每经头条（nbdtoutiao）——一纸文件征求意见，药店老板们睡不着觉了 （记者 王晓波） 每经AI快讯，中化岩土（SZ 002542，收盘价：3.9元）8月19日晚间发布公告称，公司第五届第十九次 董事会会议于2025年8月19日在四川省成都市武侯区天长路111号永安公服5层会议室以现场与通讯同时 进行的方式召开。会议审议了《2025年半年度报告》等文件。 2025年1至6月份，中化岩土的营业收入构成为：地基处理占比44.83%，市政工程占比29.98%，机场工 程占比18.72%，其他占比5.62%，设备租赁及销售占比0.85%。 截至发稿，中化岩土市值为70亿元。 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Item%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The company's Board of Directors, Supervisory Board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and assume legal responsibility. During the reporting period, the company plans no profit distribution or capital reserve capitalization - The company's management guarantees the truthfulness, accuracy, and completeness of the report content and assumes corresponding legal responsibilities[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve capitalization for the 2025 semi-annual period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report covers nine main chapters including company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports [Definitions](index=5&type=section&id=Definitions) This section defines and explains key company abbreviations, related parties, and professional terms (e.g., dynamic compaction, shield machine, general aviation) used in the report, providing a basis for understanding the content - The reporting period is defined as January 1, 2025, to June 30, 2025[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=7&type=section&id=I.%20Company%20Profile) China Chemical Geotechnical Engineering Group Co., Ltd. (stock code: 002542) is a company listed on the Shenzhen Stock Exchange, with Liu Mingjun as its legal representative | Item | Information | | :--- | :--- | | Stock Abbreviation | China Chemical Geotechnical | | Stock Code | 002542 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Liu Mingjun | [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue significantly decreased by 49.50% year-over-year, but the net loss attributable to shareholders narrowed by 39.00%. However, net cash flow from operating activities deteriorated, decreasing by 112.32% year-over-year. Both total assets and net assets declined compared to the beginning of the period | Key Financial Indicators | Current Reporting Period | Prior Year Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 364,295,134.89 | 721,369,280.72 | -49.50% | | Net Profit Attributable to Shareholders (RMB) | -158,052,052.25 | -259,084,743.82 | 39.00% | | Net Cash Flow from Operating Activities (RMB) | -115,263,518.11 | -54,287,414.21 | -112.32% | | Basic Earnings Per Share (RMB/share) | -0.09 | -0.14 | 35.71% | | Weighted Average Return on Net Assets | -20.31% | -12.42% | -7.89% | | **Asset and Liability Indicators** | **End of Current Reporting Period** | **End of Prior Year** | **Year-over-Year Change** | | Total Assets (RMB) | 5,415,343,615.80 | 6,052,419,483.34 | -10.53% | | Net Assets Attributable to Shareholders (RMB) | 667,487,705.04 | 817,361,197.72 | -18.34% | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to -RMB 1.23 million, primarily consisting of non-operating income and expenses, disposal gains/losses on non-current assets, and government grants | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 2,247,938.32 | | Government Grants Included in Current Period P&L | 297,521.98 | | Other Non-Operating Income and Expenses | -3,373,801.72 | | **Total** | **-1,233,844.91** | [Management Discussion and Analysis](index=10&type=section&id=Item%20III%20Management%20Discussion%20and%20Analysis) [Principal Businesses](index=10&type=section&id=I.%20Principal%20Businesses%20During%20the%20Reporting%20Period) The company's principal businesses are divided into three segments: engineering services, low-altitude economy/general aviation, and cultural tourism. Engineering services are the core business, covering geotechnical, municipal, and airport sectors. The low-altitude economy/general aviation business is rapidly developing, supported by national policies, encompassing the full lifecycle of airport investment, construction, and operation. Cultural tourism serves as a supplementary segment [Engineering Services Business](index=10&type=section&id=1.%20Engineering%20Services%20Business) Engineering services are the company's traditional core business, covering the entire industry chain including geotechnical, municipal, airport, and underground engineering. Despite market expectations, the company is steadily advancing multiple large-scale projects in Wenzhou, Nanning, Xishuangbanna, and has signed a contract for the Urumqi Airport expansion project, demonstrating its continuous operational capability in this sector - The company's engineering services business benefits from national strategies such as the "14th Five-Year Plan", urban renewal initiatives, and the "Belt and Road" initiative, with continued market expectations in municipal, airport, and railway sectors[27](index=27&type=chunk) - During the reporting period, several key engineering projects undertaken by the company, including Wenzhou municipal infrastructure, Nanning Wuxu Airport T3 terminal area, and Urumqi Airport expansion, progressed steadily[28](index=28&type=chunk) [Low-Altitude Economy/General Aviation Business](index=10&type=section&id=2.%20Low-Altitude%20Economy%2FGeneral%20Aviation%20Business) Driven by the policy tailwind of "low-altitude economy" being included in the government work report for two consecutive years, the company's general aviation business is developing rapidly. The company not only operates and manages multiple airports such as Anji Tianzihu and Shaoxing Jianhu but also actively expands its drone business and collaborates with local governments (e.g., Linxia Prefecture, Gansu) to build low-altitude data platforms, exploring "drone+" applications for public welfare, showcasing its strategic layout and development potential in this emerging field - The "low-altitude economy" has been included in the government work report for two consecutive years, with policies driving the formation of a **trillion-RMB market**, bringing development opportunities for the company's general aviation business[29](index=29&type=chunk) - The Anji Tianzihu General Airport operated by the company has led Zhejiang Province in flight data for **five consecutive years**, expanding into various low-altitude economy application scenarios such as private pilot training, aerial tours, and skydiving[29](index=29&type=chunk)[30](index=30&type=chunk) - The company's wholly-owned subsidiary, Zhejiang Zhongqing, obtained a drone operating certificate and plans to conduct drone training, inspection, and agricultural/forestry plant protection services, accelerating its entry into the low-altitude economy sector[31](index=31&type=chunk) [Cultural Tourism Business](index=11&type=section&id=3.%20Cultural%20Tourism%20Business) The company's cultural tourism business is centered on the cultural industry, covering the planning, design, investment, and development of cultural tourism towns and theme parks, aiming to achieve an organic integration of culture and tourism [Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies are primarily reflected in technological innovation, project management, and performance reputation. The company holds multiple independent intellectual property patents, leading in technologies such as dynamic compaction and shield machines; it has established a comprehensive project management system, achieving localized operations; and has accumulated extensive experience and a strong market reputation in engineering and general aviation - The company possesses strong technological innovation capabilities, holding **109 valid invention patents** and **241 utility model patents** as of the end of the reporting period, maintaining a domestic leading position in technologies such as dynamic compaction machines and shield machines[33](index=33&type=chunk) - The company has an innovative business operating model covering the entire industry chain of general airport construction and operation, making it one of the few domestic enterprises engaged in the full lifecycle management of general airports[33](index=33&type=chunk) [Analysis of Principal Business](index=12&type=section&id=III.%20Analysis%20of%20Principal%20Business) During the reporting period, the company's principal business faced challenges, with operating revenue decreasing by 49.50% year-over-year, primarily due to fewer new contracts. Net cash flow from operating activities showed a significant outflow, decreasing by 112.32% year-over-year, mainly due to reduced collection of engineering payments. By business segment, revenue from the three main businesses—ground treatment, airport engineering, and municipal engineering—all declined by over 45%, with municipal engineering's gross margin at -8.00%, indicating significant operational pressure | Key Financial Data | Current Reporting Period | Prior Year Period | Year-over-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | RMB 364 million | RMB 721 million | -49.50% | Decrease in new contracts | | Operating Cost | RMB 348 million | RMB 662 million | -47.43% | Decrease in revenue, corresponding decrease in cost | | Net Cash Flow from Operating Activities | -RMB 115 million | -RMB 54 million | -112.32% | Reduced collection of engineering payments | | Operating Revenue by Industry Segment | Operating Revenue (RMB) | Proportion of Total Revenue | Year-over-Year Change | Gross Margin | Gross Margin Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ground Treatment | 163,325,658.56 | 44.83% | -46.15% | 9.21% | -2.69% | | Airport Engineering | 68,213,551.21 | 18.72% | -48.90% | 8.92% | -0.54% | | Municipal Engineering | 109,201,621.73 | 29.98% | -58.45% | -8.00% | -9.83% | - By region, all areas except North China experienced a decline in revenue, with North China's revenue growing by **92.62%** year-over-year, while Northeast and overseas regions saw revenue declines exceeding **96%**[41](index=41&type=chunk) [Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were RMB 5.42 billion, a 10.53% decrease from the end of the prior year. Among major asset items, monetary funds decreased due to reduced collection of engineering payments and repayment of interest-bearing liabilities, with their proportion of total assets falling from 7.55% to 4.85%. Accounts receivable and contract assets remain the company's most significant assets, collectively accounting for 52.69% of total assets. There were no significant structural changes in liabilities | Major Asset Items | Period-end Amount (RMB) | Proportion of Total Assets | Explanation of Change from Prior Year-end | | :--- | :--- | :--- | :--- | | Monetary Funds | 262,770,637.97 | 4.85% | Less engineering payments collected, and some interest-bearing liabilities repaid | | Accounts Receivable | 1,693,374,425.92 | 31.27% | No significant change | | Contract Assets | 1,160,063,088.69 | 21.42% | No significant change | [Analysis of Major Holding and Participating Companies](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company's major subsidiaries were all in a loss-making state. Beijing Changdao, Shanghai Qiangjin, and Shanghai Yuanfang, three core subsidiaries, reported net losses of -RMB 38.97 million, -RMB 34.02 million, and -RMB 24.33 million respectively, dragging down the company's overall performance. Notably, Shanghai Qiangjin and Shanghai Yuanfang's net assets are negative, indicating severe financial conditions | Major Subsidiaries | Operating Revenue (RMB) | Net Profit (RMB) | Net Assets (RMB) | | :--- | :--- | :--- | :--- | | Beijing Changdao | 174,142,161.40 | -38,967,028.28 | 392,731,002.70 | | Shanghai Qiangjin | 47,475,330.09 | -34,023,150.26 | -522,581,116.90 | | Shanghai Yuanfang | 65,462,470.54 | -24,328,424.97 | -2,961,412.54 | [Risks and Countermeasures](index=16&type=section&id=X.%20Risks%20and%20Countermeasures%20Faced%20by%20the%20Company) The company faces multiple risks, including macroeconomic policy changes, intensified competition in engineering services, the nascent stage of general aviation business, financial liquidity pressure, and management and human resource risks. In response, the company plans to actively address these by optimizing market layout, strengthening R&D, broadening financing channels, enhancing internal management, and talent development - The company's main risks include: - **Macroeconomic Policy Risk**: Business is closely related to national macroeconomic and infrastructure policies - **Business Risk**: Intense competition in the engineering services market, declining gross margins; general aviation business is in its nascent stage, with incomplete regulations and infrastructure - **Financial Risk**: Infrastructure business has long settlement cycles and high capital requirements; delayed client payments will lead to liquidity pressure - **Management and Human Resources Risk**: Declining operating performance poses risks to the adaptability of the management system and potential talent loss[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) [Corporate Governance, Environment, and Society](index=18&type=section&id=Item%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Senior Management](index=18&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management, involving key positions such as Chairman of the Supervisory Board, director, deputy general manager, financial controller, and board secretary, due to reasons including job transfers and retirement - The company's senior management team experienced frequent changes during the reporting period, including multiple positions such as Chairman of the Supervisory Board, director, deputy general manager and financial controller, and board secretary seeing departures or appointments[63](index=63&type=chunk) [Social Responsibility](index=18&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities, investing in social, technological innovation, and economic-cultural aspects. Socially, the company contributes through Party building leadership, supporting business incubators, and conducting geological science popularization activities. In technological innovation, the company continuously conducts R&D, achieving breakthroughs particularly in energy conservation, emission reduction, and green construction technologies. Economically and culturally, the company adheres to a "people-oriented" approach, safeguarding employee rights, and improving talent development and incentive mechanisms - The company's subsidiary, Quantai Technology Business Incubator, was recognized as a "Beijing Entrepreneurship Incubation Demonstration Base" in 2024, continuously supporting the development of small and medium-sized enterprises[67](index=67&type=chunk) - During the reporting period, the company achieved significant breakthroughs in green construction technology R&D, possessing national-level construction methods such as high-energy dynamic compaction, and participated in compiling multiple industry technical standards[69](index=69&type=chunk)[70](index=70&type=chunk) - The company adheres to a "people-oriented" approach, ensuring employee occupational health and safety, with labor unions regularly implementing employee care programs, and continuously recruiting outstanding talent to build a win-win relationship between labor and management[70](index=70&type=chunk)[71](index=71&type=chunk) [Significant Events](index=21&type=section&id=Item%20V%20Significant%20Events) [Litigation Matters](index=21&type=section&id=VIII.%20Litigation%20Matters) The company faces significant litigation and arbitration matters, primarily a construction engineering contract dispute between its wholly-owned grandchild company, Qiangjin International, and Hong Kong Hengtong Co., Ltd. This case is being heard at the Hong Kong International Arbitration Centre, involving a total amount equivalent to approximately RMB 1.16 billion. The case is not yet concluded, and its impact on the company's profit cannot be determined. Additionally, the company is involved in multiple other lawsuits, totaling approximately RMB 518 million - The company's wholly-owned grandchild company, Qiangjin International, is involved in a significant arbitration case with Hong Kong Hengtong Co., Ltd., with a total amount (claims and counterclaims combined) of **HKD 1.274 billion** (approximately **RMB 1.162 billion**). The case is still ongoing, and its impact on the company's profit is uncertain[79](index=79&type=chunk) - In addition to the aforementioned major arbitration, the company also disclosed multiple other litigation and arbitration matters, with a cumulative amount involved of approximately **RMB 518 million**[80](index=80&type=chunk) [Significant Related Party Transactions](index=22&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily operational related-party transactions with its controlling shareholder, Chengdu Xingcheng Group, and its subsidiaries, totaling RMB 23.69 million, which did not exceed the annual estimated limit of RMB 345 million. Transactions primarily involved purchasing materials from and providing engineering services to related parties, with pricing based on market rates or public bidding | Related Party | Related Party Transaction Type | Transaction Content | Current Period Transaction Amount (RMB 10,000) | Approved Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Chengdu Xingcheng Hongye Trading Co., Ltd. | Purchase of Goods | Material Procurement | 190.74 | 3,000.00 | | Chengdu Xingcheng Group and its Subsidiaries | Purchase of Goods | Material Procurement | 0.98 | 400.00 | | Chengdu Xingcheng Investment Group Co., Ltd. | Provision of Services | Engineering Construction | 2,177.75 | 31,100.00 | | **Total** | | | **2,369.47** | **34,500.00** | [Significant Contracts and Guarantees](index=24&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company provided guarantees totaling RMB 76.56 million to its subsidiary Beijing Changdao, accounting for 11.47% of the company's net assets. The guaranteed entity's asset-liability ratio exceeds 70% - As of the end of the reporting period, the company's actual guarantee balance for subsidiaries was **RMB 76.56 million**, accounting for **11.47% of the company's net assets**[91](index=91&type=chunk) - The company provided debt guarantees totaling **RMB 76.56 million** for a guaranteed entity (subsidiary Beijing Changdao) with an asset-liability ratio exceeding **70%**[90](index=90&type=chunk)[91](index=91&type=chunk) [Other Significant Matters](index=25&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had several significant matters, including the issuance and management of medium-term notes, borrowing from the controlling shareholder, a subsidiary winning a major project bid, a director receiving a regulatory warning letter, a wholly-owned subsidiary being listed as a dishonest judgment debtor, and the provision of large asset impairment allowances for 2024, reflecting the company's situation in financing, business expansion, internal governance, and asset quality - The company manages three tranches of medium-term notes, with a total balance of **RMB 1.79 billion**[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - The company's wholly-owned subsidiary, Beijing Changdao, won the bid for a related project in the Urumqi Airport expansion and has signed the construction contract[96](index=96&type=chunk) - Company director Wang Hao received a warning letter from the Beijing Securities Regulatory Bureau due to his mother's short-swing trading activities[97](index=97&type=chunk) - The company's wholly-owned subsidiary, Shanghai Yuanfang, was listed as a dishonest judgment debtor by the court[99](index=99&type=chunk) - The company conducted impairment tests on assets at the end of 2024 and plans to accrue total impairment provisions of **RMB 778 million** for various assets[100](index=100&type=chunk) [Share Changes and Shareholder Information](index=29&type=section&id=Item%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Share Change Status](index=29&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital of 1,806,116,738 shares remained unchanged. The share structure changed primarily due to the conversion of restricted shares held by senior management into unrestricted shares as per regulations, resulting in a decrease of approximately 210 million restricted shares and a corresponding increase in unrestricted shares - During the reporting period, the company's total share capital remained unchanged, but due to the annual unlocking of restricted shares held by senior management, restricted shares decreased by **209,781,947 shares**, with a corresponding increase in unrestricted shares[104](index=104&type=chunk) [Number of Shareholders and Shareholding Status](index=31&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had a total of 153,810 common shareholders. The controlling shareholder, Chengdu Xingcheng Investment Group Co., Ltd., held 29.27% of shares, with approximately 42.8% of its holdings pledged. Among the top ten shareholders, most were individual shareholders, excluding the controlling shareholder | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | Pledge/Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Chengdu Xingcheng Investment Group Co., Ltd. | State-owned Legal Entity | 29.27% | 528,632,766 | Pledged 226,556,889 | | Wu Yanwei | Domestic Natural Person | 11.22% | 202,585,307 | N/A | | Liu Zhongchi | Domestic Natural Person | 1.83% | 33,071,191 | Pledged 33,071,191 | | Song Weimin | Domestic Natural Person | 1.50% | 27,052,982 | Frozen 27,052,982 | - As of the end of the reporting period, the company had a total of **153,810 shareholders**[110](index=110&type=chunk) [Bond-Related Information](index=34&type=section&id=Item%20VII%20Bond-Related%20Information) [Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=III.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) As of the end of the reporting period, the company had three outstanding tranches of medium-term notes, with a total bond balance of RMB 1.79 billion. Among these, "20 China Chemical Geotechnical MTN001" has a balance of RMB 790 million, maturing in September 2025; "23 China Chemical Geotechnical MTN001" and "23 China Chemical Geotechnical MTN002" each have a balance of RMB 500 million, maturing in 2026 (with investor put options) | Bond Abbreviation | Bond Code | Maturity Date | Bond Balance (RMB 10,000) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | | 20 China Chemical Geotechnical MTN001 | 102001749 | 2025-09-07 | 79,000 | 3.50% | | 23 China Chemical Geotechnical MTN001 | 102382276 | 2026-08-28 | 50,000 | 3.70% | | 23 China Chemical Geotechnical MTN002 | 102383429 | 2026-12-25 | 50,000 | 3.50% | [Consolidated Statement Loss Exceeding 10% of Net Assets](index=35&type=section&id=V.%20Consolidated%20Statement%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20Prior%20Year-End) During the reporting period, the net profit attributable to parent company shareholders was -RMB 158 million, with the loss accounting for 19.13% of net assets at the end of the prior year, exceeding the 10% warning threshold. The loss was primarily due to reduced project scale, lower gross margins, and asset impairment provisions. The company believes the loss will not affect normal production, operations, or debt repayment capabilities - During the reporting period, net profit attributable to the parent company was **-RMB 158 million**, with the loss accounting for **19.13% of net assets** at the end of the prior year, primarily due to low business gross margins and asset impairment provisions[122](index=122&type=chunk) [Key Financial Indicators for the Past Two Years](index=35&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20Reporting%20Period-End) As of the end of the reporting period, the company's solvency indicators performed poorly. The asset-liability ratio increased to 87.52%, while both the current ratio and quick ratio decreased. In terms of profitability indicators, both the interest coverage ratio and cash interest coverage ratio were negative, indicating significant pressure on interest payments | Item | End of Current Reporting Period/Current Reporting Period | End of Prior Year/Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Asset-Liability Ratio | 87.52% | 86.35% | +1.17% | | Current Ratio | 0.92 | 0.96 | -4.17% | | Quick Ratio | 0.59 | 0.65 | -9.23% | | Interest Coverage Ratio | -4.09 | -3.88 | -5.41% | | Cash Interest Coverage Ratio | -9.61 | 0.20 | -4,905.00% | [Financial Report](index=37&type=section&id=Item%20VIII%20Financial%20Report) [Financial Statements](index=37&type=section&id=II.%20Financial%20Statements) This section provides the company's unaudited 2025 semi-annual consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows for the first half of the year - The company's semi-annual financial report is unaudited[127](index=127&type=chunk) [Consolidated Balance Sheet](index=37&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were **RMB 5.42 billion**, total liabilities **RMB 4.74 billion**, and owners' equity attributable to the parent company **RMB 667 million**. The asset-liability ratio was **87.52%** [Consolidated Income Statement](index=42&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2025, the company achieved operating revenue of **RMB 364 million**, total operating costs of **RMB 545 million**, a total profit of **-RMB 173 million**, and net profit attributable to parent company shareholders of **-RMB 158 million** [Consolidated Cash Flow Statement](index=45&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **-RMB 115 million**, net cash flow from investing activities was **RMB 19 million**, net cash flow from financing activities was **-RMB 90 million**, resulting in a net decrease in cash and cash equivalents of **RMB 186 million** [Company Overview](index=57&type=section&id=III.%20Company%20Overview) China Chemical Geotechnical Engineering Group Co., Ltd. is a comprehensive group with businesses spanning geotechnical engineering, airport runway construction, general aviation, engineering testing, and consulting. The company has grown through multiple share issuances and acquisitions, owning 15 subsidiaries including Beijing Changdao, Shanghai Qiangjin, and Zhejiang Zhongqing, as well as several grandchild companies [Significant Accounting Policies and Estimates](index=58&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the accounting standards followed by the company in preparing its financial statements, as well as specific accounting policies and key accounting estimates for financial instruments, long-term equity investments, fixed assets, revenue recognition, and leases. Notably, revenue from construction contracts is recognized based on the progress of completion (output method), and financial asset impairment uses the expected credit loss model - The company applies the expected credit loss model for financial asset impairment, classifying combinations for notes receivable, accounts receivable, contract assets, etc., based on credit risk characteristics, and calculating expected credit losses on a portfolio basis[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) - Performance obligations for construction contracts are fulfilled over time, and the company recognizes performance progress and revenue using the output method (based on the proportion of actual completed work confirmed by the supervisor or client to the total estimated workload)[254](index=254&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes and explanations for major items in the consolidated financial statements, including the composition, aging analysis, impairment provision status, and reasons for changes in items such as monetary funds, accounts receivable, contract assets, fixed assets, goodwill, borrowings, and accounts payable, offering in-depth data support for understanding the company's financial position - As of the end of the period, the company's accounts receivable book balance was **RMB 3.148 billion**, with bad debt provisions of **RMB 1.455 billion**, resulting in a book value of **RMB 1.693 billion**. Accounts receivable overdue for more than one year accounted for as high as **87.3%** of the balance[291](index=291&type=chunk)[293](index=293&type=chunk) - As of the end of the period, the company's goodwill original book value was **RMB 453 million**, with impairment provisions of **RMB 429 million**, resulting in a book value of **RMB 24.23 million**. Major impairments came from acquired subsidiaries such as Shanghai Yuanfang, Shanghai Lixing, and Beijing Theme Latitude[356](index=356&type=chunk)[358](index=358&type=chunk) - As of the end of the period, the total book value of assets with restricted ownership or use rights was **RMB 914 million**, primarily including monetary funds, fixed assets, intangible assets, subsidiary equity, and accounts receivable used for deposits, mortgages, and pledges[374](index=374&type=chunk) [Other Submitted Data](index=132&type=section&id=Item%20IX%20Other%20Submitted%20Data) [Fund Movements with Related Parties](index=133&type=section&id=III.%20Fund%20Movements%20Between%20Listed%20Company%20and%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, all fund movements between the company and its controlling shareholder, Chengdu Xingcheng Group, were operational. There were significant non-operating fund movements between the company and its subsidiaries, with large period-end balances, including an outstanding balance of **RMB 1.141 billion** with Shanghai Qiangjin Geotechnical. The company believes the fund security risk is controllable - All fund movements between the company and its controlling shareholder and other related parties were operational, with no non-operating fund appropriation[545](index=545&type=chunk) - There were significant non-operating fund movements between the company and its subsidiaries, with high period-end balances for outstanding amounts with subsidiaries such as Shanghai Qiangjin Geotechnical, Shanghai Yuanfang, and Beijing Quantai Technology[544](index=544&type=chunk)

证券日报网讯8月14日晚间，中化岩土（002542）发布公告称，公司于近日收到公司董事会秘书罗小凤 女士递交的书面辞职报告，罗小凤女士因达到法定退休年龄申请辞去公司董事会秘书职务，辞职后，罗 小凤女士不在公司及公司直接或者间接持股的公司担任任何职务。 ...

Group 1 - The revenue composition of Zhonghua Geotechnical for the year 2024 is as follows: foundation treatment accounts for 45.1%, airport engineering for 28.13%, municipal engineering for 23.56%, other services for 2.96%, and equipment leasing and sales for 0.24% [1] Group 2 - Zhonghua Geotechnical announced the resignation of its board secretary, Ms. Luo Xiaofeng, due to reaching the legal retirement age. After her resignation, she will not hold any position in the company or its directly or indirectly held companies [3]

公司对罗小凤女士在任职期间对公司发展做出的贡献表示 衷心感谢。 证券代码：002542 证券简称：中化岩土 公告编号：2025-075 中化岩土集团股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 中化岩土集团股份有限公司（以下简称"公司"）于近日收 到公司董事会秘书罗小凤女士递交的书面辞职报告，罗小凤女士 因达到法定退休年龄申请辞去公司董事会秘书职务，辞职后，罗 小凤女士不在公司及公司直接或者间接持股的公司担任任何职 务。 罗小凤女士的离任不会影响公司相关工作的正常运行，根据 《中华人民共和国公司法》 《深圳证券交易所股票上市规则》 《中 化岩土集团股份有限公司章程》等相关规定，罗小凤女士的书面 辞职报告自送达公司董事会时生效。公司将尽快按照《中华人民 共和国公司法》《中化岩土集团股份有限公司章程》等有关规定 完成董事会秘书的补选工作。 截至本公告日，罗小凤女士未持有公司股份，罗小凤女士承 诺将严格遵守法律法规关于高级管理人员离任后的相关规定。 根据《深圳证券交易所股票上市规则》等有关规定，为保证 公司董事会工作的正常进行，在董事会未正式聘任新的 ...

证券代码：002542 证券简称：中化岩土 公告编号：2025-075 中化岩土集团股份有限公司 关于公司董事会秘书退休离任的公告 衷心感谢。 根据《深圳证券交易所股票上市规则》等有关规定，为保证 公司董事会工作的正常进行，在董事会未正式聘任新的董事会秘 书期间，暂由公司董事长刘明俊先生代行董事会秘书职责，同时 公司将根据有关规定尽快确定董事会秘书人选。刘明俊先生代行 董事会秘书职责期间的联系方式如下： 电话：028-83217789 传真：028-83217789 邮箱：cge@cge.com.cn 地址：四川省成都市武侯区天长路 111 号永安公服 5 层 特此公告。 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 中化岩土集团股份有限公司（以下简称"公司"）于近日收 到公司董事会秘书罗小凤女士递交的书面辞职报告，罗小凤女士 因达到法定退休年龄申请辞去公司董事会秘书职务，辞职后，罗 小凤女士不在公司及公司直接或者间接持股的公司担任任何职 务。 罗小凤女士的离任不会影响公司相关工作的正常运行，根据 《中华人民共和国公司法》《深圳证券交易所股票上市规则》《中 ...

中化岩土8月14日公告，公司近日收到董事会秘书罗小凤的书面辞职报告，罗小凤因达到法定退休年龄 申请辞去公司董事会秘书职务，辞职后不在公司及公司直接或者间接持股的公司担任任何职务。罗小凤 的书面辞职报告自送达公司董事会时生效。公司董事长刘明俊将代行董事会秘书职责，直至公司聘任新 的董事会秘书。 ...

每经AI快讯，中化岩土8月13日晚间发布公告称，中化岩土集团股份有限公司原副总经理兼财务负责人 肖兵兵先生因工作调整辞去副总经理兼财务负责人职务。董事会同意聘任冯杰担任公司副总经理兼财务 负责人。 延伸阅读： 恒实科技:聘任郑峰为公司财务负责人 幻方量化旗下公司换新财务负责人 南卫股份公司董事、财务负责人项琴华辞职 ...

Group 1 - The stock price of Zhonghua Rock and Soil closed at 3.87 yuan on August 13, down 0.02 yuan, a decrease of 0.51% from the previous trading day [1] - The trading volume on that day was 560,631 hands, with a transaction amount of 217 million yuan [1] - Zhonghua Rock and Soil's main business includes geotechnical engineering, underground engineering, and municipal engineering, with involvement in low-altitude economy and new urbanization [1] Group 2 - On August 13, the company announced that the board approved several proposals, including a related party transaction regarding guarantees provided by the controlling shareholder, which faced opposition from one director [1] - The opposing director argued that charging a 1% guarantee fee was unreasonable given that counter-guarantee measures had already been provided [1] - The company plans to apply for a guarantee limit of no more than 2 billion yuan from the controlling shareholder, with a term of three years [1] Group 3 - On August 13, the net outflow of main funds for Zhonghua Rock and Soil was 20.94 million yuan, with a cumulative net outflow of 30.54 million yuan over the past five trading days [1]

证券代码：002542 证券简称：中化岩土 公告编号：2025-066 中化岩土集团股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确 和完整，没有虚假记载、误导性陈述或重大遗漏。 中化岩土集团股份有限公司（以下简称"公司"）董事会于 会议于 2025 了召开公司第五届董事会第十八次临时会议的通知， 年 8 月 12 日在四川省成都市武侯区天长路 111 号永安公服 5 层 会议室以现场与通讯同时进行的方式召开。会议应出席董事 8 人， 实际出席董事 8 人。会议由公司董事长刘明俊先生召集并主持， 公司监事、高级管理人员列席了会议。 本次会议的召集、召开和表决程序符合《中华人民共和国公 司法》和《中化岩土集团股份有限公司章程》的有关规定，会议 有效。本次会议审议通过如下议案： 一、关于聘任公司副总经理兼财务负责人的议案 表决结果：8 票同意、0 票弃权、0 票反对。 公司原副总经理兼财务负责人肖兵兵先生因工作调整辞去 副总经理兼财务负责人职务。公司董事会决定聘任冯杰先生为公 司副总经理兼财务负责人，任期自第五届董事会第十八次临时会 议审议通过之日起至本届董事会届满之日止。 — 1 — 《关于聘任 ...