2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于新疆北新路桥集团股份有限公司 2025 年第二次临时股东会的 法律意见书 国枫律股字[2025]A0401 号 致：新疆北新路桥集团股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第二次临时股东会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《新 疆北新路桥集团 ...

新疆北新路桥集团股份有限公司 独立董事制度 2025 年 8 月 独立董事制度 （经公司 2025 年第二次临时股东会审议通过） 1 / 7 新疆北新路桥集团股份有限公司 第一章 总则 第一条 为进一步完善新疆北新路桥集团股份有限公司（以下简称"公司" 或"本公司"）法人治理结构，促进公司规范运作，维护公司整体利益，保障全 体股东合法权益不受损害，根据《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》《上市公司独立董事管理办法》《上市公 司治理准则》《深圳证券交易所股票上市规则》及《公司章程》等法律法规、规 范性文件的规定，结合公司的实际情况，制定本制度。 第二条 独立董事是指不在本公司担任除董事外的其他职务，并与公司及其 主要股东、实际控制人不存在直接或者间接利害关系，或者可能妨碍其进行独立 客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或 个人的影响。 第五条 独立董事必须保持独立性。下列人员不得担任独立董事： （一）在公司或者其附属企业任职的人员及其配偶、父母、子女、主要社会 关系； （二）直接或者间接持有公司已发行股份 1%以上或者是 ...

2025 年 8 月 （经公司 2025 年第二次临时股东会审议通过） 新疆北新路桥集团股份有限公司 董事会议事规则 第一条 为规范新疆北新路桥集团股份有限公司（以下简称"公司"）董事 会的议事行为，建立完善的法人治理结构，确保公司董事会会议决策的科学和效 率，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》《深圳证券交易所股票上市规则》等法律法规、规范性文件以及《公司章 程》的有关规定，特制定本规则。 本议事规则为《公司章程》的附件，公司召开董事会除应遵守本议事规则的 规定外，还应符合相关法律、法规、规范性文件和公司章程的规定。 新疆北新路桥集团股份有限公司 董事会议事规则 第二条 董事会办公室 董事会下设董事会办公室，董事会办公室设在公司证券部，处理董事会日常 事务。 董事会秘书或证券事务代表兼任董事会办公室负责人，保管董事会印章。董 事会秘书可以指定证券事务代表等有关人员协助其处理日常事务。 第三条 定期会议 董事会会议分为定期会议和临时会议。 董事会每年应当至少在上下两个半年度各召开一次定期会议。 第四条 定期会议的提案 董事会成员、董事会下设各专门委员会及公司高级管理人员均 ...

新疆北新路桥集团股份有限公司 股东会议事规则 2025 年 8 月 （经公司 2025 年第二次临时股东会审议通过） 1 / 12 新疆北新路桥集团股份有限公司 股东会议事规则 第一章 总则 第一条 为规范新疆北新路桥集团股份有限公司（以下简称"公司"）的组 织和行为，保证股东会依法行使职权，根据《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》）、《上市公司股 东会规则》等有关法律、法规、规范性文件以及《公司章程》的规定，制定本议 事规则。 第二条 公司应当严格按照法律、法规、规范性文件、《公司章程》及本议 事规则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。 （一）会议的召集、召开程序是否符合法律、行政法规、《公司章程》及本 规则的规定； 2 / 12 （二）出席会议人员的资格、召集人资格是否合法有效； （三）会议的表决程序、表决结果是否合法有效； （四）应公司要求对其他有关问题出具的法律意见。 第二章 股东会的召集 第三条 股东会应当在《公司法》 ...

2025 年 8 月 新疆北新路桥集团股份有限公司 （经公司 2025 年第二次临时股东会审议通过） 1 2001 年公司创立大会审议通过 2008 年年度股东大会修订 2010 年第一、三、四次临时股东大会修订 章 程 2015 年第五次临时股东大会修订 2016 年第四次临时股东大会修订 2017 年第六次临时股东大会修订 2018 年第一次临时股东大会修订 2017 年年度股东大会修订 2021 年第一、二次临时股东大会修订 2022 年第一次临时股东大会修订 2024 年第一、二次临时股东大会修订 2011 年第二、三、四次临时股东大会修订 2012 年第一、五次临时股东大会修订 2013 年年度股东大会修订 公司经新疆维吾尔自治区人民政府"新政函[2001]第 98 号文"批准，以发 起设立方式设立；在新疆维吾尔自治区市场监督管理局注册登记，取得营业执照。 | 第一章 | 总则 | 4 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 6 | | | 第三章 | 股份 | 7 | | 第一节 | 股份发行 7 | | | 第二节 | 股份增减和回购 8 | | | 第三节 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the report's authenticity and confirms no profit distribution plan for the period - The company's Board of Directors, Supervisory Committee, and senior management guarantee the semi-annual report is **true, accurate, and complete**, free from false records, misleading statements, or material omissions, and they bear individual and joint legal liability[3](index=3&type=chunk) - The company's responsible person Zhang Bin, chief accounting officer Wang Zhiyong, and head of the accounting department Liu Zhenfu declare that the financial report in this semi-annual report is **true, accurate, and complete**[3](index=3&type=chunk) - The company plans **not to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital[3](index=3&type=chunk) [Directory of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Documents available for inspection include the signed semi-annual report, financial statements, and all public filings - Documents for inspection include the full 2025 semi-annual report signed by the company's Chairman, Mr. Zhang Bin[7](index=7&type=chunk) - Documents for inspection include financial statements signed and sealed by the company's legal representative Zhang Bin, chief accounting officer Wang Zhiyong, and head of the accounting department Liu Zhenfu[7](index=7&type=chunk) - Documents for inspection include all company documents publicly disclosed in newspapers designated by the CSRC during the reporting period, available at the company's securities department[7](index=7&type=chunk)[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for key terms used in the report, including the company name and reporting period - "The Company, the Group, this Company, Beixin Road & Bridge, Beixin Road & Bridge Group" all refer to Xinjiang Beixin Road & Bridge Group Co, Ltd[9](index=9&type=chunk) - "Reporting Period" refers to the period from January 1, 2025, to June 30, 2025[9](index=9&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company, Xinjiang Beixin Road & Bridge Group, is listed on the Shenzhen Stock Exchange under stock code 002307 Company Basic Information | Item | Details | | :--- | :--- | | Stock Abbreviation | Beixin Road & Bridge | | Stock Code | 002307 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Company Name (Chinese) | 新疆北新路桥集团股份有限公司 | | Legal Representative | Zhang Bin | [Contact Person and Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the contact information for the Secretary of the Board of Directors, Gu Jianmin Board Secretary Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Gu Jianmin | 22nd Floor, Beixin Building, No 33 Penghu Road, Economic and Technological Development Zone (Toutunhe District), Urumqi | 0991-6557799 | 0991-6557788 | zqb@xjbxlq.com | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes occurred in the company's contact details or information disclosure locations during the reporting period - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period, with details available in the 2024 annual report[13](index=13&type=chunk) - The locations for information disclosure and document inspection remained unchanged during the reporting period, with details available in the 2024 annual report[14](index=14&type=chunk) - There were no changes to other relevant information during the reporting period[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Revenue grew 20.66% YoY, but net profit attributable to shareholders fell sharply by 868.68% to a loss of 80.91 million Yuan Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,956,301,637.75 | 4,107,790,225.24 | 20.66% | | Net Profit Attributable to Shareholders | -80,912,719.06 | 10,526,162.49 | -868.68% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -84,110,290.08 | -1,867,590.93 | -4,403.68% | | Net Cash Flow from Operating Activities | 274,560,979.75 | -582,804,692.41 | 147.11% | | Basic Earnings Per Share (Yuan/share) | -0.0638 | 0.0083 | -868.67% | | Diluted Earnings Per Share (Yuan/share) | -0.0638 | 0.0083 | -868.67% | | Weighted Average Return on Equity | -2.72% | 0.30% | -3.02% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End** | | Total Assets | 59,222,127,942.70 | 56,392,623,494.35 | 5.02% | | Net Assets Attributable to Shareholders | 4,368,825,792.04 | 3,017,299,997.77 | 44.79% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) No discrepancies exist between financial reports prepared under Chinese accounting standards and international or foreign standards - The company has no discrepancies in net profit or net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[17](index=17&type=chunk) - The company has no discrepancies in net profit or net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards[18](index=18&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%B9%8F%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled 3.20 million Yuan, primarily from asset disposals and government subsidies Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets (including write-offs of asset impairment provisions) | 4,553,631.01 | | Government Subsidies included in Current Profit/Loss (excluding those closely related to normal business operations, compliant with national policies, and having a continuous impact) | 2,029,150.22 | | Other Non-operating Income and Expenses | 700,865.76 | | Less: Income Tax Impact | 1,645,713.88 | | Minority Interest Impact (after tax) | 2,440,362.09 | | Total | 3,197,571.02 | - The company has no other profit or loss items that meet the definition of non-recurring items, nor has it reclassified any non-recurring items as recurring[20](index=20&type=chunk) Management Discussion and Analysis [Principal Business Activities During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business is public transport infrastructure construction, with no quality issues and provincial safety honors - The company's main business is the construction of public transport infrastructure, operating under single-project contracting and investment-financing-construction models (EPC, EPC+F, BOT, PPP, etc)[22](index=22&type=chunk) - The company has established a complete quality management system, is ISO9001 certified, and reported **no project quality issues** during the period[22](index=22&type=chunk) - The company fully implements corporate safety responsibilities, promotes safety production planning, and received **1 provincial-level safety and environmental honor**[23](index=23&type=chunk) Cumulative Land Reserves | Project/Area Name | Total Land Area (10,000 m²) | Total Construction Area (10,000 m²) | Remaining Developable Area (10,000 m²) | | :--- | :--- | :--- | :--- | | HC13-111-1 | 3.54 | 1.15 | 1.15 | | HC13-111-2 (Plot B) | 4.57 | 9.56 | 3.87 | | HC13-111-2 (Plot C) | 1.80 | 3.87 | 3.87 | | HC13-111-7 (Plot B) | 2.08 | 5.17 | 5.17 | | HC13-111-7 (Plot C /HC13-111-6/HC15-111-18/HC21-111-1) | 18.33 | 68.26 | 24.49 | | HC13-111-7 (Plot D) | 0.33 | 0.29 | 0.29 | | A-18-01 Plot | 5.16 | 9.29 | 9.29 | | Total | 35.82 | 97.57 (Planned Construction Area) | 48.11 (Planned Construction Area) | Sales of Major Projects (Partial) | City/Region | Project Name | Location | Project Type | Equity Ratio | Cumulative Pre-sale (Sales) Area (m²) | Current Period Pre-sale (Sales) Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hechuan District, Chongqing | Beixin·Yulongwan Phase I Section 1 A, B, Kindergarten | Caojie Street, Hechuan District, Chongqing | Residential + Commercial | 100.00% | 146479.71 | 241.8 | | Hechuan District, Chongqing | Beixin·Yulongwan Phase I Third Block B Group | Caojie Street, Hechuan District, Chongqing | Residential + Commercial | 100.00% | 31926.19 | 197 | | Economic & Technological Dev Zone, Urumqi | Beixin Building Headquarters Base Project | 33 Penghu Road, Economic & Technological Dev Zone, Urumqi | Office + Office Building | 100.00% | 44212.87 | 626.2 | [Core Competitiveness Analysis](index=9&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness is built on its brand reputation, comprehensive qualifications, market layout, and technical innovation - The company has won nearly 100 honors, including the "National Excellent Construction Enterprise" and the "China Construction Engineering Luban Prize," indicating high brand recognition and reputation[27](index=27&type=chunk) - The company holds high-level qualifications, including a special-grade general contracting license for highway engineering and a Grade A design qualification for the highway industry, covering various fields[27](index=27&type=chunk)[28](index=28&type=chunk) - The company has a broad market layout, with business in **16 provinces/municipalities and 10 countries**[28](index=28&type=chunk) - The company possesses a large number of experienced technical personnel and construction teams capable of organizing and completing various types of construction projects[28](index=28&type=chunk) - As of June 30, 2025, the company had 3,288 employees, with **74.51% being professional staff** and **63.14% holding a bachelor's degree or higher**[29](index=29&type=chunk) - The company's technology center is recognized as a National Enterprise Technology Center, holding **228 patents** (including 38 invention patents) and having developed 156 construction methods[29](index=29&type=chunk)[30](index=30&type=chunk) [Analysis of Main Business Operations](index=10&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business revenue grew 20.66% YoY, driven by construction, but financial expenses rose 37.70% due to interest capitalization YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,956,301,637.75 | 4,107,790,225.24 | 20.66% | | | Operating Costs | 4,231,305,845.09 | 3,409,472,543.18 | 24.10% | | | Selling Expenses | 3,576,114.26 | 4,257,876.99 | -16.01% | | | Administrative Expenses | 191,949,433.73 | 225,534,105.89 | -14.89% | | | Financial Expenses | 581,279,939.14 | 422,150,243.86 | 37.70% | Primarily due to the capitalization of loan interest for the Guangping Expressway, which began operations in June 2024 | | Income Tax Expense | 34,756,925.23 | 19,452,696.04 | 78.67% | Primarily due to the YoY increase in the parent company's profit | | R&D Investment | 666,262.68 | 592,603.95 | 12.43% | | | Net Cash Flow from Operating Activities | 274,560,979.75 | -582,804,692.41 | 147.11% | Primarily due to the collection of prior-year project payments by Tianchang Company and other projects | | Net Cash Flow from Investing Activities | -803,327,695.19 | -1,154,261,530.34 | -30.40% | Primarily due to the reduced cash outflow for the Guangping Expressway investment after it began operations in June 2024 | | Net Cash Flow from Financing Activities | 2,073,830,717.73 | 1,672,215,097.26 | 24.02% | | | Net Increase in Cash and Cash Equivalents | 1,545,824,875.72 | -65,202,642.62 | 2,470.80% | Primarily due to the issuance of perpetual bonds during the period | Operating Revenue Composition | Category | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 4,956,301,637.75 | 100% | 4,107,790,225.24 | 100% | 20.66% | | **By Industry** | | | | | | | Construction | 4,527,651,093.30 | 91.35% | 3,687,725,319.26 | 89.77% | 22.78% | | Expressway Services | 287,316,971.17 | 5.80% | 274,554,269.36 | 6.68% | 4.65% | | Real Estate Sales | 25,009,130.04 | 0.50% | 13,586,484.69 | 0.33% | 84.07% | | **By Product** | | | | | | | Engineering Revenue | 4,473,076,074.56 | 90.25% | 3,632,508,526.10 | 88.43% | 23.14% | | Expressway Toll Revenue | 287,316,971.17 | 5.80% | 274,554,269.36 | 6.68% | 4.65% | | Real Estate Sales | 25,009,130.04 | 0.50% | 13,586,484.69 | 0.33% | 84.07% | | **By Region** | | | | | | | Domestic | 4,899,002,662.24 | 98.84% | 4,089,134,535.19 | 99.55% | 19.81% | | Overseas | 57,298,975.51 | 1.16% | 18,655,690.05 | 0.45% | 207.14% | Industries, Products, or Regions Accounting for Over 10% of Revenue or Profit | Category | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Construction | 4,527,651,093.30 | 4,016,837,211.49 | 11.28% | 22.78% | 24.48% | -1.21% | | **By Product** | | | | | | | | Engineering Revenue | 4,473,076,074.56 | 3,965,460,140.92 | 11.35% | 23.14% | 24.94% | -1.27% | | **By Region** | | | | | | | | Domestic | 4,899,002,662.24 | 4,178,654,308.15 | 14.70% | 19.81% | 23.47% | -2.53% | [Analysis of Non-Core Business](index=11&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) No significant analysis of non-core business operations was disclosed for the reporting period [Analysis of Assets and Liabilities](index=12&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets grew 5.02%, while net assets attributable to shareholders increased significantly by 44.79% Significant Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 4,804,936,380.90 | 8.11% | 3,452,847,803.05 | 6.12% | 1.99% | | Contract Assets | 3,982,408,593.21 | 6.72% | 3,494,534,768.72 | 6.20% | 0.52% | | Contract Liabilities | 3,090,566,553.00 | 5.22% | 2,275,788,818.69 | 4.04% | 1.18% | | Long-term Borrowings | 33,315,644,452.78 | 56.26% | 33,085,867,736.17 | 58.67% | -2.41% | - The company had no major overseas assets during the reporting period[37](index=37&type=chunk) - The company had no assets or liabilities measured at fair value during the reporting period[37](index=37&type=chunk) Restricted Assets as of the End of the Reporting Period | Item | Book Balance (Yuan) | Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 103,677,008.79 | 103,677,008.79 | Pledge | Security deposits | | Cash and Cash Equivalents | 200,000,000.00 | 200,000,000.00 | Pledge | Large-denomination certificates of deposit | | Cash and Cash Equivalents | 145,555,353.57 | 145,555,353.57 | Frozen | Court-ordered freeze | | Intangible Assets | 32,117,995,094.21 | 31,296,312,034.80 | Pledge | Pledge of operating rights | | Total | 32,567,227,456.57 | 31,745,544,397.16 | | | [Investment Analysis](index=12&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment decreased by 38.13% YoY, with major ongoing non-equity investments focused on transportation projects Overall Investment During the Reporting Period | Investment in Current Period (Yuan) | Investment in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | | 841,805,643.63 | 1,360,670,152.86 | -38.13% | - The company did not acquire any significant equity investments during the reporting period[39](index=39&type=chunk) Major Ongoing Non-Equity Investments | Project Name | Investment Method | Industry | Investment this Period (Yuan) | Cumulative Investment to Date (Yuan) | Funding Source | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangyuan to Pingwu Expressway Project | Self-built | Transportation | 766,665,033.50 | 14,625,604,621.21 | Self-funded | 100.00% Project ongoing | | Hechuan Shuanghuai to Qiantang Expressway Project | Self-built | Transportation | 619,000,000.00 | 1,984,000,000.00 | Self-funded | 56.86% Project ongoing | | Yunnan Changshui Airport to Shuanglong Expressway Project | Self-built | Transportation | 0.00 | 1,544,852,800.00 | Self-funded + Bank Loans + Special Bonds | 22.00% Project ongoing | - The company had no securities investments, derivatives investments, or use of raised funds during the reporting period[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) [Sale of Major Assets and Equity](index=13&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No sales of major assets or equity occurred during the reporting period - The company did not sell any major assets during the reporting period[45](index=45&type=chunk) - The company did not sell any major equity stakes during the reporting period[46](index=46&type=chunk) [Analysis of Major Subsidiaries and Investees](index=14&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section details the financial performance of major subsidiaries and notes the disposal and deregistration of two entities Major Subsidiaries (Partial) | Company Name | Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Production and Construction Corps Transportation Construction Co, Ltd | Subsidiary | Highway Construction | 20,028.37 | 294,803.45 | 29,290.97 | 76,909.53 | 3,542.24 | 3,314.92 | | Tibet Tianchang Construction Engineering Co, Ltd | Subsidiary | Construction | 3,000.00 | 3,377.31 | -17,685.67 | 1.87 | 4,253.00 | 4,722.46 | | Chongqing Beixin Rongjian Construction Engineering Co, Ltd | Subsidiary | Construction | 20,000.00 | 267,477.90 | 21,994.65 | 36,329.09 | -4,120.28 | -4,161.92 | | Xinjiang Dingyuan Financial Leasing Co, Ltd | Subsidiary | Financial Leasing | 56,600.00 | 141,845.82 | 98,497.05 | 2,417.44 | 1,324.78 | 1,131.69 | | Sichuan Beixin Tianzhao Investment Development Co, Ltd | Subsidiary | Various Engineering | 288,600.00 | 1,495,559.96 | 242,156.73 | 1,446.41 | -21,620.74 | -21,553.10 | | Chongqing Beixin Tianchen Construction Development Co, Ltd | Subsidiary | Construction Related | 73,100.00 | 226,339.48 | 59,548.80 | 1,677.10 | -1,465.07 | -1,469.96 | | Chongqing Beixin Yuchang Expressway Construction Co, Ltd | Subsidiary | Highway Management | 174,424.00 | 866,780.61 | 116,233.77 | 15,082.44 | -6,844.33 | -6,843.68 | Acquisition and Disposal of Subsidiaries | Company Name | Method of Acquisition/Disposal | | :--- | :--- | | Xinjiang Beixin Commercial Factoring Co, Ltd | Disposal of subsidiary | | Chongqing Beixin Transportation Construction Co, Ltd | Deregistration of subsidiary | [Structured Entities Controlled by the Company](index=14&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[48](index=48&type=chunk) [Risks and Countermeasures](index=14&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company will focus on its core construction business and transform into an integrated infrastructure service provider - The company will strengthen Party leadership, improve its modern enterprise system, and advance state-owned enterprise reform to achieve high-quality development[48](index=48&type=chunk) - The company will focus on its core construction business, integrate resources, and strengthen capital operations to become an enterprise group with comprehensive infrastructure service capabilities[48](index=48&type=chunk) - The company will build a diversified and vertically integrated "Construction+" business system to enhance resource efficiency and its comprehensive service capabilities[48](index=48&type=chunk) [Status of Market Value Management System and Valuation Enhancement Plan](index=14&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has established a market value management system but has not disclosed a valuation enhancement plan - The company has formulated a market value management system[49](index=49&type=chunk) - The company has not disclosed a valuation enhancement plan[49](index=49&type=chunk) - On August 7, 2025, the company's seventh board of directors held its twenty-second meeting, which approved the "Market Value Management System," disclosed on August 9, 2025[49](index=49&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred among the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period; details can be found in the 2024 annual report[52](index=52&type=chunk) [Profit Distribution and Capitalization of Capital Reserve](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute cash dividends or issue bonus shares for the semi-annual period - The company plans **not to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[53](index=53&type=chunk) [Implementation of Equity Incentive Plans or Other Employee Incentives](index=15&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentives in place - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[54](index=54&type=chunk) [Environmental Information Disclosure](index=15&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not designated as enterprises required to disclose environmental information - The listed company and its major subsidiaries are not included in the list of enterprises required by law to disclose environmental information[55](index=55&type=chunk) [Social Responsibility](index=15&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by protecting stakeholder interests and promoting green development - The company has established a sound governance structure, fulfills information disclosure obligations, and strengthens investor relations to protect the rights of shareholders and creditors[55](index=55&type=chunk) - The company cares for the physical and mental health of its employees by providing free medical check-ups, implementing safety training, and improving the work environment[55](index=55&type=chunk) - The company adheres to the values of "honesty, trustworthiness, and the pursuit of excellence," strictly controls project quality, and has won multiple industry honors[56](index=56&type=chunk) - The company strictly implements its corporate responsibility for environmental protection, increases investment in pollution control facilities, and promotes low-carbon, green development[57](index=57&type=chunk) Significant Matters [Fulfillment of Commitments](index=17&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) All commitments made by the company, its controlling shareholder, and management were strictly fulfilled during the period - The controlling shareholder, Xinjiang Production and Construction Corps Construction Engineering (Group) Co, Ltd, strictly fulfilled its commitments regarding maintaining the listed company's independence, avoiding competition, and regulating related-party transactions[59](index=59&type=chunk)[60](index=60&type=chunk) - The company's directors and senior management strictly fulfilled their commitments to mitigate the dilution of immediate returns from non-public stock offerings[61](index=61&type=chunk)[62](index=62&type=chunk) - The company committed that raised funds will be used strictly as stipulated and not for real estate development or new investments in quasi-financial businesses[63](index=63&type=chunk) - During the reporting period, **all commitments were fulfilled on time**, with no overdue unfulfilled commitments[63](index=63&type=chunk) [Non-operational Use of Funds](index=21&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) No non-operational use of the company's funds by its controlling shareholder or other related parties occurred - The company reports no non-operational use of its funds by the controlling shareholder or other related parties during the reporting period[64](index=64&type=chunk) [Irregular External Guarantees](index=21&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[65](index=65&type=chunk) [Appointment and Dismissal of Accounting Firm](index=21&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[66](index=66&type=chunk) [Board and Supervisory Committee's Explanation on "Non-standard Audit Report"](index=21&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) No non-standard audit report was issued for the reporting period - No non-standard audit report was issued for the reporting period[67](index=67&type=chunk) [Board's Explanation on Prior Year's "Non-standard Audit Report"](index=21&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) No non-standard audit report was issued for the prior year - No non-standard audit report was issued for the prior year[67](index=67&type=chunk) [Bankruptcy and Reorganization Matters](index=22&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[68](index=68&type=chunk) [Litigation Matters](index=22&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in a major deposit contract dispute with an amount at stake of 437.44 million Yuan Major Litigation and Arbitration | Case Details | Amount Involved (10,000 Yuan) | Provision Formed | Progress | Outcome and Impact | Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Deposit contract dispute case against China New Building Materials Group and Sichuan Bawan Expressway Co, Ltd | 43,744 | No | The second-instance hearing of the enforcement objection was held on Feb 20, 2023 The Beijing High People's Court ruled on Apr 26, 2023, to revoke the initial judgment and remand the case for retrial Awaiting notification for the retrial's first-instance hearing | The Supreme People's Court issued a final ruling, making the first-instance judgment legally effective The case is currently in the enforcement phase, with an enforcement objection lawsuit filed The second-instance hearing of the objection has concluded, and the case has been remanded for retrial | The case is in the enforcement phase, with an enforcement objection lawsuit filed The second-instance hearing of the objection has concluded, and the case has been remanded for retrial The retrial's first-instance hearing was planned for May 22, 2024 | - The company had no other litigation matters during the reporting period[69](index=69&type=chunk) [Penalties and Rectifications](index=22&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) No penalties or rectifications occurred during the reporting period - No penalties or rectifications occurred during the reporting period[70](index=70&type=chunk) [Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=23&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company and its controlling entities maintained good credit standing with no unfulfilled court judgments or major overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[71](index=71&type=chunk) [Major Related-Party Transactions](index=23&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions occurred, and the company disclosed its 2025 annual forecast for routine transactions - The company had no major related-party transactions related to daily operations, asset/equity acquisitions, joint investments, or dealings with related financial companies[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - The company disclosed the "Announcement on the Estimate of Daily Related-Party Transactions for 2025" on April 23, 2025[78](index=78&type=chunk)[79](index=79&type=chunk) [Major Contracts and Their Performance](index=24&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no major custody or lease contracts but maintained significant guarantees for its subsidiaries - The company had no custody, contracting, or leasing arrangements during the reporting period[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) Company Guarantees for Subsidiaries (Partial) | Guaranteed Party | Disclosure Date | Guarantee Limit (10,000 Yuan) | Actual Date | Actual Amount (10,000 Yuan) | Guarantee Type | Term | Completed | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Beixin Investment & Construction Co, Ltd | 2022-04-20 | 116,000 | 2023-08-25 | 4,900 | Joint Liability | 2 years | No | No | | Xinjiang Production and Construction Corps Transportation Construction Co, Ltd | 2024-04-20 | 60,000 | 2024-07-12 | 5,000 | Joint Liability | 1 year | No | No | | Xinjiang Dingyuan Financial Leasing Co, Ltd | 2022-04-20 | 62,000 | 2025-01-09 | 1,000 | Joint Liability | 3 years | No | No | | Urumqi Herun Technology Development Co, Ltd | 2024-04-20 | 22,000 | 2025-01-02 | 5,000 | Joint Liability | 7 months | No | No | | Chongqing Beixin Rongjian Construction Engineering Co, Ltd | 2021-03-29 | 5,000 | 2024-08-08 | 3,000 | Joint Liability | 3 years | No | No | | Xinjiang Beixin Lianhai Trading Co, Ltd | 2023-04-25 | 5,000 | 2024-07-22 | 1,417 | Joint Liability | 1 year | No | No | | Xinjiang Beixin Technology Innovation Consulting Co, Ltd | 2024-04-20 | 1,000 | 2024-07-19 | 164.53 | Joint Liability | 1 year | No | No | Total Company Guarantees | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total Approved Guarantee Limit in Reporting Period (A1+B1+C1) | 92,000 | | Total Actual Guarantees in Reporting Period (A2+B2+C2) | 97,577.94 | | Total Approved Guarantee Limit at Period-End (A3+B3+C3) | 726,000 | | Total Actual Guarantee Balance at Period-End (A4+B4+C4) | 240,356.15 | | Ratio of Total Actual Guarantees (A4+B4+C4) to Net Assets | 55.02% | | Guarantees for Parties with Asset-Liability Ratio >70% (E) | 71,119.39 | | Amount of Total Guarantees Exceeding 50% of Net Assets (F) | 21,914.86 | | Total of Above Three Guarantee Amounts (D+E+F) | 93,034.25 | - The company had no wealth management products or other major contracts during the reporting period[89](index=89&type=chunk)[90](index=90&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) No other significant matters required disclosure during the reporting period - No other significant matters required disclosure during the reporting period[91](index=91&type=chunk) [Significant Matters of Subsidiaries](index=29&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) No significant matters concerning subsidiaries occurred during the reporting period - No significant matters concerning subsidiaries occurred during the reporting period[92](index=92&type=chunk) Share Capital Changes and Shareholder Information [Changes in Share Capital](index=30&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital and ownership structure remained unchanged during the reporting period Share Capital Changes | Category | Pre-Change Quantity (Shares) | Proportion | Change (+, -) (Shares) | Post-Change Quantity (Shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 177,260,865 | 13.98% | 0 | 177,260,865 | 13.98% | | 2. State-owned Legal Person Shares | 177,260,865 | 13.98% | 0 | 177,260,865 | 13.98% | | II. Unrestricted Shares | 1,091,030,717 | 86.02% | 0 | 1,091,030,717 | 86.02% | | 1. RMB Ordinary Shares | 1,091,030,717 | 86.02% | 0 | 1,091,030,717 | 86.02% | | III. Total Shares | 1,268,291,582 | 100.00% | 0 | 1,268,291,582 | 100.00% | - Reasons for share changes, approvals, transfers, share buybacks, and reductions of repurchased shares through centralized bidding are not applicable or unchanged[95](index=95&type=chunk) - There were no changes in the company's unrestricted shares during the reporting period[96](index=96&type=chunk) [Securities Issuance and Listing](index=30&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) No securities were issued or listed during the reporting period - No securities were issued or listed during the reporting period[96](index=96&type=chunk) [Number of Shareholders and Shareholdings](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 60,613 ordinary shareholders, with the controlling shareholder holding a 46.34% stake Total Ordinary Shareholders and Shareholdings at Period-End | Indicator | Number | | :--- | :--- | | Total ordinary shareholders at period-end | 60,613 | | Total preferred shareholders with restored voting rights at period-end (if any) | 0 | | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End (Shares) | Change During Period | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Production and Construction Corps Construction Engineering (Group) Co, Ltd | State-owned Legal Person | 46.34% | 587,775,651 | Unchanged | 177,260,865 | 410,514,786 | | Yang Xinguo | Domestic Individual | 0.76% | 9,592,641 | -510,000 | 0 | 9,592,641 | | Chen Junxiong | Domestic Individual | 0.69% | 8,788,140 | +8,788,140 | 0 | 8,788,140 | | Chen Minghui | Domestic Individual | 0.68% | 8,679,852 | -724,240 | 0 | 8,679,852 | | Li Junjie | Domestic Individual | 0.27% | 3,433,200 | Unchanged | 0 | 3,433,200 | | He Yuanding | Domestic Individual | 0.23% | 2,923,100 | Unchanged | 0 | 2,923,100 | | Hong Qun | Domestic Individual | 0.22% | 2,814,193 | +2,814,193 | 0 | 2,814,193 | | Zhang Jinhua | Domestic Individual | 0.22% | 2,790,000 | +190,000 | 0 | 2,790,000 | | Shi Yunni | Domestic Individual | 0.20% | 2,479,400 | +2,479,400 | 0 | 2,479,400 | | Dong Ruijin | Domestic Individual | 0.19% | 2,416,421 | -344,200 | 0 | 2,416,421 | - Xinjiang Production and Construction Corps Construction Engineering (Group) Co, Ltd is the company's controlling shareholder; any related-party relationships or concerted actions among other shareholders are unknown[98](index=98&type=chunk) - Several top ten ordinary shareholders hold shares through credit accounts, including Chen Minghui, Li Junjie, Hong Qun, Zhang Jinhua, Shi Yunni, and Dong Ruijin[98](index=98&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=32&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period; details can be found in the 2024 annual report[100](index=100&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=32&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) No changes occurred in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[101](index=101&type=chunk) - The company's actual controller did not change during the reporting period[101](index=101&type=chunk) [Information on Preferred Shares](index=32&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[102](index=102&type=chunk) Bond-related Information [Corporate Bonds](index=33&type=section&id=%E4%B8%80%E3%80%81%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8) The company had no enterprise bonds during the reporting period - The company had no enterprise bonds during the reporting period[104](index=104&type=chunk) [Company Bonds](index=33&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company has two outstanding bonds, including a 1.4 billion Yuan perpetual bond, with proceeds used for debt repayment Basic Information on Company Bonds | Bond Name | Abbreviation | Code | Issue Date | Start Date | Maturity Date | Balance (10,000 Yuan) | Interest Rate | Repayment Method | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Beixin Road & Bridge Group 2020 Public Offering for Qualified Investors (Belt and Road) (Phase I) | 20 Beixin R1 | 149213 | 2020-08-25 | 2020-08-25 | 2025-08-25 | 21,000 | 5.00% | Annual interest payment, principal at maturity | Shenzhen Stock Exchange | | Xinjiang Beixin Road & Bridge Group 2025 Non-public Offering of Perpetual Bonds for Professional Investors (Phase I) | 25 Beixin Y1 | 134223 | 2025-04-23 | 2025-04-23 | No fixed term | 140,000 | 3.88% | Annual interest payment, unless deferred | Shenzhen Stock Exchange | - The company had no overdue and unpaid bonds during the reporting period[106](index=106&type=chunk) Use of Proceeds | Bond Code | Abbreviation | Total Proceeds (10,000 Yuan) | Intended Use | Amount Used (10,000 Yuan) | Actual Use | Unused Amount (10,000 Yuan) | Consistent with Prospectus | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 149213 | 20 Beixin R1 | 30,000 | Repay "Belt and Road" project loans | 30,000 | Repaid "Belt and Road" project loans | 0 | Yes | | 149468 | 21 Beixin R1 | 18,000 | Repay "Belt and Road" project loans | 18,000 | Repaid "Belt and Road" project loans | 0 | Yes | | 134223 | 25 Beixin Y1 | 140,000 | Repay interest-bearing debt | 86,000 | Repaid interest-bearing debt | 54,000 | Yes | - No issuer or investor option clauses or investor protection clauses were triggered, and no credit rating adjustments occurred during the reporting period[109](index=109&type=chunk)[110](index=110&type=chunk) Information on Perpetual Bond Issuer | Bond Code | 134223.SZ | | :--- | :--- | | Abbreviation | 25 Beixin Y1 | | Balance (100 million Yuan) | 14.00 | | Renewal Status | Not yet at exercise period | | Interest Rate Step-up | Not yet at exercise period | | Interest Deferral | Did not exercise the option to defer interest payments | | Mandatory Payment | No mandatory payment event triggered | | Equity Classification and Accounting | Yes, Other Equity Instruments - Perpetual Bonds | | Other Matters | Did not exercise the redemption option | [Non-financial Enterprise Debt Financing Instruments](index=34&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company has two outstanding medium-term notes totaling 1.5 billion Yuan, with no credit rating changes Basic Information on Non-financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Start Date | Maturity Date | Balance (10,000 Yuan) | Interest Rate | Repayment Method | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Beixin Road & Bridge Group 2024 First Medium-Term Note | 24 Beixin Road & Bridge MTN001 | 102481600.IB | 2024-04-17 | 2024-04-19 | 2026-04-19 | 50,000 | 3.15% | Annual interest payment, principal at maturity | China Interbank Market Dealers Association | | Xinjiang Beixin Road & Bridge Group 2024 Third Medium-Term Note | 24 Beixin Road & Bridge MTN003 | 102483279.IB | 2024-07-30 | 2024-08-01 | 2026-08-01 | 100,000 | 2.67% | Annual interest payment, principal at maturity | China Interbank Market Dealers Association | - The company had no overdue and unpaid bonds during the reporting period[113](index=113&type=chunk) - During the reporting period, no issuer or investor option clauses were triggered, credit ratings were unchanged, and guarantee and repayment measures were executed normally[114](index=114&type=chunk)[115](index=115&type=chunk) [Convertible Corporate Bonds](index=35&type=section&id=%E5%9B%9B%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[115](index=115&type=chunk) [Consolidated Loss Exceeding 10% of Prior Year-End Net Assets](index=35&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%90%88%E5%B9%B6%E6%8A%A5%E8%A1%A8%E8%8C%83%E5%9B%B4%E4%BA%8F%E6%8D%9F%E8%B6%85%E8%BF%87%E4%B8%8A%E5%B9%B4%E6%9C%AB%E5%87%80%E8%B5%84%E4%BA%A7%2010%25) The consolidated loss for the reporting period did not exceed 10% of the prior year-end net assets - The consolidated loss for the reporting period did not exceed 10% of the prior year-end net assets[116](index=116&type=chunk) [Key Accounting Data and Financial Indicators for the Past Two Years](index=35&type=section&id=%E5%85%AD%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%E4%B8%A4%E5%B9%B4%E7%9A%84%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Liquidity ratios improved and the asset-liability ratio decreased, while net profit after non-recurring items was negative Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Period (10,000 Yuan) | End of Prior Year (10,000 Yuan) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Current Ratio | 1.0046 | 1.00 | 0.46% | | Asset-Liability Ratio | 88.58% | 90.80% | -2.22% | | Quick Ratio | 0.9123 | 0.83 | 9.92% | | **Item** | **Current Period (10,000 Yuan)** | **Prior Year Period (10,000 Yuan)** | **YoY Change** | | Net Profit after Non-recurring Items | -8,411.03 | -186.76 | -8,224.27% | | EBITDA to Total Debt Ratio | 1.91% | 1.59% | 0.32% | | Interest Coverage Ratio | 0.824298 | 0.665221 | 23.91% | | Cash Interest Coverage Ratio | 0.465083 | 0.167559 | 177.57% | | EBITDA Interest Coverage Ratio | 1.113118 | 0.845300 | 31.68% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Financial Report [Audit Report](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[118](index=118&type=chunk) [Financial Statements](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the first half of 2025 Consolidated Balance Sheet (Summary) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 14,924,786,891.60 | 13,393,401,935.49 | | Total Non-current Assets | 44,297,341,051.10 | 42,999,221,558.86 | | Total Assets | 59,222,127,942.70 | 56,392,623,494.35 | | Total Current Liabilities | 14,856,154,052.43 | 13,354,046,719.94 | | Total Non-current Liabilities | 37,601,605,639.95 | 37,848,223,031.97 | | Total Liabilities | 52,457,759,692.38 | 51,202,269,751.91 | | Total Equity Attributable to Parent Company | 4,368,825,792.04 | 3,017,299,997.77 | | Minority Interest | 2,395,542,458.28 | 2,173,053,744.67 | | Total Equity | 6,764,368,250.32 | 5,190,353,742.44 | | Total Liabilities and Equity | 59,222,127,942.70 | 56,392,623,494.35 | Consolidated Income Statement (Summary) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 4,956,301,637.75 | 4,107,790,225.24 | | II. Total Operating Costs | 5,028,937,683.24 | 4,080,858,444.01 | | III. Operating Profit (Loss) | -50,542,204.57 | 30,057,316.41 | | IV. Total Profit (Loss) | -49,509,313.17 | 32,925,763.19 | | Less: Income Tax Expense | 34,756,925.23 | 19,452,696.04 | | V. Net Profit (Loss) | -84,266,238.40 | 13,473,067.15 | | Net Profit Attributable to Parent Company Shareholders | -80,912,719.06 | 10,526,162.49 | | Minority Interest Income/Loss | -3,353,519.34 | 2,946,904.66 | | VII. Total Comprehensive Income | -93,988,654.10 | 5,349,600.27 | | Total Comprehensive Income Attributable to Parent Company | -90,635,134.76 | 2,402,695.61 | | Total Comprehensive Income Attributable to Minority Shareholders | -3,353,519.34 | 2,946,904.66 | | VIII. Earnings Per Share: Basic EPS (Yuan/share) | -0.0638 | 0.0083 | | Diluted EPS (Yuan/share) | -0.0638 | 0.0083 | Consolidated Cash Flow Statement (Summary) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 274,560,979.75 | -582,804,692.41 | | Net Cash Flow from Investing Activities | -803,327,695.19 | -1,154,261,530.34 | | Net Cash Flow from Financing Activities | 2,073,830,717.73 | 1,672,215,097.26 | | Net Increase in Cash and Cash Equivalents | 1,545,824,875.72 | -65,202,642.62 | | Cash and Cash Equivalents at End of Period | 4,355,704,018.54 | 3,457,943,389.70 | [Company Basic Information](index=51&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, a construction firm listed on the Shenzhen Stock Exchange, is controlled by the SASAC of the 11th Division of XPCC - The company was established on August 7, 2001, and listed on the Shenzhen Stock Exchange on November 11, 2009, with stock code 002307[142](index=142&type=chunk) - The company is registered in Urumqi, Xinjiang, with a registered capital of 1,268.29 million Yuan[142](index=142&type=chunk) - The company operates in the construction industry, primarily engaged in domestic and international highway engineering contracting, with no change in its main business during the reporting period[143](index=143&type=chunk) - The company's actual controller is the State-owned Assets Supervision and Administration Commission of the 11th Division of the Xinjiang Production and Construction Corps[144](index=144&type=chunk) - This financial report was approved for issuance by the company's Board of Directors on August 26, 2025[145](index=145&type=chunk) [Basis of Preparation for Financial Statements](index=52&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis in accordance with Chinese Accounting Standards - The financial statements are prepared on a going concern basis, with recognition and measurement following the provisions of the Chinese Accounting Standards and key accounting policies[146](index=146&type=chunk) - The company is expected to continue as a going concern for the next 12 months from the end of the reporting period, with no material uncertainties[147](index=147&type=chunk) [Significant Accounting Policies and Estimates](index=52&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the accounting policies for key areas like revenue recognition, financial instruments, and fixed assets - The company declares that its financial statements comply with the requirements of Chinese Accounting Standards and truly and completely reflect its financial position, operating results, and cash flows[149](index=149&type=chunk) - The company's fiscal year is from January 1 to December 31, and its functional currency is the Chinese Yuan (RMB)[150](index=150&type=chunk)[151](index=151&type=chunk) Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individual provision for bad debts on receivables | Accounts for over 10% of the respective receivable amount, or exceeds 10 million Yuan, or the provision impacts profit/loss changes | | Significant joint ventures or associates | Book value accounts for over 10% of long-term equity investments, or investment income/loss accounts for over 10% of consolidated net profit | | Significant contingent events | Amount exceeds 30 million Yuan, or accounts for over 10% of the absolute value of consolidated net assets | - Financial assets are classified at initial recognition into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[165](index=165&type=chunk) - For receivables from transactions governed by revenue standards, the company measures the loss provision at an amount equal to the lifetime expected credit losses[177](index=177&type=chunk) Expected Credit Loss Rates for Accounts Receivable Aging Portfolio | Aging | Expected Credit Loss Rate (%) | | :--- | :--- | | Within 1 year | 5 | | 1-2 years | 15 | | 2-3 years | 30 | | 3-4 years | 40 | | 4-5 years | 50 | | Over 5 years | 100 | - The company's inventory is categorized as raw materials, finished goods, revolving materials, etc, with the cost of goods sold determined using the weighted average method[182](index=182&type=chunk)[183](index=183&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Useful Life | Residual Value Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line | 20-40 years | 3% | 4.85%---2.425% | | Machinery and Equipment | Straight-line | 5-12 years | 3% | 19.40%---8.083% | | Transportation Equipment | Straight-line | 5-10 years | 3% | 19.40%---9.700% | | Communication & Electronic Equipment | Straight-line | 5-8 years | 3% | 19.40%--12.125% | | Other | Straight-line | 5-8 years | 3% | 19.40%--12.125% | Estimated Useful Lives of Intangible Assets | Item | Estimated Useful Life | Basis | | :--- | :--- | :--- | | Software usage rights | 5 years | Reasonably estimated based on relevant factors | | Concession rights | Operating period | Operating period | | Land use rights | Registered use period on land certificate | Registered use period on land certificate | - Revenue from infrastructure construction contracts is recognized over time based on the progress of performance, which is determined using the input method[230](index=230&type=chunk) - The company has implemented Accounting Standards Interpretation No 17 regarding supplier financing arrangements and the classification of liabilities since January 1, 2024[243](index=243&type=chunk) [Taxes](index=65&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to VAT, corporate income tax, and other taxes, with some subsidiaries enjoying a reduced 15% income tax rate Major Taxes and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Turnover tax amount | 7%, 5%, 1% | | Corporate Income Tax | Taxable income | 15%, 25% | | Education Surcharge | Turnover tax amount | 3% | | Local Education Surcharge | Turnover tax amount | 2% | - Subsidiaries such as Beixin Geotechnical and Bing Tuan Jiao Jian benefit from the Western Development Policy or high-tech enterprise status, paying corporate income tax at a reduced rate of **15%**[246](index=246&type=chunk) - The company's overseas projects are subject to local tax agreements or national tax regulations of the host country[247](index=247&type=chunk) [Notes to Consolidated Financial Statement Items](index=66&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the balances and changes of items in the consolidated financial statements Cash and Cash Equivalents | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 643,880.87 | 741,779.54 | | Bank Deposits | 4,500,615,491.24 | 3,284,062,533.40 | | Other Monetary Funds | 303,677,008.79 | 168,043,490.11 | | Total | 4,804,936,380.90 | 3,452,847,803.05 | | Of which: funds held overseas | 8,136,438.21 | 5,615,882.46 | - At the end of the period, restricted cash and cash equivalents totaled **449.23 million Yuan**, including security deposits, large-denomination certificates of deposit, and court-frozen funds[249](index=249&type=chunk) Top Five Balances of Accounts Receivable and Contract Assets | Customer Name | Accounts Receivable Balance (Yuan) | Contract Assets Balance (Yuan) | Total Balance (Yuan) | % of Total | Bad Debt/Impairment Provision (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Lanzhou New Area Railway Construction Investment Co, Ltd | 377,804,631.63 | 0 | 377,804,631.63 | 6.00% | 141,062,949.12 | | Xinjiang Production and Construction Corps Third Division 41st Regiment Urban Management Service Center | 206,292,836.12 | 441,301,080.69 | 647,593,916.81 | 10.00% | 16,502,291.70 | | Chongqing Hechuan District Education Accounting Center | 120,674,733.91 | 0 | 120,674,733.91 | 2.00% | 6,033,736.70 | | Chongqing Wushan Transportation Construction (Group) Co, Ltd | 104,906,859.29 | 92,058,347.69 | 196,965,206.98 | 3.00% | 13,211,850.91 | | Shenqiu County New City Municipal Engineering Construction Co, Ltd | 86,057,789.49 | 43,476,623.72 | 129,534,413.21 | 2.00% | 20,910,901.54 | | Total | 895,736,850.44 | 576,836,052.10 | 1,472,572,902.54 | 23.00% | 197,721,729.97 | Inventory Classification (Summary) | Item | Period-End Book Balance (Yuan) | Provision for Decline/Impairment (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 60,366,870.87 | 0 | 60,366,870.87 | | Finished Goods | 43,711,969.72 | 0 | 43,711,969.72 | | Development Products | 699,968,060.74 | 116,706,075.10 | 583,261,985.64 | | Development Costs | 665,173,613.37 | 0 | 665,173,613.37 | | Total | 1,488,545,979.32 | 116,706,075.10 | 1,371,839,904.22 | Intangible Assets (Summary) | Item | Period-End Book Value (Yuan) | Period-Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Land Use Rights | 6,899,799.47 | 7,008,462.11 | | Mining Rights | 6,083,333.44 | 6,583,333.42 | | Software | 11,994,559.34 | 14,305,151.12 | | Concession Rights | 37,855,920,016.30 | 36,782,644,807.83 | | Total | 37,880,897,708.55 | 36,810,541,754.48 | Operating Revenue and Costs (Summary) | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 4,930,474,310.77 | 4,226,362,602.23 | 4,063,451,230.56 | 3,404,366,403.34 | | Other Business | 25,827,326.98 | 4,943,242.86 | 44,338,994.68 | 5,106,139.84 | | Total | 4,956,301,637.75 | 4,231,305,845.09 | 4,107,790,225.24 | 3,409,472,543.18 | Financial Expenses Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Interest Expense | 601,183,648.11 | 432,805,782.76 | | Less: Interest Income | 33,019,596.45 | 36,165,187.53 | | Foreign Exchange Gains/Losses | 1,007,672.72 | -761,463.80 | | Bank Service Fees | 1,273,971.66 | 6,823,864.27 | | Other | 10,834,243.10 | 19,447,248.16 | | Total | 581,279,939.14 | 422,150,243.86 | [R&D Expenditure](index=89&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was 666,262.68 Yuan, all of which was expensed, representing a 12.43% YoY increase R&D Expenditure Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Salaries | 622,362.17 | 376,175.95 | | Patent Fees | 16,574.02 | 131,932.88 | | Technical Service Fees | 14,135.44 | 15,929.20 | | Other | 13,191.05 | 49,231.72 | | Total | 666,262.68 | 592,603.95 | | Of which: Expensed R&D | 666,262.68 | 592,603.95 | [Changes in the Scope of Consolidation](index=89&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The scope of consolidation changed due to the disposal of one subsidiary and the deregistration of another - The company had no business combinations involving entities not under common control or under common control during the reporting period[397](index=397&type=chunk) - The loss of control over a subsidiary during the period was due to the disposal of Xinjiang Beixin Commercial Factoring Co, Ltd[397](index=397&type=chunk)[398](index=398&type=chunk) - Other changes in the scope of consolidation resulted from the deregistration of Chongqing Beixin Transportation Construction Co, Ltd[398](index=398&type=chunk) [Interests in Other Entities](index=89&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in its subsidiaries, joint ventures, and associate companies Composition of the Enterprise Group (Partial) | Subsidiary Name | Registered Capital (Yuan) | Main Place of Business | Business Nature | Shareholding (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Beixin Technology Innovation Consulting Co, Ltd | 7,080,000.00 | Urumqi, Xinjiang | Testing and Inspection | 100.00% | Establishment/Investment | | Xinjiang Beixin Investment & Construction Co, Ltd | 839,139,600.00 | Urumqi, Xinjiang | Highway, Bridge | 71.56% | Establishment/Investment | | Xinjiang Dingyuan Financial Leasing Co, Ltd | 566,000,000.00 | Urumqi, Xinjiang | Leasing and Sales | 99.20% | Establishment/Investment | | Sichuan Beixin Tianzhao Investment Development Co, Ltd | 2,886,000,000.00 | Guangyuan, Sichuan | Expressway Project Investment | 82.68% | Establishment/Investment | | Chongqing Beixin Yuchang Expressway Construction Co, Ltd | 1,744,240,000.00 | Chongqing | Highway Management | 100.00% | Business combination under common control | | Xinjiang Production and Construction Corps Transportation Construction Co, Ltd | 200,283,700.00 | Shihezi, Xinjiang | Construction | 91.84% | Business combination not under common control | Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding | Profit/Loss Attributable to Minority (Yuan) | Dividends Distributed to Minority (Yuan) | Minority Equity Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Fujian Shunshao Expressway Development Co, Ltd | 49.00% | 7,874,937.48 | 0 | 1,024,513,922.30 | | Xinjiang Beixin Investment & Construction Co, Ltd | 35.35% | 1,329,935.27 | 0 | 751,182,638.29 | | Xinjiang Dingyuan Financial Leasing Co, Ltd | 0.80% | 90,535.48 | 0 | 7,879,763.75 | Significant Associate Companies | Associate/Joint Venture Name | Main Place of Business | Business Nature | Shareholding (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | | Yunnan Changlong Expressway Co, Ltd | Kunming, Yunnan | Highway Management; Construction; Catering; Engineering Design; Engineering Survey | 34.00% | Equity Method | | Henan Yubo Railway Development Co, Ltd | Xuchang, Henan | Railway Transport, Railway Services, Equipment Sales | 5.33% | Equity Method | | Xinjian Hongman Fund Management (Beijing) Co, Ltd | Fangshan, Beijing | Highway Management; Constructio

新疆北新路桥集团股份有限公司2020年面向合格投资者公开发行公司债券(用于"一带一路")(第一期)， 简称"20北新R1"，代码"149213.SZ"，将于2025年8月25日支付自2024年8月25日至2025年8月24日期间的 利息及本期债券的本金。本次债券债权登记日为2025年8月22日，凡在2025年8月22日（含）前买入并持 有本期债券的投资者享有获得本次利息款及所偿还本金的权利。本次本息兑付完成后，本期债券将全额 兑付并在交易所摘牌，摘牌日为2025年8月25日。债券发行总额为3.00亿元人民币，票面利率为5.00%， 采用单利按年计息，不计复利。每年付息一次，到期一次还本。本期债券无担保，公司主体信用等级为 AA，本期债券信用等级为AA。本次债券付息方案为每手本期债券（面值人民币1000元）派发利息为人 民币50.000（含税），兑付本金为人民币1000元。扣税后个人和证券投资基金债券持有人实际每手派发 本息为人民币1040.00元；扣税后非居民企业（包含QFII、RQFII）债券持有人实际每手派发本息为人民 币1050.00元。本公司委托中国结算深圳分公司进行本次债券的派息和兑付。根据相关规定 ...

债券代码:149213 债券简称：20 北新 R1 新疆北新路桥集团股份有限公司 2020 年面向合格投 资者公开发行公司债券(用于"一带一路")(第一 期)2025 年本息兑付及摘牌公告 本公司及全体董事、监事、高级管理人员保证本公告内容真实、 准确、完整,没有虚假记载、误导性陈述或者重大遗漏。 特别提示: 新疆北新路桥集团股份有限公司 2020年面向合格投资者公开发行公司债券 (用于"一带一路")(第一期)(简称:"20 北新 R1",代码:"149213. SZ")将于 2025 年 8 月 25 日支付自 2024 年 8 月 25 日至 2025 年 8 月 24 目期间的利息及本 期债券的本金。 本次债券债权登记日为 2025年8月 22 日,凡在 2025年8月 22 日 (含) 前 买入并持有本期债券的投资者享有获得本次利息款及所偿还本金的权利。 本次本息兑付完成后,本期债券将全额兑付并在交易所摘牌,摘牌日为 2025 年8月25日。 一、债券基本情况 1、债券名称:新疆北新路桥集团股份有限公司 2020年面向合格投资者公开 发行公司债券(用于"一带一路")(第一期) 2、债券代码:14921 ...

证券之星消息，8月19日基础建设板块较上一交易日下跌0.08%，东珠生态领跌。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。基础建设板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603359 | 东珠生态 | 7.56 | -2.95% | 28.12万 | 2.15 乙 | | 002941 | 新疆交建 | 15.48 | -2.82% | 69.17万 | 10.86 Z | | 002307 | 北新路桥 | 4.78 | -2.05% | 93.43万 | 4.48亿 | | 603007 | *ST花王 | 4.66 | -1.48% | - 11.42万 | 5344.78万 | | 603388 | *ST元成 | 2.28 | -1.30% | 17.67万 | 4039.60万 | | 002717 | ST岭南 | 1.63 | -1.21% | 64.04万 | 1.05亿 | | 600039 ...

Group 1 - The company has been awarded a contract for the construction of a highway project in Xinjiang, with a bid amount of approximately ¥284.39 million [1][5] - The project is a joint venture between the company's subsidiary and another construction firm, with no related party relationship with the project owner [2] - The project spans a total length of 35.035 km and includes various infrastructure components such as bridges and crossovers [4] Group 2 - Winning this project is expected to enhance the company's market competitiveness and share, potentially leading to positive impacts on future performance [5] - The project has a duration of 730 calendar days and has been rated as qualified for both construction and completion acceptance [3][9]