雪松发展股份有限公司章程 雪松发展股份有限公司 章 程 （2025年8月修订） 1 | . | 1 | | --- | --- | | œ | 1 | | œ | œ | | 第一章 总 | 则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 股 | 份 | 5 | | 第一节 | 股份发行 | 5 | | 第二节 | 股份增减和回购 | 6 | | 第三节 | 股份转让 | 7 | | 第四章 | 股东和股东会 | 8 | | 第一节 | 股东 | 8 | | 第二节 | 控股股东和实际控制人 | 11 | | 第三节 | 股东会的一般规定 12 | | | 第四节 | 股东会的召集 | 15 | | 第五节 | 股东会的提案与通知 16 | | | 第六节 | 股东会的召开 | 18 | | 第七节 | 股东会的表决和决议 20 | | | 第五章 | 董事会 | 26 | | 第一节 | 董事 | 26 | | 第二节 | 董事会 | 29 | | 第三节 | 独立董事 | 33 | | 第四节 | 董事会专门委员会 36 | | | 第六章 ...

对外担保管理制度 第一章 总 则 第一条 为了维护投资者的利益，规范公司的对外担保行为，有效控制公司 对外担保风险，确保公司的资产安全，促进公司健康稳定地发展，根据《中华人 民共和国公司法》《中华人民共和国证券法》《中华人民共和国物权法》《中华人 民共和国民法典》《深圳证券交易所股票上市规则》（"深圳证券交易所"以下简称 "深交所"）等国家有关法律、行政法规及规范性文件规定，以及根据《上市公司 监管指引第8号——上市公司资金往来、对外担保的监管要求》和公司章程的有 关规定，制定本制度。 第二条 本制度适应于本公司及本公司的全资子公司、控股子公司和公司拥 有实际控制权的公司（以下简称"子公司"）。 第三条 本制度所称对外担保是指公司以自有资产或信誉为其他单位或个 人提供的保证、资产抵押、质押以及其他担保事宜，包括公司对子公司的担保。 具体种类包括借款担保、银行开立信用证和银行承兑汇票担保、开具保函的担保 等。 第四条 公司实施担保遵循平等、自愿、诚信、互利的原则，拒绝强令为他 人担保的行为。 第五条 公司对外担保实行统一管理，公司的分支机构不得对外提供担保。 未经公司批准，子公司不得对外提供担保，不得相互提供担 ...

第四条 薪酬与考核委员会成员由三名公司董事组成，其中，独立董事两名。 雪松发展股份有限公司董事会薪酬与考核委员会实施细则 雪松发展股份有限公司 董事会薪酬与考核委员会实施细则 第一章 总 则 第一条 为进一步建立健全雪松发展股份有限公司（以下简称"公司"）董事 及高级管理人员（以下简称高管人员）的考核和薪酬管理制度，完善公司治理结 构，根据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管 理办法》《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》《公司章程》及其他有关规定，公司特设立董事会薪酬与考核委员会，并 制定本实施细则。 第二条 薪酬与考核委员会是董事会按照股东会决议设立的专门工作机构， 主要负责制定公司董事及高管人员的考核标准并进行考核；负责制定、审查公司 董事及高管人员的薪酬政策与方案，对董事会负责。 第三条 本细则所称董事是指在本公司支取薪酬的董事、高管人员是指董事 会聘任的总经理、副总经理、财务总监、董事会秘书及由总经理提请董事会认定 的其他高级管理人员。 第二章 人员组成 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一提名 ...

雪松发展股份有限公司董事和高级管理人员持有和买卖本公司股票的管理制度 雪松发展股份有限公司 董事和高级管理人员持有和买卖本公司股票的管理制度 第一章 总 则 第一条 为强化雪松发展股份有限公司（以下简称"公司"或"本公司"）对董 事和高级管理人员和证券事务代表买卖本公司股票及衍生品种的管理，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》"）、《上市公司董事和高级管理人员所持本公司股份及其变动 管理规则》（以下简称"《变动规则》"）、《上市公司股东减持股份管理暂行办法》 《深圳证券交易所股票上市规则》《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》等相关法律、法规及规范性文件以及《雪松发展 股份有限公司章程》（以下简称"《公司章程》"）的规定，结合公司客观实际情 况，特制定本制度。 第二条 公司董事和高级管理人员在买卖本公司股票及其衍生品种前，应知 悉《公司法》《证券法》等法律、法规关于内幕交易、操纵市场等禁止行为的规 定，不得进行违法违规的交易。 第三条 公司董事、高级管理人员所持有的本公司股份，是指登记在其名下 和利用他人账户 ...

雪松发展股份有限公司子公司重大事项报告制度 雪松发展股份有限公司 子公司重大事项报告制度 第一章 总则 第二条 本制度适用于公司控股子公司（含全资子公司）。子公司董事/董事长 为重大事项报告的负责人，负责与公司的联络，在发生重大事项前，应先向公司董 事会秘书进行通报，并经公司同意后才能实施。 第三条 董事会秘书为公司接收信息的联络人。子公司董事/董事长负有向公司 董事会秘书报告其所知悉的重大信息的义务。子公司的董事/董事长为第一责任人， 具体负责信息的收集、整理工作，并在第一时间负责上报工作。子公司在出现本制 度规定的其报告义务范围内的情形时，应及时将有关信息向公司董事会秘书进行书 面报告（包括电子邮件、传真等）。 第四条 子公司负有报告义务的有关人员应根据其任职单位的实际情况，制定 相应的内部信息上报制度，以保证其能及时的了解和掌握有关信息。 第五条 子公司相关负责人以及因工作关系了解到公司应披露的信息的人员， 在该信息尚未公开披露之前，负有保密义务。 第二章 重大信息的范围 第六条 子公司信息报告义务人应向公司董事会秘书报告的有关信息包括： （一）子公司发生或拟发生以下重大事项，包括： 1、购买或者出售资 ...

雪松发展股份有限公司独立董事工作制度 雪松发展股份有限公司 独立董事工作制度 第一章 总 则 第一条 为进一步完善雪松发展股份有限公司（以下简称"公司"）的治理结 构，保护中小股东和债权人的利益，促进公司的规范运作，根据《中华人民共和 国证券法》《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司治 理准则》《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》（以 下简称"《上市规则》"）《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》等法律、行政法规及规范性文件的规定，并结合《公司章 程》，制定本制度。 第二条 公司独立董事是指不在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，或者其他可能影响其进 行独立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有诚信与勤勉义务。独立董事应当按 照《公司章程》和本制度的要求，认真履行职责，维护公司整体利益，尤其要关 注中小股东的合法权益不受损害。 第四条 独立董事应当独立公正地履行职责，不受公司主要股东、实际控制 人或者其他与公司存在利害关系的单位或个人的影响。若发现所审议事项存在 ...

ST雪发公告，2025年上半年营业收入3.86亿元，同比下降7.77%。归属于上市公司股东的净亏损2174.41 万元，上年同期净亏损1977.96万元。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides an important notice, the report's table of contents, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, while highlighting forward-looking statements and various operational risks - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions[4](index=4&type=chunk) - Company head Su Qi, chief accountant Ni Zhenfeng, and head of accounting department Ni Zhenfeng declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company faces risks including force majeure, economic cycles, commodity price fluctuations, and market competition[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the nine main chapters of the report, covering company operations, finance, governance, and significant matters, providing an overall structure - The report is divided into nine main chapters, covering various aspects such as company operations, finance, governance, and significant matters[8](index=8&type=chunk) [List 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 for inspection include signed financial statements, original copies of publicly disclosed company files, and the original semi-annual report, available at the Board of Directors' office - Documents for inspection include financial statements bearing the signatures and seals of the company head, chief accountant, and head of the accounting department[10](index=10&type=chunk) - Documents for inspection also include original copies of all company documents and announcements publicly disclosed during the reporting period, as well as the original 2025 semi-annual report text signed by the company's legal representative[11](index=11&type=chunk)[12](index=12&type=chunk) - The documents for inspection are kept at the company's Board of Directors' office[13](index=13&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, such as company names, controlling shareholders, and reporting periods, to ensure clear understanding Key Definitions | Term | Definition | | :--- | :--- | | Company/This Company/Xuesong Development | Xuesong Development Co., Ltd., formerly Xinuoer Menswear Co., Ltd. | | Xuesong Cultural Tourism Investment | Guangzhou Xuesong Cultural Tourism Investment Co., Ltd., the company's controlling shareholder | | Guangzhou Junkai | Guangzhou Junkai Investment Co., Ltd., a concerted party of the company's controlling shareholder | | Cultural Tourism Town | An ecological space system and region that develops tourism based on location, natural resources, cultural resources, and characteristic industries, integrating associated resources with a systematic cultural identity | | Current Reporting Period | January 1, 2025 - June 30, 2025 | | Previous Year | 2024 | | CNY, CNY 10,000 | Renminbi Yuan, Renminbi Ten Thousand Yuan | [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and summarizes its key accounting data and financial performance 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, ST XUEFA (stock code 002485), is listed on the Shenzhen Stock Exchange, with Su Qi as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | ST XUEFA | | Stock Code | 002485 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Xuesong Development Co., Ltd. | | Company's Legal Representative | Su Qi | [Contact Person and Information](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 contact details for the company's Board Secretary and Securities Affairs Representative, including addresses, phone numbers, and email Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Liang Yueming | Ni Haining | | Contact Address | Xuesong Center, No. 2511 Kaichuang Avenue, Huangpu District, Guangzhou City, Guangdong Province | No. 7877 Shunwang Avenue, Shunwang Street, Zhucheng City, Shandong Province | | Phone | 020-85518189 | 020-85518189 | | Fax | 020-85518189 | 020-85518189 | | Email | cedar002485@cedardevt.com | cedar002485@cedardevt.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) During the reporting period, there were no changes in the company's contact information, information disclosure, or document inspection locations - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period[19](index=19&type=chunk) - Information disclosure and document inspection locations remained unchanged during the reporting period[20](index=20&type=chunk) - Other relevant information remained unchanged during the reporting period[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=7&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) In the first half of 2025, the company's operating revenue decreased by 7.77%, net loss attributable to shareholders widened to CNY 21.74 million, and non-recurring net loss widened by 22.65% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 385,917,307.56 | 418,450,798.09 | -7.77% | | Net Profit Attributable to Listed Company Shareholders | -21,744,087.24 | -19,779,589.57 | -9.93% | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Items | -22,211,099.50 | -18,108,920.86 | -22.65% | | Net Cash Flow from Operating Activities | -62,234,902.05 | -87,712,267.52 | 29.05% | | Basic Earnings Per Share (CNY/share) | -0.0400 | -0.0364 | -9.89% | | Diluted Earnings Per Share (CNY/share) | -0.0400 | -0.0364 | -9.89% | | Weighted Average Return on Net Assets | -1.79% | -1.45% | -0.34% | | **Period-End Indicators** | **Current Period-End (CNY)** | **Prior Year-End (CNY)** | **Change from Prior Year-End** | | Total Assets | 1,791,684,269.45 | 1,787,159,089.72 | 0.25% | | Net Assets Attributable to Listed Company Shareholders | 1,201,638,179.05 | 1,230,513,202.66 | -2.35% | [Differences in Accounting Data Under Domestic and International 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) The company reported no differences in net profit and net assets between financial statements prepared under international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%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) During the reporting period, the company's total non-recurring gains and losses amounted to CNY 0.47 million, primarily from fair value changes in investment properties, offset by asset disposal losses and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-back of asset impairment provisions) | -38,501,550.54 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 2,386,960.61 | | Gains or losses from changes in fair value of investment properties measured using the fair value model | 43,882,910.50 | | Other non-operating income and expenses apart from the above items | -7,301,308.31 | | Less: Income tax impact | 0.00 | | Minority interest impact (after tax) | 0.00 | | Total | 467,012.26 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[26](index=26&type=chunk)[27](index=27&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's main business activities, financial performance, and risk management strategies during the reporting period [Main Business Activities During the Reporting Period](index=9&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) In H1 2025, the company actively developed its cultural tourism business and expanded its supply chain operations, benefiting from a strong tourism recovery despite challenges in the commodity sector [Industry Overview](index=9&type=section&id=(%E4%B8%80)%20%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In H1 2025, China's tourism market saw strong recovery with increased domestic travel and spending, while the commodity supply chain faced challenges from a weak real estate market and trade tensions - In the first half of 2025, domestic tourist trips reached **3.285 billion**, a **20.6% year-on-year increase**, with tourism spending totaling **CNY 3.15 trillion**, up **15.2% year-on-year**[29](index=29&type=chunk) - In the first half of 2025, the real estate market remained weak, and escalating US-China tariff friction led to a year-on-year decline in demand for ferrous commodities and aluminum, increasing operational pressure on related industries[30](index=30&type=chunk) - In the second half of 2025, with the further implementation of government "anti-involution" policies, domestic demand is expected to improve, potentially boosting profits for ferrous commodities and aluminum-related enterprises[30](index=30&type=chunk) [Company's Main Business Activities](index=9&type=section&id=(%E4%BA%8C)%20%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 focuses on developing cultural tourism, particularly cultural tourism towns, and enhancing its commodity supply chain management and comprehensive services - The company actively develops cultural tourism business, focusing on the development and operation of cultural tourism towns, including Dukezong Flower Lane in Shangri-La, Yunnan, and Xitang Flower Lane in Jiaxing, Zhejiang[31](index=31&type=chunk) - The company is significantly expanding its supply chain operation management and comprehensive service business, primarily dealing in coal, steel, and aluminum, providing integrated supply chain services across procurement, production, and sales[32](index=32&type=chunk) [Analysis of Main Business](index=9&type=section&id=(%E4%B8%89)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's cultural tourism projects benefited from a booming tourism market, with increased visitor numbers and improved profitability, while its supply chain business continued to transform and expand into new segments - The company's operational cultural tourism town projects experienced increased visitor numbers, leading to an effective improvement in cultural tourism business profitability, with the Shangri-La project seeing a significant boost in visitor traffic and hotel occupancy rates after the opening of the Lijiang-Shangri-La high-speed railway[32](index=32&type=chunk) - The Xitang Flower Lane Phase II project has entered its final construction phase, with a planned opening in **2026** and ongoing tenant recruitment preparations[33](index=33&type=chunk) - The Dukezong Flower Lane project will feature an upgraded Shangri-La Tibetan-style performance show, anticipated to debut at the end of this year[33](index=33&type=chunk)[34](index=34&type=chunk) - The supply chain business continues its transformation, accelerating penetration into warehousing, transportation, and processing segments, with a foundational back-office support and integrated service network for ferrous commodities largely established[34](index=34&type=chunk) - The company is increasing resource allocation to cultivate new businesses, with its stainless steel business entering a rapid development phase and achieving breakthroughs in niche markets such as die-cast aluminum alloys[34](index=34&type=chunk) [Analysis of Core Competitiveness](index=10&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 stems from its cultural tourism projects located in prime tourist destinations with scarce, high-quality assets and stable customer sources, supported by an experienced management team and diverse business models - The company's cultural tourism towns are strategically located in prime tourist destinations like Shangri-La and Xitang, benefiting from stable customer sources, rich tourism resources, significant project scarcity, high-quality assets, and substantial appreciation potential[35](index=35&type=chunk) - The company has assembled an excellent management team with extensive industry operation and management experience, building core competitiveness by creating diverse business models and offering multi-level, varied products and services[35](index=35&type=chunk) [Analysis of Main Business](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) The company's main business revenue decreased by 7.77%, driven by an 8.52% decline in supply chain revenue, while tourism revenue grew by 18.29%, and cash flow from investing activities significantly increased due to asset disposals Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 385,917,307.56 | 418,450,798.09 | -7.77% | | | Operating Cost | 412,138,559.82 | 398,470,039.52 | 3.43% | | | Selling Expenses | 4,459,824.29 | 8,035,077.48 | -44.50% | Primarily due to reduced promotional expenses in the current period | | Administrative Expenses | 15,904,326.81 | 14,069,062.26 | 13.04% | | | Financial Expenses | 9,175,359.86 | 9,520,611.55 | -3.63% | | | Income Tax Expense | 11,631.98 | 1,451.39 | 701.44% | Primarily due to increased deferred income tax expense in the current period | | Net Cash Flow from Operating Activities | -62,234,902.05 | -87,712,267.52 | 29.05% | | | Net Cash Flow from Investing Activities | 6,977,291.28 | -29,519,997.03 | 123.64% | Primarily due to increased cash received from disposal of commercial properties in the current period | | Net Cash Flow from Financing Activities | 30,946,313.20 | 120,854,825.51 | -74.39% | Primarily due to decreased cash received from bill discounting in the current period | | Net Increase in Cash and Cash Equivalents | -24,311,297.57 | 3,622,560.96 | -771.11% | Primarily due to decreased cash received from bill discounting in the current period | Operating Revenue Composition (by Industry) | Industry Segment | Current Period Amount (CNY) | Proportion of Operating Revenue | Prior Period Amount (CNY) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Supply Chain | 364,148,511.84 | 94.35% | 398,073,468.18 | 95.13% | -8.52% | | Tourism | 7,055,403.61 | 1.83% | 5,964,317.50 | 1.43% | 18.29% | | Apparel | 29,058.15 | 0.01% | 60,381.21 | 0.01% | -51.88% | | Other Businesses | 14,684,333.96 | 3.81% | 14,352,631.20 | 3.43% | 2.31% | Changes in Gross Profit Margin of Main Businesses | Industry Segment | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Supply Chain | 1.25% | -8.52% | -8.64% | 0.13% | | Tourism | 86.62% | 18.29% | -5.11% | 3.31% | | Other Businesses | -251.31% | 2.31% | 1,243.24% | -324.55% | [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) Non-core business significantly impacted total profit, with fair value changes contributing CNY 43.72 million, largely offset by non-operating expenses of CNY 7.37 million and credit impairment losses of CNY 3.01 million Impact of Non-Core Business on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,545,585.61 | -11.02% | Primarily due to hedging gains | No | | Fair Value Change Gains/Losses | 43,724,285.50 | -189.25% | Primarily due to disposal of investment properties | No | | Asset Impairment | 191,034.78 | -0.83% | Primarily due to reversal of inventory impairment provisions | No | | Non-Operating Income | 40,461.06 | -0.18% | Primarily due to recognition of non-operating income | No | | Non-Operating Expenses | 7,374,379.02 | -31.92% | Primarily due to provision for breach of contract fees to China Huarong | No | | Other Income | 32,609.65 | -0.14% | Primarily due to recognition of individual income tax refund income in the current period | No | | Credit Impairment Losses | -3,009,804.64 | 13.03% | Primarily due to provision for credit impairment losses on other receivables in the current period | No | [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) At the end of the reporting period, total assets slightly increased by 0.25%, while net assets attributable to shareholders decreased by 2.35%, with significant portions of assets being restricted Significant Changes in Asset Composition | Item | Current Period-End Amount (CNY) | Proportion of Total Assets | Prior Year-End Amount (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 214,998,507.53 | 12.00% | 229,877,981.85 | 12.86% | -0.86% | | Accounts Receivable | 37,451,214.32 | 2.09% | 7,525,941.29 | 0.42% | 1.67% | | Inventories | 31,669,455.48 | 1.77% | 27,525,257.84 | 1.54% | 0.23% | | Investment Properties | 768,171,499.99 | 42.87% | 783,013,199.99 | 43.81% | -0.94% | | Construction in Progress | 310,044,546.62 | 17.30% | 308,435,074.90 | 17.26% | 0.04% | | Short-term Borrowings | 31,000,000.00 | 1.73% | 28,000,000.00 | 1.57% | 0.16% | | Other Current Liabilities | 352,524,806.07 | 19.68% | 339,021,064.32 | 18.97% | 0.71% | | Retained Earnings | -507,404,640.48 | -28.32% | -485,660,553.24 | -27.18% | -1.14% | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Amount Sold During the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Investments in Other Equity Instruments | 101,552,400.00 | | | 101,552,400.00 | | Investment Properties | 783,013,199.99 | 36,745,450.54 | 51,587,150.54 | 768,171,499.99 | | Financial Liabilities | 16,650.00 | | 158,625.00 | 175,275.00 | | Total | 884,565,599.99 | 36,745,450.54 | 51,587,150.54 | 869,723,899.99 | Asset Restriction Status | Item | Period-End Carrying Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 11,684,101.96 | Judicial freeze, ETC deposit, platform deposit | | Notes Receivable | 74,006,695.43 | Recovered endorsed and discounted notes receivable not derecognized | | Investment Properties | 401,308,900.00 | Loan collateral, contract performance guarantee | | Total | 486,999,697.39 | | [Analysis of Investment Status](index=13&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) During the reporting period, the company had no securities, major equity, or non-equity investments, but engaged in hedging derivative investments to mitigate commodity price volatility, generating CNY 2.55 million in investment income - The company had no securities investments, significant equity investments, or significant non-equity investments during the reporting period[47](index=47&type=chunk) Derivative Investments for Hedging Purposes | Derivative Investment Type | Initial Investment Amount (CNY 10,000) | Beginning Balance (CNY 10,000) | Fair Value Change Gains/Losses for the Period (CNY 10,000) | Amount Purchased During the Period (CNY 10,000) | Amount Sold During the Period (CNY 10,000) | Ending Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Futures contracts for aluminum, rebar, etc. | 0.00 | 0.00 | -15.86 | 2,062.87 | 2,047.01 | 0.00 | | Total | 0.00 | 0.00 | -15.86 | 2,062.87 | 2,047.01 | 0.00 | - During the reporting period, the company's hedging activities generated **CNY 2.55 million** in investment income and **CNY -0.16 million** in fair value change losses, aimed at mitigating adverse impacts from significant fluctuations in inventory and commodity prices and controlling operational risks[49](index=49&type=chunk) - The company had no derivative investments for speculative purposes and no use of raised funds during the reporting period[50](index=50&type=chunk)[51](index=51&type=chunk) [Significant Asset and Equity Sales](index=15&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) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell any significant assets during the reporting period[52](index=52&type=chunk) - The company did not sell any significant equity during the reporting period[53](index=53&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&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) The company's major subsidiaries include Jiaxing Songlv Cultural Tourism Development Co., Ltd., Shangri-La Renhua Real Estate Co., Ltd., and Shengda (Guangzhou) Industrial Co., Ltd., with varying net profit performances Operating Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (CNY 10,000) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Songlv Cultural Tourism Development Co., Ltd. | Subsidiary | Tourism Business | 8,000 | 369,871,160.56 | 87,592,584.06 | 5,524,598.26 | 3,177,553.66 | 3,177,553.66 | | Shangri-La Renhua Real Estate Co., Ltd. | Subsidiary | Cultural tourism development; tourism project investment; property management services; ethnic tourism and comprehensive development of tourism resources, etc. | 5,000 | 389,084,027.56 | -214,100,174.96 | 1,587,155.97 | -8,147,870.38 | -11,291,768.97 | | Shengda (Guangzhou) Industrial Co., Ltd. | Subsidiary | Wholesale of petroleum products; fuel oil sales (excluding refined oil); wholesale of building materials and decorative materials; wholesale of steel; wholesale of coal and products; retail of steel; supply chain management | 30,000 | 415,210,321.03 | 302,902,950.21 | 364,327,301.11 | -6,515,805.48 | -6,498,163.27 | - The company did not acquire or dispose of any subsidiaries during the reporting period[54](index=54&type=chunk) [Information on Structured Entities Controlled by the Company](index=15&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) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[55](index=55&type=chunk) [Risks Faced by the Company and Countermeasures](index=15&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 faces risks from force majeure, economic cycles, commodity price fluctuations, and market competition, and plans to implement emergency mechanisms, market research, and strategic development to mitigate these challenges - The company faces force majeure risks such as natural disasters and plans to establish robust emergency and prevention mechanisms and formulate countermeasures[55](index=55&type=chunk) - Domestic macroeconomic conditions and economic cycle fluctuations may impact consumer demand and the company's operating performance[56](index=56&type=chunk) - Fluctuations in commodity prices and changes in supply-demand relationships significantly impact the company's profitability, prompting the company to conduct market research, track market trends, and formulate marketing strategies[56](index=56&type=chunk) - The company operates in a highly competitive market and will strengthen market environment research, leverage its strengths, enhance upstream and downstream channel development, and boost core competitiveness[56](index=56&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=16&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) During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company did not formulate a market value management system during the reporting period[57](index=57&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[57](index=57&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=16&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) During the reporting period, the company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[57](index=57&type=chunk) [Corporate Governance, Environment, and Society](index=17&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's governance structure, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=17&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) During the reporting period, there were no changes in the company's directors, supervisors, or senior management - The company's directors, supervisors, and senior management experienced no changes during the reporting period[59](index=59&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=17&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 plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[60](index=60&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&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) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor their implementation, during the reporting period[61](index=61&type=chunk) [Environmental Information Disclosure](index=17&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[62](index=62&type=chunk) [Social Responsibility](index=17&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 integrates corporate social responsibility into its development strategy, actively protecting stakeholder interests, improving governance, ensuring information transparency, safeguarding employee rights, and prioritizing environmental protection in cultural tourism development - The company integrates corporate social responsibility into its development strategy, actively fulfilling social responsibilities and safeguarding the legitimate rights and interests of stakeholders including shareholders, employees, and consumers[62](index=62&type=chunk) - The company continuously improves its corporate governance structure, strictly fulfills information disclosure obligations, and ensures the fairness, truthfulness, accuracy, timeliness, and completeness of information disclosure[62](index=62&type=chunk) - The company legally protects employees' legitimate rights and interests, establishes comprehensive employee training and promotion mechanisms, and actively conducts vocational education and training[62](index=62&type=chunk) - The company places high importance on environmental protection in the development and construction of its cultural tourism towns, actively participates in ecosystem protection, and implements measures to reduce energy consumption and pollution[62](index=62&type=chunk) [Significant Matters](index=18&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers important events and disclosures, including commitments, related party transactions, litigation, and the integrity status of the company and its controlling shareholders [Commitments Fulfilled or Overdue by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=18&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%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) During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue - The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue during or as of the end of the reporting period[64](index=64&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=18&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) During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company - The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[65](index=65&type=chunk) [Irregular External Guarantees](index=18&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) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[66](index=66&type=chunk) [Appointment and Dismissal of Accounting Firms](index=18&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[67](index=67&type=chunk) [Board of Directors' and Supervisory Board's Explanation on the "Non-Standard Audit Report" for the Current Reporting Period](index=18&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%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm - The company did not receive a "non-standard audit report" from its accounting firm during the reporting period[68](index=68&type=chunk) [Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year](index=18&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%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, there was no explanation from the Board of Directors regarding a "non-standard audit report" for the previous year - The company provided no explanation regarding a "non-standard audit report" for the previous year during the reporting period[68](index=68&type=chunk) [Bankruptcy Reorganization Matters](index=18&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) During the reporting period, the company did not experience any bankruptcy reorganization matters - The company did not experience any bankruptcy reorganization matters during the reporting period[68](index=68&type=chunk) [Litigation Matters](index=18&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company was involved in a significant contract dispute with CITIC Financial Asset Management, totaling CNY 491.65 million, which has been settled, alongside other ongoing litigations amounting to CNY 101.25 million not expected to materially impact performance Significant Litigation and Arbitration Matters | Basic Information on Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Plaintiff China Huarong Asset Management Co., Ltd. Guangdong Branch (now renamed China CITIC Financial Asset Management Co., Ltd. Guangdong Branch) vs. Defendants Shangri-La Renhua Real Estate Co., Ltd., Xi'an Tiannan Cultural Tourism Development Co., Ltd., Jiaxing Songlv Cultural Tourism Development Co., Ltd., Jiashan Kanghui Chuangshi Tourism Development Co., Ltd., Xuesong Development Co., Ltd., Xuesong Industrial Group Co., Ltd., Zhang Jin contract dispute case | 49,164.66 | No | The company has received the "Civil Judgment" [(2022) Yue 01 Min Chu No. 679] from the Guangzhou Intermediate People's Court of Guangdong Province, and the first-instance judgment has now become effective | Renhua Real Estate, Xi'an Tiannan, Jiaxing Songlv, and Xuesong Industrial shall repay the restructured debt of CNY 446.30 million, along with restructuring grace period compensation and liquidated damages, to CITIC Financial Asset Management within ten days from the effective date of this judgment | Currently, all parties have reached a settlement and signed a "Settlement Agreement." The company will closely monitor the progress of this matter and fulfill its disclosure obligations in a timely manner in accordance with relevant regulations | - The company is involved in other litigation matters, including contract disputes, labor disputes, and securities disputes, with a total amount involved of **CNY 101.25 million**, currently in various stages (trial/mediation/appeal/suspension/awaiting judgment), and are not expected to have a significant adverse impact on the company's performance[70](index=70&type=chunk) [Penalties and Rectification](index=19&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) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[71](index=71&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=19&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) As of the end of the reporting period, the controlling shareholder, Xuesong Wentu, and its concerted party, Guangzhou Junkai, collectively held 69.40% of the company's shares, with 68.50% of these shares pledged and judicially frozen - The company's controlling shareholder, Xuesong Cultural Tourism Investment, and its concerted party, Guangzhou Junkai, collectively hold **377,572,946 shares**, representing **69.40%** of the company's total share capital[72](index=72&type=chunk) - Of these, the total number of pledged shares is **372,662,016 shares**, accounting for **68.50%** of the company's total share capital; the total number of judicially frozen shares is **372,662,016 shares**, also accounting for **68.50%** of the company's total share capital[72](index=72&type=chunk) [Significant Related Party Transactions](index=19&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) During the reporting period, the company engaged in routine related party transactions, primarily receiving guarantees, and its controlling shareholder continued to provide interest-free financial assistance, with a balance of CNY 0.31 million Related Party Transactions Related to Ordinary Operations | Related Party | Related Party Relationship | Related Party Transaction Type | Related Party Transaction Content | Pricing Principles for Related Party Transactions | Related Party Transaction Price | Related Party Transaction Amount (CNY 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xuesong Industrial Group Co., Ltd. and its controlled subsidiaries, Mr. Zhang Jin | Under the control of the same actual controller | Acceptance of guarantees provided by related parties | Acceptance of guarantee | Based on market price | Based on market price | 0.00 | 0.00% | 35,000.00 | No | - The company had no related party transactions involving asset or equity acquisitions/disposals, nor joint external investments, during the reporting period[75](index=75&type=chunk)[76](index=76&type=chunk) - The company had no non-operating related party receivables or payables, nor any deposit, loan, credit, or other financial business dealings with related finance companies or finance companies controlled by the company during the reporting period[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - The company's controlling shareholder, Guangzhou Xuesong Cultural Tourism Investment Co., Ltd., continues to provide interest-free financial assistance to the company, with the total limit increased from **CNY 500 million** to **CNY 1 billion**, for a period of thirty-six months (from May 1, 2022, to April 30, 2025)[80](index=80&type=chunk)[81](index=81&type=chunk) - As of June 30, 2025, the balance of financial assistance received by the company from its controlling shareholder was **CNY 0.31 million**[81](index=81&type=chunk) [Significant Contracts and Their Performance](index=21&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) During the reporting period, the company sold commercial properties for CNY 15.85 million, leased seven commercial properties generating CNY 1.14 million in revenue, and had significant guarantees for subsidiaries totaling CNY 324.44 million, representing 27.00% of net assets - The company had no entrustment or contracting arrangements during the reporting period[82](index=82&type=chunk)[83](index=83&type=chunk) - During the reporting period, the company sold its commercial properties in Hefei and Rongcheng at market prices, with a total transaction amount of **CNY 15.85 million**, having received all proceeds and completed transfer procedures[84](index=84&type=chunk) - During the reporting period, the company leased out **7** acquired commercial properties, recognizing a total revenue of **CNY 1.14 million**[84](index=84&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party Name | Announcement Date of Guarantee Limit | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Collateral (if any) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Renhua Real Estate, Jiaxing Songlv | November 12, 2019 | 30,444.22 | Joint and several liability guarantee | Pledge guarantee provided by relevant real estate and other assets under the name of the company and its controlled subsidiaries | 3 years | No | No | | Shengda (Guangzhou) Industrial & Trade Co., Ltd. | April 29, 2023 | 2,000.00 | Mortgage | Rooms 102, 202 in Building 2 of Binzhou Hotel, No. 556 Huanghe Third Road, Binzhou City, and Rooms 117, 118, 119, 120, 121 from the north of Building 1, Fulang Commercial City, No. 29 Jingxuan East Road, Qufu City | From May 15, 2024 to December 31, 2026 | No | No | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **CNY 1.32 billion**, with the actual guarantee balance for subsidiaries totaling **CNY 324.44 million**, representing **27.00%** of the company's net assets[87](index=87&type=chunk) - The company had no entrusted wealth management or other significant contracts during the reporting period[88](index=88&type=chunk)[89](index=89&type=chunk) [Explanation of Other Significant Matters](index=23&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) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[90](index=90&type=chunk) [Significant Matters of Company Subsidiaries](index=23&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) During the reporting period, the company had no significant matters concerning its subsidiaries - The company had no significant matters concerning its subsidiaries during the reporting period[91](index=91&type=chunk) [Share Changes and Shareholder Information](index=24&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital, shareholder structure, and holdings of directors, supervisors, and senior management [Share Capital Changes](index=24&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) During the reporting period, the company's total share capital and equity structure remained unchanged, with 544 million unrestricted shares representing 100% of the total share capital Share Capital Changes | | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in Change (+,-) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | | | 0 | | | | II. Unrestricted Shares | 544,000,000.00 | 100.00% | 0 | 544,000,000.00 | 100.00% | | 1. RMB Ordinary Shares | 544,000,000.00 | 100.00% | 0 | 544,000,000.00 | 100.00% | | III. Total Shares | 544,000,000.00 | 100.00% | 0 | 544,000,000.00 | 100.00% | - During the reporting period, the company's total share capital remained unchanged, with no progress on share repurchases or reductions of repurchased shares through centralized bidding[94](index=94&type=chunk) - The company had no changes in restricted shares during the reporting period[95](index=95&type=chunk) [Securities Issuance and Listing](index=25&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) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[95](index=95&type=chunk) [Number of Shareholders and Shareholding Information](index=25&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) As of the end of the reporting period, the company had 6,733 common shareholders, with controlling shareholder Guangzhou Xuesong Cultural Tourism Investment Co., Ltd. holding 63.62% of shares, all pledged and frozen - As of the end of the reporting period, the total number of common shareholders was **6,733**[96](index=96&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Xuesong Cultural Tourism Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 63.62% | 346,103,845.00 | 346,103,845.00 | Pledged | 346,103,845.00 | | | | | | | Frozen | 346,103,845.00 | | Guangzhou Junkai Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.78% | 31,469,101.00 | 31,469,101.00 | Pledged | 26,558,171.00 | | | | | | | Frozen | 26,558,171.00 | | Meng Xue | Domestic Natural Person | 2.95% | 16,048,836.00 | 16,048,836.00 | N/A | 0.00 | | Liu Ping | Domestic Natural Person | 2.01% | 10,954,758.00 | 10,954,758.00 | N/A | 0.00 | | Xiong Chengying | Domestic Natural Person | 1.04% | 5,646,127.00 | 5,646,127.00 | N/A | 0.00 | - Guangzhou Xuesong Cultural Tourism Investment Co., Ltd. and Guangzhou Junkai Investment Co., Ltd. are enterprises controlled by the same actual controller. Mr. Meng Xue and Ms. Liu Ping are married, and Mr. Meng Xue is the son of Ms. Xiong Chengying[96](index=96&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=26&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) Company directors, supervisors, and senior management's shareholdings remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[98](index=98&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=26&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) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[99](index=99&type=chunk) - The company's actual controller did not change during the reporting period[99](index=99&type=chunk) [Preferred Share Information](index=26&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) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[100](index=100&type=chunk) [Bond-Related Information](index=27&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides information regarding the company's bond-related activities [Bond-Related Information](index=27&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[102](index=102&type=chunk) [Financial Report](index=28&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements [Audit Report](index=28&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[104](index=104&type=chunk) [Financial Statements](index=28&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for the first half of 2025 Consolidated Balance Sheet (Period-End) | Item | Period-End Balance (CNY) | | :--- | :--- | | Total Assets | 1,791,684,269.45 | | Total Liabilities | 590,443,903.88 | | Total Owners' Equity | 1,201,240,365.57 | Consolidated Income Statement (Current Period) | Item | Current Period Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 385,917,307.56 | | Total Operating Cost | 443,870,898.86 | | Total Profit | -21,803,798.36 | | Net Profit | -21,815,430.34 | | Net Profit Attributable to Parent Company Shareholders | -21,744,087.24 | Consolidated Cash Flow Statement (Current Period) | Item | Current Period Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -62,234,902.05 | | Net Cash Flow from Investing Activities | 6,977,291.28 | | Net Cash Flow from Financing Activities | 30,946,313.20 | | Net Increase in Cash and Cash Equivalents | -24,311,297.57 | [Company Basic Information](index=44&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) Xuesong Development Co., Ltd., established on December 17, 2003, with a current share capital of CNY 544 million, is primarily engaged in public facility management, supply chain, IT services, tourism development, and apparel manufacturing - Xuesong Development Co., Ltd. was established on **December 17, 2003**, originally named Xinuoer Menswear Co., Ltd[140](index=140&type=chunk) - The company's share capital has undergone multiple capitalizations and currently stands at **CNY 544 million**[141](index=141&type=chunk) - The company's registered address is No. 7877 Shunwang Avenue, Shunwang Street, Zhucheng City, Shandong Province, and its office address is Xuesong Center, No. 2511 Kaichuang Avenue, Huangpu District, Guangzhou City, Guangdong Province[141](index=141&type=chunk) - The company operates in the public facility management industry, with main business activities including supply chain management services, computer system services, tourism development project planning and consulting, literary and artistic creation, apparel manufacturing, apparel wholesale and retail, fabric textile processing, and housing leasing[142](index=142&type=chunk) - These financial statements and notes were approved for issuance by the company's Board of Directors on **August 28, 2025**[143](index=143&type=chunk) [Basis of Financial Statement Preparation](index=44&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 company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant CSRC

Market Overview - On August 19, the logistics sector experienced a slight decline of 0.06% compared to the previous trading day, with Jiacheng International leading the drop [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Notable gainers in the logistics sector included: - Pulutong (002769) with a closing price of 9.02, up 3.92% on a trading volume of 298,600 shares and a turnover of 267 million yuan - Chuanhua Zhili (002010) at 6.33, up 2.43% with a volume of 911,300 shares and a turnover of 577 million yuan - Hongchuan Wisdom (002930) at 12.45, up 2.38% with a volume of 128,100 shares and a turnover of 159 million yuan [1] - Conversely, Jiacheng International (603535) saw a significant decline of 4.00%, closing at 12.23 with a trading volume of 260,300 shares and a turnover of 318 million yuan [2] Capital Flow - The logistics sector experienced a net outflow of 192 million yuan from institutional investors and 139 million yuan from retail investors, while individual investors saw a net inflow of 331 million yuan [2] - Key stocks with notable capital flows included: - Shunfeng Holdings (002352) with a net inflow of 14.7 million yuan from institutional investors, but a net outflow of 82.7 million yuan from retail investors [3] - Pulutong (002769) had a net inflow of 17.5 million yuan from institutional investors, while retail investors saw a net outflow of 20.4 million yuan [3]

Market Overview - The Shanghai Composite Index closed at 3686.34 points, with a gain of 0.56% [1] - The total trading volume of A-shares reached 1,328.277 billion yuan [1] Stocks with Death Cross - A total of 52 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - *ST Gao Hong: 5-day MA at 2.09 yuan, 10-day MA at 2.13 yuan, difference of -1.93% [1] - Bu Ke Co.: 5-day MA at 94.86 yuan, 10-day MA at 95.89 yuan, difference of -1.08% [1] - Rong Tai Co.: 5-day MA at 32.17 yuan, 10-day MA at 32.47 yuan, difference of -0.92% [1] Additional Stock Performance - Other stocks showing a death cross include: - He Chuan Technology: 5-day MA at 47.55 yuan, 10-day MA at 47.92 yuan, difference of -0.78% [1] - Xin Xun Da: 5-day MA at 13.82 yuan, 10-day MA at 13.92 yuan, difference of -0.70% [1] - Stocks with minor changes in their moving averages include: - ST Xue Fa: 5-day MA at 3.87 yuan, 10-day MA at 3.89 yuan, difference of -0.51% [1] - Huang Ting International: 5-day MA at 2.92 yuan, 10-day MA at 2.94 yuan, difference of -0.44% [1]