[Section I Important Notice, Table of Contents and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) [Important Notice](index=2&type=section&id=重要提示) The board, supervisory board, and senior management affirm the report's integrity, highlighting industry competition risks and announcing no cash dividends or bonus shares for the period - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - Company's responsible person Huang Ganxiong, head of accounting Wu Duanming, and head of accounting department Deng Da declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - Investors are specifically reminded of the **'risk of worsening industry competition'**, noting declining market demand and intensified competition in the plastic pipe industry[4](index=4&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section lists the report's eight main chapters, providing investors with an overview of the report's overall structure, covering company operations, finance, governance, and significant matters - The report is divided into eight main chapters, covering company operations, finance, governance, and significant matters[7](index=7&type=chunk) [List of Documents Available for Inspection](index=4&type=section&id=备查文件目录) Documents available for inspection include financial statements signed by the legal representative, chief accountant, and head of accounting, all publicly disclosed company documents and original announcements, and the original semi-annual report signed by the legal representative, all located at the company's securities affairs department - Documents available for inspection include signed financial statements, original publicly disclosed documents, and the original semi-annual report[9](index=9&type=chunk) - The documents are available for inspection at the company's Securities Affairs Department[9](index=9&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines common terms used in the report, including company names, related parties, regulatory bodies, laws and regulations, and key product materials like PVC, PP, PE, HDPE, along with related concepts such as pipes, tubes, and fittings, ensuring clear understanding of the report content - Basic terms such as company, related parties, regulatory bodies, and laws and regulations are defined[10](index=10&type=chunk) - The chemical composition and characteristics of major plastic pipe materials like PVC, PP, PPR, PE, and HDPE are explained[10](index=10&type=chunk) - Product-related concepts such as pipes, tubes, and fittings are clarified[10](index=10&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) [I. Company Profile](index=6&type=section&id=一、公司简介) Guangdong Xiongsun Technology Group Co., Ltd. (stock code: 300599) is listed on the Shenzhen Stock Exchange, with Huang Ganxiong as its legal representative - The company's stock abbreviation is 'Xiongsun Technology', stock code **300599**, listed on the Shenzhen Stock Exchange[12](index=12&type=chunk) - The company's legal representative is Huang Ganxiong[12](index=12&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=二、联系人和联系方式) The company's Board Secretary is Li Dan, with contact address at Xiongsun Industrial Park, Longgao Road, Dungen Section, Jiujiang Town, Nanhai District, Foshan City, phone 0757-81868066, and email XS300599@126.com - The Board Secretary is Li Dan, contact phone **0757-81868066**, email **XS300599@126.com**[13](index=13&type=chunk) - The company's contact address is Xiongsun Industrial Park, Longgao Road, Dungen Section, Jiujiang Town, Nanhai District, Foshan City[13](index=13&type=chunk) [III. Other Information](index=6&type=section&id=三、其他情况) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and inspection locations, or registration status; specific details can be found in the 2024 annual report - The company's contact information, information disclosure and inspection locations, and registration status remained unchanged during the reporting period[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) In H1 2025, operating revenue decreased by **4.37%** to **CNY 473.07 million**, while net loss attributable to shareholders significantly narrowed by **79.19%** to **CNY 7.37 million**. Net cash flow from operating activities improved by **43.31%**, with total assets and net assets slightly declining Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 473,065,828.35 | 494,703,900.17 | -4.37 | | Net Profit Attributable to Shareholders | -7,373,978.16 | -35,441,339.79 | 79.19 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -14,215,677.08 | -42,558,872.85 | 66.60 | | Net Cash Flow from Operating Activities | -39,634,776.58 | -69,920,568.38 | 43.31 | | Basic EPS (CNY/share) | -0.02 | -0.1 | 80.00 | | Diluted EPS (CNY/share) | -0.02 | -0.1 | 80.00 | | Weighted Average ROE | -0.71 | -1.88 | 1.17 | | **Indicator** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Change from Prior Year-end (%)** | | Total Assets | 2,283,927,606.12 | 2,399,034,180.30 | -4.80 | | Net Assets Attributable to Shareholders | 1,996,270,638.25 | 2,003,644,616.41 | -0.37 | [V. Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under international or foreign accounting standards and Chinese accounting standards - The company had no differences in accounting data under domestic and international accounting standards during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [VI. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 6.84 million**, primarily comprising government grants, debt restructuring gains, and reversal of impairment provisions for receivables, while non-current asset disposal losses were negative Non-recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off portion of asset impairment provisions already made) | -3,422,364.60 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 6,058,518.95 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 249,309.26 | | Reversal of impairment provisions for receivables for which impairment tests are conducted individually | 1,631,835.63 | | Debt restructuring gains or losses | 4,649,357.60 | | Other non-operating income and expenses apart from the above | -584,392.23 | | Less: Income tax impact | 1,740,565.69 | | Total | 6,841,698.92 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified any non-recurring items as recurring gains and losses[22](index=22&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company's main business is R&D, production, and sales of plastic pipes, categorized under 'C29 Rubber and Plastic Products Industry' within 'C Manufacturing', facing declining demand and intensified competition due to shrinking real estate and weak infrastructure investment, yet improving gross margin and narrowing net loss through cost reduction and lower raw material costs - The company's main business is the R&D, production, and sales of plastic pipes, categorized under the **C29 Rubber and Plastic Products Industry**[24](index=24&type=chunk) - In the first half, domestic fixed asset investment grew by **2.8%** YoY, infrastructure investment by **4.6%** YoY, while real estate development investment declined by **11.2%** YoY[25](index=25&type=chunk) - The plastic pipe industry faces multiple challenges including insufficient downstream demand, intensified competition, and overcapacity, leading to a continuous bottoming-out decline in overall industry performance[25](index=25&type=chunk) - The company's products cover PVC, PE, PPR series pipes and fittings, applied in construction, municipal, water environment management, agriculture, smart grid, and other fields[26](index=26&type=chunk) - During the reporting period, the company's operating revenue was **CNY 473 million**, a **4.37%** YoY decrease; net profit attributable to the parent company was **-CNY 7.37 million**, a **79.19%** YoY improvement, with the performance decline narrowing and net profit improving mainly due to cost reduction, efficiency enhancement, and lower raw material costs[28](index=28&type=chunk) [II. Analysis of Core Competencies](index=10&type=section&id=二、核心竞争力分析) The company's core competencies lie in R&D, product, and scale advantages, operating as a national high-tech enterprise with numerous patents, a comprehensive R&D system, a rich product portfolio (over 6,000 sub-varieties), an annual production capacity of nearly **500,000 tons**, and six production bases, complemented by a multi-channel marketing service system and strong brand recognition with multiple industry awards - The company is a national high-tech enterprise, holding over a hundred valid patents, participating in the formulation of multiple industry standards, and possessing strong R&D capabilities and a product differentiation strategy[30](index=30&type=chunk) - Products cover three major series: PVC, PPR, and PE, with over **6,000** sub-varieties, widely applied in various key engineering fields[30](index=30&type=chunk) - Possessing six major business bases with an annual production capacity of nearly **500,000 tons**, ranking among the industry leaders in production and sales scale[31](index=31&type=chunk) - Established a multi-channel sales system including direct sales, distributors, and engineering service providers, implementing a key account strategy to optimize customer structure[32](index=32&type=chunk) - With high-quality products and services, the company has received multiple honors such as 'China Well-known Trademark' and 'Top 10 Most Competitive Enterprises in China's Pipe Market', demonstrating prominent brand advantages[33](index=33&type=chunk) [III. Analysis of Principal Business](index=11&type=section&id=三、主营业务分析) Operating revenue decreased by **4.37%** YoY, but a **9.98%** reduction in operating costs boosted the gross margin; financial expenses rose **54.97%** due to lower bank interest income, and income tax expenses increased **288.62%** with profit growth. Net cash flow from operating activities improved **43.31%** due to reduced raw material expenditures, with PVC series pipes remaining the primary revenue source and PE series pipe revenue growing **18.86%** YoY Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 473,065,828.35 | 494,703,900.17 | -4.37 | | | Operating Cost | 409,234,637.46 | 454,629,323.51 | -9.98 | | | Selling Expenses | 15,556,868.79 | 20,315,398.58 | -23.42 | | | Administrative Expenses | 38,356,452.83 | 39,689,984.84 | -3.36 | | | Financial Expenses | -1,928,845.49 | -4,283,110.30 | 54.97 | Mainly due to decreased bank deposit interest income during the reporting period | | Income Tax Expense | 2,101,096.83 | -1,113,933.21 | 288.62 | Mainly due to YoY profit growth during the reporting period | | R&D Investment | 11,828,793.81 | 12,062,581.15 | -1.94 | | | Net Cash Flow from Operating Activities | -39,634,776.58 | -69,920,568.38 | 43.31 | Mainly due to decreased raw material purchase expenditures during the reporting period | | Net Cash Flow from Investing Activities | -163,450,555.80 | -103,501,920.77 | -57.92 | Mainly due to some wealth management products not maturing during the reporting period | | Net Cash Flow from Financing Activities | -7,971,467.52 | -101,638,605.24 | 92.16 | Mainly due to share repurchase implemented in the prior period | | Net Increase in Cash and Cash Equivalents | -211,156,154.08 | -274,877,662.67 | 23.18 | | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | PVC Series Pipes | 293,229,224.51 | 248,571,388.47 | 15.23 | -10.93 | -18.13 | 7.45 | | PPR Series Pipes | 42,551,043.31 | 30,924,179.80 | 27.32 | -16.09 | -19.44 | 3.02 | | PE Series Pipes | 133,456,883.37 | 127,992,099.50 | 4.09 | 18.86 | 15.04 | 3.18 | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[35](index=35&type=chunk) [IV. Analysis of Non-Principal Business](index=11&type=section&id=四、非主营业务分析) The company had no non-principal business analysis content during the reporting period [V. Analysis of Assets and Liabilities](index=11&type=section&id=五、资产及负债状况分析) At the end of the reporting period, total assets decreased by **4.80%** YoY, and net assets attributable to shareholders decreased by **0.37%** YoY. Cash and bank balances decreased by **7.85%**, while accounts receivable increased by **2.63%**. The ending balance of financial assets held for trading was **CNY 49,219.36**. Total restricted assets amounted to **CNY 36.80 million**, primarily comprising pledged cash and bank balances, fixed assets, investment properties, and intangible assets Significant Changes in Asset Composition | Item | Amount at End of Current Period (CNY) | Percentage of Total Assets (%) | Amount at End of Prior Year (CNY) | Percentage of Total Assets (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 430,079,211.79 | 18.83 | 640,009,819.62 | 26.68 | -7.85 | | Accounts Receivable | 252,534,199.58 | 11.06 | 202,126,089.07 | 8.43 | 2.63 | | Inventories | 220,557,279.61 | 9.66 | 221,453,052.27 | 9.23 | 0.43 | | Fixed Assets | 700,186,183.54 | 30.66 | 735,363,560.53 | 30.65 | 0.01 | | Construction in Progress | 186,041,274.86 | 8.15 | 180,294,783.20 | 7.52 | 0.63 | | Short-term Borrowings | 57,043,152.97 | 2.50 | 68,164,499.30 | 2.84 | -0.34 | | Contract Liabilities | 11,456,644.73 | 0.50 | 18,798,617.79 | 0.78 | -0.28 | - The company had no major overseas assets during the reporting period[41](index=41&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Financial assets held for trading (excluding derivative financial assets) | 50,784.64 | -1,565.28 | 49,219.36 | | Financial Liabilities | 0.00 | | 0.00 | Asset Restrictions as of the End of the Reporting Period | Item | Ending Book Balance (CNY) | Ending Book Value (CNY) | Restriction Status | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 4,495,645.26 | 4,495,645.26 | Margin for foreign exchange settlement and sales, letter of guarantee margin, etc. | | Notes Receivable | 758,265.00 | 758,265.00 | Endorsed but not derecognized | | Fixed Assets | 19,105,650.80 | 8,165,269.01 | Pledged for loans | | Investment Properties | 9,365,160.62 | 867,007.79 | Pledged for loans | | Intangible Assets | 3,076,524.90 | 2,078,582.91 | Pledged for loans | | Total | 36,801,246.58 | 16,364,769.97 | - | [VI. Investment Analysis](index=13&type=section&id=六、投资状况分析) During the reporting period, the company's investment amounted to **CNY 69.20 million**, a **33.58%** YoY decrease, with no significant equity investments. The major ongoing non-equity investment is the Guangxi Construction Project Phase III, with a cumulative investment of **CNY 184 million** and a project progress of **91.82%**. The company invested in broker wealth management products using its own funds, with **CNY 98.90 million** in new wealth management transactions and an outstanding balance of **CNY 98.90 million**, realizing a gain of **CNY 290,400** Overall Investment Status | Indicator | Investment Amount in Reporting Period (CNY) | Investment Amount in Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 69,203,503.72 | 104,190,935.66 | -33.58 | - There were no significant equity investments during the reporting period[45](index=45&type=chunk) Significant Non-equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it Fixed Asset Investment | Industry Involved in Investment Project | Amount Invested in Current Period (CNY) | Cumulative Actual Investment Amount (CNY) | Source of Funds | Project Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Construction Project Phase III | Self-built | Yes | Plastic Pipes | 12,158,154.97 | 183,916,147.18 | Own Funds | 91.82 | Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (CNY) | Fair Value Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Stocks | 46,958.40 | -1,565.28 | 49,219.36 | | Other | 30,000,000.00 | | 0.00 | | Total | 30,046,958.40 | -1,565.28 | 49,219.36 | - The company had no use of raised funds during the reporting period[49](index=49&type=chunk) Overview of Wealth Management During the Reporting Period | Specific Type | Source of Funds for Wealth Management | Amount of Wealth Management Transactions (CNY 10,000) | Outstanding Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Broker Wealth Management Products | Own Funds | 9,890 | 9,890 | 0 | - Actual recovered gains from wealth management during the reporting period amounted to **CNY 290,400**[55](index=55&type=chunk) - The company had no derivative investments or entrusted loans during the reporting period[56](index=56&type=chunk)[57](index=57&type=chunk) [VII. Disposal of Significant Assets and Equity](index=16&type=section&id=七、重大资产和股权出售) The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of any significant assets during the reporting period[58](index=58&type=chunk) - The company did not dispose of any significant equity during the reporting period[59](index=59&type=chunk) [VIII. Analysis of Major Controlled and Investee Companies](index=16&type=section&id=八、主要控股参股公司分析) The company's major controlled subsidiaries include Guangxi Xiongsun, Jiangxi Xiongsun, Henan Xiongsun, Hainan Xiongsun, Yunnan Xiongsun, and Xiongsun Trading, all primarily engaged in R&D, production, and sales of rubber and plastic products. Among them, Guangxi Xiongsun reported the highest net profit of **CNY 16.55 million**, while Jiangxi Xiongsun and Yunnan Xiongsun incurred losses Major Subsidiaries and Investee Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Xiongsun | Subsidiary | R&D, production, and sales of rubber and plastic products | 130,000,000.00 | 582,391,811.75 | 486,309,184.06 | 137,921,995.89 | 19,432,539.24 | 16,553,092.74 | | Jiangxi Xiongsun | Subsidiary | R&D, production, and sales of rubber and plastic products | 160,880,000.00 | 130,694,336.39 | 69,358,880.79 | 20,778,978.10 | -9,611,989.68 | -9,613,395.96 | | Henan Xiongsun | Subsidiary | R&D, production, and sales of rubber and plastic products | 208,000,000.00 | 189,569,771.05 | 96,063,357.18 | 36,575,852.03 | -2,628,418.91 | -2,577,134.39 | | Hainan Xiongsun | Subsidiary | R&D, production, and sales of rubber and plastic products | 200,000,000.00 | 335,344,903.85 | 208,555,532.67 | 93,297,348.28 | 1,283,190.12 | 1,112,404.70 | | Yunnan Xiongsun | Subsidiary | R&D, production, and sales of rubber and plastic products | 290,000,000.00 | 255,319,086.88 | 198,458,083.88 | 23,252,454.64 | -10,667,409.80 | -10,693,359.60 | | Xiongsun Trading | Subsidiary | Retail, wholesale, other trade brokerage and agency | 28,000,000.00 | 520,272.45 | 515,272.45 | 0.00 | -51,898.75 | -51,898.75 | - There were no acquisitions or disposals of subsidiaries during the reporting period[60](index=60&type=chunk) [IX. Structured Entities Controlled by the Company](index=16&type=section&id=九、公司控制的结构化主体情况) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[61](index=61&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=16&type=section&id=十、公司面临的风险和应对措施) The company faces risks from slowing macroeconomic growth, insufficient downstream demand, worsening industry competition, raw material price fluctuations, and the implementation of fundraising projects and digestion of new capacity. Countermeasures include expanding niche markets, enhancing operational management and technological R&D, strengthening raw material price monitoring, deeply exploring markets, and optimizing capacity integration - Risk of slowing macroeconomic growth and insufficient recovery of downstream application demand: The plastic pipe industry is highly affected by real estate and infrastructure, and demand may fall short of expectations[61](index=61&type=chunk)[62](index=62&type=chunk) - Countermeasures: Stabilize existing markets, coordinate resource allocation, and actively expand into niche business markets[63](index=63&type=chunk) - Risk of worsening industry competition: Declining market demand and intensified competition may lead to operational performance pressure[64](index=64&type=chunk) - Countermeasures: Focus on brand, product, and service value, enhance operational management and technological R&D capabilities, and actively explore new markets[64](index=64&type=chunk) - Risk of raw material price fluctuations: Prices of major raw materials are highly influenced by petrochemical industry fluctuations, which may affect profitability[65](index=65&type=chunk) - Countermeasures: Strengthen monitoring and analysis of raw material prices, adjust reserves as appropriate, and pass on cost pressures through sales price adjustments[65](index=65&type=chunk) - Risk of implementation of fundraising and external investment projects and inability to timely absorb new capacity: If market development lags or the environment is unfavorable, new capacity may not be timely absorbed[66](index=66&type=chunk) - Countermeasures: Deeply explore markets for each project, intensify product promotion, strengthen strategic adjustments, enhance existing operations, and optimize capacity integration[66](index=66&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=17&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) On April 30, 2025, the company held an investor relations event via an online communication platform, primarily discussing company performance, new product R&D, production layout, marketing system, and future development prospects - On **April 30, 2025**, the company participated in an online communication event via the online platform (http://rs.p5w.net)[68](index=68&type=chunk) - Key discussion topics included company performance, increased R&D efforts for new products, production layout, strengthening the marketing system, full-year 2025 performance outlook, and future industry development prospects[68](index=68&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=十二、市值管理制度和估值提升计划的制定落实情况) 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[69](index=69&type=chunk) - The company has not disclosed a valuation enhancement plan[69](index=69&type=chunk) [XIII. Implementation of 'Dual Improvement in Quality and Returns' Action Plan](index=18&type=section&id=十三、"质量回报双提升"行动方案贯彻落实情况) The company has not disclosed an announcement regarding the 'Dual Improvement in Quality and Returns' action plan - The company has not disclosed an announcement regarding the 'Dual Improvement in Quality and Returns' action plan[69](index=69&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=18&type=section&id=十四、公司子公司重大事项) 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[112](index=112&type=chunk) [Section IV Corporate Governance, Environment and Society](index=19&type=section&id=第四节%20公司治理、环境和社会) [I. Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, Rong Minzhi was elected as an independent director by the general meeting of shareholders on February 13, 2025 - Rong Minzhi was elected as an independent director on **February 13, 2025**[71](index=71&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=19&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the half-year period[72](index=72&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) 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[73](index=73&type=chunk) [IV. Environmental Information Disclosure](index=19&type=section&id=四、环境信息披露情况) Neither the company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and no environmental accidents occurred during the reporting period - Neither the company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[74](index=74&type=chunk) - The listed company had no environmental accidents during the reporting period[74](index=74&type=chunk) [V. Social Responsibility](index=19&type=section&id=五、社会责任情况) During the reporting period, the company actively fulfilled its social responsibilities, including safeguarding shareholder and creditor rights, protecting employee rights, building strategic partnerships with suppliers and customers, committing to environmental protection and sustainable development, and actively participating in social welfare initiatives to promote harmonious enterprise and social development - The company safeguards the rights and interests of shareholders, especially small and medium investors, by improving corporate governance, strengthening information disclosure, and enhancing investor relations management[75](index=75&type=chunk)[76](index=76&type=chunk) - The company adheres to a people-oriented approach, strictly complies with labor laws and regulations, provides a safe working environment, values employee training and career development, and has not experienced any major product quality or safety production accidents[77](index=77&type=chunk)[78](index=78&type=chunk) - Adhering to the principles of 'equality and mutual benefit', the company has established strategic cooperative relationships with suppliers and customers, with good contract performance during the reporting period[79](index=79&type=chunk) - The company focuses on the R&D, production, and sales of 'green, environmentally friendly, non-toxic' plastic pipe products, with minimal pollution in the production process, has passed ISO14001 environmental management system certification, and has not experienced any major environmental accidents[80](index=80&type=chunk)[81](index=81&type=chunk) - The company actively fulfills its social responsibilities, operates legally and compliantly, participates in social welfare activities, and is committed to creating economic value for society[82](index=82&type=chunk) [Section V Significant Matters](index=22&type=section&id=第五节%20重要事项) [I. Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period, and Overdue Unfulfilled Commitments as of the End of the Reporting Period](index=22&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) The company's actual controller, shareholders, and related parties timely fulfilled all commitments made during initial public offerings or refinancing, including share reduction, avoidance of horizontal competition, standardization and reduction of related party transactions, and compensation for diluted immediate returns, with no overdue unfulfilled commitments as of the end of the reporting period - Commitment parties including Cai Siwei, Foshan Xiongjian Investment Co., Ltd., Huang Ganxiong, Huang Jinxi, Huang Mingxiong, Jian Yongfan, Peng Xiaowei, Wu Duanming, and Zhang Jiahu all duly fulfilled their share reduction commitments[84](index=84&type=chunk) - Commitment parties including Huang Ganxiong, Huang Mingxiong, and Huang Jinxi duly fulfilled their commitments regarding avoiding horizontal competition[84](index=84&type=chunk)[85](index=85&type=chunk) - Commitment parties including Huang Ganxiong, Huang Jinxi, and Huang Mingxiong duly fulfilled their commitments regarding standardizing and reducing related party transactions[86](index=86&type=chunk)[87](index=87&type=chunk) - The company and relevant directors and senior management duly fulfilled their commitments to compensate for diluted immediate returns[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - All commitments were fulfilled on time, with no overdue unfulfilled situations[89](index=89&type=chunk) [II. Non-operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=27&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company - During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company[90](index=90&type=chunk) [III. Irregular External Guarantees](index=27&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[91](index=91&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=28&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[92](index=92&type=chunk) [V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period](index=28&type=section&id=五、董事会、监事会、审计委员会对会计师事务所本报告期"非标准审计报告"的说明) The company had no non-standard audit report during the reporting period, thus no explanation is required - The company had no non-standard audit report during the reporting period[93](index=93&type=chunk) [VI. Board of Directors' Explanation on 'Non-Standard Audit Report' for the Prior Year](index=28&type=section&id=六、董事会对上年度"非标准审计报告"相关情况的说明) The company had no non-standard audit report for the prior year, thus no explanation is required - The company had no non-standard audit report for the prior year[93](index=93&type=chunk) [VII. Matters Related to Bankruptcy and Reorganization](index=28&type=section&id=七、破产重整相关事项) The company had no matters related to bankruptcy and reorganization during the reporting period - The company had no matters related to bankruptcy and reorganization during the reporting period[93](index=93&type=chunk) [VIII. Litigation Matters](index=28&type=section&id=八、诉讼事项) During the reporting period, the company had no significant litigation or arbitration matters. Other litigation primarily involved sales contract disputes, with a total amount of **CNY 36.36 million**, some of which have been settled or had judgments take effect, and are not expected to have a material adverse impact on the company's financial position, operating results, or going concern ability - The company had no significant litigation or arbitration matters during the reporting period[94](index=94&type=chunk) Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Provision for Liabilities is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other litigation (arbitration) accumulated by the company from July 1, 2024, to June 30, 2025, not meeting the disclosure standards for significant litigation (arbitration), primarily sales contract disputes where the company is the plaintiff | 3,635.53 | No | Some have been settled or had judgments take effect, most are still in progress | These litigations (arbitrations) are not expected to have a material adverse impact on the company's financial position, operating results, or going concern ability | [IX. Penalties and Rectification](index=28&type=section&id=九、处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[95](index=95&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=28&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) The company had no disclosures related to the integrity status of its controlling shareholders or actual controllers during the reporting period - The company had no disclosures related to the integrity status of its controlling shareholders or actual controllers during the reporting period[96](index=96&type=chunk) [XI. Significant Related Party Transactions](index=29&type=section&id=十一、重大关联交易) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party debt/credit, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[97](index=97&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[98](index=98&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[99](index=99&type=chunk) - There were no related party debt or credit transactions during the reporting period[100](index=100&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated financial companies, or between the company's controlled financial companies and related parties[101](index=101&type=chunk)[102](index=102&type=chunk) - The company had no other significant related party transactions during the reporting period[103](index=103&type=chunk) [XII. Significant Contracts and Their Performance](index=29&type=section&id=十二、重大合同及其履行情况) The company had no trusteeship or contracting arrangements during the reporting period. Regarding leasing, the company converted some self-use real estate into investment properties for external lease, generating **CNY 1.75 million** in rental income in the first half. The company provided guarantees for its subsidiaries, with approved guarantee limits totaling **CNY 210 million**, actual guarantees of **CNY 45 million**, and an outstanding guarantee balance of **CNY 30 million** at period-end, representing **1.50%** of the company's net assets - The company had no trusteeship or contracting arrangements during the reporting period[104](index=104&type=chunk)[106](index=106&type=chunk) - The company converted some self-use real estate into investment properties for operating lease, generating **CNY 1.75 million** in rental income in H1 2025[107](index=107&type=chunk) - During the reporting period, there were no leasing projects whose gains or losses accounted for more than **10%** of the company's total profit for the period[107](index=107&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (CNY 10,000) | Actual Occurrence Date | Guarantee Type | Actual Guarantee Amount (CNY 10,000) | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Xiongsun | 5,000 | November 06, 2024 | Joint and Several Liability Guarantee | 1,500 | No | | Hainan Xiongsun | 3,000 | April 21, 2025 | Joint and Several Liability Guarantee | 3,000 | No | | Guangxi Xiongsun | 12,000 | April 21, 2025 | Joint and Several Liability Guarantee | 0 | No | | Henan Xiongsun | 3,000 | April 21, 2025 | Joint and Several Liability Guarantee | 0 | No | | Yunnan Xiongsun | 3,000 | April 21, 2025 | Joint and Several Liability Guarantee | 0 | No | | Total Approved Guarantee Limit for Subsidiaries in Current Period (B1) | 21,000 | | Total Actual Guarantees Issued in Current Period (B2) | 4,500 | | | Total Approved Guarantee Limit for Subsidiaries at Period-end (B3) | 21,000 | | Total Actual Guarantee Balance at Period-end (B4) | 3,000 | | | Ratio of Total Actual Guarantees (i.e., A4+B4+C4) to Company's Net Assets | | | 1.50% | | | - The company had no significant contracts for daily operations or other significant contracts during the reporting period[110](index=110&type=chunk) [XIII. Explanation of Other Significant Matters](index=31&type=section&id=十三、其他重大事项的说明) This section lists **29** significant announcements disclosed by the company during the reporting period, covering board resolutions, independent director elections, shareholder meeting notices and resolutions, performance forecasts, pre-disclosures of share reductions, auditor changes, annual and quarterly report disclosures, profit distribution plans, reports on the use of raised funds, re-appointment of accounting firms, estimated wealth management quotas, estimated comprehensive credit and guarantee quotas, provision for credit impairment losses, accounting policy changes, online performance briefings, and changes in shares held by the actual controller's concerted parties - During the reporting period, the company disclosed multiple significant announcements, including board resolutions, shareholder meeting resolutions, performance forecasts, share reductions, auditor changes, annual and quarterly report disclosures, profit distribution plans, use of raised funds, estimated wealth management quotas, estimated comprehensive credit and guarantee quotas, provision for credit impairment losses, accounting policy changes, and online performance briefings[111](index=111&type=chunk)[112](index=112&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=32&type=section&id=十四、公司子公司重大事项) 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[112](index=112&type=chunk) [Section VI Changes in Shares and Shareholder Information](index=33&type=section&id=第六节%20股份变动及股东情况) [I. Changes in Share Capital](index=33&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital remained unchanged at **358,131,567 shares**. The structure of restricted and unrestricted shares also remained constant, with restricted shares held by executives and related parties, including Huang Ganxiong, Huang Jinxi, and Huang Mingxiong, remaining locked as per regulations Changes in Share Capital | Item | Number of Shares Before Change | Percentage (%) | Net Change in Current Period (+, -) (shares) | Number of Shares After Change | Percentage (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 145,790,625.00 | 40.71 | 0 | 145,790,625.00 | 40.71 | | 3. Other Domestic Shares | 80,068,275.00 | 22.36 | 0 | 80,068,275.00 | 22.36 | | Shares held by domestic natural persons | 80,068,275.00 | 22.36 | 0 | 80,068,275.00 | 22.36 | | 4. Foreign Shares | 65,722,350.00 | 18.35 | 0 | 65,722,350.00 | 18.35 | | Shares held by foreign natural persons | 65,722,350.00 | 18.35 | 0 | 65,722,350.00 | 18.35 | | II. Unrestricted Shares | 212,340,942.00 | 59.29 | 0 | 212,340,942.00 | 59.29 | | 1. RMB Ordinary Shares | 212,340,942.00 | 59.29 | 0 | 212,340,942.00 | 59.29 | | III. Total Shares | 358,131,567.00 | 100.00 | 0 | 358,131,567.00 | 100.00 | - Reasons for share changes, approval status, transfer status, progress of share repurchase implementation, and impact on financial indicators were either not applicable or without significant changes during the reporting period[115](index=115&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Planned Date for Lifting Restriction | | :--- | :--- | :--- | :--- | :--- | | Huang Ganxiong | 40,490,550 | 40,490,550 | Executive Restricted Shares | During tenure as company director, 25% of legally transferable shares are unlocked annually | | Huang Jinxi | 65,722,350 | 65,722,350 | Executive Restricted Shares | During tenure as company director, 25% of legally transferable shares are unlocked annually | | Huang Mingxiong | 37,736,400 | 37,736,400 | Executive Restricted Shares | During tenure as company director, 25% of legally transferable shares are unlocked annually | | Peng Xiaowei | 809,175 | 809,175 | Executive Restricted Shares | After six months from resignation, during tenure and within six months after tenure ends, annual share transfers shall not exceed 25% | | Wu Duanming | 791,250 | 791,250 | Executive Restricted Shares | During tenure as company director or executive, 25% of legally transferable shares are unlocked annually | | Liang Dajun | 22,500 | 22,500 | Supervisor Restricted Shares | During tenure as company supervisor, 25% of legally transferable shares are unlocked annually | | Cai Siwei | 218,400 | 218,400 | Supervisor Restricted Shares | During tenure as company supervisor, 25% of legally transferable shares are unlocked annually | | Total | 145,790,625 | 145,790,625 | -- | -- | [II. Securities Issuance and Listing](index=34&type=section&id=二、证券发行与上市情况) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[119](index=119&type=chunk) [III. Number of Shareholders and Shareholding Structure](index=34&type=section&id=三、公司股东数量及持股情况) At the end of the reporting period, the total number of ordinary shareholders was **14,491**. Among the top ten shareholders, Huang Jinxi, Huang Ganxiong, and Huang Mingxiong are major shareholders, related parties, and concerted parties. The company's dedicated share repurchase account held **8,570,600 shares**, accounting for **2.39%** of the total share capital - At the end of the reporting period, the total number of ordinary shareholders was **14,491** accounts[120](index=120&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) | Change in Holdings During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Jinxi | Foreign Natural Person | 21.61 | 77,377,300.00 | -10,252,500 | 65,722,350.00 | 11,654,950.00 | | Huang Ganxiong | Domestic Natural Person | 15.07 | 53,987,400.00 | 0 | 40,490,550.00 | 13,496,850.00 | | Huang Mingxiong | Domestic Natural Person | 14.05 | 50,315,200.00 | 0 | 37,736,400.00 | 12,578,800.00 | | Xiongjian Investment | Domestic Non-state-owned Legal Person | 2.29 | 8,195,200.00 | 0 | 0.00 | 8,195,200.00 | | Mingxi Anxin No. 8 Fund | Other | 1.35 | 4,835,000.00 | 0 | 0.00 | 4,835,000.00 | | Guan Zhengsheng | Domestic Natural Person | 1.21 | 4,324,372.00 | 0 | 0.00 | 4,324,372.00 | | Foshan Hongxin Private Equity Fund Management Co., Ltd. - Hongxin Dingfeng No. 2 Private Securities Investment Fund | Other | 1.12 | 4,000,000.00 | New Addition | 0.00 | 4,000,000.00 | | Ning Yong | Domestic Natural Person | 0.60 | 2,147,543.00 | -608,100 | 0.00 | 2,147,543.00 | | Wang Qianqian | Domestic Natural Person | 0.57 | 2,030,000.00 | New Addition | 0.00 | 2,030,000.00 | | Hong Wenhui | Domestic Natural Person | 0.45 | 1,602,450.00 | New Addition | 0.00 | 1,602,450.00 | - Huang Jinxi, Huang Ganxiong, and Huang Mingxiong are father-son/brother relationships; Huang Mingxiong holds **100%** equity in Xiongjian Investment. Huang Jinxi, Huang Ganxiong, Huang Mingxiong, Xiongjian Investment, and Mingxi Anxin No. 8 Fund are concerted parties[121](index=121&type=chunk) - As of the end of the reporting period, the company's dedicated share repurchase account held **8,570,600 shares**, accounting for **2.39%** of the company's total share capital[121](index=121&type=chunk) - The company has no voting rights differential arrangements, and the top 10 ordinary shareholders did not engage in agreed repurchase transactions during the reporting period[121](index=121&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=35&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, Vice Chairman Huang Jinxi reduced his holdings by **10,252,500 shares**, and Director, Deputy General Manager, and CFO Wu Duanming reduced his holdings by **263,750 shares**, while other directors, supervisors, and senior management had no changes in their shareholdings Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Number of Shares Reduced in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Jinxi | Vice Chairman | Current | 87,629,800 | 10,252,500 | 77,377,300 | | Wu Duanming | Director, Deputy General Manager and CFO | Current | 1,055,000 | 263,750 | 791,250 | | Total | -- | -- | 88,684,800.00 | 10,516,250.00 | 78,168,550.00 | [V. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=五、控股股东或实际控制人变更情况) Neither the company's controlling shareholder nor its actual controller changed during the reporting period - The company's controlling shareholder did not change during the reporting period[124](index=124&type=chunk) - The company's actual controller did not change during the reporting period[124](index=124&type=chunk) [VI. Preferred Shares Related Information](index=36&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[125](index=125&type=chunk) [Section VII Bond-Related Information](index=37&type=section&id=第七节%20债券相关情况) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[127](index=127&type=chunk) [Section VIII Financial Report](index=38&type=section&id=第八节%20财务报告) [I. Audit Report](index=38&type=section&id=一、审计报告) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[129](index=129&type=chunk) [II. Financial Statements](index=38&type=section&id=二、财务报表) This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively illustrating the company's financial position, operating results, and cash flow. The consolidated statements show total assets of **CNY 2.28 billion** and a net loss attributable to the parent company of **CNY 7.37 million** at period-end - The consolidated balance sheet shows total assets of **CNY 2,283,927,606.12** and total equity attributable to owners of the parent company of **CNY 1,996,270,638.25** at period-end[133](index=133&type=chunk) - The consolidated income statement shows total operating revenue of **CNY 473,065,828.35** and a net profit of **-CNY 7,373,978.16** for the current period[141](index=141&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-CNY 39,634,776.58**[147](index=147&type=chunk) - Parent company financial statements are also disclosed concurrently, reflecting the financial performance at the parent company level[134](index=134&type=chunk)[142](index=142&type=chunk)[148](index=148&type=chunk)[159](index=159&type=chunk) [III. Company Overview](index=54&type=section&id=三、公司基本情况) Guangdong Xiongsun Technology Group Co., Ltd. was established in 2013, listed on the Shenzhen Stock Exchange in 2017 with stock code **300599**, primarily engaged in R&D, production, and sales of plastic pipes, plastic products, and related accessories. As of June 30, 2025, the company's total share capital was **358 million shares**, with Huang Ganxiong as the actual controller, and this financial report was approved by the board of directors on August 21, 2025 - The company was established in **2013** and listed on the Shenzhen Stock Exchange in **January 2017**, with stock code **300599**[167](index=167&type=chunk) - The company's main business is the R&D, production, and sales

2025 年半年度报告 2025-062 重庆梅安森科技股份有限公司 2025 年半年度报告全文 重庆梅安森科技股份有限公司 2025 年 8 月 1 重庆梅安森科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 1、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。 2、公司负责人马焰、主管会计工作负责人郑海江及会计机构负责人(会 计主管人员)方雨声明：保证本半年度报告中财务报告的真实、准确、完整。 3、所有董事均已出席了审议本次半年报的董事会会议。 4、本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本 公司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够 的风险认识，并且应当理解计划、预测与承诺之间的差异。 5、请投资者注意阅读本报告第三节"管理层讨论与分析"之"十、公司 面临的风险和应对措施"中对公司风险提示的相关内容。 6、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 | | | | 第一节 | 重要提示、目录和释义 2 | | --- ...

深圳劲嘉集团股份有限公司 2025 年半年度报告全文 深圳劲嘉集团股份有限公司 2025 年半年度报告 2025 年 8 月 23 日 1 深圳劲嘉集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人乔鲁予、主管会计工作负责人富培军及会计机构负责人（会 计主管人员）富培军声明：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。 本半年度报告所涉及的经营业绩的预计、未来计划等前瞻性陈述均属于 公司计划性事项，存在一定的不确定性，不构成公司对投资者的实质性承诺， 敬请投资者及相关人士认识、注意投资风险，并且应当理解计划、预测与承 诺之间的差异。 可能对公司未来发展产生不利影响的风险因素主要为产业政策风险、新 产品市场开拓风险、外延并购风险、原材料价格上升和烟标产品价格下降影 响毛利率风险、管理风险和人力资源风险、商誉减值风险、控制权变更风险 等风险，有关风险因素及对策措施详见本报告"第三节、管理 ...

公司代码：601958 公司简称：金钼股份 无 六、 前瞻性陈述的风险声明 金堆城钼业股份有限公司 2025 年半年度报告 金堆城钼业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人严平、主管会计工作负责人王镇及会计机构负责人（会计主管人员）周超荣声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司作为以钼产品产销为主体、国内国际一体化运营的国际化企业，全方位参与市场竞争， 可 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms, company names, and industry-specific acronyms such as BT, PPP, and EPC used in the report [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms, company names, and industry-specific acronyms such as BT, PPP, and EPC used in the report - The report defines the names of the company and its affiliates, such as Tengda Construction, Bojia Trade, Luzetai, and Qianjiang Fourth Bridge[12](index=12&type=chunk) - It explains common terms in the construction industry, including Build-Transfer (BT), Public-Private Partnership (PPP), and Engineering, Procurement, Construction (EPC)[12](index=12&type=chunk)[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, stock profile, and key financial performance indicators for the reporting period [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines the basic information of Tengda Construction Group Co, Ltd, including its Chinese name, abbreviation, English name and abbreviation, and legal representative Yang Jiuru - The company's Chinese name is Tengda Construction Group Co, Ltd, abbreviated as **Tengda Construction**[15](index=15&type=chunk) - The company's legal representative is **Yang Jiuru**[15](index=15&type=chunk) [II. Contacts and Contact Information](index=5&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary Wang Shijin and Securities Affairs Representative Jiang Yijie, including address, phone, fax, and email, for investor communication - The Board Secretary is **Wang Shijin**, and the Securities Affairs Representative is **Jiang Yijie**[16](index=16&type=chunk) - The company's contact address is located at No 31, Lane 676, Wuxing Road, Pudong New Area, Shanghai[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section states that the company's registered and office addresses are at No 1, East Luqiao Avenue, Luqiao District, Taizhou City, Zhejiang Province, with no historical changes during the reporting period - The company's registered and office addresses are both at **No 1, East Luqiao Avenue, Luqiao District, Taizhou City, Zhejiang Province**[17](index=17&type=chunk) - There were no historical changes to the company's registered address during the reporting period[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's designated information disclosure newspapers as "China Securities Journal", "Shanghai Securities News", and "Securities Times", with the semi-annual report published on the Shanghai Stock Exchange website and available for inspection at the Board of Directors' Office in Pudong New Area, Shanghai - The company's designated information disclosure newspapers are **"China Securities Journal"**, **"Shanghai Securities News"**, and **"Securities Times"**[18](index=18&type=chunk) - The semi-annual report is published on **www.sse.com.cn**[18](index=18&type=chunk) [V. Brief Introduction to Company Stock](index=5&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Stock) This section provides basic information about the company's stock, including its type as A-shares, listing exchange as the Shanghai Stock Exchange, stock abbreviation as Tengda Construction, and stock code as 600512 - The company's stock type is **A-shares**, listed on the **Shanghai Stock Exchange**[19](index=19&type=chunk) - The stock abbreviation is **Tengda Construction**, and the stock code is **600512**[19](index=19&type=chunk) [VII. Company's Main Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company's%20Main%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's main accounting data and financial indicators for the first half of 2025, showing a 5.20% year-on-year decrease in operating revenue and a 0.69% year-on-year decrease in net profit attributable to shareholders, but a significant 35.50% year-on-year increase in net cash flow from operating activities 2025 Semi-Annual Main Accounting Data | Main Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,609,585,650.51 | 1,697,920,288.32 | -5.20 | | Total Profit | 118,441,137.04 | 119,435,598.92 | -0.83 | | Net Profit Attributable to Listed Company Shareholders | 108,090,077.14 | 108,835,681.14 | -0.69 | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Gains and Losses | 107,672,568.89 | 121,120,299.12 | -11.10 | | Net Cash Flow from Operating Activities | -335,325,574.90 | -519,915,713.66 | 35.50 | | Net Assets Attributable to Listed Company Shareholders (End of Period) | 6,259,287,461.51 | 6,234,248,346.26 | 0.40 | | Total Assets (End of Period) | 10,645,064,266.11 | 10,924,176,929.81 | -2.55 | 2025 Semi-Annual Main Financial Indicators | Main Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.07 | 0.07 | 0.00 | | Diluted Earnings Per Share (yuan/share) | 0.07 | 0.07 | 0.00 | | Basic Earnings Per Share After Non-Recurring Gains and Losses (yuan/share) | 0.07 | 0.08 | -12.50 | | Weighted Average Return on Net Assets (%) | 1.73 | 1.74 | Decrease of 0.01 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains and Losses (%) | 1.72 | 1.94 | Decrease of 0.22 percentage points | 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 9,240.44 | | Government grants included in current profit and loss | 2,566,000.00 | | Other non-operating income and expenses apart from the above | -1,810,970.08 | | Less: Income tax impact | 323,115.12 | | Impact on minority interests (after tax) | 23,646.99 | | Total | 417,508.25 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth discussion and analysis of the company's industry, main business operations, operating performance, core competitiveness, and other significant matters during the reporting period [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company's main businesses are construction engineering (accounting for 94.40% of operating revenue) and real estate development, falling under the civil engineering construction sector of the construction industry, with operations primarily in the East China region, focusing on single construction contracts and enhancing competitiveness through reform and innovation - The company's main businesses are construction engineering and real estate development, with construction business revenue accounting for **94.40%**[29](index=29&type=chunk) - The company holds multiple qualifications, including **Special Grade for Municipal Public Works General Contracting**, **Grade I for Building Construction General Contracting**, and **Grade I for Highway Engineering General Contracting**[29](index=29&type=chunk) - The primary operating models are single construction contracts and financing contracts, with single construction contracts being dominant and no new financing projects since 2017[30](index=30&type=chunk) - The company actively promotes direct and joint venture project reforms, optimizes cost estimation, strengthens risk control, and accelerates the establishment of high-level scientific and technological innovation platforms, focusing on smart construction and digital technologies[32](index=32&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) During the reporting period, the company actively responded to market challenges by expanding its market through a "focus on core, proactive breakthrough" strategy, progressing 39 engineering projects with 32 under construction, while maintaining quality, strengthening management, and achieving 40 patents, despite a 5.20% year-on-year decrease in operating revenue and flat net profit due to external factors - The company adopted a market strategy of **"focusing on core, proactive breakthrough"**, deepening traditional domestic markets and collaborating with central enterprises, while focusing on overseas industrial projects in the international market[32](index=32&type=chunk) - During the reporting period, the company managed **39 projects**, with **32 projects under construction**, including 14 direct/joint venture projects and 25 cooperative projects[33](index=33&type=chunk) - The company adheres to the values of "customer-centric, quality-core", strengthens quality management, and obtained **40 patents** (10 invention patents, 30 utility model patents)[34](index=34&type=chunk) 2025 Semi-Annual Operating Performance | Indicator | Amount (yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 1,609,585,650.51 | -5.20 | | Operating Profit | 120,584,754.33 | -1.77 | | Net Profit Attributable to Parent Company Owners | 108,090,077.14 | Flat | [III. Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its R&D technology, qualifications, business scope, project management and cost control, and talent advantages, holding national high-tech enterprise status and provincial research institute recognition, with advanced technologies in specialized construction areas, comprehensive top-tier qualifications, a focus on high-quality infrastructure and boutique real estate, intelligent management systems, and an experienced, continuously developing professional team - The company holds **"National High-Tech Enterprise"** certification and a **"Zhejiang Provincial Enterprise Research Institute"**, possessing technological advantages in deep foundation pit engineering, bridge engineering, and shield tunneling construction[38](index=38&type=chunk)[39](index=39&type=chunk) - The company is one of the earliest domestic enterprises to obtain the **Special Grade qualification for Municipal Public Works General Contracting**, along with Grade I qualifications for building construction and highway engineering, providing a strong platform for business expansion[40](index=40&type=chunk) - In engineering construction, the company focuses on **infrastructure development** with a high-quality client base; in real estate development, it concentrates on creating personalized, boutique products to enhance brand reputation[41](index=41&type=chunk) - The company utilizes its independently developed **"Tengda Construction Cloud" system** to establish a "1+9+X" intelligent full-element control model, enhancing project refined management and cash flow control capabilities[42](index=42&type=chunk)[43](index=43&type=chunk) - The company possesses an experienced team of project management and technical personnel, continuously attracting outstanding technical talent to build an integrated industry-academia-research platform and a **"craftsman team"**[44](index=44&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=11&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the company's financial statement item changes, asset-liability status, investment activities, and the operating performance of major controlled and investee companies during the reporting period, noting decreases in operating revenue and costs, increases in administrative and R&D expenses, higher financial expenses due to reduced interest income, decreased net cash outflow from operating activities, and a significant drop in net cash inflow from investing activities, while maintaining a stable asset-liability structure with minor overseas assets and significant profit contributions from Taizhou Bank among its 37 controlled and investee entities 2025 Semi-Annual Financial Statement Related Item Changes | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,609,585,650.51 | 1,697,920,288.32 | -5.20 | | Operating Cost | 1,448,634,303.18 | 1,518,844,445.36 | -4.62 | | Selling Expenses | 4,441,887.72 | 4,849,262.23 | -8.40 | | Administrative Expenses | 86,617,938.66 | 79,029,233.73 | 9.60 | | Financial Expenses | -4,902,135.01 | -12,919,739.96 | 62.06 | | R&D Expenses | 59,029,130.35 | 51,629,653.01 | 14.33 | | Net Cash Flow from Operating Activities | -335,325,574.90 | -519,915,713.66 | 35.50 | | Net Cash Flow from Investing Activities | 1,866,187.19 | 441,334,717.58 | -99.58 | | Net Cash Flow from Financing Activities | -38,511,415.05 | -431,645,997.38 | 91.08 | | Taxes and Surcharges | 8,013,879.54 | 25,153,838.53 | -68.14 | | Investment Income | 104,072,103.59 | 76,458,649.35 | 36.12 | - The decrease in operating revenue and costs was primarily due to reduced construction and property sales revenue; administrative expenses increased due to higher management salaries; financial expenses rose due to lower interest income; and R&D investment increased[47](index=47&type=chunk) - The decrease in net cash outflow from operating activities was mainly due to the payment of the final installment for the Luqiao District land acquisition in the prior period, while the current period primarily involved payments for engineering and material costs[47](index=47&type=chunk) - The significant decrease in net cash inflow from investing activities was mainly because the prior period included the liquidation of a securities investment collective fund trust plan, with no such business in the current period[47](index=47&type=chunk) - The company's overseas assets amounted to **8.75 million yuan**, accounting for **0.08%** of total assets[49](index=49&type=chunk) Main Asset Restrictions at Period-End | Item | Book Balance at Period-End (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 58,129,026.16 | Under Supervision | Engineering special funds under supervision | | Monetary Funds | 44,496,130.62 | Frozen | Funds frozen due to litigation | | Monetary Funds | 2,600,000.00 | Frozen | Guarantee deposit for letters of guarantee | | Monetary Funds | 20,619,364.70 | Frozen | Deposit for individual housing mortgage loans | | Monetary Funds | 400,000.00 | Frozen | Migrant worker wage guarantee deposit | | Monetary Funds | 4,000.00 | Frozen | Other restricted funds | | Total | 126,248,521.48 | / | / | - As of the end of the reporting period, the company directly and indirectly controlled or invested in a total of **37 enterprises**, including 18 wholly-owned subsidiaries, 7 controlled subsidiaries, 8 joint ventures and associates, and 4 investee companies[53](index=53&type=chunk) Operating Performance of Major Controlled and Investee Companies (Unit: ten thousand yuan) | Company Name | Company Type | Main Business | Total Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Qianjiang Fourth Bridge Management Co., Ltd. | Subsidiary | Operation and management of Qianjiang Fourth Bridge | 23,869.79 | 513.70 | | Shanghai Tengda Investment Co., Ltd. | Subsidiary | Industrial investment | 139,075.08 | 16,266.00 | | Yunnan Tengda Yuntong Real Estate Co., Ltd. | Subsidiary | Real estate development and operation | 68,324.71 | 240.00 | | Zhejiang Tengda Construction Real Estate Co., Ltd. | Subsidiary | Real estate development and operation | 151,966.33 | -388.33 | | Yichun Tengda Real Estate Co., Ltd. | Subsidiary | Real estate development investment, planning, sales, property management | 23,624.70 | -280.49 | | Taizhou Tengda Hui Real Estate Development Co., Ltd. | Subsidiary | Real estate development, sales | 69,015.26 | -55.54 | | Taizhou Huiye Investment Co., Ltd. | Subsidiary | Industrial investment | 169,880.30 | 9,938.03 | | Taizhou Bank Co., Ltd. | Investee Company | Banking and finance | 41,622,313.57 | 212,310.46 | | Zhejiang Taizhou Coastal Expressway Co., Ltd. | Investee Company | Expressway project investment, construction, operation | 1,726,983.17 | -29,763.34 | - During the reporting period, the company established a new subsidiary, Hangzhou Tengxi Digital Intelligence Construction Technology Co, Ltd, and acquired Fujian Gutang Decoration Co, Ltd (later renamed Quanzhou Tengchuang Construction Co, Ltd), with minor impact on overall production, operations, and performance[55](index=55&type=chunk) [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses the company's exposure to macroeconomic fluctuations, industrial policies, market segmentation, management and financial risks, accounts receivable credit risk, and investment risks, while highlighting its proactive implementation of "quality and efficiency improvement for greater returns" initiatives, focus on digital and smart construction, and achievements in technological innovation, including multiple engineering quality and safety awards and 98 patents, alongside its commitment to investor returns through a 122.99% cash dividend for 2024, enhanced information disclosure, and strengthened corporate governance - The company faces risks from macroeconomic fluctuations, changes in industrial policies, market regional segmentation, management and financial risks (PPP business funding costs, long real estate development cycles), accounts receivable credit risk, and external investment risks[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - The company actively implements the "quality and efficiency improvement for greater returns" action plan, focusing on "digitalization and smart construction", promoting the R&D and application of the Tengda Cloud Platform 3.0, and was approved as a Zhejiang Provincial Smart Construction Pilot Enterprise[59](index=59&type=chunk) - In 2024, the engineering projects undertaken by the company received **4 provincial-level and 5 municipal-level engineering quality awards**, and **2 provincial-level and 5 municipal-level safety standardization site awards**[60](index=60&type=chunk) - The company obtained **98 patents** (12 invention patents, 86 utility model patents) and was the lead/participating editor for 4 group standards[60](index=60&type=chunk) - In June 2025, the company implemented its 2024 equity distribution, distributing a cash dividend of **31.88 million yuan** (tax included), with a cash dividend ratio of **122.99%**, an increase of 55.06 percentage points compared to 2023[61](index=61&type=chunk) - The company strengthened information disclosure and investor communication, publishing **34 interim announcements and 4 periodic reports** in 2024, and organizing **3 online performance briefings**[61](index=61&type=chunk) - The company reinforced the compliance awareness and performance capabilities of its directors, supervisors, and senior management, revised its Articles of Association, optimized the rights and responsibilities of governance entities, and improved corporate governance[62](index=62&type=chunk) [Section IV Corporate Governance, Environment and Society](index=16&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, equity incentive programs, environmental information disclosure, and efforts in poverty alleviation and rural revitalization [I. Changes in Directors, Supervisors, and Senior Management](index=16&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period [II. Profit Distribution or Capital Reserve Capitalization Plan](index=16&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Capitalization%20Plan) The company's proposed semi-annual profit distribution or capital reserve capitalization plan is "none", indicating no distribution or capitalization will be made - The company's proposed semi-annual profit distribution plan or capital reserve capitalization plan is **"none"**[64](index=64&type=chunk) [III. Information on the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=16&type=section&id=III.%20Information%20on%20the%20Company's%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) Due to the failure to meet the 2024 company-level performance assessment targets and two incentive recipients not meeting conditions, the company repurchased and canceled 5,091,853 restricted shares granted but not yet unblocked to 58 incentive recipients on June 16, 2025 - Due to the failure to meet the 2024 performance assessment targets and two incentive recipients not meeting conditions, the company repurchased and canceled **5,091,853 restricted shares** granted but not yet unblocked to 58 incentive recipients under the 2023 Restricted Stock Incentive Plan[65](index=65&type=chunk)[66](index=66&type=chunk) [IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=17&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Main%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) During the reporting period, the company had no environmental information regarding listed companies and their main subsidiaries included in the list of enterprises required to disclose environmental information by law [V. Specific Situations Regarding Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=17&type=section&id=V.%20Specific%20Situations%20Regarding%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20etc.) During the reporting period, the company had no specific situations regarding consolidating and expanding poverty alleviation achievements, rural revitalization, or related work [Section V Significant Matters](index=18&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, absence of fund occupation or illegal guarantees, audit status, major related-party transactions, and significant contracts, along with other important disclosures [I. Fulfillment of Commitments](index=18&type=section&id=I.%20Fulfillment%20of%20Commitments) All founding shareholders and the actual controller Ye Linfu strictly fulfilled their commitments regarding avoiding horizontal competition and not unduly interfering with the company's operations, with timely and strict adherence during the reporting period - All founding shareholders committed not to directly or indirectly engage in business activities that compete with the company's operations, and have fulfilled this commitment promptly and strictly[70](index=70&type=chunk) - The actual controller, Ye Linfu, committed not to unduly interfere with the company's operations or infringe upon its interests, and has fulfilled this commitment promptly and strictly[70](index=70&type=chunk) [II. Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties During the Reporting Period](index=18&type=section&id=II.%20Non-Operating%20Occupation%20of%20Funds%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the company [III. Illegal Guarantees](index=18&type=section&id=III.%20Illegal%20Guarantees) During the reporting period, the company did not provide any external guarantees in violation of decision-making procedures [IV. Half-Yearly Report Audit Status](index=19&type=section&id=IV.%20Half-Yearly%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Annual Report](index=19&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Involving%20Non-Standard%20Audit%20Opinions%20in%20the%20Previous%20Annual%20Report) During the reporting period, there were no changes or handling of matters involving non-standard audit opinions from the previous annual report [VI. Bankruptcy and Reorganization Matters](index=19&type=section&id=VI.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy or reorganization matters [VII. Major Litigation and Arbitration Matters](index=19&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters [VIII. Situations Where the Listed Company and Its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers Are Suspected of Violations, Subjected to Penalties, and Rectification](index=19&type=section&id=VIII.%20Situations%20Where%20the%20Listed%20Company%20and%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20Are%20Suspected%20of%20Violations%2C%20Subjected%20to%20Penalties%2C%20and%20Rectification) During the reporting period, there were no situations where the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers were suspected of violations, subjected to penalties, or underwent rectification [IX. Explanation of the Integrity Status of the Company and Its Controlling Shareholders and Actual Controllers During the Reporting Period](index=19&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%20and%20Its%20Controlling%20Shareholders%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) During the reporting period, there was no explanation of the integrity status of the company, its controlling shareholders, or actual controllers [X. Significant Related-Party Transactions](index=19&type=section&id=X.%20Significant%20Related-Party%20Transactions) During the reporting period, the company had related-party creditor-debtor transactions with Xindu Hotel, with an ending balance of **143.40 million yuan**, primarily for current accounts, having minimal impact on the company's operating results and financial position Related-Party Creditor-Debtor Transactions | Related Party | Related Relationship | Beginning Balance (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Xindu Hotel | Other related parties | 143,400,000 | 143,400,000 | - The related-party creditor-debtor transactions arose from current accounts, with minimal impact on the company's operating results and financial position[74](index=74&type=chunk) [XI. Significant Contracts and Their Performance](index=20&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) This section discloses 27 major engineering contracts still under construction at the end of the reporting period, including the Hangzhou Zhijiang Road Water Pipeline Corridor and Road Improvement Project and the Shanghai Rail Transit Airport Link Line Project, many of which experienced delays due to design, pipeline, demolition, or coordination issues, also listing 45 completed but unsettled contracts and housing lease arrangements with Zhejiang Tengxin - As of the end of the reporting period, the company had **27 major engineering contracts** still under construction, including the Hangzhou Zhijiang Road Water Pipeline Corridor and Road Improvement Project (provisional contract value **1.73 billion yuan**) and Shanghai Yanjiang Channel Pudong Section Expressway Main Line Construction Section 6 (winning bid price **508 million yuan**)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - Multiple ongoing contracts faced construction overruns or delays due to factors such as delayed design drawings, pipeline relocation, traffic control approval, flood season, demolition factors, owner's land acquisition reasons, and coordination issues with railway construction for cross-construction[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk) - The company has a housing lease business with Zhejiang Tengxin, recognizing lease income of **0.35 million yuan** in the current period[79](index=79&type=chunk) - As of the end of the reporting period, the company had **45 engineering projects** that had been completed and accepted, currently undergoing final settlement, including Shanghai East-West Channel Pudong Section Widening Project Section 2 and Hangzhou Metro Line 7 Project Civil Construction SG7-1 Section[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) [XII. Explanation of Progress in the Use of Raised Funds](index=25&type=section&id=XII.%20Explanation%20of%20Progress%20in%20the%20Use%20of%20Raised%20Funds) During the reporting period, the company had no explanation of progress in the use of raised funds [XIII. Explanation of Other Significant Matters](index=25&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no explanation of other significant matters [Section VI Share Changes and Shareholder Information](index=25&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, including the reduction in total share capital due to the repurchase and cancellation of 5.09 million restricted shares from the 2023 equity incentive plan, and provides an overview of shareholder information, including the top ten shareholders and their relationships [I. Changes in Share Capital](index=25&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital decreased due to the repurchase and cancellation of **5.09 million restricted shares** from the 2023 Restricted Stock Incentive Plan, leading to a reduction in restricted shares and a corresponding increase in the proportion of unrestricted tradable shares Share Capital Changes | Item | Quantity Before Change | Increase/Decrease (+, -) | Quantity After Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 11,497,669 | -5,091,853 | 6,405,816 | | II. Unrestricted Tradable Shares | 1,587,405,163 | 0 | 1,587,405,163 | | III. Total Shares | 1,598,902,832 | -5,091,853 | 1,593,810,979 | - The main reason for the share capital change was the company's repurchase and cancellation of **5,091,853 restricted shares** from the 2023 Restricted Stock Incentive Plan[100](index=100&type=chunk) Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Unblocked During Period | Restricted Shares Increased During Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Incentive recipients of the company's 2023 Restricted Stock Incentive Plan | 11,497,669 | 0 | 0 | 6,405,816 | Restricted Stock Incentive Plan | [II. Shareholder Information](index=26&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **61,381 common shareholders**, with Ye Linfu holding the largest stake at **8.28%**, followed by Xu Shuang at **6.00%**, and the top ten shareholders primarily consisting of domestic natural persons and private securities investment funds, with some related-party relationships among them - As of the end of the reporting period, the company had a total of **61,381 common shareholders**[102](index=102&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shareholding at Period-End | Proportion (%) | Restricted Shares Held | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Ye Linfu | 132,047,177 | 8.28 | 0 | Domestic Natural Person | | Xu Shuang | 95,692,673 | 6.00 | 0 | Domestic Natural Person | | Ye Yangyou | 33,079,360 | 2.08 | 0 | Domestic Natural Person | | Ye Xiaogen | 27,507,484 | 1.73 | 0 | Domestic Natural Person | | Beijing Taidesheng Private Equity Fund Management Co., Ltd. - Taidesheng Investment Zhisheng Quant 2 Private Securities Investment Fund | 24,607,958 | 1.54 | 0 | Other | | Feng Yunhao | 20,225,100 | 1.27 | 0 | Domestic Natural Person | | Beijing Taidesheng Private Equity Fund Management Co., Ltd. - Taidesheng Investment Delai 3 Private Securities Investment Fund | 19,672,212 | 1.23 | 0 | Other | | Ye Lichun | 15,640,932 | 0.98 | 0 | Domestic Natural Person | | Huang Heling | 13,857,900 | 0.87 | 0 | Domestic Natural Person | | Ye Yani | 11,450,000 | 0.72 | 0 | Domestic Natural Person | - Ye Yangyou is Ye Linfu's father; Xu Shuang is Ye Linfu's spouse; Ye Yangyou and Ye Xiaogen are brothers; Ye Lichun and Ye Yani are father and daughter[105](index=105&type=chunk) Top Ten Restricted Shareholders' Shareholding and Restrictions | No. | Restricted Shareholder Name | Restricted Shares Held | Restriction Conditions | | :--- | :--- | :--- | :--- | | 1 | Ye Lijun | 657,000 | Restricted Stock Incentive Plan | | 2 | Yang Jiuru | 657,000 | Restricted Stock Incentive Plan | | 3 | Sun Jiuchun | 525,600 | Restricted Stock Incentive Plan | | 4 | Yan Weilei | 367,920 | Restricted Stock Incentive Plan | | 5 | Wang Gui | 367,920 | Restricted Stock Incentive Plan | | 6 | Lin Shanglian | 367,920 | Restricted Stock Incentive Plan | | 7 | Wang Zhengchu | 367,920 | Restricted Stock Incentive Plan | | 8 | Huang Zhenjiang | 262,800 | Restricted Stock Incentive Plan | | 9 | Xiao Ming | 197,080 | Restricted Stock Incentive Plan | | 10 | Lin Huan | 157,680 | Restricted Stock Incentive Plan | [III. Information on Directors, Supervisors, and Senior Management](index=28&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the shareholdings of several of the company's directors, supervisors, and senior management, including Chairman Ye Lijun and Vice Chairman and President Yang Jiuru, decreased due to the repurchase and cancellation of restricted shares from the equity incentive plan Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period | Shares Held at End of Period | Change in Shares During Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ye Lijun | Chairman | 1,642,500 | 1,149,750 | -492,750 | Repurchase and cancellation of restricted shares from equity incentive | | Yang Jiuru | Vice Chairman, President | 1,642,500 | 1,149,750 | -492,750 | Repurchase and cancellation of restricted shares from equity incentive | | Sun Jiuchun | Director, Vice President, Chief Engineer | 1,314,000 | 919,800 | -394,200 | Repurchase and cancellation of restricted shares from equity incentive | | Yan Weilei | Vice President | 953,900 | 677,960 | -275,940 | Repurchase and cancellation of restricted shares from equity incentive | | Wang Gui | Vice President | 919,800 | 643,860 | -275,940 | Repurchase and cancellation of restricted shares from equity incentive | | Lin Shanglian | Vice President | 919,800 | 643,860 | -275,940 | Repurchase and cancellation of restricted shares from equity incentive | | Wang Zhengchu | Vice President | 981,800 | 705,860 | -275,940 | Repurchase and cancellation of restricted shares from equity incentive | - All share reductions were due to the failure to meet the 2024 company-level performance assessment targets, leading to the repurchase and cancellation of restricted shares from the equity incentive plan[110](index=110&type=chunk) [Section VII Bond-Related Information](index=29&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=29&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=29&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds [Section VIII Financial Report](index=30&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and specific financial items [I. Audit Report](index=30&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [II. Financial Statements](index=30&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, showing a decrease in total assets and current liabilities, a slight increase in owners' equity attributable to the parent company, a slight year-on-year decrease in operating revenue and net profit, reduced net cash outflow from operating activities, a significant drop in net cash inflow from investing activities, and changes in owners' equity primarily due to restricted stock repurchases and share-based payment expenses Consolidated Balance Sheet Key Data (Period-End) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 10,645,064,266.11 | 10,924,176,929.81 | | Total Current Assets | 7,399,100,367.98 | 7,709,051,641.42 | | Total Non-Current Assets | 3,245,963,898.13 | 3,215,125,288.39 | | Total Liabilities | 4,361,815,215.53 | 4,665,419,165.45 | | Total Current Liabilities | 4,350,179,881.35 | 4,649,951,058.29 | | Total Owners' Equity Attributable to Parent Company | 6,259,287,461.51 | 6,234,248,346.26 | Consolidated Income Statement Key Data (Current Period) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,609,585,650.51 | 1,697,920,288.32 | | Operating Profit | 120,584,754.33 | 122,758,013.65 | | Total Profit | 118,441,137.04 | 119,435,598.92 | | Net Profit | 107,542,248.11 | 107,741,628.89 | | Net Profit Attributable to Parent Company Shareholders | 108,090,077.14 | 108,835,681.14 | | Basic Earnings Per Share (yuan/share) | 0.07 | 0.07 | Consolidated Cash Flow Statement Key Data (Current Period) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -335,325,574.90 | -519,915,713.66 | | Net Cash Flow from Investing Activities | 1,866,187.19 | 441,334,717.58 | | Net Cash Flow from Financing Activities | -38,511,415.05 | -431,645,997.38 | | Net Increase in Cash and Cash Equivalents | -371,970,802.76 | -510,226,993.46 | - Changes in owners' equity attributable to the parent company were primarily influenced by the **repurchase and cancellation of 5,091,853 restricted shares** and **share-based payment expenses of 1.75 million yuan**[133](index=133&type=chunk)[134](index=134&type=chunk) [III. Company Overview](index=51&type=section&id=III.%20Company%20Overview) Tengda Construction Group Co, Ltd, registered on August 21, 1995, in Zhejiang Province, with its headquarters in Taizhou, has a registered capital of **1.59 billion yuan** and has been listed on the Shanghai Stock Exchange since December 26, 2002, primarily engaging in construction engineering and real estate development, alongside overseas contracting, landscaping, planning, design, and investment activities - The company was registered on **August 21, 1995**, headquartered in Taizhou City, Zhejiang Province, and its shares were listed on the Shanghai Stock Exchange on **December 26, 2002**[145](index=145&type=chunk) - The company's registered capital is **1.59 billion yuan**, with **6.41 million restricted tradable A-shares** and **1.59 billion unrestricted tradable A-shares**[145](index=145&type=chunk) - The company's business scope includes construction engineering, real estate development and operation, overseas contracting, landscape engineering construction, and investment activities[145](index=145&type=chunk) [IV. Basis of Preparation of Financial Statements](index=51&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, with no events or circumstances that would raise significant doubt about its ability to continue as a going concern for the next 12 months from the end of the reporting period - The company's financial statements are prepared on a **going concern basis**[147](index=147&type=chunk) - There are no events or circumstances that raise significant doubt about the company's ability to continue as a going concern for the next 12 months[148](index=148&type=chunk) [V. Significant Accounting Policies and Estimates](index=51&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, adhering to enterprise accounting standards, using the calendar year as the accounting period, and defining operating cycles based on business characteristics, with strict adherence to standards for financial instrument classification, measurement, and impairment, revenue recognition based on performance obligations, and specific methods for construction contracts, real estate sales, and Qianjiang Fourth Bridge operating rights, also covering government grants, deferred income tax, leases, and share-based payments - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[150](index=150&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the calendar year[151](index=151&type=chunk) - The operating cycle in the real estate industry is generally longer than 12 months, and this operating cycle is used as the criterion for classifying assets and liabilities as current or non-current[153](index=153&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[164](index=164&type=chunk) - Revenue recognition principles are based on identifying single performance obligations in contracts and determining whether they are satisfied over time or at a point in time[208](index=208&type=chunk) - Revenue from construction contracts is recognized based on the progress of performance, real estate sales revenue is recognized when control of the property is transferred, and revenue from Qianjiang Fourth Bridge operating rights is recognized using the straight-line method over the cumulative concession period[211](index=211&type=chunk) - Government grants are classified as asset-related or income-related, either reducing the carrying amount of assets or recognized as deferred income, or directly recognized in profit or loss for the current period[214](index=214&type=chunk)[215](index=215&type=chunk) - Deferred income tax assets and liabilities are recognized based on the differences between the carrying amounts of assets and liabilities and their tax bases[216](index=216&type=chunk)[217](index=217&type=chunk) [VI. Taxation](index=72&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, enterprise income tax, land value-added tax, property tax, education surcharge, and local education surcharge, noting that the company enjoys a 15% enterprise income tax rate as a high-tech enterprise, while some subsidiaries are recognized as small-profit enterprises and pay enterprise income tax at a 20% rate Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5%, 1% | | Enterprise Income Tax | Taxable income | 15%, 20%, 25% | | Land Value-Added Tax | Value-added amount | 30%-60% (prepayment 1%-5%) | | Property Tax | Original value of property or rental income | 1.2% or 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company is recognized as a **high-tech enterprise**, paying enterprise income tax at a rate of **15%**[226](index=226&type=chunk) - Subsidiaries Meishan Langjie, Ningbo Huitian, Tengchuang Zhizhi, and Bojia Trade are recognized as **small-profit enterprises**, paying enterprise income tax at a rate of **20%**[226](index=226&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=73&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various consolidated financial statement items, including monetary funds totaling **2.24 billion yuan** with **4.53 million yuan** in overseas funds, accounts receivable and contract assets at **275.00 million yuan** and **1.80 billion yuan** respectively with detailed bad debt provisions, inventories of **2.79 billion yuan** mainly comprising contract performance costs and development products, long-term equity investments of **1.83 billion yuan** primarily from investments in associates, and changes in share capital, capital reserves, and treasury stock due to restricted share repurchases, alongside decreases in operating revenue and costs, increases in R&D expenses and investment income, reduced net cash outflow from operating activities, and a significant drop in net cash inflow from investing activities Monetary Funds | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on hand | 340,584.84 | 475,812.15 | | Bank deposits | 2,226,719,593.69 | 2,588,940,072.25 | | Other monetary funds | 9,347,833.72 | 9,412,338.69 | | Total | 2,236,408,012.25 | 2,598,828,223.09 | | Of which: Total funds deposited overseas | 4,527,166.13 | 73,025.92 | Accounts Receivable by Age | Age | Ending Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 220,605,117.79 | 277,756,211.80 | | 1 to 2 years | 12,482,943.35 | 69,007,918.56 | | 2 to 3 years | 23,168,868.32 | 28,633,616.10 | | Over 3 years | 18,747,767.76 | 20,460,679.54 | | Total | 275,004,697.22 | 395,858,426.00 | Contract Assets | Item | Ending Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Completed but unsettled | 1,803,854,426.91 | 1,849,869,621.63 | | Total | 1,803,854,426.91 | 1,849,869,621.63 | Inventory Classification (Ending Book Value) | Item | Ending Book Value (yuan) | | :--- | :--- | | Merchandise inventory | 1,093,032.58 | | Contract performance costs | 862,178,134.65 | | Development costs | 1,343,989,272.70 | | Developed products | 571,030,945.26 | | Other revolving materials | 9,168,379.95 | | Total | 2,787,459,765.14 | Long-Term Equity Investments (Ending Book Value) | Item | Ending Balance (yuan) | | :--- | :--- | | I. Joint ventures | 4,936,868.08 | | II. Associates | 1,823,687,778.93 | | Total | 1,828,624,647.01 | Share Capital Changes | Item | Beginning Balance (yuan) | Change During Period (+, -) (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Shares | 1,598,902,832.00 | -5,091,853.00 | 1,593,810,979.00 | - The decrease in share capital was primarily due to the **repurchase and cancellation of 5,091,853 restricted shares**[330](index=330&type=chunk) Operating Revenue and Operating Cost | Item | Current Period (Revenue) (yuan) | Current Period (Cost) (yuan) | Prior Period (Revenue) (yuan) | Prior Period (Cost) (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,587,509,671.90 | 1,432,687,775.00 | 1,679,409,940.08 | 1,504,130,149.99 | | Other Business | 22,075,978.61 | 15,946,528.18 | 18,510,348.24 | 14,714,295.37 | | Total | 1,609,585,650.51 | 1,448,634,303.18 | 1,697,920,288.32 | 1,518,844,445.36 | R&D Expenses | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Direct input expenses | 38,486,188.82 | 34,947,535.40 | | Employee compensation | 15,526,108.82 | 14,035,243.73 | | Depreciation and amortization expenses | 3,047,920.26 | 1,697,647.70 | | Other | 1,968,912.45 | 949,226.18 | | Total | 59,029,130.35 | 51,629,653.01 | Investment Income | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | 104,072,103.59 | 87,871,424.28 | | Investment income from disposal of trading financial assets | 0 | -11,412,774.93 | | Total | 104,072,103.59 | 76,458,649.35 | Credit Impairment Losses | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Bad debt losses on accounts receivable | -9,672,346.76 | -9,515,686.43 | | Bad debt losses on other receivables | 2,412,440.10 | -891,090.87 | | Impairment losses on contract assets | 1,405,789.63 | -3,504,295.95 | | Total | -5,854,117.03 | -13,911,073.25 | [VIII. Research and Development Expenses](index=126&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section details the company's R&D expenses for the first half of 2025, totaling **59.03 million yuan**, all of which were expensed, representing a 14.33% year-on-year increase, primarily comprising direct input costs, employee compensation, depreciation and amortization, and other related expenses R&D Expenses by Nature of Expense | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Direct input expenses | 38,486,188.82 | 34,947,535.40 | | Employee compensation | 15,526,108.82 | 14,035,243.73 | | Depreciation and amortization expenses | 3,047,920.26 | 1,697,647.70 | | Other related expenses | 1,968,912.45 | 949,226.18 | | Total | 59,029,130.35 | 51,629,653.01 | | Of which: Expensed R&D expenses | 59,029,130.35 | 51,629,653.01 | - All R&D expenses in the current period were expensed, with no capitalized R&D expenses[381](index=381&type=chunk) [IX. Changes in Consolidation Scope](index=127&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed with the establishment of a new subsidiary, Hangzhou Tengxi Digital Intelligence Construction Technology Co, Ltd, and the acquisition of Fujian Gutang Decoration Co, Ltd (later renamed Quanzhou Tengchuang Construction Co, Ltd) - The company established a new subsidiary, **Hangzhou Tengxi Digital Intelligence Construction Technology Co, Ltd**, in April 2025[382](index=382&type=chunk) - The company acquired **100% equity of Fujian Gutang Decoration Co, Ltd** in May 2025, which was subsequently renamed Quanzhou Tengchuang Construction Co, Ltd[382](index=382&type=chunk) [X. Interests in Other Entities](index=127&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including various subsidiaries involved in investment management, highway operations, and real estate development, with Yunnan Real Estate as a significant non-wholly-owned subsidiary with an 11.00% minority interest, and the company holding a 5% stake in Taizhou Bank with significant influence through board representation, also exercising significant influence over Panshi Investment Partnership and Panshi Zeshan Investment through committee appointments Enterprise Group Structure (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital (ten thousand yuan) | Business Nature | Shareholding Ratio (Direct %) | | :--- | :--- | :--- | :--- | :--- | | Tengda Investment | Shanghai | 150000 | Investment management | 99.67 | | Qianjiang Fourth Bridge | Hangzhou | 15300 | Highway | 75.00 | | Taizhou Tengda Hui | Taizhou | 10000 | Real estate development | 0 | | Yunnan Real Estate | Kunming | 5000 | Real estate development | 89.00 | | Zhejiang Real Estate | Taizhou | 50000 | Real estate development | 100.00 | Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Yunnan Real Estate) | Indicator | Current Period (ten thousand yuan) | Prior Period (ten thousand yuan) | | :--- | :--- | :--- | | Operating Revenue | 3,003.26 | 7,238.03 | | Net Profit | 179.96 | 911.21 | | Total Comprehensive Income | 179.96 | 911.21 | | Cash Flow from Operating Activities | -1,567.87 | -910.15 | - The company holds a **5% stake in Taizhou Bank** and has a director on its board, exercising significant influence over it[387](index=387&type=chunk) Key Financial Information of Significant Joint Venture (Taizhou Bank) | Item | Ending Balance/Current Period Amount (yuan) | | :--- | :--- | | Total Assets | 416,223,135,662.64 | | Total Liabilities | 377,333,474,459.53 | | Owners' Equity Attributable to Parent Company Shareholders | 38,889,661,203.11 | | Operating Revenue | 5,860,400,409.23 | | Net Profit | 2,123,104,550.4 | | Total Comprehensive Income | 1,604,764,306.45 | Consolidated Financial Information of Insignificant Joint Ventures and Associates | Item | Ending Balance/Current Period Amount (yuan) | | :--- | :--- | | Total book value of joint venture investments | 4,936,868.08 | | Net profit of joint ventures | -405,417.67 | | Total book value of associate investments | 126,586,905.45 | | Net profit of associates | 5,097,851.64 | [XI. Government Grants](index=132&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grants recognized in current profit or loss, totaling **2.57 million yuan** for the current period, compared to **0.89 million yuan** in the prior period, all of which are income-related government grants Government Grants Included in Current Profit or Loss | Type | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Income-related | 2,566,000.00 | 887,376.34 | | Total | 2,566,000.00 | 887,376.34 | [XII. Risks Related to Financial Instruments](index=133&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section outlines the company's financial instrument risks, primarily credit risk, liquidity risk, and market risk, managed through regular credit assessments, depositing monetary funds with highly-rated financial institutions, monitoring accounts receivable, utilizing diverse financing methods, optimizing financing structures, and maintaining an appropriate portfolio of financial instruments with operations primarily denominated in RMB - The company faces **credit risk, liquidity risk, and market risk** (interest rate risk and foreign exchange risk)[396](index=396&type=chunk)[401](index=401&type=chunk)[402](index=402&type=chunk) - Credit risk is managed through regular credit assessments, depositing monetary funds with highly-rated financial institutions, and monitoring accounts receivable balances[398](index=398&type=chunk) - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank loans, and adopting a suitable combination of long-term and short-term financing[399](index=399&type=chunk) Financial Liabilities by Remaining Maturity (Period-End) | Item | Book Value (yuan) | Undiscounted Contract Amount (yuan) | Within 1 Year (yuan) | 1-3 Years (yuan) | Over 3 Years (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 2,670,271,863.47 | 2,670,271,863.47 | 2,670,271,863.47 | 0 | 0 | | Other Payables | 986,289,161.05 | 986,289,161.05 | 986,289,161.05 | 0 | 0 | | Lease Liabilities | 11,635,334.18 | 17,132,270.66 | 0 | 2,193,564.23 | 14,938,706.43 | | Non-Current Liabilities Due Within One Year | 795,003.64 | 854,020.73 | 854,020.73 | 0 | 0 | | Subtotal | 3,668,991,362.34 | 3,674,547,315.91 | 3,657,415,045.25 | 2,193,564.23 | 14,938,706.43 | [XIII. Disclosure of Fair Value](index=135&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the reporting period, primarily including financial assets designated as fair value through profit or loss (equity instrument investments) and other non-current financial assets, with fair value determined using Level 3 valuation techniques, referencing period-end net assets or investment costs Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Financial assets designated as fair value through profit or loss (equity instrument investments) | 88,160,110.12 | 88,160,110.12 | | Other non-current financial assets | 16,666,983.34 | 16,666,983.34 | | Total assets continuously measured at fair value | 104,827,093.46 | 104,827,093.46 | - The company's equity investment in Zhejiang Taizhou Coastal Expressway Co, Ltd, has its fair value determined by referencing the **net assets at the end of the period**[407](index=407&type=chunk) - For some investee companies, the investment cost is used as a reasonable estimate of fair value, as their operating environment and financial conditions have not significantly changed[407](index=407&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=137&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section discloses the company's related parties and related-party transactions, with the actual controller Ye Linfu's family holding a **16.3645% stake**, and transactions including commodity purchases and leases with subsidiary Zhejiang Tengxin, service transactions (conference fees, meal expenses, accommodation fees) and intercompany loans with Xindu Hotel, and a cooperative housing development project for the Manyue Hubin property with related natural persons Ye Lichun, Yang Jiuru, Ye Hongli, and Wang Zhengchu through wholly-owned subsidiary Zhejiang Real Estate - The ultimate controlling party of the company is the **Ye Linfu family**, with a shareholding ratio of **16.3645%** at period-end[410](index=410&type=chunk) Purchase of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Zhejiang Tengxin | Engineering materials | 71,490,906.74 | 43,685,962.85 | | Total | | 71,490,906.74 | 43,685,962.85 | - Xindu Hotel provided the company with **1.03 million yuan** in conference fees, **1.98 million yuan** in meal expenses, and **1.41 million yuan** in accommodation fees[412](index=412&type=chunk) Related-Party Lease Situations as Lessor | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (yuan) | Lease Income Recognized in Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Zhejiang Tengxin | Buildings | 353,898.18 | 353,898.18 | Key Management Personnel Remuneration | Item | Current Period (ten thousand yuan) | Prior Period (ten thousand yuan) | | :--- | :--- | :--- | | Key management personnel remuneration | 266.25 | 263.38 | - Yichun Real Estate owes Xindu Hotel a loan principal of **141.40 million yuan** and interest of **39.19 million yuan**; the company owes Xindu Hotel a loan principal of **2 million yuan**[417](index=417&type=chunk) - Wholly-owned subsidiary Zhejiang Real Estate is cooperatively developing the Manyue Hubin property project with related natural persons Ye Lichun, Yang Jiuru, Ye Hongli, and Wang Zhengchu, with related parties having paid **28.95 million yuan** in cooperative housing purchase funds[417](index=417&type=chunk)[418](index=418&type=chunk) Amounts Payable to Related Parties | Item Name | Related Party | Ending Book Balance (yuan) | | :--- | :--- | :--- | | Accounts Payable | Zhejiang Tengxin | 30,525,546.70 | | Other Payables | Xindu Hotel | 182,586,400.00 | | Other Payables | Ye Hongli | 16,350,000.00 | | Other Payables | Yang Jiuru | 4,200,000.00 | | Other Payables | Ye Lichun | 4,200,000.00 | | Other Payables | Wang Zhengchu | 4,200,000.00 | [XV. Share-Based Payment](index=140&type=section&id=XV.%20Share-Based%20Payment) This section discloses the company's share-based payment situation for the 2023 Restricted Stock Incentive Plan, where **5.09 million restricted shares** were repurchased and canceled during the reporting period due to unmet performance targets and ineligible incentive recipients, resulting in their forfeiture, with the fair value of equity instruments determined by the closing price on the grant date, and **1.75 million yuan** in share-based payment expenses recognized in the current period Details of Each Equity Instrument | Category of Grantee | Number of Forfeited Shares in Current Period (shares) | Amount of Forfeited Shares in Current Period (yuan) | | :--- | :--- | :--- | | Management personnel | 5,091,853 | 7,026,757.14 | | Total | 5,091,853 | 7,026,757.14 | - The exercise price of other equity instruments outstanding at period-end is **1.38 yuan**, with a remaining contract term of **312 days**[426](index=426&type=chunk) - The cumulative amount of equity-settled share-based payments included in capital reserves is **15.44 million yuan**[427](index=427&type=chunk) - Share-based payment expenses of **1.75 million yuan** were recognized in the current period[430](index=430&type=chunk) - The company's 2024 company-level performance assessment targets for the second unblocking period were not met, and two incentive recipients no longer met the incentive conditions, leading to the repurchase and cancellation of **5,091,853 restricted shares**[428](index=428&type=chunk) [XVI. Commitments and Contingencies](index=142&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section discloses the company's significant external commitments and contingencies, including a **20.62 million yuan** guarantee provided by a subsidiary for real estate purchasers' bank mortgage loans as of the end of the reporting period, and an ongoing lawsuit where the company is being sued for **15.77 million yuan** in goods payments and liquidated damages due to a contract dispute - The company's subsidiary provides guarantees for bank mortgage loans applied for by real estate purchasers; as of June 30

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