江苏中设集团股份有限公司 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 | 非经营性资金占用 | 资金占用方 | 占用方与上 市公司的关 | 上市公司核算 | 2025 年期初占 | 2025 年半年度占用累 | 2025 年半年度占 | 2025 年半年度偿 | 2025 年半年度期末 | 占用形 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | 联关系 | 的会计科目 | 用资金余额 | 计发生金额（不含利息) | 用资金的利息 | 还累计发生金额 | 占用资金余额 | 成原因 | | | 控股股东、实际控制人及其 | | | | | | | | | | 非经营性占用 | | 附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人及 | | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | | | | | | | | | 小计 | | | | | | ...

Section I Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy and completeness, advising investors to review risk factors - The Board of Directors, Supervisory Board, and senior management guarantee the semi-annual report's content is true, accurate, and complete[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's nine main chapters, covering company profile, management discussion, governance, and financial statements - The report includes nine main chapters, covering company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms like reporting period, company name, management, subsidiaries, and EPC to ensure clear understanding - The reporting period refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - The company's full name is Jiangsu Zhongshe Group Co., Ltd., abbreviated as Zhongshe Shares[10](index=10&type=chunk) - EPC is defined as the company undertaking the entire process or several stages of engineering project design, procurement, construction, and trial operation on behalf of the owner[10](index=10&type=chunk) Section II Company Profile and Key Financial Indicators This section provides the company's basic information and presents a summary of its key financial performance and position [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company, Zhongshe Shares (stock code 002883), is listed on the Shenzhen Stock Exchange, with Hu Zhiwei as its legal representative - Company stock name: Zhongshe Shares, stock code: **002883**[13](index=13&type=chunk) - Company stock listed on: Shenzhen Stock Exchange[13](index=13&type=chunk) - Company legal representative: Hu Zhiwei[13](index=13&type=chunk) [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) Chen Chen serves as the Board Secretary, with contact details including address, phone, fax, and email provided - Board Secretary: Chen Chen[14](index=14&type=chunk) - Contact address: No. 1 Xingyang Road, Binhu District, Wuxi City[14](index=14&type=chunk) - Phone/Fax: 0510-88102883, Email: jszs@jszs-group.com[14](index=14&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) No changes occurred in the company's registered address, office address, website, email, or information disclosure locations during the reporting period - Company contact information, information disclosure and placement locations, and other relevant details remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue and net profit significantly declined year-on-year, leading to negative basic earnings per share, while operating cash flow improved Major Accounting Data and Financial Indicators Year-on-Year Change | Indicator | Current Period (Yuan) | Previous Year (Yuan) | Change from Previous Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 94,767,902.70 | 309,766,961.66 | -69.41 | | Net Profit Attributable to Shareholders of Listed Company | -7,218,452.48 | 18,829,795.72 | -138.34 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -7,495,325.86 | 17,108,992.46 | -143.81 | | Net Cash Flow from Operating Activities | -27,709,354.58 | -41,956,905.94 | 33.96 | | Basic Earnings Per Share (Yuan/share) | -0.0462 | 0.12 | -138.50 | | Diluted Earnings Per Share (Yuan/share) | -0.0462 | 0.12 | -138.50 | | Weighted Average Return on Net Assets | -1.07 | 2.74 | -3.81 | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Previous Year (Yuan)** | **Change from End of Previous Year (%)** | | Total Assets | 838,915,478.46 | 935,616,109.13 | -10.34 | | Net Assets Attributable to Shareholders of Listed Company | 667,520,558.65 | 677,862,154.45 | -1.53 | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit or net assets between international/overseas and Chinese accounting standards - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards[19](index=19&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards[20](index=20&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses amounted to 276,873.38 yuan, primarily from non-current asset disposal, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 201,450.27 | | Government grants recognized in current profit or loss | 115,940.05 | | Other non-operating income and expenses apart from the above | -8,840.83 | | Less: Income tax impact | 31,676.11 | | Total | 276,873.38 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it reclassified non-recurring gains and losses as recurring gains and losses[22](index=22&type=chunk)[23](index=23&type=chunk) Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's business operations, core competencies, financial performance, and risk management strategies [I. Company's Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily offers full-process engineering design consulting and EPC services across transportation, municipal, construction, and environmental sectors - The company's main business focuses on providing full-process engineering design consulting and engineering general contracting services across four major business areas: transportation, municipal, construction, and environment[33](index=33&type=chunk) - Policy guidance emphasizes domestic demand potential, high-quality promotion of "two major constructions," and urban renewal, bringing development opportunities to the construction industry[25](index=25&type=chunk) - New infrastructure investment serves as a crucial driver for stable growth, with the design consulting industry capable of providing professional services for these projects[26](index=26&type=chunk) - Digitalization of transportation infrastructure is a major trend, with the AI+ era driving traditional industry upgrades, and BIM technology combined with AI expected to improve design efficiency[30](index=30&type=chunk)[31](index=31&type=chunk) - Full-process engineering consulting is the development direction for the engineering consulting industry, covering the entire engineering lifecycle and providing integrated, one-stop services[32](index=32&type=chunk) [(I) Industry Development Background](index=9&type=section&id=(I)%20Industry%20Development%20Background) 2025 is crucial for "14th Five-Year Plan" conclusion and "15th Five-Year Plan" initiation, with policies focusing on domestic demand, urban renewal, and new infrastructure - 2025 is a critical period for concluding the "14th Five-Year Plan" and planning the "15th Five-Year Plan"[25](index=25&type=chunk) - The Central Political Bureau meeting emphasized "effectively unleashing domestic demand potential" as the top priority for the second half, deploying high-quality "two major constructions" and urban renewal[25](index=25&type=chunk) - New infrastructure investment is a key driver for stable growth, offering professional services opportunities for the design consulting industry[26](index=26&type=chunk) - Scaled development of AI and other innovative fields brings new business directions to the design consulting industry[26](index=26&type=chunk) [(II) Impact of Macroeconomic Situation and Industry Policies on the Sector](index=9&type=section&id=(II)%20Impact%20of%20Macroeconomic%20Situation%20and%20Industry%20Policies%20on%20the%20Sector) Infrastructure investment grew, driven by policies promoting urban renewal, digital transportation, and full-process engineering consulting - National fixed asset investment increased by **2.8%** year-on-year in the first half, with infrastructure investment growing by **4.6%**[27](index=27&type=chunk) - Water transport industry investment grew by **21.8%**, and water conservancy management investment by **15.4%**[27](index=27&type=chunk) - Policies promote urban renewal actions, emphasizing the construction of "good houses, good communities, good neighborhoods, good urban areas" to drive housing industry adjustment and upgrading[28](index=28&type=chunk)[29](index=29&type=chunk) - The "Outline for Building a Nation with Strong Transportation" and "AI+" initiatives drive the digitalization of transportation infrastructure; the company will promote BIM application and explore artificial intelligence technology[30](index=30&type=chunk)[31](index=31&type=chunk) - Full-process engineering consulting is the development direction for the engineering consulting industry, integrating investment decision-making, survey and design, bidding and procurement, supervision, and project management[32](index=32&type=chunk) [(III) Company's Main Business Types](index=10&type=section&id=(III)%20Company%27s%20Main%20Business%20Types) The company's core business includes full-process design consulting and EPC services for urban and transportation infrastructure - The company provides full-process engineering design consulting and engineering general contracting services across four major business areas: transportation, municipal, construction, and environment[33](index=33&type=chunk) - Full-process design consulting is the company's core business, covering planning consulting, survey and design, engineering supervision, and project management across the industry chain[34](index=34&type=chunk)[35](index=35&type=chunk) - The Engineering General Contracting (EPC) business integrates the company's strengths in planning consulting, survey and design, engineering supervision, and project management to provide delivery-oriented engineering general contracting services[36](index=36&type=chunk) [II. Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core strengths include comprehensive top-tier qualifications, a national operating network, strong R&D in emerging fields, and an effective talent and management model - The company possesses cross-industry, full-business chain top-tier qualifications, covering highways, municipal, water transport, construction, environment, smart transportation, and rail transit, as well as planning, research, design, consulting, survey, testing, supervision, and project management[37](index=37&type=chunk) - The company has strong integrated technical capabilities, particularly in urban spatial design, comprehensive transportation hubs, urban space development, and urban renewal[38](index=38&type=chunk) - The company has established a national operating network, with six regional operating divisions and 18 branches nationwide, aligning with major national regional strategies[39](index=39&type=chunk) - The company actively engages in industry-academia-research integrated innovation, achieving breakthroughs in low-altitude economy, vehicle-road-cloud integration, and smart transportation, while comprehensively promoting digital empowerment with BIM technology as the core[40](index=40&type=chunk) - The company has established compensation and performance incentive policies that favor production and operations, along with a stock incentive plan, achieving a win-win for employees and the company[41](index=41&type=chunk) - The company leverages its technical advantages and financing capabilities to develop an "investment, construction, management, and maintenance integrated" business model, and expands digital economy businesses through digital empowerment of management[42](index=42&type=chunk) [III. Analysis of Main Business](index=12&type=section&id=III.%20Analysis%20of%20Main%20Business) Revenue and net profit significantly declined due to subsidiary divestment, smaller project sizes, slow new business conversion, and increased asset impairment, prompting strategic adjustments and new business development - During the reporting period, the company's operating revenue was **94.77 million yuan**, a year-on-year decrease of **69.41%**; net profit was **-7.22 million yuan**, a year-on-year decrease of **138.34%**[44](index=44&type=chunk) - The revenue decline was mainly due to the sale of subsidiary Zhongshe Kexin, smaller individual project volumes, unclear conversion of new business revenue, and increased asset impairment losses[44](index=44&type=chunk) - The company continuously advances research projects, successfully applying for 5 Jiangsu Province transportation technology projects and 3 Wuxi City transportation technology and achievement transformation projects[44](index=44&type=chunk) - The company actively explores Deepseek application, completing the development and launch of its knowledge base, and exploring digital enhancement solutions based on BIM positive design and construction management[44](index=44&type=chunk) - The company leads the national vehicle-road-cloud integration pilot, completing the first phase in Wuxi City, and seizes low-altitude economy strategic opportunities by completing the "Wuxi City Low-Altitude Economy Infrastructure Planning Research"[45](index=45&type=chunk) Key Financial Data Year-on-Year Change | Indicator | Current Period (Yuan) | Previous Year (Yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 94,767,902.70 | 309,766,961.66 | -69.41 | Project construction slowdown, reduced orders, and Zhongshe Kexin no longer consolidated | | Operating Cost | 68,914,913.62 | 214,112,567.87 | -67.81 | Reduced revenue scale, corresponding decrease in operating costs, and change in consolidation scope | | Selling Expenses | 2,631,683.78 | 4,013,504.98 | -34.43 | Reduced orders, leading to lower expenses | | Administrative Expenses | 12,247,036.95 | 49,325,155.01 | -75.17 | Zhongshe Kexin no longer consolidated | | Financial Expenses | 328,614.32 | 1,119,736.73 | -70.65 | Reduced bank loans | | Income Tax Expense | 808,269.35 | 2,746,083.80 | -70.57 | Overall company profit decline | | R&D Investment | 6,834,407.51 | 14,598,300.31 | -53.18 | Zhongshe Kexin no longer consolidated | | Net Cash Flow from Operating Activities | -27,709,354.58 | -41,956,905.94 | 33.96 | Reduced cash paid for goods and services, taxes, and labor costs; Zhongshe Kexin no longer consolidated | | Net Cash Flow from Investing Activities | -31,365,598.78 | -1,660,062.46 | -1,789.42 | Primarily due to increased purchases of wealth management products | | Net Cash Flow from Financing Activities | -18,453,615.36 | -5,086,680.40 | -262.78 | Primarily due to reduced bank borrowings | | Net Increase in Cash and Cash Equivalents | -77,528,568.72 | -48,703,648.80 | -59.18 | | Operating Revenue Composition (by Product and Region) | Category | Item | Current Period Amount (Yuan) | Share of Operating Revenue (%) | Previous Year Amount (Yuan) | Share of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | Planning Consulting and Survey Design | 77,285,637.41 | 81.55 | 250,448,650.90 | 80.85 | -69.14 | | | Engineering Supervision | 7,828,318.61 | 8.26 | 8,101,610.18 | 2.62 | -3.37 | | | Project Management | 0.00 | 0.00 | 1,797,224.28 | 0.58 | -100.00 | | | Engineering General Contracting | 8,653,823.38 | 9.13 | 49,042,863.11 | 15.83 | -82.35 | | | Other | 1,000,123.30 | 1.06 | 376,613.19 | 0.12 | 165.56 | | **By Region** | Regions Outside Jiangsu Province | 11,971,363.87 | 12.63 | 162,892,076.73 | 52.59 | -92.65 | | | Within Jiangsu Province (excluding Wuxi) | 26,901,135.34 | 28.39 | 60,205,301.92 | 19.44 | -55.32 | | | Wuxi Region | 55,895,403.49 | 58.98 | 86,669,583.01 | 27.98 | -35.51 | [IV. Analysis of Non-Core Business](index=15&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) The company had no non-core business analysis content during the reporting period - No non-core business analysis for the reporting period[52](index=52&type=chunk) [V. Analysis of Assets and Liabilities](index=15&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders decreased, with reductions in monetary funds, short-term borrowings, and accounts payable, while financial assets at fair value and restricted assets were noted Significant Changes in Asset Composition | Item | End of Current Period Amount (Yuan) | Share of Total Assets (%) | End of Previous Year Amount (Yuan) | Share of Total Assets (%) | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 112,128,155.08 | 13.37 | 190,631,748.80 | 20.37 | -7.00 | | Accounts Receivable | 148,328,314.11 | 17.68 | 149,500,428.27 | 15.98 | 1.70 | | Contract Assets | 405,155,550.13 | 48.30 | 454,325,009.25 | 48.56 | -0.26 | | Short-term Borrowings | 58,566,817.66 | 6.98 | 73,144,450.69 | 7.82 | -0.84 | | Accounts Payable | 73,571,117.05 | 8.77 | 126,787,336.11 | 13.55 | -4.78 | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets (Wealth Management Products) | 0.00 | 80,000,000.00 | 50,000,000.00 | 30,000,000.00 | | Other Equity Instrument Investments | 10,201,710.88 | 0.00 | 0.00 | 10,201,710.88 | | Total | 10,251,710.88 | 87,200,000.00 | 57,250,000.00 | 40,201,710.88 | Asset Restriction Status | Item | Ending Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 1,152,746.10 | Guarantee, acceptance bill margin | | Monetary Funds | 3,500,000.00 | Judicial freeze | | Total | 4,652,746.10 | | [VI. Analysis of Investment Status](index=16&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company reported no significant equity, non-equity, securities, or derivative investments, and no disclosure of raised capital usage - The company's reporting period shows no significant equity investments, non-equity investments, securities investments, or derivative investments[55](index=55&type=chunk)[56](index=56&type=chunk) - The company's reporting period shows no use of raised capital[57](index=57&type=chunk) [VII. Significant Asset and Equity Sales](index=17&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not sell any significant assets or equity during the reporting period - The company did not sell any significant assets during the reporting period[58](index=58&type=chunk) - The company did not sell any significant equity during the reporting period[59](index=59&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=17&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company had no important holding or participating company information requiring disclosure during the reporting period - The company's reporting period shows no important holding or participating company information that should be disclosed[59](index=59&type=chunk) [IX. Structured Entities Controlled by the Company](index=17&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company reported no structured entities under its control during the reporting period - The company's reporting period shows no structured entities under its control[60](index=60&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=17&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from fluctuating infrastructure investment and accounts receivable/contract asset recovery, addressed by strategic adjustments, market expansion, and enhanced collection management - The company faces risks from fluctuating infrastructure investment, which is significantly influenced by national macroeconomic policies and economic cycles[60](index=60&type=chunk) - Countermeasures include strengthening forward-looking policy and market research, timely adjusting operating strategies, expanding full-process engineering consulting and engineering general contracting businesses, and increasing market development efforts outside Jiangsu Province[60](index=60&type=chunk) - The company faces risks in accounts receivable and contract asset recovery, which could lead to reduced cash flow turnover and operational efficiency[61](index=61&type=chunk) - Countermeasures include continuously strengthening aging analysis and recovery management of accounts receivable, and closely linking performance appraisal indicators to project collections[61](index=61&type=chunk) [XI. Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=XI.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has established a market value management system to enhance investment value and shareholder returns but has not disclosed a valuation enhancement plan - The company has established the "Market Value Management System" and published it on April 25, 2025[62](index=62&type=chunk)[63](index=63&type=chunk) - The company has not disclosed a valuation enhancement plan[63](index=63&type=chunk) [XII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=18&type=section&id=XII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[64](index=64&type=chunk) Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance, profit distribution plans, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company appointed Xia Zhi as Chief Engineer, while former Chairman Gu Xiaojun, Vice Chairman/CFO Zhou Zhidong, and Director Zhang Zhaoting resigned due to work adjustments - The company appointed Xia Zhi as Chief Engineer on January 9, 2025[65](index=65&type=chunk) - Former Chairman Gu Xiaojun, Vice Chairman and CFO Zhou Zhidong, and Director Zhang Zhaoting resigned due to work adjustments[65](index=65&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=18&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this half-year - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year[65](index=65&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=III.%20Implementation%20of%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 during the reporting period - The company's reporting period shows no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation[66](index=66&type=chunk) [IV. Environmental Information Disclosure](index=18&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required 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[67](index=67&type=chunk) [V. Social Responsibility](index=18&type=section&id=V.%20Social%20Responsibility) The company integrates corporate culture with party building, brand management, team building, customer relations, and social responsibility, ensuring shareholder and employee rights - The company is committed to deeply integrating corporate culture construction with party building leadership, brand management, team building, customer maintenance, and social responsibility to enhance organizational performance[67](index=67&type=chunk) - The company strictly optimizes its governance structure in accordance with laws and regulations, safeguarding shareholder rights, especially the legitimate rights and interests of small and medium shareholders[69](index=69&type=chunk) - The company fulfills its information disclosure obligations in a timely, truthful, accurate, and complete manner, and communicates and interacts fully with investors through various channels[69](index=69&type=chunk) - The company highly values investor returns, strictly implementing cash dividend policies in accordance with the relevant provisions on profit distribution in its Articles of Association[69](index=69&type=chunk) - The company strictly complies with the "Labor Law" and "Labor Contract Law," effectively protecting the legitimate rights and interests of employees, and provides statutory and various supplementary corporate welfare benefits to build harmonious labor relations[70](index=70&type=chunk) Section V Significant Events This section covers commitments, related party transactions, legal matters, and other significant events during the reporting period [I. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=20&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) No commitments by controlling shareholders, shareholders, related parties, acquirers, or the company were fulfilled or overdue during the reporting period - The company's reporting period shows no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue as of the end of the reporting period[72](index=72&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=20&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) No non-operating funds were occupied by controlling shareholders or other related parties during the reporting period - The company's reporting period shows no non-operating funds occupied by controlling shareholders and other related parties of the listed company[73](index=73&type=chunk) [III. Irregular External Guarantees](index=20&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company's reporting period shows no irregular external guarantees[74](index=74&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=20&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[75](index=75&type=chunk) [V. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period](index=20&type=section&id=V.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company had no explanations from the Board or Supervisory Board regarding a "non-standard audit report" for the current period - The company's reporting period shows no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current period[76](index=76&type=chunk) [VI. Board of Directors' Explanations on "Non-Standard Audit Report" for the Previous Year](index=20&type=section&id=VI.%20Board%20of%20Directors%27%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company had no explanations from the Board of Directors regarding a "non-standard audit report" for the previous year - The company's reporting period shows no explanations from the Board of Directors regarding a "non-standard audit report" for the previous year[76](index=76&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=20&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization matters during the reporting period - The company's reporting period shows no bankruptcy or reorganization matters[76](index=76&type=chunk) [VIII. Litigation Matters](index=20&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[77](index=77&type=chunk) - The company had no other litigation matters during the reporting period[77](index=77&type=chunk) [IX. Penalties and Rectification](index=21&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company's reporting period shows no penalties or rectification situations[78](index=78&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=21&type=section&id=X.%20Integrity%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's reporting period shows no integrity issues concerning the company, its controlling shareholder, or actual controller[79](index=79&type=chunk) [XI. Significant Related Party Transactions](index=21&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company reported no significant related party transactions, including those related to daily operations, asset/equity sales, joint investments, or financial dealings - The company's reporting period shows no related party transactions related to daily operations[79](index=79&type=chunk) - The company's reporting period shows no related party transactions involving asset or equity acquisition/disposal[80](index=80&type=chunk) - The company's reporting period shows no related party creditor-debtor relationships[82](index=82&type=chunk) - The company has no deposits, loans, credit lines, or other financial business with related financial companies[83](index=83&type=chunk) - The company's reporting period shows no other significant related party transactions[85](index=85&type=chunk) [XII. Significant Contracts and Their Performance](index=22&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no significant entrustment, contracting, or leasing matters, nor major guarantees, but engaged in wealth management with 30 million yuan outstanding - The company's reporting period shows no entrustment, contracting, or leasing situations[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - The company's reporting period shows no significant guarantees[89](index=89&type=chunk) Wealth Management Details | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Occurred (Ten Thousand Yuan) | Unexpired Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 8,000 | 3,000 | - The company's reporting period shows no other significant contracts[91](index=91&type=chunk) [XIII. Explanation of Other Significant Matters](index=22&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company's reporting period shows no other significant matters requiring explanation[92](index=92&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=23&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company's reporting period shows no significant matters concerning company subsidiaries[93](index=93&type=chunk) Section VI Share Changes and Shareholder Information This section details changes in share capital, shareholder structure, and the status of the controlling shareholder [I. Share Change Status](index=24&type=section&id=I.%20Share%20Change%20Status) Restricted shares decreased by 21,900,494, increasing unrestricted shares, primarily due to the lifting of restrictions on senior management shares Share Change Status | Category | Number of Shares Before This Change (Shares) | Proportion (%) | Increase/Decrease in This Change (Shares) | Number of Shares After This Change (Shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 24,732,611 | 15.84 | -21,900,494 | 2,832,117 | 1.81 | | Of which: Shares held by domestic natural persons | 24,732,611 | 15.84 | -21,900,494 | 2,832,117 | 1.81 | | II. Unrestricted Shares | 131,424,555 | 84.16 | 21,900,494 | 153,325,049 | 98.19 | | Of which: RMB ordinary shares | 131,424,555 | 84.16 | 21,900,494 | 153,325,049 | 98.19 | | III. Total Shares | 156,157,166 | 100.00 | 0 | 156,157,166 | 100.00 | Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Released in Current Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Zhou Xiaohui | 2,339,908 | 2,339,908 | 0 | Senior management lock-up shares | | Ye Song | 246,597 | 246,597 | 0 | Senior management lock-up shares | | Pan Xiaodong | 83,520 | 83,520 | 0 | Senior management lock-up shares | | Chen Fengjun | 19,230,244 | 19,230,244 | 0 | Senior management lock-up shares | | Chen Chen | 225 | 225 | 0 | Senior management lock-up shares | | Total | 21,900,494 | 21,900,494 | 0 | | [II. Securities Issuance and Listing](index=25&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company's reporting period shows no securities issuance or listing activities[99](index=99&type=chunk) [III. Number of Shareholders and Shareholding Status](index=25&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had 15,415 common shareholders, with Wuxi Traffic Industry Group and its concerted parties controlling 26.23% of voting rights - Total common shareholders at the end of the reporting period: **15,415**[100](index=100&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at End of Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | Share Status | Number (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Fengjun | Domestic Natural Person | 12.31 | 19,230,244 | 0 | 19,230,244 | Pledged | 13,932,587 | | Wuxi Traffic Industry Group Co., Ltd. | State-owned Legal Person | 8.61 | 13,439,952 | 0 | 13,439,952 | Not Applicable | 0 | | Wuxi Juhang Investment Partnership (Limited Partnership) | Other | 8.59 | 13,418,686 | 0 | 13,418,686 | Not Applicable | 0 | | Wuxi Zhongshe Chuangtou Management Center (Limited Partnership) | Other | 5.60 | 8,746,824 | 0 | 8,746,824 | Not Applicable | 0 | | Lu Weidong | Domestic Natural Person | 1.73 | 2,706,048 | 2,029,536 | 676,512 | Not Applicable | 0 | | Liao Fangling | Domestic Natural Person | 1.68 | 2,626,466 | 0 | 2,626,466 | Not Applicable | 0 | | Sun Jiajun | Domestic Natural Person | 1.58 | 2,475,000 | 0 | 2,475,000 | Not Applicable | 0 | | Chen Jun | Domestic Natural Person | 1.40 | 2,185,944 | 0 | 2,185,944 | Not Applicable | 0 | | Zhou Xiaohui | Domestic Natural Person | 1.14 | 1,779,277 | 0 | 1,779,277 | Not Applicable | 0 | | Wang Mingchang | Domestic Natural Person | 1.08 | 1,680,084 | 0 | 1,680,084 | Not Applicable | 0 | - Wuxi Traffic Industry Group Co., Ltd. and its concerted parties (Wuxi Zhongshe Chuangtou Management Center, Wuxi Juhang Investment Partnership) are concerted parties[100](index=100&type=chunk)[101](index=101&type=chunk) - Liao Fangling and Zhou Xiaohui signed a "Voting Rights Entrustment Agreement" with Wuxi Traffic Group, entrusting their voting rights to Wuxi Traffic Group, making Wuxi Traffic Industry Group Co., Ltd. the controlling shareholder with a total of **26.23%** of the company's voting rights[100](index=100&type=chunk)[134](index=134&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=27&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[102](index=102&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=27&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[103](index=103&type=chunk) - The company's actual controller did not change during the reporting period[103](index=103&type=chunk) [VI. Preferred Share Information](index=28&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[104](index=104&type=chunk) Section VII Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[106](index=106&type=chunk) Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [I. Audit Report](index=30&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[108](index=108&type=chunk) [II. Financial Statements](index=30&type=section&id=II.%20Financial%20Statements) This section provides the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the first half of 2025 - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[109](index=109&type=chunk)[113](index=113&type=chunk)[117](index=117&type=chunk)[121](index=121&type=chunk)[125](index=125&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk)[137](index=137&type=chunk) [III. Company Basic Information](index=47&type=section&id=III.%20Company%20Basic%20Information) The company is a listed joint-stock enterprise in the engineering technology service industry, headquartered in Wuxi, primarily offering planning, design, supervision, and EPC services - Company registered address: No. 268-1 Qingyuan Road, Binhu District, Wuxi City; Headquarters address: No. 1 Xingyang Road, Xuelang Street, Binhu District, Wuxi City[143](index=143&type=chunk) - Company organizational form: Joint-stock company (listed), belonging to the engineering technology service industry[143](index=143&type=chunk) - Company's main businesses are planning consulting and survey design, engineering supervision, project management, and engineering general contracting[144](index=144&type=chunk) [IV. Basis of Financial Statement Preparation](index=48&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared on a going concern basis, adhering to Chinese accounting standards, with no significant factors affecting going concern within 12 months - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" and relevant regulations[146](index=146&type=chunk) - The company comprehensively assessed that there are no significant factors affecting its ability to continue as a going concern within 12 months from the end of the reporting period[147](index=147&type=chunk) [V. Significant Accounting Policies and Estimates](index=48&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's key accounting policies and estimates for financial reporting, covering areas like financial instruments, receivables, fixed assets, and revenue recognition - The financial statements prepared by the company comply with the requirements of Enterprise Accounting Standards, truly and completely reflecting the enterprise's financial position, operating results, and cash flows[149](index=149&type=chunk) - Significant accounting policies and estimates are primarily reflected in the methods for bad debt provision for receivables, inventory valuation methods, depreciation of fixed assets and amortization of intangible assets, and revenue recognition timing[148](index=148&type=chunk) - The company uses one year (12 months) as its normal operating cycle and RMB as its functional currency[151](index=151&type=chunk)[152](index=152&type=chunk) - The company has detailed provisions for the classification, recognition basis, and measurement methods of financial instruments, as well as conditions for the transfer of financial assets and derecognition of financial liabilities[171](index=171&type=chunk)[172](index=172&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk) - The company's general principle for revenue recognition is to recognize revenue when the customer obtains control of the relevant goods or services, and to determine the progress of performance obligations using either the output method or the input method based on the type of performance obligation[223](index=223&type=chunk)[224](index=224&type=chunk) [VI. Taxation](index=75&type=section&id=VI.%20Taxation) This section outlines the company's main taxes and rates, including VAT, urban maintenance and construction tax, and corporate income tax, with high-tech enterprise and small-profit enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 15%, 20% | | Education Surcharge | Amount of turnover tax payable | 5% | | Property Tax | Self-used property based on residual value/rental income | 1.2%/12% | | Land Use Tax | Land area | 3 yuan/㎡, 9 yuan/㎡ | - As a high-tech enterprise, the company's corporate income tax rate is adjusted from **25%** to **15%** for 2024-2026[240](index=240&type=chunk) - Several holding subsidiaries qualify as small-profit enterprises, enjoying a reduced corporate income tax rate of **20%** on **25%** of taxable income, a policy extended until December 31, 2027[240](index=240&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=76&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on the consolidated financial statement items, including balances and changes in assets, liabilities, equity, income, and expenses - Monetary funds ending balance: **112,128,155.08 yuan**, beginning balance: **190,631,748.80 yuan**, primarily composed of bank deposits[242](index=242&type=chunk) - Trading financial assets ending balance: **30,000,000.00 yuan**, entirely wealth management products[244](index=244&type=chunk) - Accounts receivable ending book value: **148,328,314.11 yuan**, bad debt provision: **53,975,690.06 yuan**, with a provision rate of **26.68%**[256](index=256&type=chunk) - Contract assets ending book value: **405,155,550.13 yuan**, bad debt provision: **106,070,530.38 yuan**, with a provision rate of **20.75%**[265](index=265&type=chunk)[269](index=269&type=chunk) - Fixed assets ending book value: **70,543,941.53 yuan**, primarily consisting of buildings[349](index=349&type=chunk)[352](index=352&type=chunk) - Short-term borrowings ending balance: **58,566,817.66 yuan**, mainly credit borrowings and financing bills[394](index=394&type=chunk) - Operating revenue for the current period: **94,767,902.70 yuan**, operating cost: **68,914,913.62 yuan**[452](index=452&type=chunk) - Net profit attributable to parent company owners for the current period: **-7,218,452.48 yuan**[448](index=448&type=chunk) [VIII. Research and Development Expenses](index=122&type=section&id=VIII.%20Research%20and%20Development%20Expenses) Total R&D expenses for the period were 6,834,407.51 yuan, entirely expensed, primarily for employee compensation, and decreased due to the deconsolidation of Zhongshe Kexin R&D Expense Composition | Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Previous Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 6,615,109.96 | 13,721,650.43 | | Direct Input | 19,230.64 | 125,313.29 | | Depreciation and Amortization | 75,462.98 | 202,058.23 | | Depreciation of Right-of-Use Assets | 0.00 | 68,048.35 | | Amortization of Intangible Assets | 74,792.61 | 211,114.90 | | Entrusted R&D Fees | 49,811.32 | 0.00 | | Other Expenses | 0.00 | 270,115.11 | | Total | 6,834,407.51 | 14,598,300.31 | | Of which: Expensed R&D Expenditure | 6,834,407.51 | 14,598,300.31 | - Current period R&D investment decreased by **53.18%** year-on-year, mainly due to the deconsolidation of Zhongshe Kexin[47](index=47&type=chunk) [IX. Changes in Consolidation Scope](index=123&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company had no business combinations under common control or not under common control, but the consolidation scope changed due to the liquidation of Jiangsu Zhongshe Huitong Smart Parking Technology Co., Ltd - The company's reporting period shows no business combinations under non-common control or under common control[505](index=505&type=chunk)[509](index=509&type=chunk) - The liquidation of Jiangsu Zhongshe Huitong Smart Parking Technology Co., Ltd. was completed in June 2025, resulting in a change in the consolidation scope[512](index=512&type=chunk) [X. Interests in Other Entities](index=126&type=section&id=X.%20Interests%20in%20Other%20Entities) This section lists the company's group structure, including wholly-owned and controlled subsidiaries, with no significant non-wholly-owned, joint, or associate entities, and no financial support to structured entities - The company owns several wholly-owned subsidiaries, such as Wuxi Traffic Planning and Design Institute Co., Ltd. and Jiangsu Zhongshe Group Architectural Design Co., Ltd., as well as controlled subsidiaries like Wuxi Jiuheng Engineering Design Co., Ltd. (with a **65%** stake) and Hebei Xiong'an Zhongshe Baotong Engineering Consulting Co., Ltd. (with a **60%** stake)[513](index=513&type=chunk) - There were no important non-wholly-owned subsidiaries, nor important joint ventures or associates during the reporting period[514](index=514&type=chunk)[518](index=518&type=chunk)[520](index=520&type=chunk)[522](index=522&type=chunk) [XI. Government Grants](index=130&type=section&id=XI.%20Government%20Grants) Total government grants recognized in profit or loss for the current period amounted to 115,940.05 yuan, significantly lower than the previous year Government Grants Recognized in Profit or Loss | Accounting Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Previous Period (Yuan) | | :--- | :--- | :--- | | Other Income | 115,940.05 | 1,966,566.61 | | Total | 115,940.05 | 1,966,566.61 | [XII. Risks Related to Financial Instruments](index=131&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (interest rate and foreign exchange) through monitoring, optimizing financing, and cash flow forecasting, with no significant foreign exchange risk - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[525](index=525&type=chunk) - Credit risk is primarily related to accounts receivable; the company's major clients are government and related investment entities with good credit, but there is a risk of delayed payments[526](index=526&type=chunk) - The company manages credit risk by monitoring debtor credit records, taking written collection actions, and shortening or canceling credit periods[526](index=526&type=chunk) - Liquidity risk is controlled by comprehensively utilizing bill settlements, optimizing the financing structure, monitoring cash balances, and rolling cash flow forecasts[528](index=528&type=chunk) - All of the company's operating activities are conducted within China, and major transactions are settled in RMB, thus there is no significant foreign exchange risk[528](index=528&type=chunk) [XIII. Disclosure of Fair Value](index=133&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value, including wealth management products (Level 2) and other equity instrument investments (Level 3) Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Wealth Management Products | 30,000,000.00 | 0.00 | 30,000,000.00 | | Other Equity Instrument Investments | 0.00 | 10,201,710.88 | 10,201,710.88 | | Total Assets Continuously Measured at Fair Value | 30,000,000.00 | 10,201,710.88 | 40,201,710.88 | - Wealth management products are measured at Level 2 fair value, with future cash flows predicted using expected return rates[533](index=533&type=chunk) - Other equity instrument investments are measured at Level 3 fair value, using the share of their book assets as the best estimate of fair value[534](index=534&type=chunk) [XIV. Related Parties and Related Party Transactions](index=134&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section identifies the company's parent, subsidiaries, and other related parties, detailing related party transactions for services, leasing, and outstanding receivables/payables - Wuxi Traffic Industry Group Co., Ltd. directly holds **8.61%** of the company's shares, indirectly controls **22.80%** through concerted parties, and through voting rights entrustment, controls a total of **26.23%** of voting rights, making it the controlling shareholder[535](index=535&type=chunk)[536](index=536&type=chunk) Sales of Goods/Provision of Services (Related Party Transactions) | Related Party | Related Transaction Content | Amount Incurred in Current Period (Yuan) | Amount Incurred in Previous Period (Yuan) | | :--- | :--- | :--- | :--- | | Wuxi Dingshu General Airport Co., Ltd. | Survey and Design Fees | 105,660.37 | 2,502,006.00 | | Wuxi Metro Group and its Affiliates | Survey and Design Fees and Engineering General Contracting Fees | 2,697,003.96 | 26,695,030.36 | | Wuxi Yunsheng Urban Operation Management Service Co., Ltd. | Survey and Design Fees | 256,658.30 | 1,801,813.85 | | Wuxi Internet of Vehicles Industry Development Group Co., Ltd. | Survey and Design Fees | 789,037.74 | 0.00 | | Wuxi Jianxia Development Co., Ltd. | Survey and Design Fees | 166,037.74 | 0.00 | | Huaren Construction Group Co., Ltd. | Survey and Design Fees | 66,905.66 | 0.00 | Accounts Receivable from Related Parties at Period End | Item Name | Related Party | Ending Book Balance (Yuan) | Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Wuxi Metro Group and its Affiliates | 8,949,927.13 | 1,136,589.57 | | Contract Assets | Wuxi Metro Group and its Affiliates | 28,490,995.41 | 3,232,944.71 | [XV. Share-Based Payment](index=138&type=section&id=XV.%20Share-Based%20Payment) The company had no share-based payment information, including overall situation, equity-settled, or cash-settled, during the reporting period - The company's reporting period shows no overall share-based payment information[555](index=555&type=chunk) [XVI. Commitments and Contingencies](index=138&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had performance guarantees totaling 21,258,471.92 yuan, some backed by deposits and some by credit, with no other significant contingencies - As of June 30, 2025, the company had performance guarantees applied for from banks totaling **21,258,471.92 yuan**[555](index=555&type=chunk) - Of this amount, **1,268,874.03 yuan** was issued with a margin deposit, and **19,989,597.89 yuan** was issued on credit[555](index=555&type=chunk) - As of June 30, 2024, the company had no significant contingencies requiring disclosure[556](index=556&type=chunk)[557](index=557&type=chunk) [XVII. Events After the Balance Sheet Date](index=139&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) The company reported no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events - The company's reporting period shows no important non-adjusting events[560](index=560&type=chunk) - The company's reporting period shows no profit distribution[561](index=561&type=chunk) - The company's reporting period shows no sales returns[561](index=561&type=chunk) [XVIII. Other Significant Matters](index=139&type=section&id=XVIII.%20Other%20Significant%20Matters) The company had no prior period accounting error corrections, debt restructurings, annuity plans, or discontinued operations, and does not report segment information due to its single business nature - The company's reporting period shows no prior period accounting error corrections, debt restructurings, annuity plans, or discontinued operations[561](index=561&type=chunk)[564](index=564&type=chunk)[569](index=569&type=chunk) - The company's business is singular, primarily engineering technology services, and management views this business as a whole for management and performance assessment, thus no segment information is presented[566](index=566&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=141&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides notes on the parent company's key financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, and investment income - Parent company accounts receivable ending book value: **142,391,333.95 yuan**, bad debt provision: **52,899,569.60 yuan**[573](index=573&type=chunk)[575](index=575&type=chunk) - Parent company other receivables ending book balance: **9,959,499.47 yuan**, primarily deposits and guarantees[597](index=597&type=chunk)[599](index=599&type=chunk) - Parent company long-term equity investments ending book value: **43,324,034.99 yuan**, mainly investments in subsidiaries[611](index=611&type=chunk) - Parent company operating revenue for the current period: **87,452,605.46 yuan**, operating cost: **65,452,599.74 yuan**[615](index=615&type=chunk) - Parent company investment income for the current period: **2,527,572.38 yuan**, primarily from long-term equity investments accounted for using the cost method[620](index=620&type=chunk) [XX. Supplementary Information](index=150&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including non-recurring gains and losses, net asset return, and earnings per share, confirming no accounting data differences under domestic and overseas standards Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 201,450.27 | | Government grants recognized in current profit or loss | 115,940.05 | | Other non-operating income and expenses apart from the above | -8,840.83 | | Less: Income tax impact | 31,676.11 | | Total | 276,873.38 | Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan/share) | Diluted Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | -1.07 | -0.0462 | -0.0462 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | -1.11 | -0.0480 | -0.0480 | - The company shows no differences in net profit and net assets between financial reports disclosed simultaneously under international accounting standards and Chinese accounting standards[624](index=624&type=chunk) Section IX Other Submitted Data The company reported no other significant social safety issues, administrative penalties, investor relations activities, or fund transfers with controlling shareholders/related parties - The listed company and its subsidiaries have no other significant social safety issues[627](index=627&type=chunk) - No administrative penalties were received during the reporting period[627](index=627&type=chunk) - No investor research, communication, or interview activities were conducted during the reporting period[627](index=627&type=chunk) - There are no fund transfers between the listed company and its controlling shareholder or other related parties[627](index=627&type=chunk)

Core Viewpoint - The company reported a significant decline in revenue and a net loss for the first half of 2025, indicating financial challenges ahead [1] Financial Performance - The company's operating revenue for the first half of 2025 was 94.76 million yuan, a year-on-year decrease of 69.41% [1] - The net loss attributable to shareholders was 7.22 million yuan, compared to a net profit of 18.83 million yuan in the same period last year [1] Dividend Policy - The company announced plans not to distribute cash dividends, issue bonus shares, or increase capital through reserves [1]

Group 1 - The latest stock price of Zhongshe Co., Ltd. is 12.41 yuan, with an increase of 0.24% compared to the previous trading day [1] - The stock reached a maximum of 12.44 yuan and a minimum of 12.27 yuan during the trading session, with a total trading volume of 77,451 hands and a transaction amount of 0.96 billion yuan [1] - Zhongshe Co., Ltd. operates in the engineering consulting services industry, providing comprehensive engineering consulting services including architectural design, project supervision, and engineering consulting [1] Group 2 - As of August 8, 2025, the total number of shareholders for Zhongshe Co., Ltd. is 29,267, indicating a change in the investor structure [1] - On August 19, the net inflow of main funds was 2.4452 million yuan, accounting for 0.15% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 2.0996 million yuan, representing 0.13% of the circulating market value [1]

Group 1 - The company, Zhongshi Co., reported that as of August 8, 2025, the number of shareholders is 29,267 [1]

Group 1 - The core viewpoint of the articles highlights the significant disparity between the price-to-earnings (PE) ratio of the company and the industry average, indicating potential overvaluation [1][2] - The company's current PE ratio is 2536.63, which is substantially higher than the industry average of 65.28 and the median of 39.48, ranking it 43rd in the industry [1][2] - As of July 31, 2025, the number of shareholders for the company has increased to 32,358, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Group 2 - The main business of Jiangsu Zhongshe Group Co., Ltd. revolves around providing comprehensive engineering design consulting and general contracting services in four key areas: transportation, municipal, construction, and environment [1] - The latest financial performance for Q1 2025 shows a revenue of 37.16 million yuan, representing a year-on-year decline of 73.79%, with a net profit of 543,800 yuan, down 94.54% compared to the previous year, and a gross margin of 35.63% [1]

Group 1 - The core viewpoint of the news indicates that Zhongshe Co., Ltd. (002883) has experienced a significant decline in its financial performance, with a total revenue of 37.16 million yuan in Q1 2025, representing a year-on-year decrease of 73.79% [1] - The net profit attributable to shareholders for the same period is 543,800 yuan, down 94.54% year-on-year, and the non-recurring net profit is 240,400 yuan, down 97.46% year-on-year [1] - The company's liquidity ratios are strong, with a current ratio and quick ratio both at 3.937, and a low debt-to-asset ratio of 21.80% [1] Group 2 - Zhongshe Co., Ltd. was established in 1987 and is located in Wuxi City, primarily engaged in professional technical services [2] - The company has invested in 20 enterprises and participated in 5,000 bidding projects, holding 5 trademark registrations and 122 patents, along with 145 administrative licenses [2]

Group 1 - The company responded to an investor inquiry regarding the number of shareholders as of July 31, 2025, stating there will be 32,358 shareholders [1]

Core Viewpoint - The stock price of Zhongshe Co., Ltd. closed at 12.51 yuan on August 4, 2025, reflecting a decline of 1.26% from the previous trading day, with a trading volume of 168,758 hands and a transaction amount of 211 million yuan [1] Company Overview - Zhongshe Co., Ltd. primarily engages in engineering consulting services, with all of its revenue for the year 2024 expected to come from this service sector [1] - The company is registered in Jiangsu Province and operates within the engineering consulting services industry [1] Recent Announcements - On August 1, the company announced that its Chief Engineer, Shen Jiangang, resigned due to reaching the legal retirement age [1] - On August 3, the company disclosed that two executives plan to reduce their holdings by a total of no more than 912,100 shares, citing personal funding needs as the reason for the reduction [1] Capital Flow - On August 4, the net outflow of main funds was 9.5573 million yuan, with a cumulative net outflow of 83.1845 million yuan over the past five trading days [1]

2024年1至12月份，中设股份的营业收入构成为：服务业占比100.0%。 （文章来源：每日经济新闻） 中设股份（SZ 002883，最新价：12.64元）8月1日晚间发布公告称，江苏中设集团股份有限公司董事会 于近日收到通知，总工程师沈建钢先生已达法定退休年龄，申请结束聘期并辞去公司总工程师职务。沈 建钢先生原定任期至第四届董事会任期届满，现辞任后不在公司及子公司担任任何职务。 ...