[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section contains key disclaimers and risk warnings, including board and management assurances on report authenticity, the unaudited nature of the report, and significant risks such as continuous *ST warnings, delisting risk warnings due to consecutive losses and low revenue, and major illegal mandatory delisting risks and CSRC investigation due to alleged false financial data disclosure - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the half-yearly report content[3](index=3&type=chunk) - This half-yearly report is unaudited[5](index=5&type=chunk) - The company's stock continues to be subject to other risk warnings (*ST) due to negative non-recurring net profit for three consecutive years from 2022-2024 and uncertainty regarding its going concern ability in 2024[8](index=8&type=chunk) - The company's stock is subject to delisting risk warning (ST) because the net profit attributable to the parent company in 2024 was **-325.03 million yuan** and operating revenue was **145.84 million yuan**, triggering delisting regulations[8](index=8&type=chunk) - The company received a 'Notice of Case Filing' from the China Securities Regulatory Commission (CSRC) due to alleged false disclosure of financial data in annual and other periodic reports, leading to an investigation into the company, its controlling shareholder, and actual controller Zhu Changren, posing a **significant risk of mandatory delisting due to major violations**[9](index=9&type=chunk) [Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms and abbreviations used in the report, including company names, legal entities, financial terms, and the reporting period, to ensure clarity and consistency of content - "the Company, Yuan Cheng Co., Ltd" refers to Yuan Cheng Environmental Co., Ltd[14](index=14&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - "PPP" refers to Public-Private-Partnership, a project financing model in public infrastructure[14](index=14&type=chunk) - "EPC" refers to Engineering Procurement Construction, where the company, entrusted by the owner, undertakes the entire process or several stages of design, procurement, construction, and trial operation for engineering projects according to contract agreements[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's basic information, contact details, and summarizes key accounting data and financial indicators for the reporting period, explaining reasons for significant changes including revenue growth, net profit decline, and improved operating cash flow [Company Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section details the company's official name, abbreviation, foreign name, legal representative, and contact information for the board secretary and securities affairs representative - Company Chinese Name: Yuan Cheng Environmental Co., Ltd[16](index=16&type=chunk) - Legal Representative: Zhu Changren[16](index=16&type=chunk) - Board Secretary: Zhang Tong, Tel: 0571-86990358[17](index=17&type=chunk) [Changes in Basic Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines the historical changes in the company's registered address and provides its current office address, company website, and email address - Company Registered Address: Room 1501, No. 2-6 Qingchun East Road, Shangcheng District, Hangzhou, Zhejiang Province[18](index=18&type=chunk) - Historical change in registered address: In 2024, due to government administrative division changes, it was changed to Room 1501, No. 2-6 Qingchun East Road, Shangcheng District, Hangzhou, Zhejiang Province[18](index=18&type=chunk) - Company Website: www.ycgf.cn[18](index=18&type=chunk) [Information Disclosure and Document Custody Changes](index=6&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the designated newspapers for company information disclosure, the website for publishing half-yearly reports, and the location for report custody - Information Disclosure Newspaper Name: Securities Times, Shanghai Securities News[19](index=19&type=chunk) - Website Address for Half-Yearly Report Publication: www.sse.com.cn[19](index=19&type=chunk) [Company Stock Overview](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides basic information about the company's stock, including its type, listing exchange, stock abbreviation, and stock code - Stock Type: A-shares[20](index=20&type=chunk) - Stock Exchange: Shanghai Stock Exchange[20](index=20&type=chunk) - Stock Abbreviation: *ST Yuancheng[20](index=20&type=chunk) - Stock Code: 603388[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the current and prior reporting periods, explaining significant changes and their causes, including revenue growth, substantial net profit decline, and improved operating cash flow Key Accounting Data (H1) | Indicator | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 82,339,311.22 | 57,915,202.64 | 42.17 | | Total Profit | -127,514,130.15 | -91,907,815.11 | -38.74 | | Net Profit Attributable to Shareholders of Listed Company | -126,795,048.22 | -65,181,974.09 | -94.52 | | Net Cash Flow from Operating Activities | 4,365,087.68 | -22,561,836.37 | 119.35 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 720,281,767.90 | 847,076,816.12 | -14.97 | | Total Assets (Period-end) | 2,203,916,439.66 | 2,405,306,578.91 | -8.37 | Key Financial Indicators (H1) | Indicator | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.39 | -0.20 | -95.00 | | Diluted Earnings Per Share (yuan/share) | -0.39 | -0.20 | -95.00 | | Basic Earnings Per Share After Non-Recurring Gains and Losses (yuan/share) | -0.24 | -0.13 | -84.62 | | Weighted Average Return on Net Assets (%) | -16.18 | -5.74 | decreased by 10.44 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains and Losses (%) | -10.06 | -3.74 | decreased by 6.32 percentage points | - Operating revenue increased by **42.17%** year-on-year, mainly due to a low base in the prior period, a downturn in the industry's macroeconomic environment leading to fewer new orders and slow progress on existing orders, and slower collections due to client funding shortfalls[23](index=23&type=chunk) - Net profit attributable to shareholders of the listed company decreased by **94.52%** year-on-year, mainly due to intensified market competition leading to lower gross profit margins, losses from the disposal of Silan Microelectronics equity, and increased credit impairment provisions[2

美年大健康产业控股股份有限公司 2025 年半年度报告全文 美年大健康产业控股股份有限公司 2025 年半年度报告 2025 年 08 月 1 美年大健康产业控股股份有限公司 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、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人俞熔、主管会计工作负责人侯灵昌及会计机构负责人（会计 主管人员）侯灵昌声明：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。 本半年度报告涉及的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。 公司不存在经营状况、财务状况和持续盈利能力方面有严重不利影响的 风险因素。有关公司可能面临的风险及公司应对措施等详见本报告"第三节 管理层讨论与分析"中"十、公司面临的风险和应对措施"，敬请投资者认真阅 读并注意投资风险。 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 | 目录 ...

Important Notices, Table of Contents, and Definitions [Important Notices](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the truthfulness and accuracy of the semi-annual report and plans no profit distribution for the period - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and bear individual and joint legal responsibility[3](index=3&type=chunk) - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report is structured into eight main sections covering key corporate and financial information Report Chapters | Section | Page Number | | :--- | :--- | | Section I Important Notices, Table of Contents, and Definitions | 2 | | Section II Company Profile and Key Financial Indicators | 6 | | Section III Management Discussion and Analysis | 9 | | Section IV Corporate Governance, Environment, and Society | 21 | | Section V Significant Events | 27 | | Section VI Changes in Share Capital and Shareholders | 38 | | Section VII Bond-related Matters | 43 | | Section VIII Financial Report | 44 | [List of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Available documents for inspection include signed financial statements and the semi-annual report text - Documents available for inspection include financial statements signed by company officials, the semi-annual report text signed by the legal representative, and originals of all documents publicly disclosed during the reporting period[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used throughout the report, including company entities and reporting periods Key Definitions | Term | Refers to | Definition | | :--- | :--- | :--- | | The Company, Chenming Group, Chenming Paper | Refers to | Shandong Chenming Paper Holdings Limited and its subsidiaries | | Parent Company, Shouguang Headquarters | Refers to | Shandong Chenming Paper Holdings Limited | | Chenming Holdings | Refers to | Chenming Holdings Limited | | SZSE | Refers to | Shenzhen Stock Exchange | | HKEX | Refers to | The Stock Exchange of Hong Kong Limited | | CSRC | Refers to | China Securities Regulatory Commission | | Shandong Securities Regulatory Bureau | Refers to | China Securities Regulatory Commission Shandong Regulatory Bureau | | Zhanjiang Chenming | Refers to | Zhanjiang Chenming Pulp & Paper Co, Ltd | | Jiangxi Chenming | Refers to | Jiangxi Chenming Paper Co, Ltd | | Huanggang Chenming | Refers to | Huanggang Chenming Pulp & Paper Co, Ltd | | Hong Kong Chenming | Refers to | Chenming (Hong Kong) Limited | | Jilin Chenming | Refers to | Jilin Chenming Paper Co, Ltd | | Shouguang Meilun | Refers to | Shouguang Meilun Paper Co, Ltd | | Jiangxi Port | Refers to | Jiangxi Chenming Port Co, Ltd | | Chenming Leasing | Refers to | Shandong Chenming Financial Leasing Co, Ltd and its subsidiaries | | Reporting Period | Refers to | January 1, 2025 to June 30, 2025 | | Beginning of the Year/Period | Refers to | January 1, 2025 | | End of the Half-Year/Period | Refers to | June 30, 2025 | Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company is listed on both the Shenzhen and Hong Kong stock exchanges, with no changes to its contact or registration details during the period Company Basic Information | Stock Name | ST Chenming | Stock Code | 000488 | | :--- | :--- | :--- | :--- | | | ST Chenming B | | 200488 | | Stock Exchange | Shenzhen Stock Exchange | | | | Stock Name | Chenming Paper | Stock Code | 01812 | | Stock Exchange | The Stock Exchange of Hong Kong Limited | | | | Company Name (Chinese) | 山东晨鸣纸业集团股份有限公司 | | | | Company Abbreviation (Chinese) | 晨鸣纸业 | | | | Company Name (English) | SHANDONG CHENMING PAPER HOLDINGS LIMITED | | | | Company Abbreviation (English) | SCPH | | | | Legal Representative | Hu Changqing | | | - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period, as detailed in the 2024 annual report[14](index=14&type=chunk) [Contact Persons and Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Contact information for the Board Secretary, Securities Affairs Representative, and Hong Kong Company Secretary is provided for investor communication Company Contact Information | | Board Secretary | Securities Affairs Representative | | Hong Kong Company Secretary | | :--- | :--- | :--- | :--- | :--- | | Name | Yuan Xikun | Zhang Chuanyong | Chen Lin | Zhu Hanliang | | Email | chenmmingpaper@163.com | friend537@163.com | ZQCL0536@163.com | liamchu@li-partners.com | | Address | 2199 Nongsheng East Street, Shouguang, Shandong | 2199 Nongsheng East Street, Shouguang, Shandong | | 22/F, World-Wide House, Central, Hong Kong | | Phone | 0536-2158008 | 0536-2158008 | | 00852-21629600 | | Fax | 0536-2158977 | 0536-2158977 | | 00852-25010028 | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's revenue and net profit declined sharply, with a net loss attributable to shareholders of 3.86 billion yuan, a year-on-year decrease of 13,567.59% Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period/End) | Indicator | Current Period/End | Prior Year Period/End | Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2,106,630,952.30 | 13,884,731,519.04 | -84.83% | | Net Profit Attributable to Shareholders (Yuan) | -3,857,953,190.56 | 28,646,205.42 | -13,567.59% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Yuan) | -3,645,363,615.81 | -270,865,043.51 | -1,245.82% | | Net Cash Flow from Operating Activities (Yuan) | 785,303,274.19 | 1,992,499,393.07 | -60.59% | | Basic Earnings Per Share (Yuan/Share) | -1.31 | 0.01 | -13,200.00% | | Diluted Earnings Per Share (Yuan/Share) | -1.31 | 0.01 | -13,200.00% | | Weighted Average Return on Equity | -53.39% | 0.17% | Decreased by 53.56 percentage points | | Total Assets (Yuan) | 54,698,875,991.74 | 63,509,295,142.08 | -13.87% | | Net Assets Attributable to Shareholders (Yuan) | 5,318,763,216.33 | 9,156,104,358.91 | -41.91% | [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring losses totaled -212.59 million yuan, mainly driven by asset disposals, fair value changes of biological assets, and debt restructuring Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | Notes | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets (including write-offs of asset impairment provisions) | -97,049,878.76 | | | Government Grants Recognized in Current Profit/Loss (excluding grants closely related to normal business operations) | 25,503,367.73 | | | Fair Value Gains/Losses from Financial Assets/Liabilities held by non-financial enterprises, and gains/losses from their disposal | 8,439,571.88 | | | Reversal of Impairment Provisions for Individually Tested Receivables | 13,201,496.76 | | | Gains/Losses on Debt Restructuring | -37,171,293.24 | | | Gains/Losses from Fair Value Changes of Consumable Biological Assets Measured at Fair Value | -129,059,190.34 | | | Other Non-operating Income and Expenses | -18,188,031.78 | | | Less: Income Tax Effect | 2,948,680.16 | | | Minority Interest Effect (After Tax) | -24,683,063.16 | | | Total | -212,589,574.75 | | - Other income of 24,301,996.32 yuan from asset-related government grants closely tied to normal business operations is treated as recurring profit and loss[22](index=22&type=chunk) Management Discussion and Analysis [Principal Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business is pulp and paper manufacturing, but production halts for maintenance led to a significant revenue decline and a net loss of 3.86 billion yuan - The company is a large modern enterprise group focused on pulp and paper manufacturing, implementing a pulp-paper integration strategy with production bases across China[27](index=27&type=chunk) - During the reporting period, **production lines at the Zhanjiang, Jilin, and Shouguang bases were shut down for maintenance**, leading to a decline in production, sales, revenue, and profit[28](index=28&type=chunk) - From January to June 2025, the company achieved **operating revenue of 2.11 billion yuan** and a **net loss attributable to shareholders of 3.86 billion yuan**[28](index=28&type=chunk) Industry Overview The paper industry faced oversupply and weak demand in H1 2025, causing price drops and a 21.4% decline in total industry profit - In H1 2025, new capacity in China's paper industry led to increased supply and a structural imbalance, causing **significant price drops for cultural paper and white cardboard**[25](index=25&type=chunk) - From January to June 2025, the paper and paper products industry's **operating revenue decreased by 2.3% YoY** to 681.21 billion yuan, while **total profit fell by 21.4% YoY** to 17.57 billion yuan[25](index=25&type=chunk) - In the medium to long term, driven by "dual carbon" strategies and "anti-involution" policies, the paper industry's prosperity is expected to improve[26](index=26&type=chunk) Main Products and Their Uses The company offers a diverse product portfolio across seven major series, supported by leading R&D platforms - The company emphasizes R&D through leading innovation platforms, including a National Enterprise Technology Center and a Post-doctoral Research Workstation[29](index=29&type=chunk) Company's Main Paper Products and Uses | Category | Main Brands and Varieties | Application | | :--- | :--- | :--- | | Cultural Paper Series | "Biyuntian", "Yunjing" offset paper, lightweight paper, blueprint paper | Printing books, textbooks, magazines, notebooks, exam papers | | Coated Paper Series | "Xuesha", "Xueying" single/double-sided coated paper, matte coated paper | High-end albums, magazines, calendars, posters, cigarette labels, packaging | | White Cardboard Series | "Liya" series white card, food card, coated kraft, playing card stock | High-end gift boxes, cosmetic boxes, hang tags, handbags, promotional materials | | Copy Paper Series | "Jinmingyang", "Jinchenming" copy paper | Printing, copying, business documents, training materials | | Industrial Paper Series | High-grade/standard release liner base paper, PE-coated base paper | Base for release paper, self-adhesive label face stock, playing card composite | | Specialty Paper Series | Thermal paper, glassine paper | Labels for electronics, medicine, food, supermarkets; double-sided tape base | | Tissue Paper Series | Toilet paper, facial tissue, paper towels, napkins, "Xingzhilian" | Daily hygiene, restaurants, hotels, offices, and household use | [Analysis of Liquidity, Financial Resources, and Capital Structure under HKEX Listing Rules](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%8C%89%E9%A6%99%E6%B8%AF%E8%81%94%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A7%84%E5%88%99%E6%8A%AB%E9%9C%B2%E7%9A%84%E8%B5%84%E9%87%91%E6%B5%81%E5%8A%A8%E6%80%A7%E5%8F%8A%E8%B4%A2%E6%94%BF%E8%B5%84%E6%BA%90%E3%80%81%E8%B5%84%E6%9C%AC%E7%BB%93%E6%9E%84%E5%88%86%E6%9E%90) As of June 30, 2025, the company's liquidity and solvency were constrained, with an asset-liability ratio of 85.93% and total bank borrowings of 29.10 billion yuan Liquidity and Financial Resources as of June 30, 2025 | Indicator | Amount/Ratio | | :--- | :--- | | Current Ratio | 23.72% | | Quick Ratio | 17.34% | | Asset-Liability Ratio | 85.93% | | Total Bank Borrowings | 29.103 billion yuan | | Cash and Cash Equivalents | 954 million yuan | | Number of Employees | 9,095 | | Total Employee Salaries in H1 | 432.10 million yuan | - The Group's **liquidity and solvency were constrained** due to production halts at some bases[31](index=31&type=chunk) - A **syndicated loan of 2.31 billion yuan** for resuming production has been approved, and the company will gradually restart operations based on funding and market conditions[31](index=31&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its pulp-paper integration strategy, scale, diverse product range, and advanced technology - The company adheres to a **pulp-paper integration strategy** and is the first in China to achieve a balance between wood pulp self-sufficiency and paper production capacity[32](index=32&type=chunk) - The company has the **most diverse product portfolio** in the domestic paper industry, covering cultural paper, white cardboard, coated paper, and more[34](index=34&type=chunk) - The company possesses national-level R&D institutions, including a **National Enterprise Technology Center** and a Post-doctoral Research Workstation[37](index=37&type=chunk) - With a cumulative **environmental investment of over 8 billion yuan**, the company's environmental protection indicators are at the forefront nationally and globally[39](index=39&type=chunk) [Analysis of Principal Business](index=12&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue plummeted by 84.83% due to reduced paper sales from production halts, leading to a significant shift in revenue composition and a substantial loss Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,106,630,952.30 | 13,884,731,519.04 | -84.83% | Reduced paper sales due to production halts | | Operating Costs | 3,727,203,720.24 | 12,185,505,709.00 | -69.41% | Reduced paper sales due to production halts | | R&D Expenses | 36,567,185.69 | 611,914,096.41 | -94.02% | Reduced R&D investment due to production halts | | Investment Income | -430,669,782.44 | 181,332,096.11 | -337.50% | Decrease in investment income from associates and equity disposals | | Fair Value Change Gains | -129,487,561.79 | -2,221,596.44 | -5,728.58% | Increased losses from fair value changes in forest assets | | Credit Impairment Losses | -506,322,424.22 | -124,386,619.66 | 307.06% | Increased bad debt provisions for receivables | | Asset Impairment Losses | -240,561,409.32 | -3,041,427.75 | 7,809.49% | Increased impairment provisions for equipment | | Net Cash Flow from Operating Activities | 785,303,274.19 | 1,992,499,393.07 | -60.59% | Decreased sales revenue due to lower sales volume | Operating Revenue Composition (by Industry, Product, Region) | Item | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Machine-made Paper | 1,121,420,145.71 | 53.23% | 12,429,565,296.10 | 89.52% | -90.98% | | Chemical Pulp | 740,160,267.96 | 35.13% | 676,203,401.45 | 4.87% | 9.46% | | **By Product** | | | | | | | Coated Paper | 322,730,071.72 | 15.32% | 2,407,591,953.96 | 17.34% | -86.60% | | White Cardboard | 260,654,282.46 | 12.37% | 2,926,439,060.82 | 21.08% | -91.09% | | Offset Paper | 213,202,847.01 | 10.12% | 3,710,036,202.61 | 26.72% | -94.25% | | **By Region** | | | | | | | Mainland China | 2,075,083,434.21 | 98.50% | 11,052,530,679.12 | 79.60% | -81.23% | | Other Countries and Regions | 31,547,518.09 | 1.50% | 2,832,200,839.92 | 20.40% | -98.89% | [Analysis of Non-Principal Business](index=14&type=section&id=%E4%BA%94%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal business activities, including investment losses and impairment charges, had a significant negative impact on total profit Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Other Income | 22,794,816.03 | -0.55% | Government grants related to daily operations and debt restructuring gains | Partially sustainable (annual amortization of grants) | | Investment Income | -430,669,782.44 | 10.30% | Investment income from external investments and gains from disposal of equity/financial assets | No | | Fair Value Change Gains/Losses | -129,487,561.79 | 3.10% | Fair value fluctuations of Bohai Bank stock and forest assets | No | | Credit Impairment Losses | -506,322,424.22 | 12.11% | Bad debt provisions for receivables | No | | Asset Impairment Losses | -240,561,409.32 | 5.75% | Impairment provisions for non-current assets | No | | Non-operating Expenses | 26,198,489.55 | -0.63% | Expenses not directly related to daily production and operations | No | [Analysis of Assets and Liabilities](index=14&type=section&id=%E5%85%AD%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets attributable to shareholders decreased significantly, while shifts in liabilities indicate increased liquidity pressure Significant Changes in Asset Composition | Item | End of Period Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | Change in % | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 953,661,496.60 | 1.74% | 5,909,879,812.18 | 9.31% | -7.57% | Decrease in security deposits at period-end | | Accounts Receivable | 930,731,502.52 | 1.70% | 1,384,290,313.70 | 2.18% | -0.48% | Decrease in amounts due from customers | | Long-term Equity Investments | 3,621,265,404.11 | 6.62% | 3,971,035,411.54 | 6.25% | 0.37% | Decrease in investment income from associates | | Other Non-current Financial Assets | 344,266,989.06 | 0.63% | 751,030,454.68 | 1.18% | -0.55% | Consolidation of Weifang Chenchuang Equity Investment Fund | | Notes Payable | 107,370,000.00 | 0.20% | 1,423,918,112.99 | 2.24% | -2.04% | Reclassification of overdue notes to accounts payable and short-term borrowings | | Accounts Payable | 8,426,902,071.31 | 15.41% | 7,708,967,406.47 | 12.14% | 3.27% | Reclassification of overdue commercial bills to accounts payable | | Other Payables | 3,560,628,293.65 | 6.51% | 2,896,409,953.94 | 4.56% | 1.95% | Increase in payables to related parties and accrued expenses | | Non-current Liabilities Due within One Year | 2,534,511,114.58 | 4.63% | 1,577,936,964.14 | 2.48% | 2.15% | Increase in reclassified long-term liabilities due within one year | | Other Current Liabilities | 844,340,067.04 | 1.54% | 2,680,562,600.58 | 4.22% | -2.68% | Reclassification of extended equipment finance leases to long-term payables | | Long-term Payables | 2,544,988,247.10 | 4.65% | 774,965,008.29 | 1.22% | 3.43% | Reclassification of extended equipment finance leases to long-term payables | Restricted Assets as of Period-End | Item | Book Value at Period-End (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Fixed Assets | 19,712,891,634.14 | Mortgage | Collateral for bank loans and long-term payables | | Investment Property | 5,195,027,744.73 | Mortgage | Collateral for bank loans | | Intangible Assets | 1,328,582,983.12 | Mortgage | Collateral for bank loans and long-term payables | | Long-term Equity Investments | 1,649,407,876.62 | Frozen | Frozen due to lawsuits over outstanding payments | | Cash and Cash Equivalents | 875,404,665.38 | Pledge, Frozen | Pledged as deposits for bills, letters of credit, loans, or frozen due to lawsuits | | Inventories | 14,865,436.95 | Court Seizure | Seized due to lawsuits over outstanding payments | | Total | 28,776,180,340.94 | | | [Investment Analysis](index=15&type=section&id=%E4%B8%83%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment amount increased by 3,490.27%, driven by major equity investments in an investment fund and two subsidiaries Investment Amount During the Reporting Period | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | | 646,248,442.80 | 18,000,000.00 | 3,490.27% | Major Equity Investments During the Reporting Period | Investee Company Name | Investment Method | Investment Amount (Yuan) | Shareholding Ratio | Funding Source | Investment Type | Profit/Loss this Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Weifang Chenchuang Equity Investment Fund Partnership (LP) | Acquisition | 512,000,000.00 | 99.67% | Own funds | Investment | 626.63 | | Shandong Chenming Paper Sales Co, Ltd | Capital Increase | 98,500,000.00 | 100.00% | Own funds | Trading | -30,348,394.39 | | Shouguang Chenming Art Paper Co, Ltd | Acquisition | 35,748,442.80 | 100.00% | Own funds | Manufacturing | 66,979,940.94 | | Total | -- | 646,248,442.80 | -- | -- | -- | 97,327,708.70 | - The company had no derivative investments during the reporting period[57](index=57&type=chunk) [Disposal of Material Assets and Equity](index=17&type=section&id=%E5%85%AB%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company sold 22 properties for 85.92 million yuan to optimize its asset structure and focus on its main business Disposal of Material Assets | Counterparty | Asset Sold | Date of Sale | Transaction Price (million yuan) | Impact on the Company | Contribution to Net Profit (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Aikesheng Real Estate Co, Ltd | 22 units in Fado Apartment | June 2025 | 85.92 | Aided in resource integration, asset structure optimization, and focusing on core business | 1.56% | - The company had no material equity disposals during the reporting period[60](index=60&type=chunk) [Analysis of Major Subsidiaries and Investees](index=17&type=section&id=%E4%B9%9D%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries Zhanjiang Chenming and Shouguang Meilun both reported net losses, while the company's consolidation scope changed through acquisition and disposal Major Subsidiaries and Investees with >10% Impact on Net Profit | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhanjiang Chenming Pulp & Paper Co, Ltd | Subsidiary | Production and sales of offset paper, copy paper, white cardboard | 6,913,572,423.00 | 17,837,776,517.63 | 6,881,696,853.57 | 143,191,538.56 | -956,012,412.30 | -844,270,649.67 | | Shouguang Meilun Paper Co, Ltd | Subsidiary | Production and sales of coated paper, cultural paper, tissue paper, chemical pulp | 4,801,045,519.00 | 13,489,027,547.87 | 7,053,307,921.36 | 805,084,480.98 | -836,167,663.19 | -677,427,573.67 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition/Disposal | Impact on Overall Production and Performance | | :--- | :--- | :--- | | Chenming International Trade Co, Ltd | Newly established | None | | Shouguang Weiyuan Logistics Co, Ltd | Disposal | Increased net profit by 0.1664 million yuan | | Weifang Chenchuang Equity Investment Fund Partnership (LP) | Acquisition | Increased net profit by 0.0006 million yuan | [Risks and Countermeasures](index=18&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from economic policies, competition, and liquidity, which it addresses through structural optimization, cost control, and debt restructuring - The company faces risks including **macroeconomic policy changes, environmental regulations, raw material price volatility, market competition, liquidity constraints, and financial leasing business risks**[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) - To mitigate macroeconomic risks, the company will focus on its core pulp and paper business, adhere to an innovation-driven strategy, and optimize its industrial structure and regional layout[63](index=63&type=chunk) - To address liquidity risks, the company is **actively disposing of non-core assets**, intensifying debt collection, communicating with financial institutions to restructure debt, and seeking extensions and interest rate reductions[66](index=66&type=chunk) [Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has established a market value management system and a valuation enhancement plan to improve its investment value and shareholder returns - The company has formulated the "Shandong Chenming Paper Holdings Limited Market Value Management System" in accordance with relevant laws and regulations, approved by the Board of Directors on March 31, 2025[68](index=68&type=chunk) - The company's "Valuation Enhancement Plan," approved on March 31, 2025, includes measures for **financial optimization, business optimization, market and brand building, and strategic investment and cooperation**[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes to the company's directors, supervisors, or senior management during the reporting period - There were no changes to the company's directors, supervisors, and senior management during the reporting period; for details, please refer to the 2024 annual report[74](index=74&type=chunk) [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=21&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute profits or capitalize capital reserves for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[75](index=75&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%00%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company completed the buy-back and cancellation for its 2020 A-share restricted stock incentive plan, though some shares remain outstanding due to judicial freezes - The company's 2020 A-share restricted stock incentive plan involved **111 participants** and granted **79.60 million A-share restricted stocks** at a price of 2.85 yuan per share[78](index=78&type=chunk) - In November 2024, the company paid the buy-back consideration for the unvested restricted stocks of the third vesting period and proceeded with the share buy-back and cancellation procedures[93](index=93&type=chunk) - As of the end of this reporting period, **6,900,000 A-share restricted stocks** held by 2 departed incentive participants have not been cancelled due to judicial freezes[93](index=93&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and seven of its major subsidiaries are listed for mandatory environmental information disclosure and have published their reports accordingly - The listed company and its major subsidiaries are included in the list of enterprises for mandatory environmental information disclosure: Yes[94](index=94&type=chunk) Enterprises Listed for Mandatory Environmental Information Disclosure | No | Enterprise Name | Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Shandong Chenming Paper Holdings Limited | Enterprise Environmental Information Disclosure System (Shandong) | | 2 | Shouguang Meilun Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Shandong) | | 3 | Shouguang Chenming Art Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Shandong) | | 4 | Zhanjiang Chenming Pulp & Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Guangdong) | | 5 | Huanggang Chenming Pulp & Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Hubei) | | 6 | Jiangxi Chenming Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Jiangxi) | | 7 | Jilin Chenming Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Jilin) | [Social Responsibility](index=24&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company fulfills its social responsibilities by optimizing corporate governance, protecting stakeholder interests, and adhering to green development principles - The company continuously optimizes its corporate governance structure, strengthens its internal control system, and strictly implements insider information management to ensure truthful, accurate, and timely information disclosure[96](index=96&type=chunk) - The company strictly complies with labor laws, upholds a people-centric employment philosophy, and focuses on employee well-being and development[96](index=96&type=chunk) - The company practices the philosophy that "lucid waters and lush mountains are invaluable assets" and is committed to a high-quality development path that is eco-friendly and low-carbon[97](index=97&type=chunk) [Disclosures under the Hong Kong Stock Exchange Listing Rules](index=25&type=section&id=%E5%85%AD%E3%80%81%E6%A0%B9%E6%8D%AE%E9%A6%99%E6%B8%AF%E8%81%94%E5%90%88%E4%BA%A4%E6%98%93%E6%89%80%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%E5%85%AC%E5%B8%83%E7%9A%84%E9%A6%99%E6%B8%AF%E4%B8%8A%E5%B8%82%E8%A7%84%E5%88%99%E6%8A%AB%E9%9C%B2) The company complied with the Corporate Governance Code, with the exception of a delayed board re-election due to pending work on governance updates - The company complied with the principles and code provisions of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules, except that the term of the tenth Board of Directors and Supervisory Committee, which expired on June 15, 2025, has been extended as the re-election process is not yet complete[98](index=98&type=chunk) - The company's directors have confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the HKEX Listing Rules, and the company is not aware of any non-compliance by its directors during the reporting period[99](index=99&type=chunk) Significant Events [Commitments](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) There were no commitments from the company's controlling shareholders or other related parties that were fulfilled or overdue during the reporting period - The company reports no fulfilled or overdue commitments from its de facto controller, shareholders, related parties, acquirers, or the company itself during the reporting period[101](index=101&type=chunk) [Non-operating Fund Occupation](index=27&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating occupation of the company's funds by its controlling shareholder or other related parties - The company reports no non-operating occupation of its funds by the controlling shareholder or other related parties during the reporting period[102](index=102&type=chunk) [Irregular External Guarantees](index=27&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[103](index=103&type=chunk) [Appointment and Dismissal of Accounting Firm](index=27&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[104](index=104&type=chunk) [Board's Explanation on Prior Year's "Non-standard Audit Report"](index=27&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The Board is actively addressing the issues raised in the 2024 qualified audit opinion by resuming production, securing loans, and restructuring debt - Grant Thornton China issued a qualified audit opinion on the company's 2024 financial report, for which the Board of Directors has provided a special explanation[105](index=105&type=chunk) - The company is actively working to **resume production, secure syndicated loan disbursements, restructure debt, attract strategic investors, and dispose of assets** to improve its going concern ability[106](index=106&type=chunk) - As of the period-end, production lines at the Huanggang, Jiangxi, and Shouguang bases are operational, and a **2.31 billion yuan syndicated loan** for resuming production has been approved[106](index=106&type=chunk) [Bankruptcy and Reorganization Matters](index=28&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not undergo any bankruptcy or reorganization proceedings during the reporting period - The company did not undergo any bankruptcy or reorganization proceedings during the reporting period[108](index=108&type=chunk) [Litigation Matters](index=28&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in several major lawsuits, with a winding-up petition having been dismissed and total pending cases against the company amounting to 4.98 billion yuan - On June 20, 2025, the company received an order from the High Court of Hong Kong dismissing the petitioner's summons and the winding-up petition[109](index=109&type=chunk) Overview of Other Litigation Matters | Litigation (Arbitration) Status | Amount Involved (million yuan) | Provision for Liabilities | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | Cases with Chenming Leasing as Plaintiff | 464.33 | No | Judgments have favored the company, ordering defendants to repay debts; no material impact on operations is expected | | Cases with the Company and its Subsidiaries as Plaintiffs | 434.06 | No | No material impact on the company's operations and financial condition | | Cases with the Company and its Subsidiaries as Defendants | 7,778.18 | Yes | Cases are being resolved through negotiation, active defense, and settlement with creditors | | Provision for Liabilities | 5.935 | | | [Penalties and Rectifications](index=29&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company was not subject to any penalties or rectification orders during the reporting period - The company was not subject to any penalties or rectification orders during the reporting period[110](index=110&type=chunk) [Integrity Status of the Company and its Controlling Shareholders](index=29&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company and its subsidiary Zhanjiang Chenming were listed as discredited judgment debtors for two cases, while the controlling shareholder was not - According to the China Enforcement Information Online portal, the company and its subsidiary Zhanjiang Chenming were listed as discredited judgment debtors in **2 cases** for failing to comply with court orders; the company's controlling shareholder and de facto controller are not listed as discredited judgment debtors[111](index=111&type=chunk) [Material Related-Party Transactions](index=29&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine service procurement with related parties and maintained non-operating debt balances with its associates and controlling shareholder Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Amount this Period (Yuan) | Approved Transaction Limit (million yuan) | | :--- | :--- | :--- | :--- | | Weifang Port Wood Chip Terminal Co, Ltd | Port charges | 2,333,303.83 | 110.00 | Receivables from Related Parties | Related Party | Relationship | Balance at Period-End (million yuan) | | :--- | :--- | :--- | | Shouguang Meite Environmental Protection Technology Co, Ltd | Joint Venture | 11.38 | | Weifang Port Wood Chip Terminal Co, Ltd | Joint Venture | 81.30 | | Wuhan Chenming Hanyang Paper Co, Ltd | Associate | 177.97 | | Total | | 270.65 | Payables to Related Parties | Related Party | Relationship | Balance at Period-End (million yuan) | | :--- | :--- | :--- | | Chenming Holdings Limited | Controlling Shareholder | 36.84 | | Guangdong Nanyue Bank Co, Ltd | Associate | 758.29 | | Total | | 795.13 | [Material Contracts and Their Performance](index=30&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has an ongoing business outsourcing contract, generated leasing income, and provided significant guarantees for its subsidiaries totaling 19.75 billion yuan - Subsidiary Jiangxi Chenming has outsourced the operations of Jiangxi Port to Jiangxi Yirong Investment Co, Ltd for a fixed annual fee of 4 million yuan[121](index=121&type=chunk) - The company's total outstanding guarantees for its subsidiaries amounted to **19.75 billion yuan** as of June 30, 2025, representing **371.42% of the parent company's shareholders' equity**, with overdue guarantees totaling 1.98 billion yuan[127](index=127&type=chunk) Short-term or Low-value Asset Lease Expenses | Item | H1 2025 (Yuan) | | :--- | :--- | | Low-value Leases | 2,220,927.78 | | Total | 2,220,927.78 | Operating Lease Income as Lessor | Item | H1 2025 (Yuan) | | :--- | :--- | | Lease Income | 60,638,854.58 | [Other Significant Events](index=35&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company faces operational challenges including overdue debts, frozen bank accounts, and production halts, while its board re-election has been postponed - As of the period-end, the company had **cumulative overdue debts of 3.82 billion yuan**, **332 frozen bank accounts** with a total frozen amount of 39.38 million yuan, and some production lines remain under maintenance[135](index=135&type=chunk) - The re-election of the company's tenth Board of Directors and Supervisory Committee has been postponed to ensure operational continuity while the company revises its Articles of Association and related internal systems[137](index=137&type=chunk) [Significant Events of Subsidiaries](index=37&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company received approval to dissolve its finance subsidiary and terminated the construction of the Huanggang Chenming Phase II project to preserve liquidity - On February 12, 2025, Shandong Chenming Group Finance Co, Ltd received approval from the National Financial Regulatory Administration for its dissolution[141](index=141&type=chunk) - The company terminated the construction of the Huanggang Chenming Phase II project to avoid further capital expenditure that could impact liquidity, thereby protecting the interests of the company and its shareholders[142](index=142&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=38&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The number of restricted shares decreased while unrestricted shares increased due to the annual recalculation of transferable shares for senior management - The change in restricted shares was primarily due to the annual recalculation of the transferable quota for directors, supervisors, and senior management, and the release of locked-up shares for some executives who had been departed for over 6 months[145](index=145&type=chunk) Changes in Restricted Shares | Item | Pre-Change Quantity (Shares) | Ratio | Change (+, -) (Shares) | Post-Change Quantity (Shares) | Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 30,941,154 | 1.05% | -5,562,842 | 25,378,312 | 0.86% | | II. Unrestricted Shares | 2,910,515,046 | 98.95% | 5,562,842 | 2,916,077,888 | 99.14% | | III. Total Shares | 2,941,456,200 | 100.00% | 0 | 2,941,456,200 | 100.00% | [Number of Shareholders and Shareholdings](index=39&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 117,668 ordinary shareholders at the period-end, with Chenming Holdings Limited as the largest shareholder holding 15.50% - At the end of the reporting period, the total number of ordinary shareholders was **117,668** (99,783 A-shareholders, 17,568 B-shareholders, and 317 H-shareholders)[148](index=148&type=chunk) - The foreign legal entity shareholder Chenming Holdings (Hong Kong) Limited is a wholly-owned subsidiary of the state-owned legal entity shareholder Chenming Holdings Limited[149](index=149&type=chunk) Shareholdings of Shareholders with >5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End | Pledged, Marked, or Frozen Status (Status/Quantity) | | :--- | :--- | :--- | :--- | :--- | | Chenming Holdings Limited | State-owned legal entity | 15.50% | 455,781,319 | Pledged: 386,811,546; Frozen: 409,956,441 | | HKSCC NOMINEES LIMITED | Foreign legal entity | 12.69% | 373,409,775 | N/A: 0 | | Chenming Holdings (Hong Kong) Limited | Foreign legal entity | 12.38% | 364,131,563 | N/A: 0 | | Jin Xing | Domestic individual | 1.27% | 37,385,427 | N/A: 0 | | Chen Hongguo | Domestic individual | 0.65% | 19,080,044 | Frozen: 19,080,044 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=41&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period; for details, please refer to the 2024 annual report[152](index=152&type=chunk) [Changes in Controlling Shareholder or De Facto Controller](index=41&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) There were no changes to the company's controlling shareholder or de facto controller during the reporting period - The company's controlling shareholder did not change during the reporting period[153](index=153&type=chunk) - The company's de facto controller did not change during the reporting period[153](index=153&type=chunk) [Interests of Directors, Supervisors, and Chief Executive in Securities under HKEX Listing Rules](index=41&type=section&id=%E4%B8%83%E3%80%81%E6%8C%89%E9%A6%99%E6%B8%AF%E8%81%94%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A7%84%E5%88%99%E6%8A%AB%E9%9C%B2%E7%9A%84%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%91%98%E4%B9%8B%E8%AF%81%E5%88%B8%E6%9D%83%E7%9B%8A) As of June 30, 2025, several directors and supervisors held A-shares in the company, with no other declarable interests or short positions A-Shares Held by Directors, Supervisors, and Chief Executive | Name | Position | Shares Held at Period-End (A-shares) | % of Total Share Capital | | :--- | :--- | :--- | :--- | | Hu Changqing | Chairman | 792,857 | 0.03% | | Li Xingchun | Executive Director & Vice Chairman | 2,000,000 | 0.07% | | Li Weixian | Executive Director & General Manager | 362,100 | 0.01% | | Li Feng | Executive Director & Deputy General Manager | 1,356,027 | 0.05% | | Li Kang | Chairman of the Supervisory Committee | 149,300 | 0.01% | - Other than as disclosed above, as of June 30, 2025, none of the directors, supervisors, or chief executive had any interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations that were required to be recorded in the register kept under Section 352 of the SFO[156](index=156&type=chunk) [Interests and Short Positions of Substantial Shareholders in Shares and Underlying Shares under HKEX Listing Rules](index=42&type=section&id=%E5%85%AB%E3%80%81%E6%8C%89%E9%A6%99%E6%B8%AF%E8%81%94%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A7%84%E5%88%99%E6%8A%AB%E9%9C%B2%E7%9A%84%E4%B8%BB%E8%A6%81%E8%82%A1%E4%B8%9C%E4%BA%8E%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E5%85%B3%E8%82%A1%E4%BB%BD%E4%B8%AD%E4%B9%8B%E6%9D%83%E7%9B%8A%E5%8F%8A%E6%B7%A1%E4%BB%93) As of June 30, 2025, Chenming Holdings and its Hong Kong subsidiary were the principal shareholders with declarable interests under the SFO Interests and Short Positions of Substantial Shareholders | Name | Number of Shares Held | Approx. % of Shareholding (Total/Class) | | :--- | :--- | :--- | | Chenming Holdings Limited | 455,781,319 A-shares (L) | 15.50 / 26.70 | | Chenming Holdings (Hong Kong) Limited | 210,717,563 B-shares (L) | 7.16 / 29.83 | | Chenming Holdings (Hong Kong) Limited | 153,414,000 H-shares (L) | 5.22 / 29.04 | - Other than as disclosed above, as of June 30, 2025, no other person had an interest or short position in the shares and underlying shares of the company recorded in the register required to be kept under Section 336 of the SFO[157](index=157&type=chunk) Bond-related Matters [Bond-related Matters](index=43&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters to report for the period - The company had no bond-related matters to report for the period[159](index=159&type=chunk) Financial Report [Audit Report](index=44&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[161](index=161&type=chunk) [Financial Statements](index=44&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the semi-annual period ending June 30, 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 Equity, and Parent Company Statement of Changes in Equity[162](index=162&type=chunk)[165](index=165&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk)[173](index=173&type=chunk)[175](index=175&type=chunk)[178](index=178&type=chunk)[184](index=184&type=chunk) [Company's Basic Information](index=53&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Shandong Chenming Paper is a joint-stock company established in 1993, with shares listed on multiple exchanges and a diverse business portfolio - Shandong Chenming Paper Holdings Limited was established as a joint-stock company in 1993 through the restructuring of the former Shouguang County General Paper Mill[190](index=190&type=chunk) - As of June 30, 2025, the company's total share capital was **2,934.56 million shares**[191](index=191&type=chunk) - The company's main businesses include the production and sale of machine-made paper, power and heat generation, forestry, hotel services, and financial leasing[191](index=191&type=chunk) [Basis of Preparation of Financial Statements](index=54&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises and on a going concern basis - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and related guidelines issued by the Ministry of Finance[193](index=193&type=chunk) - The financial statements are presented on a **going concern basis**[193](index=193&type=chunk) - The company has no events or conditions that cast significant doubt on its ability to continue as a going concern for the next 12 months from the reporting date[194](index=194&type=chunk) [Significant Accounting Policies and Estimates](index=54&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies for key areas such as financial instruments, revenue recognition, and asset valuation - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, providing a true and complete view of the company's financial position and performance[197](index=197&type=chunk) - Financial assets are classified into three categories at initial recognition: **amortized cost, fair value through other comprehensive income, and fair value through profit or loss**[213](index=213&type=chunk) - The company accounts for impairment and recognizes loss provisions for financial instruments such as notes receivable, accounts receivable, and other receivables based on an **expected credit loss model**[218](index=218&type=chunk) - Revenue is recognized when control of goods or services is transferred to the customer, primarily from the sale of goods, provision of hotel and property services, and financial leasing services[262](index=262&type=chunk)[263](index=263&type=chunk) [Taxes](index=76&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes, including VAT and corporate income tax, with several subsidiaries enjoying preferential tax rates Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 13%/9%/6% | | Property Tax | Based on rent or value | 1.2%/12% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 25% | - The company and several of its subsidiaries, including Shouguang Meilun and Zhanjiang Chenming, are qualified as high-tech enterprises and enjoy a **preferential corporate income tax rate of 15%**[294](index=294&type=chunk)[295](index=295&type=chunk) - The company's forestry subsidiaries are exempt from corporate income tax in accordance with relevant tax laws[295](index=295&type=chunk) [Notes to Consolidated Financial Statements](index=77&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed breakdowns and explanations for items in the consolidated financial statements, including assets, liabilities, and income statement components - The closing balance of **cash and cash equivalents was 953.66 million yuan**, down from 5.91 billion yuan at the beginning of the period, with a significant portion restricted as deposits or frozen due to litigation[298](index=298&type=chunk)[299](index=299&type=chunk) - The closing balance of **accounts receivable was 930.73 million yuan**, down from 1.38 billion yuan, with a bad debt provision of 69.71 million yuan recognized during the period[308](index=308&type=chunk)[317](index=317&type=chunk) - **Operating revenue for the period was 2.11 billion yuan**, a sharp decrease from 13.88 billion yuan in the prior year period[488](index=488&type=chunk) - **Net profit attributable to parent company shareholders was -3.86 billion yuan**, a significant turnaround from a profit of 28.65 million yuan in the prior year period[170](index=170&type=chunk) [R&D Expenses](index=118&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) R&D expenditure for the period was 36.57 million yuan, a 94.02% decrease year-on-year, with all expenses being charged to profit or loss Breakdown of R&D Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Depreciation | 14,930,274.98 | 36,311,580.22 | | Salaries and Surcharges | 10,026,470.26 | 63,586,172.66 | | Material Consumption | 6,530,356.81 | 414,455,113.32 | | Insurance | 2,282,295.78 | 13,601,674.17 | | Water, Steam, and Electricity | 1,770,284.72 | 76,607,858.27 | | Welfare | 469,909.54 | 3,372,176.58 | | Housing Provident Fund | 350,817.26 | 2,265,763.36 | | Other Expenses | 206,776.34 | 1,713,757.83 | | Total | 36,567,185.69 | 611,914,096.41 | | Of which: Expensed R&D | 36,567,185.69 | 611,914,096.41 | [Changes in the Scope of Consolidation](index=119&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The scope of consolidation changed with the disposal of one subsidiary and the establishment and acquisition of two new entities Disposal of Subsidiaries | Subsidiary Name | Disposal Price at Loss of Control (Yuan) | Disposal Ratio at Loss of Control | Disposal Method | Date of Loss of Control | | :--- | :--- | :--- | :--- | :--- | | Shouguang Weiyuan Logistics Co, Ltd | 650,000.00 | 100.00% | Transfer | 2025-4-30 | - During the year, one new subsidiary, Chenming International Trade Co, Ltd, was established, and one subsidiary, Weifang Chenchuang Equity Investment Fund Partnership (LP), was acquired[555](index=555&type=chunk) [Interests in Other Entities](index=119&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company has interests in 77 subsidiaries, including two significant non-wholly-owned subsidiaries that both incurred losses, as well as several joint ventures and associates - In 2025, the company's consolidated scope included a total of **77 subsidiaries**[192](index=192&type=chunk) - The company holds a 4.46% stake in Guangdong Nanyue Bank Co, Ltd, but as the second-largest shareholder with one board seat, it can exert significant influence[568](index=568&type=chunk) Significant Non-wholly-owned Subsidiaries | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Interests (Yuan) | Minority Interest Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Shouguang Meilun Paper Co, Ltd | 13.22% | -142,204,918.84 | 560,742,910.47 | | Zhanjiang Chenming Pulp & Paper Co, Ltd | 19.72% | -166,516,344.51 | 1,237,916,095.04 | [Government Grants](index=125&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized 52.56 million yuan in government grants in the current period, primarily related to environmental protection and infrastructure projects Liability Items Related to Government Grants | Liability Item | Opening Balance (Yuan) | Amount Recognized in Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Environmental Protection Fund Grants | 478,415,952.52 | 25,464,041.36 | 452,951,911.16 | Asset-related | | Huanggang Pulp-Paper Integration Project | 420,942,087.45 | 12,513,108.90 | 408,428,978.55 | Asset-related | | Infrastructure and Environmental Projects | 185,285,787.80 | 5,758,794.74 | 179,526,993.06 | Asset-related | | Technical Upgrade Project Grants | 89,417,910.72 | 4,666,552.48 | 84,751,358.24 | Asset-related | | Zhanjiang Pulp-Paper Integration Project | 38,522,698.43 | 2,047,316.46 | 36,475,381.97 | Asset-related | | National Science and Technology Support Program | 629,025.00 | 82,350.00 | 546,675.00 | Asset-related | | Other | 27,726,023.60 | 843,605.04 | 26,882,418.56 | Asset-related | | Total | 1,240,939,485.52 | 51,375,768.98 | 1,189,563,716.54 | | Government Grants Recognized in Current Profit or Loss | Item | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Environmental Protection Fund Grants | Other Income | 25,474,041.36 | 25,239,041.36 | | Huanggang Pulp-Paper Integration Project | Other Income | 12,513,108.90 | 12,513,108.90 | | Infrastructure and Environmental Projects | Other Income | 5,758,794.74 | 5,758,794.72 | | Technical Upgrade Project Grants | Other Income | 4,700,763.02 | 11,626,552.48 | | Zhanjiang Pulp-Paper Integration Project | Other Income | 2,113,105.92 | 2,047,316.46 | | Enterprise Reform and Development Grants | Other Income | 218,000.00 | | | Government Rewards | Other Income | 130,000.00 | 1,910,920.00 | | National Science and Technology Support Program | Other Income | 82,350.00 | 82,350.00 | | Tax Rebates | Other Income | 20,000.00 | 30,124.00 | | Employment Stability Subsidies | Other Income | 2,000.00 | 1,227,050.37 | | Afforestation Subsidies | Other Income | 39,730.53 | 491,960.00 | | Social Security Subsidies | Other Income | | 46,500.00 | | Other | Other Income | 1,504,445.92 | 3,327,666.75 | | Total | | 52,556,340.39 | 64,301,385.04 | [Risks Related to Financial Instruments](index=126&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages its exposure to credit, liquidity, and market risks through diversified investment, credit assessment, and cash flow monitoring - The company's main financial risks are **credit risk, liquidity risk, and market risk** (including currency, interest rate, and commodity price risks)[579](index=579&type=chunk) - The company manages credit risk by portfolio classification, with primary exposure arising from bank deposits, notes receivable, accounts receivable, and other receivables[581](index=581&type=chunk) - As of June 30, 2025, the company's **financial assets due within one year were 12.19 billion yuan**, while its **financial liabilities due within one year were 38.62 billion yuan**, indicating a liquidity gap[583](index=583&type=chunk) - Although major operations are settled in RMB, the company is exposed to foreign exchange risk from its foreign currency-denominated assets, liabilities, and future transactions (mainly in USD, EUR, HKD, and JPY)[588](index=588&type=chunk) [Disclosure of Fair Value](index=131&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value include financial assets and biological assets, utilizing both Level 1 and Level 3 inputs for valuation Fair Value of Assets and Liabilities at Period-End | Item | Level 1 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 36,692,409.73 | | 36,692,409.73 | | (II) Receivables Financing | | 92,166,113.62 | 92,166,113.62 | | (III) Other Non-current Financial Assets | | 344,266,989.06 | 344,266,989.06 | | (IV) Biological Assets | | 1,098,778,602.31 | 1,098,778,602.31 | | Total Assets at Fair Value | 36,692,409.73 | 1,535,211,704.99 | 1,571,904,114.72 | - For trading financial assets in active markets, the company determines their fair value based on quoted market prices[600](index=600&type=chunk) Valuation Techniques and Key Parameters for Level 3 Fair Value | Item | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | | :--- | :--- | :--- | :--- | | Forest Assets | Market Price Back-Calculation | Price per ton of Eucalyptus | 500 Yuan | | | | Price per ton of Loblolly Pine | 520 Yuan | | | | Price per ton of Cunninghamia | 500 Yuan | [Related Parties and Transactions](index=132&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling party is the Shouguang State-owned Assets Supervision and Administration Bureau, and it engages in various transactions with its related parties - The ultimate controlling party of the enterprise is the **Shouguang State-owned Assets Supervision and Administration Bureau**[605](index=605&type=chunk) - Related parties with transactions or outstanding balances during the period include joint ventures and associates such as Weifang Port Wood Chip Terminal Co, Ltd and Guangdong Nanyue Bank Co, Ltd[607](index=607&type=chunk) - The company engages in transactions with related parties, including the **purchase and sale of goods, provision of services, leasing, guarantees, and debt financing**[610](index=610&type=chunk)[612](index=612&type=chunk)[614](index=614&type=chunk)[624](index=624&type=chunk)[625](index=625&type=chunk) [Commitments and Contingencies](index=140&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has capital commitments of 294.24 million yuan for long-term asset construction and faces contingent liabilities from pending litigation totaling 3.10 billion yuan Capital Commitments | Contracted but not yet recognized capital commitments | Balance at Period-End (Yuan) | | :--- | :--- | | Commitments for construction of long-term assets | 294,241,260.20 | Contingent Liabilities from Pending Litigation and Arbitration | Plaintiff | Defendant | Cause of Action | Amount at Stake (Yuan) | Case Status | | :--- | :--- | :--- | :--- | :--- | | Guangdong Nanyue Bank | Zhanjiang Chenming, Shandong Chenming Paper | Failure to repay loan | 452,700,000.00 | First-instance judgment rendered, on second-instance appeal | | Guodu Venture Capital | Shandong Chenming Paper | Non-payment of equity transfer consideration | 63,706,000.00 | Awaiting first-instance judgment | | Beijing Chuanfa Investment | Shandong Chenming Paper, Zhanjiang Chenming | Refusal to pay for share repurchase | 405,134,700.00 | In first-instance trial | | Bank of Communications | Zhanjiang Chenming, Shandong Chenming Paper | Failure to repay loan | 394,529,036.28 | In first-instance trial | | China Minsheng Bank | Shandong Chenming Paper Sales, Shandong Chenming Paper | Non-payment of letter of credit advances | 200,005,000.00 | First-instance judgment rendered, on second-instance appeal | | Guangdong Nanyue Bank | Chongmin Culture, Shanxi

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[4](index=4&type=chunk) - Company head Wang Jiufang, chief accountant Yu Jie, and head of accounting department Zheng Shulin declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data, providing comprehensive information navigation for investors - The report's table of contents includes nine main chapters, from important notes to the financial report, with a clear structure[7](index=7&type=chunk) [Definitions](index=4&type=section&id=Definitions) This section defines key terms used in the report, including the CSRC, SZSE, Ningbo Securities Regulatory Bureau, company name, Rong'an Group, reporting period, and the currency unit "yuan," ensuring accurate understanding of the report's content Major Definitions | Term | Definition | | :--- | :--- | | China Securities Regulatory Commission, CSRC | China Securities Regulatory Commission | | Shenzhen Stock Exchange, SZSE | Shenzhen Stock Exchange | | Rong'an Real Estate, Company, the Company | Rong'an Real Estate Co., Ltd. | | Reporting Period | January 1, 2025 to June 30, 2025 | [Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=5&type=section&id=Company%20Profile) Rong'an Real Estate Co., Ltd., with stock abbreviation "Rong'an Real Estate" and stock code 000517, is listed on the Shenzhen Stock Exchange, and its legal representative is Wang Jiufang Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Rong'an Real Estate | | Stock Code | 000517 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 荣安地产股份有限公司 | | Legal Representative | Wang Jiufang | [Contact Person and Contact Information](index=5&type=section&id=Contact%20Person%20and%20Contact%20Information) The company's board secretary is Deng Huatang and the securities affairs representative is Zheng Sisi, both located at 18F (A), Rong'an Building, No. 700 Tiantong South Road, Yinzhou District, Ningbo City, Zhejiang Province, with identical phone and fax numbers, and provided email addresses Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Deng Huatang | 0574-87312566 | denghuatang@000517.com | | Securities Affairs Representative | Zheng Sisi | 0574-87312566 | zhengsisi@000517.com | [Other Information](index=5&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and archiving locations, with specific details available in the 2024 annual report - The company's contact information, information disclosure, and archiving locations remained unchanged during the reporting period, consistent with the 2024 annual report[13](index=13&type=chunk)[14](index=14&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue and net profit attributable to shareholders of the listed company significantly decreased year-on-year by **71.95%** and **92.14%**, respectively, with net cash flow from operating activities also declining by **30.83%**, total assets decreasing by **24.17%**, but net assets attributable to shareholders slightly increasing by **0.63%** Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,895,014,587.17 | 13,884,161,304.65 | -71.95% | | Net Profit Attributable to Shareholders of the Listed Company | 36,450,786.55 | 464,033,165.86 | -92.14% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | 12,009,582.34 | 486,353,459.09 | -97.53% | | Net Cash Flow from Operating Activities | 560,583,084.05 | 810,411,928.87 | -30.83% | | Basic Earnings Per Share (yuan/share) | 0.0114 | 0.1457 | -92.18% | | Diluted Earnings Per Share (yuan/share) | 0.0114 | 0.1457 | -92.18% | | Weighted Average Return on Net Assets | 0.62% | 5.27% | -4.65% | | **Period-end Indicators** | **Current Reporting Period-end (yuan)** | **Prior Year-end (yuan)** | **Change from Prior Year-end** | | Total Assets | 14,414,301,174.99 | 19,008,979,439.71 | -24.17% | | Net Assets Attributable to Shareholders of the Listed Company | 5,854,624,756.00 | 5,818,173,969.45 | 0.63% | [Differences in Accounting Data Under Domestic and Foreign Accounting Standards](index=6&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Foreign%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets disclosed in financial reports prepared under International Accounting Standards or foreign accounting standards compared to Chinese Accounting Standards - The company had no differences in net profit and net assets under domestic and foreign accounting standards during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **24,441,204.21 yuan**, primarily from government grants, fair value changes in financial assets, and reversal of impairment provisions for receivables, positively impacting net profit Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -218,489.79 | | Government grants recognized in current profit or loss | 5,026,704.43 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 13,531,145.02 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 7,081,883.03 | | Other non-operating income and expenses apart from the above | 2,948,699.43 | | Less: Income tax impact | 3,898,415.74 | | Impact on minority interests (after tax) | 30,322.17 | | **Total** | **24,441,204.21** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified any listed non-recurring gains and losses items as recurring gains and losses[21](index=21&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) [Company's Main Business During the Reporting Period](index=8&type=section&id=Company%27s%20Main%20Business%20During%20the%20Reporting%20Period) In H1 2025, real estate policies focused on inventory digestion and new supply optimization, with central bank rate cuts and local measures stabilizing the market, leading to significant land transaction growth, while the company, primarily in real estate development in core Yangtze River Delta cities, reported **3.895 billion yuan** in operating revenue and a **1.50%** net gearing ratio - In the first half of 2025, real estate industry policies continued the theme of "digesting existing inventory and optimizing new supply," with the central bank cutting interest rates and local governments implementing city-specific measures, leading to market stabilization and improvement[23](index=23&type=chunk) - In the first half of the year, the transaction volume of residential land in 65 key cities nationwide increased by **18.4%** year-on-year, with land transfer fees reaching **644.16 billion yuan**, a **45%** year-on-year increase[24](index=24&type=chunk) - The company's main business is real estate development and sales, primarily located in the Yangtze River Delta region, including Ningbo, Hangzhou, and Jiaxing, focusing on mid-to-high-end refined residential properties, supplemented by commercial real estate[26](index=26&type=chunk) - During the reporting period, the company's operating revenue was approximately **3.895 billion yuan**, mainly from the handover of completed projects; the period-end net gearing ratio was **1.50%**[26](index=26&type=chunk) [Macroeconomic Situation and Industry Policies in the Reporting Period](index=8&type=section&id=Macroeconomic%20Situation%20and%20Industry%20Policies%20in%20the%20Reporting%20Period) In H1 2025, real estate policies emphasized inventory digestion and new supply optimization, with central bank rate cuts and local measures stabilizing the market, leading to significant land transaction growth, despite national real estate development investment decreasing by **11.2%** and commercial housing sales area by **3.5%**, with a shortened residential inventory destocking cycle - In the first half of 2025, the Central Political Bureau meeting proposed increasing the supply of high-quality housing and optimizing policies for acquiring existing commercial housing[23](index=23&type=chunk) - On May 7, the central bank adjusted the 5-year LPR and the 5-year first-home provident fund rate to **3.50%** and **2.60%** respectively, both reaching historical lows[23](index=23&type=chunk) H1 2025 Real Estate Market Data | Indicator | Data | Year-on-year Change | | :--- | :--- | :--- | | Transaction volume of residential land in 65 key cities nationwide | - | Increased by 18.4% | | Land transfer fees in 65 key cities nationwide | 644.16 billion yuan | Increased by 45% | | National real estate development investment | 4,665.8 billion yuan | Decreased by 11.2% | | Commercial housing sales area | 458.51 million M² | Decreased by 3.5% | | Commercial housing for sale (as of end of June) | 769.48 million M² | Decreased for four consecutive months month-on-month | | Real estate development prosperity index | 93.60 | Increased by 1.49 percentage points from the beginning of the year | [Company's Main Business and Operating Performance in the Reporting Period](index=8&type=section&id=Company%27s%20Main%20Business%20and%20Operating%20Performance%20in%20the%20Reporting%20Period) The company focuses on real estate development and sales in core Yangtze River Delta cities, developing mid-to-high-end residential and commercial projects, with no new land reserves in the reporting period, **579,400 M²** total salable area (**98.21%** in Zhejiang), all projects delivered, **1.695 billion yuan** financing at **3.46%** average cost, and **298 million yuan** in phased guarantees for purchasers - The company did not acquire land reserves during the reporting period[27](index=27&type=chunk) Company's Salable Resources | Region Name | Total Salable Construction Area (10,000 M²) | Proportion of Salable Resources | | :--- | :--- | :--- | | Within Zhejiang Province | 56.90 | 98.21% | | Outside Zhejiang Province | 1.04 | 1.79% | | **Total** | **57.94** | **100.00%** | - During the reporting period, the company's real estate projects have all been completed and delivered[30](index=30&type=chunk) Company's Financing Situation | Financing Channel | Period-end Financing Balance (10,000 yuan) | Average Financing Cost | | :--- | :--- | :--- | | Bank Loans | 169,487.13 | 3.46% | | **Total** | **169,487.13** | **3.46%** | - As of the end of the reporting period, the company's outstanding phased guarantees for commercial housing purchasers amounted to **298 million yuan**[36](index=36&type=chunk) [Development Strategy and Operating Plan for the Next Year](index=10&type=section&id=Development%20Strategy%20and%20Operating%20Plan%20for%20the%20Next%20Year) The company will pursue a strategy of "strategy-oriented, efficiency from management, risk control, and steady development," focusing on the Yangtze River Delta to strengthen its core real estate business and cultivate new profit drivers, with plans to increase quality land reserves, accelerate inventory destocking, enhance product quality, reduce financial costs, and improve organizational development - Company's development strategy: Deeply cultivate the Yangtze River Delta, refine, specialize, strengthen, and sustain the core real estate business, while also developing related industries such as agency construction and construction engineering, and actively fostering new profit growth points[37](index=37&type=chunk) - 2025 operating plan: Focus on cities like Hangzhou and Ningbo, actively increase quality land reserves, accelerate inventory destocking, strictly control product quality, reduce financial costs, and enhance organizational vitality[37](index=37&type=chunk) - The company will implement full-process standardized operations, including "operational standardization, product standardization, marketing standardization, and construction standardization," and conduct refined cost control[38](index=38&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its scientific management, experienced development team, flexible land strategy, strong regional brand, and prudent financial management, fostering long-term advantages through standardized operations, rapid development, and low debt levels - The company has established a process management system and performance management system, implementing a project operation model of rapid commencement, sales, and capital recovery to reduce development costs and policy risks[39](index=39&type=chunk) - The company possesses nearly thirty years of real estate development experience, cultivating an excellent management team with a rational knowledge structure and rich practical experience, and maintains strategic cooperation with upstream and downstream enterprises and financial institutions[39](index=39&type=chunk) - The company adheres to the principle of "better to miss than to acquire incorrectly," deeply cultivating core areas within Zhejiang Province's core cities, strictly controlling land costs, and opportunistically increasing quality land reserves[40](index=40&type=chunk) - The company enjoys high brand recognition and influence in the Yangtze River Delta region, particularly strong brand premium capability in the Zhejiang market, establishing a brand image as a "residential expert and luxury home master"[40](index=40&type=chunk) - The company adheres to prudent financial management, maintaining low debt levels and financing costs, and achieves cash flow and profit balance through a rapid development strategy[40](index=40&type=chunk) [Main Business Analysis](index=11&type=section&id=Main%20Business%20Analysis) Main business revenue decreased **71.95%** year-on-year due to smaller project delivery, with corresponding cost and expense reductions; housing sales, though down **72.16%**, still comprised **98.66%** of revenue, and while both Ningbo and non-Ningbo revenues fell, Ningbo's share rose Major Financial Data Year-on-Year Changes | Item | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,895,014,587.17 | 13,884,161,304.65 | -71.95% | Mainly due to smaller scale of project delivery in the current reporting period | | Operating Cost | 3,432,139,101.81 | 12,937,750,144.23 | -73.47% | Mainly due to smaller scale of project delivery in the current reporting period | | Net Profit Attributable to Shareholders of the Listed Company | 36,450,786.55 | 464,033,165.86 | -92.14% | - | | Net Cash Flow from Operating Activities | 560,583,084.05 | 810,411,928.87 | -30.83% | Mainly due to reduced sales collection in the current reporting period | | Net Cash Flow from Investing Activities | -87,545,092.22 | 5,754,345.47 | -1,621.37% | Mainly due to increased investment in cooperative projects in the current reporting period | | Net Cash Flow from Financing Activities | -1,097,448,056.64 | -1,687,701,102.63 | 34.97% | Mainly due to reduced debt repayment cash outflow resulting from smaller debt scale in the current reporting period | Operating Revenue Composition (by Industry/Product) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | | By Industry/Product | Housing Sales | 3,843,022,003.30 | 98.66% | -72.16% | | | Construction | 11,625,530.26 | 0.30% | -67.41% | | | Property Leasing | 33,460,763.39 | 0.86% | -1.96% | | By Region | Ningbo Region | 1,938,393,171.15 | 49.77% | -60.14% | | | Non-Ningbo Region | 1,956,621,416.02 | 50.23% | -78.31% | [Non-Main Business Analysis](index=13&type=section&id=Non-Main%20Business%20Analysis) During the reporting period, non-main business significantly impacted total profit, with investment income primarily from wealth management products, fair value change gains and losses mainly from other non-current financial assets, asset impairment losses substantially increasing due to inventory depreciation provisions, non-operating income mainly from forfeited deposits and quality guarantee deductions, and non-operating expenses primarily from unrecoverable funds Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,064,410.92 | 46.31% | Mainly from wealth management products in the current reporting period | No | | Fair Value Change Gains and Losses | 5,694,396.15 | 86.05% | Mainly due to fair value changes of other non-current financial assets in the current reporting period | No | | Asset Impairment | -176,099,369.48 | -2,661.00% | Mainly due to provision for inventory depreciation in the current reporting period | No | | Non-operating Income | 5,940,676.96 | 89.77% | Mainly from forfeited deposits and quality guarantee deductions | No | | Non-operating Expenses | 2,991,977.53 | 45.21% | Mainly from individual unrecoverable funds | No | [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Period-end total assets decreased **24.17%** year-on-year, driven by reduced inventory and contract liabilities, while monetary funds and borrowings also fell, net assets attributable to shareholders slightly rose **0.63%**, and various assets remained restricted for borrowings Significant Changes in Asset Composition | Item | Current Reporting Period-end (yuan) | Proportion of Total Assets | Prior Year-end (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,601,983,572.40 | 11.11% | 2,226,747,417.35 | 11.71% | -0.60% | | Inventory | 9,383,842,540.76 | 65.10% | 13,192,106,381.35 | 69.40% | -4.30% | | Contract Liabilities | 1,545,869,357.35 | 10.72% | 4,286,906,539.18 | 22.55% | -11.83% | | Long-term Borrowings | 1,082,171,300.00 | 7.51% | 1,694,701,300.00 | 8.92% | -1.41% | | Non-current Liabilities Due Within One Year | 34,678,418.02 | - | 401,064,294.87 | - | - | | Total Assets | 14,414,301,174.99 | - | 19,008,979,439.71 | - | -24.17% | Period-end Asset Restrictions | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Inventory | 2,298,619,600.12 | 1,973,091,260.82 | Mortgage | Mortgaged for borrowings | | Investment Properties | 826,251,384.42 | 485,794,707.73 | Mortgage | Mortgaged for borrowings | | Fixed Assets | 39,832,028.49 | 17,281,142.71 | Mortgage | Mortgaged for borrowings | | Monetary Funds | 93,777,939.84 | 93,777,939.84 | Pledge/Freeze | Guarantee deposits, loan deposits, frozen funds | [Investment Status Analysis](index=14&type=section&id=Investment%20Status%20Analysis) During the reporting period, the company's investment amount remained unchanged, with no significant equity investments acquired or ongoing significant non-equity investments, and no securities investments, derivative investments, or use of raised funds - The company's investment amount was **0.00 yuan** during the reporting period, consistent with the prior year's same period[56](index=56&type=chunk) - The company had no significant equity investments, significant non-equity investments, securities investments, derivative investments, or use of raised funds during the reporting period[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) [Significant Asset and Equity Sales](index=15&type=section&id=Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any sales of significant assets or equity - The company did not sell significant assets or equity during the reporting period[61](index=61&type=chunk)[62](index=62&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries, Ningbo Rongxin Real Estate Co., Ltd. and Jiaxing Jiarong Real Estate Co., Ltd., impacted the company's net profit during the reporting period, with Ningbo Rongxin Real Estate achieving a net profit of **95,868,734.57 yuan** and Jiaxing Jiarong Real Estate achieving **16,195,949.68 yuan**, and no subsidiaries were acquired or disposed of during the reporting period Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Ningbo Rongxin Real Estate Co., Ltd. | Subsidiary | Real estate development and operation | 2,000,000.00 | 95,868,734.57 | | Jiaxing Jiarong Real Estate Co., Ltd. | Subsidiary | Real estate development and operation | 50,000,000.00 | 16,195,949.68 | - The company did not acquire or dispose of subsidiaries during the reporting period[63](index=63&type=chunk) [Information on Structured Entities Controlled by the Company](index=16&type=section&id=Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[64](index=64&type=chunk) [Risks Faced by the Company and Countermeasures](index=16&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces policy, funding, project operation, and human resource risks, which it plans to address by strengthening macroeconomic policy research, rationally planning funds, adhering to rapid development and refined cost control, and continuously attracting and developing professional talent while improving its human resource management system - Policy risk: The real estate industry is highly susceptible to national macroeconomic regulation, so the company will strengthen policy tracking and research, invest rationally, and optimize product structure[64](index=64&type=chunk) - Funding risk: Real estate enterprises are capital-intensive, so the company will rationally plan funds, maintain financial stability, flexibly use financing tools, and reduce financial expenses[64](index=64&type=chunk) - Project operation risk: Real estate projects have long development cycles, high investment, and complex processes, so the company will adhere to "no hoarding land, no holding back sales," rapid development and destocking, and implement standardized operations and refined cost control[64](index=64&type=chunk)[65](index=65&type=chunk) - Human resource risk: As the industry enters an era of management dividends, the company will attract and develop professional talent, strengthen talent pipeline construction and internal training, and improve its human resource management system[65](index=65&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=16&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[66](index=66&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=16&type=section&id=Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[66](index=66&type=chunk) [Corporate Governance, Environment, and Society](index=17&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, independent director Yan Guoqing resigned from his positions as independent director and member of the board's nomination, remuneration and appraisal, audit, and strategy committees due to personal reasons, and has ceased to perform his duties Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Yan Guoqing | Independent Director, Chairman of Board Nomination Committee, Chairman of Remuneration and Appraisal Committee, Member of Audit Committee, Member of Strategy Committee | Resignation | August 12, 2025 | Personal reasons | [Profit Distribution and Capital Reserve to Share Capital Conversion in the Current Reporting Period](index=17&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[69](index=69&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=17&type=section&id=Implementation%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%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 during the reporting period[70](index=70&type=chunk) [Environmental Information Disclosure](index=17&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[71](index=71&type=chunk) [Social Responsibility](index=17&type=section&id=Social%20Responsibility) During the reporting period, the company actively fulfilled social responsibilities through continuous "Rong'an Cup" Children's Art Exhibitions, expanded Shared Reading and "Little Shark" Public Swimming programs, established a Children's Medical Aid Fund, conducted rural science and art teaching, and donated to rural revitalization and community projects - The company has continuously held the "Rong'an Cup" Children's Art Exhibition for **19 years** and expanded the Shared Reading Program to remote areas[71](index=71&type=chunk) - The company established a Children's Medical Aid Fund, successfully assisting **sixty-eight critically ill children**, and supported rural science and art public welfare teaching projects[71](index=71&type=chunk) - The company donated **1.2 million yuan** to Huangping County, Guizhou Province, to promote rural revitalization and an additional **1 million yuan** to consolidate poverty alleviation achievements[72](index=72&type=chunk) - The company donated funds for the Lemon Tree Sunshine Home project in Yinzhou District, Ningbo City, and local community public welfare projects[72](index=72&type=chunk) [Significant Matters](index=18&type=section&id=Significant%20Matters) [Fulfillment of Commitments](index=18&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, the company had no commitments that were fulfilled or overdue and unfulfilled by the actual controller, shareholders, related parties, acquirers, or the company itself - The company had no commitments that were unfulfilled or overdue and unfulfilled during the reporting period[74](index=74&type=chunk) [Related Party Fund Occupation](index=18&type=section&id=Related%20Party%20Fund%20Occupation) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[75](index=75&type=chunk) [Irregular External Guarantees](index=18&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[76](index=76&type=chunk) [Appointment and Dismissal of Accounting Firms](index=18&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[77](index=77&type=chunk) [Board of Directors' and Supervisory Board's Explanation on Non-Standard Audit Report](index=18&type=section&id=Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20Non-Standard%20Audit%20Report) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[78](index=78&type=chunk) [Board of Directors' Explanation on Prior Year's Non-Standard Audit Report](index=18&type=section&id=Board%20of%20Directors%27%20Explanation%20on%20Prior%20Year%27s%20Non-Standard%20Audit%20Report) The company had no non-standard audit report for the prior year during the reporting period - The company had no non-standard audit report for the prior year during the reporting period[78](index=78&type=chunk) [Bankruptcy and Reorganization Matters](index=18&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[78](index=78&type=chunk) [Litigation Matters](index=18&type=section&id=Litigation%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[79](index=79&type=chunk) [Penalties and Rectification](index=19&type=section&id=Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[80](index=80&type=chunk) [Integrity Status of the Company and its Controlling Shareholder and Actual Controller](index=19&type=section&id=Integrity%20Status%20of%20the%20Company%20and%20its%20Controlling%20Shareholder%20and%20Actual%20Controller) The company had no integrity issues requiring explanation during the reporting period - The company had no integrity issues requiring explanation during the reporting period[81](index=81&type=chunk) [Significant Related Party Transactions](index=19&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor transactions, or transactions with financial companies - The company had no significant related party transactions related to daily operations during the reporting period[81](index=81&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[82](index=82&type=chunk) - The company had no related party creditor-debtor transactions during the reporting period[84](index=84&type=chunk) [Significant Contracts and Their Performance](index=20&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, or leasing matters, but provided **1.55637 billion yuan** in subsidiary guarantees (**31.84%** of net assets), including **1.57265 billion yuan** for high-leverage entities, and executed **1.1 billion yuan** in wealth management transactions with no outstanding balance, and no other significant contracts - The company had no entrustment, contracting, or leasing matters during the reporting period[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) Company's Guarantees to Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Tianyuan Landscape Construction Co., Ltd. | 15,000 | 10,150 | Three years from the expiration of debt performance period | No | | Zhejiang Tianyuan Landscape Construction Co., Ltd. | 10,000 | 10,000 | Three years from the expiration of debt performance period | No | | Ningbo Happy Shopping Plaza Development Co., Ltd. | 31,000 | 30,750 | Three years from the expiration of debt performance period | No | | Hangzhou Xianghua Investment Management Co., Ltd. | 50,000 | 46,250 | Three years from the expiration of debt performance period | No | | Yiwu Huajie Real Estate Co., Ltd. | 35,000 | 7,926 | Three years from the expiration of debt performance period | No | | Ningbo Rongyuan Real Estate Co., Ltd. | 60,000 | 5,365 | Three years from the expiration of debt performance period | No | | **Total Actual Guarantee Balance to Subsidiaries at Period-end** | **299,000** | **155,637** | - | - | - The total actual guarantee amount at period-end was **1.86387 billion yuan**, accounting for **31.84%** of the company's net assets[94](index=94&type=chunk) - The debt guarantee balance provided for guaranteed parties with an asset-liability ratio exceeding **70%** was **1.57265 billion yuan**[94](index=94&type=chunk) Wealth Management Product Information | Specific Type | Wealth Management Product Transaction Amount (10,000 yuan) | Outstanding Balance at Period-end (10,000 yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 110,000 | 0 | | **Total** | **110,000** | **0** | - The company had no other significant contracts during the reporting period[97](index=97&type=chunk) [Explanation of Other Significant Matters](index=23&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[98](index=98&type=chunk) [Significant Matters of Company Subsidiaries](index=23&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[99](index=99&type=chunk) [Share Changes and Shareholder Information](index=24&type=section&id=Share%20Changes%20and%20Shareholder%20Information) [Share Changes](index=24&type=section&id=Share%20Changes) During the reporting period, the company's total share capital remained unchanged at **3,183,922,485 shares**, with the number and proportion of restricted and unrestricted shares also remaining constant Share Changes | Item | Number Before Change (shares) | Proportion Before Change | Number of Changes (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 691,936,069 | 21.73% | 0 | 691,936,069 | 21.73% | | II. Unrestricted Shares | 2,491,986,416 | 78.27% | 0 | 2,491,986,416 | 78.27% | | III. Total Shares | 3,183,922,485 | 100.00% | 0 | 3,183,922,485 | 100.00% | - The company's total share capital, restricted shares, and unrestricted shares all remained unchanged during the reporting period[102](index=102&type=chunk) [Securities Issuance and Listing](index=25&type=section&id=Securities%20Issuance%20and%20Listing) The company had no securities issuance and listing during the reporting period - The company had no securities issuance and listing during the reporting period[103](index=103&type=chunk) [Company Shareholder Numbers and Shareholding](index=25&type=section&id=Company%20Shareholder%20Numbers%20and%20Shareholding) At the end of the reporting period, the company had **35,707** common shareholders, with Rong'an Group Co., Ltd. holding **47.93%** and Wang Jiufang holding **28.69%** among the top ten shareholders, both acting in concert, and Rong'an Group's shares were pledged, while some shareholders participated in margin trading and securities lending through credit securities accounts - At the end of the reporting period, the total number of common shareholders was **35,707**[104](index=104&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status (number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Rong'an Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 47.93% | 1,525,939,995 | 0 | 1,525,939,995 | Pledged: 306,150,000 | | Wang Jiufang | Domestic Natural Person | 28.69% | 913,500,000 | 685,125,000 | 228,375,000 | Not applicable: 0 | | Shanghai Yingshui Investment Management Co., Ltd. - Yingshui Jubao No. 13 Private Securities Investment Fund | Other | 0.99% | 31,500,000 | 0 | 31,500,000 | Not applicable: 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.59% | 18,786,443 | 0 | 18,786,443 | Not applicable: 0 | - Among the top 10 shareholders, Rong'an Group Co., Ltd., Wang Jiufang, and Wang Congwei are parties acting in concert[105](index=105&type=chunk) - Some of the top 10 common shareholders participated in margin trading and securities lending through credit securities accounts[105](index=105&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=27&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, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[107](index=107&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=27&type=section&id=Changes%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 remained unchanged during the reporting period[108](index=108&type=chunk) - The company's actual controller remained unchanged during the reporting period[108](index=108&type=chunk) [Preferred Shares Information](index=27&type=section&id=Preferred%20Shares%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[110](index=110&type=chunk) [Bond-Related Information](index=28&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[112](index=112&type=chunk) [Financial Report](index=29&type=section&id=Financial%20Report) [Audit Report](index=29&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[114](index=114&type=chunk) [Financial Statements](index=29&type=section&id=Financial%20Statements) This section provides Rong'an Real Estate Co., Ltd.'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 presenting the company's financial position, operating results, and cash flow at the end of the reporting period - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[115](index=115&type=chunk)[119](index=119&type=chunk)[123](index=123&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[130](index=130&type=chunk)[134](index=134&type=chunk)[140](index=140&type=chunk) [Consolidated Balance Sheet](index=29&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **14.414 billion yuan**, down **24.17%** from period-beginning, with total liabilities at **8.033 billion yuan**, and owners' equity attributable to the parent company at **5.855 billion yuan** Consolidated Balance Sheet Key Data | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 14,414,301,174.99 | 19,008,979,439.71 | | Total Liabilities | 8,032,604,659.80 | 12,543,443,124.74 | | Total Owners' Equity Attributable to Parent Company | 5,854,624,756.00 | 5,818,173,969.45 | | Minority Interests | 527,071,759.19 | 647,362,345.52 | [Parent Company Balance Sheet](index=32&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **16.118 billion yuan**, down **4.88%** from period-beginning, with total liabilities at **5.103 billion yuan**, and total owners' equity at **11.015 billion yuan** Parent Company Balance Sheet Key Data | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 16,117,544,437.40 | 16,934,803,015.03 | | Total Liabilities | 5,102,717,500.68 | 6,926,697,767.07 | | Total Owners' Equity | 11,014,826,936.72 | 10,008,105,247.96 | [Consolidated Income Statement](index=34&type=section&id=Consolidated%20Income%20Statement) For H1 2025, consolidated total operating revenue was **3.895 billion yuan**, down **71.95%** year-on-year, with net profit attributable to parent company shareholders at **36.4508 million yuan**, a **92.14%** decrease, and basic earnings per share of **0.0114 yuan** Consolidated Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 3,895,014,587.17 | 13,884,161,304.65 | | Operating Profit | 3,669,092.32 | 515,590,923.27 | | Total Profit | 6,617,791.75 | 516,583,888.86 | | Net Profit | 2,160,200.22 | 421,178,892.10 | | Net Profit Attributable to Parent Company Shareholders | 36,450,786.55 | 464,033,165.86 | | Basic Earnings Per Share (yuan/share) | 0.0114 | 0.1457 | [Parent Company Income Statement](index=36&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **219,125.92 yuan**, a **48.3%** year-on-year decrease, with operating profit of **989 million yuan**, total profit of **989 million yuan**, and net profit of **1.007 billion yuan**, primarily driven by **971 million yuan** in investment income Parent Company Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 219,125.92 | 423,658.59 | | Operating Profit | 988,972,710.37 | 1,480,612,918.51 | | Total Profit | 988,898,697.27 | 1,480,434,495.05 | | Net Profit | 1,006,721,688.76 | 1,682,524,516.51 | | Investment Income | 970,723,047.45 | 1,418,947,181.25 | [Consolidated Cash Flow Statement](index=37&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's net cash flow from operating activities was **561 million yuan**, a **30.83%** year-on-year decrease, with net cash flow from investing activities of **-88 million yuan** and net cash flow from financing activities of **-1.097 billion yuan**, resulting in a net decrease in cash and cash equivalents of **-624 million yuan** Consolidated Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 560,583,084.05 | 810,411,928.87 | | Net Cash Flow from Investing Activities | -87,545,092.22 | 5,754,345.47 | | Net Cash Flow from Financing Activities | -1,097,448,056.64 | -1,687,701,102.63 | | Net Increase in Cash and Cash Equivalents | -624,410,064.81 | -871,534,828.29 | | Period-end Cash and Cash Equivalents Balance | 1,508,205,632.56 | 3,176,151,894.14 | [Parent Company Cash Flow Statement](index=38&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was **-598 million yuan**, net cash flow from investing activities was **972 million yuan**, and net cash flow from financing activities was **-552 million yuan**, resulting in a net decrease in cash and cash equivalents of **-178 million yuan** Parent Company Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -598,410,404.52 | -1,582,589,050.54 | | Net Cash Flow from Investing Activities | 972,131,974.07 | 1,373,220,355.72 | | Net Cash Flow from Financing Activities | -552,161,258.41 | -54,000,000.00 | | Net Increase in Cash and Cash Equivalents | -178,439,688.86 | -263,368,694.82 | | Period-end Cash and Cash Equivalents Balance | 216,373,046.83 | 121,419,011.35 | [Consolidated Statement of Changes in Owners' Equity](index=40&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For H1 2025, consolidated owners' equity decreased from **6.466 billion yuan** to **6.382 billion yuan**, mainly due to a **120 million yuan** decrease in minority interests and a **36.4508 million yuan** increase in parent company owners' equity Consolidated Statement of Changes in Owners' Equity | Item | Period-beginning Balance (yuan) | Amount of Change in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 5,818,173,969.45 | 36,450,786.55 | 5,854,624,756.00 | | Minority Interests | 647,362,345.52 | -120,290,586.33 | 527,071,759.19 | | Total Owners' Equity | 6,465,536,314.97 | -83,839,799.78 | 6,381,696,515.19 | [Parent Company Statement of Changes in Owners' Equity](index=44&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For the first half of 2025, the parent company's total owners' equity increased from **10.008 billion yuan** at the beginning of the period to **11.015 billion yuan** at the end of the period, primarily due to a **1.007 billion yuan** increase in undistributed profits Parent Company Statement of Changes in Owners' Equity | Item | Period-beginning Balance (yuan) | Amount of Change in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Undistributed Profits | 5,051,310,209.72 | 1,006,721,688.76 | 6,058,031,898.48 | | Total Owners' Equity | 10,008,105,247.96 | 1,006,721,688.76 | 11,014,826,936.72 | [Company Basic Information](index=48&type=section&id=Company%20Basic%20Information) Rong'an Real Estate Co., Ltd., established May 19, 1989, acquired Rong'an Group assets in 2008, changing registered capital to **1,061,307,495 yuan**, headquartered in Ningbo, primarily engaged in real estate development and construction, with financial statements approved on August 28, 2025 - The company was established on **May 19, 1989**, formerly known as Success Information Industry (Group) Co., Ltd[147](index=147&type=chunk) - In **2008**, the company acquired assets from Rong'an Group Co., Ltd. through share issuance, changing its registered capital to **1,061,307,495 yuan**[147](index=147&type=chunk) - The company's main business includes real estate development, operation, and construction project contracting[147](index=147&type=chunk) [Basis of Financial Statement Preparation](index=48&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with recognition and measurement performed in accordance with the "Enterprise Accounting Standards" and relevant regulations issued by the Ministry of Finance, and management has evaluated the company's ability to continue as a going concern for at least 12 months from the end of the reporting period, believing it can continue operations for the foreseeable future - The company prepares its financial statements on a going concern basis, in accordance with the "Enterprise Accounting Standards" and relevant regulations issued by the Ministry of Finance[148](index=148&type=chunk) - The company's management believes that the company can continue as a going concern for a foreseeable period of no less than **12 months** from the approval date of these financial statements[149](index=149&type=chunk) [Significant Accounting Policies and Estimates](index=48&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, consolidated financial statements, financial instruments, receivables, inventories, investment properties, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases, ensuring the truthfulness and completeness of the financial report - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the financial position, operating results, cash flows, and other information[151](index=151&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and its operating cycle (usually more than **12 months**) is used as the basis for classifying assets and liabilities as current or non-current[152](index=152&type=chunk)[153](index=153&type=chunk) - When initially recognizing financial assets, the company classifies them as financial assets measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on the business model for managing the financial assets and the contractual cash flow characteristics[165](index=165&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[214](index=214&type=chunk) [Taxes](index=64&type=section&id=Taxes) This section discloses the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, enterprise income tax, land value-added tax, education surcharge, and local education surcharge, with the company's subsidiary Zhejiang Boyuan Construction Co., Ltd. enjoying a **15%** enterprise income tax preferential rate as a high-tech enterprise Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Real estate sales, construction and installation projects, rental income, property management, sales agency, commodity sales | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Turnover taxes paid | 7%, 5% | | Enterprise Income Tax | Taxable income | 25%, 15% | | Education Surcharge | Turnover tax amount paid | 3% | | Local Education Surcharge | Turnover tax amount paid | 2% | - Subsidiary Zhejiang Boyuan Construction Co., Ltd. passed the high-tech enterprise review and was subject to a **15%** enterprise income tax rate during the reporting period[228](index=228&type=chunk) - Real estate development enterprises provisionally prepay land value-added tax at **1.5%-3%** of the pre-sale income as stipulated by the local tax authorities, and it is levied at a four-tier progressive rate upon final settlement[229](index=229&type=chunk) [Notes to Consolidated Financial Statement Items](index=65&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details consolidated financial statement items, noting significant changes in monetary funds, inventory, contract liabilities, and long-term borrowings, along with asset impairment provisions and restricted assets, while operating revenue and net profit significantly decreased, cash flow was affected, and interests in subsidiaries, joint ventures, government grants, and financial instrument risks are disclosed Composition of Monetary Funds | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 1,508,205,632.56 | 2,132,615,697.37 | | Other Monetary Funds | 93,777,939.84 | 94,131,719.98 | | **Total** | **1,601,983,572.40** | **2,226,747,417.35** | - Other monetary funds primarily consist of guarantee deposits, loan deposits, and frozen funds[231](index=231&type=chunk) Disclosure of Accounts Receivable by Impairment Provision Method | Category | Period-end Book Balance (yuan) | Period-end Impairment Provision (yuan) | Period-end Book Value (yuan) | | :--- | :--- | :--- | :--- | | Accounts receivable for which impairment provisions are made individually | 34,845,421.34 | 27,763,538.31 | 7,081,883.03 | | Accounts receivable for which impairment provisions are made by portfolio | 156,090,456.80 | 21,359,302.78 | 134,731,154.02 | | **Total** | **190,935,878.14** | **49,122,841.09** | **141,813,037.05** | - Impairment provisions of **2,107,916.67 yuan** were made in the current period, with **7,081,883.03 yuan** recovered or reversed, and the period-end impairment provision balance was **49,122,841.09 yuan**[242](index=242&type=chunk) Inventory Classification | Item | Period-end Book Balance (yuan) | Period-end Inventory Depreciation Reserve (yuan) | Period-end Book Value (yuan) | | :--- | :--- | :--- | :--- | | Development Costs | 271,935,103.46 | - | 271,935,103.46 | | Developed Products | 11,356,862,964.76 | 2,244,955,527.46 | 9,111,907,437.30 | | **Total** | **11,628,798,068.22** | **2,244,955,527.46** | **9,383,842,540.76** | - The cumulative amount of capitalized interest in inventory at period-end was **681,824,675.74 yuan**, with the current period's interest capitalization rate ranging from **3.82%** to **11.45%**[283](index=283&type=chunk) Assets with Restricted Ownership or Use Rights | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | | :--- | :--- | :--- | | Inventory | 2,298,619,600.12 | 1,973,091,260.82 | Mortgage | | Investment Properties | 826,251,384.42 | 485,794,707.73 | Mortgage | | Fixed Assets | 39,832,028.49 | 17,281,142.71 | Mortgage | | Accounts Receivable | 3,079,779.47 | 2,905,536.92 | Pledge | | Monetary Funds | 93,777,939.84 | 93,777,939.84 | Pledge/Freeze | | **Total** | **3,261,560,732.34** | **2,572,850,588.02** | - | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 3,855,032,642.06 | 3,408,745,422.57 | 13,839,950,237.32 | 12,914,043,635.20 | | Other Business | 39,981,945.11 | 23,393,679.24 | 44,211,067.33 | 23,706,509.03 | | **Total** | **3,895,014,587.17** | **3,432,139,101.81** | **13,884,161,304.65** | **12,937,750,144.23** | - The revenue amount corresponding to contracts signed but not yet performed or not fully performed at the end of the current reporting period is **16,711,224.77 yuan**, expected to be recognized in **2025**[374](index=374&type=chunk) Top Five Projects by Revenue Recognition in the Reporting Period | No. | Project Name | Revenue Amount (yuan) | | :--- | :--- | :--- | | 1 | Guantang Qingyu Mansion | 754,770,236.44 | | 2 | Huixueli | 728,540,666.95 | | 3 | Xinyue Hebin Mansion | 432,790,643.58 | | 4 | Wenlan Wangzhuang | 398,192,503.69 | | 5 | Huicuili | 276,505,846.73 | Income Tax Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Current Income Tax Expense | 20,471,303.93 | 99,060,593.39 | | Deferred Income Tax Expense | -16,013,712.40 | -3,655,596.63 | | **Total** | **4,457,591.53** | **95,404,996.76** | Reconciliation of Net Cash Flow from Operating Activities | Supplementary Information | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Profit | 2,160,200.22 | 421,178,892.10 | | Add: Asset Impairment Provisions | 176,099,369.48 | -988,101.87 | | Credit Impairment Losses | 1,546,504.93 | 8,140,185.81 | | Decrease in Inventory (increase indicated by "-") | 3,630,173,304.95 | 12,425,038,394.73 | | Decrease in Operating Receivables (increase indicated by "-") | 180,410,911.87 | 404,464,718.02 | | Increase in Operating Payables (decrease indicated by "-") | -3,470,830,621.67 | -12,555,377,018.10 | | **Net Cash Flow from Operating Activities** | **560,583,084.05** | **810,411,928.87** | Operating Lease Income as Lessor | Item | Lease Income (yuan) | | :--- | :--- | | Ningbo Rong'an Building | 10,365,740.80 | | Hangzhou Rong'an Building | 12,816,828.23 | | Happy Shopping Plaza | 7,392,346.09 | | Other | 2,885,848.27 | | **Total** | **33,460,763.39** | [R&D Expenses](index=102&type=section&id=R%26D%20Expenses) During the reporting period, the company's total R&D expenses were **5,875,888.16 yuan**, all expensed, primarily comprising employee compensation and material costs, representing a significant year-on-year increase of **113.28%** R&D Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 1,307,006.21 | 1,979,658.27 | | Material Costs | 4,487,763.00 | 621,221.32 | | Other | 81,118.95 | 154,086.68 | | **Total** | **5,875,888.16** | **2,754,966.27** | | Of which: Expensed R&D Expenses | 5,875,888.16 | 2,754,966.27 | [Changes in Consolidation Scope](index=103&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company did not experience business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control, but **6** subsidiaries were deregistered, resulting in changes in the consolidation scope - During the reporting period, the company did not experience business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control[424](index=424&type=chunk) - During the reporting period, **6** subsidiaries, including Ningbo Yiwang Real Estate Co., Ltd. and Ningbo Rong'an Education Investment Management Co., Ltd., were deregistered, leading to changes in the consolidation scope[424](index=424&type=chunk) [Interests in Other Entities](index=103&type=section&id=Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including several subsidiaries, with Yiwu Huayi Real Estate Co., Ltd. and Ningbo Kanghai Real Estate Co., Ltd. being important non-wholly-owned subsidiaries, and the company holds interests in multiple joint ventures, for which key financial information is provided, along with the basis for the company's control over certain joint ventures Important Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Net Profit Attributable to Minority Shareholders in Current Period (yuan) | Minority Interests Balance at Period-end (yuan) | | :--- | :--- | :--- | :--- | | Yiwu Huayi Real Estate Co., Ltd. (Consolidated) | 49.00% | -21,172,611.77 | 413,725,519.45 | | Ningbo Kanghai Real Estate Co., Ltd. | 49.00% | -5,095,849.11 | 46,451,698.21 | - The company in Cangnan Rong'an Real Estate Co., Ltd., Longgang City Lianghui Real Estate Co., Ltd., and Jiaxing Yikun Real Estate Co., Ltd. joint ventures, through cooperation agreements and articles of association, holds more than half of the voting rights, thus including them in the consolidated financial statements[430](index=430&type=chunk)[431](index=431&type=chunk)[432](index=432&type=chunk) Key Financial Information of Important Joint Ventures (Period-end Balance/Current Period Amount) | Item | Hangzhou Zhenda Investment Co., Ltd. | Chongqing Rongquan Industrial Co., Ltd. | Ningbo Kangrui Enterprise Management Consulting Co., Ltd. | | :--- | :--- | :--- | :--- | | Total Assets (yuan) | 304,952,338.86 | 144,146,753.28 | 211,357,657.58 | | Total Liabilities (yuan) | 201,120,999.93 | 22,561,951.90 | 91,413,615.07 | | Owners' Equity Attributable to Parent Company (yuan) | 103,831,338.93 | 81,803,016.45 | 119,944,042.51 | | Net Profit (yuan) | 960,404.49 | 2,385.94 | -13,848,220.06 | Summary Financial Information of Unimportant Joint Ventures and Associates | Item | Period-end Balance/Current Period Amount (yuan) | | :--- | :--- | | Total Book Value of Joint Venture Investments | 258,252,068.31 | | Net Profit of Joint Ventures | -3,519,590.37 | | Total Comprehensive Income of Joint Ventures | -3,519,590.37 | [Government Grants](index=112&type=section&id=Government%20Grants) During the reporting period, government grants recognized in current profit or loss amounted to **5,026,704.43 yuan**, primarily consisting of income-related government grants Government Grants Recognized in Current Profit or Loss | Accounting Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related government grants | 5,026,704.43 | 5,960,417.45 | [Risks Related to Financial Instruments](index=113&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces market risk (primarily interest rate risk), credit risk, and liquidity risk, with a **50 basis point** increase in interest rates leading to a **2.8353 million yuan** reduction in pre-tax profit, while credit risk is managed by depositing funds with highly reputable financial institutions and monitoring accounts receivable and implementing credit policies, and liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring bank borrowings, with most financial liabilities maturing within **1 year** at period-end - The company faces market risk (interest rate risk), credit risk, and liquidity risk[446](index=446&type=chunk) - A **50 basis point** increase in interest rates would lead to an increase in interest expenses and a reduction in the company's pre-tax profit by **2.8353 million yuan**[447](index=447&type=chunk) - The company's credi

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Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the report's authenticity and accuracy, and a cash dividend plan has been approved - The Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of this semi-annual report, ensuring it is free from false records, misleading statements, or material omissions, and they assume individual and joint legal liability[4](index=4&type=chunk) - Company head He Qiqiang, chief accounting officer Huang Rongtai, and head of the accounting department Huang Yonglian declare that the financial statements in this semi-annual report are authentic, accurate, and complete[4](index=4&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Metric | Value | | :--- | :--- | | Distribution Base (Shares) | 742,025,996 | | Cash Dividend per 10 Shares (CNY, incl tax) | 1.5 | | Bonus Shares per 10 Shares (incl tax) | 0 | | Capitalization of Capital Reserves | No | [Directory of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the reference documents for the semi-annual report, available at the company's securities department and the Shenzhen Stock Exchange - Reference documents include financial statements signed and sealed by the legal representative, chief accounting officer, and head of the accounting department[8](index=8&type=chunk) - Originals of all company documents and announcements publicly disclosed in designated media during the reporting period are also available for inspection[9](index=9&type=chunk) - The documents for inspection are kept at the company's securities department and the Shenzhen Stock Exchange[12](index=12&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for key terms used in the report, including company names, regulations, and industry-specific terminology - "Evergreen Group," "the Company," or "this Company" refers to Guangdong Evergreen (Group) Co, Ltd[13](index=13&type=chunk) - "The current reporting period" or "the reporting period" refers to the period from January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - "MW" refers to megawatt, an electrical unit where 1 megawatt = 1,000,000 watts; "kWh" refers to kilowatt-hour, a unit for measuring electricity consumption, often called a "unit"[14](index=14&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Guangdong Evergreen (Group) Co, Ltd, stock code 002616, is listed on the Shenzhen Stock Exchange with He Qiqiang as the legal representative - **Stock Name**: Evergreen Group, **Stock Code**: 002616[16](index=16&type=chunk) - **Stock Exchange**: Shenzhen Stock Exchange[16](index=16&type=chunk) - **Legal Representative**: He Qiqiang[16](index=16&type=chunk) [Contacts and Contact Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is He Jun and the Securities Affairs Representative is Su Huiyi, both located in Zhongshan City, Guangdong Province - **Board Secretary**: He Jun, **Securities Affairs Representative**: Su Huiyi[17](index=17&type=chunk) - **Contact Address**: No 42, South Xiaolan Industrial Avenue, Zhongshan City, Guangdong Province[17](index=17&type=chunk) [Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes occurred in the company's registration, office address, website, or information disclosure locations during the reporting period - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period, with details available in the 2024 annual report[18](index=18&type=chunk) - The stock exchange website and media for disclosing the semi-annual report, as well as the location for report inspection, remained unchanged during the reporting period, with details available in the 2024 annual report[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, net profit attributable to shareholders grew significantly despite a slight revenue decrease and a negative turn in operating cash flow 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,872,747,370.47 | 1,906,005,899.00 | -1.74% | | Net Profit Attributable to Shareholders | 120,627,031.11 | 82,492,756.02 | 46.23% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 146,218,608.46 | 58,410,157.09 | 150.33% | | Net Cash Flow from Operating Activities | -167,359,609.97 | 109,461,627.05 | -252.89% | | Basic Earnings per Share (CNY/Share) | 0.1626 | 0.1112 | 46.22% | | Diluted Earnings per Share (CNY/Share) | 0.1617 | 0.1112 | 45.41% | | Weighted Average Return on Equity | 4.21% | 3.08% | 1.13% | | **End-of-Period Indicators** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Change from Prior Year-End** | | Total Assets | 10,456,704,649.47 | 10,506,489,178.26 | -0.47% | | Net Assets Attributable to Shareholders | 2,925,118,835.44 | 2,804,835,501.96 | 4.29% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) No discrepancies exist between net profit and net assets reported under Chinese accounting standards versus international or foreign accounting standards - The company reports no differences in net profit and net assets between financial reports prepared under international accounting standards and Chinese accounting standards[22](index=22&type=chunk) - The company reports no differences in net profit and net assets between financial reports prepared under foreign accounting standards and Chinese accounting standards[23](index=23&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss for the period totaled -CNY 25,591,577.35, mainly from non-current asset disposal losses and government grants 2025 Semi-Annual Non-recurring Profit and Loss Items and Amounts | Item | Amount (CNY) | Notes | | :--- | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -33,098,924.10 | Primarily net loss on disposal of assets and long-term assets | | Government Grants Recognized in Current Profit/Loss (Excluding Continuous Impact) | 1,200,302.78 | Government grants recorded in other income this period | | Other Non-operating Income and Expenses | 7,778,691.34 | - | | Other Items Meeting the Definition of Non-recurring Profit/Loss | 123,248.45 | Primarily personal income tax handling fee refunds and investment income | | Less: Income Tax Impact | 1,594,903.22 | - | | Minority Interest Impact (After Tax) | -7.40 | - | | **Total** | **-25,591,577.35** | - | Management Discussion and Analysis [Principal Business Activities During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business is in environmental protection and governance, focusing on biomass cogeneration, centralized heating, and waste-to-energy projects - The company's main business includes agricultural and forestry biomass cogeneration, centralized coal-fired heating for industrial parks, and waste-to-energy generation, primarily engaged in power and heat production and comprehensive utilization of biomass[28](index=28&type=chunk) - The company is classified under category "N77 Ecological Protection and Environmental Governance" within the "N Water Conservancy, Environment and Public Facilities Management" industry[28](index=28&type=chunk) - As of the end of 2024, national biomass power generation installed capacity reached **45.99 million kW**, a year-on-year increase of **4.2%**; national biomass power generation in 2024 reached **208.3 billion kWh**, a year-on-year increase of **5.2%**[31](index=31&type=chunk) - The national voluntary greenhouse gas emission reduction trading market (CCER) officially restarted on January 22, 2024, which is expected to create new revenue streams for the company's biomass projects[35](index=35&type=chunk) [Industry Development](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) National energy policies favor a green transition, with the carbon market and CCER restart presenting new opportunities for the biomass industry - The 2025 National Energy Work Conference emphasized the unwavering promotion of a green and low-carbon energy transition to build a new energy system based on non-fossil fuels[29](index=29&type=chunk) - The 2025 Government Work Report stressed the active and steady advancement of carbon peaking and neutrality, expanding the coverage of the national carbon emissions trading market[30](index=30&type=chunk) - In 2024, national biomass heating supply was approximately **489 million GJ**, with agricultural and forestry biomass cogeneration contributing about **137 million GJ**[33](index=33&type=chunk) [Principal Business Operations](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's main operations include biomass cogeneration, centralized coal-fired heating, and waste-to-energy, with a total biomass installed capacity of 446MW - The company's agricultural and forestry biomass cogeneration business uses crop straw and forestry waste as raw materials to produce heat and electricity, achieving resource recycling[37](index=37&type=chunk) - As of the end of the reporting period, the company's 14 agricultural and forestry biomass power projects had a total installed capacity of **446MW** and a boiler capacity of **1,920 tons/hour**[37](index=37&type=chunk) - By the end of the reporting period, **12** of the company's agricultural and forestry biomass power projects were included in the electricity price subsidy list[37](index=37&type=chunk) - The company's centralized coal-fired heating projects for industrial parks have a total installed capacity of **160MW**, all of which are operational[39](index=39&type=chunk) - The company has approved the transfer of 100% equity in its Zhongshan waste-to-energy projects and has received the first installment payment of **CNY 123.56 million**[42](index=42&type=chunk) [Operating Performance During the Reporting Period](index=13&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9) Operating revenue slightly decreased by 1.74%, while net profit attributable to shareholders grew significantly by 46.23% due to lower fuel costs 2025 Semi-Annual Operating Performance Overview | Indicator | Amount (ten thousand CNY) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 187,274.74 | -1.74% | | Operating Profit | 15,498.97 | 55.41% | | Total Profit | 16,276.83 | 25.22% | | Net Profit Attributable to Shareholders | 12,062.70 | 46.23% | | Total Assets (End of Period) | 1,045,670.47 | -0.47% | | Equity Attributable to Shareholders (End of Period) | 292,511.88 | 4.29% | | Basic Earnings per Share | 0.1626 CNY | 46.22% | - The slight decrease in operating revenue was mainly due to the downward adjustment of steam prices in industrial park heating projects, which was synchronized with the decline in coal prices[43](index=43&type=chunk) - The significant increase in net profit attributable to shareholders was primarily due to **lower fuel costs** and an increase in the number of projects qualifying for VAT refund policies for comprehensive resource utilization[43](index=43&type=chunk) [Major Work Undertaken During the Reporting Period](index=13&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E4%B8%BB%E8%A6%81%E5%BC%80%E5%B1%95%E7%9A%84%E5%B7%A5%E4%BD%9C) The company enhanced operational efficiency through technical upgrades, expanded its customer base, and advanced its digital transformation via strategic investments - Biomass cogeneration projects saw synchronous growth in operating hours, power generation, and electricity sales, with several projects expanding into new heating and steam supply services[44](index=44&type=chunk) - Fuel supply was secured and cost-effectiveness improved by exploring local resources, optimizing fuel structure, and developing straw storage suppliers[44](index=44&type=chunk) - Several projects completed SCR environmental technology upgrades for boilers, achieving compliant emissions even under ultra-low load conditions and improving unit energy efficiency[45](index=45&type=chunk][46](index=46&type=chunk) - Centralized coal-fired heating projects successfully expanded their customer base to include food production enterprises and increased biomass co-firing ratios to enhance resilience[47](index=47&type=chunk) - The waste-to-energy project significantly improved efficiency, with **power generation per ton of waste increasing by 16.24% and 8.02%** year-on-year, while plant power consumption rates decreased[48](index=48&type=chunk) - The company acquired a **49% stake** in Beijing ZKXK Big Data Co, Ltd to jointly promote the industry's digital transformation and intelligent upgrading[49](index=49&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its strategic risk control, operational efficiency, and significant scale in the biomass power generation sector - The company aligns with national low-carbon strategies, with coal-fired projects benefiting from carbon quota sales and biomass projects poised to gain from CCER trading[51](index=51&type=chunk) - Leveraging its refined management experience from manufacturing, the company implements a scientific project expansion and review system, prioritizing regions with high heat demand[52](index=52&type=chunk) - Most of the company's biomass projects are cogeneration-capable, with 12 already generating heating revenue, and plans to deepen the circular utilization of biomass resources[54](index=54&type=chunk) - The company utilizes information systems for data analysis across projects to enable timely warnings and optimizations, enhancing production efficiency and cost control[55](index=55&type=chunk][56](index=56&type=chunk) - According to a Guosen Securities research report, the company ranks **third nationally and first among private enterprises** in terms of agricultural and forestry biomass power generation installed capacity in 2024[58](index=58&type=chunk) [Main Business Analysis](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Net profit grew 46.23% due to lower fuel costs and tax benefits, despite a 1.74% revenue decline and a significant drop in operating cash flow Key Financial Data YoY Changes for H1 2025 | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,872,747,370.47 | 1,906,005,899.00 | -1.74% | - | | Operating Cost | 1,441,269,548.24 | 1,517,030,031.45 | -4.99% | - | | Finance Costs | 124,907,709.73 | 152,394,566.29 | -18.04% | - | | Net Cash Flow from Operating Activities | -167,359,609.97 | 109,461,627.05 | -252.89% | Mainly due to different timing of electricity payment collections | | Net Cash Flow from Investing Activities | 106,916,602.57 | -75,572,805.28 | 241.47% | Mainly due to increased proceeds from the sale of equity | | Net Profit Attributable to Parent Company | 120,627,031.11 | 82,492,756.02 | 46.23% | Lower fuel costs; increased VAT refunds from comprehensive resource utilization projects | Operating Revenue Composition for H1 2025 | Category | Current Period Amount (CNY) | % of Revenue | Prior Year Amount (CNY) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total** | **1,872,747,370.47** | **100%** | **1,906,005,899.00** | **100%** | **-1.74%** | | **By Industry** | | | | | | | Environmental Thermal Energy | 1,862,230,395.16 | 99.44% | 1,893,786,714.60 | 99.36% | -1.67% | | **By Product** | | | | | | | Electricity | 1,095,243,254.72 | 58.48% | 1,010,260,570.33 | 53.00% | 8.41% | | Heat | 735,401,422.86 | 39.27% | 847,282,575.62 | 44.45% | -13.20% | - The gross margin for the environmental thermal energy business was **22.83%**, an increase of **2.70 percentage points** year-on-year[65](index=65&type=chunk) - Revenue from electricity products increased by **8.41%** year-on-year, with a gross margin of **21.78%**, up by **7.00 percentage points**[65](index=65&type=chunk) - Revenue from heat products decreased by **13.20%** year-on-year, with a gross margin of **23.63%**, down by **2.05 percentage points**[65](index=65&type=chunk) [Non-Main Business Analysis](index=18&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no non-main business activities during the reporting period [Analysis of Assets and Liabilities](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets slightly decreased while net assets attributable to shareholders grew, with accounts receivable increasing due to pending subsidy payments Significant Changes in Asset Composition in H1 2025 | Item | End of Period Amount (CNY) | % of Total Assets | Prior Year-End Amount (CNY) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 482,857,281.39 | 4.62% | 544,211,078.39 | 5.18% | -0.56% | - | | Accounts Receivable | 3,540,992,470.31 | 33.86% | 3,419,136,638.78 | 32.54% | 1.32% | Mainly due to an increase in unsettled subsidy receivables for electricity fees | | Long-term Equity Investments | 4,973,911.68 | 0.05% | 0.00 | 0.00% | 0.05% | Mainly due to the new equity investment in Beijing ZKXK Big Data Co, Ltd | | Fixed Assets | 4,915,866,397.44 | 47.01% | 5,196,092,681.13 | 49.46% | -2.45% | - | | Short-term Borrowings | 579,461,094.29 | 5.54% | 717,751,563.81 | 6.83% | -1.29% | - | | Long-term Borrowings | 3,507,347,631.26 | 33.54% | 3,675,874,044.26 | 34.99% | -1.45% | - | Restricted Assets as of the End of the Reporting Period | Item | Book Balance (ten thousand CNY) | Book Value (ten thousand CNY) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,071.22 | 3,071.22 | Deposits, frozen & overseas funds | Guarantee and overseas funds | | Accounts Receivable | 276,866.64 | 259,582.05 | Pledge/Mortgage | Financing | | Fixed Assets | 178,043.04 | 129,774.91 | Pledge/Mortgage | Financing | | Intangible Assets | 34,187.32 | 29,134.08 | Pledge/Mortgage | Financing | | Long-term Equity Investments | 6,000.00 | 6,000.00 | Pledge/Mortgage | Financing | | **Total** | **498,168.22** | **427,562.26** | - | - | [Investment Analysis](index=19&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's investment amount for the period was CNY 5,025,587.00, a significant increase year-on-year, with no major equity or securities investments Investment Amount in H1 2025 | Indicator | Amount (CNY) | YoY Change | | :--- | :--- | :--- | | Investment in Reporting Period | 5,025,587.00 | 50,155.87% | | Investment in Prior Year Period | 10,000.00 | - | - The company had no securities investments or derivative investments during the reporting period[71](index=71&type=chunk)[72](index=72&type=chunk) - The company had no use of raised funds during the reporting period[73](index=73&type=chunk) [Major Asset and Equity Sales](index=20&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company sold its 100% stake in Yutai Evergreen Environmental Energy Co, Ltd for CNY 293 million, with no material adverse impact on operations Major Asset Sale in H1 2025 | Counterparty | Asset Sold | Sale Date | Transaction Price (ten thousand CNY) | Net Profit Contribution of Asset to Sale Date (ten thousand CNY) | Ratio of Asset Sale Profit to Total Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Yutai County Huaxing New Energy Co, Ltd | 100% equity in Yutai Evergreen Environmental Energy Co, Ltd | 2025-04-30 | 29,300 | 921.41 | -25.62% | - Upon completion of this transaction, the company no longer holds equity in the target company, which will be removed from the consolidated financial statements[74](index=74&type=chunk) - The asset sale price was determined through negotiation between the parties, referencing the appraised value of the target equity as of the valuation date (November 30, 2024)[74](index=74&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major subsidiaries in centralized heating, waste-to-energy, and biomass cogeneration contributed significantly to its net profit Major Holding and Participating Companies in H1 2025 | Company Name | Company Type | Main Business | Registered Capital (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Evergreen (Group) Mancheng Thermal Power Co, Ltd | Subsidiary | Industrial park centralized coal-fired heating | 65,000,000.00 | 61,462,325.98 | | Zhongshan Evergreen Environmental Thermal Energy Co, Ltd | Subsidiary | Waste-to-energy generation | 29,000,000.00 | 25,260,947.09 | | Juancheng Evergreen Biomass Energy Co, Ltd | Subsidiary | Biomass cogeneration | 26,000,000.00 | 22,329,570.49 | | Yanjin Evergreen Biomass Energy Co, Ltd | Subsidiary | Biomass cogeneration | 115,000,000.00 | 22,137,332.37 | | Xinye Evergreen Biomass Energy Co, Ltd | Subsidiary | Biomass cogeneration | 30,000,000.00 | 21,372,247.36 | - During the reporting period, Yutai Evergreen Environmental Energy Co, Ltd was removed from the consolidation scope due to its sale, with no significant impact on overall operations and performance[79](index=79&type=chunk) [Structured Entities Controlled by the Company](index=21&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period [Risks and Countermeasures](index=22&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from fuel price volatility, subsidy expirations, and delayed payments, which it mitigates through optimized procurement and business model adjustments - **Risk of biomass fuel supply and price fluctuations**: The company mitigates this by planning fuel procurement, managing seasonal purchasing rhythms, and increasing the proportion of local yellow straw fuel[80](index=80&type=chunk) - **Risk of subsidy expiration for early biomass projects**: The company is transitioning these projects to a cogeneration model focused on heat supply and increasing non-subsidized income to ensure continued operation[80](index=80&type=chunk) - **Risk of delayed subsidy payments for biomass projects**: The national renewable energy development fund faces a payment gap, posing a risk of delayed or incomplete subsidy payments[81](index=81&type=chunk) - **Risk of fuel price fluctuations for centralized coal-fired heating projects**: The company has incorporated price adjustment mechanisms into its steam supply agreements to hedge against the impact of volatile coal prices[81](index=81&type=chunk) - **Risk of rising average labor costs**: The company is actively implementing technical transformations and gradually adopting information technology and automation in production to address this risk[81](index=81&type=chunk) [Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system or disclosed a valuation enhancement plan during the reporting period [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed a "Dual Improvement in Quality and Returns" action plan during the reporting period Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred among the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period; for details, please refer to the 2024 annual report[84](index=84&type=chunk) [Profit Distribution and Capitalization of Capital Reserves for the Reporting Period](index=23&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company has approved a semi-annual profit distribution plan to pay a cash dividend of CNY 1.5 per 10 shares, totaling CNY 111,303,899.40 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Bonus Shares per 10 Shares | 0 | | Cash Dividend per 10 Shares (CNY, incl tax) | 1.5 | | Share Capital Base for Distribution (Shares) | 742,025,996 | | Total Cash Dividend (CNY, incl tax) | 111,303,899.40 | | Distributable Profit (CNY) | 1,002,857,637.33 | | Ratio of Cash Dividend to Total Profit Distribution | 100% | - This profit distribution plan is subject to approval at the company's general shareholders' meeting[85](index=85&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures 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[86](index=86&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its 20 major subsidiaries are subject to mandatory environmental information disclosure, with all facilities operating at 100% capacity - The company and its **20 major subsidiaries** are included in the list of enterprises required to disclose environmental information by law[87](index=87&type=chunk) Mid-2025 Flue Gas Treatment Facility Operation Rate | Project | Desulfurization Facility (%) | Dust Removal Facility (%) | Denitrification Facility (%) | | :--- | :--- | :--- | :--- | | Evergreen Environmental (Central Group I, II) | 100 | 100 | 100 | | Evergreen Thermal (Central Group III Expansion) | 100 | 100 | 100 | | Mancheng Thermal Power | 100 | 100 | 100 | | Maoming Thermal Power | 100 | 100 | 100 | | Lixian Thermal Power | 100 | 100 | 100 | | Yishui Environmental | 100 | 100 | 100 | | Mingshui Environmental | / | 100 | 100 | | Yutai Environmental | 100 | 100 | 100 | | Ning'an Environmental | 100 | 100 | 100 | | Juancheng Biomass | 100 | 100 | 100 | | Yongcheng Biomass | 100 | 100 | 100 | | Tieling Environmental | 100 | 100 | 100 | | Funing Biomass | 100 | 100 | 100 | | Tancheng Biomass | 100 | 100 | 100 | | Xinye Biomass | 100 | 100 | 100 | | Yanjin Biomass | 100 | 100 | 100 | | Suining Biomass | 100 | 100 | 100 | | Songyuan Biomass | 100 | 100 | 100 | | Binxian Biomass | 100 | 100 | 100 | | Huaxian Biomass | 100 | 100 | 100 | - The Binxian biomass project's nitrogen oxide emissions slightly exceeded half of the annual permissible limit, and the company plans technical upgrades to reduce emissions and ensure annual compliance[91](index=91&type=chunk) [Social Responsibility](index=27&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company integrates social responsibility into its operations by developing clean energy projects and supporting local economic and environmental development - The company replaces fossil fuels with renewable energy through its biomass and energy-saving projects, enhancing rural electricity supply and clean energy use[93](index=93&type=chunk) - The company's biomass projects create numerous indirect employment opportunities through fuel procurement, absorbing local labor and aiding impoverished households[94](index=94&type=chunk) - Biomass cogeneration projects drive local industries such as fuel collection and transportation, providing additional income for farmers and assisting with agricultural equipment subsidies[95](index=95&type=chunk) - Projects address environmental issues like straw burning and water pollution by standardizing biomass fuel acquisition, with some projects collaborating with forestry departments to manage diseased wood[96](index=96&type=chunk) - Several projects successfully completed winter heating supply for local residents with zero complaints during the heating season[96](index=96&type=chunk) Important Matters [Commitments by the Company and Related Parties](index=28&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%B3%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) No commitments were fulfilled or overdue by the company's controlling shareholders, related parties, or the company itself during the reporting period - The company reports no fulfilled or overdue commitments by its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period[99](index=99&type=chunk) [Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=28&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reports no non-operating fund occupation by its controlling shareholders and other related parties[100](index=100&type=chunk) [Irregular External Guarantees](index=28&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[101](index=101&type=chunk) [Appointment and Dismissal of Accounting Firm](index=28&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[102](index=102&type=chunk) [Explanation by the Board of Directors and Supervisory Committee on the "Non-standard Audit Report" for the Current Period](index=28&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no "non-standard audit report" for the current period [Explanation by the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=28&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no "non-standard audit report" in the previous year [Bankruptcy and Reorganization Matters](index=28&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not undergo any bankruptcy or reorganization during the reporting period - The company did not undergo any bankruptcy or reorganization during the reporting period[103](index=103&type=chunk) [Litigation Matters](index=28&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration, but several minor cases involving contract disputes are ongoing or were initiated during the period - The company had no major litigation or arbitration matters during the reporting period[104](index=104&type=chunk) Other Litigation Matters in H1 2025 | Litigation (Arbitration) Details | Amount Involved (ten thousand CNY) | Provision for Liability | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of other non-material litigation (1 case, mainly contract dispute) disclosed in the 2024 Annual Report and continuing into this period | 348.86 | No | Court has ruled (in favor of plaintiff Maoming Thermal Power) | - | | Summary of other non-material litigation (2 cases, mainly contract disputes, creditor objections) initiated during this period | 1,547.6 | No | - | - | [Penalties and Rectifications](index=29&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company was not subject to any penalties or rectifications during the reporting period - The company reports no penalties or rectifications during the reporting period[106](index=106&type=chunk) [Integrity of the Company, its Controlling Shareholders, and Actual Controllers](index=29&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) No issues concerning the integrity of the company, its controlling shareholders, or actual controllers were reported during the period [Major Related-Party Transactions](index=29&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no major related-party transactions related to daily operations, asset acquisitions, or debt during the reporting period - The company had no related-party transactions related to daily operations during the reporting period[107](index=107&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[108](index=108&type=chunk) - The company had no related-party credit or debt transactions during the reporting period[110](index=110&type=chunk) [Major Contracts and Their Performance](index=30&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has multiple ongoing major contracts and provides significant guarantees for its subsidiaries, with total guarantees reaching 148.60% of net assets - The company had no custody, contracting, or leasing arrangements during the reporting period[114](index=114&type=chunk][115](index=115&type=chunk][116](index=116&type=chunk) Company Guarantees for Subsidiaries in H1 2025 (Partial) | Guaranteed Party | Guarantee Limit (ten thousand CNY) | Actual Guarantee Amount (ten thousand CNY) | Guarantee Type | Guarantee Period | | :--- | :--- | :--- | :--- | :--- | | Zhongshan Evergreen Environmental Thermal Energy Co, Ltd | 34,000 | 18,700 | Joint and several liability | 2018-10-10 to 2030-10-9 | | Yongcheng Evergreen Biomass Energy Co, Ltd | 27,000 | 15,034 | Joint and several liability | 2019-10-29 to 2033-10-28 | | Maoming Evergreen Thermal Power Co, Ltd | 40,000 | 36,000 | Joint and several liability | 2024-1-1 to 2033-12-31 | | Guangdong Evergreen (Group) Mancheng Thermal Power Co, Ltd | 40,000 | 21,246.81 | Joint and several liability | 2025-1-1 to 2025-12-31 | - The total approved guarantee limit for subsidiaries at the end of the period was **CNY 5.7655 billion**, with an actual outstanding balance of **CNY 2.7648 billion**[120](index=120&type=chunk) - The company's total guarantee amount represents **148.60%** of its net assets[121](index=121&type=chunk) - The company disclosed several major contracts, including biomass power and cogeneration projects, most of which are currently being executed[124](index=124&type=chunk)[125](index=125&type=chunk][127](index=127&type=chunk][128](index=128&type=chunk][130](index=130&type=chunk) [Other Major Matters](index=40&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company disclosed several significant events, including convertible bond conversions, a strategic cooperation agreement, and changes to registered capital - On January 3, 2025, the company announced the results of convertible bond conversions for Q4 2024 and the resulting share capital change[131](index=131&type=chunk) - On February 28, 2025, the company announced the signing of a strategic cooperation framework agreement with ZKXK (Beijing) Technology Co, Ltd[131](index=131&type=chunk) - On April 22, 2025, the company announced an increase in its registered capital and amendments to the Articles of Association[131](index=131&type=chunk) [Major Matters Concerning Subsidiaries](index=40&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company completed the equity transfer of Yutai Environmental and is advancing the sale of two other subsidiaries, having received initial payments - The company signed an agreement to transfer 100% equity of Yutai Environmental and has received a partial payment of **CNY 173 million**; the equity transfer is complete, and Yutai Environmental is no longer consolidated[132](index=132&type=chunk][133](index=133&type=chunk) - The company signed an agreement to transfer 100% equity of Evergreen Environmental and Evergreen Thermal, having received the first installment payment of **CNY 123.56 million**[133](index=133&type=chunk) - The transfer of Evergreen Environmental and Evergreen Thermal has been approved by the shareholders' meeting, and the transaction is currently being implemented[133](index=133&type=chunk) Share Capital Changes and Shareholder Information [Changes in Share Capital](index=42&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital increased by 57,731 shares during the period due to the conversion of "Changji Convertible Bonds" Share Capital Changes in H1 2025 | Share Type | Pre-Change Quantity (Shares) | Pre-Change Ratio | Change (+/- Shares) | Post-Change Quantity (Shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 271,736,100 | 36.62% | 0 | 271,736,100 | 36.62% | | II. Unrestricted Shares | 470,230,280 | 63.38% | 57,731 | 470,288,011 | 63.38% | | **III. Total Shares** | **741,966,380** | **100.00%** | **57,731** | **742,024,111** | **100.00%** | - The change in share capital was due to the conversion of **CNY 306,000.00** of "Changji Convertible Bonds" into **57,731** company shares during the reporting period[136](index=136&type=chunk) [Securities Issuance and Listing](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period [Number of Shareholders and Shareholdings](index=43&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the period, the company had 24,793 common shareholders, with top shareholders He Qiqiang and Mai Zhenghui acting in concert - The total number of common shareholders at the end of the reporting period was **24,793**[139](index=139&type=chunk) Top 10 Shareholders or Shareholders with over 5% Holding in H1 2025 | Shareholder Name | Holding Ratio | Shares Held at Period-End | Shareholder Type | Restricted Shares Held | Unrestricted Shares Held | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | He Qiqiang | 25.77% | 191,213,800 | Domestic Individual | 143,410,350 | 47,803,450 | N/A | | Mai Zhenghui | 23.06% | 171,101,000 | Domestic Individual | 128,325,750 | 42,775,250 | N/A | | Zhongshan Evergreen New Industry Co, Ltd | 11.97% | 88,800,000 | Domestic Non-State-Owned Corp | 0 | 88,800,000 | N/A | | Huang Wangping | 1.63% | 12,083,000 | Domestic Individual | 0 | 12,083,000 | Frozen: 12,083,000 shares | | Xie Feichi | 0.22% | 1,601,900 | Domestic Individual | 0 | 1,601,900 | Marked: 725,100 shares | - He Qiqiang and Mai Zhenghui are parties acting in concert; He Qiqiang and Guo Miaobo are husband and wife; New Industry Co is controlled by He Qiqiang and Mai Zhenghui; Huang Wangping is the mother of He Qiqiang's daughter's spouse[139](index=139&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period; for details, please refer to the 2024 annual report[141](index=141&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=44&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[142](index=142&type=chunk) - The company's actual controller did not change during the reporting period[142](index=142&type=chunk) [Information on Preferred Shares](index=45&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[143](index=143&type=chunk) Bond-related Information [Corporate Bonds](index=46&type=section&id=%E4%B8%80%E3%80%81%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8) The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[145](index=145&type=chunk) [Company Bonds](index=46&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company had no company bonds during the reporting period - The company had no company bonds during the reporting period[146](index=146&type=chunk) [Non-financial Enterprise Debt Financing Instruments](index=46&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period[147](index=147&type=chunk) [Convertible Corporate Bonds](index=46&type=section&id=%E5%9B%9B%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company's "Changji Convertible Bonds" (code 128105) had a balance of CNY 605 million at period-end, with a stable credit rating of AA- - On April 9, 2020, the company publicly issued **8 million** convertible corporate bonds with a total value of **CNY 800 million**, named "Changji Convertible Bond" (code "128105")[148](index=148&type=chunk) - The "Changji Convertible Bond" has been convertible into company shares since October 15, 2020, with an initial conversion price of **CNY 8.31 per share**[148](index=148&type=chunk) Convertible Bondholder Information for H1 2025 | Convertible Bond Name | Number of Bondholders at Period-End | Guarantor for the Company's Bonds | | :--- | :--- | :--- | | Changji Convertible Bond | 4,816 | None | Convertible Bond Changes in H1 2025 | Convertible Bond Name | Pre-Change Amount (CNY) | Change (Conversion) (CNY) | Post-Change Amount (CNY) | | :--- | :--- | :--- | :--- | | Changji Convertible Bond | 605,294,500.00 | 306,000.00 | 604,988,500.00 | Cumulative Conversion Status in H1 2025 | Convertible Bond Name | Total Issuance Amount (CNY) | Cumulative Converted Amount (CNY) | Cumulative Converted Shares | Unconverted Amount (CNY) | Unconverted Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | Changji Convertible Bond | 800,000,000.00 | 942,100.00 | 140,967 | 604,988,500.00 | 75.62% | - The conversion price of the "Changji Convertible Bond" has been adjusted multiple times, with the latest price being **CNY 5.30 per share** as of the end of this reporting period[154](index=154&type=chunk][155](index=155&type=chunk) - China Chengxin International Credit Rating Co, Ltd maintained the company's issuer credit rating at **AA-** with a stable outlook and the "Changji Convertible Bond" credit rating at **AA-** for the 2025 annual tracking[156](index=156&type=chunk) [Losses within the Consolidated Scope Exceeding 10% of Net Assets at the End of the Previous Year](index=48&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%90%88%E5%B9%B6%E6%8A%A5%E8%A1%A8%E8%8C%83%E5%9B%B4%E4%BA%8F%E6%8D%9F%E8%B6%85%E8%BF%87%E4%B8%8A%E5%B9%B4%E6%9C%AB%E5%87%80%E8%B5%84%E4%BA%A710%25) This situation did not occur during the reporting period [Key Accounting Data and Financial Indicators for the Past Two Years](index=48&type=section&id=%E5%85%AD%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%E4%B8%A4%E5%B9%B4%E7%9A%84%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Liquidity ratios improved and the asset-liability ratio decreased, while net profit excluding non-recurring items grew significantly by 150.33% Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Period (ten thousand CNY) | End of Prior Year (ten thousand CNY) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Current Ratio | 1.41 | 1.33 | 6.02% | | Asset-Liability Ratio | 71.96% | 73.23% | -1.27% | | Quick Ratio | 1.33 | 1.24 | 7.26% | | **Item** | **Current Period (ten thousand CNY)** | **Prior Year Period (ten thousand CNY)** | **YoY Change** | | Net Profit Excluding Non-recurring Items | 14,621.86 | 5,841.02 | 150.33% | | EBITDA to Total Debt Ratio | 6.69% | 6.60% | 0.09% | | Interest Coverage Ratio | 2.30 | 1.85 | 24.32% | | Cash Interest Coverage Ratio | -1.15 | 1.25 | -192.00% | | EBITDA Interest Coverage Ratio | 4.04 | 3.28 | 23.17% | | Loan Repayment Ratio | 100.00% | 100.00% | 0.00% | | Interest Payment Ratio | 100.00% | 100.00% | 0.00% | Financial Report [Audit Report](index=49&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[159](index=159&type=chunk) [Financial Statements](index=49&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the first half of 2025, detailing the company's financial position and performance - The consolidated balance sheet shows total assets of **CNY 10,456,704,649.47**, total liabilities of **CNY 7,524,525,739.20**, and total equity of **CNY 2,932,178,910.27** at the end of the period[163](index=163&type=chunk) - The consolidated income statement shows total operating revenue of **CNY 1,872,747,370.47**, net profit of **CNY 121,881,864.35**, and net profit attributable to parent company shareholders of **CNY 120,627,031.11**[170](index=170&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-CNY 167,359,609.97**, from investing activities of **CNY 106,916,602.57**, and from financing activities of **CNY 489,304.23**[174](index=174&type=chunk) [Company Basic Information](index=65&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Guangdong Evergreen (Group) Co, Ltd is an A-share listed company primarily engaged in waste treatment, biomass cogeneration, and industrial heating - The company has a total share capital of **742,024,111** shares with a par value of CNY 1 per share[193](index=193&type=chunk) - The company's main business activities include waste treatment and incineration for power generation, biomass cogeneration, centralized industrial heating, and waste heat power generation[194](index=194&type=chunk) - The financial report was approved for issuance by the Board of Directors on August 28, 2025[195](index=195&type=chunk) [Basis of Preparation of Financial Statements](index=65&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis in accordance with the Enterprise Accounting Standards of China - These financial statements are prepared on a going concern basis, with recognition and measurement in accordance with the "Enterprise Accounting Standards - Basic Standard" and other specific accounting standards[197](index=197&type=chunk) - The company has assessed its going concern ability for the 12 months from the end of the reporting period and found it to be sound, with no significant doubts[198](index=198&type=chunk) [Significant Accounting Policies and Estimates](index=65&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies, including revenue recognition, financial instruments, fixed assets, and government grants - The financial statements comply with the requirements of the Enterprise Accounting Standards, providing a true and complete view of the company's financial position, operating results, and cash flows[200](index=200&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[234](index=234&type=chunk) - The company applies an expected credit loss model for impairment accounting on items such as notes receivable, accounts receivable, and other receivables[244](index=244&type=chunk) - The company's revenue recognition principle involves identifying performance obligations in contracts and determining whether they are satisfied over time or at a point in time[314](index=314&type=chunk) - The company uses the straight-line method for depreciation of fixed assets, with depreciation periods of **10-54 years** for buildings and **5-20 years** for machinery and equipment[293](index=293&type=chunk) [Taxes](index=91&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes and benefits from preferential policies, including VAT refunds and corporate income tax reductions for its environmental projects Main Taxes and Tax Rates for H1 2025 | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Payable VAT and consumption tax | 7%, 5%, 1% | | Corporate Income Tax | Taxable income | 25%, 16.5%, 20% | | Education Surcharge | Payable VAT and consumption tax | 3% | | Local Education Surcharge | Payable VAT and consumption tax | 2% | - Subsidiaries Evergreen Environmental Energy (Zhongshan) and Zhongshan Evergreen Environmental Thermal Energy enjoy a **100% VAT refund** on electricity generated from municipal solid waste[352](index=352&type=chunk) - The subsidiary Zhongshan Evergreen Environmental Thermal Energy's sewage treatment project benefits from a "three-year exemption, three-year half-rate" corporate income tax holiday[354](index=354&type=chunk) - Several biomass energy subsidiaries are eligible for a preferential policy where only **90%** of their income is included in the taxable income base for corporate income tax[355](index=355&type=chunk) [Notes to Consolidated Financial Statement Items](index=93&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, and equity components - The year-end balance of cash and cash equivalents was **CNY 482,857,281.39**, which includes restricted funds such as security deposits and regulated foreign exchange[357](index=357&type=chunk) - The year-end book value of accounts receivable was **CNY 3,540,992,470.31**, mainly due to an increase in unsettled subsidy receivables for electricity fees[366](index=366&type=chunk) - The year-end book value of fixed assets was **CNY 4,915,866,397.44**, and construction in progress was **CNY 149,794,338.94**[408](index=408&type=chunk][413](index=413&type=chunk) - The year-end balance of short-term borrowings was **CNY 579,461,094.29**, primarily consisting of credit loans[436](index=436&type=chunk) - The year-end balance of bonds payable (convertible corporate bonds) was **CNY 624,337,848.44**[464](index=464&type=chunk) - The year-end balance of retained earnings was **CNY 1,002,857,637.33**[488](index=488&type=chunk) [Changes in the Scope of Consolidation](index=122&type=section&id=%E5%85%AB%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The scope of consolidation decreased by one subsidiary due to the sale of Yutai Evergreen Environmental Energy Co, Ltd - During this period, one subsidiary, Yutai Evergreen Environmental Energy Co, Ltd, was sold[531](index=531&type=chunk) [Interests in Other Entities](index=122&type=section&id=%E4%B9%9D%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company's corporate group consists of 31 subsidiaries engaged in businesses such as waste-to-energy, biomass cogeneration, and industrial heating - A total of **31** companies were included in the scope of consolidation for this reporting period[196](index=196&type=chunk) - Major subsidiaries include Chuangert Thermal Technology (Zhongshan) Co, Ltd and Evergreen Environmental Energy (Zhongshan) Co, Ltd, with business activities spanning leasing services, waste-to-energy, and biomass cogeneration[532](index=532&type=chunk][533](index=533&type=chunk][534](index=534&type=chunk) [Government Grants](index=124&type=section&id=%E5%8D%81%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized government grants totaling CNY 95,338,595.77 in the current period, primarily from VAT refunds for comprehensive resource utilization Government Grants Recognized in Current Profit and Loss for H1 2025 | Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | VAT refund for comprehensive resource utilization | 94,138,292.99 | 65,457,526.70 | | Fiscal support funds | 915,440.31 | 1,126,223.12 | | Fiscal rewards, etc | 284,862.47 | 641,911.03 | | **Total** | **95,338,595.77** | **67,225,660.85** | [Risks Related to Financial Instruments](index=124&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through debtor monitoring, maintaining sufficient cash reserves, and managing interest rate and currency exposures - The company's main financial instruments are exposed to credit risk, liquidity risk, and market risk[537](index=537&type=chunk) - Credit risk is controlled by assessing debtor creditworthiness, setting credit limits, and continuously monitoring receivable balances[538](index=538&type=chunk][539](index=539&type=chunk) - Liquidity risk is managed by maintaining adequate cash, monitoring bank loan usage, and securing backup credit facilities[540](index=540&type=chunk) - As of June 30, 2025, a **10%** appreciation/depreciation of the RMB against foreign currencies would increase/decrease the company's net profit by approximately **CNY 0.228 million**[543](index=543&type=chunk) - As of June 30, 2025, a **50 basis point** increase or decrease in interest rates on floating-rate financial liabilities (approx **CNY 4.872 billion**) would decrease or increase pre-tax profit by approximately **CNY 24.36 million**[545](index=545&type=chunk) [Fair Value Disclosure](index=126&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's only asset continuously measured at fair value is bank acceptance bills, with a period-end fair value of CNY 3,006,823.34 Year-end Fair Value of Assets and Liabilities Measured at Fair Value in H1 2025 | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | (II) Receivables Financing | 3,006,823.34 | 3,006,823.34 | | **Total Assets Continuously Measured at Fair Value** | **3,006,823.34** | **3,006,823.34** | - The company's Level 3 fair value items are bank acceptance bills, whose fair value is determined by their face value due to their short remaining maturity[548](index=548&type=chunk) [Related Parties and Related-Party Transactions](index=126&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's controlling shareholders are parties acting in concert with a 62.42% stake, and related-party transactions include services provided and guarantees - The company's controlling shareholders are parties acting in concert, including He Qiqiang and Mai Zhenghui, holding a combined **62.42%** stake[549](index=549&type=chunk) - The company's other related party is Zhongshan Chuangert Smart Home Technology Co, Ltd, which shares the same ultimate controlling shareholder[551](index=551&type=chunk) Related-Party Transactions for Goods and Services in H1 2025 | Related Party | Transaction Content | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | :--- | | Zhongshan Chuangert Smart Home Technology Co, Ltd | Provision of services | 9,553,280.58 | 10,816,698.96 | - The company provided guarantees for multiple subsidiaries, with amounts ranging from **CNY 1,372,100.00** to **CNY 360,000,000.00**, all under joint and several liability[555](index=555&type=chunk][556](index=556&type=chunk) - Key management personnel compensation for the current period amounted to **CNY 2,453,680.00**[558](index=558&type=chunk) Related-Party Payables in H1 2025 | Item Name | Related Party | Year-End Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | :--- | | Other Payables | Zhongshan Chuangert Smart Home Technology Co, Ltd | 1,592,213.43 | 1,802,783.16 | [Commitments and Contingencies](index=129&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the balance sheet date, the company had no significant contingencies to disclose - As of the balance sheet date, the company has no contingencies that require disclosure[562](index=562&type=chunk) [Post-Balance Sheet Events](index=129&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) The company approved the sale of two subsidiaries for CNY 494.24 million and has received the first installment payment of CNY 123.56 million - The company has approved the transfer of 100% equity in Evergreen Environmental Energy (Zhongshan) and Zhongshan Evergreen Environmental Thermal Energy for a transaction price of **CNY 494.2425 million**[564](index=564&type=chunk) - As of the disclosure date of this report, the company has received the first installment payment of **CNY 123.5607 million** from the counterparty[564](index=564&type=chunk) - This transaction does not involve related parties and does not constitute a major asset restructuring under the relevant regulations[564](index=564&type=chunk) [Notes to Major Items in the Parent Company's Financial Statements](index=129&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) The parent company's other receivables are primarily intercompany balances, and its long-term equity investments consist mainly of investments in subsidiaries - The parent company's other receivables at year-end totaled **CNY 3,740,848,384.66**, with intercompany balances accounting for **93.17%**[566](index=566&type=chunk][567](index=567&type=chunk][569](index=569&type=chunk) - The parent company's long-term equity investments had a book value of **CNY 3,431,752,617.99** at year-end, primarily consisting of investments in subsidiaries[578](index=578&type=chunk) - During the reporting period, the parent company reduced its investment in Yutai Evergreen Environmental Energy Co, Ltd by **CNY 270,000,000.00**[579](index=579&type=chunk) - The parent company's investment income for the period was **CNY 325,480,553.15**, mainly from cost-method long-term equity investments and gains on disposal of such investments[584](index=584&type=chunk) Supplementary Information [Detailed Schedule of Current Non-recurring Profit and Loss](index=136&type=section&id=1%E3%80%81%E5%BD%93%E6%9C%9F%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E6%98%8E%E7%BB%86%E8%A1%A8) Non-recurring profit and loss for the period totaled -CNY 25,591,577.35, mainly from non-current asset disposal losses and government grants Details of Non-recurring Profit and Loss for H1 2025 | Item | Amount (CNY) | Notes | | :--- | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -33,098,924.10 | Primarily net loss on dispo

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[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, a comprehensive report directory, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the report's accuracy, while the financial leadership confirms the financial statements' integrity, noting the report is unaudited with no dividend distribution planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - Yao Changlin, the company's legal representative, Wu Lipeng, the person in charge of accounting work, and Xue Xiaoming, the head of the accounting department, declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company's 2025 semi-annual financial accounting report is unaudited[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2025[3](index=3&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly lists eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports, along with a list of reference documents - The report comprises eight main chapters, from important notices to financial reports[5](index=5&type=chunk) - Reference documents include financial statements signed and sealed by the company's负责人, the person in charge of accounting work, and the head of the accounting department, as well as originals of all publicly disclosed company documents and announcements during the reporting period[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including regulatory bodies, company names, currency units, and the reporting period, to ensure accurate understanding of information - Regulatory bodies such as SASAC, CSRC, Shenzhen Securities Regulatory Bureau, and SZSE are defined[9](index=9&type=chunk) - "Company," "the Company," and "Grandjoy Holdings" refer to Grandjoy Holdings Group Co., Ltd[9](index=9&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[9](index=9&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, stock details, and key financial performance indicators for the reporting period, highlighting revenue, net profit, and cash flow trends [Company Profile](index=6&type=section&id=Company%20Profile) Grandjoy Holdings Group Co., Ltd., stock code 000031, is listed on the Shenzhen Stock Exchange with Yao Changlin as its legal representative, maintaining consistent contact and disclosure information - Stock Abbreviation: **Grandjoy**, Stock Code: **000031**[11](index=11&type=chunk) - Stock Exchange for Listing: **Shenzhen Stock Exchange**[11](index=11&type=chunk) - The company's legal representative: **Yao Changlin**[11](index=11&type=chunk) - Board Secretary: **Deng Xiaotian**, Contact Number: **86-010-85619759**[12](index=12&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's operating revenue decreased by 5.29% year-on-year, but net profit attributable to shareholders turned profitable with a 129.87% increase, and net operating cash flow grew by 38.15% 2025 H1 Key Accounting Data and Financial Indicators | Indicator | Current Period (yuan) | Prior Period (yuan) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 15.23 billion yuan | 16.08 billion yuan | -5.29% | | Net Profit Attributable to Shareholders | 108.60 million yuan | -363.65 million yuan | 129.87% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses | 92.63 million yuan | -419.87 million yuan | 122.06% | | Net Cash Flow from Operating Activities | 2.69 billion yuan | 1.95 billion yuan | 38.15% | | Basic Earnings Per Share (yuan/share) | 0.03 yuan | -0.08 yuan | 137.50% | | Weighted Average Return on Net Assets | 1.02% | -2.68% | an increase of 3.7 percentage points | | Total Assets (Period-End) | 169.39 billion yuan | 178.57 billion yuan | -5.14% | | Net Assets Attributable to Shareholders (Period-End) | 10.78 billion yuan | 10.60 billion yuan | 1.75% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards 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 Chinese Accounting Standards[17](index=17&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 Chinese Accounting Standards[18](index=18&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled 15.97 million yuan in H1 2025, primarily from non-current asset disposals, government grants, fair value changes, and other non-operating income/expenses, with some fund occupation fees classified as recurring 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 2.70 million yuan | | Government grants included in current profit and loss | 6.30 million yuan | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 0.67 million yuan | | Entrusted management fee income | 0.24 million yuan | | Other non-operating income and expenses apart from the above | 26.29 million yuan | | Less: Income tax impact | 8.62 million yuan | | Minority shareholder equity impact (after tax) | 11.60 million yuan | | **Total** | **15.97 million yuan** | - The company classifies interest on funds borrowed by subsidiaries from their minority shareholders or by the company from investee companies (**115.93 million yuan**) as recurring gains and losses, as it is directly related to normal production and operations and occurs continuously[23](index=23&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the company's business performance, industry trends, core competencies, and financial status in H1 2025, outlining strategic responses to market challenges and future plans - **2025 H1** domestic GDP increased by **5.3%** year-on-year[25](index=25&type=chunk) - Real estate market policies continue to optimize, aiming for stabilization and increased supply of high-quality housing[25](index=25&type=chunk) - In the first half of the year, national new commercial housing sales area decreased by **3.5%** year-on-year, and sales value decreased by **5.5%** year-on-year[26](index=26&type=chunk) - The company achieved operating revenue of **15.23 billion yuan** in the first half of the year, a year-on-year decrease of **5.29%**; net profit attributable to parent company owners was **108.60 million yuan**, a year-on-year increase of **472 million yuan**[38](index=38&type=chunk) - The comprehensive gross profit margin in the first half of the year was **36.35%**, an increase of **13.76 percentage points** compared to the same period last year[38](index=38&type=chunk) - The average cost of new borrowings for the company in the first half of 2025 was **2.85%**; the comprehensive financing cost for the first half of the year was **3.64%**, a decrease of **42 basis points** compared to the end of last year[39](index=39&type=chunk) [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) In H1 2025, the company navigated a complex global environment with stable domestic economic growth, optimizing real estate policies, expanding its commercial footprint, upgrading development products, and reducing financing costs [Industry Analysis](index=9&type=section&id=Industry%20Analysis) In H1 2025, China's economy grew steadily, with real estate sales declines narrowing due to policy support, while commercial property benefited from consumption stimulus, anticipating continued recovery in H2 - In the first half of 2025, domestic GDP reached approximately **RMB 66.05 trillion yuan**, an increase of **5.3%** year-on-year at constant prices[25](index=25&type=chunk) - Real estate market policy tone shifted from "continuously promoting the stabilization and recovery of the real estate market" to "more vigorously promoting the stabilization and recovery of the real estate market," emphasizing policy efforts to "stimulate demand," "reduce inventory," and "prevent risks"[25](index=25&type=chunk) - In the first half of 2025, national new commercial housing sales area was approximately **459 million square meters**, a year-on-year decrease of **3.5%**; new commercial housing sales value was approximately **4.42 trillion yuan**, a year-on-year decrease of **5.5%**[26](index=26&type=chunk) - From January to June 2025, total retail sales of consumer goods increased by **5.0%** year-on-year, and the average rent of shops in major business districts in key cities decreased by **0.12%** month-on-month, with the decline narrowing by **0.19 percentage points** compared to the second half of 2024[32](index=32&type=chunk) [Company Operations Review](index=11&type=section&id=Company%20Operations%20Review) The company demonstrated enhanced operational resilience and improved development quality in H1, marked by successful commercial openings, upgraded product systems, optimized capital management, and reduced financing costs - In commercial operations, the company expanded its footprint, successfully completing the high-quality opening of **Nanchang Grandjoy City**; sales and foot traffic both increased by over **10%** year-on-year[37](index=37&type=chunk) - The development business initially completed a "good house" product system with the value proposition of "proactive health and scenario-based living," achieving a comprehensive upgrade of its residential product management system[37](index=37&type=chunk) - During the reporting period, the company achieved operating revenue of **15.23 billion yuan**, a year-on-year decrease of **5.29%**; net profit attributable to shareholders was **108.60 million yuan**, a year-on-year increase of **472 million yuan**[38](index=38&type=chunk) - During the reporting period, net cash flow from operating activities was **2.69 billion yuan**, an increase of **38.15%** year-on-year[38](index=38&type=chunk) - At the end of the reporting period, the company's land reserves had a salable value of approximately **110.50 billion yuan**, primarily distributed in core metropolitan areas such as Beijing-Tianjin-Hebei, Yangtze River Delta, Middle Yangtze River, Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu-Chongqing[38](index=38&type=chunk) - By the end of the reporting period, **12** "white list" projects and **9** operational property loan projects were successfully approved, ensuring the company's cash flow safety[39](index=39&type=chunk) - In the first half of 2025, the company's average cost of new borrowings was **2.85%**; the comprehensive financing cost for the first half of the year was **3.64%**, a decrease of **42 basis points** compared to the end of last year[39](index=39&type=chunk) [Operating Performance of Business Segments](index=11&type=section&id=Operating%20Performance%20of%20Business%20Segments) The company's development business achieved 8.64 billion yuan in contracted sales, while its operating segments (malls, offices, industrial parks, hotels, and long-term rentals) showed strong performance with significant growth in mall sales and foot traffic - Sales-type business achieved total contracted sales of **8.64 billion yuan** in the first half of 2025, with a contracted area of **479,000 square meters**[40](index=40&type=chunk) - A "good house" product system with the value proposition of "proactive health and scenario-based living" was established, integrating and iterating with the Yue series and No. 1 series products[41](index=41&type=chunk) - Company shopping centers achieved sales of approximately **22.00 billion yuan**, a year-on-year increase of **12.2%**; foot traffic reached **200 million** visits, a year-on-year increase of **19.6%**; average occupancy rate was **92%**[43](index=43&type=chunk) - Nanchang Grandjoy City's opening day foot traffic exceeded **240,000** visits, with sales of nearly **16.30 million yuan**; Shenzhen Grandjoy City's opening day foot traffic exceeded **420,000** visits, with sales of nearly **20.00 million yuan**[44](index=44&type=chunk) - The company's office buildings had an overall average occupancy rate of **90.6%**, with the benchmark office project COFCO Plaza awarded "**2025 Top 10 Chinese Office Building Brands**"[48](index=48&type=chunk) - Shenzhen's operational industrial park projects had an overall average occupancy rate of **98.3%**, and COFCO (Fu'an) Robot Technology Park was awarded "**Bay Area Robot Industrial Cluster Demonstration Park**"[49](index=49&type=chunk)[50](index=50&type=chunk) - The hotel segment achieved an occupancy rate of **84%**, and **11** operational long-term apartment projects reached an occupancy rate of **90%**[51](index=51&type=chunk)[52](index=52&type=chunk) - Property management services managed **158** projects, with a contracted management area of approximately **31.37 million square meters**, an increase of **4.1%** from the end of last year, and was awarded "**No. 27 on the 2025 China Property Service Top 100 Enterprises List**"[53](index=53&type=chunk) [Land Reserves and Project Development and Sales](index=15&type=section&id=Land%20Reserves%20and%20Project%20Development%20and%20Sales) The company reported no new land acquisitions in the period, with existing land reserves exceeding 32 million square meters across key regions, and ongoing projects progressing well towards completion, sales, and settlement - No new land reserves were added during the reporting period[54](index=54&type=chunk) Cumulative Land Reserves (by Region) | Region Name | Total Land Area (sqm) | Total GFA (sqm) | Remaining Developable GFA (sqm) | | :--- | :--- | :--- | :--- | | Northern Region | 4,603,194.43 sqm | 11,002,384.69 sqm | 2,645,041.22 sqm | | Eastern China Region | 3,907,672.37 sqm | 7,791,367.87 sqm | 932,541.43 sqm | | Southern China Region | 2,233,155.88 sqm | 4,932,667.89 sqm | 455,282.55 sqm | | Southwestern Region | 4,155,226.82 sqm | 8,695,368.86 sqm | 3,010,517.45 sqm | | Hong Kong Region | 1,200.00 sqm | 20,000.00 sqm | 0 sqm | | **Total** | **14,900,449.50 sqm** | **32,441,789.31 sqm** | **7,043,382.65 sqm** | - The report details land area, planned GFA, cumulative completed area, estimated total investment, and cumulative total investment for residential, commercial, office, and hotel projects in multiple cities including Beijing, Tianjin, Shenyang, Xi'an, Shanghai, Nanjing, and Shenzhen[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - The report details each project's salable area, cumulative sales area, current period sales area, current period sales value, cumulative settlement area, current period settlement area, and current period settlement value[75](index=75&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - The report shows the occupancy rates of shopping centers, office buildings, industrial parks, long-term apartments, and hotels in various cities[86](index=86&type=chunk)[87](index=87&type=chunk) [Financing Channels](index=46&type=section&id=Financing%20Channels) The company utilizes diverse financing channels including bank loans, medium-term notes, corporate bonds, trust financing, and bond insurance, with a total financing balance of 62.60 billion yuan and a comprehensive financing cost of 3.64% at period-end Period-End Financing Channels and Maturity Structure | Financing Channel | Period-End Financing Balance (billion yuan) | Maturity Structure (billion yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | | | Within 1 Year | 1-2 Years | 2-3 Years | Over 3 Years | | Bank Loans | 42.50 billion yuan | 4.97 billion yuan | 3.83 billion yuan | 7.65 billion yuan | 26.06 billion yuan | | Medium-Term Notes | 5.00 billion yuan | 0.00 yuan | 3.50 billion yuan | 1.50 billion yuan | 0.00 yuan | | Corporate Bonds | 10.80 billion yuan | 8.00 billion yuan | 1.60 billion yuan | 0.50 billion yuan | 0.70 billion yuan | | Trust Financing | 0.50 billion yuan | 0.50 billion yuan | 0.00 yuan | 0.00 yuan | 0.00 yuan | | Bond Insurance | 3.80 billion yuan | 3.80 billion yuan | 0.00 yuan | 0.00 yuan | 0.00 yuan | | **Total** | **62.60 billion yuan** | **17.27 billion yuan** | **8.93 billion yuan** | **9.65 billion yuan** | **26.76 billion yuan** | - The comprehensive financing cost was **3.64%**[92](index=92&type=chunk) [Development Strategy and H2 Operating Plan](index=46&type=section&id=Development%20Strategy%20and%20H2%20Operating%20Plan) For H2, the company will pursue its 'Excellent Urban Operations and Better Living Service Provider' strategy, focusing on product and regional development, enhancing commercial leadership, improving development quality, and driving sales and cash collection - In the second half of 2025, the company will adhere to the strategic direction of "Excellent Urban Operations and Better Living Service Provider," uphold the "1123" strategic system, enhance its leading position in commercial operations, solidify high-quality development business, and promote product and regional focus[93](index=93&type=chunk) - In terms of investment, the company adheres to strategy-led investment, focusing on investment opportunities in first-tier and core second-tier cities; in terms of operations, it prioritizes improving the turnover efficiency of existing projects, ensuring new launches and openings proceed as planned within the year[93](index=93&type=chunk) - In terms of sales, the company will intensify efforts to reduce inventory and implement multiple measures to boost sales collection; in terms of commercial operations, it will continuously enhance operational management capabilities and promote the expansion of Grandjoy Commercial REIT[93](index=93&type=chunk) [Guarantees Provided to Commercial Housing Purchasers for Bank Mortgage Loans](index=46&type=section&id=Guarantees%20Provided%20to%20Commercial%20Housing%20Purchasers%20for%20Bank%20Mortgage%20Loans) The company provides phased joint liability guarantees for commercial housing purchasers' mortgage loans until formal mortgage procedures are completed, with 8.24 billion yuan outstanding as of June 30, 2025, and a low probability of actual guarantee fulfillment - The company provides phased joint liability guarantees for borrowers (purchasers) regarding mortgage loan debts, with the guarantee period from the date of signing the loan contract until the borrower (purchaser) completes the formal mortgage procedures with the commercial bank as the mortgagee and delivers the other rights certificate to the commercial bank[95](index=95&type=chunk) - As of June 30, 2025, the outstanding guarantee amount was **RMB 8.24 billion yuan**[95](index=95&type=chunk) - Based on the actual operating conditions of the company's real estate business, no situations arose at the end of the reporting period where the company directly fulfilled corresponding guarantee responsibilities due to borrowers (purchasers) failing to repay commercial bank loans, resulting in actual losses for the company[95](index=95&type=chunk) [Core Competitiveness Analysis](index=47&type=section&id=Core%20Competitiveness%20Analysis) The company's core strengths lie in its leading commercial operations, efficient execution, strong brand reputation, diversified land acquisition, multi-format synergy, and integrated innovation capabilities, all supporting high-quality development - Grandjoy Property, a subsidiary of the company, is a leading commercial real estate developer in China, possessing strong operational capabilities and brand influence, achieving precise tenant attraction and rational customer guidance through big data systems and long-term operational experience[98](index=98&type=chunk) - The company closely follows real estate industry development trends, vigorously promotes the construction of a large operational system, and improves project operational efficiency to achieve stable company development[99](index=99&type=chunk) - Relying on the strong brand image of COFCO Group and the well-known commercial brand "Grandjoy City," the company has formed strong market appeal, focusing on residential improvement demands and building a "COFCO Good House" product system[100](index=100&type=chunk) - The company acquires high-quality land through a dual approach of public and non-public markets, as well as independent and cooperative land acquisition; it fully leverages internal and external resources to acquire existing land through urban renewal and other means[101](index=101&type=chunk) - The company's business scope covers diverse formats including residential, commercial, industrial, office, hotel, and long-term apartments, enabling it to meet diversified market demands and possess strong risk resistance capabilities[102](index=102&type=chunk) - The company integrates its own advantages with national policy guidance and industry development trends, actively consolidating high-quality resources to form innovative urban integrated operational capabilities[103](index=103&type=chunk) [Main Business Analysis](index=47&type=section&id=Main%20Business%20Analysis) The company's main business aligns with prior disclosures; H1 2025 saw a 5.29% revenue decrease, but a larger cost reduction led to significantly improved gross margins, alongside increased R&D investment and operating cash flow, despite a substantial drop in financing cash flow 2025 H1 Major Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Period (yuan) | Y-o-Y Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 15.23 billion yuan | 16.08 billion yuan | -5.29% | - | | Operating Cost | 9.70 billion yuan | 12.45 billion yuan | -22.12% | - | | R&D Investment | 3.04 million yuan | 0.17 million yuan | 1686.61% | Primarily due to current period's "good house" series R&D work in response to national and market demand | | Net Cash Flow from Operating Activities | 2.69 billion yuan | 1.95 billion yuan | 38.15% | Primarily due to a year-on-year decrease in expenditures for engineering construction, income tax, and land value-added tax in the current period | | Net Cash Flow from Investing Activities | -246.53 million yuan | -1.18 billion yuan | 79.08% | Primarily due to a year-on-year decrease in expenditures for held-for-investment construction and cash paid for investments in the current period | | Net Cash Flow from Financing Activities | -5.54 billion yuan | -1.62 billion yuan | -241.47% | Primarily due to a year-on-year decrease in net bank borrowings in the current period | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[107](index=107&type=chunk) - Income from commercial housing sales and primary land development accounted for **75.64%**, a year-on-year decrease of **7.40%**, with a gross profit margin of **31.14%**, an increase of **17.48 percentage points**[110](index=110&type=chunk)[113](index=113&type=chunk) - Income from investment properties and related services accounted for **16.80%**, a year-on-year decrease of **1.73%**, with a gross profit margin of **59.39%**, a decrease of **2.52 percentage points**[110](index=110&type=chunk)[113](index=113&type=chunk) - Management output income increased by **51.06%** year-on-year, and property and other income increased by **14.97%** year-on-year[110](index=110&type=chunk) - Operating revenue in the Southern China region increased by **138.14%** year-on-year, the Northern region increased by **61.97%** year-on-year, and the Eastern China region decreased by **83.50%** year-on-year[110](index=110&type=chunk) [Non-Main Business Analysis](index=50&type=section&id=Non-Main%20Business%20Analysis) Non-main business activities in the reporting period primarily included negative investment income and asset impairment losses, mainly from inventory write-downs, alongside other non-operating income and expenses 2025 H1 Non-Main Business Profit Composition | Item | Amount | Share of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -430.48 million yuan | -29.77% | Primarily long-term equity investment income accounted for using the equity method | Yes | | Asset Impairment | -339.65 million yuan | -23.49% | Primarily inventory impairment losses | No | | Non-Operating Income | 30.08 million yuan | 2.08% | Primarily penalty income | No | | Non-Operating Expenses | 6.58 million yuan | 0.46% | Primarily compensation payments and other non-recurring expenses | No | [Asset and Liability Status Analysis](index=50&type=section&id=Asset%20and%20Liability%20Status%20Analysis) At period-end, total assets and current assets decreased, while investment properties and long-term equity investments increased their proportion; liabilities saw a reduction in short-term borrowings and contract liabilities, but an increase in non-current liabilities due within one year, with over 41.02 billion yuan in restricted assets 2025 H1 Significant Changes in Asset Composition | Item | End of Current Period (yuan) | Share of Total Assets | End of Prior Year (yuan) | Share of Total Assets | Weight Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 24.04 billion yuan | 14.19% | 27.09 billion yuan | 15.17% | a decrease of 0.98 percentage points | - | | Inventories | 66.00 billion yuan | 38.97% | 76.78 billion yuan | 43.00% | a decrease of 4.03 percentage points | - | | Investment Properties | 36.23 billion yuan | 21.39% | 30.85 billion yuan | 17.28% | an increase of 4.11 percentage points | - | | Long-Term Equity Investments | 14.00 billion yuan | 8.26% | 14.07 billion yuan | 7.88% | an increase of 0.38 percentage points | - | | Short-Term Borrowings | 641.47 million yuan | 0.38% | 2.39 billion yuan | 1.34% | a decrease of 0.96 percentage points | Primarily due to timely repayment of short-term bank borrowings in the current period | | Contract Liabilities | 20.58 billion yuan | 12.15% | 25.00 billion yuan | 14.00% | a decrease of 1.85 percentage points | - | | Non-Current Assets Due Within One Year | 694.21 million yuan | 0.41% | 61.88 million yuan | 0.03% | an increase of 0.38 percentage points | Primarily interest on funds borrowed by subsidiaries from their minority shareholders or by the company from investee companies, reclassified from other non-current assets to non-current assets due within one year according to contract terms | | Other Non-Current Financial Assets | 29.45 million yuan | 0.02% | 59.25 million yuan | 0.03% | a decrease of 0.01 percentage points | Primarily due to the recovery of trust guarantee deposits in the current period | | Prepayments | 345.93 million yuan | 0.20% | 247.27 million yuan | 0.14% | an increase of 0.06 percentage points | Primarily prepayments for engineering and land | | Derivative Financial Assets | 0.32 million yuan | 0.0002% | 3.98 million yuan | 0.0022% | a decrease of 0.002 percentage points | Primarily due to the expiration of forward contracts leading to a reduction in related assets | - The company had no major overseas assets during the reporting period[119](index=119&type=chunk) - The company's financial assets and liabilities measured at fair value totaled **29.76 million yuan** and **1.01 million yuan** respectively at period-end[120](index=120&type=chunk) - As of the end of the reporting period, the company's total restricted assets amounted to **41.02 billion yuan**, primarily including pledged or mortgaged monetary funds, accounts receivable, inventories, investment properties, fixed assets, intangible assets, and long-term equity investments[123](index=123&type=chunk) [Investment Status Analysis](index=53&type=section&id=Investment%20Status%20Analysis) The company's investment increased by 68.18% year-on-year, mainly due to capital injections into wholly-owned subsidiaries; it holds no securities investments but uses currency forward contracts for hedging, and all raised funds have been fully utilized as planned - The investment amount for the reporting period was **2.09 billion yuan**, compared to **1.24 billion yuan** in the same period last year, an increase of **68.18%** year-on-year[124](index=124&type=chunk) - The company injected **1.50 billion yuan** of capital into its wholly-owned subsidiary Shenzhen Jinfengcheng Real Estate Development Co., Ltd., maintaining a **100%** shareholding ratio[126](index=126&type=chunk) - The company had no securities investments during the reporting period[127](index=127&type=chunk) Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Initial Investment Amount (million yuan) | Period-End Investment Amount (million yuan) | Share of Company's Net Assets at Period-End | | :--- | :--- | :--- | :--- | | Currency Forward | 214.76 million yuan | 143.17 million yuan | 1.33% | - Derivative investments primarily consist of currency forward contracts, used to mitigate risks arising from exchange rate fluctuations, with highly effective hedging results[130](index=130&type=chunk) - Funds raised from multiple corporate bonds issued from 2020 to 2025 and non-publicly issued corporate bonds have all been utilized as per the prospectus[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) [Significant Asset and Equity Disposals](index=58&type=section&id=Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not engage in any significant asset or equity disposals - The company did not sell significant assets during the reporting period[138](index=138&type=chunk) - The company did not engage in related party transactions involving asset or equity acquisitions or disposals during the reporting period[168](index=168&type=chunk) [Analysis of Major Holding and Participating Companies](index=58&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Xi'an International Land Port Wenxing Real Estate Co., Ltd. and Xiamen Yueji Commercial Management Co., Ltd. significantly impacted net profit (over 10%) due to concentrated delivery and settlement, while the company's consolidated scope decreased by two subsidiaries Major Subsidiaries with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xi'an International Land Port Wenxing Real Estate Co., Ltd. | Subsidiary | Real estate development and sales | 400.00 million yuan | 3.72 billion yuan | 1.14 billion yuan | 2.54 billion yuan | 947.67 million yuan | 788.86 million yuan | | Xiamen Yueji Commercial Management Co., Ltd. | Subsidiary | Real estate development and sales | 1.40 billion yuan | 2.52 billion yuan | 1.83 billion yuan | 4.36 billion yuan | 441.33 million yuan | 331.42 million yuan | - During the reporting period, the company added **0** subsidiaries due to non-same-control enterprise mergers, and the consolidated scope net decreased by **2** subsidiaries due to other reasons[141](index=141&type=chunk) [Structured Entities Controlled by the Company](index=58&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[142](index=142&type=chunk) [Company Risks and Countermeasures](index=58&type=section&id=Company%20Risks%20and%20Countermeasures) The company faces environmental, market, and operational risks from global complexities, real estate market uncertainties, and evolving industry models, which it addresses by strengthening management, adapting strategies, and enhancing comprehensive capabilities - Environmental Risk: In 2025, the international situation is severe and complex, with increasing instability and uncertainty, and the foundation for economic recovery and improvement still needs consolidation. The company will continue to monitor domestic and international macroeconomic situations, strengthen operational management capabilities, and respond to uncertainties with certainty[143](index=143&type=chunk) - Market Risk: Real estate policies continue to be loose, but the extent of market recovery is still influenced by multiple factors such as economic conditions, policy intensity, policy implementation effectiveness, and market expectations, with short-term market pressure remaining. The company will continue to monitor policy and industry changes, adjust marketing strategies promptly, and invest precisely[144](index=144&type=chunk) - Business Risk: China's urbanization is transitioning from a period of rapid growth to stable development, and the real estate development model is also changing, with the industry shifting from quantitative expansion to qualitative improvement. The company will continue to focus on enhancing comprehensive capabilities such as product capability, service capability, operational capability, and development capability[145](index=145&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=59&type=section&id=Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company neither formulated a market value management system nor disclosed a valuation enhancement plan - Has the company formulated a market value management system: No[146](index=146&type=chunk) - Has the company disclosed a valuation enhancement plan: No[146](index=146&type=chunk) [Implementation of 'Quality and Return Dual Improvement' Action Plan](index=59&type=section&id=Implementation%20of%20%27Quality%20and%20Return%20Dual%20Improvement%27%20Action%20Plan) During the reporting period, the company did not disclose any announcement regarding the 'Quality and Return Dual Improvement' action plan - Has the company disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan: No[146](index=146&type=chunk) [Corporate Governance, Environment, and Society](index=60&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance, including personnel shifts, profit distribution plans, and environmental and social responsibility initiatives, reflecting its commitment to sustainable development [Changes in Directors, Supervisors, and Senior Management](index=60&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Deng Xiaotian was appointed Board Secretary, Yu Juchuan and Guo Fengrui resigned as Assistant General Managers due to work changes, and Sun Zhuli departed as a director for work-related reasons - Deng Xiaotian was appointed as Board Secretary[148](index=148&type=chunk) - Yu Juchuan resigned from the position of Assistant General Manager, and Guo Fengrui resigned from the positions of Assistant General Manager and Board Secretary, both due to work changes[148](index=148&type=chunk) - Sun Zhuli resigned from the position of director due to work requirements[148](index=148&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=60&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[149](index=149&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=60&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[150](index=150&type=chunk) [Environmental Information Disclosure](index=60&type=section&id=Environmental%20Information%20Disclosure) The company and its key subsidiary, Sanya Yalong Bay Development Co., Ltd., are listed as legally required environmental information disclosers, with their environmental data publicly available on the national pollution permit management platform - The listed company and its major subsidiary, Sanya Yalong Bay Development Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[151](index=151&type=chunk) - The environmental information disclosure report can be found on the National Pollution Discharge Permit Management Information Platform[151](index=151&type=chunk) [Social Responsibility](index=60&type=section&id=Social%20Responsibility) The company actively fulfills its state-owned enterprise social responsibilities through consumer assistance, cultural tourism integration, sustainable development reporting, green shopping center initiatives, and leveraging brand influence to boost market vitality - Implementing the "four no-removals" requirement, the company multi-dimensionally supports consumer assistance and cultural tourism integration, jointly promoting the revitalization and development of designated assistance areas[152](index=152&type=chunk) - Fulfilling its social responsibilities as a listed company to a high standard, the company compiled and released the "Grandjoy Holdings 2024 Sustainable Development Report," promoting both corporate development and social value enhancement[153](index=153&type=chunk) - Continuously promoting the green and low-carbon transformation of Grandjoy City shopping center construction and development, implementing the "Green Grandjoy City" concept, and contributing to the construction of a beautiful China[153](index=153&type=chunk) - Contributing to the expansion and quality improvement of consumption, leveraging brand influence and the "Grandjoy Ecosystem" energy to unleash consumer market vitality, with the "Grandjoy True Orange Season" event in April attracting over **26.18 million** participants[154](index=154&type=chunk) - Actively responding to policy requirements, implementing the "Chinese Products Global Tour" event, and further unleashing the vitality and potential of the consumer market through measures such as venue rent reductions and assistance with online platform对接[154](index=154&type=chunk) [Significant Matters](index=62&type=section&id=Significant%20Matters) This section covers significant events including commitment fulfillment, related party transactions, litigation, and other material developments, providing transparency on the company's operational and legal landscape [Fulfillment of Commitments](index=62&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, no outstanding or overdue commitments from the company, its actual controller, shareholders, related parties, or acquirers were identified - The company's reporting period shows no commitments from the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or were overdue and unfulfilled as of the end of the reporting period[157](index=157&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=62&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company - The company's reporting period shows no non-operating funds occupied by controlling shareholders or other related parties of the listed company[158](index=158&type=chunk) [Irregular External Guarantees](index=62&type=section&id=Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[159](index=159&type=chunk) [Appointment and Dismissal of Accounting Firms](index=62&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report is unaudited[160](index=160&type=chunk) [Board of Directors' and Supervisory Board's Explanation on 'Non-Standard Audit Report'](index=62&type=section&id=Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20%27Non-Standard%20Audit%20Report%27) During the reporting period, the company did not receive any 'non-standard audit reports' from its accounting firm - The company's reporting period shows no instances of the accounting firm issuing a "non-standard audit report"[161](index=161&type=chunk) [Bankruptcy and Reorganization Matters](index=62&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company was not involved in any bankruptcy or reorganization matters - The company had no bankruptcy or reorganization matters during the reporting period[161](index=161&type=chunk) [Litigation Matters](index=62&type=section&id=Litigation%20Matters) The company is involved in several lawsuits, including a successful second-instance appeal for a loan recovery case, a successful first-instance claim for guarantee fulfillment against a joint venture, and a fulfilled guarantee obligation for a subsidiary's loan - Shenzhen Jinfengcheng Real Estate Development Co., Ltd. filed a lawsuit against Shenzhen Huijin No. 1 Investment Partnership (Limited Partnership), with an involved amount of **1.16 billion yuan**, which concluded with a successful second-instance appeal and is currently in the enforcement stage[163](index=163&type=chunk) - The company's joint venture, Foshan Xinjiyuan Real Estate Co., Ltd., failed to repay a China Agricultural Bank loan as agreed, and the company bore joint and several guarantee liability in proportion to its **50%** equity, paying **460 million yuan** of loan principal and corresponding interest to Agricultural Bank. The company filed a lawsuit against Foshan Xinjiyuan for recovery, winning in the first instance, and it is currently in the enforcement stage[163](index=163&type=chunk) - The company's controlling subsidiary, Wuhan Yucan Real Estate Development Co., Ltd., borrowed from China Agricultural Bank, with the company providing joint and several guarantee liability in proportion to its **50%** shareholding. The company has fulfilled its corresponding guarantee obligations, and Agricultural Bank has withdrawn its lawsuit against the company[163](index=163&type=chunk)[164](index=164&type=chunk) - The Langfang Intermediate People's Court of Hebei Province issued a first-instance judgment in the case of Agricultural Bank v. Wuhan Yucan and China Fortune Land Development for a financial loan contract dispute, ordering Wuhan Yucan to repay the plaintiff Agricultural Bank the outstanding principal of **131.78 million yuan** and corresponding interest, penalties, and compound interest, with China Fortune Land Development bearing joint and several liability for the aforementioned debt[164](index=164&type=chunk) [Penalties and Rectification](index=64&type=section&id=Penalties%20and%20Rectification) During the reporting period, the company had no significant penalties or rectification matters - The company had no significant penalties or rectification matters during the reporting period[165](index=165&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=64&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled court judgments or large overdue debts - The company's reporting period shows no unfulfilled court judgments or large overdue debts for the company, its controlling shareholder, or actual controller[166](index=166&type=chunk) [Significant Related Party Transactions](index=64&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in routine related party transactions including goods sales/purchases, service provision/acceptance, leases, and financial company dealings, with significant service transactions totaling tens of millions of yuan - The company and its subsidiaries leased related party properties for office space or shops, with transaction amounts totaling **11.90 million yuan** for the current period[167](index=167&type=chunk) - The company and its subsidiaries leased out some properties to related parties, with transaction amounts totaling **55.40 million yuan** for the current period[167](index=167&type=chunk) - The company and its subsidiaries accepted property management, catering, employee insurance, hotel management, and other services from related parties, with transaction amounts totaling **24.09 million yuan** for the current period[167](index=167&type=chunk) - The company and its subsidiaries provided property management,代建, and other services to related parties, with transaction amounts totaling **26.95 million yuan** for the current period[167](index=167&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[168](index=168&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[169](index=169&type=chunk) - The company had no non-operating related party creditor-debtor relationships during the reporting period[170](index=170&type=chunk) Dealings with COFCO Finance Co., Ltd. (Deposit Business) | Related Party | Related Party Relationship | Daily Max Deposit Limit (million yuan) | Deposit Interest Rate Range | Beginning Balance (million yuan) | Total Deposits This Period (million yuan) | Total Withdrawals This Period (million yuan) | Ending Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Finance Co., Ltd. | Under common control of COFCO Group | 6.50 billion yuan | 1.15% | 2.92 billion yuan | 36.04 billion yuan | 37.86 billion yuan | 1.10 billion yuan | - The company had no loan business with COFCO Finance Co., Ltd[171](index=171&type=chunk) - The company was entrusted with the operation and management of COFCO Group (Shenzhen) Co., Ltd., and received a management fee of **0.25 million yuan** during the reporting period[172](index=172&type=chunk) [Significant Contracts and Their Performance](index=67&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company has a management entrustment agreement for COFCO Group (Shenzhen) Co., Ltd., with no significant contracting or leasing activities; its total external guarantees represent 238.90% of net assets, including 17.55 billion yuan for entities with over 70% asset-liability ratios - The company, as the entrusted party, signed an entrusted operation and management contract with COFCO Group (Shenzhen) Co., Ltd[175](index=175&type=chunk) - The company had no entrusted management projects that generated profit or loss exceeding **10%** of the company's total profit for the reporting period[176](index=176&type=chunk) - The company had no contracting situations during the reporting period[177](index=177&type=chunk) - The company had no significant leasing situations during the reporting period[178](index=178&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees to Subsidiaries) | Guaranteed Entity Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Wujiang Ruize Real Estate Co., Ltd. | 300.00 million yuan | 240.00 million yuan | Joint and several liability guarantee | 8 years | Yes | No | | Shenzhen Zhongyi Changchang Investment Co., Ltd. | 600.00 million yuan | 600.00 million yuan | Joint and several liability guarantee | 7 years | No | No | | Beijing Henghe Yuexing Real Estate Co., Ltd. | 2.19 billion yuan | 1.72 billion yuan | Joint and several liability guarantee, equity pledge | 23 years | No | No | | Shaoxing Yuanhao Real Estate Co., Ltd. | 425.00 million yuan | 399.94 million yuan | Joint and several liability guarantee, equity pledge | 6 years | No | No | | Wuhan Diyue Town Real Estate Development Co., Ltd. | 147.00 million yuan | 95.55 million yuan | Joint and several liability guarantee | 2.5 years | No | No | | Foshan Ganying Real Estate Co., Ltd. | 150.00 million yuan | 142.25 million yuan | Joint and several liability guarantee, equity pledge | 4.5 years | No | No | | Suzhou Wujiang Ruize Real Estate Co., Ltd. | 240.00 million yuan | 135.00 million yuan | Joint and several liability guarantee | 5 years | No | No | - The total approved external guarantee limit at the end of the reporting period was **8.86 billion yuan**, and the total actual external guarantee balance at the end of the reporting period was **3.56 billion yuan**[180](index=180&type=chunk) - The total actual guarantee amount accounted for **238.90%** of the company's net assets[182](index=182&type=chunk) - The debt guarantee balance provided directly or indirectly for guaranteed entities with an asset-liability ratio exceeding **70%** was **17.55 billion yuan**[182](index=182&type=chunk) - The amount of guarantees exceeding **50%** of net assets was **20.37 billion yuan**[182](index=182&type=chunk) - The company bore guarantee responsibility for its controlling subsidiary Wuhan Yucan Real Estate Development Co., Ltd[182](index=182&type=chunk) - The company had no entrusted wealth management or entrusted loans during the reporting period[185](index=185&type=chunk)[186](index=186&type=chunk) - The company had no other significant contracts during the reporting period[187](index=187&type=chunk) [Explanation of Other Significant Matters](index=71&type=section&id=Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[188](index=188&type=chunk) [Significant Matters of Company Subsidiaries](index=71&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) Post-reporting period, Grandjoy Property, a subsidiary, plans to delist from the Hong Kong Stock Exchange via a scheme of arrangement to repurchase shares from all shareholders except the company and Demao Co., Ltd., pending regulatory approvals - After the reporting period, Grandjoy Property Co., Ltd., a controlling subsidiary of the company, plans to repurchase **4,729,765,214** shares held by all other shareholders of Grandjoy Property, excluding the company and Demao Co., Ltd. (a wholly-owned subsidiary of COFCO Group Co., Ltd., the company's controlling shareholder), through a scheme of arrangement[189](index=189&type=chunk) - Grandjoy Property intends to apply for the withdrawal of its listing status from the Hong Kong Stock Exchange[189](index=189&type=chunk) - This arrangement is subject to the satisfaction or waiver of several conditions before it can become effective, including approval by the Grandjoy Property EGM, the Court Meeting, the Bermuda Supreme Court's approval of the scheme of arrangement and registration of the relevant court order, and all necessary approvals from the Stock Exchange and other relevant regulatory authorities in other jurisdictions, thus posing risks of uncertainty in approval[189](index=189&type=chunk) [Share Changes and Shareholder Information](index=72&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, shareholder composition, and any changes in shareholdings of key personnel, confirming no changes in total shares or controlling shareholder during the period [Share Change Status](index=72&type=section&id=Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged, with the structure of restricted and unrestricted shares also stable 2025 H1 Share Change Status | Share Class | Quantity Before Change (shares) | Percentage Before Change | Change in Quantity (shares) | Quantity After Change (shares) | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 283,426,170 shares | 6.61% | 0 shares | 283,426,170 shares | 6.61% | | Of which: Shares held by domestic legal persons | 283,417,532 shares | 6.61% | 0 shares | 283,417,532 shares | 6.61% | | Shares held by domestic natural persons | 8,638 shares | 0.00% | 0 shares | 8,638 shares | 0.00% | | II. Unrestricted Shares | 4,002,887,169 shares | 93.39% | 0 shares | 4,002,887,169 shares | 93.39% | | Of which: RMB ordinary shares | 4,002,887,169 shares | 93.39% | 0 shares | 4,002,887,169 shares | 93.39% | | **III. Total Shares** | **4,286,313,339 shares** | **100.00%** | **0 shares** | **4,286,313,339 shares** | **100.00%** | - The reasons for share changes, approval status, and transfer status during the company's reporting period are all not applicable[193](index=193&type=chunk) - The company had no progress on share repurchases during the reporting period[194](index=194&type=chunk) [Securities Issuance and Listing](index=73&type=section&id=Securities%20Issuance%20and%20Listing) During the reporting period, the company had no new securities issuance or listing activities, with further details available in the 'Bond-Related Information' section - The company had no securities issuance or listing during the reporting period[194](index=194&type=chunk) [Number of Shareholders and Shareholding Status](index=73&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had 96,562 common shareholders, with Mingyi Co., Ltd. and COFCO Group Co., Ltd. as the top two, holding a combined 69.28% of shares - The total number of common shareholders at the end of the reporting period was **96,562** households[196](index=196&type=chunk) Shareholding Status of Top 10 Shareholders or Shareholders Holding 5% or More at Period-End | Shareholder Name | Shareholder Type | Shareholding Percentage | Quantity at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Mingyi Co., Ltd. | Overseas Legal Person | 49.28% | 2,112,138,742 shares | - | 2,112,138,742 shares | | COFCO Group Co., Ltd. | State-Owned Legal Person | 20.00% | 857,354,140 shares | - | 857,354,140 shares | | Taiping Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products - 022L-CT001 Shenzhen | Fund, Wealth Management Products, etc. | 6.61% | 283,417,532 shares | 283,417,532 shares | - | | Central Huijin Asset Management Co., Ltd. | State-Owned Legal Person | 1.50% | 64,479,900 shares | - | 64,479,900 shares | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.57% | 24,597,333 shares | - | 24,597,333 shares | | Zhang Chenye | Domestic Natural Person | 0.43% | 18,262,637 shares | - | 18,262,637 shares | | Industrial and Commercial Bank of China Co., Ltd. - Southern CSI All-Share Real Estate ETF | Fund, Wealth Management Products, etc. | 0.38% | 16,410,200 shares | - | 16,410,200 shares | | Xu Kaidong | Domestic Natural Person | 0.37% | 15,834,240 shares | - | 15,834,240 shares | | Tang Yongjiang | Domestic Natural Person | 0.31% | 13,396,005 shares | - | 13,396,005 shares | | Aladdin Legend Technology Group Co., Ltd. | Domestic General Legal Person | 0.18% | 7,648,300 shares | - | 7,648,300 shares | - Mingyi Co., Ltd. is a wholly-owned subsidiary of COFCO Group Co., Ltd., and they have an associated relationship, belonging to concerted parties as stipulated by relevant CSRC laws and regulations[197](index=197&type=chunk) - The **283,417,532** shares held by Taiping Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products - 022L-CT001 Shenzhen were released from restriction on **August 4, 2025**[198](index=198&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=75&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[199](index=199&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=75&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there was no change in the company's actual controller - The company's actual controller did not change during the reporting period[200](index=200&type=chunk) [Preferred Share Information](index=75&type=section&id=Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[201](index=201&type=chunk) [Bond-Related Information](index=76&type=section&id=Bond-Related%20Information) This section provides comprehensive details on the company's outstanding corporate bonds and non-financial enterprise debt financing instruments, including their terms, issuance, and market status, confirming no enterprise bonds or convertible bonds [Enterprise Bonds](index=76&type=section&id=Enterprise%20Bonds) During the reporting period, the company had no enterprise bonds - The company had no enterprise bonds during the reporting period[203](index=203&type=chunk) [Corporate Bonds](index=76&type=section&id=Corporate%20Bonds) The company issued multiple corporate bonds, both public and private, totaling 10.8 billion yuan, all for professional investors with standard trading mechanisms and no delisting risk Corporate Bond Basic Information | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Accrual Date | Maturity Date | Bond Balance (million yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Grandjoy Holdings Group Co., Ltd. 2020 Publicly Issued Corporate Bonds (Tranche 1) (Type 1) for Professional Investors | 20 Grandjoy 01 | 149189 | 2020-08-04 | 2020-08-04 | 2025-08-04 | 2.00 billion yuan | 3.15% | | COFCO Property Investment Co., Ltd. 2022 Publicly Issued Corporate Bonds (Tranche 1) (Type 2) for Professional Investors | 22 COFCO 02 | 149783 | 2022-1-19 | 2022-1-19 | 2029-1-19 | 0.50 billion yuan | 3.49% | | Grandjoy Holdings Group Co., Ltd. 2022 Publicly Issued Corporate Bonds (Tranche 1) (Type 1) for Professional Investors | 22 Grandjoy 01 | 148102 | 2022-10-26 | 2022-10-27 | 2027-10-27 | 1.50 billion yuan | 3.13% | | Grandjoy Holdings Group Co., Ltd. 2022 Publicly Issued Corporate Bonds (Tranche 2) (Type 1) for Professional Investors | 22 Grandjoy 02 | 148141 | 2022-12-16 | 2022-12-19 | 2027-12-19 | 1.50 billion yuan | 4.27% | | Grandjoy Holdings Group Co., Ltd. 2023 Publicly Issued Corporate Bonds (Tranche 1) (Type 1) for Professional Investors | 23 Grandjoy 01 | 148174 | 2023-1-18 | 2023-1-19 | 2028-1-19 | 2.00 billion yuan | 3.97% | | COFCO Property Investment Co., Ltd. 2023 Publicly Issued Corporate Bonds (Tranche 1) for Professional Investors | 23 COFCO 01 | 148228 | 2023-4-14 | 2023-4-17 | 2028-4-17 | 1.00 billion yuan | 3.34% | | COFCO Property Investment Co., Ltd. 2024 Publicly Issued Corporate Bonds (Tranche 1) for Professional Investors | 24 COFCO 01 | 148570 | 2024-1-17 | 2024-1-18 | 2029-1-18 | 0.70 billion yuan | 3.13% | | Grandjoy Holdings Group Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 1) (Type 1) for Professional Investors | 25 Grandjoy 01 | 133991 | 2025-03-25 | 2025-03-26 | 2029-03-26 | 1.10 billion yuan | 2.45% | | Grandjoy Holdings Group Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 1) (Type 2) for Professional Investors | 25 Grandjoy 02 | 133992 | 2025-03-25 | 2025-03-26 | 2030-03-26 | 0.50 billion yuan | 2.60% | | Grandjoy Holdings Group Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 2) (Type 1) for Professional Investors | 25 Grandjoy 03 | 134376 | 2025-7-24 | 2025-7-28 | 2029-7-28 | 0.80 billion yuan | 2.05% | | Grandjoy Holdings Group Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 2) (Type 2) for Professional Investors | 25 Grandjoy 04 | 134377 | 2025-7-24 | 2025-7-28 | 2030-7-28 | 1.20 billion yuan | 2.41% | - The corporate bonds are all issued to qualified investors (professional investors)[205](index=205&type=chunk) - There is no risk of termination of listing and trading for the corporate bonds[205](index=205&type=chunk) - The company had no overdue unpaid bonds during the reporting period[206](index=206&type=chunk) - The company had no trigger or execution of issuer or investor option clauses or investor protection clauses during the reporting period[206](index=206&type=chunk) - The company's credit rating results did not change during the reporting period[206](index=206&type=chunk) - The company's guarantee situation, debt repayment plan, and other debt repayment assurance measures and their implementation and changes during the reporting period had no significant impact on bond investor rights[206](index=206&type=chunk) [Non-Financial Enterprise Debt Financing Instruments](index=78&type=section&id=Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued multiple medium-term notes, including COFCO Property and Grandjoy notes, totaling 7.90 billion yuan, all for qualified investors and traded on the interbank market with no delisting risk Non-Financial Enterprise Debt Financing Instruments Basic Information | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Accrual Date | Maturity Date | Bond Balance (million yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Property Investment Co., Ltd. 2023 First Tranche Medium-Term Notes | COFCO Property 23MTN001 | 102382140 | 2023-08-17 | 2023-08-21 | 2025-08-21 | 1.50 billion yuan | 3.73% | | Grandjoy Holdings Group Co., Ltd. 2024 First Tranche Medium-Term Notes | Grandjoy 24MTN001 | 102400704 | 2024-3-27 | 2024-3-28 | 2029-3-28 | 2.00 billion yuan | 3.50% | | Grandjoy Holdings Group Co., Ltd. 2024 Second Tranche Medium-Term Notes | Grandjoy 24MTN002 | 102400708 | 2024-4-2 | 2024-4-3 | 2029