索菲亚家居股份有限公司 董事及高级管理人员自律守则 （草案） 第一条 为了规范公司董事、高级管理人员的行为，维护公司、股东以及他 人的合法权益，提高公司的社会效益及经济效益，根据《公司法》《深圳证券交 易所股票上市规则》（以下简称"《上市规则》"）以及《索菲亚家居股份有限公司 章程》（以下简称《公司章程》），特制定本守则。 第二条 遵守法律、行政法规、部门规章和《公司章程》，忠实履行职责， 审慎处理公司事务，维护公司和股东利益，不得利用在公司的地位、职位、职权 和内幕信息为自己谋私利；不准利用职权为家属及亲友经商办企业提供各种便利 条件。 第十二条 本守则由 2025 年第一次临时股东大会修订，自修订之日起实施。 第五条 不得将公司资产以其个人名义或者他人名义开立账户存储。 第六条 未向董事会或者股东会报告、并按照《公司章程》的规定经董事会 或者股东会决议通过，不得自营或者为他人经营与其任职公司同类的业务。 第七条 除了按照《公司章程》的规定经董事会或者股东会决议通过外，不 得与公司订立交易合同或者进行交易。 第八条 不准用公款进行个人消费；不准接受可能对生产、经营产生不利后 果的宴请。 第九条 除依照法律规 ...

上市公司2025年1-6月非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 非经营性资金 占用 资金占用方名称 占用方与上 市公司的关 联关系 上市公司 核算的会 计科目 2025年期初 占用资金余 额 2025年1-6月 占用累计发 生金额 （不含利息） 2025年1-6 月占用资金 的利息 （如有） 2025年1-6 月偿还累计 发生金额 2025年6月 末占用资 金余额 占用 形 成原 因 占用性质 控股股东、实际控制 人及其附属企业 非经营性占用 小计 - - - - 前控股股东、实际控 制人及其附属企业 非经营性占用 小计 | 其他关联方及其附 属企业 | | | | | | | | | | 非经营性占用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 小计 | - | - | - | | | | | | | - | | 总计 | - | - | - | | | | | | | - | | 其他关联资金 往来 | 资金往 来方名 称 | 往来方与上 市公司的关 联关系 | 上市公司 核 算的会计 ...

关于变更公司证券事务代表的公告 证券代码：002572 证券简称：索菲亚 公告编号：2025-037 索菲亚家居股份有限公司 联系电话：020-87533019 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。 索菲亚家居股份有限公司（以下简称"公司"）第六届董事会第五次会议于 2025 年 8 月 26 日审议通过了《关于变更公司证券事务代表的议案》。具体内容 如下： 一、变更证券事务代表情况 公司证券事务代表熊磊先生因离职，不再担任公司证券事务代表职务，其辞 职报告自送达公司董事会之日起生效，熊磊先生辞职后不再担任公司其他任何职 务。 公司第六届董事会第五次会议审议通过了《关于变更公司证券事务代表的议 案》，同意聘任白孟娇女士（简历详见附件）为公司证券事务代表，协助董事会 秘书履行职责。 白孟娇女士具备履职所必需的工作经验及相关素质，能够胜任相关岗位的职 责要求，符合有关法律法规、规范性文件等要求的任职资格。 截止本公告披露日，熊磊先生未直接持有公司股票，通过公司 2024 年度员 工持股计划间接持有 26.6 万份额，占本员工持股计划总份额比例 0.31% ...

索菲亚家居股份有限公司 章程修订对照表（2025 年 8 月） 根据《公司法》《上市公司章程指引》等相关法律法规、规范性文件的最新规定， 结合公司实际情况，公司第六届董事会第五次会议拟对《公司章程》相关条款进行 修订，修订后的《公司章程》需经公司股东会审议通过后方可生效 一、《公司章程》全文统一调整 1、全文统一删除"监事会"和"监事"，监事会的相应职权由董事会审计委员 会承接行使。条款中仅删除"监事会"或"监事"的，不逐一列示修订前后对照情 况。 | | 董事会秘书、财务负责人。 | 财务负责人、董事会秘书和本章程 | | --- | --- | --- | | | | 规定的其他人员。 | | | 第十六条 公司股份的发行，实 | 第十六条 公司股份的发行，实行 | | | 行公开、公平、公正的原则，同 | 公开、公平、公正的原则，同类别 | | | 种类的每一股份应当具有同等 | 的每一股份具有同等权利。 | | | 权利。 | 同次发行的同类别股份，每股的发 | | 9 | 同次发行的同种类股票，每股的 | 行条件和价格相同；认购人所认购 | | | 发行条件和价格应当相同；任何 | 的股份，每股支付 ...

证券代码：002572 证券简称：索菲亚 公告编号：2025-038 索菲亚家居股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 一、召开会议的基本情况 1、股东大会届次：本次会议为公司2025年第一次临时股东大会。 2、股东大会的召集人：本次股东大会召集人为董事会。 3、会议召开的合法、合规性：本次股东大会的召集、召开符合有关法律、 行政法规、部门规章、规范性文件和《索菲亚家居股份有限公司章程》的规定。 4、会议召开的日期、时间： 现场会议召开时间：2025年9月12日下午15:30。 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为：2025年9月12 日的交易时间，即9:15—9:25，9:30—11:30和13:00—15:00。 （2）通过深圳证券交易所互联网投票系统投票的具体时间为：开始投票的 时间为2025年9月12日（现场股东大会召开当日）上午9:15，结束时间为2025年9 月12日（现场股东大会结束当日）下午15:00。 5、会议的召开方式： 本次股东大会采用现 ...

证券代码：002572 证券简称：索菲亚 公告编号：2025-032 索菲亚家居股份有限公司 第六届监事会第五次会议决议公告 监事会认为公司此次新增关联交易系公司正常生产经营所需，符合公司业务 发展的客观需要，交易定价原则公允、合理，有利于公司生产经营的正常运行， 符合公司和全体股东利益，不存在损害上市公司和中小股东利益的情形。具体内 容详见公司同日在巨潮资讯网（https://www.cninfo.com.cn）刊登的《关于新增 2025 年度日常关联交易预计额度的公告》。 本公司及监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。 特此公告。 索菲亚家居股份有限公司（以下简称"公司"）第六届监事会第五次会议通 知于 2025 年 8 月 15 日以专人送达、电子邮件及电话通知的方式向各位监事发出， 于 2025 年 8 月 26 日上午 11:00 在公司会议室以现场会议结合通讯方式召开。会 议由公司监事会主席陈明先生召集和主持。本次会议应到监事 3 人，实到 3 人。 本次会议的召集和召开符合《中华人民共和国公司法》《公司章程》的有关规定， 形成的决议合法有效。经与 ...

证券代码：002572 证券简称：索菲亚 公告编号：2025-031 索菲亚家居股份有限公司 第六届董事会第五次会议决议公告 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。 索菲亚家居股份有限公司（以下简称"公司"）董事会于 2025 年 8 月 15 日以专人送达、电子邮件及电话通知的方式发出了召开公司第六届董事会第五次 会议的通知。本次会议于 2025 年 8 月 26 日上午 10 点 30 分在公司会议室以现场 会议召开。会议由公司董事长江淦钧先生召集和主持。会议应到董事 5 人，实到 董事 5 人。本次会议的召集和召开符合《中华人民共和国公司法》等法律、行政 法规、规范性文件和《索菲亚家居股份有限公司章程》的有关规定，合法有效。 经与会董事审议，形成如下决议： 一、审议通过了《关于公司 2025 年半年度报告全文及其摘要的议案》 表决结果：同意 5 票、反对 0 票、弃权 0 票。 具体内容详见公司同日在巨潮资讯网（https://www.cninfo.com.cn）刊登的 《2025 年半年度报告》及《2025 年半年度报告摘要》。 二、审议通过了 ...

Group 1 - The company reported a revenue of 4.551 billion yuan for the first half of the year, representing a year-on-year decrease of 7.68% [1] - The net profit attributable to shareholders of the listed company was 319 million yuan, down 43.43% year-on-year [1] - The basic earnings per share were 0.3316 yuan [1]

索菲亚：上半年净利润3.194亿元人民币。 ...

[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) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the report's authenticity and completeness, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report and assume legal responsibility[3](index=3&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's clear table of contents includes nine main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report contains nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data[7](index=7&type=chunk) [Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include financial statements signed by the legal representative, originals of all publicly disclosed company documents and announcements, and other relevant files, available at the company's securities affairs department - Reference documents include financial statements signed by the legal representative and originals of publicly disclosed company documents[9](index=9&type=chunk) - Reference documents are available at the company's securities affairs department[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, major subsidiary names, and the reporting period, to ensure accurate understanding of the content - "The Company," "Company," and "Sophia" all refer to Sophia Home Collection Co., Ltd[12](index=12&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=7&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) [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section discloses basic company information such as stock abbreviation, code, listing exchange, Chinese and English names, and legal representative - Company stock abbreviation: Sophia, stock code: **002572**[15](index=15&type=chunk) - Company listed on: Shenzhen Stock Exchange[15](index=15&type=chunk) [Contact Person and Information](index=7&type=section&id=%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the names, contact addresses, phone numbers, faxes, and email addresses of the company's board secretary and securities affairs representative for investor communication - Board Secretary: Chen Rong, Securities Affairs Representative: Bai Mengjiao[16](index=16&type=chunk) - Contact address: No. 2 Xianning Road, Guocun, Yongning Street, Zengcheng District, Guangzhou City[16](index=16&type=chunk) [Other Information](index=7&type=section&id=%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company confirms no changes in its registered address, office address, website, email, information disclosure, and document placement locations during the reporting period, with details available in the 2024 annual report - The company's contact information, information disclosure, and document placement locations remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%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) During the current reporting period, the company's operating revenue and net profit both decreased year-on-year, with net profit attributable to shareholders falling by 43.43%, while net cash flow from operating activities significantly increased by 65.06%, and total assets and net assets attributable to shareholders decreased compared to the end of the prior year 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,550,806,248.59 | 4,929,400,373.90 | -7.68% | | Net Profit Attributable to Shareholders of Listed Company | 319,379,967.08 | 564,596,518.48 | -43.43% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 428,531,532.69 | 531,151,233.85 | -19.32% | | Net Cash Flow from Operating Activities | -105,069,193.33 | -300,682,944.11 | 65.06% | | Basic Earnings Per Share (Yuan/share) | 0.3316 | 0.5925 | -44.03% | | Diluted Earnings Per Share (Yuan/share) | 0.3316 | 0.5925 | -44.03% | | Weighted Average Return on Net Assets | 4.28% | 8.00% | -3.72% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-end** | | | Total Assets | 13,518,749,803.64 | 16,372,088,949.73 | -17.43% | | Net Assets Attributable to Shareholders of Listed Company | 6,842,396,214.95 | 7,453,414,473.07 | -8.20% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=%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) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company had no accounting data differences under domestic and overseas accounting standards during the reporting period[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%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 **-109.15 million Yuan**, primarily due to fair value changes and disposal losses from financial assets and liabilities held by non-financial enterprises 2025 Half-Year Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -6,869,300.24 | | Government grants recognized in current profit or loss | 24,351,853.95 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | -164,360,883.49 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 890,490.04 | | Other non-operating income and expenses | -1,364,828.90 | | Other gains and losses that meet the definition of non-recurring gains and losses | 1,456,790.77 | | Less: Income tax impact | -37,221,485.42 | | Impact on minority interests (after tax) | 477,173.16 | | **Total** | **-109,151,565.61** | - Other gains and losses that meet the definition of non-recurring gains and losses are handling fees for withholding individual income tax recognized in current profit or loss[24](index=24&type=chunk) [Management Discussion and Analysis](index=10&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) [Main Business Activities of the Company During the Reporting Period](index=10&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily offers whole-house custom home solutions across multiple brands, categories, and channels, actively responding to national policies, focusing on the existing housing market, promoting digital transformation, and continuously optimizing its supply chain and customer service to enhance core competitiveness [Industry Overview and Development Stage](index=10&type=section&id=%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E3%80%81%E5%8F%91%E5%B1%95%E9%98%B6%E6%AE%B5) The global indoor furniture market continues to grow, but the domestic market faces short-term pressure with reduced new housing demand, while renovation needs for existing homes, partial renovations, and overseas expansion emerge as new growth drivers, alongside national policies promoting quality upgrades and the company's focus on value competition and digital transformation - The 2024 global indoor furniture market reached **$765 billion**, projected to grow to **$921.6 billion by 2029**, with a compound annual growth rate of approximately **4%**[27](index=27&type=chunk) - From January to June 2025, national residential completion area decreased by **15.5%** year-on-year, and furniture manufacturing operating revenue declined by **4.9%** year-on-year[27](index=27&type=chunk) - Domestic existing housing stock totals **600 million units**, with approximately **270 million units over 20 years old**, and renovation demand concentrated on functional upgrades (**42%**), quality improvements (**35%**), and aging-in-place modifications (**23%**)[27](index=27&type=chunk) - The company advocates shifting from "price competition" to "value competition" through environmental innovation, design upgrades, and service optimization to build a win-win ecosystem[32](index=32&type=chunk) - The company implements the IPD system, deeply integrating AI technology to enhance full-link operational efficiency and achieve a "performance revolution" in R&D, manufacturing, channels, and services[35](index=35&type=chunk) - The custom home furnishing industry has high entry barriers, making it difficult for small-scale manufacturers to gain an advantageous position, leading to market concentration among leading enterprises[37](index=37&type=chunk) - The younger consumer demographic drives changes in scenarios and channels, with declining traffic in traditional stores and the rise of e-commerce, package deals, and interior design firms as emerging channels[38](index=38&type=chunk)[39](index=39&type=chunk) - The existing housing market dominates growth, with old house renovations, evolving aesthetics, and increased storage needs, accounting for **44.4%** of existing market business[41](index=41&type=chunk)[44](index=44&type=chunk) - The "lazy economy" and technological innovation drive the integration of whole-house customization and smart homes, with the company exploring Sophia x Mijia ecological full-scenario immersive smart experience spaces[45](index=45&type=chunk) - Green and environmental protection have become a consumption trend, with ENF-grade board product penetration reaching **38%**, and the company actively adjusting product strategies to meet demand[46](index=46&type=chunk) - Industry 4.0 promotes digital transformation, with AIGC becoming a core driver to enhance intelligent design and production capabilities[47](index=47&type=chunk) [Company's Industry Position](index=13&type=section&id=%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) Sophia is a leading enterprise in China's custom home furnishing industry, having pioneered the "custom wardrobe" concept domestically and successfully promoted the development of the whole-house customization industry through digital technology and modern management - The company is a leading enterprise in China's custom home furnishing industry, having first proposed the "custom wardrobe" concept[48](index=48&type=chunk) - The company utilizes digital technology and modern management methods to resolve the conflict between personalized customization and mass production, driving the development of the whole-house customization industry[48](index=48&type=chunk) [Company's Main Business Activities](index=13&type=section&id=%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 provides comprehensive whole-house custom home solutions, encompassing a full range of categories including wardrobes, cabinets, doors and windows, wall panels, flooring, home goods, appliances, and sanitary ware, operating under four major brands—Sophia, Milanna, Schmidt, and Huahe—to cover mid-to-high-end, mass-market, and light luxury segments, while continuously strengthening its market position through brand expansion, category diversification, channel development, supply chain optimization, environmental and service enhancements, and talent/organizational restructuring - The company provides whole-house custom home solutions, covering a full range of categories including wardrobes, cabinets, doors and windows, wall panels, flooring, home goods, appliances, and sanitary ware[49](index=49&type=chunk) - The company owns a matrix of four major brands: "Sophia" (mid-to-high-end), "Milanna" (mass market), "Schmidt" (light luxury), and "Huahe" (mid-to-high-end Chinese style)[49](index=49&type=chunk) - The company's retail channels boast approximately **3,500 terminal stores**, covering **1,800 cities and regions** nationwide[60](index=60&type=chunk) - The company actively expands its integrated decoration channels and bulk business channels, collaborating with home decoration companies and large real estate developers[60](index=60&type=chunk)[61](index=61&type=chunk) - The company possesses a comprehensive, vertically integrated "digital operation platform" and eight production bases, achieving Industry 4.0 intelligent manufacturing with an average delivery cycle of **7-12 days**[62](index=62&type=chunk) - The company continuously promotes green product upgrades, establishing E0-grade environmental standards in 2014, launching formaldehyde-free Kangchun board (ENF-grade) in 2016, and participating in national and industry green standard formulation[63](index=63&type=chunk) - The company has been awarded the "Green Factory" title by the Ministry of Industry and Information Technology three times, becoming a benchmark in the custom home furnishing industry[64](index=64&type=chunk) - The company highly values customer service, launching "Six-Heart Service," "Feichang 6+1 Service," and "French Cabinet Butler" service IPs, and publishing the "Sophia Service Standards"[86](index=86&type=chunk) - The company emphasizes talent development, training employees and dealers through Sophia Academy and the Huangpu EMBA program, and launching employee equity incentive and dealer shareholding plans[67](index=67&type=chunk) - The company drives organizational change, implementing a seven-major marketing division management mechanism and initiating the IPD project to build a matrix-based operational model[67](index=67&type=chunk) [Operating Model](index=18&type=section&id=%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company centrally procures raw materials through its supply chain center, prioritizing environmental quality, and employs sales models including dealer channels, direct-operated stores, direct-operated integrated decoration, and bulk business for large-scale engineering projects, with production and delivery relying on informatized and intelligent factories to achieve automated, efficient, and flexible manufacturing from design to production - Raw material procurement: Centralized and unified procurement through the supply chain center, with an emphasis on environmental quality[68](index=68&type=chunk) - Sales model: Includes dealer channels, direct-operated stores, direct-operated integrated decoration, and bulk business[69](index=69&type=chunk) - Production and delivery: Achieved through informatized and intelligent factories for seamless automation, enhancing personalized production capabilities[76](index=76&type=chunk) [Analysis of Core Competencies](index=19&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company has established five core competencies—multi-brand operations, full-category whole-house customization, an all-channel marketing system for precise traffic capture, a digitized operational platform for all business processes, and high-standard customer service—solidifying its leading position in the industry - The company possesses multi-brand operational capabilities, including Sophia, Milanna, Schmidt, and Huahe, catering to diverse consumer needs[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - The company offers full-category whole-house customization, launching the Whole-House 5.0 strategy, covering **9 spaces and 10 product categories**[82](index=82&type=chunk) - The company has established an all-channel marketing system for precise traffic capture, integrating retail, bulk, and integrated decoration channels, both online and offline[83](index=83&type=chunk) - The company operates a digitized platform for all business processes, independently developing the DIY Home integrated system to connect front-end marketing design with back-end production and installation[84](index=84&type=chunk)[85](index=85&type=chunk) - The company leverages information systems to provide high-standard customer service, launching "Six-Heart Service," "Feichang 6+1 Service," and "French Cabinet Butler" service IPs[86](index=86&type=chunk) [Main Business Analysis](index=20&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In the first half of 2025, the company achieved operating revenue of **4.55 billion Yuan**, a year-on-year decrease of 7.68%, with all brands advancing strategic upgrades and deepening integrated decoration and overseas market expansion, while sales expenses decreased, and management expenses, financial expenses, and net cash flow from investment activities significantly increased, with wardrobes and related products remaining the primary revenue source, South China showing significant revenue growth, and export business growing by nearly 40% 2025 Half-Year Main Business Overview | Indicator | Amount (billion Yuan) | Year-on-year Change | | :--- | :--- | :--- | | Operating Revenue | 4.55 | -7.68% | | Sophia Brand Operating Revenue | 4.13 | -7.09% | | Milanna Brand Operating Revenue | 0.18 | -26.53% | | Huahe Brand Operating Revenue | 0.06 | N/A | | Integrated Decoration Channel Operating Revenue | 0.85 | -13.24% | - The Sophia brand launched the Whole-House Customization 5.0 strategy and 5A standards, the Milanna brand focused on the lower-tier markets, the Schmidt brand transitioned to high-end whole-house customization, and the Huahe brand developed an integrated door, wall, and cabinet model with oriental aesthetics[87](index=87&type=chunk)[88](index=88&type=chunk) - The company proactively positioned itself in the existing market, introducing new categories such as cabinets, system doors and windows, sanitary ware, and home appliances, and strengthening cooperation with decoration companies, promoting new business models like city partners and 1+N+X[88](index=88&type=chunk) - The company continues to expand its overseas markets, with **26 overseas dealers** covering **23 countries/regions**, and collaborating on **219 engineering projects** with overseas developers and contractors[95](index=95&type=chunk) Major Financial Data Year-on-Year Changes | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,550,806,248.59 | 4,929,400,373.90 | -7.68% | No significant change in this period | | Sales Expenses | 421,880,897.65 | 493,890,015.03 | -14.58% | Primarily due to a decrease in employee compensation | | Administrative Expenses | 409,641,559.95 | 343,739,844.26 | 19.17% | Primarily due to increased depreciation expenses and equity incentive expenses in this period | | Financial Expenses | 13,225,600.20 | -1,514,414.57 | 973.31% | Primarily due to increased handling fees from national subsidy business | | Income Tax Expense | 48,093,972.10 | 104,483,988.67 | -53.97% | Primarily due to a year-on-year decrease in total profit in this period | | R&D Investment | 121,517,513.44 | 191,742,702.66 | -36.62% | Primarily due to improved R&D efficiency through IPD projects and adjustments in R&D progress pace | | Net Cash Flow from Operating Activities | -105,069,193.33 | -300,682,944.11 | 65.06% | Primarily due to a decrease in cash paid for goods and services | | Net Cash Flow from Investing Activities | 1,108,430,812.12 | 116,634,776.52 | 850.34% | Primarily due to a year-on-year increase in maturing structured deposits and wealth management products in this period | | Net Cash Flow from Financing Activities | -1,585,991,545.03 | -1,089,328,725.69 | -45.59% | Primarily due to an increase in cash paid for debt repayment | Operating Revenue Composition (by Product) | Product | Current Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | | Wardrobes and related products | 3,574,942,303.98 | 78.56% | -8.54% | | Cabinets and accessories | 562,945,053.35 | 12.37% | -7.77% | | Wooden doors | 214,789,766.74 | 4.72% | -18.24% | | Other main businesses | 102,906,192.71 | 2.26% | 106.24% | Operating Revenue Composition (by Region) | Region | Current Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | | South China | 1,116,285,686.42 | 24.53% | 11.23% | | East China | 902,684,688.44 | 19.84% | -16.17% | | North China | 998,271,499.68 | 21.94% | -5.94% | | Northeast | 279,076,578.38 | 6.13% | -4.73% | | Southwest | 505,181,239.04 | 11.10% | -19.69% | | Northwest | 275,184,410.61 | 6.05% | -27.19% | | Central China | 344,595,491.27 | 7.57% | -5.79% | | Exports | 34,303,722.94 | 0.75% | 39.49% | Operating Revenue Composition (by Channel) | Channel | Current Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | | Dealer Channel | 3,538,968,753.52 | 77.77% | -9.57% | | Direct-operated Channel | 202,683,318.31 | 4.45% | 27.59% | | Bulk Channel | 645,507,129.19 | 14.18% | -11.95% | | Other Channels | 68,424,115.76 | 1.50% | 158.18% | [Non-Main Business Analysis](index=24&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no non-main business activities during the reporting period - The company had no non-main business activities during the reporting period[102](index=102&type=chunk) [Analysis of Assets and Liabilities](index=24&type=section&id=%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, the company's total assets and net assets attributable to shareholders both decreased, with significant changes in major asset and liability items such as monetary funds, trading financial assets, contract liabilities, short-term borrowings, and long-term borrowings, primarily influenced by cash dividend distribution, order scheduling and delivery, and maturing borrowings, and the company's restricted assets totaled **1.56 billion Yuan** at period-end Major Changes in Asset Composition | Item | Period-end Amount (Yuan) | Proportion of Total Assets | Prior Year-end Amount (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,222,522,646.58 | 9.04% | 2,218,042,519.60 | 13.55% | -4.51% | Primarily due to cash dividend distribution in this period | | Total Assets | 13,518,749,803.64 | 100% | 16,372,088,949.73 | 100% | -17.43% | | | Short-term Borrowings | 1,337,644,868.22 | 9.89% | 1,897,963,801.42 | 11.59% | -1.70% | Primarily due to a decrease in credit borrowings and repayment of maturing borrowings in this period | | Contract Liabilities | 1,304,838,956.80 | 9.65% | 2,282,203,935.82 | 13.94% | -4.29% | Primarily due to sequential scheduling and delivery of prior year-end orders in this period | | Long-term Borrowings | 95,000,000.00 | 0.70% | 727,802,135.77 | 4.45% | -3.75% | Long-term borrowings due within one year at period-end led to a decrease | | Trading Financial Assets | 460,861,355.29 | 3.41% | 1,757,895,164.31 | 10.74% | -7.33% | Primarily due to a decrease in structured deposits and wealth management products at period-end | | Non-current Liabilities Due Within One Year | 719,636,290.69 | 5.32% | 173,700,166.21 | 1.06% | 4.26% | Long-term borrowings due within one year at period-end led to an increase | - The company had no major overseas assets during the reporting period[104](index=104&type=chunk) - The company's financial assets measured at fair value totaled **1.34 billion Yuan** at period-end, including **460.86 million Yuan** in trading financial assets and **881.52 million Yuan** in other non-current financial assets[106](index=106&type=chunk) - The company's restricted assets totaled **1.56 billion Yuan** at period-end, primarily including monetary funds, intangible assets, accounts receivable, and accounts receivable financing[107](index=107&type=chunk) [Analysis of Investment Status](index=25&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment amount decreased by 51.46% year-on-year, with major financial asset investments in funds, no significant equity or non-equity investments, and no derivative investments - The investment amount for the reporting period was **4.25 million Yuan**, a year-on-year decrease of **51.46%**[109](index=109&type=chunk) - The company had no significant equity or non-equity investments during the reporting period[110](index=110&type=chunk) - The company's securities investments primarily consist of Beijing Easyhome Industry Fund, with a period-end book value of **151,296.62 Yuan**[111](index=111&type=chunk) - The company had no derivative investments during the reporting period[112](index=112&type=chunk) [Use of Raised Funds](index=26&type=section&id=%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company had no use of raised funds during the reporting period - The company had no use of raised funds during the reporting period[113](index=113&type=chunk) [Major Asset and Equity Sales](index=26&type=section&id=%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) The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets or equity during the reporting period[114](index=114&type=chunk)[115](index=115&type=chunk) [Analysis of Major Holding and Participating Companies](index=28&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the company's major holding subsidiaries, their main businesses, registered capital, total assets, net assets, operating revenue, operating profit, and net profit, with Sophia Home Collection (Chengdu) Co., Ltd., Sophia Home Collection (Zhejiang) Co., Ltd., Sophia Home Collection Hubei Co., Ltd., and Guangzhou Jidian 3D Information Technology Co., Ltd. contributing significantly to net profit Major Holding and Participating Companies Financial Performance (2025 Half-Year) | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sophia Home Collection (Chengdu) Co., Ltd. | Subsidiary | Sales of building decoration materials; manufacturing and sales of furniture, kitchenware | 200,000,000 | 1,543,404,208.95 | 917,360,670.12 | 474,914,366.45 | 52,438,262.68 | | Sophia Home Collection (Zhejiang) Co., Ltd. | Subsidiary | Production and sales: kitchen equipment, furniture, textiles, and home goods; interior decoration design | 595,000,000 | 2,076,981,933.21 | 1,160,455,461.24 | 705,079,684.68 | 70,997,387.52 | | Sophia Home Collection Hubei Co., Ltd. | Subsidiary | Processing and sales of kitchen equipment, furniture, textiles, home goods; interior decoration engineering design and installation | 745,403,700 | 2,274,406,165.34 | 1,375,436,174.85 | 635,081,425.12 | 64,470,970.98 | | Guangzhou Jidian 3D Information Technology Co., Ltd. | Subsidiary | R&D: 3D software, home security technology, automation control systems, communication technology; Sales: 3D software, electronic products, intelligent control equipment, etc. | 205,280,000 | 1,567,641,029.99 | 1,418,955,979.96 | 341,034,423.59 | 79,967,844.60 | [Structured Entities Controlled by the Company](index=29&type=section&id=%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[118](index=118&type=chunk) [Risks Faced by the Company and Countermeasures](index=29&type=section&id=%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 multiple risks, including intensified market competition, rising labor costs, macroeconomic and real estate industry conditions, unrecoverable accounts receivable/notes, information system vulnerabilities, raw material price increases, management challenges, product design imitation, and a lack of industry standards, all of which could adversely affect its operating performance and financial position - Intensified market competition: The custom home furnishing market is highly competitive, and the industry will transition from low-level competition to complex competition involving brands, networks, and services[118](index=118&type=chunk) - Rising labor costs: Unit labor costs show an upward trend, which may impact profitability[118](index=118&type=chunk) - Macroeconomic environment and real estate industry risks: The furniture industry is highly correlated with the macroeconomic and real estate sectors, and a downturn in real estate could affect the company's performance[118](index=118&type=chunk) - Risk of unrecoverable accounts receivable and notes: Real estate industry regulation may lead to unrecoverable accounts receivable and commercial acceptance bills that cannot be honored[119](index=119&type=chunk) - Information system risks: Information technology is a core competitive advantage for the company, but there is a risk that it may not meet the needs of rapid business development[119](index=119&type=chunk) - Raw material price increase risks: Fluctuations in the prices of medium-density fiberboard and hardware accessories may increase costs and affect profitability[119](index=119&type=chunk) - Management risks: Expanding business scale and diversified operations place higher demands on management models and capabilities[120](index=120&type=chunk) - Product design imitation risks: Imitation and plagiarism by small enterprises may affect the company's brand image and consumer willingness to purchase[121](index=121&type=chunk) - Lack of industry standards risks: The custom furniture industry is in its growth phase, and a lack of standards may adversely affect product quality control and the protection of corporate rights[121](index=121&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company approved its "Market Value Management System" on April 27, 2025, but has not disclosed a valuation enhancement plan - The company approved its "Market Value Management System" on **April 27, 2025**[122](index=122&type=chunk) - The company has not disclosed a valuation enhancement plan[122](index=122&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=30&type=section&id=%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) The company has disclosed and actively implemented its "Quality and Return Dual Enhancement" action plan, focusing on high-quality information disclosure, strengthening corporate governance, concentrating on core business, enhancing investor communication, and prioritizing shareholder returns, having distributed cash dividends for 14 consecutive years, totaling over **6.4 billion Yuan** - The company has disclosed its "Quality and Return Dual Enhancement" action plan, outlining measures focused on core business, continuous innovation, strengthened governance, high-quality information disclosure, and prioritizing returns[122](index=122&type=chunk) - In the first half of 2025, the company achieved operating revenue of **4.55 billion Yuan** and net profit attributable to the parent company of **319 million Yuan**[123](index=123&type=chunk) - The company completed its 2024 profit distribution plan, distributing a cash dividend of **10.00 Yuan per 10 shares** to all shareholders, totaling **963 million Yuan**[124](index=124&type=chunk) - The company has distributed cash dividends to all shareholders for **14 consecutive years**, with cumulative cash dividends (including share repurchases) from 2011-2024 totaling **6.402 billion Yuan**[124](index=124&type=chunk) [Corporate Governance, Environment, and Society](index=31&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) [Changes in Directors, Supervisors, and Senior Management](index=31&type=section&id=%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 was a change in the company's senior management, with Lu Xianhong resigning as deputy general manager on April 28, 2025, due to personal reasons - Lu Xianhong resigned as deputy general manager on **April 28, 2025**, due to personal reasons[126](index=126&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=31&type=section&id=%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 half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[127](index=127&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&type=section&id=%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 first lock-up period of the company's 2024 employee stock ownership plan expired, and the unlocking conditions were met, with **5,672,229 shares** eligible for unlocking, representing **0.59%** of the total share capital, and the accounting treatment for the employee stock ownership plan followed share-based payment standards - The first lock-up period of the company's 2024 employee stock ownership plan expired on **June 28, 2025**, and the unlocking conditions have been met[130](index=130&type=chunk) - The number of shares eligible for unlocking is **5,672,229 shares**, representing **0.59%** of the company's current total share capital[130](index=130&type=chunk) - The accounting treatment for the employee stock ownership plan follows the provisions of "Accounting Standards for Business Enterprises No. 11 - Share-based Payment," recognized in relevant costs or expenses and capital reserves[131](index=131&type=chunk) [Environmental Information Disclosure](index=32&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its four major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and their respective inquiry indexes have been disclosed, demonstrating the company's commitment to environmental information transparency - The company and its four major subsidiaries (Sophia Home Collection Hubei Co., Ltd., Henan Sophia Home Collection Co., Ltd., Sophia Huahe Door Industry Co., Ltd., and Schmidt Kitchen Cabinets Co., Ltd.) are included in the list of enterprises required to disclose environmental information by law[132](index=132&type=chunk) [Social Responsibility Performance](index=32&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company highly prioritizes social responsibility and ESG work, having compiled relevant reports for eight consecutive years, actively implementing the "Healthy China 2030" strategy by participating in various medical service environment public welfare projects, and launching the "Children's Book House" public welfare project to provide a good reading environment for children, benefiting over **20,000 teachers and students** - The company has compiled social responsibility/ESG reports for **8 consecutive years**, which are disclosed after review and approval by the board of directors[133](index=133&type=chunk) - The company actively participates in public welfare projects to create friendly medical environments in national children's medical centers and maternal and child health hospitals in various locations, utilizing environmentally friendly ENF-grade Kangchun boards[135](index=135&type=chunk) - The company launched the "Children's Book House" public welfare project, with over **30 book houses** established in various locations, benefiting over **20,000 teachers and students**[136](index=136&type=chunk) [Significant Matters](index=34&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) [Commitments Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period](index=34&type=section&id=%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, the company had no commitments that were fulfilled or overdue and unfulfilled by its actual controller, shareholders, related parties, acquirers, or other committed parties - The company had no commitments that were fulfilled or overdue and unfulfilled by committed parties during the reporting period[138](index=138&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=34&type=section&id=%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, the company had no non-operating fund occupation by controlling shareholders or other related parties - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[139](index=139&type=chunk) [Illegal External Guarantees](index=34&type=section&id=%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[140](index=140&type=chunk) [Appointment and Dismissal of Accounting Firms](index=34&type=section&id=%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 report was not audited - The company's semi-annual report was not audited[141](index=141&type=chunk) [Explanation by the Board of Directors and Supervisory Board Regarding the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period](index=34&type=section&id=%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, there was no explanation by the board of directors or supervisory board regarding the accounting firm's "non-standard audit report" for this reporting period - Not applicable[142](index=142&type=chunk) [Explanation by the Board of Directors Regarding the "Non-Standard Audit Report" for the Prior Year](index=34&type=section&id=%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 by the board of directors regarding the "non-standard audit report" for the prior year - Not applicable[142](index=142&type=chunk) [Bankruptcy and Reorganization Matters](index=34&type=section&id=%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not undergo any bankruptcy or reorganization matters during the reporting period - The company did not undergo any bankruptcy or reorganization matters during the reporting period[142](index=142&type=chunk) [Litigation Matters](index=35&type=section&id=%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company and its subsidiaries are involved in multiple litigation and arbitration cases as plaintiffs, with significant amounts at stake, some of which have effective judgments currently under enforcement, and others still pending, while also facing several lawsuits as defendants, with some cases yet to be heard or decided - The company and its subsidiaries, as plaintiffs, are involved in **170 cases** of bill disputes and goods contract disputes with Evergrande Group and its subsidiaries, totaling **735.49 million Yuan**[143](index=143&type=chunk) - Among these, effective judgments have resulted in cumulative repayments of **4.298 million Yuan**, with some cases still pending[143](index=143&type=chunk) - The company and its subsidiaries, as plaintiffs, are involved in **6 cases** totaling **271.82 million Yuan**, some of which are still awaiting judgment, hearing, or have not yet become effective[143](index=143&type=chunk) - The company, as plaintiff, is involved in a trademark infringement and unfair competition dispute with Zhongshan Sophia Electric Co., Ltd. and **9 other defendants**, with a case value of **100 million Yuan**, and the first instance has been filed[144](index=144&type=chunk) - The company and its subsidiaries, as plaintiffs, have **27 summarized matters** with case values not reaching the threshold for significant litigation disclosure, totaling **48.21 million Yuan**[146](index=146&type=chunk) - The company and its subsidiaries, as defendants, have **78 summarized matters** with case values not reaching the threshold for significant litigation disclosure, totaling **11.37 million Yuan**[146](index=146&type=chunk) [Penalties and Rectification](index=37&type=section&id=%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[147](index=147&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=37&type=section&id=%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) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[148](index=148&type=chunk) [Significant Related Party Transactions](index=37&type=section&id=%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 related party transactions for goods and services with Hangzhou Ningli Home Furnishings Co., Ltd., and a housing lease transaction with actual controllers Jiang Ganjun and Ke Jiansheng, with the total guarantee amount for subsidiaries being **2.41 billion Yuan**, representing **35.22%** of net assets 2025 Half-Year Ordinary Related Party Transactions | Related Party | Related Transaction Content | Related Transaction Amount (10,000 Yuan) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | | Hangzhou Ningli Home Furnishings Co., Ltd. | Sales of custom furniture | 1,163.27 | 0.26% | | Hangzhou Ningli Home Furnishings Co., Ltd. | Provision of software and network services | 110.28 | 0.02% | | Jiang Ganjun, Ke Jiansheng | Housing lease | 36.16 | 2.84% | | **Total** | | **1,309.71** | | - The company had no related party transactions involving asset or equity acquisition/disposal, joint external investments, or related party creditor-debtor relationships during the reporting period[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk) - The company's total guarantee amount for subsidiaries is **2.41 billion Yuan**, representing **35.22%** of the company's net assets[163](index=163&type=chunk) [Significant Contracts and Their Performance](index=39&type=section&id=%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 had no entrustment, contracting, or leasing matters, but detailed its guarantees for subsidiaries, with an actual guarantee balance totaling **2.41 billion Yuan** at period-end, representing **35.22%** of the company's net assets, and also reported **1.76 billion Yuan** in wealth management transactions, with **455 million Yuan** outstanding - The company had no entrustment, contracting, or leasing matters during the reporting period[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) - The company's total guarantee amount for subsidiaries is **2.41 billion Yuan**, representing **35.22%** of the company's net assets[163](index=163&type=chunk) 2025 Half-Year Entrusted Wealth Management | Specific Type | Amount of Entrusted Wealth Management (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Bank wealth management products | 176,474 | 45,500 | 0 | | **Total** | **176,474** | **45,500** | **0** | - The company had no other significant contracts during the reporting period[181](index=181&type=chunk) [Explanation of Other Significant Matters](index=48&type=section&id=%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 implemented its 2024 employee stock ownership plan, adjusted performance assessment indicators, and successfully met the unlocking conditions for its first lock-up period, while also disclosing numerous important announcements covering subsidiary equity sales, development center activation, annual performance forecasts, board/supervisory board resolutions, annual reports, cash management, external guarantee limits, related party transaction forecasts, financing limits, adjustments to employee stock ownership plan performance assessment indicators, appointment of audit firms, litigation progress, accounting policy changes, profit distribution plans, first-quarter reports, and executive resignations - The first lock-up period of the company's 2024 employee stock ownership plan expired on **June 28, 2025**, and the unlocking conditions have been met, with **5,672,229 shares** eligible for unlocking[185](index=185&type=chunk) - The company disclosed numerous important announcements, including progress on subsidiary sales of participating company equity, completion and activation of the development center, annual performance forecasts, board/supervisory board resolutions, annual reports, cash management, external guarantee limits, related party transaction forecasts, financing limits, adjustments to employee stock ownership plan performance assessment indicators, appointment of audit firms, litigation progress, accounting policy changes, profit distribution plans, first-quarter reports, and executive resignations[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) [Significant Matters of Company Subsidiaries](index=52&type=section&id=%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) The company's wholly-owned subsidiary, Sophia Investment, sold its shares in Minsheng Securities and subscribed for newly issued A-shares of Guolian Securities, no longer holding Minsheng Securities shares, and also sold its equity in Yanwo Technology, while the company established new wholly-owned subsidiaries: Suofeiya Home International-Fzco (Dubai), Sophia Home Collection (Langfang) Co., Ltd., and Jinan Sophia Home Furnishings Co., Ltd., and deregistered Guangzhou Sophia Xingyi Home Furnishings Co., Ltd - Wholly-owned subsidiary Sophia Investment sold **293,901,542 shares** of Minsheng Securities to Guolian Securities and subscribed for **68,738,175 newly issued A-shares** of Guolian Securities with the underlying assets[191](index=191&type=chunk) - Sophia Investment no longer holds shares in Minsheng Securities and holds a **1.26% stake** in Guolian Securities[192](index=192&type=chunk) - Sophia Investment sold its **4% equity stake** in Yanwo Technology to Guan Qilin[192](index=192&type=chunk) - The company deregistered Guangzhou Sophia Xingyi Home Furnishings Co., Ltd., a joint venture that failed to commence operations as scheduled[193](index=193&type=chunk)[194](index=194&type=chunk) - The company established new wholly-owned subsidiaries: Suofeiya Home International-Fzco (Dubai), Sophia Home Collection (Langfang) Co., Ltd., and Jinan Sophia Home Furnishings Co., Ltd[194](index=194&type=chunk) [Share Changes and Shareholder Information](index=54&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) [Share Changes](index=54&type=section&id=%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 remained unchanged, with a decrease of **1,500 restricted shares** and an increase of **1,500 unrestricted shares**, primarily due to the unlocking of shares purchased by executive Yang Xin after his original term expired - The company's total share capital is **963,047,164 shares**, representing **100.00%**, with no changes during the reporting period[197](index=197&type=chunk) - Restricted shares decreased by **1,500 shares**, and unrestricted shares increased by **1,500 shares**[197](index=197&type=chunk) - The change was due to executive Mr. Yang Xin purchasing company shares within six months after his original term expired, which were subsequently unlocked[197](index=197&type=chunk) [Changes in Restricted Shares](index=55&type=section&id=%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) At the end of the reporting period, the company's restricted shares were primarily held by actual controllers Jiang Ganjun and Ke Jiansheng, while Mr. Yang Xin's restricted shares had been released, with the restrictions mainly due to executive lock-up shares and lock-up for newly issued shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period-start (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares at Period-end (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Jiang Ganjun | 155,566,772 | 0 | 155,566,772 | Executive lock-up shares, lock-up for newly issued shares | | Ke Jiansheng | 155,566,772 | 0 | 155,566,772 | Executive lock-up shares, lock-up for newly issued shares | | Yang Xin | 1,500 | 1,500 | 0 | Executive lock-up shares (shares purchased within six months after original term expired) | | **Total** | **311,585,044** | **1,500** | **311,583,544** | | [Securities Issuance and Listing](index=55&type=section&id=%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) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[201](index=201&type=chunk) [Company Shareholder Numbers and Shareholding Structure](index=55&type=section&id=%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) At the end of the reporting period, the total number of common shareholders was **42,800**, with Jiang Ganjun and Ke Jiansheng serving as the company's actual controllers and controlling shareholders, holding a combined **43.08%** stake, and Hong Kong Securities Clearing Company Limited being the third-largest shareholder - Total number of common shareholders at period-end: **42,800**[202](index=202&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Ganjun | Domestic Natural Person | 21.54% | 207,422,363 | 155,566,772 | 51,855,591 | | Ke Jiansheng | Domestic Natural Person | 21.54% | 207,422,363 | 155,566,772 | 51,855,591 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 4.11% | 39,594,033 | 0 | 39,594,033 | | National Social Security Fund 413 Portfolio | Other | 2.15% | 20,682,968 | 0 | 20,682,968 | | Yingfeng Group Co., Ltd. | Domestic Non-State-owned Legal Person | 1.95% | 18,762,417 | 0 | 18,762,417 | | Sophia Home Collection Co., Ltd. - 2024 Employee Stock Ownership Plan | Other | 1.18% | 11,344,458 | 0 | 11,344,458 | | Guotou Securities Co., Ltd. | Domestic Non-State-owned Legal Person | 1.11% | 10,691,531 | 0 | 10,691,531 | | China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L - CT001 Shanghai | Other | 1.01% | 9,751,200 | 0 | 9,751,200 | | CITIC Securities Co., Ltd. - Social Security Fund 17052 Portfolio | Other | 0.90% | 8,656,400 | 0 | 8,656,400 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Other | 0.89% | 8,558,158 | 0 | 8,558,158 | - Mr. Jiang Ganjun and Mr. Ke Jiansheng are the company's actual controllers, controlling shareholders, and parties acting in concert[202](index=202&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=56&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[205](index=205&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=56&type=section&id=%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) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder and actual controller remained unchanged during the reporting period[206](index=206&type=chunk) [Preferred Shares Information](index=57&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[207](index=207&type=chunk) [Bond Information](index=58&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) [Bond Information](index=58&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[209](index=209&type=chunk) [Financial Report](index=59&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) [Audit Report](index=59&type=section&id=%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[211](index=211&type=chunk) [Financial Statements](index=59&type=section&id=%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 owners' equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flows [Consolidated Balance Sheet](index=59&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **13.52 billion Yuan**, a **17.43%** decrease from the beginning of the period, with total current assets of **4.80 billion Yuan** and total non-current assets of **8.71 billion Yuan**, while total liabilities were **6.35 billion Yuan** and total owners' equity was **7.17 billion Yuan** Consolidated Balance Sheet (June 30, 2025) | Item | Period-end Balance (Yuan) | Period-start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 13,518,749,803.64 | 16,372,088,949.73 | | Total Current Assets | 4,804,287,453.73 | 7,251,345,753.47 | | Total Non-current Assets | 8,714,462,349.91 | 9,120,743,196.26 | | Total Liabilities | 6,350,089,558.33 | 8,606,170,396.68 | | Total Current Liabilities | 6,041,412,299.23 | 7,633,546,417.51 | | Total Non-current Liabilities | 308,677,259.10 | 972,623,979.17 | | Total Owners' Equity Attributable to Parent Company | 6,842,396,214.95 | 7,453,414,473.07 | | Minority Interests | 326,264,030.36 | 312,504,079.98 | | Total Owners' Equity | 7,168,660,245.31 | 7,765,918,553.05 | [Parent Company Balance Sheet](index=61&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **10.09 billion Yuan**, a **12.07%** decrease from the beginning of the period, with total current assets of **4.42 billion Yuan** and total non-current assets of **5.67 billion Yuan**, while total liabilities were **6.67 billion Yuan** and total owners' equity was **3.42 billion Yuan** Parent Company Balance Sheet (June 30, 2025) | Item | Period-end Balance (Yuan) | Period-start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 10,092,482,108.75 | 11,478,639,836.71 | | Total Current Assets | 4,421,278,726.29 | 5,731,104,925.56 | | Total Non-current Assets | 5,671,203,382.46 | 5,747,534,911.15 | | Total Liabilities | 6,670,879,866.29 | 7,184,663,874.87 | | Total Current Liabilities | 6,557,902,055.92 | 7,013,780,665.45 | | Total Non-current Liabilities | 112,977,810.37 | 170,883,209.42 | | Total Owners' Equity | 3,421,602,242.46 | 4,293,975,961.84 | [Consolidated Income Statement](index=63&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the company's consolidated total operating revenue was **4.55 billion Yuan**, net profit was **333 million Yuan**, net profit attributable to parent company shareholders was **319 million Yuan**, and basic earnings per share were **0.3316 Yuan** Consolidated Income Statement (2025 Half-Year) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 4,550,806,248.59 | 4,929,400,373.90 | | Total Operating Costs | 4,012,001,974.06 | 4,244,731,642.24 | | Operating Profit | 387,060,605.03 | 701,857,743.20 | | Total Profit | 381,201,076.60 | 698,646,481.57 | | Net Profit | 333,107,104.50 | 594,162,492.90 | | Net Profit Attributable to Parent Company Shareholders | 319,379,967.08 | 564,596,518.48 | | Minority Interest Income | 13,727,137.42 | 29,565,974.42 | | Basic Earnings Per Share (Yuan/share) | 0.3316 | 0.5925 | | Diluted Earnings Per Share (Yuan/share) | 0.3316 | 0.5925 | [Parent Company Income Statement](index=66&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the parent company's operating revenue was **1.31 billion Yuan**, and net profit was **57.75 million Yuan**, a decrease from the prior period Parent Company Income Statement (2025 Half-Year) | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,308,157,314.26 | 1,265,522,279.09 | | Operating Costs | 865,036,619.29 | 823,360,009.92 | | Operating Profit | 64,039,229.26 | 74,585,748.13 | | Total Profit | 64,065,957.92 | 73,863,993.25 | | Net Profit | 57,746,155.26 | 63,684,517.25 | [Consolidated Cash Flow Statement](index=67&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, the company's net cash flow from operating activities was **-105 million Yuan**, net cash flow from investing activities was **1.11 billion Yuan**, and net cash flow from financing activities was **-1.59 billion Yuan**, resulting in a net decrease in cash and cash equivalents of **-581 million Yuan** Consolidated Cash Flow Statement (2025 Half-Year) | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -105,069,193.33 | -300,682,944.11 | | Net Cash Flow from Investing Activities | 1,108,430,812.12 | 116,634,776.52 | | Net Cash Flow from Financing Activities | -1,585,991,545.03 | -1,089,328,725.69 | | Net Increase in Cash and Cash Equivalents | -580,869,327.36 | -1,273,376,565.11 | | Cash and Cash Equivalents at Period-end | 948,326,665.25 | 2,073,667,836.12 | [Parent Company Cash Flow Statement](index=68&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, the parent company's net cash flow from operating activities was **-533 million Yuan**, net cash flow from investing activities was **1.26 billion Yuan**, and net cash flow from financing activities was **-1.19 billion Yuan**, resulting in a net decrease in cash and cash equivalents of **-464 million Yuan** Parent Company Cash Flow Statement (2025 Half-Year) | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -533,004,699.74 | -176,442,906.46 | | Net Cash Flow from Investing Activities | 1,260,828,754.71 | 279,068,788.65 | | Net Cash Flow from Financing Activities | -1,192,152,641.26 | -942,427,137.49 | | Net Increase in Cash and Cash Equivalents | -464,429,511.95 | -839,691,984.85 | | Cash and Cash Equivalents at Period-end | 525,019,829.28 | 711,859,713.92 | [Consolidated Statement of Changes in