[Important Notice](index=3&type=section&id=Important%20Notice) This section covers declarations of report authenticity, board meeting attendance, profit distribution, and the unaudited nature of financial statements [Declaration of Report Authenticity](index=3&type=section&id=1.1%20Declaration%20of%20Report%20Authenticity) The Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of this report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[6](index=6&type=chunk) - Chairman Yang Yang, General Manager Sheng Huaping, and CFO Yu Jian declare that the financial report in this report is true, accurate, and complete[6](index=6&type=chunk) [Board Meeting Status](index=3&type=section&id=1.2%20Board%20Meeting%20Status) All directors attended the Board of Directors meeting that reviewed this semi-annual report - All directors attended the Board of Directors meeting that reviewed this semi-annual report[7](index=7&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital](index=3&type=section&id=1.3%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital) The company will not distribute cash dividends, bonus shares, or convert capital reserves into share capital for this reporting period - The company will not distribute cash dividends, bonus shares, or convert capital reserves into share capital for this reporting period[8](index=8&type=chunk) [Financial Report and Forward-Looking Statements](index=3&type=section&id=1.4%20Financial%20Report%20and%20Forward-Looking%20Statements) The company's semi-annual financial report is unaudited, and forward-looking statements do not constitute a substantive commitment - The company's semi-annual financial report is unaudited[9](index=9&type=chunk) - Forward-looking statements regarding future plans in the company's semi-annual report do not constitute a substantive commitment to investors, who should be aware of the risks; specific details can be found in Section 4 'Board of Directors' Report'[9](index=9&type=chunk) [Company Profile](index=4&type=section&id=Company%20Profile) This section provides the company's basic information, contact details, and other relevant disclosures [Company Basic Information](index=4&type=section&id=2.1%20Company%20Basic%20Information) Financial Street Holdings Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code 000402, with Yang Yang as its legal representative Company Basic Information | Metric | Content | | :--- | :--- | | Stock Abbreviation | Financial Street | | Stock Code | 000402 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Financial Street Holdings Co., Ltd. | | Legal Representative | Yang Yang | [Contact Information](index=4&type=section&id=2.2%20Contact%20Information) The company's Board Secretary is Zhang Xiaopeng, with contact details in Beijing and email investors@jrjkg.com Company Contact Information | Position | Name | | :--- | :--- | | Board Secretary | Zhang Xiaopeng | | Securities Affairs Representative | Fan Wen | | Contact Address | No. 7 Jinchengfang Street, Xicheng District, Beijing | | Phone | 010-66573955 010-66573088 | | Email | investors@jrjkg.com | [Other Explanations](index=4&type=section&id=2.3%20Other%20Explanations) No changes occurred in the company's registered address, office address, website, or information disclosure channels during the reporting period - During the reporting period, there were no changes in the company's registered address, office address, postal code, company website, or email, as detailed in the company's 2024 Annual Report[13](index=13&type=chunk) - During the reporting period, there were no changes in the name of the information disclosure newspapers selected by the company, the website designated by the China Securities Regulatory Commission for publishing semi-annual reports, or the location where the company's semi-annual reports are kept, as detailed in the company's 2024 Annual Report[14](index=14&type=chunk) [Summary of Key Accounting Data and Financial Indicators](index=5&type=section&id=Summary%20of%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents a summary of the company's key accounting data and financial indicators for the reporting period [Key Accounting Data and Financial Indicators](index=5&type=section&id=3.1%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, operating revenue decreased by **51.79%**, but net loss attributable to shareholders narrowed by **49.20%**, while total assets and net assets declined Key Accounting Data and Financial Indicators for H1 2025 | Metric | Current Period (yuan) | Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,654,727,911.02 | 9,654,417,559.26 | -51.79% | | Net Profit Attributable to Shareholders of Listed Company | -1,007,916,509.84 | -1,984,132,023.30 | 49.20% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -881,226,837.92 | -2,003,781,212.50 | 56.02% | | Net Cash Flow from Operating Activities | 1,606,153,307.56 | 1,783,774,560.17 | -9.96% | | Basic Earnings Per Share | -0.34 | -0.66 | 48.48% | | Diluted Earnings Per Share | -0.34 | -0.66 | 48.48% | | Weighted Average Return on Net Assets | -4.13% | -5.68% | Increased by 1.55 percentage points | | Metric | End of Current Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 115,349,795,623.26 | 121,632,781,386.67 | -5.17% | | Net Assets Attributable to Shareholders of Listed Company | 23,885,345,307.23 | 24,882,849,278.76 | -4.01% | Total Share Capital and Fully Diluted EPS | Metric | Value | | :--- | :--- | | Total Share Capital as of the Trading Day Prior to Disclosure (shares) | 2,988,929,907 | | Fully Diluted EPS Calculated with Latest Share Capital (yuan/share) | -0.3372 | [Non-recurring Gains and Losses Items and Amounts](index=5&type=section&id=3.2%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses amounted to **-126.69 million yuan**, primarily due to fair value changes in financial assets, including a **-173 million yuan** fair value change in Beijing Equity Exchange Co., Ltd. equity Non-recurring Gains and Losses Items and Amounts (Unit: yuan) | Item | Amount | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -4,678,235.67 | | Government Subsidies Included in Current Period's Gains and Losses | 461,367.72 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-financial Enterprises, and from Disposal of Financial Assets and Liabilities, Excluding Those Related to Effective Hedging Activities in Normal Business Operations | -173,200,000.00 | | Other Non-operating Income and Expenses Apart from the Above | 10,054,081.58 | | Less: Income Tax Impact | -40,362,214.92 | | Minority Interest Impact (After Tax) | -310,899.53 | | Total | -126,689,671.92 | - The fair value of financial assets held by the company changed because Beijing Equity Exchange Co., Ltd. (in which the company holds an **11.06% equity stake**) experienced a significant year-on-year decline in operating profit this period, resulting in a fair value change loss of **173 million yuan** according to Cushman & Wakefield's valuation[20](index=20&type=chunk) [Board of Directors' Report](index=7&type=section&id=Board%20of%20Directors'%20Report) This section details the company's operating performance, strategies, and financial analysis for the reporting period [Operating Environment Analysis](index=7&type=section&id=4.1%20Operating%20Environment%20Analysis) In H1 2025, real estate policies supported stabilization, national commercial housing sales declined, but sales in key cities for the company slightly increased, while Grade A office market performance varied [Industry Development Trends](index=7&type=section&id=4.1.1%20Industry%20Development%20Trends) Government policies aim to stabilize the real estate market, but national commercial housing sales declined, while residential land transaction values increased, and key city markets showed mixed performance - On March 5, 2025, the government work report proposed sustained efforts to stabilize the real estate market, adjusting restrictive measures based on local conditions, accelerating urban village and dilapidated housing renovation, and fully unleashing demand for rigid and improved housing[22](index=22&type=chunk) National Commercial Housing Market Data for H1 2025 | Metric | H1 2025 | YoY Change | | :--- | :--- | :--- | | National Commercial Housing Sales Area (100 million sqm) | 4.6 | -3.5% | | National Commercial Housing Sales Value (trillion yuan) | 4.4 | -5.5% | | Overall Sales Contract Value of China's Top 10 Billion RMB Real Estate Enterprises | - | -11.8% | | New Commercial Residential Housing Sales Prices in 70 Large and Medium-sized Cities | - | -0.9% | | Residential Land Transaction Area in 300 Cities Nationwide (100 million sqm) | 1.7 | -4.9% | | Residential Land Transaction Value in 300 Cities Nationwide (trillion yuan) | 0.9 | +27.5% | Commercial Residential Housing Sales Area in Key Cities Entered by the Company (10,000 sqm) | City | Jan-Jun 2025 | Jan-Jun 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Beijing | 236 | 261 | -9.4% | | Tianjin | 410 | 629 | -34.8% | | Shanghai | 541 | 530 | 2.0% | | Suzhou | 177 | 182 | -2.8% | | Wuxi | 83 | 88 | -5.8% | | Guangzhou | 393 | 328 | 19.5% | | Foshan | 206 | 227 | -9.4% | | Wuhan | 488 | 388 | 25.7% | | Chongqing | 239 | 225 | 6.3% | - In H1 2025, commercial residential housing sales area in the aforementioned cities entered by the company decreased by **3.0%** year-on-year, while commercial residential housing sales value increased by **0.2%** year-on-year[26](index=26&type=chunk) - In H1 2025, residential land transaction area in the aforementioned cities entered by the company increased by **21.7%** year-on-year, and residential land transaction value increased by **50.7%** year-on-year[27](index=27&type=chunk) - In H1 2025, Beijing's Grade A office vacancy rate was **16.9%**, a **1 percentage point** decrease year-on-year, with rent at **221.9 yuan/sqm/month**, a **21%** decrease; Shanghai's Grade A office vacancy rate was **23.6%**, an **8 percentage point** increase year-on-year, with rent at **212.6 yuan/sqm/month**, a **21%** decrease[28](index=28&type=chunk) [Company Operating Strategy](index=8&type=section&id=4.2%20Company%20Operating%20Strategy) The company focused on safety, transformation, mechanism improvement, and stable development in H1, and will continue to deepen party building, advance business, strengthen capital control, and optimize mechanisms in H2 [Operating Management Review](index=8&type=section&id=4.2.1%20Operating%20Management%20Review) In H1, the company achieved **4.76 billion yuan** in sales and **990 million yuan** in asset management revenue through party building, cash flow management, sales optimization, and urban renewal exploration - During the reporting period, the company, based on its stability and development strategy, focused on the operating principles of 'ensuring safety, strengthening transformation, improving mechanisms, and stable development,' carrying out key operating management tasks[29](index=29&type=chunk) - The company's Party Committee continuously integrated party building with business operations, promoting deep integration to guide company development[29](index=29&type=chunk)[30](index=30&type=chunk) - The company emphasized financial security and stable operations, making cash flow safety a core operating task, with net cash flow from operating activities consistently positive[30](index=30&type=chunk) - In H1 2025, the company achieved sales contract value of approximately **4.76 billion yuan** and sales contract area of approximately **325,000 sqm**; residential products accounted for **4.27 billion yuan** in sales contract value, and commercial products for **490 million yuan**[31](index=31&type=chunk) - In H1 2025, asset management business (including cultural tourism and urban renewal) achieved revenue of **990 million yuan** and EBIT of **600 million yuan**[32](index=32&type=chunk) - Mutianyu Great Wall project and Zunhua Guquan Town project achieved record-high visitor numbers and operating income; Tianjin's Heart super high-rise observation project successfully opened[33](index=33&type=chunk) - The company focused on a light-asset operation model supplemented by heavy-asset cooperation, exploring urban renewal business models to cultivate new growth points, launching the Chongqing Jiuqu Huajie commercial renovation project and the Suzhou Rongyuewan talent apartment renovation project[33](index=33&type=chunk) - The company adheres to customer-centric principles, maintains quality standards, enhances product quality, and continuously promotes the 'guaranteed delivery of buildings' initiative[34](index=34&type=chunk) [Operating Management Outlook](index=10&type=section&id=4.2.2%20Operating%20Management%20Outlook) In H2 2025, the company will prioritize operational safety, accelerate sales, enhance asset management, transform cultural tourism and urban renewal, and acquire new development resources - In H2 2025, the company will prioritize operational safety, accelerate development business sales, enhance asset management operational capabilities, strengthen the transformation and development of cultural tourism and urban renewal businesses, and strive to acquire new development resources[35](index=35&type=chunk) - Continuously strengthen party building and promote the implementation of work requirements[35](index=35&type=chunk) - Promote business development to ensure stable company operations, including strengthening real estate development and sales, stabilizing asset management business occupancy rates, exploring cultural tourism project value, and exploring urban renewal business models[36](index=36&type=chunk) - Strengthen capital control to ensure company operational safety, including adjusting sales strategies, strict capital budgeting, proactive research on financing solutions, and enhanced expense control[37](index=37&type=chunk) - Optimize systems and mechanisms to improve overall management efficiency, including implementing performance appraisal and incentive systems, establishing market-oriented employment mechanisms, and optimizing organizational structure[37](index=37&type=chunk) - Operate legally and compliantly to ensure the company's sustained healthy development, closely monitoring risks in key areas such as financial security, sales destocking, and business transformation[38](index=38&type=chunk) [Main Business Analysis](index=11&type=section&id=4.3%20Main%20Business%20Analysis) In H1 2025, operating revenue decreased by **51.79%** due to reduced real estate development settlement, but losses narrowed, with **4.76 billion yuan** in sales and **11.61 million sqm** of developable area [Overall Operating Performance](index=11&type=section&id=4.3.1%20Overall%20Operating%20Performance) Operating revenue decreased by **51.79%**, but operating profit loss narrowed by **36.23%**, and net loss attributable to shareholders narrowed by **49.20%** Company Overall Operating Performance (Jan-Jun 2025) | Item | Jan-Jun 2025 (yuan) | Jan-Jun 2024 (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,654,727,911.02 | 9,654,417,559.26 | -51.79% | | Operating Profit | -1,285,713,498.66 | -2,016,157,023.20 | 36.23% | | Net Profit Attributable to Shareholders of Listed Company | -1,007,916,509.84 | -1,984,132,023.30 | 49.20% | - During the reporting period, the company's real estate development business adapted to market conditions, actively promoted project sales, and experienced settlement losses, but these losses narrowed compared to the same period last year[41](index=41&type=chunk) [Main Business Composition Analysis](index=11&type=section&id=4.3.2%20Main%20Business%20Composition%20Analysis) Real estate development revenue decreased by **57.42%** to **3.62 billion yuan** with a **-5.47%** gross margin, while property leasing and operations also saw slight declines Main Business Composition Analysis (Jan-Jun 2025) | By Industry | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Real Estate Development | 3,623,615,607.85 | 3,822,000,006.64 | -5.47% | -57.42% | -56.18% | Decreased by 2.97 percentage points | | Property Leasing | 775,546,340.75 | 109,130,790.29 | 85.93% | -9.99% | 5.58% | Decreased by 2.07 percentage points | | Property Management | 182,562,258.27 | 112,560,485.85 | 38.34% | -9.61% | -27.35% | Increased by 15.05 percentage points | | Other | 73,003,704.15 | 73,550,259.99 | -0.75% | -9.61% | 2.43% | Decreased by 11.85 percentage points | | By Region | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing-Tianjin-Hebei | 2,869,046,670.29 | 2,332,475,881.70 | 18.70% | 40.75% | 41.23% | Decreased by 0.28 percentage points | | Yangtze River Delta | 845,743,851.37 | 736,777,964.11 | 12.88% | -86.57% | -87.20% | Increased by 4.24 percentage points | | Chengdu-Chongqing | 474,562,062.64 | 434,150,356.50 | 8.52% | 14.27% | -8.87% | Increased by 23.24 percentage points | | Greater Bay Area | 323,689,962.15 | 459,192,161.57 | -41.86% | -61.53% | -58.41% | Decreased by 10.63 percentage points | | Middle Yangtze River | 141,685,364.57 | 154,645,178.89 | -9.15% | 132.32% | 130.61% | Increased by 0.81 percentage points | - During the reporting period, the company's real estate development business achieved operating revenue of **3.62 billion yuan**, a year-on-year decrease of **57.42%**, with residential products contributing **3.46 billion yuan** and commercial products **160 million yuan**, primarily due to reduced settlement revenue[44](index=44&type=chunk) - During the reporting period, the company's property leasing business achieved operating revenue of **780 million yuan**, a year-on-year decrease of **9.99%**[45](index=45&type=chunk) - During the reporting period, the company's property management business achieved operating revenue of **180 million yuan**, a year-on-year decrease of **9.61%**, primarily due to the transfer of The St. Regis Tianjin and Sheraton Huizhou Resort[45](index=45&type=chunk) [Company Project Development and Construction Analysis](index=12&type=section&id=4.3.3%20Company%20Project%20Development%20and%20Construction%20Analysis) As of June 2025, the company held **11.61 million sqm** of developable area, with **1.883 million sqm** under construction/reconstruction and **59,000 sqm** completed, achieving **4.758 billion yuan** in sales - As of the end of June 2025, the company held a total developable planned GFA of **11.61 million sqm** (corresponding to an equity planned GFA of **9.45 million sqm**)[50](index=50&type=chunk) - During the reporting period, the company coordinated project progress based on market changes, achieving a cumulative construction/reconstruction area of **1.883 million sqm**, including **59,000 sqm** of completed area[51](index=51&type=chunk) Real Estate Project Sales Performance in H1 2025 | Region | Sales Area (sqm) | Sales Value (10,000 yuan) | Sales Value Proportion | | :--- | :--- | :--- | :--- | | Beijing-Tianjin-Hebei | 130,574 | 259,928 | 54.62% | | Greater Bay Area | 81,339 | 53,333 | 11.21% | | Yangtze River Delta | 37,947 | 83,864 | 17.62% | | Chengdu-Chongqing | 49,319 | 46,709 | 9.82% | | Middle Yangtze River | 25,651 | 32,009 | 6.73% | | Total | 324,830 | 475,843 | 100% | [Company Held Projects Status](index=16&type=section&id=4.3.4%20Company%20Held%20Projects%20Status) The company holds office, commercial, and hotel properties in key cities like Beijing and Shanghai, with a total leasable area of **1.255 million sqm** and managed property GFA of **97,657 sqm** - During the reporting period, the company held office, commercial, and hotel properties in key cities, primarily concentrated in national central cities like Beijing, Shanghai, Tianjin, and Chongqing, with a focus on office and commercial property types[53](index=53&type=chunk) - The company's total leasable property assets amount to **1,255,122 sqm**[57](index=57&type=chunk) - The company's main operating property assets have a total planned GFA of **97,657 sqm**[59](index=59&type=chunk) [Non-Main Business Analysis](index=18&type=section&id=4.4%20Non-Main%20Business%20Analysis) Non-main business primarily involved fair value change losses of **173 million yuan**, accounting for **13.57%** of total profit, mainly from the decline in fair value of Beijing Equity Exchange Co., Ltd. equity Non-Main Business Analysis (Unit: yuan) | Item | Amount | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Gains and Losses from Changes in Fair Value | -173,200,000.00 | 13.57% | The fair value of financial assets held by the company changed because Beijing Equity Exchange Co., Ltd. (in which the company holds an 11.06% equity stake) experienced a significant year-on-year decline in operating profit this period, resulting in a fair value change loss of 173 million yuan according to Cushman & Wakefield's valuation | No | [Changes in Key Financial Data](index=19&type=section&id=4.5%20Changes%20in%20Key%20Financial%20Data) Total assets and net assets attributable to shareholders decreased, operating revenue and cost significantly reduced, but net loss narrowed, while operating cash flow slightly declined and financing cash flow saw a large outflow [Key Assets and Liabilities Status](index=19&type=section&id=4.5.1%20Key%20Assets%20and%20Liabilities%20Status) Total assets were **115.35 billion yuan** (down **5.17%**), and net assets attributable to shareholders were **23.885 billion yuan** (down **4.01%**), with non-current liabilities due within one year decreasing by **53.88%** Changes in Key Assets and Liabilities (Unit: yuan) | Item | Amount at End of Current Period | Proportion of Total Assets at End of Current Period | Amount at End of Prior Year | Proportion of Total Assets at End of Prior Year | YoY Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Non-current Liabilities Due Within One Year | 1,779,531,925.40 | 1.54% | 3,858,209,880.68 | 3.17% | -53.88% | During the reporting period, the company's long-term borrowings due within one year decreased | Assets and Liabilities Measured at Fair Value (Unit: yuan) | Item | Beginning Balance | Fair Value Change Gains/Losses for Current Period | Amount Purchased in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Other Non-current Financial Assets | 852,950,000.00 | -173,200,000.00 | - | 679,750,000.00 | | Investment Properties | 38,979,685,121.41 | - | 47,471,967.60 | 39,027,157,089.01 | | Total Above | 39,832,635,121.41 | -173,200,000.00 | 47,471,967.60 | 39,706,907,089.01 | - As of the end of the reporting period, the company had restricted assets, as detailed in Note V.18 'Assets with Restricted Ownership or Use Rights' and Note V.28 'Long-term Borrowings' in Section IX 'Financial Report' of this report[65](index=65&type=chunk) [Changes in Company's Key Profit and Expense Items](index=20&type=section&id=4.5.2%20Changes%20in%20Company's%20Key%20Profit%20and%20Expense%20Items) Operating revenue decreased by **51.79%** and operating cost by **54.52%** due to reduced real estate development, but net loss attributable to shareholders narrowed by **49.20%**, and income tax expense decreased by **958.25%** Company's Key Profit and Expense Items (Unit: yuan) | Item | Jan-Jun 2025 | Jan-Jun 2024 | Change Rate | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,654,727,911.02 | 9,654,417,559.26 | -51.79% | Reduced settlement scale of real estate development business | | Operating Cost | 4,117,241,542.77 | 9,053,024,923.10 | -54.52% | Corresponding decrease in operating revenue and operating cost | | Net Profit Attributable to Shareholders of Listed Company | -1,007,916,509.84 | -1,984,132,023.30 | 49.20% | Reduced losses in real estate development business | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -881,226,837.92 | -2,003,781,212.50 | 56.02% | - | | Income Tax Expense | -169,831,945.18 | 19,788,186.12 | -958.25% | In the prior period, deferred income tax assets were not recognized and reversed due to expected irrecoverable losses in some project companies | [Company Cash Flow Analysis](index=20&type=section&id=4.5.3%20Company%20Cash%20Flow%20Analysis) In H1 2025, net cash flow from operating activities was **1.606 billion yuan** (down **9.96%**), from investing activities **519 million yuan** (up **244.70%**), and from financing activities **-4.239 billion yuan** (down **74.74%**) Company Cash Flow Analysis (Unit: yuan) | Item | Jan-Jun 2025 | Jan-Jun 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,606,153,307.56 | 1,783,774,560.17 | -9.96% | | Net Cash Flow from Investing Activities | 518,959,225.46 | 150,555,617.87 | 244.70% | | Net Cash Flow from Financing Activities | -4,238,536,213.32 | -2,425,675,287.04 | -74.74% | | Net Increase in Cash and Cash Equivalents | -2,114,157,492.05 | -491,347,230.62 | -330.28% | - The change in net cash flow from operating activities was primarily due to the company's efforts in increasing revenue and reducing expenditure, implementing various measures to promote project sales and operations, and strictly controlling costs and expenses, resulting in consistently positive net cash flow from operating activities[70](index=70&type=chunk) - The change in net cash flow from investing activities was primarily due to the company receiving proceeds from the transfer of The St. Regis Tianjin and Sheraton Huizhou Resort[71](index=71&type=chunk) - The change in net cash flow from financing activities was primarily due to an increase in loan repayments compared to the same period last year, in accordance with the company's capital plans and arrangements[71](index=71&type=chunk) [Financing Costs and Maturities by Type](index=21&type=section&id=4.5.4%20Financing%20Costs%20and%20Maturities%20by%20Type) As of the reporting period end, total financing balance was **67.491 billion yuan**, primarily comprising corporate bonds, bank loans, medium-term notes, and asset-backed special plans, with **57.113 billion yuan** having maturities over three years Financing Costs and Maturities by Type (Unit: 10,000 yuan) | Financing Channel | Ending Financing Balance | Financing Cost Range | Within 1 Year | 1-2 Years | 2-3 Years | Over 3 Years | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Corporate Bonds | 2,141,397.68 | 2.30%~3.70% | 0.00 | 208,719.33 | 378,234.75 | 1,554,443.60 | | Bank Loans | 1,541,393.29 | 2.19%~3.80% | 176,565.33 | 124,965.18 | 4,599.25 | 1,235,263.53 | | Medium-term Notes | 1,365,077.61 | 1.00%~3.76% | 0.00 | 13,022.87 | 131,657.48 | 1,220,397.26 | | Asset-backed Special Plan - Priority Tranche | 1,701,199.21 | 2.80%~3.60% | 0.00 | 0.00 | 0.00 | 1,701,199.21 | | Total | 6,749,067.79 | -- | 176,565.33 | 346,707.38 | 514,491.48 | 5,711,303.60 | [Investment Status Analysis](index=21&type=section&id=4.6%20Investment%20Status%20Analysis) Equity investment was **0 yuan** (down **100%**), with a significant equity acquisition in Beijing Future Science City Changjin Real Estate Co., Ltd. underway, and **99.46%** of raised funds utilized [Overall Project Equity Investment Status](index=21&type=section&id=4.6.1%20Overall%20Project%20Equity%20Investment%20Status) During the reporting period, the company's project equity investment was **0 yuan**, a **100%** decrease compared to the same period last year Overall Project Equity Investment Status (Unit: 10,000 yuan) | Investment Amount in Current Period | Investment Amount in Prior Period | Change Rate | | :--- | :--- | :--- | | 0 | 133,551 | -100% | [Significant Equity Investments Acquired During the Reporting Period](index=22&type=section&id=4.6.2%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company's wholly-owned subsidiary is bidding for a **51%** equity stake in Beijing Future Science City Changjin Real Estate Co., Ltd. and assuming **180 million yuan** in debt - The company's wholly-owned subsidiary, Financial Street Chang'an (Beijing) Real Estate Co., Ltd., is participating in the bidding for a **51%** equity stake in Beijing Future Science City Changjin Real Estate Co., Ltd., listed for transfer on the Beijing Equity Exchange by Beijing Future Science City Real Estate Co., Ltd., with an acquisition price not exceeding the appraised equity value[75](index=75&type=chunk) - If the bid is successful, Financial Street Chang'an (Beijing) Real Estate Co., Ltd. (or its related party) agrees to assume **180 million yuan** of debt from Beijing Future Science City Development Group to Beijing Future Science City Changjin Real Estate Co., Ltd. through an agreement[75](index=75&type=chunk) - The aforementioned matters are still in progress[75](index=75&type=chunk) [Use of Raised Funds](index=22&type=section&id=4.6.3%20Use%20of%20Raised%20Funds) The company's overall utilization rate of raised funds is **99.46%**, with **5.515 billion yuan** cumulatively used, and **29.923 million yuan** remaining for project construction Overall Use of Raised Funds (Unit: 10,000 yuan) | Fundraising Year | Fundraising Method | Total Raised Funds | Net Raised Funds (1) | Total Raised Funds Used in Current Period | Total Raised Funds Cumulatively Used (2) | Utilization Rate of Raised Funds at End of Reporting Period (3)=(2)/(1) | Total Unused Raised Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total | -- | 5,545,200 | 5,545,200 | 895,782 | 5,515,277 | 99.46% | 29,923 | - The company has **29.923 million yuan** in unused raised funds from the 2023 Eighth Tranche Medium-term Notes and 2024 First Tranche Medium-term Notes (Tranche 1 and Tranche 2), which will be used for project construction expenditures as stipulated in the offering circulars[80](index=80&type=chunk) [Significant Asset and Equity Disposals](index=27&type=section&id=4.7%20Significant%20Asset%20and%20Equity%20Disposals) The company had no significant asset disposals during the reporting period and is processing the transfer of a **30%** equity stake in Beijing Future Science City Changrong Real Estate Co., Ltd. and **180 million yuan** in debt - The company's wholly-owned subsidiary, Financial Street Chang'an (Beijing) Real Estate Co., Ltd., is listing its **30%** equity stake in Beijing Future Science City Changrong Real Estate Co., Ltd. on the Beijing Equity Exchange, with a transfer price not lower than the appraised equity value[81](index=81&type=chunk) - Financial Street Holdings Co., Ltd. agrees that its **180 million yuan** debt to Beijing Future Science City Changrong Real Estate Co., Ltd. will be assumed by the transferee (or related party) of the **30%** equity stake in Beijing Future Science City Changrong Real Estate Co., Ltd. through an agreement[81](index=81&type=chunk) - The aforementioned matters are still in progress[81](index=81&type=chunk) [Analysis of Major Holding/Associate Companies](index=27&type=section&id=4.8%20Analysis%20of%20Major%20Holding/Associate%20Companies) The company disposed of Financial Street Jinmen (Tianjin) Real Estate Co., Ltd. equity and deregistered two other companies, with Financial Street (Beijing) Real Estate Co., Ltd. being a major subsidiary with **1.21 billion yuan** in net profit Analysis of Major Holding/Associate Companies (Unit: 10,000 yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Street (Beijing) Real Estate Co., Ltd. | Subsidiary | Real Estate | 45,000 | 1,586,079 | 468,445 | 24,319 | 15,841 | 12,092 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Financial Street Jinmen (Tianjin) Real Estate Co., Ltd. | Equity Disposal | Required for normal production and operations | | Chengdu Rongzhan Real Estate Co., Ltd. | Deregistration | - | | Wuhan Rongzhan Enterprise Management Consulting Co., Ltd. | Deregistration | - | [Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=4.9%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company approved a market value management plan to enhance investment value through standardized operations, stable management, improved performance, and strengthened investor relations - On April 25, 2025, the company's 10th Board of Directors' 35th meeting approved the 'Company Market Value Management Plan'[85](index=85&type=chunk) - The 'Company Market Value Management Plan' was formulated based on the company's industry and actual situation, aiming to firmly establish a shareholder return awareness, operate with integrity, standardize operations, focus on main business, and manage steadily, thereby improving operational performance and development quality[85](index=85&type=chunk) [Corporate Governance, Environment, and Society](index=29&type=section&id=Corporate%20Governance,%20Environment,%20and%20Society) This section covers changes in directors and senior management, profit distribution, incentive measures, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=29&type=section&id=5.1%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) In July 2025, Mr. Bai Li resigned from his positions as director and committee member due to personal reasons - In July 2025, due to personal reasons, Mr. Bai Li resigned from all his positions as director, member of the company's Strategy Committee, and member of the Risk Management Committee[87](index=87&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital](index=29&type=section&id=5.2%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital) There was no profit distribution or capital reserve conversion to share capital during this reporting period - Profit distribution and capital reserve conversion to share capital for this reporting period: □ Applicable √ Not Applicable[88](index=88&type=chunk) [Equity Incentive and Employee Incentive Measures](index=29&type=section&id=5.3%20Equity%20Incentive%20and%20Employee%20Incentive%20Measures) No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented during this reporting period - Implementation status of the company's equity incentive plan, employee stock ownership plan, or other employee incentive measures: □ Applicable √ Not Applicable[88](index=88&type=chunk) [Environmental Information Disclosure Status](index=29&type=section&id=5.4%20Environmental%20Information%20Disclosure%20Status) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - Whether the listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law: □ Applicable √ Not Applicable[88](index=88&type=chunk) [Social Responsibility Status](index=29&type=section&id=5.5%20Social%20Responsibility%20Status) As a state-owned listed real estate enterprise, the company actively fulfills its social responsibilities, including ensuring building delivery, maintaining fair partnerships, timely payments, and engaging in philanthropy - As a state-owned listed real estate enterprise, the company has consistently practiced corporate social responsibility through concrete actions[88](index=88&type=chunk) - The company prioritizes customers, upholds quality standards, enhances product quality, and continuously promotes the 'guaranteed delivery of buildings' initiative[88](index=88&type=chunk) - The company continuously builds compliant, fair, and sustainable cooperative relationships with relevant stakeholders, strictly adheres to procurement laws and regulations, pays suppliers on time, ensures cash flow safety, and repays creditors' maturing debts on time[89](index=89&type=chunk) - The company continuously engages in charitable and public welfare activities, organizing 'Communist Party Member Love Donation' events for medical aid, charitable education, elderly care, and other projects[89](index=89&type=chunk) [Significant Matters](index=30&type=section&id=Significant%20Matters) This section addresses the fulfillment of commitments, related party fund occupation, illegal external guarantees, auditor appointments, non-standard audit reports, bankruptcy reorganization, litigation, penalties, integrity, and significant related party transactions [Fulfillment of Commitments](index=30&type=section&id=6.1%20Fulfillment%20of%20Commitments) During the reporting period, there were no overdue unfulfilled commitments by the company's actual controller, shareholders, or related parties - Commitments fulfilled during the reporting period and overdue unfulfilled commitments as of the end of the reporting period by the company's actual controller, shareholders, related parties, acquirers, and the company: □ Applicable √ Not Applicable[91](index=91&type=chunk) [Fund Occupation by Controlling Shareholder and Other Related Parties](index=30&type=section&id=6.2%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties - Non-operating fund occupation by the controlling shareholder and other related parties of the listed company: □ Applicable √ Not Applicable[91](index=91&type=chunk) [Illegal External Guarantees](index=30&type=section&id=6.3%20Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees - Illegal external guarantees: □ Applicable √ Not Applicable[92](index=92&type=chunk) [Appointment of Accounting Firm](index=30&type=section&id=6.4%20Appointment%20of%20Accounting%20Firm) During the reporting period, there were no appointments or dismissals of accounting firms - Appointment or dismissal of accounting firm: □ Applicable √ Not Applicable[92](index=92&type=chunk) [Explanation of Non-Standard Audit Report](index=30&type=section&id=6.5%20Explanation%20of%20Non-Standard%20Audit%20Report) The Board of Directors and Supervisory Board provided no explanation for a "non-standard audit report" for this or the previous year - Explanation by the Board of Directors and Supervisory Board regarding the accounting firm's 'non-standard audit report' for this reporting period: □ Applicable √ Not Applicable[92](index=92&type=chunk) - Explanation by the Board of Directors regarding the 'non-standard audit report' for the previous year: □ Applicable √ Not Applicable[92](index=92&type=chunk) [Bankruptcy Reorganization Related Matters](index=30&type=section&id=6.6%20Bankruptcy%20Reorganization%20Related%20Matters) During the reporting period, the company had no bankruptcy reorganization related matters - Bankruptcy reorganization related matters: □ Applicable √ Not Applicable[92](index=92&type=chunk) [Litigation Matters](index=30&type=section&id=6.7%20Litigation%20Matters) During this reporting period, the company had no significant litigation or arbitration matters - During this reporting period, the company had no significant litigation or arbitration matters[92](index=92&type=chunk) [Penalties and Rectification Status](index=30&type=section&id=6.8%20Penalties%20and%20Rectification%20Status) During the reporting period, the company had no penalties or rectification situations - Penalties and rectification status: □ Applicable √ Not Applicable[93](index=93&type=chunk) [Integrity Status](index=31&type=section&id=6.9%20Integrity%20Status) During the reporting period, the company, its controlling shareholder, and actual controller had no integrity issues - Integrity status of the company, its controlling shareholder, and actual controller: □ Applicable √ Not Applicable[94](index=94&type=chunk) [Significant Related Party Transactions](index=31&type=section&id=6.10%20Significant%20Related%20Party%20Transactions) The company has deposit and loan transactions with Beijing Financial Street Group Finance Co., Ltd., with **1.201 billion yuan** in deposits and **1.89 billion yuan** in loans, and completed related party sales of Tianjin Jinmen Real Estate equity and Huizhou Sheraton Hotel [Dealings with Related Finance Companies](index=31&type=section&id=6.10.1%20Dealings%20with%20Related%20Finance%20Companies) The company conducts deposit and loan business with Beijing Financial Street Group Finance Co., Ltd., with ending balances of **1.201 billion yuan** in deposits and **1.89 billion yuan** in loans Deposit Business (Unit: 10,000 yuan) | Related Party | Related Party Relationship | Maximum Daily Deposit Limit | Deposit Interest Rate Range | Beginning Balance | Total Deposits in Current Period | Total Withdrawals in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Financial Street Group Finance Co., Ltd. | The company's controlling shareholder, Beijing Financial Street Investment (Group) Co., Ltd., holds 100% of the related party's shares | 400,000 | Executed according to the upper limit of deposit interest rates required by banking regulatory agencies | 126,068 | 358,528 | 364,498 | 120,098 | Loan Business (Unit: 10,000 yuan) | Related Party | Related Party Relationship | Loan Limit | Loan Interest Rate Range | Beginning Balance | Total Loans in Current Period | Total Reductions in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Financial Street Group Finance Co., Ltd. | The company's controlling shareholder, Beijing Financial Street Investment (Group) Co., Ltd., holds 100% of the related party's shares | 400,000 | Flexible pricing based on the Loan Prime Rate (LPR) published by the National Interbank Funding Center, not exceeding the benchmark loan interest rate for the same period stipulated by the People's Bank of China | 204,400 | 0 | 15,400 | 189,000 | [Other Significant Related Party Transactions](index=32&type=section&id=6.10.2%20Other%20Significant%20Related%20Party%20Transactions) The company expects **415.66 million yuan** in daily related party transactions for 2025, renewed a financial services agreement with Beijing Financial Street Group Finance Co., Ltd., and completed the sale of Jinmen Real Estate equity and Huizhou Sheraton Hotel - During the reporting period, the company and its subsidiaries are expected to have daily related party transactions totaling **415.66 million yuan** with Beijing Financial Street Investment (Group) Co., Ltd. and its related parties in 2025[99](index=99&type=chunk) - The company renewed its 'Financial Services Agreement' with Beijing Financial Street Group Finance Co., Ltd., setting a maximum daily deposit limit of **4 billion yuan** with the finance company, a comprehensive loan credit limit of up to **4 billion yuan** from the finance company, and a total interest payment not exceeding **200 million yuan** for loans, with other service fees capped at **4 million yuan** during the agreement's validity period[100](index=100&type=chunk) - The company has completed the industrial and commercial change registration for Jinmen Real Estate's equity[101](index=101&type=chunk) - During the reporting period, the company completed the transfer procedures for Sheraton Huizhou Resort[103](index=103&type=chunk) [Significant Contracts and Their Performance](index=33&type=section&id=6.11%20Significant%20Contracts%20and%20Their%20Performance) The company has no托管,承包,租赁 matters. As of the reporting period end, the company provided **3.991 billion yuan** in mortgage loan guarantees for commercial housing purchasers and **3.278 billion yuan** in debt financing guarantees for subsidiaries and associate companies [Significant Guarantees](index=33&type=section&id=6.11.1%20Significant%20Guarantees) As of the reporting period end, the company provided **3.991 billion yuan** in mortgage loan guarantees for commercial housing purchasers and **3.278 billion yuan** in debt financing guarantees for subsidiaries and associate companies, representing **13.72%** of net assets - As of the end of the reporting period, the company and its subsidiaries had a guarantee balance of **3.99065 billion yuan** for the aforementioned types of guarantees[104](index=104&type=chunk) - During the reporting period, the company provided debt financing guarantees (without collateral) for its wholly-owned and controlling subsidiaries, as well as associate companies, with the approval of the Board of Directors and the General Meeting of Shareholders[105](index=105&type=chunk) Company External Guarantee Status (Guarantees Provided to Associate Subsidiaries) | Guaranteed Party Name | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Guarantee Period (Years) | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Wuyi Real Estate Development Co., Ltd. | 60,000 | 24,946 | Joint and several liability guarantee | 8 | No | Yes | Company Guarantee Status for Wholly-owned/Controlling Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Guarantee Period (Years) | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Street Jinta (Tianjin) Real Estate Co., Ltd. | 100,000 | 55,000 | Joint and several liability guarantee | 17 | No | No | | Financial Street Chongqing Yulong Industrial Co., Ltd. | 70,000 | 70,000 | Joint and several liability guarantee | 18 | No | No | | Suzhou Rongtuo Real Estate Co., Ltd. | 40,000 | 17,520 | Joint and several liability guarantee | 6 | No | No | | Financial Street Wuhan Real Estate Co., Ltd. | 115,900 | 57,950 | Joint and several liability guarantee | 7 | No | No | | Tianjin Fang Kai Consulting Co., Ltd. | 20,000 | 1,699 | Joint and several liability guarantee | 5.5 | No | No | | Beijing Jinshu Housing Leasing Co., Ltd. | 3,000 | 2,900 | Joint and several liability guarantee | 6 | No | No | | Beijing Jinshenghui Real Estate Development Co., Ltd. | 95,000 | 93,250 | Joint and several liability guarantee | 18 | No | No | | Langfang Rongfang Real Estate Development Co., Ltd. | 6,000 | 990 | Joint and several liability guarantee | 5 | No | No | | Beijing Mutianyu Great Wall Tourism Service Co., Ltd. | 7,000 | 3,500 | Joint and several liability guarantee | 6 | No | No | Company Total Guarantee Status | Metric | Amount (10,000 yuan) | | :--- | :--- | | Total Approved Guarantee Limit During Reporting Period | 1,315,000 | | Total Actual Guarantee Amount During Reporting Period | 183,261 | | Total Approved Guarantee Limit at End of Reporting Period | 1,707,100 | | Total Actual Guarantee Balance at End of Reporting Period | 327,755 | | Proportion of Total Actual Guarantee Amount to Company's Net Assets | 13.72% | | Debt Guarantee Amount Provided for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 176,005 | | Total of the Above Three Guarantee Amounts (D+E+F) | 176,005 | [Share Changes and Shareholder Information](index=36&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital, securities issuance, shareholder numbers, top shareholders, and changes in holdings by directors, supervisors, and senior management [Share Change Status](index=36&type=section&id=7.1%20Share%20Change%20Status) The company's total shares remained **2,988,929,907**, with restricted shares decreasing by **349,694** and unrestricted shares increasing by the same amount due to the lifting of restrictions for former executives Share Change Status (Unit: shares) | Item | Quantity Before This Change | Proportion Before This Change | Net Change (＋,－) in This Period | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 612,429 | 0.02% | -349,694 | 262,735 | 0.01% | | 1. Executive Restricted Shares | 612,429 | 0.02% | -349,694 | 262,735 | 0.01% | | II. Unrestricted Shares | 2,988,317,478 | 99.98% | 349,694 | 2,988,667,172 | 99.99% | | 1. RMB Ordinary Shares | 2,988,317,478 | 99.98% | 349,694 | 2,988,667,172 | 99.99% | | III. Total Shares | 2,988,929,907 | 100% | 0 | 2,988,929,907 | 100% | Restricted Share Change Status (Unit: shares) | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Current Period | Restricted Shares Increased in Current Period | Restricted Shares at End of Period | | :--- | :--- | :--- | :--- | :--- | | Sheng Huaping | 22,500 | 0 | 0 | 22,500 | | Bai Li | 39,675 | 0 | 0 | 39,675 | | Zhang Xiaopeng | 171,310 | 0 | 0 | 171,310 | | Li Liang | 20,250 | 0 | 0 | 20,250 | | Zhao Peng | 9,000 | 0 | 0 | 9,000 | | Wang Zhigang | 169,694 | 169,694 | 0 | 0 | | Fu Yingjie | 180,000 | 180,000 | 0 | 0 | | Total | 612,429 | 349,694 | 0 | 262,735 | - The change in the company's restricted shares from the beginning to the end of the reporting period was due to Mr. Wang Zhigang and Mr. Fu Yingjie having left their positions (term expired) for over six months; in accordance with the 'Rules for the Management of Shares Held by Directors, Supervisors, and Senior Management of Listed Companies and Their Changes,' all shares held by Mr. Wang Zhigang and Mr. Fu Yingjie have been released from restriction[116](index=116&type=chunk) [Securities Issuance and Listing Status](index=37&type=section&id=7.2%20Securities%20Issuance%20and%20Listing%20Status) Information on the company's securities issuance and listing is detailed in Section 8 "Bond Related Matters" - Detailed information can be found in Section VIII 'Bond Related Matters'[117](index=117&type=chunk) [Company Shareholder Numbers and Shareholding Status](index=37&type=section&id=7.3%20Company%20Shareholder%20Numbers%20and%20Shareholding%20Status) As of the reporting period end, the company had **76,134** shareholders. Beijing Financial Street Investment (Group) Co., Ltd. was the largest shareholder with **31.14%**, and Harmony Health Insurance Co., Ltd. held **15.68%** Company Shareholder Numbers and Shareholding Status (Unit: shares) | Total Shareholders at End of Reporting Period | 76,134 | | :--- | :--- | | Total Preferred Shareholders with Restored Voting Rights at End of Reporting Period | The company has no preferred shares | Top Ten Ordinary Shareholder Holdings | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Ordinary Shares Held at End of Reporting Period | Number of Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Beijing Financial Street Investment (Group) Co., Ltd. | State-owned Legal Person | 31.14% | 930,708,153 | 930,708,153 | | Harmony Health Insurance Co., Ltd. - Universal Product | Other | 15.68% | 468,615,260 | 468,615,260 | | Great Wall Life Insurance Co., Ltd. - Proprietary Funds | Other | 4.83% | 144,414,583 | 144,414,583 | | Central Huijin Asset Management Co., Ltd. | State-owned Legal Person | 1.73% | 51,781,900 | 51,781,900 | | Great Wall Life Insurance Co., Ltd. - Dividend - Individual Dividend | Other | 0.80% | 23,947,377 | 23,947,377 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.71% | 21,297,333 | 21,297,333 | | Industrial and Commercial Bank of China Co., Ltd. - Southern CSI All Share Real Estate ETF | Other | 0.64% | 19,088,300 | 19,088,300 | | Feng Weichao | Domestic Natural Person | 0.46% | 13,803,451 | 13,803,451 | | Yao Shaoxiang | Domestic Natural Person | 0.37% | 11,185,025 | 11,185,025 | | Sun Zhaohua | Domestic Natural Person | 0.37% | 11,065,700 | 11,065,700 | - Beijing Financial Street Investment (Group) Co., Ltd. and Great Wall Life Insurance Co., Ltd. have an associated relationship and are considered parties acting in concert as stipulated in the 'Measures for the Administration of the Takeover of Listed Companies'[120](index=120&type=chunk) - Top 10 shareholders such as Feng Weichao, Yao Shaoxiang, and Sun Zhaohua hold company shares through client credit trading margin securities accounts[120](index=120&type=chunk)[121](index=121&type=chunk) [Changes in Holdings by Directors, Supervisors, and Senior Management](index=39&type=section&id=7.4%20Changes%20in%20Holdings%20by%20Directors,%20Supervisors,%20and%20Senior%20Management) There were no changes in the shareholdings of the company's current directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's current directors, supervisors, and senior management during the reporting period, as detailed in the 2024 Annual Report[122](index=122&type=chunk) [Changes in Controlling Shareholder and Actual Controller](index=39&type=section&id=7.5%20Changes%20in%20Controlling%20Shareholder%20and%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - Change in controlling shareholder during the reporting period: □ Applicable √ Not Applicable[123](index=123&type=chunk) - Change in actual controller during the reporting period: □ Applicable √ Not Applicable[123](index=123&type=chunk) [Preferred Share Related Matters](index=39&type=section&id=7.6%20Preferred%20Share%20Related%20Matters) During the reporting period, the company had no convertible corporate bonds - Preferred share related matters: □ Applicable √ Not Applicable[123](index=123&type=chunk) [Bond Related Matters](index=40&type=section&id=Bond%20Related%20Matters) This section provides details on the company's corporate bonds, non-financial enterprise debt financing instruments, and key financial indicators [Enterprise Bonds](index=40&type=section&id=8.1%20Enterprise%20Bonds) During the reporting period, the company had no enterprise bonds - During the reporting period, the company had no enterprise bonds[125](index=125&type=chunk) [Corporate Bonds](index=40&type=section&id=8.2%20Corporate%20Bonds) The company issued multiple corporate bonds on the Shenzhen Stock Exchange with interest rates ranging from **2.30%** to **3.70%**, with some bonds triggering investor put options and being redeemed or resold Corporate Bond Basic Information (Unit: 10,000 yuan) | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Accrual Date | Maturity Date | Bond Balance | Interest Rate | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 Publicly Issued Corporate Bonds to Professional Investors (Tranche 6) (Type 2) | 21 Jinjie 07 | 149746.SZ | 2021-12-15 | 2021-12-16 | 2026-12-16 | 50,000 | 3.70% | Shenzhen Stock Exchange | | 2022 Publicly Issued Corporate Bonds to Professional Investors (Tranche 2) (Type 1) | 22 Jinjie 03 | 149915.SZ | 2022-5-10 | 2022-5-11 | 2027-5-11 | 50,000 | 2.65% | Shenzhen Stock Exchange | | 2022 Publicly Issued Corporate Bonds to Professional Investors (Tranche 2) (Type 2) | 22 Jinjie 04 | 149916.SZ | 2022-5-10 | 2022-5-11 | 2025-5-11 | 0 | 3.16% | Shenzhen Stock Exchange | | 2022 Publicly Issued Corporate Bonds to Professional Investors (Tranche 3) | 22 Jinjie 05 | 149940.SZ | 2022-6-15 | 2022-6-16 | 2027-6-16 | 0 | 3.08% | Shenzhen Stock Exchange | | 2022 Publicly Issued Corporate Bonds to Professional Investors (Tranche 4) | 22 Jinjie 06 | 149960.SZ | 2022-7-13 | 2022-7-14 | 2027-7-14 | 50,000 | 2.90% | Shenzhen Stock Exchange | | 2023 Publicly Issued Corporate Bonds to Professional Investors (Tranche 1) | 23 Jinjie 01 | 149990.SZ | 2023-1-10 | 2023-1-11 | 2028-1-11 | 50,000 | 3.00% | Shenzhen Stock Exchange | | 2023 Publicly Issued Corporate Bonds to Professional Investors (Tranche 2) | 23 Jinjie 02 | 149991.SZ | 2023-2-15 | 2023-2-16 | 2028-2-16 | 50,000 | 3.00% | Shenzhen Stock Exchange | | 2023 Publicly Issued Corporate Bonds to Professional Investors (Tranche 3) | 23 Jinjie 03 | 149992.SZ | 2023-3-15 | 2023-3-16 | 2028-3-16 | 50,000 | 3.00% | Shenzhen Stock Exchange | | 2023 Publicly Issued Corporate Bonds to Professional Investors (Tranche 4) | 23 Jinjie 04 | 149993.SZ | 2023-4-10 | 2023-4-11 | 2028-4-11 | 50,000 | 3.00% | Shenzhen Stock Exchange | | 2023 Publicly Issued Corporate Bonds to Professional Investors (Tranche 5) | 23 Jinjie 05 | 149994.SZ | 2023-5-10 | 2023-5-11 | 2028-5-11 | 50,000 | 3.00% | Shenzhen Stock Exchange | | 2023 Publicly Issued Corporate Bonds to Professional Investors (Tranche 6) | 23 Jinjie 06 | 149995.SZ | 2023-6-15 | 2023-6-16 | 2028-6-16 | 50,000 | 3.00% | Shenzhen Stock Exchange | | 2024 Publicly Issued Corporate Bonds to Professional Investors (Tranche 1) | 24 Jinjie 01 | 149996.SZ | 2024-1-10 | 2024-1-11 | 2029-1-11 | 50,000 | 2.80% | Shenzhen Stock Exchange | | 2024 Publicly Issued Corporate Bonds to Professional Investors (Tranche 2) | 24 Jinjie 02 | 149997.SZ | 2024-2-15 | 2024-2-16 | 2029-2-16 | 50,000 | 2.80% | Shenzhen Stock Exchange | | 2024 Publicly Issued Corporate Bonds to Professional Investors (Tranche 3) | 24 Jinjie 03 | 149998.SZ | 2024-3-15 | 2024-3-16 | 2029-3-16 | 50,000 | 2.80% | Shenzhen Stock Exchange | | 2024 Publicly Issued Corporate Bonds to Professional Investors (Tranche 4) | 24 Jinjie 04 | 149999.SZ | 2024-4-10 | 2024-4-11 | 2029-4-11 | 50,000 | 2.80% | Shenzhen Stock Exchange | | 2024 Publicly Issued Corporate Bonds to Professional Investors (Tranche 5) | 24 Jinjie 05 | 150000.SZ | 2024-5-10 | 2024-5-11 | 2029-5-11 | 50,000 | 2.80% | Shenzhen Stock Exchange | | 2024 Publicly Issued Corporate Bonds to Professional Investors (Tranche 6) | 24 Jinjie 06 | 150001.SZ | 2024-6-15 | 2024-6-16 | 2029-6-16 | 50,000 | 2.80% | Shenzhen Stock Exchange | | 2025 Publicly Issued Corporate Bonds to Professional Investors (Tranche 1) | 25 Jinjie 01 | 150002.SZ | 2025-1-10 | 2025-1-11 | 2030-1-11 | 50,000 | 2.50% | Shenzhen Stock Exchange | | 2025 Non-publicly Issued Corporate Bonds to Professional Investors (Tranche 2) | 25 Jinjie 02 | 134276.SZ | 2025-5-27 | 2025-5-28 | 2030-5-28 | 50,000 | 2.50% | Shenzhen Stock Exchange | - From the beginning of the year to the disclosure date of this report, the coupon rate for the last 2 years of '22 Jinjie 01' was adjusted down by **248 basis points** from **3.48%** to **1.00%**, with investors fully exercising their put option, and the company has redeemed the related put funds; the coupon rate for the last 2 years of '22 Jinjie 03' was adjusted down by **51 basis points** from **3.16%** to **2.65%**, with investors ultimately registering to put back **380 million yuan**, and the company has completed the resale of all put bonds; the coupon rate for the last 2 years of '22 Jinjie 05' was adjusted down by **208 basis points** from **3.08%** to **1.00%**, with investors fully exercising their put option, and the company has redeemed the related put funds[129](index=129&type=chunk) - During the reporting period, all corporate bonds issued by the company were unsecured, and the debt repayment plan and other debt servicing measures were consistent with those disclosed in the offering circular, remained unchanged, and were effectively implemented[130](index=130&type=chunk) [Non-Financial Enterprise Debt Financing Instruments](index=42&type=section&id=8.3%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued multiple medium-term notes on the interbank bond market with interest rates ranging from **1.00%** to **3.76%**, with some notes triggering investor put options and being redeemed Non-Financial Enterprise Debt Financing Instruments Basic Information (Unit: 10,000 yuan) | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Accrual Date | Maturity Date | Bond Balance | Interest Rate | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 First Tranche Medium-term Notes | 22 Financial Street MTN001 | 102280308.IB | 2022-02-18 | 2022-02-22 | 2027-02-22 | 13,000 | 1.00% | National Interbank Bond Market | | 2023 Second Tranche Medium-term Notes | 23 Financial Street MTN002 | 102380217.IB | 2023-02-15 | 2023-02-17 | 2028-02-17 | 130,000 | 3.67% | National Interbank Bond Market | | 2023 Third Tranche Medium-term Notes | 23 Financial Street MTN003 | 102380218.IB | 2023-03-15 | 2023-03-17 | 2028-03-17 | 130,000 | 3.67% | National Interbank Bond Market | | 2023 Fourth Tranche Medium-term Notes | 23 Financial Street MTN004 | 102380219.IB | 2023-04-10 | 2023-04-12 | 2028-04-12 | 130,000 | 3.67% | National Interbank Bond Market | | 2023 Fifth Tranche Medium-term Notes | 23 Financial Street MTN005 | 102380220.IB | 2023-05-10 | 2023-05-12 | 2028-05-12 | 130,000 | 3.67% | National Interbank Bond Market | | 2023 Sixth Tranche Medium-term Notes | 23 Financial Street MTN006 | 102380221.IB | 2023-06-15 | 2023-06-17 | 2028-06-17 | 130,000 | 3.67% | National Interbank Bond Market | | 2023 Seventh Tranche Medium-term Notes | 23 Financial Street MTN007 | 102380222.IB | 2023-07-10 | 2023-07-12 | 2028-07-12 | 130,000 | 3.67% | National Interbank Bond Market | | 2023 Eighth Tranche Medium-term Notes | 23 Financial Street MTN008 | 102380223.IB | 2023-08-15 | 2023-08-17 | 2028-08-17 | 130,000 | 3.67% | National Interbank Bond Market | | 2024 First Tranche Medium-term Notes (Type 1) | 24 Financial Street MTN001A | 102480224.IB | 2024-01-10 | 2024-01-12 | 2029-01-12 | 120,000 | 2.45% | National Interbank Bond Market | | 2024 First Tranche Medium-term Notes (Type 2) | 24 Financial Street MTN001B | 102480225.IB | 2024-01-10 | 2024-01-12 | 2029-01-12 | 120,000 | 2.45% | National Interbank Bond Market | | 2024 Second Tranche Medium-term Notes | 24 Financial Street MTN002 | 102480226.IB | 2024-02-15 | 2024-02-17 | 2029-02-17 | 120,000 | 2.45% | National Interbank Bond Market | | 2024 Third Tranche Medium-term Notes | 24 Financial Street MTN003 | 102480227.IB | 2024-03-15 | 2024-03-17 | 2029-03-17 | 120,000 | 2.45% | National Interbank Bond Market | | 2024 Fourth Tranche Medium-term Notes | 24 Financial Street MTN004 | 102480228.IB | 2024-04-10 | 2024-04-12 | 2029-04-12 | 120,000 | 2.45% | National Interbank Bond Market | | 2024 Fifth Tranche Medium-term Notes | 24 Financial Street MTN005 | 102480229.IB | 2024-05-10 | 2024-05-12 | 2029-05-12 | 120,000 | 2.45% | National Interbank Bond Market | | 2024 Sixth Tranche Medium-term Notes | 24 Financial Street MTN006 | 102480230.IB | 2024-06-15 | 2024-06-17 | 2029-06-17 | 120,000 | 2.45% | National Interbank Bond Market | | 2025 First Tranche Medium-term Notes | 25 Financial Street MTN001 | 102580426.IB | 2025-01-20 | 2025-01-21 | 2030-01-21 | 120,000 | 2.45% | National Interbank Bond Market | - From the beginning of the year to the disclosure date of this report, the coupon rate for the last 1 year of '23 Financial Street MTN001' was adjusted down by **279 basis points** from **3.79%** to **1.00%**, with investors fully exercising their put option, and the company has redeemed the related put funds; the coupon rate for the last 2 years of '22 Financial Street MTN001' was adjusted down by **237 basis points** from **3.37%** to **1.00%**, with investors putting back **1.01 billion yuan** of this bond, and the company has redeemed the related put funds[132](index=132&type=chunk) - During the reporting period, all non-financial enterprise debt financing instruments issued by the company were unsecured, and the debt repayment plan and other debt servicing measures were consistent wi

金融街公告，2025年上半年营业收入46.55亿元，同比下降51.79%。归属于上市公司股东的净利润-10.08 亿元，上年同期为-19.84亿元，同比减亏49.20%。基本每股收益-0.34元/股，上年同期为-0.66元/股，同 比增厚48.48%。 ...

证券代码：000402 证券简称：金融街 公告编号：2025-086 金融街控股股份有限公司 2023 年度第五期中期票据 2025 年付息公告 本公司及董事会全体成员保证信息披露的内容是真实、准确、完整的，没有 虚假记载、误导性陈述或者重大遗漏。 为保证金融街控股股份有限公司2023年度第五期中期票据2025年付息工作 的顺利进行，方便投资者及时领取付息资金，现将有关事宜公告如下： 一、本期债券基本情况 11. 付息日：存续期内每年的 8 月 23 日（如遇法定节假日或休息日，则顺 延至其后的第一个工作日，顺延期间不另计息） 12. 本期应偿付利息金额：人民币 7,060.00 万元 13. 主承销商：中信建投证券股份有限公司，中信银行股份有限公司 14. 存续期管理机构：中信建投证券股份有限公司 15. 登记托管机构：银行间市场清算所股份有限公司 二、付息办法 托管在银行间市场清算所股份有限公司的债券，其付息资金由银行间市场清 算所股份有限公司划付至债券持有人指定的银行账户。债券付息日如遇法定节假 日，则划付资金的时间相应顺延。债券持有人资金汇划路径变更，应在付息前将 新的资金汇划路径及时通知银行间市场清 ...

Core Viewpoint - The People's Bank of China (PBOC) has released the "2025 Q2 China Monetary Policy Implementation Report," indicating a 5.3% year-on-year GDP growth in the first half of the year, with a focus on maintaining a suitable monetary environment for high-quality economic development [1] Group 1: Monetary Policy Measures - The PBOC has implemented a moderately loose monetary policy, including a 0.5 percentage point reduction in the reserve requirement ratio in May, providing approximately 1 trillion yuan in long-term liquidity [2] - The central bank has lowered policy interest rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points in May, aiming to reduce overall financing costs [2] - A total of 500 billion yuan has been allocated for consumption and elderly care re-loans, with an additional 300 billion yuan for technology innovation and transformation loans [2] Group 2: Financial Stability and Risk Management - As of June, the social financing scale and broad money supply (M2) grew by 8.9% and 8.3% year-on-year, respectively, with the RMB loan balance reaching 268.6 trillion yuan [3] - The PBOC emphasizes the importance of maintaining basic stability in the exchange rate and has implemented measures to prevent excessive fluctuations [4] - The central bank aims to enhance the financial risk monitoring and assessment system to mitigate risks in key areas [2][4] Group 3: Future Outlook and Strategic Goals - The PBOC plans to adhere to the principles of stability and progress, focusing on the new development philosophy and promoting high-quality financial development [4] - The central bank will balance short-term and long-term goals, ensuring macroeconomic stability while supporting the real economy [4][5] - The PBOC aims to maintain a reasonable level of inflation and ensure that monetary policy aligns with economic growth and price level expectations [5]

Group 1 - The balance of inclusive micro-enterprise loans in the banking sector reached 36 trillion yuan by the end of Q2 2025, representing a year-on-year growth of 12.3% [1] - The balance of inclusive agricultural loans reached 13.9 trillion yuan by the end of Q2, with an increase of 1.1 trillion yuan since the beginning of the year [1] - The original insurance premium income of insurance companies was 3.7 trillion yuan in the first half of the year, showing a year-on-year increase of 5.1% [1] Group 2 - The overall asset quality of commercial bank credit remains stable, with a non-performing loan ratio of 1.49% at the end of Q2, a decrease of 0.02 percentage points from the previous quarter [1] - The provision coverage ratio for commercial banks was 211.97% at the end of Q2, an increase of 3.84 percentage points from the previous quarter [1] - The comprehensive solvency adequacy ratio of the insurance industry was 204.5% at the end of Q2, while the core solvency adequacy ratio was 147.8% [1] Group 3 - Claims and benefit expenditures in the insurance sector amounted to 1.3 trillion yuan, reflecting a year-on-year growth of 9% [1] - The number of new insurance policies issued reached 52.4 billion, marking a year-on-year increase of 11.1% [1]

格隆汇8月15日丨金融街物业(01502.HK)公布，公司将于2025年8月29日召开董事会会议，以（其中包 括）审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布。 ...

Market Overview - A-shares saw all three major indices turn positive, with over 4,200 stocks rising in the market [1] - The Shanghai Composite Index rose by 0.17%, the Shenzhen Component Index increased by 0.55%, and the ChiNext Index gained 0.75% [1] - In the Hong Kong market, all three indices fell by over 1% [2] Sector Performance - The PEEK materials sector led the gains, with significant increases in stocks such as New Han New Materials and Hua Mi New Materials, both rising over 12% [9][10] - Real estate stocks experienced a surge, with companies like Quzhou Development and Xinda Real Estate hitting the daily limit [4][5] - The building materials sector also saw a rally, with International Composite Materials achieving a 20% limit up [6][7] - Non-ferrous metal stocks showed strong performance, with companies like Feili Hua and Nord Shares rising over 10% [12][13] Policy and Economic Indicators - Recent policy adjustments in Hainan and Beijing aim to optimize real estate regulations, which may boost market expectations and housing demand [8] - The National Bureau of Statistics reported a decrease in housing prices across 70 major cities, indicating a narrowing year-on-year decline [8] Investment Opportunities - The rapid development of humanoid robots is expected to significantly increase the demand for PEEK materials, which are lightweight and high-strength, suitable for various applications [11] - The automotive industry's trend towards lightweight and electrification is projected to drive explosive growth for high-performance engineering plastics like PEEK by 2025 [11]

Group 1 - The real estate sector showed strong performance at the beginning of the trading session, with notable stocks such as Xinda Real Estate and Quzhou Development hitting the daily limit up [1] - Other companies that experienced gains include Wantong Development, Everbright Jiabao, Jindi Group, Te Fa Service, Jingtou Development, and Financial Street [1]

（文章来源：每日经济新闻） 每经AI快讯，8月15日，地产股开盘拉升，信达地产涨停，万通发展涨超5%，光大嘉宝、特发服务、金 地集团、金融街、城建发展、荣盛发展、中华企业等跟涨。 ...

Group 1 - The total social financing scale stock at the end of July 2025 was 431.26 trillion yuan, representing a year-on-year growth of 9% [1] - The balance of RMB loans issued to the real economy was 264.79 trillion yuan, with a year-on-year increase of 6.8% [1] - The balance of foreign currency loans issued to the real economy, converted to RMB, was 1.21 trillion yuan, showing a year-on-year decline of 23.2% [1] Group 2 - The balance of entrusted loans was 11.16 trillion yuan, reflecting a year-on-year decrease of 0.4% [1] - The balance of trust loans was 4.46 trillion yuan, with a year-on-year growth of 5.9% [1] - The balance of undiscounted bank acceptance bills was 1.92 trillion yuan, indicating a year-on-year decline of 10.4% [1] Group 3 - The balance of corporate bonds was 33.39 trillion yuan, showing a year-on-year increase of 3.8% [1] - The balance of government bonds was 89.99 trillion yuan, with a significant year-on-year growth of 21.9% [1] - The balance of non-financial corporate domestic stocks was 11.94 trillion yuan, reflecting a year-on-year increase of 3.2% [1] Group 4 - At the end of July, the RMB loans to the real economy accounted for 61.4% of the total social financing scale stock, down 1.2 percentage points year-on-year [2] - The proportion of foreign currency loans to the real economy was 0.3%, down 0.1 percentage points year-on-year [2] - The share of entrusted loans was 2.6%, down 0.2 percentage points year-on-year [2] Group 5 - The share of trust loans was 1%, down 0.1 percentage points year-on-year [2] - The proportion of undiscounted bank acceptance bills was 0.4%, down 0.1 percentage points year-on-year [2] - The share of corporate bonds was 7.7%, down 0.4 percentage points year-on-year [2] Group 6 - The proportion of government bonds was 20.9%, up 2.2 percentage points year-on-year [2] - The share of non-financial corporate domestic stocks was 2.8%, down 0.1 percentage points year-on-year [2]