荣安地产股份有限公司独立董事工作制度 荣安地产股份有限公司 独立董事工作制度 第一章 总则 第一条 为完善荣安地产股份有限公司（以下简称"公司"）法人治理结构，促 进公司规范运作，维护公司整体利益，有效保障全体股东、特别是中小股东的合法权 益不受损害，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 独立董事管理办法》（以下简称"《管理办法》"）和《公司章程》等相关规定，特 制定本制度。 第二条 独立董事是指不在上市公司担任除董事外的其他职务，并与公司及公司 主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立 客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按照相 关法律、行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、证 券交易所业务规则和公司章程的要求，认真履行职责，维护公司整体利益，尤其要关 注中小股东的合法权益不受损害。独立董事应当独立履行职责，不受公司及其主要股 东、实际控制人或者其他与公司存在利害关系的单位或个人的影响。 第四条 公司独立董事占董事会成员的比例不得低于三分之一，其中至少包括一 名会计专业人士 ...

第一章 总 则 第一条 为规范荣安地产股份有限公司（以下简称"公司"）信息披露行为，加 强信息披露事务管理，保护公司、公司股东及其他利益相关人员的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《上市公司 信息披露管理办法》《深圳证券交易所股票上市规则》等法律法规，结合《公司章程》 和公司实际情况，制定本制度。 第二条 本制度所称信息披露是指达到证券监管部门关于公司信息披露的标准要 求，根据相关法律、法规、部门规章及证券监管部门的规范性文件，将可能对公司股 票及衍生品种价格产生较大影响而投资者尚未得知的重大信息，在规定时间内，通过 规定的媒体，以规定的方式向社会公众公布，并在证券监管部门备案。 第三条 公司的信息披露义务人包括但不限于： 荣安地产股份有限公司信息披露事务管理制度 荣安地产股份有限公司 信息披露事务管理制度 第二章 信息披露的基本原则 第四条 公司应当及时依法履行信息披露义务，严格按照有关法律、法规规定的 信息披露的内容和格式要求报送及披露信息，披露的信息应当真实、准确、完整，简 明清晰、通俗易懂，不得有虚假记载、误导性陈述或者重大遗漏。 公司披露的信息应当同 ...

第二条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关规定 召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤勉 尽责，确保股东会正常召开和依法行使职权。 第三条 股东会是公司的权力机构，应按《公司法》等法律法规和《公司章程》 的规定依法行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次，应当 于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公司法》第 一百一十三条规定的应当召开临时股东会的情形时，临时股东会应当在 2 个月内召开。 荣安地产股份有限公司 股东会议事规则 第一章 总 则 第一条 为规范荣安地产股份有限公司（以下简称"公司"）股东会议事行为， 提高股东会议事效率，保证股东会依法行使职权，依据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）以及《荣 安地产股份有限公司章程》（以下简称《公司章程》），制定本规则。 荣安地产股份有限公司股东会议事规则 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证券监督管理委 员会（以下简称"中 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[4](index=4&type=chunk) - Company head Wang Jiufang, chief accountant Yu Jie, and head of accounting department Zheng Shulin declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data, providing comprehensive information navigation for investors - The report's table of contents includes nine main chapters, from important notes to the financial report, with a clear structure[7](index=7&type=chunk) [Definitions](index=4&type=section&id=Definitions) This section defines key terms used in the report, including the CSRC, SZSE, Ningbo Securities Regulatory Bureau, company name, Rong'an Group, reporting period, and the currency unit "yuan," ensuring accurate understanding of the report's content Major Definitions | Term | Definition | | :--- | :--- | | China Securities Regulatory Commission, CSRC | China Securities Regulatory Commission | | Shenzhen Stock Exchange, SZSE | Shenzhen Stock Exchange | | Rong'an Real Estate, Company, the Company | Rong'an Real Estate Co., Ltd. | | Reporting Period | January 1, 2025 to June 30, 2025 | [Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=5&type=section&id=Company%20Profile) Rong'an Real Estate Co., Ltd., with stock abbreviation "Rong'an Real Estate" and stock code 000517, is listed on the Shenzhen Stock Exchange, and its legal representative is Wang Jiufang Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Rong'an Real Estate | | Stock Code | 000517 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 荣安地产股份有限公司 | | Legal Representative | Wang Jiufang | [Contact Person and Contact Information](index=5&type=section&id=Contact%20Person%20and%20Contact%20Information) The company's board secretary is Deng Huatang and the securities affairs representative is Zheng Sisi, both located at 18F (A), Rong'an Building, No. 700 Tiantong South Road, Yinzhou District, Ningbo City, Zhejiang Province, with identical phone and fax numbers, and provided email addresses Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Deng Huatang | 0574-87312566 | denghuatang@000517.com | | Securities Affairs Representative | Zheng Sisi | 0574-87312566 | zhengsisi@000517.com | [Other Information](index=5&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and archiving locations, with specific details available in the 2024 annual report - The company's contact information, information disclosure, and archiving locations remained unchanged during the reporting period, consistent with the 2024 annual report[13](index=13&type=chunk)[14](index=14&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue and net profit attributable to shareholders of the listed company significantly decreased year-on-year by **71.95%** and **92.14%**, respectively, with net cash flow from operating activities also declining by **30.83%**, total assets decreasing by **24.17%**, but net assets attributable to shareholders slightly increasing by **0.63%** Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,895,014,587.17 | 13,884,161,304.65 | -71.95% | | Net Profit Attributable to Shareholders of the Listed Company | 36,450,786.55 | 464,033,165.86 | -92.14% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | 12,009,582.34 | 486,353,459.09 | -97.53% | | Net Cash Flow from Operating Activities | 560,583,084.05 | 810,411,928.87 | -30.83% | | Basic Earnings Per Share (yuan/share) | 0.0114 | 0.1457 | -92.18% | | Diluted Earnings Per Share (yuan/share) | 0.0114 | 0.1457 | -92.18% | | Weighted Average Return on Net Assets | 0.62% | 5.27% | -4.65% | | **Period-end Indicators** | **Current Reporting Period-end (yuan)** | **Prior Year-end (yuan)** | **Change from Prior Year-end** | | Total Assets | 14,414,301,174.99 | 19,008,979,439.71 | -24.17% | | Net Assets Attributable to Shareholders of the Listed Company | 5,854,624,756.00 | 5,818,173,969.45 | 0.63% | [Differences in Accounting Data Under Domestic and Foreign Accounting Standards](index=6&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Foreign%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets disclosed in financial reports prepared under International Accounting Standards or foreign accounting standards compared to Chinese Accounting Standards - The company had no differences in net profit and net assets under domestic and foreign accounting standards during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **24,441,204.21 yuan**, primarily from government grants, fair value changes in financial assets, and reversal of impairment provisions for receivables, positively impacting net profit Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -218,489.79 | | Government grants recognized in current profit or loss | 5,026,704.43 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 13,531,145.02 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 7,081,883.03 | | Other non-operating income and expenses apart from the above | 2,948,699.43 | | Less: Income tax impact | 3,898,415.74 | | Impact on minority interests (after tax) | 30,322.17 | | **Total** | **24,441,204.21** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified any listed non-recurring gains and losses items as recurring gains and losses[21](index=21&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) [Company's Main Business During the Reporting Period](index=8&type=section&id=Company%27s%20Main%20Business%20During%20the%20Reporting%20Period) In H1 2025, real estate policies focused on inventory digestion and new supply optimization, with central bank rate cuts and local measures stabilizing the market, leading to significant land transaction growth, while the company, primarily in real estate development in core Yangtze River Delta cities, reported **3.895 billion yuan** in operating revenue and a **1.50%** net gearing ratio - In the first half of 2025, real estate industry policies continued the theme of "digesting existing inventory and optimizing new supply," with the central bank cutting interest rates and local governments implementing city-specific measures, leading to market stabilization and improvement[23](index=23&type=chunk) - In the first half of the year, the transaction volume of residential land in 65 key cities nationwide increased by **18.4%** year-on-year, with land transfer fees reaching **644.16 billion yuan**, a **45%** year-on-year increase[24](index=24&type=chunk) - The company's main business is real estate development and sales, primarily located in the Yangtze River Delta region, including Ningbo, Hangzhou, and Jiaxing, focusing on mid-to-high-end refined residential properties, supplemented by commercial real estate[26](index=26&type=chunk) - During the reporting period, the company's operating revenue was approximately **3.895 billion yuan**, mainly from the handover of completed projects; the period-end net gearing ratio was **1.50%**[26](index=26&type=chunk) [Macroeconomic Situation and Industry Policies in the Reporting Period](index=8&type=section&id=Macroeconomic%20Situation%20and%20Industry%20Policies%20in%20the%20Reporting%20Period) In H1 2025, real estate policies emphasized inventory digestion and new supply optimization, with central bank rate cuts and local measures stabilizing the market, leading to significant land transaction growth, despite national real estate development investment decreasing by **11.2%** and commercial housing sales area by **3.5%**, with a shortened residential inventory destocking cycle - In the first half of 2025, the Central Political Bureau meeting proposed increasing the supply of high-quality housing and optimizing policies for acquiring existing commercial housing[23](index=23&type=chunk) - On May 7, the central bank adjusted the 5-year LPR and the 5-year first-home provident fund rate to **3.50%** and **2.60%** respectively, both reaching historical lows[23](index=23&type=chunk) H1 2025 Real Estate Market Data | Indicator | Data | Year-on-year Change | | :--- | :--- | :--- | | Transaction volume of residential land in 65 key cities nationwide | - | Increased by 18.4% | | Land transfer fees in 65 key cities nationwide | 644.16 billion yuan | Increased by 45% | | National real estate development investment | 4,665.8 billion yuan | Decreased by 11.2% | | Commercial housing sales area | 458.51 million M² | Decreased by 3.5% | | Commercial housing for sale (as of end of June) | 769.48 million M² | Decreased for four consecutive months month-on-month | | Real estate development prosperity index | 93.60 | Increased by 1.49 percentage points from the beginning of the year | [Company's Main Business and Operating Performance in the Reporting Period](index=8&type=section&id=Company%27s%20Main%20Business%20and%20Operating%20Performance%20in%20the%20Reporting%20Period) The company focuses on real estate development and sales in core Yangtze River Delta cities, developing mid-to-high-end residential and commercial projects, with no new land reserves in the reporting period, **579,400 M²** total salable area (**98.21%** in Zhejiang), all projects delivered, **1.695 billion yuan** financing at **3.46%** average cost, and **298 million yuan** in phased guarantees for purchasers - The company did not acquire land reserves during the reporting period[27](index=27&type=chunk) Company's Salable Resources | Region Name | Total Salable Construction Area (10,000 M²) | Proportion of Salable Resources | | :--- | :--- | :--- | | Within Zhejiang Province | 56.90 | 98.21% | | Outside Zhejiang Province | 1.04 | 1.79% | | **Total** | **57.94** | **100.00%** | - During the reporting period, the company's real estate projects have all been completed and delivered[30](index=30&type=chunk) Company's Financing Situation | Financing Channel | Period-end Financing Balance (10,000 yuan) | Average Financing Cost | | :--- | :--- | :--- | | Bank Loans | 169,487.13 | 3.46% | | **Total** | **169,487.13** | **3.46%** | - As of the end of the reporting period, the company's outstanding phased guarantees for commercial housing purchasers amounted to **298 million yuan**[36](index=36&type=chunk) [Development Strategy and Operating Plan for the Next Year](index=10&type=section&id=Development%20Strategy%20and%20Operating%20Plan%20for%20the%20Next%20Year) The company will pursue a strategy of "strategy-oriented, efficiency from management, risk control, and steady development," focusing on the Yangtze River Delta to strengthen its core real estate business and cultivate new profit drivers, with plans to increase quality land reserves, accelerate inventory destocking, enhance product quality, reduce financial costs, and improve organizational development - Company's development strategy: Deeply cultivate the Yangtze River Delta, refine, specialize, strengthen, and sustain the core real estate business, while also developing related industries such as agency construction and construction engineering, and actively fostering new profit growth points[37](index=37&type=chunk) - 2025 operating plan: Focus on cities like Hangzhou and Ningbo, actively increase quality land reserves, accelerate inventory destocking, strictly control product quality, reduce financial costs, and enhance organizational vitality[37](index=37&type=chunk) - The company will implement full-process standardized operations, including "operational standardization, product standardization, marketing standardization, and construction standardization," and conduct refined cost control[38](index=38&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its scientific management, experienced development team, flexible land strategy, strong regional brand, and prudent financial management, fostering long-term advantages through standardized operations, rapid development, and low debt levels - The company has established a process management system and performance management system, implementing a project operation model of rapid commencement, sales, and capital recovery to reduce development costs and policy risks[39](index=39&type=chunk) - The company possesses nearly thirty years of real estate development experience, cultivating an excellent management team with a rational knowledge structure and rich practical experience, and maintains strategic cooperation with upstream and downstream enterprises and financial institutions[39](index=39&type=chunk) - The company adheres to the principle of "better to miss than to acquire incorrectly," deeply cultivating core areas within Zhejiang Province's core cities, strictly controlling land costs, and opportunistically increasing quality land reserves[40](index=40&type=chunk) - The company enjoys high brand recognition and influence in the Yangtze River Delta region, particularly strong brand premium capability in the Zhejiang market, establishing a brand image as a "residential expert and luxury home master"[40](index=40&type=chunk) - The company adheres to prudent financial management, maintaining low debt levels and financing costs, and achieves cash flow and profit balance through a rapid development strategy[40](index=40&type=chunk) [Main Business Analysis](index=11&type=section&id=Main%20Business%20Analysis) Main business revenue decreased **71.95%** year-on-year due to smaller project delivery, with corresponding cost and expense reductions; housing sales, though down **72.16%**, still comprised **98.66%** of revenue, and while both Ningbo and non-Ningbo revenues fell, Ningbo's share rose Major Financial Data Year-on-Year Changes | Item | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,895,014,587.17 | 13,884,161,304.65 | -71.95% | Mainly due to smaller scale of project delivery in the current reporting period | | Operating Cost | 3,432,139,101.81 | 12,937,750,144.23 | -73.47% | Mainly due to smaller scale of project delivery in the current reporting period | | Net Profit Attributable to Shareholders of the Listed Company | 36,450,786.55 | 464,033,165.86 | -92.14% | - | | Net Cash Flow from Operating Activities | 560,583,084.05 | 810,411,928.87 | -30.83% | Mainly due to reduced sales collection in the current reporting period | | Net Cash Flow from Investing Activities | -87,545,092.22 | 5,754,345.47 | -1,621.37% | Mainly due to increased investment in cooperative projects in the current reporting period | | Net Cash Flow from Financing Activities | -1,097,448,056.64 | -1,687,701,102.63 | 34.97% | Mainly due to reduced debt repayment cash outflow resulting from smaller debt scale in the current reporting period | Operating Revenue Composition (by Industry/Product) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | | By Industry/Product | Housing Sales | 3,843,022,003.30 | 98.66% | -72.16% | | | Construction | 11,625,530.26 | 0.30% | -67.41% | | | Property Leasing | 33,460,763.39 | 0.86% | -1.96% | | By Region | Ningbo Region | 1,938,393,171.15 | 49.77% | -60.14% | | | Non-Ningbo Region | 1,956,621,416.02 | 50.23% | -78.31% | [Non-Main Business Analysis](index=13&type=section&id=Non-Main%20Business%20Analysis) During the reporting period, non-main business significantly impacted total profit, with investment income primarily from wealth management products, fair value change gains and losses mainly from other non-current financial assets, asset impairment losses substantially increasing due to inventory depreciation provisions, non-operating income mainly from forfeited deposits and quality guarantee deductions, and non-operating expenses primarily from unrecoverable funds Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,064,410.92 | 46.31% | Mainly from wealth management products in the current reporting period | No | | Fair Value Change Gains and Losses | 5,694,396.15 | 86.05% | Mainly due to fair value changes of other non-current financial assets in the current reporting period | No | | Asset Impairment | -176,099,369.48 | -2,661.00% | Mainly due to provision for inventory depreciation in the current reporting period | No | | Non-operating Income | 5,940,676.96 | 89.77% | Mainly from forfeited deposits and quality guarantee deductions | No | | Non-operating Expenses | 2,991,977.53 | 45.21% | Mainly from individual unrecoverable funds | No | [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Period-end total assets decreased **24.17%** year-on-year, driven by reduced inventory and contract liabilities, while monetary funds and borrowings also fell, net assets attributable to shareholders slightly rose **0.63%**, and various assets remained restricted for borrowings Significant Changes in Asset Composition | Item | Current Reporting Period-end (yuan) | Proportion of Total Assets | Prior Year-end (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,601,983,572.40 | 11.11% | 2,226,747,417.35 | 11.71% | -0.60% | | Inventory | 9,383,842,540.76 | 65.10% | 13,192,106,381.35 | 69.40% | -4.30% | | Contract Liabilities | 1,545,869,357.35 | 10.72% | 4,286,906,539.18 | 22.55% | -11.83% | | Long-term Borrowings | 1,082,171,300.00 | 7.51% | 1,694,701,300.00 | 8.92% | -1.41% | | Non-current Liabilities Due Within One Year | 34,678,418.02 | - | 401,064,294.87 | - | - | | Total Assets | 14,414,301,174.99 | - | 19,008,979,439.71 | - | -24.17% | Period-end Asset Restrictions | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Inventory | 2,298,619,600.12 | 1,973,091,260.82 | Mortgage | Mortgaged for borrowings | | Investment Properties | 826,251,384.42 | 485,794,707.73 | Mortgage | Mortgaged for borrowings | | Fixed Assets | 39,832,028.49 | 17,281,142.71 | Mortgage | Mortgaged for borrowings | | Monetary Funds | 93,777,939.84 | 93,777,939.84 | Pledge/Freeze | Guarantee deposits, loan deposits, frozen funds | [Investment Status Analysis](index=14&type=section&id=Investment%20Status%20Analysis) During the reporting period, the company's investment amount remained unchanged, with no significant equity investments acquired or ongoing significant non-equity investments, and no securities investments, derivative investments, or use of raised funds - The company's investment amount was **0.00 yuan** during the reporting period, consistent with the prior year's same period[56](index=56&type=chunk) - The company had no significant equity investments, significant non-equity investments, securities investments, derivative investments, or use of raised funds during the reporting period[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) [Significant Asset and Equity Sales](index=15&type=section&id=Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any sales of significant assets or equity - The company did not sell significant assets or equity during the reporting period[61](index=61&type=chunk)[62](index=62&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries, Ningbo Rongxin Real Estate Co., Ltd. and Jiaxing Jiarong Real Estate Co., Ltd., impacted the company's net profit during the reporting period, with Ningbo Rongxin Real Estate achieving a net profit of **95,868,734.57 yuan** and Jiaxing Jiarong Real Estate achieving **16,195,949.68 yuan**, and no subsidiaries were acquired or disposed of during the reporting period Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Ningbo Rongxin Real Estate Co., Ltd. | Subsidiary | Real estate development and operation | 2,000,000.00 | 95,868,734.57 | | Jiaxing Jiarong Real Estate Co., Ltd. | Subsidiary | Real estate development and operation | 50,000,000.00 | 16,195,949.68 | - The company did not acquire or dispose of subsidiaries during the reporting period[63](index=63&type=chunk) [Information on Structured Entities Controlled by the Company](index=16&type=section&id=Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[64](index=64&type=chunk) [Risks Faced by the Company and Countermeasures](index=16&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces policy, funding, project operation, and human resource risks, which it plans to address by strengthening macroeconomic policy research, rationally planning funds, adhering to rapid development and refined cost control, and continuously attracting and developing professional talent while improving its human resource management system - Policy risk: The real estate industry is highly susceptible to national macroeconomic regulation, so the company will strengthen policy tracking and research, invest rationally, and optimize product structure[64](index=64&type=chunk) - Funding risk: Real estate enterprises are capital-intensive, so the company will rationally plan funds, maintain financial stability, flexibly use financing tools, and reduce financial expenses[64](index=64&type=chunk) - Project operation risk: Real estate projects have long development cycles, high investment, and complex processes, so the company will adhere to "no hoarding land, no holding back sales," rapid development and destocking, and implement standardized operations and refined cost control[64](index=64&type=chunk)[65](index=65&type=chunk) - Human resource risk: As the industry enters an era of management dividends, the company will attract and develop professional talent, strengthen talent pipeline construction and internal training, and improve its human resource management system[65](index=65&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=16&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[66](index=66&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=16&type=section&id=Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[66](index=66&type=chunk) [Corporate Governance, Environment, and Society](index=17&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, independent director Yan Guoqing resigned from his positions as independent director and member of the board's nomination, remuneration and appraisal, audit, and strategy committees due to personal reasons, and has ceased to perform his duties Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Yan Guoqing | Independent Director, Chairman of Board Nomination Committee, Chairman of Remuneration and Appraisal Committee, Member of Audit Committee, Member of Strategy Committee | Resignation | August 12, 2025 | Personal reasons | [Profit Distribution and Capital Reserve to Share Capital Conversion in the Current Reporting Period](index=17&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[69](index=69&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=17&type=section&id=Implementation%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[70](index=70&type=chunk) [Environmental Information Disclosure](index=17&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[71](index=71&type=chunk) [Social Responsibility](index=17&type=section&id=Social%20Responsibility) During the reporting period, the company actively fulfilled social responsibilities through continuous "Rong'an Cup" Children's Art Exhibitions, expanded Shared Reading and "Little Shark" Public Swimming programs, established a Children's Medical Aid Fund, conducted rural science and art teaching, and donated to rural revitalization and community projects - The company has continuously held the "Rong'an Cup" Children's Art Exhibition for **19 years** and expanded the Shared Reading Program to remote areas[71](index=71&type=chunk) - The company established a Children's Medical Aid Fund, successfully assisting **sixty-eight critically ill children**, and supported rural science and art public welfare teaching projects[71](index=71&type=chunk) - The company donated **1.2 million yuan** to Huangping County, Guizhou Province, to promote rural revitalization and an additional **1 million yuan** to consolidate poverty alleviation achievements[72](index=72&type=chunk) - The company donated funds for the Lemon Tree Sunshine Home project in Yinzhou District, Ningbo City, and local community public welfare projects[72](index=72&type=chunk) [Significant Matters](index=18&type=section&id=Significant%20Matters) [Fulfillment of Commitments](index=18&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, the company had no commitments that were fulfilled or overdue and unfulfilled by the actual controller, shareholders, related parties, acquirers, or the company itself - The company had no commitments that were unfulfilled or overdue and unfulfilled during the reporting period[74](index=74&type=chunk) [Related Party Fund Occupation](index=18&type=section&id=Related%20Party%20Fund%20Occupation) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[75](index=75&type=chunk) [Irregular External Guarantees](index=18&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[76](index=76&type=chunk) [Appointment and Dismissal of Accounting Firms](index=18&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[77](index=77&type=chunk) [Board of Directors' and Supervisory Board's Explanation on Non-Standard Audit Report](index=18&type=section&id=Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20Non-Standard%20Audit%20Report) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[78](index=78&type=chunk) [Board of Directors' Explanation on Prior Year's Non-Standard Audit Report](index=18&type=section&id=Board%20of%20Directors%27%20Explanation%20on%20Prior%20Year%27s%20Non-Standard%20Audit%20Report) The company had no non-standard audit report for the prior year during the reporting period - The company had no non-standard audit report for the prior year during the reporting period[78](index=78&type=chunk) [Bankruptcy and Reorganization Matters](index=18&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[78](index=78&type=chunk) [Litigation Matters](index=18&type=section&id=Litigation%20Matters) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[79](index=79&type=chunk) [Penalties and Rectification](index=19&type=section&id=Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[80](index=80&type=chunk) [Integrity Status of the Company and its Controlling Shareholder and Actual Controller](index=19&type=section&id=Integrity%20Status%20of%20the%20Company%20and%20its%20Controlling%20Shareholder%20and%20Actual%20Controller) The company had no integrity issues requiring explanation during the reporting period - The company had no integrity issues requiring explanation during the reporting period[81](index=81&type=chunk) [Significant Related Party Transactions](index=19&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor transactions, or transactions with financial companies - The company had no significant related party transactions related to daily operations during the reporting period[81](index=81&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[82](index=82&type=chunk) - The company had no related party creditor-debtor transactions during the reporting period[84](index=84&type=chunk) [Significant Contracts and Their Performance](index=20&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, or leasing matters, but provided **1.55637 billion yuan** in subsidiary guarantees (**31.84%** of net assets), including **1.57265 billion yuan** for high-leverage entities, and executed **1.1 billion yuan** in wealth management transactions with no outstanding balance, and no other significant contracts - The company had no entrustment, contracting, or leasing matters during the reporting period[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) Company's Guarantees to Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Tianyuan Landscape Construction Co., Ltd. | 15,000 | 10,150 | Three years from the expiration of debt performance period | No | | Zhejiang Tianyuan Landscape Construction Co., Ltd. | 10,000 | 10,000 | Three years from the expiration of debt performance period | No | | Ningbo Happy Shopping Plaza Development Co., Ltd. | 31,000 | 30,750 | Three years from the expiration of debt performance period | No | | Hangzhou Xianghua Investment Management Co., Ltd. | 50,000 | 46,250 | Three years from the expiration of debt performance period | No | | Yiwu Huajie Real Estate Co., Ltd. | 35,000 | 7,926 | Three years from the expiration of debt performance period | No | | Ningbo Rongyuan Real Estate Co., Ltd. | 60,000 | 5,365 | Three years from the expiration of debt performance period | No | | **Total Actual Guarantee Balance to Subsidiaries at Period-end** | **299,000** | **155,637** | - | - | - The total actual guarantee amount at period-end was **1.86387 billion yuan**, accounting for **31.84%** of the company's net assets[94](index=94&type=chunk) - The debt guarantee balance provided for guaranteed parties with an asset-liability ratio exceeding **70%** was **1.57265 billion yuan**[94](index=94&type=chunk) Wealth Management Product Information | Specific Type | Wealth Management Product Transaction Amount (10,000 yuan) | Outstanding Balance at Period-end (10,000 yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 110,000 | 0 | | **Total** | **110,000** | **0** | - The company had no other significant contracts during the reporting period[97](index=97&type=chunk) [Explanation of Other Significant Matters](index=23&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[98](index=98&type=chunk) [Significant Matters of Company Subsidiaries](index=23&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[99](index=99&type=chunk) [Share Changes and Shareholder Information](index=24&type=section&id=Share%20Changes%20and%20Shareholder%20Information) [Share Changes](index=24&type=section&id=Share%20Changes) During the reporting period, the company's total share capital remained unchanged at **3,183,922,485 shares**, with the number and proportion of restricted and unrestricted shares also remaining constant Share Changes | Item | Number Before Change (shares) | Proportion Before Change | Number of Changes (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 691,936,069 | 21.73% | 0 | 691,936,069 | 21.73% | | II. Unrestricted Shares | 2,491,986,416 | 78.27% | 0 | 2,491,986,416 | 78.27% | | III. Total Shares | 3,183,922,485 | 100.00% | 0 | 3,183,922,485 | 100.00% | - The company's total share capital, restricted shares, and unrestricted shares all remained unchanged during the reporting period[102](index=102&type=chunk) [Securities Issuance and Listing](index=25&type=section&id=Securities%20Issuance%20and%20Listing) The company had no securities issuance and listing during the reporting period - The company had no securities issuance and listing during the reporting period[103](index=103&type=chunk) [Company Shareholder Numbers and Shareholding](index=25&type=section&id=Company%20Shareholder%20Numbers%20and%20Shareholding) At the end of the reporting period, the company had **35,707** common shareholders, with Rong'an Group Co., Ltd. holding **47.93%** and Wang Jiufang holding **28.69%** among the top ten shareholders, both acting in concert, and Rong'an Group's shares were pledged, while some shareholders participated in margin trading and securities lending through credit securities accounts - At the end of the reporting period, the total number of common shareholders was **35,707**[104](index=104&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status (number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Rong'an Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 47.93% | 1,525,939,995 | 0 | 1,525,939,995 | Pledged: 306,150,000 | | Wang Jiufang | Domestic Natural Person | 28.69% | 913,500,000 | 685,125,000 | 228,375,000 | Not applicable: 0 | | Shanghai Yingshui Investment Management Co., Ltd. - Yingshui Jubao No. 13 Private Securities Investment Fund | Other | 0.99% | 31,500,000 | 0 | 31,500,000 | Not applicable: 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.59% | 18,786,443 | 0 | 18,786,443 | Not applicable: 0 | - Among the top 10 shareholders, Rong'an Group Co., Ltd., Wang Jiufang, and Wang Congwei are parties acting in concert[105](index=105&type=chunk) - Some of the top 10 common shareholders participated in margin trading and securities lending through credit securities accounts[105](index=105&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=27&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[107](index=107&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=27&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[108](index=108&type=chunk) - The company's actual controller remained unchanged during the reporting period[108](index=108&type=chunk) [Preferred Shares Information](index=27&type=section&id=Preferred%20Shares%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[110](index=110&type=chunk) [Bond-Related Information](index=28&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[112](index=112&type=chunk) [Financial Report](index=29&type=section&id=Financial%20Report) [Audit Report](index=29&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[114](index=114&type=chunk) [Financial Statements](index=29&type=section&id=Financial%20Statements) This section provides Rong'an Real Estate Co., Ltd.'s consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow at the end of the reporting period - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[115](index=115&type=chunk)[119](index=119&type=chunk)[123](index=123&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[130](index=130&type=chunk)[134](index=134&type=chunk)[140](index=140&type=chunk) [Consolidated Balance Sheet](index=29&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **14.414 billion yuan**, down **24.17%** from period-beginning, with total liabilities at **8.033 billion yuan**, and owners' equity attributable to the parent company at **5.855 billion yuan** Consolidated Balance Sheet Key Data | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 14,414,301,174.99 | 19,008,979,439.71 | | Total Liabilities | 8,032,604,659.80 | 12,543,443,124.74 | | Total Owners' Equity Attributable to Parent Company | 5,854,624,756.00 | 5,818,173,969.45 | | Minority Interests | 527,071,759.19 | 647,362,345.52 | [Parent Company Balance Sheet](index=32&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **16.118 billion yuan**, down **4.88%** from period-beginning, with total liabilities at **5.103 billion yuan**, and total owners' equity at **11.015 billion yuan** Parent Company Balance Sheet Key Data | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 16,117,544,437.40 | 16,934,803,015.03 | | Total Liabilities | 5,102,717,500.68 | 6,926,697,767.07 | | Total Owners' Equity | 11,014,826,936.72 | 10,008,105,247.96 | [Consolidated Income Statement](index=34&type=section&id=Consolidated%20Income%20Statement) For H1 2025, consolidated total operating revenue was **3.895 billion yuan**, down **71.95%** year-on-year, with net profit attributable to parent company shareholders at **36.4508 million yuan**, a **92.14%** decrease, and basic earnings per share of **0.0114 yuan** Consolidated Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 3,895,014,587.17 | 13,884,161,304.65 | | Operating Profit | 3,669,092.32 | 515,590,923.27 | | Total Profit | 6,617,791.75 | 516,583,888.86 | | Net Profit | 2,160,200.22 | 421,178,892.10 | | Net Profit Attributable to Parent Company Shareholders | 36,450,786.55 | 464,033,165.86 | | Basic Earnings Per Share (yuan/share) | 0.0114 | 0.1457 | [Parent Company Income Statement](index=36&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **219,125.92 yuan**, a **48.3%** year-on-year decrease, with operating profit of **989 million yuan**, total profit of **989 million yuan**, and net profit of **1.007 billion yuan**, primarily driven by **971 million yuan** in investment income Parent Company Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 219,125.92 | 423,658.59 | | Operating Profit | 988,972,710.37 | 1,480,612,918.51 | | Total Profit | 988,898,697.27 | 1,480,434,495.05 | | Net Profit | 1,006,721,688.76 | 1,682,524,516.51 | | Investment Income | 970,723,047.45 | 1,418,947,181.25 | [Consolidated Cash Flow Statement](index=37&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's net cash flow from operating activities was **561 million yuan**, a **30.83%** year-on-year decrease, with net cash flow from investing activities of **-88 million yuan** and net cash flow from financing activities of **-1.097 billion yuan**, resulting in a net decrease in cash and cash equivalents of **-624 million yuan** Consolidated Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 560,583,084.05 | 810,411,928.87 | | Net Cash Flow from Investing Activities | -87,545,092.22 | 5,754,345.47 | | Net Cash Flow from Financing Activities | -1,097,448,056.64 | -1,687,701,102.63 | | Net Increase in Cash and Cash Equivalents | -624,410,064.81 | -871,534,828.29 | | Period-end Cash and Cash Equivalents Balance | 1,508,205,632.56 | 3,176,151,894.14 | [Parent Company Cash Flow Statement](index=38&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was **-598 million yuan**, net cash flow from investing activities was **972 million yuan**, and net cash flow from financing activities was **-552 million yuan**, resulting in a net decrease in cash and cash equivalents of **-178 million yuan** Parent Company Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -598,410,404.52 | -1,582,589,050.54 | | Net Cash Flow from Investing Activities | 972,131,974.07 | 1,373,220,355.72 | | Net Cash Flow from Financing Activities | -552,161,258.41 | -54,000,000.00 | | Net Increase in Cash and Cash Equivalents | -178,439,688.86 | -263,368,694.82 | | Period-end Cash and Cash Equivalents Balance | 216,373,046.83 | 121,419,011.35 | [Consolidated Statement of Changes in Owners' Equity](index=40&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For H1 2025, consolidated owners' equity decreased from **6.466 billion yuan** to **6.382 billion yuan**, mainly due to a **120 million yuan** decrease in minority interests and a **36.4508 million yuan** increase in parent company owners' equity Consolidated Statement of Changes in Owners' Equity | Item | Period-beginning Balance (yuan) | Amount of Change in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 5,818,173,969.45 | 36,450,786.55 | 5,854,624,756.00 | | Minority Interests | 647,362,345.52 | -120,290,586.33 | 527,071,759.19 | | Total Owners' Equity | 6,465,536,314.97 | -83,839,799.78 | 6,381,696,515.19 | [Parent Company Statement of Changes in Owners' Equity](index=44&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For the first half of 2025, the parent company's total owners' equity increased from **10.008 billion yuan** at the beginning of the period to **11.015 billion yuan** at the end of the period, primarily due to a **1.007 billion yuan** increase in undistributed profits Parent Company Statement of Changes in Owners' Equity | Item | Period-beginning Balance (yuan) | Amount of Change in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Undistributed Profits | 5,051,310,209.72 | 1,006,721,688.76 | 6,058,031,898.48 | | Total Owners' Equity | 10,008,105,247.96 | 1,006,721,688.76 | 11,014,826,936.72 | [Company Basic Information](index=48&type=section&id=Company%20Basic%20Information) Rong'an Real Estate Co., Ltd., established May 19, 1989, acquired Rong'an Group assets in 2008, changing registered capital to **1,061,307,495 yuan**, headquartered in Ningbo, primarily engaged in real estate development and construction, with financial statements approved on August 28, 2025 - The company was established on **May 19, 1989**, formerly known as Success Information Industry (Group) Co., Ltd[147](index=147&type=chunk) - In **2008**, the company acquired assets from Rong'an Group Co., Ltd. through share issuance, changing its registered capital to **1,061,307,495 yuan**[147](index=147&type=chunk) - The company's main business includes real estate development, operation, and construction project contracting[147](index=147&type=chunk) [Basis of Financial Statement Preparation](index=48&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with recognition and measurement performed in accordance with the "Enterprise Accounting Standards" and relevant regulations issued by the Ministry of Finance, and management has evaluated the company's ability to continue as a going concern for at least 12 months from the end of the reporting period, believing it can continue operations for the foreseeable future - The company prepares its financial statements on a going concern basis, in accordance with the "Enterprise Accounting Standards" and relevant regulations issued by the Ministry of Finance[148](index=148&type=chunk) - The company's management believes that the company can continue as a going concern for a foreseeable period of no less than **12 months** from the approval date of these financial statements[149](index=149&type=chunk) [Significant Accounting Policies and Estimates](index=48&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, consolidated financial statements, financial instruments, receivables, inventories, investment properties, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases, ensuring the truthfulness and completeness of the financial report - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the financial position, operating results, cash flows, and other information[151](index=151&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and its operating cycle (usually more than **12 months**) is used as the basis for classifying assets and liabilities as current or non-current[152](index=152&type=chunk)[153](index=153&type=chunk) - When initially recognizing financial assets, the company classifies them as financial assets measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on the business model for managing the financial assets and the contractual cash flow characteristics[165](index=165&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[214](index=214&type=chunk) [Taxes](index=64&type=section&id=Taxes) This section discloses the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, enterprise income tax, land value-added tax, education surcharge, and local education surcharge, with the company's subsidiary Zhejiang Boyuan Construction Co., Ltd. enjoying a **15%** enterprise income tax preferential rate as a high-tech enterprise Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Real estate sales, construction and installation projects, rental income, property management, sales agency, commodity sales | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Turnover taxes paid | 7%, 5% | | Enterprise Income Tax | Taxable income | 25%, 15% | | Education Surcharge | Turnover tax amount paid | 3% | | Local Education Surcharge | Turnover tax amount paid | 2% | - Subsidiary Zhejiang Boyuan Construction Co., Ltd. passed the high-tech enterprise review and was subject to a **15%** enterprise income tax rate during the reporting period[228](index=228&type=chunk) - Real estate development enterprises provisionally prepay land value-added tax at **1.5%-3%** of the pre-sale income as stipulated by the local tax authorities, and it is levied at a four-tier progressive rate upon final settlement[229](index=229&type=chunk) [Notes to Consolidated Financial Statement Items](index=65&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details consolidated financial statement items, noting significant changes in monetary funds, inventory, contract liabilities, and long-term borrowings, along with asset impairment provisions and restricted assets, while operating revenue and net profit significantly decreased, cash flow was affected, and interests in subsidiaries, joint ventures, government grants, and financial instrument risks are disclosed Composition of Monetary Funds | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 1,508,205,632.56 | 2,132,615,697.37 | | Other Monetary Funds | 93,777,939.84 | 94,131,719.98 | | **Total** | **1,601,983,572.40** | **2,226,747,417.35** | - Other monetary funds primarily consist of guarantee deposits, loan deposits, and frozen funds[231](index=231&type=chunk) Disclosure of Accounts Receivable by Impairment Provision Method | Category | Period-end Book Balance (yuan) | Period-end Impairment Provision (yuan) | Period-end Book Value (yuan) | | :--- | :--- | :--- | :--- | | Accounts receivable for which impairment provisions are made individually | 34,845,421.34 | 27,763,538.31 | 7,081,883.03 | | Accounts receivable for which impairment provisions are made by portfolio | 156,090,456.80 | 21,359,302.78 | 134,731,154.02 | | **Total** | **190,935,878.14** | **49,122,841.09** | **141,813,037.05** | - Impairment provisions of **2,107,916.67 yuan** were made in the current period, with **7,081,883.03 yuan** recovered or reversed, and the period-end impairment provision balance was **49,122,841.09 yuan**[242](index=242&type=chunk) Inventory Classification | Item | Period-end Book Balance (yuan) | Period-end Inventory Depreciation Reserve (yuan) | Period-end Book Value (yuan) | | :--- | :--- | :--- | :--- | | Development Costs | 271,935,103.46 | - | 271,935,103.46 | | Developed Products | 11,356,862,964.76 | 2,244,955,527.46 | 9,111,907,437.30 | | **Total** | **11,628,798,068.22** | **2,244,955,527.46** | **9,383,842,540.76** | - The cumulative amount of capitalized interest in inventory at period-end was **681,824,675.74 yuan**, with the current period's interest capitalization rate ranging from **3.82%** to **11.45%**[283](index=283&type=chunk) Assets with Restricted Ownership or Use Rights | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | | :--- | :--- | :--- | | Inventory | 2,298,619,600.12 | 1,973,091,260.82 | Mortgage | | Investment Properties | 826,251,384.42 | 485,794,707.73 | Mortgage | | Fixed Assets | 39,832,028.49 | 17,281,142.71 | Mortgage | | Accounts Receivable | 3,079,779.47 | 2,905,536.92 | Pledge | | Monetary Funds | 93,777,939.84 | 93,777,939.84 | Pledge/Freeze | | **Total** | **3,261,560,732.34** | **2,572,850,588.02** | - | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 3,855,032,642.06 | 3,408,745,422.57 | 13,839,950,237.32 | 12,914,043,635.20 | | Other Business | 39,981,945.11 | 23,393,679.24 | 44,211,067.33 | 23,706,509.03 | | **Total** | **3,895,014,587.17** | **3,432,139,101.81** | **13,884,161,304.65** | **12,937,750,144.23** | - The revenue amount corresponding to contracts signed but not yet performed or not fully performed at the end of the current reporting period is **16,711,224.77 yuan**, expected to be recognized in **2025**[374](index=374&type=chunk) Top Five Projects by Revenue Recognition in the Reporting Period | No. | Project Name | Revenue Amount (yuan) | | :--- | :--- | :--- | | 1 | Guantang Qingyu Mansion | 754,770,236.44 | | 2 | Huixueli | 728,540,666.95 | | 3 | Xinyue Hebin Mansion | 432,790,643.58 | | 4 | Wenlan Wangzhuang | 398,192,503.69 | | 5 | Huicuili | 276,505,846.73 | Income Tax Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Current Income Tax Expense | 20,471,303.93 | 99,060,593.39 | | Deferred Income Tax Expense | -16,013,712.40 | -3,655,596.63 | | **Total** | **4,457,591.53** | **95,404,996.76** | Reconciliation of Net Cash Flow from Operating Activities | Supplementary Information | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Profit | 2,160,200.22 | 421,178,892.10 | | Add: Asset Impairment Provisions | 176,099,369.48 | -988,101.87 | | Credit Impairment Losses | 1,546,504.93 | 8,140,185.81 | | Decrease in Inventory (increase indicated by "-") | 3,630,173,304.95 | 12,425,038,394.73 | | Decrease in Operating Receivables (increase indicated by "-") | 180,410,911.87 | 404,464,718.02 | | Increase in Operating Payables (decrease indicated by "-") | -3,470,830,621.67 | -12,555,377,018.10 | | **Net Cash Flow from Operating Activities** | **560,583,084.05** | **810,411,928.87** | Operating Lease Income as Lessor | Item | Lease Income (yuan) | | :--- | :--- | | Ningbo Rong'an Building | 10,365,740.80 | | Hangzhou Rong'an Building | 12,816,828.23 | | Happy Shopping Plaza | 7,392,346.09 | | Other | 2,885,848.27 | | **Total** | **33,460,763.39** | [R&D Expenses](index=102&type=section&id=R%26D%20Expenses) During the reporting period, the company's total R&D expenses were **5,875,888.16 yuan**, all expensed, primarily comprising employee compensation and material costs, representing a significant year-on-year increase of **113.28%** R&D Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 1,307,006.21 | 1,979,658.27 | | Material Costs | 4,487,763.00 | 621,221.32 | | Other | 81,118.95 | 154,086.68 | | **Total** | **5,875,888.16** | **2,754,966.27** | | Of which: Expensed R&D Expenses | 5,875,888.16 | 2,754,966.27 | [Changes in Consolidation Scope](index=103&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company did not experience business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control, but **6** subsidiaries were deregistered, resulting in changes in the consolidation scope - During the reporting period, the company did not experience business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control[424](index=424&type=chunk) - During the reporting period, **6** subsidiaries, including Ningbo Yiwang Real Estate Co., Ltd. and Ningbo Rong'an Education Investment Management Co., Ltd., were deregistered, leading to changes in the consolidation scope[424](index=424&type=chunk) [Interests in Other Entities](index=103&type=section&id=Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including several subsidiaries, with Yiwu Huayi Real Estate Co., Ltd. and Ningbo Kanghai Real Estate Co., Ltd. being important non-wholly-owned subsidiaries, and the company holds interests in multiple joint ventures, for which key financial information is provided, along with the basis for the company's control over certain joint ventures Important Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Net Profit Attributable to Minority Shareholders in Current Period (yuan) | Minority Interests Balance at Period-end (yuan) | | :--- | :--- | :--- | :--- | | Yiwu Huayi Real Estate Co., Ltd. (Consolidated) | 49.00% | -21,172,611.77 | 413,725,519.45 | | Ningbo Kanghai Real Estate Co., Ltd. | 49.00% | -5,095,849.11 | 46,451,698.21 | - The company in Cangnan Rong'an Real Estate Co., Ltd., Longgang City Lianghui Real Estate Co., Ltd., and Jiaxing Yikun Real Estate Co., Ltd. joint ventures, through cooperation agreements and articles of association, holds more than half of the voting rights, thus including them in the consolidated financial statements[430](index=430&type=chunk)[431](index=431&type=chunk)[432](index=432&type=chunk) Key Financial Information of Important Joint Ventures (Period-end Balance/Current Period Amount) | Item | Hangzhou Zhenda Investment Co., Ltd. | Chongqing Rongquan Industrial Co., Ltd. | Ningbo Kangrui Enterprise Management Consulting Co., Ltd. | | :--- | :--- | :--- | :--- | | Total Assets (yuan) | 304,952,338.86 | 144,146,753.28 | 211,357,657.58 | | Total Liabilities (yuan) | 201,120,999.93 | 22,561,951.90 | 91,413,615.07 | | Owners' Equity Attributable to Parent Company (yuan) | 103,831,338.93 | 81,803,016.45 | 119,944,042.51 | | Net Profit (yuan) | 960,404.49 | 2,385.94 | -13,848,220.06 | Summary Financial Information of Unimportant Joint Ventures and Associates | Item | Period-end Balance/Current Period Amount (yuan) | | :--- | :--- | | Total Book Value of Joint Venture Investments | 258,252,068.31 | | Net Profit of Joint Ventures | -3,519,590.37 | | Total Comprehensive Income of Joint Ventures | -3,519,590.37 | [Government Grants](index=112&type=section&id=Government%20Grants) During the reporting period, government grants recognized in current profit or loss amounted to **5,026,704.43 yuan**, primarily consisting of income-related government grants Government Grants Recognized in Current Profit or Loss | Accounting Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related government grants | 5,026,704.43 | 5,960,417.45 | [Risks Related to Financial Instruments](index=113&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces market risk (primarily interest rate risk), credit risk, and liquidity risk, with a **50 basis point** increase in interest rates leading to a **2.8353 million yuan** reduction in pre-tax profit, while credit risk is managed by depositing funds with highly reputable financial institutions and monitoring accounts receivable and implementing credit policies, and liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring bank borrowings, with most financial liabilities maturing within **1 year** at period-end - The company faces market risk (interest rate risk), credit risk, and liquidity risk[446](index=446&type=chunk) - A **50 basis point** increase in interest rates would lead to an increase in interest expenses and a reduction in the company's pre-tax profit by **2.8353 million yuan**[447](index=447&type=chunk) - The company's credi

融券方面，当日融券卖出7.33万股，融券偿还2.21万股，融券净卖出5.12万股，融券余量25.25万股。 证券之星消息，8月21日，荣安地产（000517）融资买入241.87万元，融资偿还173.38万元，融资净买入 68.5万元，融资余额9754.33万元，近3个交易日已连续净买入累计326.5万元，近20个交易日中有11个交 易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-21 | 68.50万 | 9754.33万 | 1.97% | | 2025-08-20 | 231.16万 | 9685.83万 | 1.95% | | 2025-08-19 | 26.84万 | 9454.67万 | 1.93% | | 2025-08-18 | 343.92万 | 9427.83万 | 1.94% | | 2025-08-15 | 312.25万 | 9083.91万 | 1.87% | | 交易日 | 融券冷卖出(股) | | 融券余量(股) | 融券余额(元) | | --- | -- ...

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in 2024 Core Insights - The average revenue of the top 30 listed real estate companies in China is projected to decline by approximately 13.83% in 2024, totaling around RMB 2.77 trillion [9] - The average gross margin for these companies is expected to decrease to about 14.42%, down by 1.86% from the previous year [13] - The average net profit margin is projected to be around -10.81%, reflecting a significant decline of 12.45% compared to the previous year [16] - The average return on equity is expected to drop to approximately -20.75%, a decrease of 16.44% from 2023 [59] Summary by Sections 1. Revenue Overview - The total revenue for the top 30 listed real estate companies in 2024 is estimated at RMB 2.77 trillion, a decline of 13.83% year-on-year [9] - Financial Street leads the revenue growth with an increase of 51.74%, reaching RMB 190.75 billion [8] - 20 companies experienced revenue declines, with Midea Real Estate facing the largest drop at 94.94% [9] 2. Gross Margin Overview - The average gross margin for the top 30 companies is projected to be 14.42%, down 1.86% from the previous year [13] - Midea Real Estate shows the highest increase in gross margin at approximately 24.21% [14] - 23 companies reported a decline in gross margin, with Jinhui experiencing the largest drop of 30.80% [13] 3. Net Profit Overview - The average net profit for the top 30 companies is expected to be a loss of RMB 11.65 billion, a decline of 62.09 billion from a profit of RMB 50.44 billion in 2023 [23] - China Resources leads in net profit with RMB 336.78 billion, although this represents a 9.72% decrease from the previous year [24] - Over 70% of companies reported a decline in net profit, with Vanke transitioning from a profit of RMB 204.56 billion to a loss of approximately RMB 487.04 billion [23] 4. Inventory Overview - The total inventory for the top 30 companies is projected to be approximately RMB 60.85 billion, a decrease of 13.58% year-on-year [33] - Only one company, Ruian, reported an increase in inventory, with a growth of 16.03% [33] - Midea Real Estate experienced the largest inventory decline at 99.11% [33] 5. Liquidity Ratios - The average current ratio for the top 30 companies is expected to be 152.86%, a slight increase of 0.15% from the previous year [42] - 16 companies reported a decline in their current ratios, with Xinda showing the largest drop of 39.17% [42] 6. Cash Short-term Debt Ratio - The average cash short-term debt ratio is projected to be 1.52, a decrease of 0.11 from the previous year [54] - Ocean Group has the lowest cash short-term debt ratio at 0.01, while Binhai has the highest at 5.53 [54] 7. Return on Equity Overview - The average return on equity is expected to be -20.75%, a decline of 16.44% from 2023 [59] - Only two companies, Jinmao and New Town, are expected to report positive returns on equity [59]

（文章来源：证券日报） 证券日报网讯 8月12日晚间，荣安地产发布公告称，公司董事会于近日收到公司独立董事闫国庆先生的 书面辞职报告。闫国庆先生因其个人原因无法正常履职，申请辞去公司第十二届董事会独立董事及董事 会专门委员会相关委员的职务。辞职后闫国庆先生不再担任公司任何职务。 ...

特此公告。 荣安地产股份有限公司董事会 关于独立董事辞职的公告 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 性陈述或者重大遗漏。 荣安地产股份有限公司（以下简称"公司"）董事会于近日收到公司 独立董事闫国庆先生的书面辞职报告。闫国庆先生因其个人原因无法正常 履职，申请辞去公司第十二届董事会独立董事及董事会专门委员会相关委 员的职务。辞职后闫国庆先生不再担任公司任何职务。 鉴于闫国庆先生的辞职将导致公司独立董事人数少于公司董事会成 员的三分之一，根据《公司法》《上市公司独立董事管理办法》《公司章 程》等有关规定，闫国庆先生的辞职将在公司选举产生新任独立董事后生 效。公司将按照相关规定，尽快完成新任独立董事的补选工作。 截至本公告披露日，闫国庆先生未持有公司股份，不存在其应当履行 而未履行的承诺事项。 证券代码：000517 证券简称：荣安地产 公告编号：2025-016 荣安地产股份有限公司 二○二五年八月十三日 1 ...

[Rongan Property Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E8%8D%A3%E5%AE%89%E5%9C%B0%E4%BA%A7%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company forecasts a significant decline in net profit attributable to shareholders for the first half of 2025, ranging from **35 million to 52.5 million RMB**, representing an **88.69% to 92.46% decrease** year-over-year, with similar trends for non-recurring profit/loss and basic earnings per share Key Financial Performance Indicators | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 35 million – 52.5 million RMB | Profit: 464.0332 million RMB | | Year-over-Year Change | Decrease: 88.69% - 92.46% | - | | **Net Profit After Non-Recurring Gains/Losses** | Profit: 10.5 million – 28 million RMB | Profit: 486.3535 million RMB | | Year-over-Year Change | Decrease: 94.24% - 97.84% | - | | **Basic Earnings Per Share** | Profit: 0.0110 – 0.0165 RMB/share | Profit: 0.1457 RMB/share | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company explicitly states that the financial data in this performance forecast are preliminary estimates and have not been audited by an accounting firm - The financial data related to this performance forecast have not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The significant decline in the current period's performance is attributed to core business changes, primarily a year-over-year decrease in both the area and revenue recognized from real estate projects - The primary reason for the performance change is the year-over-year decrease in the area and revenue recognized from the company's real estate projects during the reporting period[5](index=5&type=chunk) [Risk Warning](index=1&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company advises investors that this performance forecast is a preliminary estimate by the finance department, with final accurate financial data to be disclosed in the 2025 semi-annual report, urging investors to be aware of investment risks - This performance forecast is a preliminary estimate by the company's finance department, with final data subject to the 2025 semi-annual report[6](index=6&type=chunk)[7](index=7&type=chunk) - The company reminds investors to be aware of investment risks[7](index=7&type=chunk)

Group 1 - The real estate sector has experienced a short-term decline, with specific companies like Yucheng Development (000514) dropping over 7% [1] - Other companies in the sector, including Everbright Jiabao (600622), Tianbao Infrastructure (000965), Shoukai Co., Ltd. (600376), and Rong'an Real Estate (000517), also saw declines [1]