on-year at constant prices[25](index=25&type=chunk) - Real estate market policy tone shifted from "continuously promoting the stabilization and recovery of the real estate market" to "more vigorously promoting the stabilization and recovery of the real estate market," emphasizing policy efforts to "stimulate demand," "reduce inventory," and "prevent risks"[25](index=25&type=chunk) - In the first half of 2025, national new commercial housing sales area was approximately **459 million square meters**, a year-on-year decrease of **3.5%**; new commercial housing sales value was approximately **4.42 trillion yuan**, a year-on-year decrease of **5.5%**[26](index=26&type=chunk) - From January to June 2025, total retail sales of consumer goods increased by **5.0%** year-on-year, and the average rent of shops in major business districts in key cities decreased by **0.12%** month-on-month, with the decline narrowing by **0.19 percentage points** compared to the second half of 2024[32](index=32&type=chunk) [Company Operations Review](index=11&type=section&id=Company%20Operations%20Review) The company demonstrated enhanced operational resilience and improved development quality in H1, marked by successful commercial openings, upgraded product systems, optimized capital management, and reduced financing costs - In commercial operations, the company expanded its footprint, successfully completing the high-quality opening of **Nanchang Grandjoy City**; sales and foot traffic both increased by over **10%** year-on-year[37](index=37&type=chunk) - The development business initially completed a "good house" product system with the value proposition of "proactive health and scenario-based living," achieving a comprehensive upgrade of its residential product management system[37](index=37&type=chunk) - During the reporting period, the company achieved operating revenue of **15.23 billion yuan**, a year-on-year decrease of **5.29%**; net profit attributable to shareholders was **108.60 million yuan**, a year-on-year increase of **472 million yuan**[38](index=38&type=chunk) - During the reporting period, net cash flow from operating activities was **2.69 billion yuan**, an increase of **38.15%** year-on-year[38](index=38&type=chunk) - At the end of the reporting period, the company's land reserves had a salable value of approximately **110.50 billion yuan**, primarily distributed in core metropolitan areas such as Beijing-Tianjin-Hebei, Yangtze River Delta, Middle Yangtze River, Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu-Chongqing[38](index=38&type=chunk) - By the end of the reporting period, **12** "white list" projects and **9** operational property loan projects were successfully approved, ensuring the company's cash flow safety[39](index=39&type=chunk) - In the first half of 2025, the company's average cost of new borrowings was **2.85%**; the comprehensive financing cost for the first half of the year was **3.64%**, a decrease of **42 basis points** compared to the end of last year[39](index=39&type=chunk) [Operating Performance of Business Segments](index=11&type=section&id=Operating%20Performance%20of%20Business%20Segments) The company's development business achieved 8.64 billion yuan in contracted sales, while its operating segments (malls, offices, industrial parks, hotels, and long-term rentals) showed strong performance with significant growth in mall sales and foot traffic - Sales-type business achieved total contracted sales of **8.64 billion yuan** in the first half of 2025, with a contracted area of **479,000 square meters**[40](index=40&type=chunk) - A "good house" product system with the value proposition of "proactive health and scenario-based living" was established, integrating and iterating with the Yue series and No. 1 series products[41](index=41&type=chunk) - Company shopping centers achieved sales of approximately **22.00 billion yuan**, a year-on-year increase of **12.2%**; foot traffic reached **200 million** visits, a year-on-year increase of **19.6%**; average occupancy rate was **92%**[43](index=43&type=chunk) - Nanchang Grandjoy City's opening day foot traffic exceeded **240,000** visits, with sales of nearly **16.30 million yuan**; Shenzhen Grandjoy City's opening day foot traffic exceeded **420,000** visits, with sales of nearly **20.00 million yuan**[44](index=44&type=chunk) - The company's office buildings had an overall average occupancy rate of **90.6%**, with the benchmark office project COFCO Plaza awarded "**2025 Top 10 Chinese Office Building Brands**"[48](index=48&type=chunk) - Shenzhen's operational industrial park projects had an overall average occupancy rate of **98.3%**, and COFCO (Fu'an) Robot Technology Park was awarded "**Bay Area Robot Industrial Cluster Demonstration Park**"[49](index=49&type=chunk)[50](index=50&type=chunk) - The hotel segment achieved an occupancy rate of **84%**, and **11** operational long-term apartment projects reached an occupancy rate of **90%**[51](index=51&type=chunk)[52](index=52&type=chunk) - Property management services managed **158** projects, with a contracted management area of approximately **31.37 million square meters**, an increase of **4.1%** from the end of last year, and was awarded "**No. 27 on the 2025 China Property Service Top 100 Enterprises List**"[53](index=53&type=chunk) [Land Reserves and Project Development and Sales](index=15&type=section&id=Land%20Reserves%20and%20Project%20Development%20and%20Sales) The company reported no new land acquisitions in the period, with existing land reserves exceeding 32 million square meters across key regions, and ongoing projects progressing well towards completion, sales, and settlement - No new land reserves were added during the reporting period[54](index=54&type=chunk) Cumulative Land Reserves (by Region) | Region Name | Total Land Area (sqm) | Total GFA (sqm) | Remaining Developable GFA (sqm) | | :--- | :--- | :--- | :--- | | Northern Region | 4,603,194.43 sqm | 11,002,384.69 sqm | 2,645,041.22 sqm | | Eastern China Region | 3,907,672.37 sqm | 7,791,367.87 sqm | 932,541.43 sqm | | Southern China Region | 2,233,155.88 sqm | 4,932,667.89 sqm | 455,282.55 sqm | | Southwestern Region | 4,155,226.82 sqm | 8,695,368.86 sqm | 3,010,517.45 sqm | | Hong Kong Region | 1,200.00 sqm | 20,000.00 sqm | 0 sqm | | **Total** | **14,900,449.50 sqm** | **32,441,789.31 sqm** | **7,043,382.65 sqm** | - The report details land area, planned GFA, cumulative completed area, estimated total investment, and cumulative total investment for residential, commercial, office, and hotel projects in multiple cities including Beijing, Tianjin, Shenyang, Xi'an, Shanghai, Nanjing, and Shenzhen[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - The report details each project's salable area, cumulative sales area, current period sales area, current period sales value, cumulative settlement area, current period settlement area, and current period settlement value[75](index=75&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - The report shows the occupancy rates of shopping centers, office buildings, industrial parks, long-term apartments, and hotels in various cities[86](index=86&type=chunk)[87](index=87&type=chunk) [Financing Channels](index=46&type=section&id=Financing%20Channels) The company utilizes diverse financing channels including bank loans, medium-term notes, corporate bonds, trust financing, and bond insurance, with a total financing balance of 62.60 billion yuan and a comprehensive financing cost of 3.64% at period-end Period-End Financing Channels and Maturity Structure | Financing Channel | Period-End Financing Balance (billion yuan) | Maturity Structure (billion yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | | | Within 1 Year | 1-2 Years | 2-3 Years | Over 3 Years | | Bank Loans | 42.50 billion yuan | 4.97 billion yuan | 3.83 billion yuan | 7.65 billion yuan | 26.06 billion yuan | | Medium-Term Notes | 5.00 billion yuan | 0.00 yuan | 3.50 billion yuan | 1.50 billion yuan | 0.00 yuan | | Corporate Bonds | 10.80 billion yuan | 8.00 billion yuan | 1.60 billion yuan | 0.50 billion yuan | 0.70 billion yuan | | Trust Financing | 0.50 billion yuan | 0.50 billion yuan | 0.00 yuan | 0.00 yuan | 0.00 yuan | | Bond Insurance | 3.80 billion yuan | 3.80 billion yuan | 0.00 yuan | 0.00 yuan | 0.00 yuan | | **Total** | **62.60 billion yuan** | **17.27 billion yuan** | **8.93 billion yuan** | **9.65 billion yuan** | **26.76 billion yuan** | - The comprehensive financing cost was **3.64%**[92](index=92&type=chunk) [Development Strategy and H2 Operating Plan](index=46&type=section&id=Development%20Strategy%20and%20H2%20Operating%20Plan) For H2, the company will pursue its 'Excellent Urban Operations and Better Living Service Provider' strategy, focusing on product and regional development, enhancing commercial leadership, improving development quality, and driving sales and cash collection - In the second half of 2025, the company will adhere to the strategic direction of "Excellent Urban Operations and Better Living Service Provider," uphold the "1123" strategic system, enhance its leading position in commercial operations, solidify high-quality development business, and promote product and regional focus[93](index=93&type=chunk) - In terms of investment, the company adheres to strategy-led investment, focusing on investment opportunities in first-tier and core second-tier cities; in terms of operations, it prioritizes improving the turnover efficiency of existing projects, ensuring new launches and openings proceed as planned within the year[93](index=93&type=chunk) - In terms of sales, the company will intensify efforts to reduce inventory and implement multiple measures to boost sales collection; in terms of commercial operations, it will continuously enhance operational management capabilities and promote the expansion of Grandjoy Commercial REIT[93](index=93&type=chunk) [Guarantees Provided to Commercial Housing Purchasers for Bank Mortgage Loans](index=46&type=section&id=Guarantees%20Provided%20to%20Commercial%20Housing%20Purchasers%20for%20Bank%20Mortgage%20Loans) The company provides phased joint liability guarantees for commercial housing purchasers' mortgage loans until formal mortgage procedures are completed, with 8.24 billion yuan outstanding as of June 30, 2025, and a low probability of actual guarantee fulfillment - The company provides phased joint liability guarantees for borrowers (purchasers) regarding mortgage loan debts, with the guarantee period from the date of signing the loan contract until the borrower (purchaser) completes the formal mortgage procedures with the commercial bank as the mortgagee and delivers the other rights certificate to the commercial bank[95](index=95&type=chunk) - As of June 30, 2025, the outstanding guarantee amount was **RMB 8.24 billion yuan**[95](index=95&type=chunk) - Based on the actual operating conditions of the company's real estate business, no situations arose at the end of the reporting period where the company directly fulfilled corresponding guarantee responsibilities due to borrowers (purchasers) failing to repay commercial bank loans, resulting in actual losses for the company[95](index=95&type=chunk) [Core Competitiveness Analysis](index=47&type=section&id=Core%20Competitiveness%20Analysis) The company's core strengths lie in its leading commercial operations, efficient execution, strong brand reputation, diversified land acquisition, multi-format synergy, and integrated innovation capabilities, all supporting high-quality development - Grandjoy Property, a subsidiary of the company, is a leading commercial real estate developer in China, possessing strong operational capabilities and brand influence, achieving precise tenant attraction and rational customer guidance through big data systems and long-term operational experience[98](index=98&type=chunk) - The company closely follows real estate industry development trends, vigorously promotes the construction of a large operational system, and improves project operational efficiency to achieve stable company development[99](index=99&type=chunk) - Relying on the strong brand image of COFCO Group and the well-known commercial brand "Grandjoy City," the company has formed strong market appeal, focusing on residential improvement demands and building a "COFCO Good House" product system[100](index=100&type=chunk) - The company acquires high-quality land through a dual approach of public and non-public markets, as well as independent and cooperative land acquisition; it fully leverages internal and external resources to acquire existing land through urban renewal and other means[101](index=101&type=chunk) - The company's business scope covers diverse formats including residential, commercial, industrial, office, hotel, and long-term apartments, enabling it to meet diversified market demands and possess strong risk resistance capabilities[102](index=102&type=chunk) - The company integrates its own advantages with national policy guidance and industry development trends, actively consolidating high-quality resources to form innovative urban integrated operational capabilities[103](index=103&type=chunk) [Main Business Analysis](index=47&type=section&id=Main%20Business%20Analysis) The company's main business aligns with prior disclosures; H1 2025 saw a 5.29% revenue decrease, but a larger cost reduction led to significantly improved gross margins, alongside increased R&D investment and operating cash flow, despite a substantial drop in financing cash flow 2025 H1 Major Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Period (yuan) | Y-o-Y Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 15.23 billion yuan | 16.08 billion yuan | -5.29% | - | | Operating Cost | 9.70 billion yuan | 12.45 billion yuan | -22.12% | - | | R&D Investment | 3.04 million yuan | 0.17 million yuan | 1686.61% | Primarily due to current period's "good house" series R&D work in response to national and market demand | | Net Cash Flow from Operating Activities | 2.69 billion yuan | 1.95 billion yuan | 38.15% | Primarily due to a year-on-year decrease in expenditures for engineering construction, income tax, and land value-added tax in the current period | | Net Cash Flow from Investing Activities | -246.53 million yuan | -1.18 billion yuan | 79.08% | Primarily due to a year-on-year decrease in expenditures for held-for-investment construction and cash paid for investments in the current period | | Net Cash Flow from Financing Activities | -5.54 billion yuan | -1.62 billion yuan | -241.47% | Primarily due to a year-on-year decrease in net bank borrowings in the current period | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[107](index=107&type=chunk) - Income from commercial housing sales and primary land development accounted for **75.64%**, a year-on-year decrease of **7.40%**, with a gross profit margin of **31.14%**, an increase of **17.48 percentage points**[110](index=110&type=chunk)[113](index=113&type=chunk) - Income from investment properties and related services accounted for **16.80%**, a year-on-year decrease of **1.73%**, with a gross profit margin of **59.39%**, a decrease of **2.52 percentage points**[110](index=110&type=chunk)[113](index=113&type=chunk) - Management output income increased by **51.06%** year-on-year, and property and other income increased by **14.97%** year-on-year[110](index=110&type=chunk) - Operating revenue in the Southern China region increased by **138.14%** year-on-year, the Northern region increased by **61.97%** year-on-year, and the Eastern China region decreased by **83.50%** year-on-year[110](index=110&type=chunk) [Non-Main Business Analysis](index=50&type=section&id=Non-Main%20Business%20Analysis) Non-main business activities in the reporting period primarily included negative investment income and asset impairment losses, mainly from inventory write-downs, alongside other non-operating income and expenses 2025 H1 Non-Main Business Profit Composition | Item | Amount | Share of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -430.48 million yuan | -29.77% | Primarily long-term equity investment income accounted for using the equity method | Yes | | Asset Impairment | -339.65 million yuan | -23.49% | Primarily inventory impairment losses | No | | Non-Operating Income | 30.08 million yuan | 2.08% | Primarily penalty income | No | | Non-Operating Expenses | 6.58 million yuan | 0.46% | Primarily compensation payments and other non-recurring expenses | No | [Asset and Liability Status Analysis](index=50&type=section&id=Asset%20and%20Liability%20Status%20Analysis) At period-end, total assets and current assets decreased, while investment properties and long-term equity investments increased their proportion; liabilities saw a reduction in short-term borrowings and contract liabilities, but an increase in non-current liabilities due within one year, with over 41.02 billion yuan in restricted assets 2025 H1 Significant Changes in Asset Composition | Item | End of Current Period (yuan) | Share of Total Assets | End of Prior Year (yuan) | Share of Total Assets | Weight Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 24.04 billion yuan | 14.19% | 27.09 billion yuan | 15.17% | a decrease of 0.98 percentage points | - | | Inventories | 66.00 billion yuan | 38.97% | 76.78 billion yuan | 43.00% | a decrease of 4.03 percentage points | - | | Investment Properties | 36.23 billion yuan | 21.39% | 30.85 billion yuan | 17.28% | an increase of 4.11 percentage points | - | | Long-Term Equity Investments | 14.00 billion yuan | 8.26% | 14.07 billion yuan | 7.88% | an increase of 0.38 percentage points | - | | Short-Term Borrowings | 641.47 million yuan | 0.38% | 2.39 billion yuan | 1.34% | a decrease of 0.96 percentage points | Primarily due to timely repayment of short-term bank borrowings in the current period | | Contract Liabilities | 20.58 billion yuan | 12.15% | 25.00 billion yuan | 14.00% | a decrease of 1.85 percentage points | - | | Non-Current Assets Due Within One Year | 694.21 million yuan | 0.41% | 61.88 million yuan | 0.03% | an increase of 0.38 percentage points | Primarily interest on funds borrowed by subsidiaries from their minority shareholders or by the company from investee companies, reclassified from other non-current assets to non-current assets due within one year according to contract terms | | Other Non-Current Financial Assets | 29.45 million yuan | 0.02% | 59.25 million yuan | 0.03% | a decrease of 0.01 percentage points | Primarily due to the recovery of trust guarantee deposits in the current period | | Prepayments | 345.93 million yuan | 0.20% | 247.27 million yuan | 0.14% | an increase of 0.06 percentage points | Primarily prepayments for engineering and land | | Derivative Financial Assets | 0.32 million yuan | 0.0002% | 3.98 million yuan | 0.0022% | a decrease of 0.002 percentage points | Primarily due to the expiration of forward contracts leading to a reduction in related assets | - The company had no major overseas assets during the reporting period[119](index=119&type=chunk) - The company's financial assets and liabilities measured at fair value totaled **29.76 million yuan** and **1.01 million yuan** respectively at period-end[120](index=120&type=chunk) - As of the end of the reporting period, the company's total restricted assets amounted to **41.02 billion yuan**, primarily including pledged or mortgaged monetary funds, accounts receivable, inventories, investment properties, fixed assets, intangible assets, and long-term equity investments[123](index=123&type=chunk) [Investment Status Analysis](index=53&type=section&id=Investment%20Status%20Analysis) The company's investment increased by 68.18% year-on-year, mainly due to capital injections into wholly-owned subsidiaries; it holds no securities investments but uses currency forward contracts for hedging, and all raised funds have been fully utilized as planned - The investment amount for the reporting period was **2.09 billion yuan**, compared to **1.24 billion yuan** in the same period last year, an increase of **68.18%** year-on-year[124](index=124&type=chunk) - The company injected **1.50 billion yuan** of capital into its wholly-owned subsidiary Shenzhen Jinfengcheng Real Estate Development Co., Ltd., maintaining a **100%** shareholding ratio[126](index=126&type=chunk) - The company had no securities investments during the reporting period[127](index=127&type=chunk) Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Initial Investment Amount (million yuan) | Period-End Investment Amount (million yuan) | Share of Company's Net Assets at Period-End | | :--- | :--- | :--- | :--- | | Currency Forward | 214.76 million yuan | 143.17 million yuan | 1.33% | - Derivative investments primarily consist of currency forward contracts, used to mitigate risks arising from exchange rate fluctuations, with highly effective hedging results[130](index=130&type=chunk) - Funds raised from multiple corporate bonds issued from 2020 to 2025 and non-publicly issued corporate bonds have all been utilized as per the prospectus[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) [Significant Asset and Equity Disposals](index=58&type=section&id=Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not engage in any significant asset or equity disposals - The company did not sell significant assets during the reporting period[138](index=138&type=chunk) - The company did not engage in related party transactions involving asset or equity acquisitions or disposals during the reporting period[168](index=168&type=chunk) [Analysis of Major Holding and Participating Companies](index=58&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Xi'an International Land Port Wenxing Real Estate Co., Ltd. and Xiamen Yueji Commercial Management Co., Ltd. significantly impacted net profit (over 10%) due to concentrated delivery and settlement, while the company's consolidated scope decreased by two subsidiaries Major Subsidiaries with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xi'an International Land Port Wenxing Real Estate Co., Ltd. | Subsidiary | Real estate development and sales | 400.00 million yuan | 3.72 billion yuan | 1.14 billion yuan | 2.54 billion yuan | 947.67 million yuan | 788.86 million yuan | | Xiamen Yueji Commercial Management Co., Ltd. | Subsidiary | Real estate development and sales | 1.40 billion yuan | 2.52 billion yuan | 1.83 billion yuan | 4.36 billion yuan | 441.33 million yuan | 331.42 million yuan | - During the reporting period, the company added **0** subsidiaries due to non-same-control enterprise mergers, and the consolidated scope net decreased by **2** subsidiaries due to other reasons[141](index=141&type=chunk) [Structured Entities Controlled by the Company](index=58&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[142](index=142&type=chunk) [Company Risks and Countermeasures](index=58&type=section&id=Company%20Risks%20and%20Countermeasures) The company faces environmental, market, and operational risks from global complexities, real estate market uncertainties, and evolving industry models, which it addresses by strengthening management, adapting strategies, and enhancing comprehensive capabilities - Environmental Risk: In 2025, the international situation is severe and complex, with increasing instability and uncertainty, and the foundation for economic recovery and improvement still needs consolidation. The company will continue to monitor domestic and international macroeconomic situations, strengthen operational management capabilities, and respond to uncertainties with certainty[143](index=143&type=chunk) - Market Risk: Real estate policies continue to be loose, but the extent of market recovery is still influenced by multiple factors such as economic conditions, policy intensity, policy implementation effectiveness, and market expectations, with short-term market pressure remaining. The company will continue to monitor policy and industry changes, adjust marketing strategies promptly, and invest precisely[144](index=144&type=chunk) - Business Risk: China's urbanization is transitioning from a period of rapid growth to stable development, and the real estate development model is also changing, with the industry shifting from quantitative expansion to qualitative improvement. The company will continue to focus on enhancing comprehensive capabilities such as product capability, service capability, operational capability, and development capability[145](index=145&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=59&type=section&id=Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company neither formulated a market value management system nor disclosed a valuation enhancement plan - Has the company formulated a market value management system: No[146](index=146&type=chunk) - Has the company disclosed a valuation enhancement plan: No[146](index=146&type=chunk) [Implementation of 'Quality and Return Dual Improvement' Action Plan](index=59&type=section&id=Implementation%20of%20%27Quality%20and%20Return%20Dual%20Improvement%27%20Action%20Plan) During the reporting period, the company did not disclose any announcement regarding the 'Quality and Return Dual Improvement' action plan - Has the company disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan: No[146](index=146&type=chunk) [Corporate Governance, Environment, and Society](index=60&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance, including personnel shifts, profit distribution plans, and environmental and social responsibility initiatives, reflecting its commitment to sustainable development [Changes in Directors, Supervisors, and Senior Management](index=60&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Deng Xiaotian was appointed Board Secretary, Yu Juchuan and Guo Fengrui resigned as Assistant General Managers due to work changes, and Sun Zhuli departed as a director for work-related reasons - Deng Xiaotian was appointed as Board Secretary[148](index=148&type=chunk) - Yu Juchuan resigned from the position of Assistant General Manager, and Guo Fengrui resigned from the positions of Assistant General Manager and Board Secretary, both due to work changes[148](index=148&type=chunk) - Sun Zhuli resigned from the position of director due to work requirements[148](index=148&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=60&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[149](index=149&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=60&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[150](index=150&type=chunk) [Environmental Information Disclosure](index=60&type=section&id=Environmental%20Information%20Disclosure) The company and its key subsidiary, Sanya Yalong Bay Development Co., Ltd., are listed as legally required environmental information disclosers, with their environmental data publicly available on the national pollution permit management platform - The listed company and its major subsidiary, Sanya Yalong Bay Development Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[151](index=151&type=chunk) - The environmental information disclosure report can be found on the National Pollution Discharge Permit Management Information Platform[151](index=151&type=chunk) [Social Responsibility](index=60&type=section&id=Social%20Responsibility) The company actively fulfills its state-owned enterprise social responsibilities through consumer assistance, cultural tourism integration, sustainable development reporting, green shopping center initiatives, and leveraging brand influence to boost market vitality - Implementing the "four no-removals" requirement, the company multi-dimensionally supports consumer assistance and cultural tourism integration, jointly promoting the revitalization and development of designated assistance areas[152](index=152&type=chunk) - Fulfilling its social responsibilities as a listed company to a high standard, the company compiled and released the "Grandjoy Holdings 2024 Sustainable Development Report," promoting both corporate development and social value enhancement[153](index=153&type=chunk) - Continuously promoting the green and low-carbon transformation of Grandjoy City shopping center construction and development, implementing the "Green Grandjoy City" concept, and contributing to the construction of a beautiful China[153](index=153&type=chunk) - Contributing to the expansion and quality improvement of consumption, leveraging brand influence and the "Grandjoy Ecosystem" energy to unleash consumer market vitality, with the "Grandjoy True Orange Season" event in April attracting over **26.18 million** participants[154](index=154&type=chunk) - Actively responding to policy requirements, implementing the "Chinese Products Global Tour" event, and further unleashing the vitality and potential of the consumer market through measures such as venue rent reductions and assistance with online platform对接[154](index=154&type=chunk) [Significant Matters](index=62&type=section&id=Significant%20Matters) This section covers significant events including commitment fulfillment, related party transactions, litigation, and other material developments, providing transparency on the company's operational and legal landscape [Fulfillment of Commitments](index=62&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, no outstanding or overdue commitments from the company, its actual controller, shareholders, related parties, or acquirers were identified - The company's reporting period shows no commitments from the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or were overdue and unfulfilled as of the end of the reporting period[157](index=157&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=62&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company - The company's reporting period shows no non-operating funds occupied by controlling shareholders or other related parties of the listed company[158](index=158&type=chunk) [Irregular External Guarantees](index=62&type=section&id=Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[159](index=159&type=chunk) [Appointment and Dismissal of Accounting Firms](index=62&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report is unaudited[160](index=160&type=chunk) [Board of Directors' and Supervisory Board's Explanation on 'Non-Standard Audit Report'](index=62&type=section&id=Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20%27Non-Standard%20Audit%20Report%27) During the reporting period, the company did not receive any 'non-standard audit reports' from its accounting firm - The company's reporting period shows no instances of the accounting firm issuing a "non-standard audit report"[161](index=161&type=chunk) [Bankruptcy and Reorganization Matters](index=62&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company was not involved in any bankruptcy or reorganization matters - The company had no bankruptcy or reorganization matters during the reporting period[161](index=161&type=chunk) [Litigation Matters](index=62&type=section&id=Litigation%20Matters) The company is involved in several lawsuits, including a successful second-instance appeal for a loan recovery case, a successful first-instance claim for guarantee fulfillment against a joint venture, and a fulfilled guarantee obligation for a subsidiary's loan - Shenzhen Jinfengcheng Real Estate Development Co., Ltd. filed a lawsuit against Shenzhen Huijin No. 1 Investment Partnership (Limited Partnership), with an involved amount of **1.16 billion yuan**, which concluded with a successful second-instance appeal and is currently in the enforcement stage[163](index=163&type=chunk) - The company's joint venture, Foshan Xinjiyuan Real Estate Co., Ltd., failed to repay a China Agricultural Bank loan as agreed, and the company bore joint and several guarantee liability in proportion to its **50%** equity, paying **460 million yuan** of loan principal and corresponding interest to Agricultural Bank. The company filed a lawsuit against Foshan Xinjiyuan for recovery, winning in the first instance, and it is currently in the enforcement stage[163](index=163&type=chunk) - The company's controlling subsidiary, Wuhan Yucan Real Estate Development Co., Ltd., borrowed from China Agricultural Bank, with the company providing joint and several guarantee liability in proportion to its **50%** shareholding. The company has fulfilled its corresponding guarantee obligations, and Agricultural Bank has withdrawn its lawsuit against the company[163](index=163&type=chunk)[164](index=164&type=chunk) - The Langfang Intermediate People's Court of Hebei Province issued a first-instance judgment in the case of Agricultural Bank v. Wuhan Yucan and China Fortune Land Development for a financial loan contract dispute, ordering Wuhan Yucan to repay the plaintiff Agricultural Bank the outstanding principal of **131.78 million yuan** and corresponding interest, penalties, and compound interest, with China Fortune Land Development bearing joint and several liability for the aforementioned debt[164](index=164&type=chunk) [Penalties and Rectification](index=64&type=section&id=Penalties%20and%20Rectification) During the reporting period, the company had no significant penalties or rectification matters - The company had no significant penalties or rectification matters during the reporting period[165](index=165&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=64&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled court judgments or large overdue debts - The company's reporting period shows no unfulfilled court judgments or large overdue debts for the company, its controlling shareholder, or actual controller[166](index=166&type=chunk) [Significant Related Party Transactions](index=64&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in routine related party transactions including goods sales/purchases, service provision/acceptance, leases, and financial company dealings, with significant service transactions totaling tens of millions of yuan - The company and its subsidiaries leased related party properties for office space or shops, with transaction amounts totaling **11.90 million yuan** for the current period[167](index=167&type=chunk) - The company and its subsidiaries leased out some properties to related parties, with transaction amounts totaling **55.40 million yuan** for the current period[167](index=167&type=chunk) - The company and its subsidiaries accepted property management, catering, employee insurance, hotel management, and other services from related parties, with transaction amounts totaling **24.09 million yuan** for the current period[167](index=167&type=chunk) - The company and its subsidiaries provided property management,代建, and other services to related parties, with transaction amounts totaling **26.95 million yuan** for the current period[167](index=167&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[168](index=168&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[169](index=169&type=chunk) - The company had no non-operating related party creditor-debtor relationships during the reporting period[170](index=170&type=chunk) Dealings with COFCO Finance Co., Ltd. (Deposit Business) | Related Party | Related Party Relationship | Daily Max Deposit Limit (million yuan) | Deposit Interest Rate Range | Beginning Balance (million yuan) | Total Deposits This Period (million yuan) | Total Withdrawals This Period (million yuan) | Ending Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Finance Co., Ltd. | Under common control of COFCO Group | 6.50 billion yuan | 1.15% | 2.92 billion yuan | 36.04 billion yuan | 37.86 billion yuan | 1.10 billion yuan | - The company had no loan business with COFCO Finance Co., Ltd[171](index=171&type=chunk) - The company was entrusted with the operation and management of COFCO Group (Shenzhen) Co., Ltd., and received a management fee of **0.25 million yuan** during the reporting period[172](index=172&type=chunk) [Significant Contracts and Their Performance](index=67&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company has a management entrustment agreement for COFCO Group (Shenzhen) Co., Ltd., with no significant contracting or leasing activities; its total external guarantees represent 238.90% of net assets, including 17.55 billion yuan for entities with over 70% asset-liability ratios - The company, as the entrusted party, signed an entrusted operation and management contract with COFCO Group (Shenzhen) Co., Ltd[175](index=175&type=chunk) - The company had no entrusted management projects that generated profit or loss exceeding **10%** of the company's total profit for the reporting period[176](index=176&type=chunk) - The company had no contracting situations during the reporting period[177](index=177&type=chunk) - The company had no significant leasing situations during the reporting period[178](index=178&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees to Subsidiaries) | Guaranteed Entity Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Wujiang Ruize Real Estate Co., Ltd. | 300.00 million yuan | 240.00 million yuan | Joint and several liability guarantee | 8 years | Yes | No | | Shenzhen Zhongyi Changchang Investment Co., Ltd. | 600.00 million yuan | 600.00 million yuan | Joint and several liability guarantee | 7 years | No | No | | Beijing Henghe Yuexing Real Estate Co., Ltd. | 2.19 billion yuan | 1.72 billion yuan | Joint and several liability guarantee, equity pledge | 23 years | No | No | | Shaoxing Yuanhao Real Estate Co., Ltd. | 425.00 million yuan | 399.94 million yuan | Joint and several liability guarantee, equity pledge | 6 years | No | No | | Wuhan Diyue Town Real Estate Development Co., Ltd. | 147.00 million yuan | 95.55 million yuan | Joint and several liability guarantee | 2.5 years | No | No | | Foshan Ganying Real Estate Co., Ltd. | 150.00 million yuan | 142.25 million yuan | Joint and several liability guarantee, equity pledge | 4.5 years | No | No | | Suzhou Wujiang Ruize Real Estate Co., Ltd. | 240.00 million yuan | 135.00 million yuan | Joint and several liability guarantee | 5 years | No | No | - The total approved external guarantee limit at the end of the reporting period was **8.86 billion yuan**, and the total actual external guarantee balance at the end of the reporting period was **3.56 billion yuan**[180](index=180&type=chunk) - The total actual guarantee amount accounted for **238.90%** of the company's net assets[182](index=182&type=chunk) - The debt guarantee balance provided directly or indirectly for guaranteed entities with an asset-liability ratio exceeding **70%** was **17.55 billion yuan**[182](index=182&type=chunk) - The amount of guarantees exceeding **50%** of net assets was **20.37 billion yuan**[182](index=182&type=chunk) - The company bore guarantee responsibility for its controlling subsidiary Wuhan Yucan Real Estate Development Co., Ltd[182](index=182&type=chunk) - The company had no entrusted wealth management or entrusted loans during the reporting period[185](index=185&type=chunk)[186](index=186&type=chunk) - The company had no other significant contracts during the reporting period[187](index=187&type=chunk) [Explanation of Other Significant Matters](index=71&type=section&id=Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[188](index=188&type=chunk) [Significant Matters of Company Subsidiaries](index=71&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) Post-reporting period, Grandjoy Property, a subsidiary, plans to delist from the Hong Kong Stock Exchange via a scheme of arrangement to repurchase shares from all shareholders except the company and Demao Co., Ltd., pending regulatory approvals - After the reporting period, Grandjoy Property Co., Ltd., a controlling subsidiary of the company, plans to repurchase **4,729,765,214** shares held by all other shareholders of Grandjoy Property, excluding the company and Demao Co., Ltd. (a wholly-owned subsidiary of COFCO Group Co., Ltd., the company's controlling shareholder), through a scheme of arrangement[189](index=189&type=chunk) - Grandjoy Property intends to apply for the withdrawal of its listing status from the Hong Kong Stock Exchange[189](index=189&type=chunk) - This arrangement is subject to the satisfaction or waiver of several conditions before it can become effective, including approval by the Grandjoy Property EGM, the Court Meeting, the Bermuda Supreme Court's approval of the scheme of arrangement and registration of the relevant court order, and all necessary approvals from the Stock Exchange and other relevant regulatory authorities in other jurisdictions, thus posing risks of uncertainty in approval[189](index=189&type=chunk) [Share Changes and Shareholder Information](index=72&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, shareholder composition, and any changes in shareholdings of key personnel, confirming no changes in total shares or controlling shareholder during the period [Share Change Status](index=72&type=section&id=Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged, with the structure of restricted and unrestricted shares also stable 2025 H1 Share Change Status | Share Class | Quantity Before Change (shares) | Percentage Before Change | Change in Quantity (shares) | Quantity After Change (shares) | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 283,426,170 shares | 6.61% | 0 shares | 283,426,170 shares | 6.61% | | Of which: Shares held by domestic legal persons | 283,417,532 shares | 6.61% | 0 shares | 283,417,532 shares | 6.61% | | Shares held by domestic natural persons | 8,638 shares | 0.00% | 0 shares | 8,638 shares | 0.00% | | II. Unrestricted Shares | 4,002,887,169 shares | 93.39% | 0 shares | 4,002,887,169 shares | 93.39% | | Of which: RMB ordinary shares | 4,002,887,169 shares | 93.39% | 0 shares | 4,002,887,169 shares | 93.39% | | **III. Total Shares** | **4,286,313,339 shares** | **100.00%** | **0 shares** | **4,286,313,339 shares** | **100.00%** | - The reasons for share changes, approval status, and transfer status during the company's reporting period are all not applicable[193](index=193&type=chunk) - The company had no progress on share repurchases during the reporting period[194](index=194&type=chunk) [Securities Issuance and Listing](index=73&type=section&id=Securities%20Issuance%20and%20Listing) During the reporting period, the company had no new securities issuance or listing activities, with further details available in the 'Bond-Related Information' section - The company had no securities issuance or listing during the reporting period[194](index=194&type=chunk) [Number of Shareholders and Shareholding Status](index=73&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had 96,562 common shareholders, with Mingyi Co., Ltd. and COFCO Group Co., Ltd. as the top two, holding a combined 69.28% of shares - The total number of common shareholders at the end of the reporting period was **96,562** households[196](index=196&type=chunk) Shareholding Status of Top 10 Shareholders or Shareholders Holding 5% or More at Period-End | Shareholder Name | Shareholder Type | Shareholding Percentage | Quantity at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Mingyi Co., Ltd. | Overseas Legal Person | 49.28% | 2,112,138,742 shares | - | 2,112,138,742 shares | | COFCO Group Co., Ltd. | State-Owned Legal Person | 20.00% | 857,354,140 shares | - | 857,354,140 shares | | Taiping Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products - 022L-CT001 Shenzhen | Fund, Wealth Management Products, etc. | 6.61% | 283,417,532 shares | 283,417,532 shares | - | | Central Huijin Asset Management Co., Ltd. | State-Owned Legal Person | 1.50% | 64,479,900 shares | - | 64,479,900 shares | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.57% | 24,597,333 shares | - | 24,597,333 shares | | Zhang Chenye | Domestic Natural Person | 0.43% | 18,262,637 shares | - | 18,262,637 shares | | Industrial and Commercial Bank of China Co., Ltd. - Southern CSI All-Share Real Estate ETF | Fund, Wealth Management Products, etc. | 0.38% | 16,410,200 shares | - | 16,410,200 shares | | Xu Kaidong | Domestic Natural Person | 0.37% | 15,834,240 shares | - | 15,834,240 shares | | Tang Yongjiang | Domestic Natural Person | 0.31% | 13,396,005 shares | - | 13,396,005 shares | | Aladdin Legend Technology Group Co., Ltd. | Domestic General Legal Person | 0.18% | 7,648,300 shares | - | 7,648,300 shares | - Mingyi Co., Ltd. is a wholly-owned subsidiary of COFCO Group Co., Ltd., and they have an associated relationship, belonging to concerted parties as stipulated by relevant CSRC laws and regulations[197](index=197&type=chunk) - The **283,417,532** shares held by Taiping Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products - 022L-CT001 Shenzhen were released from restriction on **August 4, 2025**[198](index=198&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=75&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[199](index=199&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=75&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there was no change in the company's actual controller - The company's actual controller did not change during the reporting period[200](index=200&type=chunk) [Preferred Share Information](index=75&type=section&id=Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[201](index=201&type=chunk) [Bond-Related Information](index=76&type=section&id=Bond-Related%20Information) This section provides comprehensive details on the company's outstanding corporate bonds and non-financial enterprise debt financing instruments, including their terms, issuance, and market status, confirming no enterprise bonds or convertible bonds [Enterprise Bonds](index=76&type=section&id=Enterprise%20Bonds) During the reporting period, the company had no enterprise bonds - The company had no enterprise bonds during the reporting period[203](index=203&type=chunk) [Corporate Bonds](index=76&type=section&id=Corporate%20Bonds) The company issued multiple corporate bonds, both public and private, totaling 10.8 billion yuan, all for professional investors with standard trading mechanisms and no delisting risk Corporate Bond Basic Information | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Accrual Date | Maturity Date | Bond Balance (million yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Grandjoy Holdings Group Co., Ltd. 2020 Publicly Issued Corporate Bonds (Tranche 1) (Type 1) for Professional Investors | 20 Grandjoy 01 | 149189 | 2020-08-04 | 2020-08-04 | 2025-08-04 | 2.00 billion yuan | 3.15% | | COFCO Property Investment Co., Ltd. 2022 Publicly Issued Corporate Bonds (Tranche 1) (Type 2) for Professional Investors | 22 COFCO 02 | 149783 | 2022-1-19 | 2022-1-19 | 2029-1-19 | 0.50 billion yuan | 3.49% | | Grandjoy Holdings Group Co., Ltd. 2022 Publicly Issued Corporate Bonds (Tranche 1) (Type 1) for Professional Investors | 22 Grandjoy 01 | 148102 | 2022-10-26 | 2022-10-27 | 2027-10-27 | 1.50 billion yuan | 3.13% | | Grandjoy Holdings Group Co., Ltd. 2022 Publicly Issued Corporate Bonds (Tranche 2) (Type 1) for Professional Investors | 22 Grandjoy 02 | 148141 | 2022-12-16 | 2022-12-19 | 2027-12-19 | 1.50 billion yuan | 4.27% | | Grandjoy Holdings Group Co., Ltd. 2023 Publicly Issued Corporate Bonds (Tranche 1) (Type 1) for Professional Investors | 23 Grandjoy 01 | 148174 | 2023-1-18 | 2023-1-19 | 2028-1-19 | 2.00 billion yuan | 3.97% | | COFCO Property Investment Co., Ltd. 2023 Publicly Issued Corporate Bonds (Tranche 1) for Professional Investors | 23 COFCO 01 | 148228 | 2023-4-14 | 2023-4-17 | 2028-4-17 | 1.00 billion yuan | 3.34% | | COFCO Property Investment Co., Ltd. 2024 Publicly Issued Corporate Bonds (Tranche 1) for Professional Investors | 24 COFCO 01 | 148570 | 2024-1-17 | 2024-1-18 | 2029-1-18 | 0.70 billion yuan | 3.13% | | Grandjoy Holdings Group Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 1) (Type 1) for Professional Investors | 25 Grandjoy 01 | 133991 | 2025-03-25 | 2025-03-26 | 2029-03-26 | 1.10 billion yuan | 2.45% | | Grandjoy Holdings Group Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 1) (Type 2) for Professional Investors | 25 Grandjoy 02 | 133992 | 2025-03-25 | 2025-03-26 | 2030-03-26 | 0.50 billion yuan | 2.60% | | Grandjoy Holdings Group Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 2) (Type 1) for Professional Investors | 25 Grandjoy 03 | 134376 | 2025-7-24 | 2025-7-28 | 2029-7-28 | 0.80 billion yuan | 2.05% | | Grandjoy Holdings Group Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 2) (Type 2) for Professional Investors | 25 Grandjoy 04 | 134377 | 2025-7-24 | 2025-7-28 | 2030-7-28 | 1.20 billion yuan | 2.41% | - The corporate bonds are all issued to qualified investors (professional investors)[205](index=205&type=chunk) - There is no risk of termination of listing and trading for the corporate bonds[205](index=205&type=chunk) - The company had no overdue unpaid bonds during the reporting period[206](index=206&type=chunk) - The company had no trigger or execution of issuer or investor option clauses or investor protection clauses during the reporting period[206](index=206&type=chunk) - The company's credit rating results did not change during the reporting period[206](index=206&type=chunk) - The company's guarantee situation, debt repayment plan, and other debt repayment assurance measures and their implementation and changes during the reporting period had no significant impact on bond investor rights[206](index=206&type=chunk) [Non-Financial Enterprise Debt Financing Instruments](index=78&type=section&id=Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued multiple medium-term notes, including COFCO Property and Grandjoy notes, totaling 7.90 billion yuan, all for qualified investors and traded on the interbank market with no delisting risk Non-Financial Enterprise Debt Financing Instruments Basic Information | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Accrual Date | Maturity Date | Bond Balance (million yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Property Investment Co., Ltd. 2023 First Tranche Medium-Term Notes | COFCO Property 23MTN001 | 102382140 | 2023-08-17 | 2023-08-21 | 2025-08-21 | 1.50 billion yuan | 3.73% | | Grandjoy Holdings Group Co., Ltd. 2024 First Tranche Medium-Term Notes | Grandjoy 24MTN001 | 102400704 | 2024-3-27 | 2024-3-28 | 2029-3-28 | 2.00 billion yuan | 3.50% | | Grandjoy Holdings Group Co., Ltd. 2024 Second Tranche Medium-Term Notes | Grandjoy 24MTN002 | 102400708 | 2024-4-2 | 2024-4-3 | 2029

Core Viewpoint - The report details the debt repayment progress of Wuhan Yuchan Real Estate Development Co., Ltd., a subsidiary of Dayue City Holdings Group Co., Ltd., highlighting the financial obligations and the ongoing legal proceedings related to the debt [1][2][3]. Debt Overview - The debtor is Wuhan Yuchan Real Estate Development Co., Ltd., with a loan amount of 490.3 million yuan for project construction [2][3]. - The loan interest rate is 4.35%, with a total principal and interest repayment amount of 137.4604 million yuan as of June 30, 2025 [3][5]. Debt Repayment Progress - Agricultural Bank of China provided a loan of 500 million yuan to Wuhan Yuchan, with Dayue City Holdings and Huaxia Happiness providing joint guarantees [3][4]. - As of May 2025, Wuhan Yuchan has repaid part of the loan, and Dayue City Holdings has fulfilled its guarantee obligations, leading to the withdrawal of the lawsuit against the issuer [4][5]. Legal Proceedings - On May 29, 2025, the court allowed the withdrawal of the lawsuit against Dayue City Holdings, while the case against other defendants continues [4]. - On August 20, 2025, a judgment was made requiring Wuhan Yuchan to repay 131.779 million yuan plus interest and penalties to Agricultural Bank [4][5]. Impact Analysis - Dayue City Holdings has fulfilled its guarantee obligations, and the remaining unpaid principal and interest of 137.4604 million yuan is the responsibility of Wuhan Yuchan, with Huaxia Happiness bearing joint repayment responsibility [5]. - The financial situation of Wuhan Yuchan is not expected to significantly impact the operational status or repayment capacity of Dayue City Holdings, as it represents a low proportion of the issuer's consolidated total assets, net assets, and revenue [5]. Bond Management - CITIC Securities, as the bond trustee for various bonds issued by Dayue City Holdings, will continue to monitor the repayment situation and other significant matters affecting bondholders' interests [6].

深圳市宝安区新安街道 3 区龙井二路 3 号中粮地产集团中心第 1 层 101 室 债券简称：22 大悦 01 债券代码：148102.SZ 股票简称：大悦城 股票代码：000031.SZ 债券简称：25 大悦 04 债券代码：134377.SZ 债券简称：25 大悦 03 债券代码：134376.SZ 债券简称：23 大悦 01 债券代码：148174.SZ 债券简称：22 大悦 02 债券代码：148141.SZ 中信证券股份有限公司关于 大悦城控股集团股份有限公司子公司 武汉裕灿房地产开发有限公司到期债务清偿进展的 临时受托管理事务报告 发行人 受托管理人 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：2025 年 8 月 声明 本报告依据《公司债券发行与交易管理办法》《深圳证券交易所公司债券 上市规则》《大悦城控股集团股份有限公司 2022 年面向专业投资者公开发行公 司债券受托管理协议》《大悦城控股集团股份有限公司 2022 年面向专业投资者 公开发行公司债券债券持有人会议规则》《大悦城控股集团股份有限公司 2025 年面向专业投资者非公开发行公司债券（第二次）受托管理协议》 ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On August 28, the overall capital market showed a complex trend with the stock market strongly rebounding, the bond market under pressure and weakening, the convertible bond market's main indexes rising collectively but most individual convertible bonds falling, and the yields of U.S. Treasury bonds at different maturities diverging while the 10 - year Treasury bond yields of major European economies generally declining [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - The "Opinions of the CPC Central Committee and the State Council on Promoting High - quality Development of Cities" was released, aiming to establish a sustainable urban construction and operation investment and financing system by 2030 and basically build a modern people - centered city by 2035 [3]. - In July 2025, the total issuance of local government bonds was 1.2135 trillion yuan, and the balance of local government debt at the end of July was 52.7627 trillion yuan [4]. - The State Administration for Market Regulation promoted the return of market competition to a benign and orderly track [5]. - From January to July 2025, the total social logistics volume exceeded 200 trillion yuan, with a year - on - year increase of 5.2% [6]. - **International News** - The annualized quarterly - on - quarterly growth rate of the U.S. real GDP in the second quarter was revised up to 3.3%, mainly driven by business investment [7]. - **Commodities** - On August 28, international crude oil futures prices turned up, and international natural gas prices continued to rise [8]. 3.2 Capital Market - **Open Market Operations** - On August 28, the central bank conducted 416.1 billion yuan of 7 - day reverse repurchase operations, with a net capital injection of 163.1 billion yuan [9]. - **Funding Rates** - On August 28, the capital market was generally balanced and loose. DR001 decreased by 0.11bp to 1.313%, and DR007 increased by 2.72bp to 1.540% [10]. 3.3 Bond Market Dynamics - **Interest - rate Bonds** - On August 28, the bond market was under pressure and weakened. The yield of the 10 - year Treasury bond active bond 250011 rose by 2.50bp to 1.7900%, and the yield of the 10 - year CDB bond active bond 250215 rose by 3.35bp to 1.8875% [13]. - Information on bond tenders is provided, including the issuance scale, winning bid yield, and other data of multiple bonds [15]. - **Credit Bonds** - One industrial bond's trading price deviated by more than 10%, with "H1 Bidi 03" rising by more than 104% [15]. - Multiple companies, including Qingdao Beer Group, Weihai Thermal Power Group, and HeSteel Group, cancelled bond issuances due to market fluctuations [16]. - Huaxia Bank's operating income in the first half of the year was 45.522 billion yuan, a year - on - year decrease of 5.86%, and its net profit was 11.47 billion yuan, a year - on - year decrease of 7.95% [16]. - **Convertible Bonds** - On August 28, the three major A - share stock indexes rose collectively, and the main indexes of the convertible bond market also rose. The convertible bond market's trading volume was 122.512 billion yuan, an increase of 3.217 billion yuan from the previous trading day [17]. - Jinchengxin's convertible bond issuance obtained the CSRC's registration approval [18]. - **Overseas Bond Markets** - On August 28, the yields of U.S. Treasury bonds at different maturities diverged, with the 2 - year yield rising by 2bp to 3.62% and the 10 - year yield falling by 2bp to 4.22% [20]. - The 10 - year Treasury bond yields of major European economies generally declined, except for Germany's which rose by 1bp to 2.70% [23]. - Information on the daily price changes of Chinese - funded US dollar bonds is provided, including the price changes of bonds of multiple companies [25].

Core Viewpoint - The report indicates a decline in both revenue and profit for the company in the first half of 2025 compared to the previous year [1] Financial Performance - The company achieved a revenue of approximately 8.123 billion yuan in the first half of 2025, representing a year-on-year decrease of 5.8% [1] - The profit attributable to shareholders was 105 million yuan, which reflects a year-on-year decline of 26.6% [1]

Core Insights - The company reported a total revenue of RMB 8.1238 billion for the first half of 2025, representing a year-on-year decline of 5.8% [1] - The property development revenue was RMB 5.4808 billion, down 8.3% year-on-year, while the average settlement price increased by 33% to approximately RMB 30,614 per square meter [1] - The profit attributable to the company's owners was RMB 104.7 million, a decrease of 26.6% year-on-year; however, after excluding certain losses, the core net profit was approximately RMB 244.2 million, reflecting a year-on-year growth of 25.1% [1] - The company maintained a favorable relationship with banks, actively expanded financing channels, and optimized its financing structure, achieving an average financing cost of approximately 3.59%, which is relatively low in the industry [1]

Core Viewpoint - The company reported a decline in total revenue for the first half of 2025, with a focus on the challenges faced in property development and overall profitability [1] Financial Performance - Total revenue amounted to RMB 8.1238 billion, representing a year-on-year decrease of 5.8% [1] - Revenue from property development was RMB 5.4808 billion, down 8.3% year-on-year, while the average settlement price increased by 33% to approximately RMB 30,614 per square meter [1] - Profit attributable to the company’s owners was RMB 104.7 million, a decline of 26.6% year-on-year [1] - After excluding losses from investment property fair value and exchange rate losses totaling approximately RMB 139.5 million, the core net profit attributable to owners (non-HKFRS) was approximately RMB 244.2 million, reflecting a year-on-year increase of 25.1% [1] Financing Strategy - The company maintained good relationships with banks and actively expanded financing channels while optimizing its financing structure [1] - The average financing cost for the period was approximately 3.59%, which is considered low within the industry [1]

Group 1 - The company reported a revenue of 8.124 billion RMB for the six months ending June 30, 2025, a decrease of 5.78% year-on-year [1] - Shareholders' profit was 105 million RMB, down 26.6% year-on-year, with basic earnings per share at 0.07 RMB [1] - Rental income and related services from investment properties totaled approximately 2.038 billion RMB, a decline of 2.5% year-on-year, primarily due to the previous year's inclusion of Chengdu Joy City [1] Group 2 - The company's property development business generated revenue of 5.481 billion RMB, a decrease of 8.3% year-on-year, with a delivered property settlement area of approximately 175,101 square meters, down 32% [1] - The average settlement price per square meter was approximately 30,614 RMB, an increase of 33% year-on-year, with a settlement gross margin of 18%, up 3 percentage points from the previous year [1] - The company faced a significant decline in contracted sales, amounting to approximately 2.749 billion RMB, down 81.4% year-on-year, with a contracted sales area of 164,178.1 square meters, down 63.3% [1] Group 3 - The average financing cost for the company was approximately 3.59%, maintaining a relatively low level within the industry [2]

| 债券代码:148102 | | --- | | 债券代码:148141 | | 债券代码:148174 | | 债券代码:133991 | | 债券代码:133992 | | 债券代码:134376 | | 债券代码: 134377 | 债券简称:22 大悦 01 债券简称:22 大悦 02 债券简称:23 大悦 01 债券简称:25 大悦 01 债券简称:25 大悦 02 债券简称:25 大悦 03 债券简称:25 大悦 04 子公司武汉裕灿房地产开发有限公司到期债务清偿进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 一、债务人和债务基本情况 债务人名称: 武汉裕灿房地产开发有限公司 债权人名称:中国农业银行股份有限公司武汉开发区支行 借款金额:49,030万元 借款用途:项目工程建设 借款利率:4.35% 应偿付本息金额: 13,746.04万元（截至2025年6月30日） 借款的担保措施:项目土地及在建工程抵押;股东按股权比例进行担保 大悦城控股集团股份有限公司关于 二、债务清偿进展 2020年,中国农业银行股份有限公司武汉开发区支行( ...

Group 1 - Traditional retail giants are facing significant performance challenges, with major players like Baisheng Group reporting an 18.4% drop in same-store sales and announcing the closure of its Beijing store by year-end [3][4] - Other retailers such as Xinhua Department Store and Tianhong reported revenue declines of 0.99% and 1.79% respectively, while Nanning Department Store experienced a net loss of 13.38 million yuan, a 653.3% increase in loss [3][4] Group 2 - The outlet mall sector is experiencing a growth spurt, with multiple new projects announced, including the opening of Wuhan Shanshan Outlet on September 25, which will be the first "Lakeside Outlet" in Central China [5][6] - The emergence of differentiated concepts like "Lakeside Outlet" and "Warehouse-style Outlet" indicates that this sector is effectively targeting various consumer needs amid a backdrop of consumption downgrade [6] Group 3 - A wave of renaming among shopping centers reflects strategic shifts and the need for brand upgrades, with examples including the rebranding of "Changsha Beichen Triangular Deyue City" to "Changsha Beichen Hui" [7][8] - The rebranding of "Shenyang Vanke Plaza" to "Wan Qian Hui" resulted in a 15% increase in foot traffic and a 26% rise in sales, demonstrating the effectiveness of targeted brand revitalization [8] Group 4 - China is becoming a testing ground for global brand innovations, with notable first stores like LV Beauty opening in Nanjing and Haidilao launching an innovative concept store in Beijing [10][11] - This trend indicates a shift in China's market position from a follower to a leader in global brand innovation, as brands increasingly prioritize launching new products in China [11] Group 5 - There is a dual acceleration in the internationalization of brands in China and the globalization of local brands, with companies like Anta and Li Ning deepening market penetration through themed stores [12][13] - The significant growth of brands like Pop Mart, which reported a 204.4% increase in revenue, highlights China's market as a critical battleground for both international and domestic brands [13]