[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides an important notice regarding the report's accuracy, outlines the report's structure, lists reference documents, and defines key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's Chairman Zheng Kanghao, Chief Accountant Qiu Shanqin, and Head of Accounting Department Li Yali declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - Key operational risks include strategic implementation, business expansion, market uncertainty, and insufficient talent reserves[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the structured table of contents for the report, comprising nine main chapters from company profile to financial reports and other submitted data - The report contains nine main chapters, from company profile to financial reports and other submitted data[6](index=6&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) This section provides a list of reference documents for the reporting period, including signed and sealed financial statements and publicly disclosed company documents - Reference documents include signed and sealed financial statements and original copies of publicly disclosed company documents[8](index=8&type=chunk)[9](index=9&type=chunk) - All reference documents are available at the company's Board of Directors Office[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, covering company and subsidiary names, related parties, and semiconductor industry-specific terminology - Defines company, subsidiary, and related party names, such as Huangting International, Huangting Group, Rongfa Investment, Yifa Power[11](index=11&type=chunk) - Explains semiconductor industry professional terms, including SBD (Schottky Barrier Diode), FRD (Fast Recovery Diode), IGBT (Insulated Gate Bipolar Transistor), Fabless (fabless design model), MOSFET, SiC (Silicon Carbide), GaN (Gallium Nitride), IDM (Integrated Device Manufacturer)[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shenzhen Huangting International Enterprise Co., Ltd. is listed on the Shenzhen Stock Exchange with stock codes 000056 and 200056, and its legal representative is Zheng Kanghao Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Huangting International, Huangting B | | Stock Code | 000056, 200056 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 深圳市皇庭国际企业股份有限公司 | | Legal Representative | Zheng Kanghao | [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary is Wu Kai, with contact details including address, phone, fax, and email Board Secretary Contact Information | Name | Wu Kai | | :--- | :--- | | Contact Address | Unit 28A01, Huangting Building, Gangxia, Fuhua Road 350, Futian Street, Futian District, Shenzhen | | Phone | (0755) 82281888 | | Fax | (0755) 82566573 | | Email | wuk2927@163.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, email, information disclosure website, media name, and storage location remained unchanged during the reporting period - Company contact information, information disclosure, and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[14](index=14&type=chunk)[15](index=15&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's 2025 semi-annual operating revenue decreased by **18.48%** year-on-year, net profit attributable to shareholders decreased by **24.62%**, and net cash flow from operating activities decreased by **31.77%** Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 290,237,323.45 | 356,020,028.14 | -18.48% | | Net Profit Attributable to Shareholders of Listed Company | -185,409,588.39 | -148,781,752.43 | -24.62% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -194,006,917.05 | -152,232,548.09 | -27.44% | | Net Cash Flow from Operating Activities | 103,382,904.90 | 151,511,852.26 | -31.77% | | Basic Earnings Per Share (RMB/share) | -0.16 | -0.13 | -23.08% | | Diluted Earnings Per Share (RMB/share) | -0.16 | -0.13 | -23.08% | | Weighted Average Return on Net Assets | -69.98% | -16.17% | -53.81% | | Total Assets | 7,930,055,825.70 | 8,033,395,570.22 | -1.29% | | Net Assets Attributable to Shareholders of Listed Company | 172,246,176.46 | 357,655,764.85 | -51.84% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **RMB 8,597,328.66**, primarily including disposal gains/losses on non-current assets, government grants, reversal of impairment provisions for receivables, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/losses on disposal of non-current assets | -6,857,251.67 | | | Government grants recognized in current profit or loss | 32,544.36 | | | Reversal of impairment provisions for receivables subject to separate impairment testing | 15,723,480.60 | Recovery of individually impaired receivables in current period | | Other non-operating income and expenses apart from the above | -1,394,452.72 | | | Less: Income tax impact | -1,296,450.26 | | | Impact on minority interests (after tax) | 203,442.17 | | | Total | 8,597,328.66 | | - The company does not classify non-recurring gains and losses as recurring gains and losses[22](index=22&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the company's main businesses, core competencies, financial performance, asset and liability status, investment activities, and risks during the reporting period [I. Company's Main Businesses During the Reporting Period](index=8&type=section&id=I.%20Company's%20Main%20Businesses%20During%20the%20Reporting%20Period) The company primarily operates in commercial management, property management, and power semiconductors, with the latter focusing on chip design, manufacturing, and sales for various industrial and consumer applications - Commercial management business includes commercial real estate operation, asset management, and related services, utilizing a "self-owned + master lease + entrusted management" model[24](index=24&type=chunk) - Property management business, provided by subsidiary Huangting Business Services, manages various property types including commercial offices and residential properties[24](index=24&type=chunk) - Power semiconductor business, operated by subsidiary Yifa Power, engages in chip design, manufacturing, and sales, boasting an annual production capacity of **360,000 6-inch power wafers** with core products like FRD, SBD, MOSFET, and IGBT[24](index=24&type=chunk) [II. Analysis of Core Competencies](index=8&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company possesses advantages in talent, technology, and business model within the power semiconductor sector, alongside strong brand recognition, diversified business synergy, and extensive operational experience in commercial management - **Power Semiconductor Sector:** - Talent Advantage: Possesses multiple integrated

Market Overview - On August 26, the real estate service sector declined by 0.31% compared to the previous trading day, with China Merchants Jin Yu leading the decline [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Zhongtian Service (002188) closed at 5.91, up 2.25% with a trading volume of 90,900 shares and a turnover of 53.31 million yuan [1] - Nandu Property (603506) closed at 14.39, up 1.12% with a trading volume of 52,200 shares and a turnover of 74.73 million yuan [1] - ST Mingcheng (600136) closed at 1.95, up 1.04% with a trading volume of 166,200 shares and a turnover of 32.23 million yuan [1] - Other notable performances include New Dazheng (002968) at 11.21, up 0.45%, and Ningbo Fuda (600724) at 4.85, up 0.41% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 171 million yuan from institutional investors, while retail investors saw a net inflow of 163 million yuan [2] - The overall capital flow indicates that while institutional investors are pulling back, retail investors are actively buying into the sector [2] Detailed Capital Flow for Individual Stocks - China Merchants Jin Yu (001914) saw a net outflow of 4.97 million yuan from institutional investors, with a net inflow of 4.79 million yuan from retail investors [3] - Significant outflows were noted for other stocks such as World Union (002285) with a net outflow of 18.98 million yuan from institutional investors and a net inflow of 9.12 million yuan from retail investors [3] - Pearl River Shares (600684) experienced a net outflow of 31.70 million yuan from institutional investors, while retail investors contributed a net inflow of 26.77 million yuan [3]

Core Points - The stock price of Huangting International (000056) closed at 2.75 yuan on August 25, 2025, down by 0.36% with a turnover rate of 6.39% and a trading volume of 577,400 hands, amounting to 160 million yuan in transaction value [1] - The latest financial report for the first quarter of 2025 shows total revenue of 131 million yuan, a year-on-year decrease of 29.35%, and a net profit attributable to shareholders of 82.03 million yuan, a decrease of 0.83% year-on-year [1] - The company has a high asset-liability ratio of 97.12%, with a current ratio of 0.111 and a quick ratio of 0.098 [1] Financial Performance - Total revenue for Q1 2025: 131 million yuan, down 29.35% year-on-year [1] - Net profit for Q1 2025: 82.03 million yuan, down 0.83% year-on-year [1] - Non-recurring net profit: 93.94 million yuan, down 11.15% year-on-year [1] - Current ratio: 0.111, Quick ratio: 0.098, Asset-liability ratio: 97.12% [1] Investment and Business Activities - Huangting International has invested in 22 companies and participated in one bidding project [2] - The company holds five trademark registrations and has seven administrative licenses [2]

Group 1 - The real estate service sector increased by 3.09% on August 25, with TeFa Service leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - TeFa Service's stock price rose by 6.99% to 50.06, with a trading volume of 203,800 shares and a transaction value of 1.018 billion yuan [1] Group 2 - The real estate service sector saw a net inflow of 250 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 97.33 million yuan [2][3] - The stock "I Love My Home" had a net inflow of 179 million yuan from institutional investors, but a net outflow of 101 million yuan from retail investors [3] - The stock "TeFa Service" experienced a net inflow of 56.49 million yuan from institutional investors, with retail investors also showing a net outflow of 25.50 million yuan [3]

Core Viewpoint - Huangting International (000056.SZ) is facing significant financial distress due to a series of debt disputes and legal lawsuits, which have drawn public attention. The company is at a critical juncture, particularly concerning the judicial auction of its core asset, Shenzhen Huangting Plaza, which could jeopardize its listing status [1][2]. Debt Disputes and Legal Issues - Huangting International and its subsidiaries are involved in two major legal cases, with a total debt amount of 362 million yuan and an arbitration case involving cash claims of 266 million yuan. Both cases have been accepted by the court and arbitration institution but have not yet been heard [1]. - The company has acknowledged that if the auction of Shenzhen Huangting Plaza is successful, it will lose ownership of this significant asset, constituting a major asset restructuring. This could have a substantial impact on the company's assets, liabilities, and daily operations, potentially triggering financial delisting risk warnings [2]. Asset Auction Details - The judicial auction of Shenzhen Huangting Plaza is scheduled for September 9-10, 2025, with a starting price of 3.053 billion yuan, approximately 30% lower than the assessed value of 4.361 billion yuan. The asset has about 17 years of land use remaining [1][2]. - The auction is particularly critical for Huangting International, as the plaza accounts for 71.57% of the company's total assets and 56.03% of its total revenue for 2024 [2]. Financial Performance and Risks - Huangting International has reported continuous losses since 2020, with cumulative losses exceeding 4.4 billion yuan. The company is expected to incur further losses of 140 million to 200 million yuan in the first half of 2025 [3]. - As of March 2025, the company had total assets of 8.008 billion yuan and total liabilities of 7.777 billion yuan, resulting in a high debt-to-asset ratio of 97.12%. The company faces significant short-term repayment pressure, with only 91.93 million yuan in cash against 3.7 billion yuan in current liabilities [3]. Efforts to Resolve Financial Crisis - In response to its financial difficulties, Huangting International has attempted debt restructuring through agreements with Lianyungang Fenghan Yigang Property Management Co., Ltd. to transfer equity stakes in its subsidiaries [4][5]. - The company is also exploring business transformation opportunities, including a recent agreement with Shenzhen Zunguang Solid State Battery Co., Ltd. to invest in new materials related to energy storage [5]. Auction Concerns - There are concerns regarding the auction's outcome, as the remaining land use period of 17 years and additional pending fees of 23.72 million yuan may deter potential buyers [6].

证券代码：000056、200056 证券简称：皇庭国际、皇庭 B 公告编号：2025-040 深圳市皇庭国际企业股份有限公司 关于重大诉讼、仲裁的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、两个案件所处的诉讼、仲裁阶段：法院及仲裁机构已受理，均尚未开庭。 2、上市公司及其子公司所处的当事人地位：仲裁案件中申请人是深圳市皇庭国 际企业股份有限公司（以下简称"公司"或"皇庭国际"）子公司深圳市瑞豪智芯科 技有限公司（以下简称"瑞豪智芯"），被申请人是重庆皇庭珠宝广场有限公司（已 被破产管理人接管）；诉讼案件中被告是公司及子公司深圳市皇庭不动产管理有限公 司、深圳市瑞豪智芯科技有限公司。 3、涉案的金额： （1）诉讼案件为合同约定的 362,035,373.77 元债务； （2）仲裁案件为申请人对被申请人享有现金债权 266,597,997.40 元。 原告：重庆瑞月永华律师事务所，重庆皇庭珠宝广场有限公司破产管理人 被告：深圳市皇庭国际企业股份有限公司、深圳市皇庭不动产管理有限公司、深 圳市瑞豪智芯科技有限公司、深圳市皇庭产业控股有限公 ...

Core Insights - The real estate service sector experienced a slight increase of 0.08% on August 21, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Zhujiang Co. (600684) closed at 5.10, up 3.87% with a trading volume of 562,600 shares and a turnover of 287 million yuan [1] - Nandu Property (603506) closed at 14.28, up 1.56% with a trading volume of 50,500 shares and a turnover of 71.86 million yuan [1] - Other notable performances include Zhongtian Service (002188) at 5.94, up 0.51%, and Ningbo Fuda (600724) at 4.80, up 0.42% [1] Capital Flow - The real estate service sector saw a net outflow of 19.55 million yuan from institutional investors, while retail investors contributed a net inflow of 15.39 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2] Individual Stock Capital Flow - For 招商积余 (001914), there was a net inflow of 3.32% from institutional investors, but a net outflow of 7.37% from speculative funds [3] - ST Mingcheng (600136) had a net inflow of 11.46% from institutional investors, while speculative funds experienced a net outflow of 4.61% [3] - Zhujiang Co. (600684) saw a net inflow of 0.44% from institutional investors, but a significant outflow of 5.34% from retail investors [3]

Core Insights - The real estate service sector experienced a slight increase of 0.34% on August 20, with Shijie Holdings leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Shijie Holdings (002285) closed at 2.52, with a rise of 2.02% and a trading volume of 460,900 shares, amounting to a transaction value of 115 million yuan [1] - Pearl River Shares (600684) closed at 4.91, increasing by 1.87% with a trading volume of 322,100 shares, totaling 157 million yuan [1] - Zhongtian Service (002188) saw a 1.37% increase, closing at 5.91 with a trading volume of 73,600 shares, valued at 42.93 million yuan [1] - Ningbo Fuda (600724) closed at 4.78, up 1.27% with a trading volume of 83,300 shares, amounting to 39.47 million yuan [1] - Other notable performances include "I Love My Home" (000560) with a slight increase of 0.65% and a trading volume of 1.4654 million shares, totaling 451 million yuan [1] Capital Flow - The real estate service sector saw a net outflow of 42.91 million yuan from institutional investors and 8.23 million yuan from speculative funds, while retail investors had a net inflow of 51.14 million yuan [2] - The capital flow for individual stocks indicates that Pearl River Shares had a net inflow of 13.87 million yuan from institutional investors, while Shijie Holdings experienced a net outflow of 8.67 million yuan from speculative funds [3] - Retail investors contributed a net inflow of 12.58 million yuan to 招商积余 (001914), despite a net outflow from institutional and speculative funds [3]

Group 1 - The stock price of Huangting International is reported at 2.87 yuan as of August 19, 2025, remaining unchanged from the previous trading day's closing price [1] - The company opened at 2.87 yuan, reached a high of 2.94 yuan, and a low of 2.83 yuan during the day, with a trading volume of 673,443 hands and a transaction amount of 194 million yuan [1] - There was a rapid rebound in the stock price, with an increase of over 2% within 5 minutes, peaking at 2.92 yuan [1] Group 2 - Huangting International's main business includes real estate services and the semiconductor sector, with concept sectors including real estate services, Guangdong sector, low-priced stocks, IGBT concept, and semiconductor concept [1] - The total market capitalization of the company is 3.394 billion yuan, while the circulating market capitalization is 2.594 billion yuan [1] - On August 19, the net inflow of main funds was 2.5651 million yuan, accounting for 0.1% of the circulating market capitalization, with a cumulative net inflow of 64.7526 million yuan over the past five trading days, representing 2.5% of the circulating market capitalization [1]

Market Overview - On August 19, the real estate service sector rose by 1.14% compared to the previous trading day, with Nandu Property leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Individual Stock Performance - Nandu Property (603506) closed at 14.23, up 4.56% with a trading volume of 82,100 shares and a transaction value of 115 million [1] - Zhongtian Service (002188) closed at 5.83, up 3.37% with a trading volume of 144,000 shares and a transaction value of 83.69 million [1] - New Dazheng (002968) closed at 11.24, up 2.55% with a trading volume of 58,400 shares and a transaction value of 65.01 million [1] - Wo Ai Wo Jia (000560) closed at 3.06, up 2.00% with a trading volume of 1,931,000 shares and a transaction value of 587 million [1] - Shilianhang (002285) closed at 2.47, up 1.65% with a trading volume of 445,700 shares and a transaction value of 110 million [1] - Te Fa Service (300917) closed at 47.49, up 1.39% with a trading volume of 128,000 shares and a transaction value of 610 million [1] - Ningbo Fuda (600724) closed at 4.72, up 0.85% with a trading volume of 74,900 shares and a transaction value of 35.25 million [1] - ST Mingcheng (600136) closed at 1.92, up 0.52% with a trading volume of 124,400 shares and a transaction value of 23.81 million [1] - Zhujiang Co. (600684) closed at 4.82, up 0.42% with a trading volume of 236,000 shares and a transaction value of 113 million [1] - Huangting International (000056) closed at 2.87, unchanged with a trading volume of 673,400 shares and a transaction value of 194 million [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 43.998 million from main funds, while retail funds experienced a net outflow of 49.6546 million [1] - The main funds' net inflow for Te Fa Service (300917) was 38.6865 million, while retail funds had a net outflow of 56.6134 million [2] - Wo Ai Wo Jia (000560) had a main fund net inflow of 17.8062 million, with retail funds showing a net outflow of 16.7062 million [2] - Shilianhang (002285) experienced a main fund net inflow of 5.1982 million, while retail funds had a net outflow of 0.9405 million [2] - Ningbo Fuda (600724) had a main fund net inflow of 4.4237 million, with retail funds showing a net outflow of 3.0342 million [2] - Huangting International (000056) saw a main fund net inflow of 2.5651 million, while retail funds had a net inflow of 4.0305 million [2]