[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Item%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The company's Board of Directors, Supervisory Board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and assume legal responsibility. During the reporting period, the company plans no profit distribution or capital reserve capitalization - The company's management guarantees the truthfulness, accuracy, and completeness of the report content and assumes corresponding legal responsibilities[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve capitalization for the 2025 semi-annual period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report covers nine main chapters including company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports [Definitions](index=5&type=section&id=Definitions) This section defines and explains key company abbreviations, related parties, and professional terms (e.g., dynamic compaction, shield machine, general aviation) used in the report, providing a basis for understanding the content - The reporting period is defined as January 1, 2025, to June 30, 2025[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=7&type=section&id=I.%20Company%20Profile) China Chemical Geotechnical Engineering Group Co., Ltd. (stock code: 002542) is a company listed on the Shenzhen Stock Exchange, with Liu Mingjun as its legal representative | Item | Information | | :--- | :--- | | Stock Abbreviation | China Chemical Geotechnical | | Stock Code | 002542 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Liu Mingjun | [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue significantly decreased by 49.50% year-over-year, but the net loss attributable to shareholders narrowed by 39.00%. However, net cash flow from operating activities deteriorated, decreasing by 112.32% year-over-year. Both total assets and net assets declined compared to the beginning of the period | Key Financial Indicators | Current Reporting Period | Prior Year Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 364,295,134.89 | 721,369,280.72 | -49.50% | | Net Profit Attributable to Shareholders (RMB) | -158,052,052.25 | -259,084,743.82 | 39.00% | | Net Cash Flow from Operating Activities (RMB) | -115,263,518.11 | -54,287,414.21 | -112.32% | | Basic Earnings Per Share (RMB/share) | -0.09 | -0.14 | 35.71% | | Weighted Average Return on Net Assets | -20.31% | -12.42% | -7.89% | | **Asset and Liability Indicators** | **End of Current Reporting Period** | **End of Prior Year** | **Year-over-Year Change** | | Total Assets (RMB) | 5,415,343,615.80 | 6,052,419,483.34 | -10.53% | | Net Assets Attributable to Shareholders (RMB) | 667,487,705.04 | 817,361,197.72 | -18.34% | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to -RMB 1.23 million, primarily consisting of non-operating income and expenses, disposal gains/losses on non-current assets, and government grants | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 2,247,938.32 | | Government Grants Included in Current Period P&L | 297,521.98 | | Other Non-Operating Income and Expenses | -3,373,801.72 | | **Total** | **-1,233,844.91** | [Management Discussion and Analysis](index=10&type=section&id=Item%20III%20Management%20Discussion%20and%20Analysis) [Principal Businesses](index=10&type=section&id=I.%20Principal%20Businesses%20During%20the%20Reporting%20Period) The company's principal businesses are divided into three segments: engineering services, low-altitude economy/general aviation, and cultural tourism. Engineering services are the core business, covering geotechnical, municipal, and airport sectors. The low-altitude economy/general aviation business is rapidly developing, supported by national policies, encompassing the full lifecycle of airport investment, construction, and operation. Cultural tourism serves as a supplementary segment [Engineering Services Business](index=10&type=section&id=1.%20Engineering%20Services%20Business) Engineering services are the company's traditional core business, covering the entire industry chain including geotechnical, municipal, airport, and underground engineering. Despite market expectations, the company is steadily advancing multiple large-scale projects in Wenzhou, Nanning, Xishuangbanna, and has signed a contract for the Urumqi Airport expansion project, demonstrating its continuous operational capability in this sector - The company's engineering services business benefits from national strategies such as the "14th Five-Year Plan", urban renewal initiatives, and the "Belt and Road" initiative, with continued market expectations in municipal, airport, and railway sectors[27](index=27&type=chunk) - During the reporting period, several key engineering projects undertaken by the company, including Wenzhou municipal infrastructure, Nanning Wuxu Airport T3 terminal area, and Urumqi Airport expansion, progressed steadily[28](index=28&type=chunk) [Low-Altitude Economy/General Aviation Business](index=10&type=section&id=2.%20Low-Altitude%20Economy%2FGeneral%20Aviation%20Business) Driven by the policy tailwind of "low-altitude economy" being included in the government work report for two consecutive years, the company's general aviation business is developing rapidly. The company not only operates and manages multiple airports such as Anji Tianzihu and Shaoxing Jianhu but also actively expands its drone business and collaborates with local governments (e.g., Linxia Prefecture, Gansu) to build low-altitude data platforms, exploring "drone+" applications for public welfare, showcasing its strategic layout and development potential in this emerging field - The "low-altitude economy" has been included in the government work report for two consecutive years, with policies driving the formation of a **trillion-RMB market**, bringing development opportunities for the company's general aviation business[29](index=29&type=chunk) - The Anji Tianzihu General Airport operated by the company has led Zhejiang Province in flight data for **five consecutive years**, expanding into various low-altitude economy application scenarios such as private pilot training, aerial tours, and skydiving[29](index=29&type=chunk)[30](index=30&type=chunk) - The company's wholly-owned subsidiary, Zhejiang Zhongqing, obtained a drone operating certificate and plans to conduct drone training, inspection, and agricultural/forestry plant protection services, accelerating its entry into the low-altitude economy sector[31](index=31&type=chunk) [Cultural Tourism Business](index=11&type=section&id=3.%20Cultural%20Tourism%20Business) The company's cultural tourism business is centered on the cultural industry, covering the planning, design, investment, and development of cultural tourism towns and theme parks, aiming to achieve an organic integration of culture and tourism [Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies are primarily reflected in technological innovation, project management, and performance reputation. The company holds multiple independent intellectual property patents, leading in technologies such as dynamic compaction and shield machines; it has established a comprehensive project management system, achieving localized operations; and has accumulated extensive experience and a strong market reputation in engineering and general aviation - The company possesses strong technological innovation capabilities, holding **109 valid invention patents** and **241 utility model patents** as of the end of the reporting period, maintaining a domestic leading position in technologies such as dynamic compaction machines and shield machines[33](index=33&type=chunk) - The company has an innovative business operating model covering the entire industry chain of general airport construction and operation, making it one of the few domestic enterprises engaged in the full lifecycle management of general airports[33](index=33&type=chunk) [Analysis of Principal Business](index=12&type=section&id=III.%20Analysis%20of%20Principal%20Business) During the reporting period, the company's principal business faced challenges, with operating revenue decreasing by 49.50% year-over-year, primarily due to fewer new contracts. Net cash flow from operating activities showed a significant outflow, decreasing by 112.32% year-over-year, mainly due to reduced collection of engineering payments. By business segment, revenue from the three main businesses—ground treatment, airport engineering, and municipal engineering—all declined by over 45%, with municipal engineering's gross margin at -8.00%, indicating significant operational pressure | Key Financial Data | Current Reporting Period | Prior Year Period | Year-over-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | RMB 364 million | RMB 721 million | -49.50% | Decrease in new contracts | | Operating Cost | RMB 348 million | RMB 662 million | -47.43% | Decrease in revenue, corresponding decrease in cost | | Net Cash Flow from Operating Activities | -RMB 115 million | -RMB 54 million | -112.32% | Reduced collection of engineering payments | | Operating Revenue by Industry Segment | Operating Revenue (RMB) | Proportion of Total Revenue | Year-over-Year Change | Gross Margin | Gross Margin Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ground Treatment | 163,325,658.56 | 44.83% | -46.15% | 9.21% | -2.69% | | Airport Engineering | 68,213,551.21 | 18.72% | -48.90% | 8.92% | -0.54% | | Municipal Engineering | 109,201,621.73 | 29.98% | -58.45% | -8.00% | -9.83% | - By region, all areas except North China experienced a decline in revenue, with North China's revenue growing by **92.62%** year-over-year, while Northeast and overseas regions saw revenue declines exceeding **96%**[41](index=41&type=chunk) [Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were RMB 5.42 billion, a 10.53% decrease from the end of the prior year. Among major asset items, monetary funds decreased due to reduced collection of engineering payments and repayment of interest-bearing liabilities, with their proportion of total assets falling from 7.55% to 4.85%. Accounts receivable and contract assets remain the company's most significant assets, collectively accounting for 52.69% of total assets. There were no significant structural changes in liabilities | Major Asset Items | Period-end Amount (RMB) | Proportion of Total Assets | Explanation of Change from Prior Year-end | | :--- | :--- | :--- | :--- | | Monetary Funds | 262,770,637.97 | 4.85% | Less engineering payments collected, and some interest-bearing liabilities repaid | | Accounts Receivable | 1,693,374,425.92 | 31.27% | No significant change | | Contract Assets | 1,160,063,088.69 | 21.42% | No significant change | [Analysis of Major Holding and Participating Companies](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company's major subsidiaries were all in a loss-making state. Beijing Changdao, Shanghai Qiangjin, and Shanghai Yuanfang, three core subsidiaries, reported net losses of -RMB 38.97 million, -RMB 34.02 million, and -RMB 24.33 million respectively, dragging down the company's overall performance. Notably, Shanghai Qiangjin and Shanghai Yuanfang's net assets are negative, indicating severe financial conditions | Major Subsidiaries | Operating Revenue (RMB) | Net Profit (RMB) | Net Assets (RMB) | | :--- | :--- | :--- | :--- | | Beijing Changdao | 174,142,161.40 | -38,967,028.28 | 392,731,002.70 | | Shanghai Qiangjin | 47,475,330.09 | -34,023,150.26 | -522,581,116.90 | | Shanghai Yuanfang | 65,462,470.54 | -24,328,424.97 | -2,961,412.54 | [Risks and Countermeasures](index=16&type=section&id=X.%20Risks%20and%20Countermeasures%20Faced%20by%20the%20Company) The company faces multiple risks, including macroeconomic policy changes, intensified competition in engineering services, the nascent stage of general aviation business, financial liquidity pressure, and management and human resource risks. In response, the company plans to actively address these by optimizing market layout, strengthening R&D, broadening financing channels, enhancing internal management, and talent development - The company's main risks include: - **Macroeconomic Policy Risk**: Business is closely related to national macroeconomic and infrastructure policies - **Business Risk**: Intense competition in the engineering services market, declining gross margins; general aviation business is in its nascent stage, with incomplete regulations and infrastructure - **Financial Risk**: Infrastructure business has long settlement cycles and high capital requirements; delayed client payments will lead to liquidity pressure - **Management and Human Resources Risk**: Declining operating performance poses risks to the adaptability of the management system and potential talent loss[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) [Corporate Governance, Environment, and Society](index=18&type=section&id=Item%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Senior Management](index=18&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management, involving key positions such as Chairman of the Supervisory Board, director, deputy general manager, financial controller, and board secretary, due to reasons including job transfers and retirement - The company's senior management team experienced frequent changes during the reporting period, including multiple positions such as Chairman of the Supervisory Board, director, deputy general manager and financial controller, and board secretary seeing departures or appointments[63](index=63&type=chunk) [Social Responsibility](index=18&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities, investing in social, technological innovation, and economic-cultural aspects. Socially, the company contributes through Party building leadership, supporting business incubators, and conducting geological science popularization activities. In technological innovation, the company continuously conducts R&D, achieving breakthroughs particularly in energy conservation, emission reduction, and green construction technologies. Economically and culturally, the company adheres to a "people-oriented" approach, safeguarding employee rights, and improving talent development and incentive mechanisms - The company's subsidiary, Quantai Technology Business Incubator, was recognized as a "Beijing Entrepreneurship Incubation Demonstration Base" in 2024, continuously supporting the development of small and medium-sized enterprises[67](index=67&type=chunk) - During the reporting period, the company achieved significant breakthroughs in green construction technology R&D, possessing national-level construction methods such as high-energy dynamic compaction, and participated in compiling multiple industry technical standards[69](index=69&type=chunk)[70](index=70&type=chunk) - The company adheres to a "people-oriented" approach, ensuring employee occupational health and safety, with labor unions regularly implementing employee care programs, and continuously recruiting outstanding talent to build a win-win relationship between labor and management[70](index=70&type=chunk)[71](index=71&type=chunk) [Significant Events](index=21&type=section&id=Item%20V%20Significant%20Events) [Litigation Matters](index=21&type=section&id=VIII.%20Litigation%20Matters) The company faces significant litigation and arbitration matters, primarily a construction engineering contract dispute between its wholly-owned grandchild company, Qiangjin International, and Hong Kong Hengtong Co., Ltd. This case is being heard at the Hong Kong International Arbitration Centre, involving a total amount equivalent to approximately RMB 1.16 billion. The case is not yet concluded, and its impact on the company's profit cannot be determined. Additionally, the company is involved in multiple other lawsuits, totaling approximately RMB 518 million - The company's wholly-owned grandchild company, Qiangjin International, is involved in a significant arbitration case with Hong Kong Hengtong Co., Ltd., with a total amount (claims and counterclaims combined) of **HKD 1.274 billion** (approximately **RMB 1.162 billion**). The case is still ongoing, and its impact on the company's profit is uncertain[79](index=79&type=chunk) - In addition to the aforementioned major arbitration, the company also disclosed multiple other litigation and arbitration matters, with a cumulative amount involved of approximately **RMB 518 million**[80](index=80&type=chunk) [Significant Related Party Transactions](index=22&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily operational related-party transactions with its controlling shareholder, Chengdu Xingcheng Group, and its subsidiaries, totaling RMB 23.69 million, which did not exceed the annual estimated limit of RMB 345 million. Transactions primarily involved purchasing materials from and providing engineering services to related parties, with pricing based on market rates or public bidding | Related Party | Related Party Transaction Type | Transaction Content | Current Period Transaction Amount (RMB 10,000) | Approved Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Chengdu Xingcheng Hongye Trading Co., Ltd. | Purchase of Goods | Material Procurement | 190.74 | 3,000.00 | | Chengdu Xingcheng Group and its Subsidiaries | Purchase of Goods | Material Procurement | 0.98 | 400.00 | | Chengdu Xingcheng Investment Group Co., Ltd. | Provision of Services | Engineering Construction | 2,177.75 | 31,100.00 | | **Total** | | | **2,369.47** | **34,500.00** | [Significant Contracts and Guarantees](index=24&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company provided guarantees totaling RMB 76.56 million to its subsidiary Beijing Changdao, accounting for 11.47% of the company's net assets. The guaranteed entity's asset-liability ratio exceeds 70% - As of the end of the reporting period, the company's actual guarantee balance for subsidiaries was **RMB 76.56 million**, accounting for **11.47% of the company's net assets**[91](index=91&type=chunk) - The company provided debt guarantees totaling **RMB 76.56 million** for a guaranteed entity (subsidiary Beijing Changdao) with an asset-liability ratio exceeding **70%**[90](index=90&type=chunk)[91](index=91&type=chunk) [Other Significant Matters](index=25&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had several significant matters, including the issuance and management of medium-term notes, borrowing from the controlling shareholder, a subsidiary winning a major project bid, a director receiving a regulatory warning letter, a wholly-owned subsidiary being listed as a dishonest judgment debtor, and the provision of large asset impairment allowances for 2024, reflecting the company's situation in financing, business expansion, internal governance, and asset quality - The company manages three tranches of medium-term notes, with a total balance of **RMB 1.79 billion**[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - The company's wholly-owned subsidiary, Beijing Changdao, won the bid for a related project in the Urumqi Airport expansion and has signed the construction contract[96](index=96&type=chunk) - Company director Wang Hao received a warning letter from the Beijing Securities Regulatory Bureau due to his mother's short-swing trading activities[97](index=97&type=chunk) - The company's wholly-owned subsidiary, Shanghai Yuanfang, was listed as a dishonest judgment debtor by the court[99](index=99&type=chunk) - The company conducted impairment tests on assets at the end of 2024 and plans to accrue total impairment provisions of **RMB 778 million** for various assets[100](index=100&type=chunk) [Share Changes and Shareholder Information](index=29&type=section&id=Item%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Share Change Status](index=29&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital of 1,806,116,738 shares remained unchanged. The share structure changed primarily due to the conversion of restricted shares held by senior management into unrestricted shares as per regulations, resulting in a decrease of approximately 210 million restricted shares and a corresponding increase in unrestricted shares - During the reporting period, the company's total share capital remained unchanged, but due to the annual unlocking of restricted shares held by senior management, restricted shares decreased by **209,781,947 shares**, with a corresponding increase in unrestricted shares[104](index=104&type=chunk) [Number of Shareholders and Shareholding Status](index=31&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had a total of 153,810 common shareholders. The controlling shareholder, Chengdu Xingcheng Investment Group Co., Ltd., held 29.27% of shares, with approximately 42.8% of its holdings pledged. Among the top ten shareholders, most were individual shareholders, excluding the controlling shareholder | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | Pledge/Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Chengdu Xingcheng Investment Group Co., Ltd. | State-owned Legal Entity | 29.27% | 528,632,766 | Pledged 226,556,889 | | Wu Yanwei | Domestic Natural Person | 11.22% | 202,585,307 | N/A | | Liu Zhongchi | Domestic Natural Person | 1.83% | 33,071,191 | Pledged 33,071,191 | | Song Weimin | Domestic Natural Person | 1.50% | 27,052,982 | Frozen 27,052,982 | - As of the end of the reporting period, the company had a total of **153,810 shareholders**[110](index=110&type=chunk) [Bond-Related Information](index=34&type=section&id=Item%20VII%20Bond-Related%20Information) [Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=III.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) As of the end of the reporting period, the company had three outstanding tranches of medium-term notes, with a total bond balance of RMB 1.79 billion. Among these, "20 China Chemical Geotechnical MTN001" has a balance of RMB 790 million, maturing in September 2025; "23 China Chemical Geotechnical MTN001" and "23 China Chemical Geotechnical MTN002" each have a balance of RMB 500 million, maturing in 2026 (with investor put options) | Bond Abbreviation | Bond Code | Maturity Date | Bond Balance (RMB 10,000) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | | 20 China Chemical Geotechnical MTN001 | 102001749 | 2025-09-07 | 79,000 | 3.50% | | 23 China Chemical Geotechnical MTN001 | 102382276 | 2026-08-28 | 50,000 | 3.70% | | 23 China Chemical Geotechnical MTN002 | 102383429 | 2026-12-25 | 50,000 | 3.50% | [Consolidated Statement Loss Exceeding 10% of Net Assets](index=35&type=section&id=V.%20Consolidated%20Statement%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20Prior%20Year-End) During the reporting period, the net profit attributable to parent company shareholders was -RMB 158 million, with the loss accounting for 19.13% of net assets at the end of the prior year, exceeding the 10% warning threshold. The loss was primarily due to reduced project scale, lower gross margins, and asset impairment provisions. The company believes the loss will not affect normal production, operations, or debt repayment capabilities - During the reporting period, net profit attributable to the parent company was **-RMB 158 million**, with the loss accounting for **19.13% of net assets** at the end of the prior year, primarily due to low business gross margins and asset impairment provisions[122](index=122&type=chunk) [Key Financial Indicators for the Past Two Years](index=35&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20Reporting%20Period-End) As of the end of the reporting period, the company's solvency indicators performed poorly. The asset-liability ratio increased to 87.52%, while both the current ratio and quick ratio decreased. In terms of profitability indicators, both the interest coverage ratio and cash interest coverage ratio were negative, indicating significant pressure on interest payments | Item | End of Current Reporting Period/Current Reporting Period | End of Prior Year/Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Asset-Liability Ratio | 87.52% | 86.35% | +1.17% | | Current Ratio | 0.92 | 0.96 | -4.17% | | Quick Ratio | 0.59 | 0.65 | -9.23% | | Interest Coverage Ratio | -4.09 | -3.88 | -5.41% | | Cash Interest Coverage Ratio | -9.61 | 0.20 | -4,905.00% | [Financial Report](index=37&type=section&id=Item%20VIII%20Financial%20Report) [Financial Statements](index=37&type=section&id=II.%20Financial%20Statements) This section provides the company's unaudited 2025 semi-annual consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows for the first half of the year - The company's semi-annual financial report is unaudited[127](index=127&type=chunk) [Consolidated Balance Sheet](index=37&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were **RMB 5.42 billion**, total liabilities **RMB 4.74 billion**, and owners' equity attributable to the parent company **RMB 667 million**. The asset-liability ratio was **87.52%** [Consolidated Income Statement](index=42&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2025, the company achieved operating revenue of **RMB 364 million**, total operating costs of **RMB 545 million**, a total profit of **-RMB 173 million**, and net profit attributable to parent company shareholders of **-RMB 158 million** [Consolidated Cash Flow Statement](index=45&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **-RMB 115 million**, net cash flow from investing activities was **RMB 19 million**, net cash flow from financing activities was **-RMB 90 million**, resulting in a net decrease in cash and cash equivalents of **RMB 186 million** [Company Overview](index=57&type=section&id=III.%20Company%20Overview) China Chemical Geotechnical Engineering Group Co., Ltd. is a comprehensive group with businesses spanning geotechnical engineering, airport runway construction, general aviation, engineering testing, and consulting. The company has grown through multiple share issuances and acquisitions, owning 15 subsidiaries including Beijing Changdao, Shanghai Qiangjin, and Zhejiang Zhongqing, as well as several grandchild companies [Significant Accounting Policies and Estimates](index=58&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the accounting standards followed by the company in preparing its financial statements, as well as specific accounting policies and key accounting estimates for financial instruments, long-term equity investments, fixed assets, revenue recognition, and leases. Notably, revenue from construction contracts is recognized based on the progress of completion (output method), and financial asset impairment uses the expected credit loss model - The company applies the expected credit loss model for financial asset impairment, classifying combinations for notes receivable, accounts receivable, contract assets, etc., based on credit risk characteristics, and calculating expected credit losses on a portfolio basis[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) - Performance obligations for construction contracts are fulfilled over time, and the company recognizes performance progress and revenue using the output method (based on the proportion of actual completed work confirmed by the supervisor or client to the total estimated workload)[254](index=254&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes and explanations for major items in the consolidated financial statements, including the composition, aging analysis, impairment provision status, and reasons for changes in items such as monetary funds, accounts receivable, contract assets, fixed assets, goodwill, borrowings, and accounts payable, offering in-depth data support for understanding the company's financial position - As of the end of the period, the company's accounts receivable book balance was **RMB 3.148 billion**, with bad debt provisions of **RMB 1.455 billion**, resulting in a book value of **RMB 1.693 billion**. Accounts receivable overdue for more than one year accounted for as high as **87.3%** of the balance[291](index=291&type=chunk)[293](index=293&type=chunk) - As of the end of the period, the company's goodwill original book value was **RMB 453 million**, with impairment provisions of **RMB 429 million**, resulting in a book value of **RMB 24.23 million**. Major impairments came from acquired subsidiaries such as Shanghai Yuanfang, Shanghai Lixing, and Beijing Theme Latitude[356](index=356&type=chunk)[358](index=358&type=chunk) - As of the end of the period, the total book value of assets with restricted ownership or use rights was **RMB 914 million**, primarily including monetary funds, fixed assets, intangible assets, subsidiary equity, and accounts receivable used for deposits, mortgages, and pledges[374](index=374&type=chunk) [Other Submitted Data](index=132&type=section&id=Item%20IX%20Other%20Submitted%20Data) [Fund Movements with Related Parties](index=133&type=section&id=III.%20Fund%20Movements%20Between%20Listed%20Company%20and%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, all fund movements between the company and its controlling shareholder, Chengdu Xingcheng Group, were operational. There were significant non-operating fund movements between the company and its subsidiaries, with large period-end balances, including an outstanding balance of **RMB 1.141 billion** with Shanghai Qiangjin Geotechnical. The company believes the fund security risk is controllable - All fund movements between the company and its controlling shareholder and other related parties were operational, with no non-operating fund appropriation[545](index=545&type=chunk) - There were significant non-operating fund movements between the company and its subsidiaries, with high period-end balances for outstanding amounts with subsidiaries such as Shanghai Qiangjin Geotechnical, Shanghai Yuanfang, and Beijing Quantai Technology[544](index=544&type=chunk)

国民技术股份有限公司 2025 年半年度报告全文 国民技术股份有限公司 Nations Technologies Inc. 2025 年半年度报告 （公告编号：2025-039） 国民技术股份有限公司 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。 公司负责人孙迎彤先生、主管会计工作负责人徐辉先生及会计机构 负责人(会计主管人员)余永德先生声明：保证本半年度报告中财务报告 的真实、准确、完整。 所有董事均已亲自出席了审议本报告的董事会会议。 本报告涉及的未来计划、发展战略等前瞻性描述不构成公司对投资 者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并 且应当理解计划、预测与承诺之间的差异。 公司需遵守《深圳证券交易所上市公司自律监管指引第 4 号——创 业板行业信息披露》中的"集成电路业务"及"锂离子电池产业链相关 业务"的披露要求。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风 险和应对措施"部分，详细描述了公司经营中可能存在的风险及 ...

2025 年半年度报告 【披露时间】 1 深圳市英威腾电气股份有限公司 2025 年半年度报告全文 深圳市英威腾电气股份有限公司 深圳市英威腾电气股份有限公司 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。 公司负责人黄申力、主管会计工作负责人田华臣及会计机构负责人(会计主管人员)周 芳声明：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。 本报告涉及的宏观及行业分析、公司未来发展战略、经营计划等前瞻性陈述，不构成 公司对投资者及相关人士的实质承诺，投资者及相关人士均应当对此保持足够的风险认识， 并且应当理解计划、预测与承诺之间的差异。 公司未来可能面临宏观经济及政策风险、核心技术与人才不足导致的竞争风险、原材 料价格波动及供应链风险、行业竞争加剧风险、新能源汽车及光储业务拓展不及预期的风 险、汇率风险，详细内容见本报告之"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"部分。 公司计划不派发现金红利，不送 ...

惠州市华阳集团股份有限公司 2025 年半年度报告全文 1 惠州市华阳集团股份有限公司 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、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人邹淦荣、主管会计工作负责人彭子彬及会计机构负责人(会计 主管人员)彭子彬声明：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。 本报告中涉及公司未来计划、发展战略等前瞻性陈述，不构成公司对投 资者的实质承诺，敬请投资者对此保持足够的风险认识，并且理解计划、预 测与承诺之间的差异，注意投资风险。 公司存在依赖汽车行业风险、国际贸易风险、供应链风险等，详细内容见 本报告"第三节之十、公司面临的风险和应对措施"，敬请广大投资者注意 投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 1 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | ...

公司代码：603348 公司简称：文灿股份 文灿集团股份有限公司 2025 年半年度报告 1 / 141 文灿集团股份有限公司2025 年半年度报告 文灿集团股份有限公司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、 公司负责人唐杰雄、主管会计工作负责人黄玉锋及会计机构负责人（会计主管人员）黄玉 锋声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投 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 敬请查阅本报告第三节"管理 ...

成都立航科技股份有限公司2025 年半年度报告 公司代码：603261 公司简称：*ST 立航 成都立航科技股份有限公司 2025 年半年度报告 1 / 140 成都立航科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事（董事长刘随阳先生因被留置暂无法履职）、监事、高级管 理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗 漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事长 | 刘随阳 | 因被留置暂无法履职 | 无 | 三、 本半年度报告未经审计。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及发展战略、经营计划等前瞻性陈述不构成公司对外投资的实质承诺或预测， 敬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 四、 公 ...

深圳市明微电子股份有限公司2025 年半年度报告 公司代码：688699 公司简称：明微电子 深圳市明微电子股份有限公司 2025 年半年度报告 1 / 165 深圳市明微电子股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告第三节"管理层讨论与分析"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人王乐康、主管会计工作负责人王忠秀及会计机构负责人（会计主管人员）李泽 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 ...

重庆山外山血液净化技术股份有限公司2025 年半年度报告 公司代码：688410 公司简称：山外山 重庆山外山血液净化技术股份有限公司 2025 年半年度报告 1 / 196 重庆山外山血液净化技术股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、重大风险提示 报告期内，公司不存在对生产经营构成实质性影响的重大风险。公司已于本报告中详述公司 在经营过程中可能面临的相关风险，详见本报告第三节"管理层讨论与分析"中"四、风险因素" 的相应内容。 三、公司全体董事出席董事会会议。 四、本半年度报告未经审计。 五、公司负责人高光勇、主管会计工作负责人喻上玲及会计机构负责人（会计主管人员）张微微 声明：保证半年度报告中财务报告的真实、准确、完整。 六、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的公司未来计划、发展战略等前瞻性 ...

苏州麦迪斯顿医疗科技股份有限公司2025 年半年度报告 公司代码：603990 公司简称：麦迪科技 苏州麦迪斯顿医疗科技股份有限公司 2025 年半年度报告 1 / 184 苏州麦迪斯顿医疗科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人翁康、主管会计工作负责人梅皓及会计机构负责人（会计主管人员）刘凤英声 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 本报告期，公司不进行利润分配，也不进行公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的未来计划、规划等前瞻性陈述，因存在不确定性，不构成公司对投资者的实质 承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上 ...

重庆涪陵电力实业股份有限公司2025 年半年度报告 公司代码：600452 公司简称：涪陵电力 重庆涪陵电力实业股份有限公司 2025 年半年度报告 1 / 107 重庆涪陵电力实业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人马文海、主管会计工作负责人刘薇 及会计机构负责人（会计主管人员）谭丽君 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 公司 2025 年中期以实施权益分派股权登记日登记的总股本为基数分配利润，向全体股东每 10 股派发现金红利 0.35 元（含税）。截至目前，公司总股本 1,536,541,654 股，以此计算预计 派发现金红利约 5377.90 万元。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、经营计划等前瞻性陈述不构成公司对投资者的实质承诺 ...