深圳华侨城股份有限公司 2025 年半年度报告全文 深圳华侨城股份有限公司 2025 年半年度报告 2025 年 8 月 1 深圳华侨城股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司负责人张振高、主管会计工作负责人刘宇及会计机构负责人郭志华 声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异。 公司已在本报告"第三节 管理层讨论与分析"之"十、 公司面临的风 险和应对措施分析"对公司报告期内的重大风险因素进行分析, 敬请投资者 注意阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | 深圳华侨城股份有限公司 2025 年半年度报告全文 备查文件目录 一、载有董事长张振高、主管会计工作负责人刘宇和会计机构负责人郭志华签名并盖章的财务报表； 二、报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本和公告的原稿。 4 | 释义项 | 指 | 释义内容 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management guarantee the report's accuracy, with no plans for cash dividends or capital reserve conversions - The company's board, supervisory board, and senior management guarantee the semi-annual report's **truthfulness, accuracy, and completeness**, assuming individual and joint legal responsibility[4](index=4&type=chunk) - Company head Zheng Jingchang, chief accountant Fu Wenda, and accounting department head Zhan Huilu declare the financial report's **truthfulness, accuracy, and completeness**[4](index=4&type=chunk) - The company plans **no cash dividends, no bonus shares, and no capital reserve conversions**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section presents the report's structured table of contents, outlining nine main chapters for a comprehensive overview - The report's table of contents includes **nine main chapters**, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, exchanges, regulations, currency units, reporting periods, and key business models like EPC, ensuring clear understanding - “Company,” “the Company,” “China Wuyi,” and “Wuyi Company” refer to **China Wuyi Industrial Co, Ltd**[11](index=11&type=chunk) - “Reporting Period” refers to **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) - “EPC” refers to **Engineering, Procurement, and Construction**, a model where the company undertakes the entire or partial process of project design, procurement, construction, and commissioning as per contract[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) China Wuyi Industrial Co, Ltd (stock code: 000797) is listed on the Shenzhen Stock Exchange, with Zheng Jingchang as its legal representative - The company's stock abbreviation is “China Wuyi,” stock code “000797,” listed on the **Shenzhen Stock Exchange**[13](index=13&type=chunk) - The company's legal representative is **Zheng Jingchang**[13](index=13&type=chunk) [Contact Person and Contact Information](index=6&type=section&id=Contact%20Person%20and%20Contact%20Information) Huang Cheng serves as both the Board Secretary and Securities Affairs Representative, with the office located at 4th Floor, Zhidi Plaza, 89 Wusi Road, Fuzhou, Fujian Province, and contact details including phone, fax, and email provided - The Board Secretary and Securities Affairs Representative are both **Huang Cheng**[14](index=14&type=chunk) - Contact address is 4th Floor, Zhidi Plaza, 89 Wusi Road, Fuzhou, Fujian Province, phone **0591-88323721**, fax **0591-88323811**, email **gzb@chinawuyi.com.cn**[14](index=14&type=chunk) [Other Information](index=6&type=section&id=Other%20Information) The company's registered address, office address, postal code, website, email, information disclosure, and document storage locations remained unchanged during the reporting period, with details available in the 2024 annual report - The company's registered address, office address, postal code, website, and email remained **unchanged** during the reporting period[15](index=15&type=chunk) - The company's designated website and media for semi-annual report disclosure, along with the report's storage location, also remained **unchanged** during the reporting period[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue significantly decreased by 51.96% year-on-year, and net profit attributable to shareholders turned from profit to loss, decreasing by 146.34% to -92.99 million yuan, while net cash flow from operating activities improved, and total assets increased by 4.51% with net assets decreasing by 1.88% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,581,150,004.28 | 3,291,277,438.39 | -51.96% | | Net Profit Attributable to Shareholders of the Listed Company | -92,995,611.66 | 200,666,256.79 | -146.34% | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-Recurring Gains and Losses | -97,571,224.46 | 219,107,695.56 | -144.53% | | Net Cash Flow from Operating Activities | -243,496,190.99 | -346,765,329.45 | 29.78% | | Basic Earnings Per Share (yuan/share) | -0.0592 | 0.1278 | -146.32% | | Diluted Earnings Per Share (yuan/share) | -0.0592 | 0.1278 | -146.32% | | Weighted Average Return on Net Assets | -1.80% | 3.86% | -5.66% | | **End of Current Reporting Period (yuan)** | **End of Prior Year (yuan)** | **Change from End of Prior Year** | | | Total Assets | 25,132,075,473.85 | 24,047,944,517.32 | 4.51% | | Net Assets Attributable to Shareholders of the Listed Company | 5,111,616,732.97 | 5,209,658,895.76 | -1.88% | [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) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International Accounting Standards or overseas accounting standards and those prepared under Chinese Accounting Standards - The company reported **no differences** in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[18](index=18&type=chunk) - The company reported **no differences** in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 4.5756 million yuan, primarily including gains/losses from disposal of non-current assets, government subsidies, fair value changes of financial assets, and other non-operating income/expenses 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 342,089.75 | | Government Subsidies Included in Current Profit and Loss | 3,208,213.83 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | 724,954.44 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 156,318.39 | | Other Non-Operating Income and Expenses Apart from the Above | 1,364,521.02 | | Other Gains and Losses Meeting the Definition of Non-Recurring Gains and Losses | 77,699.54 | | Less: Income Tax Impact | 1,126,690.50 | | Impact on Minority Interests (After Tax) | 171,493.67 | | **Total** | **4,575,612.80** | - Other gains and losses meeting the definition of non-recurring gains and losses primarily include **individual income tax handling fee refunds and tax reductions**, totaling **77,699.54 yuan**[21](index=21&type=chunk) Section III Management Discussion and Analysis [Company's Main Businesses During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) The company's core businesses encompass international engineering contracting, real estate development, commercial trade, and property services, forming a diversified "two main, two auxiliary, one support" development structure, with a focus on optimizing growth, revitalizing existing assets, and mitigating risks - During the reporting period, the company's main businesses included **international engineering contracting, real estate development, commercial trade, and property services**[24](index=24&type=chunk) - The company has gradually established a business portfolio with **integrated real estate and international engineering as core, supply chain comprehensive services as support, and property services and innovative investments as auxiliary**, forming a diversified and strategically synergistic development pattern[26](index=26&type=chunk) - In the first half of 2025, the company actively focused on **optimizing incremental growth, revitalizing existing assets, and mitigating risks** to steadily enhance operational quality and efficiency[35](index=35&type=chunk) [International Engineering Contracting Business](index=9&type=section&id=International%20Engineering%20Contracting%20Business) China's overseas contracting engineering sector maintained steady growth amidst fierce competition, with China Wuyi, a pioneer in Fujian Province's "going out" strategy, deeply integrating into the "dual circulation" development pattern and consistently ranking among ENR's Top 250 International Contractors, primarily operating through bidding for construction general contracting and EPC projects - From January to June 2025, China's overseas contracting engineering business completed an operating turnover of **561.21 billion yuan**, a year-on-year increase of **9.3%**, with new contract value reaching **933.19 billion yuan**, up **13.7%**[25](index=25&type=chunk) - China Wuyi has consistently ranked among the **Top 250 International Contractors** by Engineering News-Record (ENR), was rated as an AAA-level credit enterprise for overseas contracting, and was honored among the **Top 100 Chinese Overseas Contracting Enterprises**[26](index=26&type=chunk) - The company's international engineering contracting business primarily secures projects through **bidding**, with construction general contracting as the main operating model, and some projects adopting the **EPC model**[26](index=26&type=chunk) [Real Estate Development Business](index=10&type=section&id=Real%20Estate%20Development%20Business) In the first half of 2025, national real estate development investment decreased by 11.2% year-on-year, indicating a market still in adjustment but with narrowing declines, while the company's real estate business primarily acquires land through public markets for development, sales, and operation, covering diverse property types and expanding into precision medicine and cultural tourism real estate, both domestically and internationally - From January to June 2025, national real estate development investment totaled **4.6658 trillion yuan**, a year-on-year decrease of **11.2%**[30](index=30&type=chunk) - The company's real estate development and operation model primarily involves **acquiring land from the open market for development, sales, and operation**[31](index=31&type=chunk) - The company's real estate business covers diverse property types including **residential, villas, apartments, shopping malls, office buildings, and hotels**, and has recently expanded into areas such as **precision medicine and cultural tourism real estate**[31](index=31&type=chunk) [Commercial Trade Business](index=10&type=section&id=Commercial%20Trade%20Business) The company's commercial trade business, primarily conducted by Zhongwu E-commerce, focuses on cross-border supply chain operation services, with China's goods trade import and export value increasing by 2.9% in the first half of the year, and Zhongwu E-commerce deepening its expertise in cross-border two-way trade of bulk commodities, providing full lifecycle supply chain services to domestic and international clients, and earning multiple industry accolades - The company's commercial trade business primarily refers to the **cross-border supply chain operation services** provided by Zhongwu E-commerce[32](index=32&type=chunk) - In the first half of this year, China's total goods trade import and export value reached **21.79 trillion yuan**, a year-on-year increase of **2.9%**[33](index=33&type=chunk) - Zhongwu E-commerce specializes in cross-border supply chain operation services, covering bulk commodities such as **engineering machinery and equipment, building materials, agricultural products, energy materials, and rare dispersed metals**, and has received honors including **UN procurement project orders and Fujian Province's "Little Giant" leading technology enterprise**[34](index=34&type=chunk) [Main Work Carried Out by the Company During the Reporting Period](index=11&type=section&id=Main%20Work%20Carried%20Out%20by%20the%20Company%20During%20the%20Reporting%20Period) In the first half of 2025, the company focused on market expansion, reform and innovation, and comprehensive strict party governance, accelerating real estate sales and product R&D, optimizing international engineering layout, exploring new trade models with Zhongwu E-commerce, expanding property management, deepening lean management, reducing "two funds" (receivables and inventory), advancing "three systems" reform, and strengthening party leadership and integrity culture - The real estate business actively utilized housing voucher policies and "construction-offsetting properties" to achieve **sales contract value of 1.529 billion yuan**, sales area of **73,400 square meters**, and cash回笼 of **1.054 billion yuan**[36](index=36&type=chunk) - The international engineering business intensified its **Southeast Asia expansion**, establishing the Philippines as a development hub, with Malaysian and Indonesian offices entering operational phases[36](index=36&type=chunk) - The company actively promoted the **reduction of "two funds" (receivables and inventory)**, strengthening accounts receivable management in the international engineering sector and establishing a commercial management department for unified commercial operations in the real estate sector[38](index=38&type=chunk) - The company continued to deepen the **"three systems" reform**, completed talent inventory, formulated management team tenure and contractual management methods, and solidly advanced compliance management[38](index=38&type=chunk) [Company's Operating Performance During the Reporting Period](index=12&type=section&id=Company%27s%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue was 1.581 billion yuan, a year-on-year decrease of 51.96%, with net profit attributable to the parent company at a loss of 92.9956 million yuan, a year-on-year decrease of 146.34%, primarily due to a decrease in real estate development business revenue, while international engineering contracting business revenue also saw a slight decline, and the company continued to optimize its land reserves and disclosed key project development, sales, leasing, and financing information - During the reporting period, the company achieved operating revenue of **1.581 billion yuan**, a year-on-year decrease of **51.96%**; net profit attributable to parent company shareholders was **-92.9956 million yuan**, a year-on-year decrease of **146.34%**[40](index=40&type=chunk) - International engineering contracting business operating revenue was **518 million yuan**, a year-on-year decrease of **10.82%**; completed construction output was **941 million yuan**[42](index=42&type=chunk) - Real estate development business operating revenue was **395 million yuan**, a year-on-year decrease of **80.47%**; new construction area was **56,200 square meters**, pre-sale (sales) area was **73,400 square meters**, and recognized sales area was **32,500 square meters**[50](index=50&type=chunk) 2025 Semi-Annual Real Estate Development Business Financing Channels | Financing Channel | Ending Financing Balance (10,000 yuan) | Financing Cost Range/Average Financing Cost | Within 1 Year (10,000 yuan) | 1-2 Years (10,000 yuan) | 2-3 Years (10,000 yuan) | Over 3 Years (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Loans | 1,000,520.45 | 2.5%-4.75% | 613,119.96 | 147,033.24 | 218,617.99 | 21,749.26 | | Bills | 19,542.3 | 2%-3% | 19,542.30 | | | | | Trust Financing | 9,029 | 8.35% | 9,029.00 | | | | | Other | 269.06 | 3.5% | 98.47 | 170.59 | | | | **Total** | **1,029,360.81** | | **641,789.73** | **147,203.83** | **218,617.99** | **21,749.26** | [Analysis of Core Competitiveness](index=18&type=section&id=Analysis%20of%20Core%20Competitiveness) The company's core competitiveness stems from its scientific strategic planning, strong brand reputation, experienced talent pool, and significant financing advantages, aiming to become a globally competitive enterprise with sustained value creation through diversified business, standardized management, and technological innovation - The company consistently aims to be an **excellent enterprise with global competitiveness and sustained value creation**, having formulated a scientific and reasonable medium-to-long-term development strategy[63](index=63&type=chunk) - The company has consistently ranked among the **Top 250 International Contractors** by Engineering News-Record (ENR), was rated as an AAA-level credit enterprise for overseas contracting, and was selected among the **Top 100 Chinese Overseas Contracting Enterprises**[65](index=65&type=chunk) - The company has built an **experienced, highly professional, and internationally-minded team** of management and technical personnel with a reasonable age structure[67](index=67&type=chunk) - As a state-owned enterprise-backed listed company, it possesses **high-quality assets, stable financial conditions, and a strong market reputation**, giving it significant financing capabilities[68](index=68&type=chunk) [Analysis of Main Business](index=20&type=section&id=Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue decreased by 51.96% year-on-year, primarily due to reduced real estate project recognition, with real estate development revenue declining by 80.47% while property services and other businesses saw growth, and no significant changes occurred in the company's profit composition or sources 2025 Semi-Annual Main Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,581,150,004.28 | 3,291,277,438.39 | -51.96% | Primarily due to reduced recognition of real estate projects in the current period | | Operating Cost | 1,441,382,757.07 | 2,201,269,495.48 | -34.52% | Primarily due to reduced recognition of real estate projects in the current period | | Selling Expenses | 38,744,840.52 | 76,651,496.34 | -49.45% | Primarily due to reduced recognition of real estate projects in the current period, leading to a decrease in corresponding agency sales expenses | | Financial Expenses | 55,972,677.85 | -54,751,303.13 | 202.23% | Primarily due to increased exchange losses year-on-year | | Income Tax Expense | 30,348,059.04 | 225,633,062.66 | -86.55% | Primarily due to reduced recognition of real estate projects in the current period, leading to a decrease in corresponding income tax expense | | Net Cash Flow from Operating Activities | -243,496,190.99 | -346,765,329.45 | 29.78% | Primarily due to a year-on-year decrease in various taxes and fees paid in the current period | | Net Cash Flow from Investing Activities | -2,791,369.07 | -7,827,136.90 | 64.34% | Primarily due to increased cash received from investment recovery in the current period | | Net Cash Flow from Financing Activities | 568,754,650.14 | 357,421,267.47 | 59.13% | Primarily due to a year-on-year decrease in debt repayment in the current period | | Net Increase in Cash and Cash Equivalents | 336,791,581.05 | 9,948,626.67 | 3,285.31% | Primarily due to an increase in net cash flow from financing activities in the current period | 2025 Semi-Annual Operating Revenue Composition (by Industry) | By Industry | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Engineering Contracting Business | 517,754,931.87 | 32.75% | 580,589,034.29 | 17.64% | -10.82% | | Real Estate Development Business | 395,285,019.16 | 25.00% | 2,024,000,800.40 | 61.50% | -80.47% | | Commercial Trade Business | 616,130,559.73 | 38.97% | 655,205,242.62 | 19.91% | -5.96% | | Property Services | 30,439,274.38 | 1.93% | 22,688,822.01 | 0.69% | 34.16% | | Leasing and Other Businesses | 21,540,219.14 | 1.36% | 8,793,539.07 | 0.27% | 144.96% | - The company's **profit composition or sources of profit did not undergo significant changes** during the reporting period[70](index=70&type=chunk) [Analysis of Non-Main Business](index=22&type=section&id=Analysis%20of%20Non-Main%20Business) During the reporting period, the company's non-main businesses contributed some profit, primarily from investment income, asset impairment reversals, and non-operating income, though these gains are not sustainable 2025 Semi-Annual Non-Main Business Profit Composition | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,430,917.10 | 5.94% | Primarily due to higher income from associate Fujian Zhongfu Labor Cooperation Co, Ltd in the current period | No | | Fair Value Change Gains/Losses | 67,785.86 | 0.09% | | No | | Asset Impairment | 4,615,346.72 | 6.18% | Primarily due to reversal of contract asset impairment in the current period | No | | Non-Operating Income | 2,423,476.70 | 3.25% | Primarily insurance claims and penalties for buyer withdrawals after online housing registration | No | | Non-Operating Expenses | 721,806.31 | 0.97% | Primarily losses from disposal of non-current assets | No | [Analysis of Assets and Liabilities](index=22&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by 4.51% year-on-year to 25.132 billion yuan, mainly due to an increase in contract liabilities and non-current liabilities due within one year, with inventory still accounting for 62.18% of total assets, and the company holding multiple overseas assets, while the total restricted assets amounted to 4.516 billion yuan - At the end of the reporting period, total assets were **25.132 billion yuan**, an increase of **4.51%** compared to the end of the previous year[17](index=17&type=chunk) - Contract liabilities increased by **37.4%**, primarily due to an increase in pre-sale housing payments[75](index=75&type=chunk) - Non-current liabilities due within one year increased by **63.47%**, primarily due to an increase in long-term loans transferred to this category in the current period[75](index=75&type=chunk) - As of the end of the first half of 2025, the company's total restricted assets amounted to **4.516 billion yuan**[80](index=80&type=chunk) [Analysis of Investment Status](index=25&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to -9.75 million yuan, a year-on-year change of 320.08%, mainly due to the establishment of a subsidiary and capital reduction, with financial asset investments including securities and derivatives for hedging purposes, primarily forward foreign exchange transactions to mitigate exchange rate risks 2025 Semi-Annual Investment Amount Changes | Indicator | Investment Amount in Current Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Investment Amount | -9,750,000.00 | -2,321,005.00 | 320.08% | - During the reporting period, Nanan Zhongwu Real Estate Co, Ltd was established with a registered capital investment of **15 million yuan**; Nanping Zhaoheng Wuyi Real Estate Development Co, Ltd reduced its capital by **24.75 million yuan**[81](index=81&type=chunk) - The company's wholly-owned subsidiary, Zhongwu E-commerce, conducts forward foreign exchange transactions with banks and other financial institutions using its own funds for production and hedging purposes, with a total transaction amount not exceeding **50 million US dollars**[85](index=85&type=chunk) - The company had **no derivative investments for speculative purposes** during the reporting period[87](index=87&type=chunk) [Major Asset and Equity Sales](index=29&type=section&id=Major%20Asset%20and%20Equity%20Sales) The company did not undertake any major asset or equity sales during the reporting period - The company did **not sell any major assets** during the reporting period[89](index=89&type=chunk) - The company did **not sell any major equity** during the reporting period[90](index=90&type=chunk) [Analysis of Major Holding and Participating Companies](index=29&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company consolidated 77 subsidiaries in the current period, with Beijing Wuyi Real Estate Development Co, Ltd, Fuzhou Guiwu Real Estate Co, Ltd, and China Wuyi Kenya Construction Industrialization Co, Ltd among those significantly impacting the company's net profit - The company consolidated a total of **77 subsidiaries** in the current period[180](index=180&type=chunk) 2025 Semi-Annual Major Subsidiaries and Associate Companies with Net Profit Impact Exceeding 10% | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Wuyi Real Estate Development Co, Ltd | Subsidiary | Real Estate Development | 41,847,134.27 | 7,625,277,520.25 | 2,428,385,311.20 | 169,452,256.59 | 52,365,104.19 | 39,827,257.20 | | Fuzhou Guiwu Real Estate Co, Ltd | Subsidiary | Real Estate Development | 50,000,000.00 | 911,968,771.47 | -287,149,134.17 | 5,017.61 | -26,276,579.24 | -26,276,579.24 | | China Wuyi Kenya Construction Industrialization Co, Ltd | Subsidiary | Construction and Installation | 660,000.00 | 409,102,306.62 | -255,110,687.25 | 16,284,298.20 | -12,647,109.14 | -12,647,109.14 | | China Wuyi Congo (Brazzaville) Co, Ltd | Subsidiary | Engineering Contracting | 127,000.00 | 96,366,981.09 | -178,333,676.09 | 5,702,126.80 | 29,608,284.13 | 29,608,284.13 | | Fuzhou Wuyi Binhai Real Estate Development Co, Ltd | Subsidiary | Real Estate Development | 50,000,000.00 | 1,316,654,271.38 | -383,323,853.60 | | -40,404,319.87 | -40,404,319.87 | | Fuzhou Fuyin Precision Medicine Development Co, Ltd | Subsidiary | Scientific Research and Technical Services | 100,000,000.00 | 272,654,856.66 | -26,896,648.78 | 1,177,963.64 | -16,848,104.37 | -16,848,104.37 | | Chongqing Tianren Real Estate Co, Ltd | Subsidiary | Real Estate Development | 30,000,000.00 | 555,932,739.46 | -84,279,878.11 | 4,455,034.33 | -21,061,629.08 | -21,063,048.38 | | Fuding Wuyi Real Estate Development Co, Ltd | Subsidiary | Real Estate Development | 30,000,000.00 | 592,750,503.54 | -3,143,176.27 | 135,869,780.72 | -26,754,452.29 | -26,801,519.59 | [Structured Entities Controlled by the Company](index=30&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had **no structured entities under its control** during the reporting period[93](index=93&type=chunk) [Risks Faced by the Company and Countermeasures](index=30&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks related to the macroeconomic environment, real estate market, and international business operations, which it plans to address through optimizing market layout, adjusting marketing strategies, strengthening cost control, and managing foreign exchange risks to ensure sustainable development and financial security - The company primarily faces **macroeconomic environment risks, real estate industry market risks, and international business operating risks**[93](index=93&type=chunk) - The company will strengthen in-depth research on macroeconomic policies, industry policies, and industry development trends, **optimize market layout**, and steadily implement a regionalized operation strategy[94](index=94&type=chunk) - The company will closely monitor market trends, adhere to a sustainable development strategy, build a new real estate development model, and implement **multiple measures to adjust marketing strategies** to accelerate real estate sales and cash回笼[95](index=95&type=chunk) - To prevent operating risks in international business, the company will further **optimize market layout, improve project bidding decision-making procedures, strengthen full-cycle cost process control, and enhance foreign exchange risk management**[97](index=97&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=31&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not disclosed its market value management system or valuation enhancement plan - The company has **not disclosed a market value management system**[98](index=98&type=chunk) - The company has **not disclosed a valuation enhancement plan**[98](index=98&type=chunk) ["Quality and Return Dual Enhancement" Action Plan Implementation Status](index=31&type=section&id=Quality%20and%20Return%20Dual%20Enhancement%20Action%20Plan%20Implementation%20Status) The company has not disclosed an announcement regarding its "Quality and Return Dual Enhancement" action plan - The company has **not disclosed an announcement regarding its "Quality and Return Dual Enhancement" action plan**[98](index=98&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Company Directors, Supervisors, and Senior Management](index=32&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were changes in the company's senior management: Fu Wenda was appointed Chief Financial Officer, Chen Yuqing resigned from her roles as Chief Financial Officer, Board Secretary, and General Counsel due to work relocation, Guo Shen was appointed Deputy General Manager, and Huang Cheng was appointed Board Secretary - **Fu Wenda** was appointed Chief Financial Officer on **June 16, 2025**[104](index=104&type=chunk) - **Chen Yuqing** resigned as Chief Financial Officer, Board Secretary, and General Counsel due to work relocation on **June 16, 2025**[104](index=104&type=chunk) - **Guo Shen** was appointed Deputy General Manager on **July 25, 2025**[104](index=104&type=chunk) - **Huang Cheng** was appointed Board Secretary on **July 25, 2025**[104](index=104&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=32&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans no cash dividends, no bonus shares, and no capital reserve conversions to share capital for the semi-annual period - The company plans **no cash dividends, no bonus shares, and no capital reserve conversions to share capital** for the semi-annual period[101](index=101&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=Implementation%20of%20Company%27s%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 and their implementation 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[102](index=102&type=chunk) [Environmental Information Disclosure](index=32&type=section&id=Environmental%20Information%20Disclosure) The listed 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**[103](index=103&type=chunk) [Social Responsibility Status](index=32&type=section&id=Social%20Responsibility%20Status) The company adheres to the national rural revitalization strategy, actively fulfilling its corporate leadership responsibilities, and contributing its vitality and wisdom to rural revitalization - The company adheres to the national rural revitalization strategy, actively fulfilling its corporate leadership responsibilities, and contributing its **vitality and wisdom to rural revitalization**[103](index=103&type=chunk) Section V Significant Matters [Commitment Matters Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During the Reporting Period and Those Overdue and Unfulfilled as of the End of the Reporting Period](index=33&type=section&id=Commitment%20Matters%20Fulfilled%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20Other%20Committed%20Parties%20During%20the%20Reporting%20Period%20and%20Those%20Overdue%20and%20Unfulfilled%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Fujian Construction Engineering Group Co, Ltd's commitments regarding horizontal competition, related party transactions, and fund occupation were all fulfilled normally, with no overdue or unfulfilled situations - Fujian Construction Engineering Group Co, Ltd's commitments regarding **horizontal competition, related party transactions, and fund occupation** were all fulfilled normally[106](index=106&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=34&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was **no non-operating fund occupation** by the controlling shareholder or other related parties of the listed company[107](index=107&type=chunk) [Illegal External Guarantees](index=34&type=section&id=Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had **no illegal external guarantees** during the reporting period[108](index=108&type=chunk) [Appointment and Dismissal of Accounting Firms](index=34&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was **not audited**[109](index=109&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period](index=34&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20This%20Reporting%20Period) The company has no explanation from the board of directors or supervisory board regarding the accounting firm's "non-standard audit report" for this reporting period - Not applicable[110](index=110&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=34&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company has no explanation from the board of directors regarding the "non-standard audit report" for the previous year - Not applicable[110](index=110&type=chunk) [Bankruptcy and Reorganization Related Matters](index=34&type=section&id=Bankruptcy%20and%20Reorganization%20Related%20Matters) The company did not experience any bankruptcy or reorganization related matters during the reporting period - The company did **not experience any bankruptcy or reorganization related matters** during the reporting period[110](index=110&type=chunk) [Litigation Matters](index=35&type=section&id=Litigation%20Matters) The company is involved in several significant litigation and arbitration cases, including a land dispute in Kenya, a cooperation agreement dispute with Fujian Fuyin, and an engineering subcontract dispute in Uganda, with substantial amounts involved, some cases still pending or having had re-trial applications rejected - The Kenya branch's land dispute with Belgo Company, arising from the Red Hill Road construction project, involved **28.27 million yuan**, with the first-instance judgment dismissing all plaintiff's claims and becoming effective[111](index=111&type=chunk) - The company's cooperation agreement dispute with Fujian Fuyin Precision Medicine Development Co, Ltd, involving **55.3581 million yuan**, had its re-trial application rejected by the Fujian Provincial High People's Court, and the company has applied for enforcement[111](index=111&type=chunk) - The Uganda branch's engineering subcontract dispute with Shixin Construction Company, involving **62.0407 million yuan**, is still pending, with a final ruling expected by November 14, 2025[113](index=113&type=chunk) - Zhongwu E-commerce's sales contract dispute with Fujian Construction Engineering Yayang Construction Technology Development Co, Ltd, involving **16.9547 million yuan**, has been ruled upon by the Xiamen Arbitration Commission, with Yayang Company scheduled to begin repayments in September[115](index=115&type=chunk) [Penalties and Rectification Status](index=38&type=section&id=Penalties%20and%20Rectification%20Status) The company had no penalties or rectification situations during the reporting period - The company had **no penalties or rectification situations** during the reporting period[117](index=117&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=38&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The integrity status of the company, its controlling shareholder, and actual controller is not applicable - Not applicable[118](index=118&type=chunk) [Significant Related Party Transactions](index=39&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily related party transactions totaling 339.8382 million yuan, including 293.7791 million yuan from public bidding and 46.0591 million yuan from non-public bidding projects, all within approved limits, and subsidiary Nanan Zhongwu signed a general contracting agreement with Fujian Construction Engineering Group Quanzhou Engineering Co, Ltd for the Wuyi Yunshang Tianyi project 2025 Semi-Annual Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Content | Amount in Current Period (10,000 yuan) | Approved Transaction Limit (10,000 yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Fujian Construction Investment Group Co, Ltd and its Subsidiaries | Receiving services (design, general contracting, management consulting, engineering supervision, and other) | 239.02 | 2,300.00 | No | | Fujian Construction Engineering Group Co, Ltd and its Subsidiaries | Receiving services (design, general contracting, leasing, management consulting, decoration, real estate project layout, testing, construction drawing review, and other) | 33,700.22 | 28,700.00 | No | | Fujian Construction Investment Group Co, Ltd or Fujian Construction Engineering Group Co, Ltd and its Subsidiaries | Providing services (property services, leasing) | 44.58 | 1,000.00 | No | | **Total** | | **33,983.82** | **32,000.00** | | - Subsidiary Nanan Zhongwu publicly tendered for the Wuyi Yunshang Tianyi Design, Procurement, and Construction General Contracting Project, which was awarded to Fujian Construction Engineering Group Quanzhou Engineering Co, Ltd (consortium member and subcontractor: Fujian Construction Engineering Group Co, Ltd) with a winning bid price of **538.78 million yuan**[125](index=125&type=chunk) - The estimated daily related party transaction limit for 2025, including receiving and providing services with Fujian Construction Investment Group and Fujian Construction Engineering and their subsidiaries, is **320 million yuan**, which can be adjusted internally among related parties and different categories[126](index=126&type=chunk) [Significant Contracts and Their Performance](index=41&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no托管, contracting, or leasing matters during the reporting period, and its subsidiaries provide phased guarantees for homebuyers' mortgage loans as per industry practice, with a total outstanding guarantee balance of 1.332 billion yuan at the end of the reporting period - The company had **no托管 situations** during the reporting period[128](index=128&type=chunk) - The company had **no contracting situations** during the reporting period[129](index=129&type=chunk) - The company had **no leasing situations** during the reporting period[130](index=130&type=chunk) - The company's subsidiaries provide mortgage loan guarantees for homebuyers as per industry practice, primarily phased guarantees, effective until the property deed is issued, mortgage registration completed, and documents delivered to the bank; the outstanding guarantee balance at the end of the reporting period was **1.332 billion yuan**[61](index=61&type=chunk) [Explanation of Other Significant Matters](index=44&type=section&id=Explanation%20of%20Other%20Significant%20Matters) Yangzhou Wuyi's financial assistance of 12.6 million yuan in principal and interest to a shareholder remains overdue but with controllable overall risk, while the company has recovered 50 million yuan from the Congo (Brazzaville) Mongo Potash Fertilizer Project agreement, and controlling subsidiary Nanan Fanjia signed a state-owned land use rights recovery compensation agreement for 40.4408 million yuan, with property rights transfer completed - Yangzhou Wuyi has **not yet received the principal of 12.6 million yuan and corresponding interest** from Beijing Shuncheng for the aforementioned financial assistance, but the overall risk of this financial assistance is controllable[137](index=137&type=chunk) - The company signed the "Congo (Brazzaville) Mongo 1200kt/a Potash Fertilizer Project Agreement" with Donghua Technology, and the remaining **50 million yuan** due to the company was recovered during this reporting period[138](index=138&type=chunk) - The company's controlling subsidiary, Nanan Wuyi Fanjia Real Estate Co, Ltd, signed a "State-Owned Land Use Rights Recovery Compensation Agreement" with Nanan City Land Reserve Center, with a compensation price of **40.4408 million yuan**, and the property rights transfer registration has been completed[139](index=139&type=chunk) [Significant Matters of Company Subsidiaries](index=44&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - Not applicable[140](index=140&type=chunk) Section VI Changes in Shares and Shareholder Information [Changes in Share Capital](index=45&type=section&id=Changes%20in%20Share%20Capital) At the end of the reporting period, the company's total share capital remained unchanged, with restricted shares increasing by 1,560 shares and unrestricted shares decreasing by 1,560 shares, primarily due to changes in senior management lock-up shares 2025 Semi-Annual Share Capital Changes | Item | Number Before This Change (shares) | Proportion Before This Change | Net Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 180,188 | 0.01% | 1,560 | 181,748 | 0.01% | | 3. Other Domestic Holdings | 180,188 | 0.01% | 1,560 | 181,748 | 0.01% | | Domestic Natural Persons' Holdings | 180,188 | 0.01% | 1,560 | 181,748 | 0.01% | | II. Unrestricted Shares | 1,570,574,029 | 99.99% | -1,560 | 1,570,572,469 | 99.99% | | 1. RMB Ordinary Shares | 1,570,574,029 | 99.99% | -1,560 | 1,570,572,469 | 99.99% | | III. Total Shares | 1,570,754,217 | 100.00% | 0 | 1,570,754,217 | 100.00% | 2025 Semi-Annual Restricted Share Changes | Shareholder Name | Initial Restricted Shares | Unrestricted Shares in Current Period | Increased Restricted Shares in Current Period | Ending Restricted Shares | Reason for Restriction | Unrestriction Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Ping | 152,107 | | | 152,107 | Senior Management Lock-up | 2027/9/24 | | Chen Jiandong | 23,401 | | | 23,401 | Senior Management Lock-up | 2027/9/24 | | Chen Yuqing | 4,680 | | 1,560 | 6,240 | Senior Management Lock-up | 2027/9/24 | | **Total** | **180,188** | | **1,560** | **181,748** | | | [Issuance and Listing of Securities](index=46&type=section&id=Issuance%20and%20Listing%20of%20Securities) The company had no issuance or listing of securities during the reporting period - The company had **no issuance or listing of securities** during the reporting period[146](index=146&type=chunk) [Number of Shareholders and Shareholding Information](index=47&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Information) At the end of the reporting period, the total number of ordinary shareholders was 41,164, with Fujian Construction Engineering Group Co, Ltd holding 34.34% and Fujian Energy Group Co, Ltd holding 20.55% among the top ten shareholders, both under the supervision of the Fujian Provincial State-owned Assets Supervision and Administration Commission - At the end of the reporting period, the total number of ordinary shareholders was **41,164**[148](index=148&type=chunk) 2025 Semi-Annual Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period | Change in Current Period | Number of Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Construction Engineering Group Co, Ltd | State-owned Legal Person | 34.34% | 539,335,010 | 0 | 539,335,010 | | Fujian Energy Group Co, Ltd | State-owned Legal Person | 20.55% | 322,733,638 | 0 | 322,733,638 | | Guosen Securities Co, Ltd | State-owned Legal Person | 0.71% | 11,088,517 | -1,412,596 | 11,088,517 | | Industrial and Commercial Bank of China - Southern CSI All-Share Real Estate ETF | Other | 0.64% | 10,006,118 | 334,200 | 10,006,118 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.38% | 5,937,962 | 489,174 | 5,937,962 | | Zhao Decai | Domestic Natural Person | 0.35% | 5,490,047 | 0 | 5,490,047 | | Meng Lei | Domestic Natural Person | 0.33% | 5,213,131 | 0 | 5,213,131 | | Ding Chunlin | Domestic Natural Person | 0.31% | 4,935,000 | -50,000 | 4,935,000 | | Lai Huaxin | Domestic Natural Person | 0.29% | 4,600,000 | 0 | 4,600,000 | | Zhao Zhenghong | Domestic Natural Person | 0.29% | 4,500,000 | New Entry | 4,500,000 | - Fujian Construction Engineering Group Co, Ltd and Fujian Energy Group Co, Ltd are both **supervised by the Fujian Provincial State-owned Assets Supervision and Administration Commission**[148](index=148&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=49&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, with details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management **remained unchanged** during the reporting period[151](index=151&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=49&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller both remained unchanged during the reporting period - The company's controlling shareholder **remained unchanged** during the reporting period[152](index=152&type=chunk) - The company's actual controller **remained unchanged** during the reporting period[152](index=152&type=chunk) [Preferred Shares Related Information](index=49&type=section&id=Preferred%20Shares%20Related%20Information) The company had no preferred shares during the reporting period - The company had **no preferred shares** during the reporting period[152](index=152&type=chunk) Section VII Bond Related Information The company had no bond-related information during the reporting period - Not applicable[154](index=154&type=chunk) Section VIII Financial Report [Audit Report](index=51&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was **not audited**[156](index=156&type=chunk) [Financial Statements](index=51&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the financial position and operating results at the end of the reporting period - Financial statements include 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**[158](index=158&type=chunk)[160](index=160&type=chunk)[162](index=162&type=chunk)[164](index=164&type=chunk)[166](index=166&type=chunk)[168](index=168&type=chunk)[170](index=170&type=chunk)[172](index=172&type=chunk)[174](index=174&type=chunk)[176](index=176&type=chunk) [Company Basic Information](index=64&type=section&id=Company%20Basic%20Information) China Wuyi Industrial Co, Ltd, listed in 1997 with a registered capital of 1.571 billion yuan, primarily engages in international engineering contracting, real estate development, commercial trade, and property management, with its ultimate actual controller being the Fujian Provincial People's Government State-owned Assets Supervision and Administration Commission - China Wuyi Industrial Co, Ltd was listed on the Shenzhen Stock Exchange on **July 15, 1997**, with a registered capital of **1.570754217 billion yuan**[177](index=177&type=chunk) - The company primarily engages in **overseas civil engineering contracting, construction and decoration; domestic and overseas investment; international and domestic trade, and export of construction materials and equipment for contracting projects; comprehensive real estate development and property management**[178](index=178&type=chunk) - The group's ultimate actual controller is the **Fujian Provincial People's Government State-owned Assets Supervision and Administration Commission**[177](index=177&type=chunk) [Basis for Preparation of Financial Statements](index=65&type=section&id=Basis%20for%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on the going concern assumption, and its ability to continue as a going concern for 12 months from the end of the reporting period has been evaluated - The company prepares its financial statements in accordance with the **Accounting Standards for Business Enterprises** issued by the Ministry of Finance, specific accounting standards, application guidelines, interpretations, and other relevant regulations[182](index=182&type=chunk) - The company evaluated its **ability to continue as a going concern for 12 months** from the end of the reporting period and found no significant doubts regarding its going concern ability[183](index=183&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=65&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's accounting policies and estimates for business combinations, financial instruments, inventories, revenue recognition, and government grants, along with materiality criteria, ensuring transparency and accuracy in financial reporting - The financial statements prepared by the company comply with the requirements of accounting standards for business enterprises, accurately and completely reflecting the company's **financial position, operating results, cash flows**, and other relevant information for the reporting period[184](index=184&type=chunk) - The company classifies financial assets into those measured at **amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss**, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[213](index=213&type=chunk) - The company recognizes revenue when it **satisfies a performance obligation** under a contract, meaning when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[314](index=314&type=chunk) - The company performs impairment accounting and recognizes loss provisions for financial assets measured at amortized cost, financial assets classified as at fair value through other comprehensive income, lease receivables, and contract assets, based on **expected credit losses**[230](index=230&type=chunk) [Taxes](index=111&type=section&id=Taxes) This section discloses the company's main tax types and rates, including value-added tax, corporate income tax, land value-added tax, and business tax, with different rates applicable domestically and internationally, and lists the corporate income tax rates for various tax entities 2025 Semi-Annual Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Domestic: Calculated based on sales of goods, provision of taxable services, sales of services, intangible assets, or real estate as stipulated by tax law, after deducting input VAT, the difference is VAT payable; rates from April 1, 2019, are 3%, 5%, 6%, 9%, 13%. Overseas: Kenya company VAT rate 16%; Ethiopia project VAT rate 15%, Philippines project VAT rate 12%, South Sudan project VAT rate 15%; all calculated based on the corresponding tax rate of taxable VAT income, after deducting input VAT. | Multiple Rates | | Corporate Income Tax | Domestic: Corporate income tax applicable rate is 25%. Overseas: Hong Kong company income tax rate 16.5%, Kenya company income tax rate 30%, Kenya project income tax rate 30%, Equatorial Guinea project income tax rate 35%, Philippines project income tax rate 30%, South Sudan project income tax rate 20%, Tanzania project income tax rate 30%, Ethiopia project income tax rate 30%, Papua New Guinea income tax rate 30%. According to the Ministry of Finance and State Taxation Administration Announcement [2023] No. 6: From January 1, 2023, to December 31, 2027, for small low-profit enterprises, the portion of annual taxable income not exceeding 1 million yuan is subject to a 25% reduction in taxable income, taxed at a 20% rate. Subsidiaries Beijing Wuyi Property Management Co, Ltd, Fuzhou Wuyi Wanrong Property Services Co, Ltd, Beijing Wuyi Rongyu Property Services Co, Ltd, etc., apply this policy. | Multiple Rates | | Land Value-Added Tax | Prepaid at 1%-5% of taxable income; when development projects meet national liquidation conditions, land value-added tax is reconciled and settled at progressive rates of 30%-60% on real estate sales income less deductible items. If liquidation conditions are not met, and local land value-added tax liquidation methods are clear, it is accrued based on the reconciliation method; otherwise, it is accrued at the prepayment rate. | | | Business Tax | Equatorial Guinea project business tax rate 3%. | | [Notes to Consolidated Financial Statements](index=112&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details the ending and beginning balances, as well as current period changes, for each item in the consolidated financial statements, including monetary funds, accounts receivable, inventories, fixed assets, short-term borrowings, operating revenue, and costs, providing comprehensive financial data and explanations of changes - The ending balance of monetary funds was **3.69465701897 billion yuan**, of which restricted monetary funds amounted to **177.39205724 million yuan**[368](index=368&type=chunk) - The ending book value of accounts receivable was **1.37914453958 billion yuan**, with a bad debt provision of **255.35978418 million yuan**[375](index=375&type=chunk) - The ending book value of inventory was **15.62734863593 billion yuan**, primarily comprising development costs and developed products[423](index=423&type=chunk) - Current period operating revenue was **1.58115000428 billion yuan**, and operating cost was **1.44138275707 billion yuan**[543](index=543&type=chunk) [Research and Development Expenses](index=160&type=section&id=Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was 2.8401 million yuan, comprising 1.9867 million yuan in expensed R&D and 0.8534 million yuan in capitalized R&D, primarily for the Zhongwu Cross-border E-commerce Transaction and Supply Chain Comprehensive Service Platform project, which has reached 93% completion 2025 Semi-Annual R&D Expenditure | Item | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Zhongwu Cross-border E-commerce Transaction and Supply Chain Comprehensive Service Platform | 2,840,111.78 | 3,850,188.19 | | **Total** | **2,840,111.78** | **3,850,188.19** | | Of which: Expensed R&D Expenditure | 1,986,745.42 | 1,552,190.33 | | Capitalized R&D Expenditure | 853,366.36 | 2,297,997.86 | - The Zhongwu Cross-border E-commerce Transaction and Supply Chain Comprehensive Service Platform project's R&D progress is **93%**[602](index=602&type=chunk) [Changes in Consolidation Scope](index=160&type=section&id=Changes%20in%20Consolidation%20Scope) During this reporting period, the company established a new subsidiary, China Wuyi (Malaysia) Co, Ltd, leading to a change in the scope of consolidation - During this reporting period, a new subsidiary was established: **China Wuyi (Malaysia) Co, Ltd**[604](index=604&type=chunk) [Interests in Other Entities](index=162&type=section&id=Interests%20in%20Other%20Entities) This section discloses the composition, shareholding percentages, and acquisition methods of the company's 77 subsidiaries, as well as key financial information for significant non-wholly-owned subsidiaries, and explains reasons for differences between shareholding and voting rights percentages for some subsidiaries - The company consolidated a total of **77 subsidiaries** in the current period[180](index=180&type=chunk) - The company holds **80% equity in Changchun Baocheng Real Estate Co, Ltd**, which is managed under a contracting agreement and included in the consolidated financial statements, with the company bearing all profits and losses[612](index=612&type=chunk) - Wuyi (USA) Co, Ltd and Hong Kong Fukushima Construction Co, Ltd have been out of business for over 5 years and deregistered locally, but their liquidation has not been completed due to **state-owned asset disposal approval restrictions**[612](index=612&type=chunk) [Government Grants](index=169&type=section&id=Government%20Grants) During the reporting period, government grants recognized in other income amounted to 3.2082 million yuan, primarily income-related, with a deferred income balance of 0.156 million yuan still remaining for asset-related government grants 2025 Semi-Annual Liability Items Involving Government Grants | Accounting Account | Beginning Balance (yuan) | New Grants in Current Period (yuan) | Amount Included in Non-Operating Income in Current Period (yuan) | Amount Transferred to Other Income in Current Period (yuan) | Other Changes in Current Period (yuan) | Ending Balance (yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 160,000.00 | | | 4,000.00 | | 156,000.00 | Related to Assets | 2025 Semi-Annual Government Grants Included in Current Profit and Loss | Accounting Account | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Government Grants Included in Other Income | 3,208,213.83 | 42,691.72 | | Government Grants Included in Non-Operating Income | | 338,453.68 | | **Total** | **3,208,213.83** | **381,145.40** | [Risks Related to Financial Instruments](index=169&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (exchange rate risk, price risk), which it manages through diversified financing, centralized fund management, and hedging measures to ensure efficient fund utilization and financial stability - The company's credit risk primarily arises from **monetary funds, accounts receivable, other receivables, and contract assets**[632](index=632&type=chunk) - As of June 30, 2025, the company had bank credit lines totaling **21.25 billion yuan** from multiple domestic banks, of which **11.624 billion yuan** had been utilized[634](index=634&type=chunk) - Most of the company's overseas business is settled in foreign currencies, exposing it to **restrictions on free convertibility and exchange rate fluctuation risks** between RMB and settlement currencies, and the company is currently researching the feasibility of hedging[635](index=635&type=chunk) - Overseas construction contracts constitute an increasing proportion of the company's business, and the **political and economic environments in the contract locations** may impact the company[637](index=637&type=chunk) [Disclosure of Fair Value](index=172&type=section&id=Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value at the end of the period, primarily including trading financial assets and other equity instrument investments, and explains the determination basis and valuation techniques for Level 1 and Level 3 fair value measurements 2025 Semi-Annual Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | | | | | | (I) Trading Financial Assets | 7,805,937.49 | | | 7,805,937.49 | | 1. Financial Assets Measured at Fair Value Through Profit or Loss | 7,805,937.49 | | | 7,805,937.49 | | (1) Equity Instrument Investments | 7,734,000.00 | | | 7,734,000.00 | | (2) Derivative Financial Assets | 71,937.49 | | | 71,937.49 | | (II) Other Equity Instrument Investments | | | 9,350,535.73 | 9,350,535.73 | | (III) Other Current Assets | | | 3,300,000.00 | 3,300,000.00 | | **Total Liabilities Measured at Fair Value on a Recurring Basis** | **7,805,937.49** | | **12,650,535.73** | **20,456,473.22** | - For financial instruments traded in active markets, the company determines their fair value based on their **active market quotations**[641](index=641&type=chunk) - The **17.5% equity in Beijing Yanshan Ho

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特变电工股份有限公司2025 年半年度报告 公司代码：600089 公司简称：特变电工 特变电工股份有限公司 2025 年半年度报告 1 / 308 特变电工股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告 内容的真实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏， 并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人张新、主管会计工作负责人白云罡及会计机构负责人（会 计主管人员）李爱华声明：保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资 者的实质承诺，请投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准 确性和完整性 否 十、重大风险提示 无 十一、其他 □适用 √ ...