Financial Performance - Q3 2025 revenue was CNY 173,439,517.24, a decrease of 12.91% year-over-year[5] - Net profit attributable to shareholders was CNY -23,960,993.12, down 43.94% compared to the same period last year[5] - Net profit excluding non-recurring items was CNY -19,276,673.39, a decline of 119.24% year-over-year[5] - Basic earnings per share were CNY -0.0440, a decrease of 43.79% from the previous year[5] - Total operating revenue for the period was CNY 559,356,824.80, a decrease of 9.4% compared to CNY 617,599,788.87 in the previous period[16] - The company reported a net loss of CNY -531,365,633.60, compared to a loss of CNY -485,660,553.24 in the previous period[15] - The company reported a net loss of ¥45,810,293.88 for the current period, compared to a net loss of ¥36,552,298.36 in the previous period, representing an increase in loss of approximately 25.5%[17] - Operating revenue from sales of goods and services decreased to ¥2,513,166,067.13, down 32.7% from ¥3,735,562,087.98 in the previous period[18] - The company recorded a total comprehensive loss of ¥52,947,753.84, compared to a total comprehensive loss of ¥36,552,298.36 in the previous period[17] - The basic and diluted earnings per share were both reported at -¥0.0840, compared to -¥0.0670 in the previous period[17] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,801,007,232.95, an increase of 0.77% from the end of the previous year[5] - The company’s total assets reached CNY 1,801,007,232.95, up from CNY 1,787,159,089.72[15] - Total liabilities increased to CNY 623,758,790.06 from CNY 556,972,357.44, marking an increase of 12%[15] - Non-current assets totaled CNY 1,373,851,085.38, a slight decrease from CNY 1,409,261,769.10[14] - Cash and cash equivalents decreased to CNY 212,621,468.38 from CNY 229,877,981.85, reflecting a decline of 7.4%[13] - Cash and cash equivalents at the end of the period were ¥206,545,957.95, a decrease from ¥208,688,741.60 at the end of the previous period[19] Cash Flow - The company reported a net cash flow from operating activities of CNY -115,327,353.25, down 8.39% year-to-date[5] - The net cash flow from operating activities was negative at ¥115,327,353.25, slightly worse than the previous period's negative cash flow of ¥106,398,608.59[19] - The company generated ¥36,910,423.38 in cash inflows from investing activities, down from ¥63,618,123.47 in the previous period[19] - Cash inflows from financing activities totaled ¥81,000,000.00, compared to ¥140,508,581.41 in the previous period, indicating a decrease of approximately 42.3%[19] Operational Metrics - The company sold commercial properties for a total of CNY 15.45 million during the reporting period[11] - Rental income from seven leased properties amounted to CNY 1.253 million[11] - The weighted average return on equity was -2.01%, a decrease of 0.78% year-over-year[5] - Accounts receivable increased significantly to CNY 103,699,815.58, up 45.5% from CNY 71,285,823.93[13] - Inventory decreased to CNY 18,358,346.22, down 33.2% from CNY 27,525,257.84[13] - Short-term borrowings rose to CNY 78,000,000.00, an increase from CNY 28,000,000.00, reflecting a growth of 178.6%[14] - The company incurred operating expenses of ¥2,683,201,416.44, down from ¥3,871,411,021.06 in the previous period, reflecting a cost reduction strategy[19] - The company reported a foreign exchange loss of ¥7,137,459.96 in other comprehensive income[17]

Market Overview - The street vendor economy sector increased by 0.25% compared to the previous trading day, with Shouhua Gas leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Performers in Street Vendor Economy - Shouhua Gas (300483) closed at 16.05, up 5.94%, with a trading volume of 530,200 shares and a transaction value of 820 million [1] - ST Xuefa (002485) closed at 3.66, up 4.87%, with a trading volume of 53,100 shares and a transaction value of 19.22 million [1] - Huijia Times (603101) closed at 12.28, up 3.54%, with a trading volume of 572,500 shares and a transaction value of 690 million [1] Market Capital Flow - The street vendor economy sector experienced a net outflow of 532 million from institutional investors, while retail investors saw a net inflow of 478 million [2] - Speculative funds had a net inflow of 54.67 million [2] Individual Stock Capital Flow - Xiaogoods City (600415) had a net inflow of 45.78 million from institutional investors, while it faced a net outflow of 27.64 million from speculative funds [3] - Jihong Co. (002803) saw a net inflow of 29.17 million from institutional investors, but a net outflow of 14.10 million from speculative funds [3] - Jiangling Motors (000550) had a net inflow of 13.88 million from institutional investors, with a net outflow of 5.92 million from speculative funds [3]

Market Overview - The logistics sector increased by 1.01% on October 20, with Yuan Da Holdings leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Gainers in Logistics Sector - Yuan Da Holdings (000626) closed at 10.74, up 10.04%, with a trading volume of 939,300 shares and a transaction value of 956 million [1] - Yongtai Transportation (001228) closed at 26.18, up 10.00%, with a trading volume of 75,600 shares and a transaction value of 193 million [1] - Jiacheng International (603535) closed at 11.20, up 5.36%, with a trading volume of 121,100 shares and a transaction value of 134 million [1] Market Capital Flow - The logistics sector experienced a net outflow of 60.56 million from institutional investors and a net outflow of 154 million from speculative funds, while retail investors saw a net inflow of 215 million [2] - The top stocks with significant capital inflow included Yuan Da Holdings with a net inflow of 65.54 million from institutional investors [3] Notable Decliners - Xiamen Xiangyu (600057) closed at 7.54, down 2.84%, with a trading volume of 238,500 shares and a transaction value of 181 million [2] - ST Yuanshang (603813) closed at 27.00, down 2.60%, with a trading volume of 20,200 shares and a transaction value of 54.69 million [2]

Core Viewpoint - The logistics sector experienced a decline of 1.6% on October 17, with major stocks like Huaguang Yuanhai leading the drop, while the Shanghai Composite Index fell by 1.95% and the Shenzhen Component Index decreased by 3.04% [1][2]. Group 1: Market Performance - The logistics sector's stocks showed mixed performance, with YD Holdings rising by 10.03% to close at 9.76, while Huami Yuanhai fell by 5.74% to 26.58 [1][2]. - The trading volume for YD Holdings was 542,900 shares, with a transaction value of 525 million yuan, indicating strong investor interest [1]. - The overall market saw significant declines, with the Shanghai Composite Index closing at 3839.76 and the Shenzhen Component Index at 12688.94 [1]. Group 2: Capital Flow - The logistics sector experienced a net outflow of 658 million yuan from institutional investors, while retail investors saw a net inflow of 471 million yuan [2][3]. - Notable stocks like Xiamen Guomao and Jianda Co. had varying net inflows and outflows, with Xiamen Guomao seeing a net inflow of 15.31 million yuan from institutional investors [3]. - The overall capital flow indicates a shift in investor sentiment, with retail investors showing more confidence compared to institutional investors [2][3].

中国 • 广州市天河区珠江东路 30 号广州银行大厦 44 层 泰和泰（广州）律师事务所 关于雪松发展股份有限公司 2025 年第一次临时股东大会 法律意见书 44/F, Guangzhou Bank Building, No. 30 East Zhujiang Road Tianhe District, Guangzhou, the People's Republic of China 电话| TEL: 86-20-38817801 www.tahota.com 泰和泰（广州）律师事务所 法律意见书 泰和泰（广州）律师事务所 关于雪松发展股份有限公司 2025 年第一次临时股东大会 法律意见书 致：雪松发展股份有限公司 泰和泰（广州）律师事务所（以下简称"本所"）接受雪松发展股份有限公 司（以下简称"公司"）的委托，指派郑怡玲律师和李伟杰律师出席公司 2025 年第一次临时股东大会（以下简称"本次临时股东大会"），就本次临时股东大 会的召集、召开程序、出席会议人员资格、表决方式、表决程序等相关事项的合 法性、有效性进行了认真审查，并出具本法律意见书。 在审查有关文件的过程中，公司向本所保证并承诺，其向本所提 ...

证券代码：002485 证券简称：ST雪发 公告编号：2025-029 雪松发展股份有限公司 2025年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有出现否决提案的情形。 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 雪松发展股份有限公司（以下简称"公司"）2025年第一次临时股东大会的 通知于2025年8月30日公告，本次会议采用现场投票和网络投票相结合方式表决， 现场会议于2025年9月26日（星期五）下午在广东省广州市黄埔区开创大道2511 号雪松中心会议室召开，网络投票时间为2025年9月26日。其中，通过深圳证券 交易所交易系统进行网络投票的具体时间为：2025年9月26日上午9:15-9:25，9:30 －11:30，下午13:00－15:00；通过深圳证券交易所互联网投票系统投票的具体时 间为：2025年9月26日9:15-15:00期间的任意时间。 本次会议由公司董事会召集，董事长苏齐先生主持，会议符合《中华人民共 和国公司法》等有关法律、行政法规、部门规章、 ...

Financial Performance - ST Xuefa reported a net profit decline of 9.93% year-on-year, with a total revenue of 386 million yuan, down 7.77% compared to the previous year [1] - The second quarter revenue was 168 million yuan, reflecting a significant year-on-year decrease of 32.9, while the net profit for the same period was -13.14 million yuan, showing a slight increase of 1.34% year-on-year [1] - The gross margin was -6.79%, a decrease of 242.3% year-on-year, and the net margin was -5.65%, down 18.87% year-on-year [1] Cost and Expenses - Total sales, management, and financial expenses amounted to 29.54 million yuan, accounting for 7.65% of revenue, which is an increase of 1.28% year-on-year [1] - The company reported a per-share net asset value of 2.21 yuan, down 11.43% year-on-year, and a per-share operating cash flow of -0.11 yuan, which is an increase of 29.05% year-on-year [1] Historical Performance and Investment Return - The company's historical financial performance has been generally poor, with a median ROIC of 1.2% over the past decade and a worst year ROIC of -16.22% in 2021 [3] - The company has reported losses in 6 out of 14 annual reports since its listing, indicating weak investment returns [3] Cash Flow and Debt Management - The company has a healthy cash position, with cash assets being sufficient [3] - However, the cash flow situation is concerning, with a cash asset to current liabilities ratio of only 48.61% and negative average operating cash flow over the past three years [3]

雪松发展股份有限公司 2025 年半年度财务报告 雪松发展股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 8 月 28 日 1 雪松发展股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 √否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：雪松发展股份有限公司 2025年06月30日 单位：元 2、母公司资产负债表 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 214,998,507.53 | 229,877,981.85 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 74,006,695.43 | 71,285,823.93 | | 应收账款 | 37,451,214.32 | 7,525,941.29 | | 应收款项融资 | | | | 预付款项 | 8,309,070.76 | 14,984,308.25 | | 应收保 ...

雪松发展股份有限公司2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：雪松发展股份有限公司 单位：人民币万元 | 年 | 半 | 年 | 度 | 资 | 年 | 半 | 年 | 度 | 偿 | 年 | 半 | 年 | 度 | 期 | 年 | 期 | 初 | 占 | 年 | 半 | 年 | 度 | 占 | 非 | 经 | 营 | 性 | 资 | 金 | 占 | 方 | 与 | 上 | 市 | 公 | 上 | 市 | 公 | 核 | 算 | 占 | 成 | 用 | 司 | 司 | 20 | 25 | 20 | 25 | 20 | 25 | 用 | 形 | 20 | 25 | 20 | 25 | 资 | 金 | 占 | 方 | 名 | 称 | 占 | 性 | 质 | 用 | 用 | 金 | 占 | 用 | 的 | 利 | 息 | 还 | 累 | 计 | 发 | 生 | 金 | 额 | 末 | 占 | 用 | 资 | 金 | 余 | 额 | 占 | 用 | 的 | 关 | 联 | 关 | 系 | 的 | 会 | 计 | 科 | 目 | 资 | 金 | 余 | 额 | 发 | 生 | 金 | 额 ...

雪松发展股份有限公司 关于 2025 年半年度计提资产减值准备及确认 公允价值变动的公告 雪松发展 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 证券代码：002485 证券简称：ST雪发 公告编号：2025-028 一、本次计提资产减值准备及确认公允价值变动情况概述 （一）本次计提资产减值准备及确认公允价值变动的原因 根据《企业会计准则》和《深圳证券交易所上市公司自律监管指引第1号— 主板上市公司规范运作》相关规定的要求，为了更加真实、准确地反映雪松发展 股份有限公司（以下简称"公司"）的财务状况、资产价值及经营成果，基于谨 慎性原则，公司对各类资产进行了全面清查和减值测试，对截至2025年6月30日 合并报表范围内，可能发生资产减值损失的有关资产计提相应的减值准备；对以 公允价值计量的投资性房地产，根据公司投资性房地产处置情况，确认公允价值 变动损益。 （二）本次计提资产减值准备及确认公允价值变动的资产范围、总金额和计 入的报告期间 2025年1-6月，公司计提各项资产减值损失-281.88万元，确认公允价值变动 收益4,388.29万元，明细如下： 单 ...