[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial disclaimers, a comprehensive table of contents, and key definitions to ensure accurate understanding of the semi-annual report [Important Notice](index=2&type=section&id=Important%20Notice) The board and senior management guarantee the report's truthfulness, accuracy, and completeness, with no false statements or major omissions - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[6](index=6&type=chunk) - Company head Tu Wenzhe, chief accountant Yang Hui, and head of accounting department Li Wenhuang declare and guarantee the truthfulness, accuracy, and completeness of the financial report[6](index=6&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents guides investors through nine main chapters, from important notices to financial reports - The report's table of contents includes nine main chapters, from important notices to financial reports and supplementary data, with a clear structure[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, including company name, currency, reporting period, and regulatory bodies, for accurate report comprehension - The reporting period is defined as **January 1, 2025, to June 30, 2025**[12](index=12&type=chunk) - “Company”, “the Company”, and “Pubang Shares” all refer to Guangzhou Pubang Landscape Co., Ltd[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, and presents key accounting data and financial indicators for the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) Guangzhou Pubang Landscape Co., Ltd., stock code 002663, is listed on the Shenzhen Stock Exchange with Yang Guolong as its legal representative Basic Company Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Pubang Shares | | Stock Code | 002663 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Guangzhou Pubang Landscape Co., Ltd. | | Legal Representative | Yang Guolong | [Contact Person and Information](index=6&type=section&id=Contact%20Person%20and%20Information) The company's Board Secretary is Liu Xinxia, with contact details provided for investor relations Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liu Xinxia | 34th Floor, Building A1, Fortune Century Plaza, No. 13 Haian Road, Tianhe District, Guangzhou | 020-87526515 | 020-87526541 | zhengquanbu@pblandscape.com | | Securities Affairs Representative | Yu Zhen | 34th Floor, Building A1, Fortune Century Plaza, No. 13 Haian Road, Tianhe District, Guangzhou | - | - | - | [Other Information](index=6&type=section&id=Other%20Information) The company's registered and office addresses, website, and information disclosure locations remained unchanged during the reporting period - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period; specific details can be found in the 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, operating revenue decreased by 6.12%, net profit attributable to shareholders turned to loss, and operating cash flow significantly deteriorated Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 820,054,871.86 | 873,494,126.17 | -6.12% | | Net Profit Attributable to Shareholders of Listed Company | -33,607,311.37 | 5,974,548.98 | -662.51% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -78,229,056.04 | 590,829.06 | -13,340.56% | | Net Cash Flow from Operating Activities | -197,798,959.17 | -88,226,504.42 | -124.19% | | Basic Earnings Per Share (CNY/share) | -0.0195 | 0.0033 | -690.91% | | Diluted Earnings Per Share (CNY/share) | -0.0195 | 0.0033 | -690.91% | | Weighted Average Return on Net Assets | -1.39% | 0.20% | -1.59% | | **Period-End Indicators** | **End of Current Reporting Period (CNY)** | **End of Prior Year (CNY)** | **Change from Prior Year-End** | | Total Assets | 4,554,022,565.57 | 4,925,480,663.55 | -7.54% | | Net Assets Attributable to Shareholders of Listed Company | 2,372,038,197.93 | 2,446,156,072.62 | -3.03% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit or net assets between domestic and international/overseas accounting standards during the period - The company had no differences in net profit and net assets in financial reports disclosed under International Accounting Standards compared to Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) - The company had no differences in net profit and net assets in financial reports disclosed under overseas accounting standards compared to Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses amounted to CNY 44.6217 million, primarily from non-current asset disposals and fair value changes Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 36,062,277.50 | Details in Note VII 49, 52, 54 of Section VIII of this report | | Government Grants Included in Current Period's Gains and Losses | 47,346.18 | Details in Note VII 53 of Section VIII of this report | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains/Losses from Disposal of Financial Assets and Liabilities, excluding effective hedge accounting related to normal business operations | 6,743,609.41 | Details in Note VII 48, 49 of Section VIII of this report | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 6,218,753.62 | Details in Note VII 4 of Section VIII of this report | | Other Non-Operating Income and Expenses Apart from the Above Items | -5,150,464.57 | Details in Note VII 53, 54 of Section VIII of this report | | Other Gains and Losses Meeting the Definition of Non-Recurring Gains and Losses | 794,718.51 | Details in Note VII 41, 47 of Section VIII of this report | | Less: Income Tax Impact | 93,951.28 | | | Impact on Minority Interests (After Tax) | 544.70 | | | Total | 44,621,744.67 | | [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's main businesses, core competencies, financial performance, asset and liability status, investment activities, and risk factors [Company's Main Businesses During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) The company focuses on ecological landscape, urban operations, and green construction, holding a strong brand image and numerous industry awards [Industry Development Overview](index=9&type=section&id=Industry%20Development%20Overview) The ecological landscape, urban operations, and green construction sectors are driven by national policies, leading to broad market prospects and increasing demand for innovation - The ecological landscape industry benefits from policies such as 'Opinions on Comprehensively Promoting the Construction of Beautiful China' and 'Implementation Opinions on Building Pilot Zones for Beautiful China', with broad market prospects[27](index=27&type=chunk)[28](index=28&type=chunk) - The urban operations industry, driven by 'Notice on Carrying out Central Financial Support for Urban Renewal Actions in 2025' and 'Opinions on Continuously Advancing Urban Renewal Actions', is accelerating towards resource recycling and intelligent development[29](index=29&type=chunk)[30](index=30&type=chunk) - In the green construction sector, including water environment governance, forestry and landscape technical consulting, and green building materials, market demand is growing and technological innovation requirements are increasing due to national policy support[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Main Businesses, Products, and Their Uses](index=10&type=section&id=Main%20Businesses%2C%20Products%2C%20and%20Their%20Uses) Pubang Shares' core businesses encompass ecological landscape, urban operations, and green construction, offering integrated services from design to maintenance and material application - The company is committed to becoming a global leading integrated service provider for human settlements, continuously cultivating the ecological landscape sector, and focusing on expanding urban operations and green construction businesses[34](index=34&type=chunk)[35](index=35&type=chunk) - Ecological landscape business includes planning and design (providing full-process professional services), engineering construction (a model of refined construction in China), flower and tree production and sales (owning nearly **10,000 mu** of planting bases), and garden landscapes (providing integrated design and construction services)[36](index=36&type=chunk)[38](index=38&type=chunk)[40](index=40&type=chunk) - Urban operations business provides comprehensive urban services such as landscaping maintenance, environmental sanitation, and public facility management, and extends to the construction of emerging industrial parks[41](index=41&type=chunk) - Green construction business covers water environment governance (river and lake ecological restoration, sponge city construction), forestry and landscape technical consulting (providing professional solutions), and green building materials (promoting the application of high-quality flooring products)[44](index=44&type=chunk)[46](index=46&type=chunk)[50](index=50&type=chunk) [Market Position](index=15&type=section&id=Market%20Position) With thirty years of experience, Pubang Shares has established a strong brand in the landscape industry, earning over 400 project awards and actively participating in industry organizations - The company has established a good brand image and extensive influence in the industry, accumulating project awards **over 400**, including national-level or above awards **nearly 135**[51](index=51&type=chunk) - The company actively participates in industry organization construction, serving as an executive director of the Chinese Society of Landscape Architecture and as a deputy director of the Professional Committee of Landscape Plants and Ancient Trees[51](index=51&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=Core%20Competitiveness%20Analysis) The company's core strengths include brand heritage, talent development, technological innovation, integrated value chain, and digital management, enhancing market competitiveness - The company has cultivated the industry for **thirty years**, successfully creating **over 4,000** high-quality projects with a brand philosophy of 'quality, precision, and artistic taste', with business footprints across **more than 150** cities nationwide[52](index=52&type=chunk) - Through talent development programs such as 'Bang·Future', 'Bang·Power', 'Bang·Craftsman' and Pubang Academy, the company conducted **nearly 50** training sessions in the first half of the year, covering **over 1,000** participants, and added **nearly 30** intermediate-level professionals in construction engineering[54](index=54&type=chunk) - As a high-tech enterprise, the company has established platforms such as the Provincial Engineering Technology Research Center, obtained approval for 'Research on Tree Maintenance and Rejuvenation Technology Based on Bio-fertilizer—Mycorrhizal Fungi' during the reporting period, and achieved internationally advanced results in collaborative projects with universities[55](index=55&type=chunk)[56](index=56&type=chunk) - The company has built a complete industrial chain covering landscape design, engineering construction, seedling cultivation, and greening maintenance, forming an integrated and refined full-process management system[57](index=57&type=chunk) - The company continues to advance informatization construction, building a full-process construction management system integrating budgeting, procurement, quality control, and payment, enhancing the digitalization and refinement of project management[58](index=58&type=chunk) [Main Business Analysis](index=17&type=section&id=Main%20Business%20Analysis) Operating revenue declined by 6.12% due to green construction, while ecological landscape remained dominant and urban operations grew, with regional shifts in revenue contribution Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 820,054,871.86 | 873,494,126.17 | -6.12% | | | Selling Expenses | 2,160,318.08 | 801,587.46 | 169.50% | Increase in packaging and transportation costs for goods sold | | Financial Expenses | -1,378,070.65 | -2,883,919.42 | 52.22% | Decrease in interest income | | Income Tax Expense | -3,327,896.84 | 5,964,711.05 | -155.79% | Decrease in deductible losses and deferred income tax expense on time deposits | | Net Cash Flow from Operating Activities | -197,798,959.17 | -88,226,504.42 | -124.19% | Decrease in cash receipts and release of litigation-frozen funds in the prior year period | | Net Cash Flow from Investing Activities | 4,732,600.95 | 78,565,899.40 | -93.98% | Increase in purchases of time deposits and wealth management products, and receipt of subsidiary equity transfer payments in the prior year period | | Net Cash Flow from Financing Activities | -2,332,505.89 | -73,506,977.33 | 96.83% | Cash paid for share repurchases in the prior year period | | Net Increase in Cash and Cash Equivalents | -195,406,678.35 | -82,729,035.15 | -136.20% | Decrease in cash receipts, release of litigation-frozen funds, and increase in purchases of time deposits and wealth management products | Operating Revenue Composition (By Industry, Product, Region) | Category | Item | Current Reporting Period Amount (CNY) | Proportion of Operating Revenue | Prior Year Period Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Ecological Landscape | 742,517,734.21 | 90.55% | 789,918,128.02 | 90.43% | -6.00% | | | Urban Operations | 70,387,462.03 | 8.58% | 59,849,546.10 | 6.85% | 17.61% | | | Green Construction | 7,149,675.62 | 0.87% | 23,726,452.05 | 2.72% | -69.87% | | **By Product** | Engineering Construction | 710,695,727.41 | 86.67% | 754,167,403.50 | 86.34% | -5.76% | | | Planning and Design | 31,822,006.80 | 3.88% | 35,750,724.52 | 4.09% | -10.99% | | | Urban Operations | 70,387,462.03 | 8.58% | 59,849,546.10 | 6.85% | 17.61% | | | Water Environment Governance | 4,600,007.67 | 0.56% | 16,731,763.31 | 1.92% | -72.51% | | | Forestry and Landscape Technical Consulting | 673,701.17 | 0.08% | 5,149,715.59 | 0.59% | -86.92% | | | Green Building Materials | 1,875,966.78 | 0.23% | 1,844,973.15 | 0.21% | 1.68% | | **By Region** | South China | 578,180,289.17 | 70.50% | 515,964,475.10 | 59.07% | 12.06% | | | East China | 127,939,466.72 | 15.60% | 233,817,491.16 | 26.77% | -45.28% | | | North China | 26,256,373.32 | 3.20% | 13,543,712.68 | 1.55% | 93.86% | Industries, Products, or Regions Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Category | Item | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Ecological Landscape | 742,517,734.21 | 696,565,767.14 | 6.19% | -6.00% | -4.22% | -1.74% | | **By Product** | Engineering Construction | 710,695,727.41 | 674,650,149.49 | 5.07% | -5.76% | -2.95% | -2.75% | | **By Region** | South China | 578,180,289.17 | 514,700,282.22 | 10.98% | 12.06% | 7.68% | 3.62% | | | East China | 127,939,466.72 | 122,335,138.45 | 4.38% | -45.28% | -40.72% | -7.35% | [Non-Core Business Analysis](index=18&type=section&id=Non-Core%20Business%20Analysis) Non-core businesses significantly impacted total profit, with investment income offset by substantial asset and credit impairment losses Impact of Non-Core Businesses on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 40,942,439.38 | -109.49% | Gains from disposal of long-term equity investments, wealth management income, municipal project investment income | No | | Gains/Losses from Fair Value Changes | 908,832.63 | -2.43% | Fair value changes of financial assets held for trading | No | | Asset Impairment | -52,542,140.40 | 140.51% | Provision for impairment of contract assets, inventories, and other non-current assets | No | | Credit Impairment Losses | -33,119,534.76 | 88.57% | Provision for bad debts of accounts receivable and long-term receivables | No | [Asset and Liability Status Analysis](index=18&type=section&id=Asset%20and%20Liability%20Status%20Analysis) Total assets decreased by 7.54% due to reduced monetary funds and receivables, while liability structure shifted with long-term borrowings reclassified as current [Significant Changes in Asset Composition](index=18&type=section&id=Significant%20Changes%20in%20Asset%20Composition) Monetary funds, accounts receivable, and long-term borrowings decreased, while non-current liabilities due within one year significantly increased due to reclassification Significant Changes in Asset Composition (End of Current Reporting Period vs. Prior Year-End) | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets | Amount at Prior Year-End (CNY) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 377,027,191.98 | 8.28% | 583,571,116.07 | 11.85% | -3.57% | Decrease in cash receipts, increase in cash paid for time deposits and wealth management products | | Accounts Receivable | 659,895,357.33 | 14.49% | 803,586,842.63 | 16.31% | -1.82% | Recovery of credit sales from prior periods and provision for bad debts | | Long-Term Borrowings | 0.00 | 0.00% | 197,646,224.92 | 4.01% | -4.01% | Reclassification of long-term borrowings as current liabilities | | Non-Current Liabilities Due Within One Year | 217,010,283.15 | 4.77% | 29,228,535.79 | 0.59% | 4.18% | Reclassification of long-term borrowings as current liabilities | [Major Overseas Assets](index=20&type=section&id=Major%20Overseas%20Assets) The company reported no major overseas assets during the current reporting period - The company had no major overseas assets during the reporting period[70](index=70&type=chunk) [Assets and Liabilities Measured at Fair Value](index=20&type=section&id=Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) Total financial assets measured at fair value increased to CNY 564 million, primarily trading financial assets, while financial liabilities remained stable at CNY 2.0823 million Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Subtotal of Financial Assets | 495,520,086.17 | 908,832.63 | 563,775,423.64 | | Financial Liabilities | 2,082,348.54 | 0.00 | 2,082,348.54 | [Asset Restrictions as of the End of the Reporting Period](index=21&type=section&id=Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Total restricted assets amounted to CNY 113 million, mainly comprising monetary funds held as deposits or frozen, and fixed assets without property certificates Asset Restrictions | Item | Book Balance (CNY) | Book Value (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 62,497,159.69 | 62,497,159.69 | Deposits, frozen, dedicated funds | Letter of guarantee deposits, migrant worker wage deposits, litigation freeze, equity acquisition special account funds | | Fixed Assets | 49,336,271.13 | 10,671,060.46 | No property certificate | No property certificate | | Investment Properties | 1,233,958.38 | 1,204,651.86 | Still in the development and owner-held stage | Still in the development and owner-held stage | | Total | 113,067,389.20 | 74,372,872.01 | | | [Investment Status Analysis](index=21&type=section&id=Investment%20Status%20Analysis) Total investment increased by 34.15% to CNY 419 million, primarily in trading financial assets, with no significant equity or non-equity investments or use of raised funds [Overall Situation](index=21&type=section&id=Overall%20Situation) The company's investment amount for the reporting period was CNY 419 million, representing a 34.15% year-on-year increase Investment Amount During Reporting Period | Investment Amount Current Period (CNY) | Investment Amount Prior Year Period (CNY) | Change Rate | | :--- | :--- | :--- | | 418,677,143.29 | 312,100,000.00 | 34.15% | [Significant Equity Investments Acquired During the Reporting Period](index=21&type=section&id=Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company did not acquire any significant equity investments during the current reporting period - The company had no significant equity investments acquired during the reporting period[74](index=74&type=chunk) [Significant Non-Equity Investments Underway During the Reporting Period](index=21&type=section&id=Significant%20Non-Equity%20Investments%20Underway%20During%20the%20Reporting%20Period) The company had no significant non-equity investments underway during the current reporting period - The company had no significant non-equity investments underway during the reporting period[75](index=75&type=chunk) [Financial Asset Investments](index=21&type=section&id=Financial%20Asset%20Investments) Securities investments, mainly asset management and trust products, increased to CNY 564 million at period-end, with no derivative investments Securities Investment Status (Period-End) | Security Type | Security Code | Security Abbreviation | Accounting Account | Book Value at Period-End (CNY) | | :--- | :--- | :--- | :--- | :--- | | Other | JXJXJ073 | CITIC Securities Asset Management Juliyunxiang No. 288 FOF Single Asset Management Plan | Financial assets held for trading | 40,352,000.00 | | Other | SSH742 | CITIC Futures - Yue Bay 35,759,857.91 Trust Product Collective Asset Management Plan | Financial assets held for trading | 39,733,141.47 | | Other | FOF901CXW | Caifu Anxiang No. 109 Yuecai Trust·Suixinyi 1 Collective Fund Trust Plan | Financial assets held for trading | 32,232,313.37 | | Other | GF6652 | Sinotrust - Xinheng No. 1 WM03M0YA01CXW Collective Fund Trust Plan | Financial assets held for trading | 30,445,809.39 | | Other | PY20018023 | CMB Corporate Agency Sales Exclusive - Pujiang Xin Shortest Holding Period 180-day RMB Wealth Management Product | Financial assets held for trading | 30,259,469.13 | | Other | DT2517 | Huihua Wealth Management - Wealth Lighthouse Closed-end Fixed Income Wealth Management Product Phase 2517 | Financial assets held for trading | 30,165,000.00 | | Other | 909910 | CITIC Securities Xinxinxiangrong Collective Asset Management Plan | Financial assets held for trading | 22,109,982.61 | | Other | 无 | Fixed Income Exclusive - Pubang Landscape | Financial assets held for trading | 21,002,334.74 | | Other | GPZ3006A | Zheshang Bank Xinze Stable Shared No. 6 Fixed Income Enhanced (Shortest Holding 180 days) RMB Wealth Management Product | Financial assets held for trading | 20,419,390.32 | | Total | | | | 563,775,423.64 | - The company had no derivative investments during the reporting period[78](index=78&type=chunk) [Use of Raised Funds](index=24&type=section&id=Use%20of%20Raised%20Funds) The company had no use of raised funds during the current reporting period - The company had no use of raised funds during the reporting period[79](index=79&type=chunk) [Significant Asset and Equity Disposals](index=24&type=section&id=Significant%20Asset%20and%20Equity%20Disposals) The company did not dispose of any significant assets or equity during the current reporting period - The company did not dispose of any significant assets during the reporting period[80](index=80&type=chunk) - The company did not dispose of any significant equity during the reporting period[81](index=81&type=chunk) [Analysis of Major Holding and Participating Companies](index=24&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries include Guangdong Pubang Nursery and Zhengzhou High-tech Zone Jinbang Construction, both loss-making, while PBLA Limited and PBCY Investment Limited were profitable Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Pubang Nursery Co., Ltd. | Subsidiary | Nursery stock cultivation, maintenance, sales, promotion, breeding | 140,000,000.00 | 128,811,708.06 | -5,359,997.66 | 2,211,394.49 | -14,595,736.33 | -14,893,358.75 | | Zhengzhou High-tech Zone Jinbang Construction Co., Ltd. | Subsidiary | Landscape engineering; design, construction, and operation & maintenance services for municipal infrastructure | 210,000,000.00 | 734,436,172.90 | 187,678,204.30 | 11,026,443.92 | -6,512,736.81 | -6,513,651.78 | | PBLA Limited | Subsidiary | Investment | USD 100 | 2,625,337.05 | -38,457,774.50 | 0.00 | 31,935,184.18 | 31,935,184.18 | | PBCY Investment Limited | Subsidiary | Investment | USD 2,000 | 3,024,217.59 | 2,426,918.94 | 0.00 | 9,665,842.49 | 9,665,842.49 | - The company did not acquire or dispose of subsidiaries during the reporting period[83](index=83&type=chunk) [Structured Entities Controlled by the Company](index=25&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during the current reporting period - The company had no controlled structured entities during the reporting period[83](index=83&type=chunk) [Risks Faced by the Company and Countermeasures](index=25&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses market competition, margin volatility, policy changes, and collection risks through strategic adjustments, cost control, and enhanced collection efforts - The company faces the risk of intensified market competition, which it addresses by strengthening comprehensive advantages and expanding urban operations and green construction businesses[83](index=83&type=chunk) - The company faces gross profit margin fluctuation risk, which it addresses by focusing on order quality, refined and informatized management, and increasing investment in high-margin businesses[84](index=84&type=chunk) - The company faces policy change risk, which it addresses by optimizing order acquisition mechanisms, improving customer structure quality, and closely monitoring macroeconomic policies[85](index=85&type=chunk)[86](index=86&type=chunk) - The company faces collection and impairment risks for contract assets and accounts receivable, which it addresses by tracking policies, prudently evaluating projects, strengthening collection efforts, and improving capital turnover efficiency[87](index=87&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company neither formulated a market value management system nor disclosed a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[88](index=88&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[88](index=88&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=26&type=section&id=Implementation%20of%20%27Quality%20and%20Return%20Dual%20Enhancement%27%20Action%20Plan) The company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan during the reporting period - The company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan during the reporting period[88](index=88&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=27&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the board and management, profit distribution plans, employee incentives, environmental disclosures, and social responsibility initiatives [Changes in Company Directors, Supervisors, and Senior Management](index=27&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Due to term expiration, the board, supervisory board, and senior management underwent changes, with new members elected or appointed Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Tu Shanzhong | Director, Chairman | Term expired, left office | June 23, 2025 | Re-election | | Quan Xiaoyan | Director | Term expired, left office | June 23, 2025 | Re-election | | Wei Jiecheng | Independent Director | Term expired, left office | June 23, 2025 | Re-election | | Xie Chun | Independent Director | Term expired, left office | June 23, 2025 | Re-election | | Xiao Jian | Independent Director | Term expired, left office | June 23, 2025 | Re-election | | Lu Xin | Supervisor, Chairman of Supervisory Board | Term expired, left office | June 23, 2025 | Re-election | | Zheng Xiaoqing | Supervisor | Term expired, left office | June 23, 2025 | Re-election | | Yang Yang | Supervisor | Term expired, left office | June 23, 2025 | Re-election | | Huang Ziqin | Director | Elected | June 23, 2025 | Re-election | | Fan Ruilan | Employee Representative Director | Elected | June 23, 2025 | Re-election | | Yang Yong | Independent Director | Elected | June 23, 2025 | Re-election | | Yang Xuecheng | Independent Director | Elected | June 23, 2025 | Re-election | | Feng Qingqing | Independent Director | Elected | June 23, 2025 | Re-election | | Wu Ting | Vice President | Appointed | June 23, 2025 | Re-election | [Profit Distribution and Capital Reserve to Share Capital Conversion in Current Reporting Period](index=27&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20in%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[91](index=91&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[92](index=92&type=chunk) [Environmental Information Disclosure](index=27&type=section&id=Environmental%20Information%20Disclosure) The listed company and its major subsidiaries are not mandated to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[93](index=93&type=chunk) [Social Responsibility](index=27&type=section&id=Social%20Responsibility) The company actively engaged in community support, environmental initiatives, and educational scholarships, demonstrating its commitment to social responsibility - The company participated in the Liangming Village co-construction and assistance program, completing the village's characteristic wall painting project, contributing to the '100 Million Project' construction[93](index=93&type=chunk) - The company supported the 'Hero Flowers Bloom·Children Plant Green Beauty' Greater Bay Area Youth Welcoming the 15th National Games Hero Tree Planting activity, enhancing the biodiversity index of Yunxi Botanical Garden by **37%** through optimizing plant community structure and introducing intelligent irrigation systems[94](index=94&type=chunk) - The company donated **CNY 100,000** to the University of Chinese Academy of Sciences Education Foundation to establish the 'Pubang Landscape Scholarship' to support talent cultivation in the landscape industry[95](index=95&type=chunk) [Section V Significant Matters](index=29&type=section&id=Section%20V%20Significant%20Matters) This section covers commitments, related party transactions, litigation, penalties, and other material events affecting the company [Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=29&type=section&id=Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) No commitments by the actual controller, shareholders, related parties, acquirers, or the company were fulfilled or overdue during the reporting period - The company had no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, and the company during the reporting period[97](index=97&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=29&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company reported no non-operating funds occupied by the controlling shareholder or other related parties during the reporting period - The company had no non-operating funds occupied by the controlling shareholder and other related parties from the listed company during the reporting period[98](index=98&type=chunk) [Irregular External Guarantees](index=29&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the current reporting period - The company had no irregular external guarantees during the reporting period[99](index=99&type=chunk) [Appointment and Dismissal of Accounting Firms](index=29&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was unaudited - The company's semi-annual report is unaudited[100](index=100&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the 'Non-Standard Audit Report' for the Current Reporting Period](index=29&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Current%20Reporting%20Period) The board and supervisory board provided no explanation regarding a 'non-standard audit report' for the current reporting period - The company had no explanation by the board of directors or supervisory board regarding a 'non-standard audit report' from the accounting firm for the current reporting period[101](index=101&type=chunk) [Explanation by the Board of Directors on the 'Non-Standard Audit Report' for the Prior Year](index=29&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Prior%20Year) The board provided no explanation regarding a 'non-standard audit report' for the prior year - The company had no explanation by the board of directors regarding a 'non-standard audit report' from the prior year[101](index=101&type=chunk) [Bankruptcy and Reorganization Matters](index=29&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization matters during the current reporting period - The company had no bankruptcy and reorganization matters during the reporting period[101](index=101&type=chunk) [Litigation Matters](index=29&type=section&id=Litigation%20Matters) The company had no major litigation; other cases involved CNY 22.0153 million as plaintiff and CNY 251.425 million as defendant, with some settlements - The company had no significant litigation or arbitration matters in the current reporting period[102](index=102&type=chunk) Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Litigation where the company was a plaintiff in the current reporting period | 2,201.53 | No | Some cases won and executed, some cases heard awaiting judgment, some cases filed awaiting hearing | Some cases not yet judged; in cases where judgment is effective, defendants need to pay the company 309.08 CNY 10,000 | | Litigation where the company was a defendant in the current reporting period | 25,142.5 | Partially formed | Some cases settled, some judgments effective awaiting execution, some cases heard awaiting judgment, some cases awaiting hearing | Some cases not yet judged; in cases where judgment is effective, the company needs to pay plaintiffs 22,177.71 CNY 10,000 | [Penalties and Rectification](index=30&type=section&id=Penalties%20and%20Rectification) The company reported no penalties or rectification during the current reporting period - The company had no penalties or rectification during the reporting period[104](index=104&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=30&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period - The company had no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[105](index=105&type=chunk) [Significant Related Party Transactions](index=30&type=section&id=Significant%20Related%20Party%20Transactions) The company reported no significant related party transactions concerning daily operations, asset/equity transfers, joint investments, or debt/credit during the period - The company had no related party transactions related to daily operations during the reporting period[105](index=105&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[106](index=106&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[107](index=107&type=chunk) - The company had no related party debt/credit transactions during the reporting period[108](index=108&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated finance companies or related parties[109](index=109&type=chunk) - The company had no other significant related party transactions during the reporting period[111](index=111&type=chunk) [Significant Contracts and Their Performance](index=31&type=section&id=Significant%20Contracts%20and%20Their%20Performance) No entrustment, contracting, leasing, or major guarantees occurred; wealth management totaled CNY 570 million, and a PPP project contract was terminated early - The company had no entrustment during the reporting period[112](index=112&type=chunk) - The company had no contracting during the reporting period[113](index=113&type=chunk) - The company had no leasing during the reporting period[114](index=114&type=chunk) - The company had no significant guarantees during the reporting period[116](index=116&type=chunk) Wealth Management Status | Specific Type | Source of Wealth Management Funds | Wealth Management Amount (CNY 10,000) | Outstanding Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 27,033.63 | 24,014.60 | 0 | | Brokerage Wealth Management Products | Own Funds | 11,535.99 | 11,535.99 | 0 | | Trust Wealth Management Products | Own Funds | 15,806.24 | 15,806.24 | 0 | | Other Categories | Own Funds | 2,634.34 | 2,204.77 | 0 | | Total | | 57,010.20 | 53,561.60 | 0 | - The Zhengzhou High-tech Zone Municipal Greening PPP project contract signed between the company and Zhengzhou High-tech Zone Jinbang Construction Co., Ltd. was terminated early on **May 8, 2025**[118](index=118&type=chunk)[119](index=119&type=chunk) [Explanation of Other Significant Matters](index=33&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the current reporting period - The company had no other significant matters requiring explanation during the reporting period[120](index=120&type=chunk) [Significant Matters of Company Subsidiaries](index=33&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the current reporting period - The company had no significant matters concerning subsidiaries during the reporting period[121](index=121&type=chunk) [Section VI Share Changes and Shareholder Information](index=34&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital, restricted shares, shareholder numbers, and the shareholdings of directors, supervisors, and senior management [Share Change Status](index=34&type=section&id=Share%20Change%20Status) Restricted shares increased by 103,556,016 due to director/supervisor departures, raising their proportion to 24.98%, while total shares remained constant Share Change Status | Item | Quantity Before Change (shares) | Proportion Before Change | Net Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 326,900,767.00 | 18.97% | 103,556,016 | 430,456,783.00 | 24.98% | | II. Unrestricted Shares | 1,396,448,135.00 | 81.03% | -103,556,016 | 1,292,892,119.00 | 75.02% | | III. Total Shares | 1,723,348,902.00 | 100.00% | 0 | 1,723,348,902.00 | 100.00% | Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Tu Shanzhong | 307,972,813 | 102,657,605 | 410,630,418 | Director's departure lock-up | | Quan Xiaoyan | 2,694,332 | 898,111 | 3,592,443 | Director's departure lock-up | | Zheng Xiaoqing | 900.00 | 300 | 1,200 | Supervisor's departure lock-up | | Total | 310,668,045 | 103,556,016 | 414,224,061 | | [Securities Issuance and Listing](index=35&type=section&id=Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the current reporting period - The company had no securities issuance or listing during the reporting period[127](index=127&type=chunk) [Shareholder Numbers and Shareholding Status](index=35&type=section&id=Shareholder%20Numbers%20and%20Shareholding%20Status) The company had 68,395 common shareholders, with Tu Shanzhong as the actual controller holding 23.83% and Huang Qinghe holding 12.27% - The total number of common shareholders at the end of the reporting period was **68,395** accounts[128](index=128&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shares Held at End of Reporting Period (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Tu Shanzhong | Domestic Natural Person | 23.83% | 410,630,418 | 410,630,418 | 0 | | Huang Qinghe | Domestic Natural Person | 12.27% | 211,444,914 | 0 | 211,444,914 | | Shandong Provincial State-owned Assets Investment Holdings Co., Ltd. | State-owned Legal Person | 1.48% | 25,446,470 | 0 | 25,446,470 | | Liang Dingwen | Domestic Natural Person | 1.23% | 21,250,934 | 0 | 21,250,934 | | Tu Wenzhe | Domestic Natural Person | 0.75% | 12,880,319 | 9,660,239 | 3,220,080 | | Gao Shuping | Domestic Natural Person | 0.63% | 10,908,000 | 0 | 10,908,000 | | Huatai Securities Asset Management - China Merchants Bank - Huatai Julili No. 8 Collective Asset Management Plan | Other | 0.57% | 9,779,190 | 0 | 9,779,190 | | Liu Yan | Domestic Natural Person | 0.45% | 7,777,700 | 0 | 7,777,700 | | Wu Hongying | Domestic Natural Person | 0.45% | 7,681,000 | 0 | 7,681,000 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.44% | 7,648,504 | 0 | 7,648,504 | - Tu Shanzhong is the company's actual controller and honorary chairman, Tu Wenzhe is the company's chairman, and Huang Qinghe is the company's honorary vice chairman. Tu Shanzhong and Tu Wenzhe are father and son, and Huatai Securities Asset Management - China Merchants Bank - Huatai Julili No. 8 Collective Asset Management Plan is Tu Shanzhong's personal asset management plan[129](index=129&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=37&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period; specific details can be found in the 2024 annual report[131](index=131&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=37&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) Neither the company's controlling shareholder nor its actual controller changed during the current reporting period - The company's controlling shareholder did not change during the reporting period[132](index=132&type=chunk) - The company's actual controller did not change during the reporting period[132](index=132&type=chunk) [Preferred Share Information](index=37&type=section&id=Preferred%20Share%20Information) The company had no preferred shares during the current reporting period - The company had no preferred shares during the reporting period[133](index=133&type=chunk) [Section VII Bond-Related Information](index=38&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms that the company had no bond-related information during the reporting period [Bond-Related Information](index=38&type=section&id=Bond-Related%20Information) The company had no bond-related information during the current reporting period - The company had no bond-related information during the reporting period[135](index=135&type=chunk) [Section VIII Financial Report](index=39&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Audit Report](index=39&type=section&id=Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report is unaudited[137](index=137&type=chunk) [Financial Statements](index=39&type=section&id=Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company financial statements, detailing financial position, operating results, and cash flows [Consolidated Balance Sheet](index=39&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were CNY 4.554 billion, with current assets at CNY 2.979 billion and total equity attributable to parent company owners at CNY 2.372 billion Key Data from Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | Total Current Assets | 2,979,049,067.01 | | Total Non-Current Assets | 1,574,973,498.56 | | Total Assets | 4,554,022,565.57 | | Total Current Liabilities | 2,095,810,410.02 | | Total Non-Current Liabilities | 13,462,273.99 | | Total Liabilities | 2,109,272,684.01 | | Total Equity Attributable to Parent Company Owners | 2,372,038,197.93 | | Total Owners' Equity | 2,444,749,881.56 | [Parent Company Balance Sheet](index=41&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were CNY 4.712 billion, with current assets at CNY 3.230 billion and total owners' equity at CNY 2.763 billion Key Data from Parent Company Balance Sheet (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | Total Current Assets | 3,229,754,993.68 | | Total Non-Current Assets | 1,482,334,839.51 | | Total Assets | 4,712,089,833.19 | | Total Current Liabilities | 1,635,758,893.60 | | Total Non-Current Liabilities | 313,626,300.94 | | Total Liabilities | 1,949,385,194.54 | | Total Owners' Equity | 2,762,704,638.65 | [Consolidated Income Statement](index=44&type=section&id=Consolidated%20Income%20Statement) In H1 2025, consolidated total operating revenue decreased by 6.12%, leading to a net loss of CNY 33.6073 million attributable to parent company shareholders Key Data from Consolidated Income Statement (First Half of 2025) | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 820,054,871.86 | 873,494,126.17 | | II. Total Operating Costs | 808,835,615.36 | 859,245,224.88 | | III. Operating Profit (Loss indicated by '—') | -32,284,572.43 | 13,845,295.19 | | IV. Total Profit (Total loss indicated by '—') | -37,393,006.40 | 11,898,427.58 | | V. Net Profit (Net loss indicated by '—') | -34,065,109.56 | 5,933,716.53 | | Net Profit Attributable to Parent Company Shareholders | -33,607,311.37 | 5,974,548.98 | | VIII. Earnings Per Share: Basic Earnings Per Share | -0.0195 | 0.0033 | [Parent Company Income Statement](index=46&type=section&id=Parent%20Company%20Income%20Statement) In H1 2025, parent company operating revenue decreased by 8.19%, resulting in a net loss of CNY 55.1111 million Key Data from Parent Company Income Statement (First Half of 2025) | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | I. Operating Revenue | 783,616,748.77 | 853,557,261.71 | | II. Operating Profit (Loss indicated by '—') | -53,669,362.84 | 24,268,182.64 | | III. Total Profit (Total loss indicated by '—') | -58,558,797.14 | 23,918,247.03 | | IV. Net Profit (Net loss indicated by '—') | -55,111,094.40 | 18,424,333.33 | [Consolidated Cash Flow Statement](index=47&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities deteriorated to CNY -198 million, while investing cash flow significantly decreased and financing cash flow improved Key Data from Consolidated Cash Flow Statement (First Half of 2025) | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -197,798,959.17 | -88,226,504.42 | | Net Cash Flow from Investing Activities | 4,732,600.95 | 78,565,899.40 | | Net Cash Flow from Financing Activities | -2,332,505.89 | -73,506,977.33 | | Net Increase in Cash and Cash Equivalents | -195,406,678.35 | -82,729,035.15 | | Cash and Cash Equivalents at Period-End | 314,530,032.29 | 288,941,828.94 | [Parent Company Cash Flow Statement](index=48&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, parent company operating cash flow deteriorated to CNY -187 million, investing cash flow significantly decreased, and financing cash flow improved Key Data from Parent Company Cash Flow Statement (First Half of 2025) | Item | First Half of 2025 (CNY) | First Half of 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -187,382,030.30 | -84,155,783.26 | | Net Cash Flow from Investing Activities | 3,307,302.17 | 76,009,006.74 | | Net Cash Flow from Financing Activities | 10,567,203.30 | -68,504,593.53 | | Net Increase in Cash and Cash Equivalents | -173,507,524.83 | -76,651,370.05 | | Cash and Cash Equivalents at Period-End | 281,116,873.46 | 239,511,163.19 | [Consolidated Statement of Changes in Owners' Equity](index=49&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In H1 2025, consolidated total owners' equity decreased by CNY 76.0885 million, primarily due to net profit loss attributable to parent company shareholders Key Data from Consolidated Statement of Changes in Owners' Equity (First Half of 2025) | Item | Beginning Balance (CNY) | Amount of Increase/Decrease in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Share Capital | 1,723,348,902.00 | 0.00 | 1,723,348,902.00 | | Capital Reserves | 1,949,674,564.89 | -42,287,352.26 | 1,907,445,829.63 | | Other Comprehensive Income | 4,916,846.69 | 1,718,171.94 | 6,635,018.63 | | Retained Earnings | -1,366,978,427.92 | -33,607,311.37 | -1,400,585,739.29 | | Total Equity Attributable to Parent Company Owners | 2,446,156,072.62 | -74,117,874.69 | 2,372,038,197.93 | | Minority Interests | 74,682,265.54 | -1,970,581.91 | 72,711,683.63 | | Total Owners' Equity | 2,520,838,338.16 | -76,088,456.60 | 2,444,749,881.56 | [Parent Company Statement of Changes in Owners' Equity](index=53&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In H1 2025, parent company total owners' equity decreased by CNY 55.1111 million, primarily due to net profit loss Key Data from Parent Company Statement of Changes in Owners' Equity (First Half of 2025) | Item | Beginning Balance (CNY) | Amount of Increase/Decrease in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Share Capital | 1,723,348,902.00 | 0.00 | 1,723,348,902.00 | | Capital Reserves | 1,892,385,540.85 | 0.00 | 1,892,385,540.85 | | Surplus Reserves | 135,194,186.96 | 0.00 | 135,194,186.96 | | Retained Earnings | -933,112,896.76 | -55,111,094.40 | -988,223,991.16 | | Total Owners' Equity | 2,817,815,733.05 | -55,111,094.40 | 2,762,704,638.65 | [Company Basic Information](index=56&type=section&id=Company%20Basic%20Information) Guangzhou Pubang Landscape Co., Ltd., established in 1995 and listed in 2012, operates in landscape engineering, design, and nursery, with Tu Shanzhong as actual controller - Guangzhou Pubang Landscape Co., Ltd. was established on **July 19, 1995**, and listed on the Shenzhen Stock Exchange in **March 2012**[169](index=169&type=chunk) - As of June 30, 2025, the company's registered capital was **CNY 1,723,348,902.00**[169](index=169&type=chunk) - The company primarily operates in landscape engineering construction, landscape design, architectural design, nursery stock cultivation and production, and landscape maintenance businesses, with Tu Shanzhong as the actual controller[172](index=172&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared on a going concern basis, adhering to accounting standards and disclosure regulations, with no significant issues affecting continuity - The company's financial statements are prepared on a going concern basis, in accordance with Accounting Standards for Business Enterprises and CSRC disclosure regulations[174](index=174&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the current reporting period, with no significant matters affecting its going concern ability[175](index=175&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's key accounting policies and estimates for financial statement preparation, covering areas from revenue recognition to financial instruments - The company's financial statements comply with the requirements of Accounting Standards for Business Enterprises issued by the Ministry of Finance, truly and completely reflecting financial position, operating results, and other information[177](index=177&type=chunk) - The company's accounting year is from **January 1 to December 31** of the Gregorian calendar, with a **12-month** operating cycle, and the functional currency is **RMB**[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) - The company classifies, recognizes, measures, and impairs financial instruments, primarily including financial assets and liabilities measured at amortized cost and at fair value with changes recognized in profit or loss or other comprehensive income[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk)[208](index=208&type=chunk)[210](index=210&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[215](index=215&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk)[234](index=234&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk) - The company recognizes revenue when the customer obtains control of the related goods or services, and measures revenue based on whether the performance obligation is satisfied over time or at a point in time[325](index=325&type=chunk)[326](index=326&type=chunk)[327](index=327&type=chunk)[328](index=328&type=chunk)[329](index=329&type=chunk)[330](index=330&type=chunk)[331](index=331&type=chunk) [Taxation](index=89&type=section&id=Taxation) The company's main taxes include VAT and Enterprise Income Tax, with some subsidiaries enjoying preferential tax policies like high-tech enterprise rates and exemptions Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 3%、5%、6%、9%、13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 1%、5%、7% | | Enterprise Income Tax | Taxable income | 8.25%、15%、20%、24%、25% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 1%、1.5%、2% | - Pubang Shares, as a high-tech enterprise, applies a **15%** Enterprise Income Tax rate for the year 2025[343](index=343&type=chunk) - Guangdong Pubang Nursery Co., Ltd. is exempt from Enterprise Income Tax on income from forest tree cultivation and planting, and its cultivated forestry products are exempt from Value-Added Tax[343](index=343&type=chunk)[344](index=344&type=chunk) - Some subsidiaries, such as Pubang Chuangyuan and Shenlan Equipment, pay Enterprise Income Tax at a **20%** rate under the small low-profit enterprise policy[343](index=343&type=chunk) [Notes to Consolidated Financial Statement Items](index=90&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including balances and changes in assets, liabilities, revenues, expenses, and impairment losses Monetary Funds (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | Cash on hand | 4,682.69 | | Bank deposits | 365,319,844.26 | | Other monetary funds | 11,702,665.03 | | Total | 377,027,191.98 | | Of which: Total funds deposited overseas | 10,598,244.65 | Financial Assets Held for Trading (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | Financial assets measured at fair value with changes recognized in profit or loss | 563,275,894.18 | | Of which: Equity instrument investments | 2,604,013.73 | | Hybrid instrument investments | 560,671,880.45 | | Total | 563,275,894.18 | Accounts Receivable (Period-End Book Value) | Item | Period-End Book Value (CNY) | | :--- | :--- | | Accounts Receivable | 659,895,357.33 | Contract Assets (Period-End Book Value) | Item | Period-End Book Value (CNY) | | :--- | :--- | | Contract Assets | 778,844,240.90 | Operating Revenue and Operating Costs (Current Period Amount) | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 818,792,928.28 | 758,813,808.25 | | Other Businesses | 1,261,943.58 | 2,398,077.91 | | Total | 820,054,871.86 | 761,211,886.16 | Investment Income (Current Period Amount) | Item | Current Period Amount (CNY) | | :--- | :--- | | Investment income from long-term equity investments accounted for using equity method | -1,098,118.11 | | Investment income from disposal of long-term equity investments | 42,787,927.45 | | Investment income and interest from public municipal projects | 4,066,732.00 | | Wealth management income | 5,834,776.78 | | Total | 40,942,439.38 | Credit Impairment Losses (Current Period Amount) | Item | Current Period Amount (CNY) | | :--- | :--- | | Bad debt losses on accounts receivable | -19,448,047.03 | | Bad debt losses on other receivables | -170,271.29 | | Bad debt losses on long-term receivables | -13,501,216.44 | | Total | -33,119,534.76 | Asset Impairment Losses (Current Period Amount) | Item | Current Period Amount (CNY) | | :--- | :--- | | I. Inventory write-down losses and contract performance cost impairment losses | -15,969,534.11 | | XI. Contract asset impairment losses | -13,869,795.75 | | XII. Other | -22,702,810.54 | | Total | -52,542,140.40 | [Research and Development Expenses](index=135&type=section&id=Research%20and%20Development%20Expenses) Total R&D investment decreased by 26.20% to CNY 19.2393 million, with most expensed and a portion capitalized for a project management system R&D Expense Status | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Pers

| | 广州普邦智慧城 | 子公司 | 其他应收款 | 2,444,921.47 | 657,025.10 | | | 3,101,946.57 | 资金往来 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 市服务有限公司 | | | | | | | | | | | | 广州普邦园艺有 | 子公司 | 其他应收款 | 1,210,276.52 | 1,750,329.21 | 42,262.25 | 9,003.59 | 2,993,864.39 | 资金往来 | 非经营性往来 | | | 限公司 | | | | | | | | | | | | 西藏善和创业投 | 子公司 | 其他应收款 | 729,000.00 | 6,000,000.00 | | 6,000,000.00 | 729,000.00 | 股权转让款 | 非经营性往来 | | | 资有限公司 | | | | | | | | | | | | 佛山樵乐工程建 | 子公司 | 其他应收款 | 650,000.00 | | | | 6 ...

广州普邦园林股份有限公司 2025 年半年度财务报告 广州普邦园林股份有限公司 2025 年半年度财务报告 二〇二五年八月廿九日 1 广州普邦园林股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：广州普邦园林股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 377,027,191.98 | 583,571,116.07 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 563,275,894.18 | 495,028,682.46 | | 衍生金融资产 | | | | 应收票据 | 8,000.00 | 1,685,600.00 | | 应收账款 | 659,895,357.33 | 803,586,842.63 | | 应收款项融资 | | | | 预付款项 | 2,610,403.87 | 1,380 ...

证券代码：002663 证券简称：普邦股份 公告编号：2025-050 广州普邦园林股份有限公司 关于 2025 年半年度计提信用及资产减值准备的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚假记载、误导性陈述或者 重大遗漏承担责任。 广州普邦园林股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第六届董事会 第三次会议，审议通过了《关于 2025 年半年度计提信用及资产减值准备的议案》，根据《深 圳证券交易所股票上市规则》等有关规定，现将具体情况公告如下： 一、本次计提信用及资产减值准备的概述 1、本次计提信用及资产减值准备的原因 根据《企业会计准则》等相关规定，为了更加真实、准确地反映公司截至 2025 年 6 月 30 日的资产状况和财务状况，基于谨慎性原则，公司（含子公司）于 2025 年 6 月末对应收账款、 合同资产、存货以及长期应收款等资产进行了全面清查及评估，在此基础上对可能发生减值 损失的资产计提减值准备。 2、本次计提信用及资产减值准备的资产范围和总金额 公司对 2025 年 6 月末合并财务报表范围内相关资产计提信用及资产减值准备总额为 8, ...

Group 1 - The latest stock price of Pubang Co., Ltd. is 1.91 yuan, with an increase of 0.01 yuan compared to the previous trading day [1] - The stock reached a maximum of 1.93 yuan and a minimum of 1.89 yuan during the trading session, with a total transaction amount of 0.65 billion yuan [1] - As of August 20, 2025, the total number of shareholders of the company is 66,918 [1] Group 2 - On August 21, the net outflow of main funds for the stock was 3.2563 million yuan, while the cumulative net inflow over the past five trading days was 8.8616 million yuan [1]

（文章来源：证券日报） 证券日报网讯普邦股份8月21日在互动平台回答投资者提问时表示，截至2025年8月20日，公司股东人数 为66918户。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605303 | 园林股份 | 13.68 | 9.97% | 9.21万 | | 1.20亿 | | 001267 | 汇绿生态 | 13.23 | 5.42% | 44.80万 | | 5.87亿 | | 603388 | *ST元成 | 2.31 | 5.00% | 20.81万 | | 4785.90万 | | 600284 | 浦东建设 | 7.24 | 2.84% | 32.14万 | | 2.31亿 | | 002663 | 普邦股份 | 1.84 | 2.22% | 36.23万 | | 6679.64万 | | 603359 | 东珠生态 | 7.79 | 1.83% | 33.56万 | | 2.62亿 | | 300982 | 赤文电能 | 20.19 | 1.66% | 6.26万 | | 1.26亿 | | 603316 | 诚邦股份 | 8.52 | 1.43% | 11.05万 | | 9466.82万 ...

《准予变更登记（备案）通知书》 特此公告。 广州普邦园林股份有限公司 广州普邦园林股份有限公司（以下简称"普邦股份"或"公司"）于2025年7月14日召开第六届董事会第二 次会议以及于2025年7月30日召开2025年第二次临时股东会，审议通过了《关于增加公司经营范围并修 订〈公司章程〉的议案》。具体内容详见公司分别于2025年7月15日、2025年7月31日披露于《中国证券 报》《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）的《关于增加公司经营范围并修订〈公司 章程〉的公告》（公告编号：2025-040）以及《2025年第二次临时股东会决议公告》（公告编号： 2025-044）。 公司已于近日完成相关工商变更及《公司章程》备案登记手续，具体变更信息如下： 一、本次工商变更的主要事项 ■ 二、备查文件 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚假记载、误导性陈述或者重 大遗漏承担责任。 董事会 二〇二五年八月十六日 ...

Group 1 - The core stock price of Pubang Co., Ltd. is 1.80 yuan as of August 15, 2025, with an increase of 0.01 yuan, representing a rise of 0.56% compared to the previous trading day [1] - The trading volume on that day was 225,205 hands, with a total transaction amount of 0.41 billion yuan [1] - Pubang Co., Ltd. is primarily engaged in engineering construction and is registered in Guangdong Province [1] Group 2 - Recently, the company completed the registration procedures for changes in its business scope, adding several new business projects [1] - This change was approved by the company's second extraordinary general meeting of shareholders in 2025 [1] - On August 15, the net inflow of main funds into Pubang Co., Ltd. was 2.0799 million yuan, with a cumulative net inflow of 3.6501 million yuan over the past five trading days [1]

Core Points - The company, Pubang Co., announced on August 15 that it will hold the second meeting of the sixth board of directors on July 14, 2025, and the second extraordinary shareholders' meeting on July 30, 2025, to review the proposal for expanding the company's business scope and amending the articles of association [1] Group 1 - The company has completed the relevant industrial and commercial changes and the filing of the amended articles of association [1]