Group 1 - The company Nanshan Holdings (002314) is actively engaged in manufacturing projects based on customer orders, including participation in significant maritime projects such as China's first domestically produced large cruise ship "Aida. Modu" and the first large luxury roll-on/roll-off ship for MSC [1] - The company is focused on enhancing its manufacturing innovation capabilities and operational efficiency in response to national policies and industry trends, aiming to expand market share and improve competitiveness [1]

Core Viewpoint - Nanshan Holdings' subsidiary has engaged in significant projects related to marine economic construction, showcasing its capabilities in the sector [1]. Group 1: Company Projects - Nanshan Holdings' manufacturing enterprises have participated in notable projects, including the construction of China's first domestically produced large cruise ship "Aida·Modu" and the MSC Mediterranean's large luxury roll-on/roll-off ship [1]. - The company has also undertaken engineering projects such as the construction of the 10,000-ton West River 30-2DPPB platform jacket and the Lufeng 8-1DPP jacket [1]. Group 2: Strategic Focus - The company is committed to continuously monitoring national policies and industry trends to enhance its manufacturing innovation capabilities and operational efficiency [1]. - Nanshan Holdings aims to expand its market share and improve competitiveness within the industry [1].

Group 1 - Suning Universal and New Dazheng hit the daily limit, while Shoukai Co., Ltd. (rights protection) and Huaxia Happiness rose over 5% [1] - Nandu Property, Everbright Jiabao, and Nanshan Holdings also saw significant increases [1]

为充分尊重投资者，提升公司与投资者的交流效率和针对性，现 就本次业绩说明会提前向投资者公开征集相关问题，广泛听取投资者 的意见和建议。投资者可提前登录深圳证券交易所"互动易"平台 证券代码：002314 证券简称：南山控股 公告编号：2025-045 深圳市新南山控股（集团）股份有限公司 关于召开 2025 年半年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 深圳市新南山控股（集团）股份有限公司（以下简称"公司"） 已于 2025 年 8 月 30 日在巨潮资讯网（www.cninfo.com.cn）上披露了 《2025 年半年度报告》。 为方便广大投资者进一步了解公司 2025 年半年度经营情况，公 司定于 2025 年 9 月 19 日（星期五）下午 15:00-16:00 举行 2025 年半 年度网上业绩说明会。本次业绩说明会将通过深圳证券交易所提供的 "互动易"平台（http://irm.cninfo.com.cn）举行，投资者可以登录"互 动易"网站，进入"云访谈"栏目参与本次业绩说明会。 本次业绩说明会出席人员有：公司董 ...

Group 1: Real Estate Market Insights - The recent policy adjustments in Shenzhen's real estate market have led to increased activity, with more viewings and faster signing of contracts reported by agents [1] - Major real estate stocks in both A-shares and Hong Kong have seen significant gains, with stocks like A-share Shanshi Development and Hong Kong's Country Garden rising over 10% [1] - The new policies in Shenzhen are seen as a combination of market optimization and urban governance, highlighting the forward-looking and efficient nature of the regulations [1] Group 2: Market Performance and Future Outlook - Following the new policies in Beijing and Shanghai, Shenzhen's adjustments are expected to stimulate demand for multiple property purchases in surrounding areas, with Shenzhen's regulations being more lenient compared to Beijing and Shanghai [1] - The average daily transaction volume for new and second-hand homes in Beijing increased by 9% and 10% respectively after the new policies were implemented, while Shanghai saw a 25% increase in new home transactions [1] - The overall improvement in real estate sales is contingent on the successful implementation of policies related to inventory housing and urban village renovations, which are expected to enhance supply-demand dynamics [2] Group 3: Solid-State Battery Sector - The solid-state battery sector has shown active market performance, with several companies like Delong Laser and Huasheng Lithium Battery seeing stock prices rise significantly [2] - The rapid growth in orders for solid-state battery equipment since June indicates a significant acceleration in the industrialization process of solid-state batteries, presenting investment opportunities across the supply chain [2] - Equipment manufacturers are expected to be the primary beneficiaries of the capital expenditures in the solid-state battery industry, as they are positioned at the upstream of the supply chain [2]

Market Overview - On September 3, the real estate development sector declined by 1.31%, with Nanshan Holdings leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers in the real estate sector included: - Shouke Co., Ltd. (600376) with a closing price of 2.90, up 9.85% [1] - Huali Family (600503) at 3.26, up 5.84% [1] - Wantong Development (600246) at 14.99, up 5.19% [1] - Conversely, significant decliners included: - Nanshan Holdings (002314) at 2.82, down 6.00% [2] - Yatong Co., Ltd. (600692) at 65.8, down 5.30% [2] - ST Nanzhi (002305) at 2.77, down 5.14% [2] Capital Flow - The real estate development sector experienced a net outflow of 6.95 billion yuan from institutional investors, while retail investors saw a net inflow of 4.05 billion yuan [2] - The capital flow for selected stocks showed: - Shouke Co., Ltd. had a net inflow of 1.03 million yuan from institutional investors [3] - Huali Family experienced a net outflow of 473.62 thousand yuan from retail investors [3] - Electronic City (600658) had a net inflow of 7113.42 million yuan from institutional investors [3]

Group 1 - The company Nanshan Holdings (002314) reported that as of August 29, 2025, the number of shareholders is 52,855 [1]

Core Viewpoint - Nanshan Holdings reported significant growth in both revenue and net profit for the first half of 2025, with total revenue reaching 5.78 billion yuan, a year-on-year increase of 112.29%, and net profit attributable to shareholders amounting to 91.53 million yuan, up 177.44% compared to the previous year [1] Financial Performance - Total revenue for 2025 reached 5.78 billion yuan, up 112.29% from 2.723 billion yuan in 2024 [1] - Net profit attributable to shareholders was 91.53 million yuan, compared to a loss of 11.8 million yuan in 2024, marking a 177.44% increase [1] - Gross margin decreased to 21.71%, down 6.34% year-on-year, while net margin improved to 1.87%, an increase of 208.02% [1] - Total expenses (selling, administrative, and financial) amounted to 782 million yuan, accounting for 13.53% of revenue, a decrease of 47.94% year-on-year [1] - Earnings per share rose to 0.03 yuan, a 175% increase from a loss of 0.04 yuan in 2024 [1] Business Model and Cash Flow - The company's business model relies heavily on capital expenditure and marketing, necessitating close monitoring of capital projects and cash flow [3] - Cash flow metrics indicate that cash and cash equivalents represent only 9.01% of total assets, and cash flow from operations is only 4.65% of current liabilities [3] - The company has a high debt ratio, with interest-bearing liabilities amounting to 43.08% of total assets [3] Real Estate and Logistics Operations - The real estate segment saw significant sales growth, with total sales reaching 6.04 billion yuan in 2024, driven by improved market conditions [7] - The logistics segment reported a gross margin of 45.80% in 2024, with ongoing projects contributing to revenue stability [5] - The company is actively participating in government land storage policies to manage inventory and enhance asset value [8] Fund Holdings and Market Sentiment - The largest fund holding Nanshan Holdings is the Invesco Great Wall Quantitative Small Cap Stock A, which recently increased its position [4] - The company has received positive feedback regarding its growth drivers and is focused on maintaining cash flow stability amid market fluctuations [4]

Financial Performance - Nanshan Holdings reported a total revenue of 5.78 billion yuan for the first half of 2025, representing a year-on-year increase of 112.29% [1] - The net profit attributable to shareholders reached 91.53 million yuan, up 177.44% compared to the previous year [1] - The gross margin was 21.71%, a decrease of 6.34% year-on-year, while the net margin improved to 1.87%, an increase of 208.02% [1] Key Financial Metrics - The company's operating expenses, including sales, management, and financial costs, totaled 782 million yuan, accounting for 13.53% of revenue, down 47.94% year-on-year [1] - Earnings per share increased to 0.03 yuan, a rise of 175.00% year-on-year, while operating cash flow per share improved to 0.43 yuan, up 187.89% [1] - The company's total assets included cash and cash equivalents of 5.93 billion yuan, a 9.27% increase from the previous year [1] Business Model and Strategy - The company relies heavily on capital expenditure and marketing to drive performance, indicating a need for careful evaluation of capital projects and spending [3] - Nanshan Holdings has experienced a weak historical return on invested capital (ROIC), with a median of 3.91% over the past decade, and a particularly poor ROIC of -1.64% in 2024 [3] - The company is focusing on improving cash flow and managing debt levels, with a current interest-bearing debt ratio of 43.08% [4] Real Estate Development - The real estate segment achieved total sales of 6.04 billion yuan in 2024, with a focus on maintaining a cautious investment strategy in core cities [9][10] - The company plans to adjust sales strategies flexibly to enhance cash flow and reduce inventory [9] - Nanshan Holdings is actively participating in government land acquisition initiatives to optimize asset management and inventory reduction [10] Logistics and Warehousing - The logistics segment reported a gross margin of 45.80% in 2024, with ongoing projects contributing to revenue growth [6][7] - The company is exploring public REITs to enhance asset management and liquidity, with plans for future asset securitization [8] Fund Holdings - The largest fund holding Nanshan Holdings is the Invesco Great Wall Quantitative Small Cap Stock A, which has recently entered the top ten holdings [5] - The fund has shown significant growth, with a 74.52% increase over the past year [5]

Group 1 - The company did not distribute cash dividends or issue bonus shares during the reporting period [3] - The company’s controlling shareholder and actual controller did not change during the reporting period [5][6] - The company’s board of directors approved the 2025 semi-annual report and summary [8][10] Group 2 - The company signed a joint liability guarantee contract with China Postal Savings Bank for a total credit limit of 2 billion yuan for its subsidiaries [29] - The company’s total external guarantees amounted to 32.648 billion yuan, which is 369.03% of the audited net assets for 2024 [28][39] - There are no overdue guarantees or guarantees involved in litigation [39]