森特士兴集团股份有限公司2025 年半年度报告 公司代码：603098 公司简称：森特股份 森特士兴集团股份有限公司 2025 年半年度报告 1 / 194 森特士兴集团股份有限公司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、 公司负责人刘爱森、主管会计工作负责人周智敏及会计机构负责人（会计主管人员）刘艳 召声明：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 本报告内容涉及未来计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， 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 ，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 ...

嘉兴中润光学科技股份有限公司2025 年半年度报告 公司代码：688307 公司简称：中润光学 1 / 182 嘉兴中润光学科技股份有限公司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、 重大风险提示 公司已在本报告中详细阐述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"中的内容。 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、 公司负责人张平华、主管会计工作负责人曾素莹及会计机构负责人（会计主管人员）曾素 莹声明：保证半年度报告中财务报告的真实、准确、完整。 嘉兴中润光学科技股份有限公司 2025 年半年度报告 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 经第二届董事会第十次会议决议，公司 2025 年半年度拟以实施权益分派股权登记日的总股本 为基数进行利润分配。本次利润分配方案如下： 截至 2025 年 6 月 30 日，公司总股本为 8,800 万股 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and management affirm the report's integrity, noting it is unaudited, with no profit distribution plan or major risks during the period - This semi-annual report is unaudited[4](index=4&type=chunk) - Company head Yang Ming, chief accountant Zhao Weicheng, and head of accounting department Li Lei declare the financial report in the semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - No profit distribution or capital increase plan from capital reserves is applicable for this reporting period[4](index=4&type=chunk) - No significant risk events occurred within the reporting period[5](index=5&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms, including regulatory bodies, company affiliates, and business models like PPP and BT, used throughout the report - Defines common terms in the report, such as the China Securities Regulatory Commission (CSRC) and Shanghai Stock Exchange (SSE)[10](index=10&type=chunk) - Explains abbreviations for the company and its main related parties, including Pudong Development Group, Pujian Group, and Pudong Road and Bridge[10](index=10&type=chunk) - Defines business models such as PPP (Public-Private Partnership) and BT (Build-Transfer)[10](index=10&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines company basics and H1 2025 financial performance, showing decreased revenue and net profit, significant operating cash outflow, but slight net asset growth - The company's Chinese name is Shanghai Pudong Construction Co., Ltd., stock code **600284**, listed on the Shanghai Stock Exchange[12](index=12&type=chunk)[16](index=16&type=chunk) - The company's legal representative is Yang Ming, and the board secretary is Chen Dong[12](index=12&type=chunk)[13](index=13&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) H1 2025 saw a **30.56% decline in operating revenue** and **12.79% drop in net profit**, with significant operating cash outflow, driven by market pressures and competition H1 2025 Key Accounting Data | Indicator | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,807,468,790.26 | 9,803,532,662.91 | -30.56 | | Total Profit | 259,977,695.69 | 278,329,752.63 | -6.59 | | Net Profit Attributable to Parent Company Shareholders | 227,249,146.70 | 260,569,810.27 | -12.79 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | 177,782,184.49 | 205,043,195.83 | -13.30 | | Net Cash Flow from Operating Activities | -1,399,526,075.25 | -388,724,558.64 | Not applicable | | Net Assets Attributable to Parent Company Shareholders (End of Period) | 7,876,140,093.97 | 7,745,874,568.89 | 1.68 | | Total Assets (End of Period) | 31,194,231,163.99 | 32,731,730,069.85 | -4.70 | H1 2025 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.2342 | 0.2686 | -12.79 | | Diluted Earnings Per Share (Yuan/share) | 0.2342 | 0.2686 | -12.79 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (Yuan/share) | 0.1832 | 0.2113 | -13.30 | | Weighted Average Return on Net Assets (%) | 2.90 | 3.42 | decreased by 0.52 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 2.27 | 2.69 | decreased by 0.42 percentage points | - Operating revenue decreased by **30.56% year-on-year**, primarily due to regional market pressure, intensified competition, and changes in project market launch pace leading to lower-than-expected market development and reduced workload for ongoing construction projects[19](index=19&type=chunk) - Net cash flow from operating activities was **-1.40 billion Yuan**, with net cash outflow increasing by **1.01 billion Yuan** compared to the prior year, mainly due to reduced cash received from sales of goods and services in the construction sector and the expansion of factoring business[20](index=20&type=chunk) [IX. Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **49.47 million Yuan**, primarily from entrusted investment gains and entrusted operation fee income H1 2025 Non-Recurring Gains and Losses Items | Non-Recurring Gain/Loss Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 55,571.60 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | -7,137.46 | | Gains and losses from entrusted investment or asset management | 50,752,405.36 | | Entrusted operation fee income | 9,915,555.49 | | Other non-operating income and expenses apart from the above | 1,941,480.82 | | Less: Income tax impact | 12,005,716.66 | | Impact on minority interests (after tax) | 1,185,196.94 | | **Total** | **49,466,962.21** | [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section discusses the company's H1 2025 operations, including industry environment, business models, performance, core competencies, assets, liabilities, investments, and risks, highlighting efforts in innovation and diversification amid market challenges - In H1 2025, China's GDP grew by **5.3%**, fixed asset investment by **2.8%**, infrastructure investment by **4.6%**, and construction output remained stable, but real estate development investment decreased by **11.2%**[26](index=26&type=chunk) - The construction market faces intense competition, with a **1.53% year-on-year increase in enterprises**, while smart construction and green low-carbon transformation present new opportunities, making refined management and technological innovation crucial for competitiveness[29](index=29&type=chunk) - The company is strategically transforming into a "technology-driven full-产业链 infrastructure investment, construction, and operation service provider," extending its business upstream and downstream, actively seeking new revenue streams in industrial park development and operation[30](index=30&type=chunk)[31](index=31&type=chunk) [I. Explanation of the Company's Industry and Main Business during the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In H1 2025, China's economy showed steady growth with increased infrastructure investment, but the construction sector faced heightened competition, prompting the company to transition from traditional construction to a "technology-driven full-产业链 infrastructure investment and construction operator" by expanding into new areas like industrial park development and operation - Infrastructure investment increased by **4.6%**, manufacturing investment by **7.5%**, while real estate development investment decreased by **11.2%**[26](index=26&type=chunk) - The company's main businesses include construction engineering, design and survey consulting, industrial park development and operation, construction materials production and sales, and infrastructure project investment[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - The company holds multiple special-grade and first-grade general contracting qualifications for construction engineering, with high industry recognition for its asphalt pavement construction technology[31](index=31&type=chunk)[32](index=32&type=chunk) - Pudong Design Institute is a Shanghai high-tech enterprise, offering full-process services including planning, surveying, design, construction, and operation[32](index=32&type=chunk) - The company explores a new "landlord + shareholder + industrial platform" model in industrial park development and operation, focusing on attracting AI, digital economy, and biomedical industries[32](index=32&type=chunk)[36](index=36&type=chunk) [II. Discussion and Analysis of Operating Results](index=10&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company's operating revenue and net profit both declined year-on-year due to market contraction and increased competition, yet it actively expanded markets, secured **8.60 billion Yuan** in new contracts, and significantly grew leasing revenue from TOP Xinlian Industrial Park, while also advancing technological innovation and financial support H1 2025 Operating Performance | Indicator | Jan-Jun 2025 (10,000 Yuan) | Prior Year Period (10,000 Yuan) | Year-on-Year Decrease (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 680,747 | 980,353 | 30.56 | | Total Profit | 25,998 | 27,833 | 6.59 | | Net Profit Attributable to Parent Company Shareholders | 22,725 | 26,057 | 12.79 | - Cumulative new contract value reached **8.60 billion Yuan** during the reporting period, a **14.60% decrease** compared to the prior year[35](index=35&type=chunk) - TOP Xinlian Pudong International Legal Service Park successfully opened, with industrial park leasing revenue reaching nearly **35 million Yuan**, an increase of over **19 million Yuan** compared to the prior year[36](index=36&type=chunk) - The company made progress in technological innovation, obtaining **5 invention patents**, **28 utility model patents**, **6 design patents**, and **1 software copyright**, and was awarded the Shanghai Science and Technology Progress Second Prize[37](index=37&type=chunk) - The company established a linked investment and recruitment industrial fund matrix by investing in **4 industrial funds** and Shanghai Pusuan Yunzhi Technology Service Co., Ltd., expanding low-cost financing channels and achieving an **AAA corporate credit rating**[38](index=38&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its integrated infrastructure investment, financing, design, and construction management business model, possessing leading road construction technology, and a robust, sustainable financing strategy - The company has developed a mature integrated project operation model for infrastructure investment, financing, design, and construction management, with a cumulative investment scale exceeding **35 billion Yuan**[40](index=40&type=chunk) - The company possesses strong technical capabilities in road construction, achieving advanced levels in the domestic industry for new pavement materials and technologies such as asphalt pavement recycling, permeable asphalt pavement, and colored asphalt pavement[41](index=41&type=chunk) - The company actively implements multi-channel financing models, successfully securing financing across banking, securities, and insurance systems, demonstrating excellent credit ratings and financing capabilities[41](index=41&type=chunk) [IV. Main Operating Conditions during the Reporting Period](index=11&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's financial statement changes, main business composition, asset-liability status, and investment activities during the reporting period, noting significant decreases in operating revenue and costs, a substantial increase in financial expenses, and reduced R&D expenses, alongside active equity investments and financial asset management - Operating revenue decreased by **30.56% year-on-year**, with construction engineering project revenue down **31.54%**, design and survey consulting revenue down **24.94%**, but construction materials production and sales revenue up **57.87%**, and industrial park comprehensive development revenue up **121.31%**[43](index=43&type=chunk) - Financial expenses increased by **749.04% year-on-year**, primarily due to a **32.14 million Yuan** decrease in interest income compared to the prior year[45](index=45&type=chunk) - R&D expenses decreased by **52.47% year-on-year**, mainly because the decline in revenue led to reduced R&D investment and slower progress on R&D projects[45](index=45&type=chunk) - Net cash flow from operating activities was **-1.40 billion Yuan**, with net cash outflow increasing by **1.01 billion Yuan** compared to the prior year, primarily due to reduced cash received from sales of goods and services in the construction sector and the expansion of factoring business[46](index=46&type=chunk) - Net cash flow from investment activities was **620 million Yuan**, with net cash inflow increasing by **539 million Yuan** compared to the prior year, mainly due to a **2.05 billion Yuan** increase in cash received from investment recovery[47](index=47&type=chunk) - Net cash flow from financing activities was **-125 million Yuan**, with net cash outflow decreasing by **165 million Yuan** compared to the prior year, mainly due to a **900 million Yuan** increase in cash received from borrowings and an **850 million Yuan** increase in cash paid for debt repayment[47](index=47&type=chunk)[48](index=48&type=chunk) [2. Detailed Explanation of Significant Changes in the Company's Business Type, Profit Structure, or Profit Sources during the Current Period](index=13&type=section&id=2%E3%80%81%20%E6%9C%AC%E6%9C%9F%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E7%B1%BB%E5%9E%8B%E3%80%81%E5%88%A9%E6%B6%A6%E6%9E%84%E6%88%90%E6%88%96%E5%88%A9%E6%B6%A6%E6%9D%A5%E6%BA%90%E5%8F%91%E7%94%9F%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E7%9A%84%E8%AF%A6%E7%BB%86%E8%AF%B4%E6%98%8E) During the reporting period, the company's main business structure shifted, with decreased revenue and gross profit margin in construction engineering projects and reduced gross profit margin in design and survey consulting, but significant growth in revenue and gross profit margin for construction materials production and sales and industrial park comprehensive development, indicating initial success in business diversification Main Business Financial Data by Industry | Industry Segment | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin (%) | Change in Operating Revenue Year-on-Year (%) | Change in Operating Cost Year-on-Year (%) | Change in Gross Profit Margin Year-on-Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Construction Engineering Projects | 6,546,817,181.53 | 6,107,485,989.49 | 6.71 | -31.54 | -31.09 | decreased by 0.61 percentage points | | Design and Survey Consulting Services | 125,707,256.26 | 104,375,416.59 | 16.97 | -24.94 | -17.23 | decreased by 7.73 percentage points | | Construction Materials Production and Sales | 68,257,160.39 | 62,270,989.58 | 8.77 | 57.87 | 70.66 | decreased by 6.84 percentage points | | Industrial Park Comprehensive Development | 34,934,207.76 | 34,511,427.14 | 1.21 | 121.31 | 0.83 | increased by 118.04 percentage points | - Operating revenue from industrial park comprehensive development increased by **121.31%** year-on-year, and its gross profit margin increased by **118.04 percentage points**, mainly due to higher occupancy rates and increased rental income from the Zouping Road TOP Xinlian project offsetting depreciation and amortization costs[50](index=50&type=chunk) [III. Analysis of Assets and Liabilities](index=13&type=section&id=%E4%B8%89%E3%80%81%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and liabilities both decreased, with a significant increase in dividends receivable, substantial growth in construction in progress and right-of-use assets, a doubling of short-term borrowings, and considerable reductions in prepayments, interest receivable, contract liabilities, and non-current liabilities due within one year Asset and Liability Status Changes (Partial) | Item Name | Current Period End Balance (Yuan) | Prior Year End Balance (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 0 | 74,667.00 | -100.00 | All prior period notes were collected in the current period | | Prepayments | 47,163,197.38 | 130,315,807.52 | -63.81 | Mainly due to reduced advance payments for engineering projects as Pudong Road and Bridge municipal engineering projects decreased work acceptance | | Interest Receivable | 0 | 59,672,947.07 | -100.00 | Mainly due to receipt of interest from Haiyan Pucheng PPP project | | Dividends Receivable | 63,267,515.46 | 39,905.30 | 158,444.14 | Mainly due to recognition of declared dividends from Pudong Development Finance Company in the current period | | Construction in Progress | 32,588,593.45 | 309,533.64 | 10,428.29 | Mainly due to increased payments for asphalt base construction in the current period | | Right-of-Use Assets | 49,280,207.19 | 16,263,721.31 | 203.01 | Mainly due to new leases for buildings and equipment in the current period | | Short-Term Borrowings | 1,801,042,888.90 | 900,624,250.01 | 99.98 | Mainly due to increased working capital loans in the current period | | Contract Liabilities | 459,433,920.42 | 687,469,073.20 | -33.17 | Mainly due to reduced advance payments for engineering projects as new contracts were delayed in starting | | Non-Current Liabilities Due Within One Year | 27,553,740.26 | 937,542,345.33 | -97.06 | Mainly due to the full repayment of principal and interest for corporate bond 20 Pujian 01 (900 million Yuan) which matured in February 2025 | | Lease Liabilities | 42,860,125.83 | 13,244,573.06 | 223.61 | Mainly due to new leases for buildings and equipment in the current period | - As of June 30, 2025, other monetary funds included **2 million Yuan** for maintenance fee guarantee deposits, **1.06 million Yuan** for bid bond deposits, and **32.81 million Yuan** for frozen litigation funds[54](index=54&type=chunk) [IV. Analysis of Investment Status](index=15&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company continued its external equity investments, with a slight decrease in long-term equity investments primarily due to the recognition of equity investment income and declared dividends; during the reporting period, it established or invested in Shanghai Puxing Collaborative Private Equity Fund Partnership, Shanghai Puhui Zhitu Transportation Technology Co., Ltd., and Shanghai Pusuan Yunzhi Technology Service Co., Ltd., and acquired 100% equity in Shanghai Chaqing Construction Engineering Co., Ltd., while the fair value of financial assets decreased - As of the end of the reporting period, the company's consolidated long-term equity investment amounted to **947.01 million Yuan**, a decrease of **24.76 million Yuan** or **2.55%** from the beginning of the year[56](index=56&type=chunk) - The company completed a **4.90 million Yuan** capital contribution to Shanghai Puxing Chuangling Technology Development Co., Ltd. (holding **49%** equity) and a **100 million Yuan** first-phase capital contribution to Shanghai Puxing Collaborative Private Equity Fund Partnership[56](index=56&type=chunk) - The company completed a **2 million Yuan** capital contribution to Shanghai Puhui Zhitu Transportation Technology Co., Ltd. (holding **20%** equity)[57](index=57&type=chunk) - The company's subsidiary, Pujian Group, acquired **100%** equity in Shanghai Chaqing Construction Engineering Co., Ltd. for **1.71 million Yuan**[57](index=57&type=chunk) - The company plans to contribute **66 million Yuan** (holding **30%** equity) to establish "Shanghai Pusuan Yunzhi Technology Service Co., Ltd."[57](index=57&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | End Balance (Yuan) | Purchases in Current Period (Yuan) | Sales/Redemptions in Current Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 4,861,032,616.47 | 4,118,733,470.63 | 9,196,070,000.00 | 9,983,730,248.42 | | Other Equity Instrument Investments | 23,651,363.42 | 23,625,749.75 | 0 | 25,613.67 | | Other Non-Current Financial Assets | 1,157,048,147.77 | 1,210,650,478.70 | 100,000,000.00 | 46,390,531.61 | | **Total** | **6,041,732,127.66** | **5,353,009,699.08** | **9,296,070,000.00** | **10,030,146,393.70** | [VI. Analysis of Major Holding and Participating Companies](index=17&type=section&id=%E5%85%AD%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the business nature, registered capital, shareholding percentage, total assets, net assets, operating revenue, and net profit of the company's major holding and participating subsidiaries, also disclosing the acquisition of 100% equity in Shanghai Chaqing Construction Engineering Co., Ltd. during the reporting period Major Holding and Participating Company Financial Data (Partial) | Company Name | Business Nature | Registered Capital (10,000 Yuan) | Shareholding (%) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Pudong New Area Construction (Group) Co., Ltd. | Construction | 36,000.00 | 100.00 | 1,377,433.44 | 161,299.49 | 421,800.14 | 11,727.55 | | Shanghai Pudong Road and Bridge (Group) Co., Ltd. | Construction | 60,167.06 | 100.00 | 743,951.36 | 125,483.80 | 146,506.46 | 5,133.99 | | Shanghai Pudong Development Group Finance Co., Ltd. | Finance | 100,000.00 | 33.20 | 2,286,059.09 | 266,728.38 | 17,299.33 | 9,343.01 | | Shanghai Pudong Architectural Design Institute Co., Ltd. | Design and Survey Consulting | 896.00 | 75.00 | 40,645.71 | 12,655.32 | 12,646.29 | -254.01 | | Shanghai Nanhui Construction Engineering (Group) Co., Ltd. | Construction | 30,000.00 | 100.00 | 220,799.75 | 27,254.26 | 88,496.46 | -412.28 | - During the reporting period, the company acquired **100%** equity in Shanghai Chaqing Construction Engineering Co., Ltd. through a non-same-control enterprise merger, which had a minor impact on overall production, operation, and performance[65](index=65&type=chunk) [V. Other Disclosures](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section discloses potential risks including project financing, industry competition, accounts receivable, raw material price fluctuations, service quality control, engineering safety, industrial park vacancy, and project development, while also assessing the semi-annual progress of the "Quality and Efficiency Enhancement, High Returns" action plan, emphasizing efforts to improve core competitiveness, shareholder returns, and governance - The company faces risks related to project financing, industry competition, accounts receivable, raw material price fluctuations, service quality control, engineering safety, industrial park vacancy, and project development[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - The company addresses various risks through financing innovation, supply chain extension, enhanced risk assessment and contract management, and strengthened safety management[66](index=66&type=chunk)[67](index=67&type=chunk) - The company's subsidiary, Pujian Group, successfully obtained a special-grade qualification for general contracting of construction engineering, and Pudong Road and Bridge received multiple technology awards for its technologies, enhancing the main business capabilities[70](index=70&type=chunk) - The company's 2024 annual cash dividend accounted for **43.66%** of net profit attributable to the parent company, and the board of directors is authorized to implement interim cash dividends, actively rewarding shareholders[71](index=71&type=chunk)[72](index=72&type=chunk) - The company continuously improves internal control and governance, strengthening training for directors, supervisors, and senior management to enhance their performance capabilities[73](index=73&type=chunk)[74](index=74&type=chunk) [Section IV Corporate Governance, Environment and Society](index=22&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's corporate governance, environmental, and social responsibilities, including no significant changes in directors, supervisors, or senior management, no applicable profit distribution plan, no equity incentive plan, and specific poverty alleviation and rural revitalization efforts - No changes in the company's directors, supervisors, or senior management occurred during the reporting period[76](index=76&type=chunk) - The semi-annual profit distribution plan or capital increase plan from capital reserves is not applicable[76](index=76&type=chunk) - The company's subsidiary, Puxing Investment, engaged in "Hand in Hand for Rural Revitalization" enterprise-village pairing assistance with Shache County, Xinjiang, with **50,000 Yuan** in assistance funds provided in H1 2025[78](index=78&type=chunk) [Section V Important Matters](index=24&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details important company matters, including the controlling shareholder's strict fulfillment of commitments regarding horizontal competition and related-party transactions, no non-operating fund occupation or illegal guarantees by controlling shareholders or related parties during the reporting period, a significant ongoing litigation case involving a real estate contract dispute for subsidiary Pujian Group currently in retrial with an uncertain outcome, and disclosures on financial transactions with related parties - Controlling shareholder Pudong Development Group strictly fulfilled all commitments regarding resolving horizontal competition, standardizing related-party transactions, and ensuring the company's independence[80](index=80&type=chunk)[81](index=81&type=chunk) - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures[82](index=82&type=chunk) - The company's subsidiary, Pujian Group, is involved in a real estate joint venture and cooperation development contract dispute with Shanghai Yalong Investment (Group) Co., Ltd., which the Supreme People's Court has remanded to the Shanghai High People's Court for retrial; the plaintiff is seeking **2.81 billion Yuan** in compensation, and the case is still ongoing with an uncertain outcome[82](index=82&type=chunk)[83](index=83&type=chunk)[614](index=614&type=chunk)[615](index=615&type=chunk)[616](index=616&type=chunk) Related Financial Business (Deposits) | Related Party | Related Relationship | Daily Maximum Deposit Limit | Deposit Interest Rate Range | Beginning Balance (Yuan) | End Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Pudong Development Group Finance Co., Ltd. | Associate | 50% of latest audited net assets | 0.20%-1.00% | 2,101,184,314.71 | 211,186,546.29 | Related Financial Business (Credit Facilities) | Related Party | Related Relationship | Business Type | Total Amount (Yuan) | Actual Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Pudong Development Group Finance Co., Ltd. | Associate | Fixed asset loans, working capital loans, syndicated loans, bill business, corporate bond business, and non-financing guarantees | 2,000,000,000.00 | 882,985,259.77 | - The company regularly assesses the operating qualifications, business, and risk status of Pudong Development Finance Company to ensure the safety of company funds[91](index=91&type=chunk) [Section VI Changes in Shares and Shareholder Information](index=30&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and share structure remained unchanged, with **47,948** common shareholders at period-end, and the top ten shareholders' holdings were stable, with controlling shareholder Shanghai Pudong Development (Group) Co., Ltd. holding **32.78%** - During the reporting period, the company's total share capital and share structure remained unchanged[94](index=94&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **47,948**[96](index=96&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period (Partial) | Shareholder Name | Number of Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Pudong Development (Group) Co., Ltd. | 318,002,033 | 32.78 | State-owned Legal Person | | Shanghai Pudong Investment and Operation Co., Ltd. | 40,990,280 | 4.22 | State-owned Legal Person | | Central Huijin Asset Management Co., Ltd. | 19,832,443 | 2.04 | State-owned Legal Person | | Shanghai Zhangqiao Economic Development General Company | 19,494,444 | 2.01 | Domestic Non-State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 14,771,703 | 1.52 | Overseas Legal Person | - Shanghai Pudong Investment and Operation Co., Ltd. is a wholly-owned subsidiary of Shanghai Pudong Development (Group) Co., Ltd.[99](index=99&type=chunk) [Section VII Bond-Related Information](index=34&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section discloses the company's bond information, including the green corporate bond GC Pudong Construction 01, whose coupon rate was adjusted downwards with an investor put option, and the matured 20 Pudong Construction 01 bond; the company maintains an **AAA** credit rating with a stable outlook, and reported no non-operating intercompany receivables or fund borrowings, with a consolidated interest-bearing debt balance of **2.8 billion Yuan** Company Bond Basic Information (Partial) | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (100 million Yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Pudong Construction Co., Ltd. 2022 Public Issuance of Green Corporate Bonds to Professional Investors (Phase I for Carbon Neutrality) | GC Pudong Construction 01 | 137713.SH | 2022-08-25 | 2027-08-29 | 10.00 | 2.50 | | Shanghai Pudong Road and Bridge Construction Co., Ltd. 2020 Public Issuance of Corporate Bonds (Phase I) | 20 Pudong Construction 01 | 163153.SH | 2020-02-20 | 2025-02-24 | 0.00 | 3.28 | - GC Pudong Construction 01 includes an issuer's option to adjust the coupon rate and an investor put option at the end of the third year; the issuer decided to lower the coupon rate for the next two years by **110 basis points to 1.40%**[104](index=104&type=chunk) - The company's corporate credit rating is **AAA** with a stable outlook, attributed to Pudong New Area's excellent economic and fiscal strength, the company's position in the construction engineering market, business qualifications, sustainability, low financial risk, and significant contributions as a core business component of Pudong Development Group[106](index=106&type=chunk) - During the reporting period, the company's bonds had no guarantee, pledge, or other credit enhancement measures, and repayment plans and safeguard measures were effectively implemented[107](index=107&type=chunk) - GC Pudong Construction 01 is a green corporate bond, with the total raised amount of **1 billion Yuan** fully utilized for the Pudong New Area Zhoujiadu Community TOP Xinlian Industrial Park project (Green Two-Star Building), which has been completed and is operational, expected to reduce carbon dioxide emissions by **3,332.31 tons annually**[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - At the end of the reporting period, the company's consolidated interest-bearing debt balance was **2.8 billion Yuan**, comprising **1 billion Yuan** in corporate credit bonds and **1.8 billion Yuan** in bank loans[118](index=118&type=chunk) Key Accounting Data and Financial Indicators (Bond Related) | Key Indicator | Current Period End | Prior Year End | Change (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 1.00 | 1.00 | 0 | | Quick Ratio | 0.54 | 0.58 | -6.90 | | Asset-Liability Ratio (%) | 74.39 | 76.00 | -1.61 | | Net Profit (Excluding Non-Recurring Items) (Jan-Jun) (Yuan) | 177,782,184.49 | 205,043,195.83 | -13.30 | | Interest Coverage Ratio (Jan-Jun) | 8.25 | 7.25 | 13.79 | | Cash Interest Coverage Ratio (Jan-Jun) | -34.82 | -8.18 | Not applicable | [Section VIII Financial Report](index=44&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed disclosures on company basics, financial statement preparation, key accounting policies, taxes, consolidated financial statement notes, R&D expenses, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, fair value disclosures, related parties and transactions, share-based payments, commitments and contingencies, post-balance sheet events, other important matters, and supplementary information - The financial report is unaudited, but the company's head, chief accountant, and head of accounting department declare its truthfulness, accuracy, and completeness[4](index=4&type=chunk)[126](index=126&type=chunk) - The company primarily engages in construction engineering, design and survey consulting, infrastructure project investment, industrial park development, and construction materials production and sales[151](index=151&type=chunk) - The company's ultimate controlling party is the Shanghai Pudong New Area State-owned Assets Supervision and Administration Commission[155](index=155&type=chunk) - The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and referring to CSRC information disclosure requirements[156](index=156&type=chunk)[158](index=158&type=chunk) [II. Financial Statements](index=44&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting the company's financial position at period-end, operating results, and cash flow during the reporting period Consolidated Balance Sheet Key Data (End of Period) | Item | Amount (Yuan) | | :--- | :--- | | Monetary Funds | 2,737,758,663.98 | | Financial Assets Held for Trading | 4,118,733,470.63 | | Accounts Receivable | 4,084,133,031.25 | | Contract Assets | 9,095,414,013.32 | | Total Current Assets | 22,032,023,171.77 | | Long-Term Equity Investments | 947,005,468.81 | | Investment Properties | 2,238,773,170.56 | | Fixed Assets | 445,766,122.56 | | Intangible Assets | 740,659,821.40 | | Total Non-Current Assets | 9,162,207,992.22 | | **Total Assets** | **31,194,231,163.99** | | Short-Term Borrowings | 1,801,042,888.90 | | Accounts Payable | 18,419,962,704.67 | | Contract Liabilities | 459,433,920.42 | | Total Current Liabilities | 21,998,478,121.29 | | Bonds Payable | 999,896,094.33 | | Total Non-Current Liabilities | 1,206,317,649.15 | | **Total Liabilities** | **23,204,795,770.44** | | Total Owners' Equity Attributable to Parent Company | 7,876,140,093.97 | | **Total Owners' Equity** | **7,989,435,393.55** | Consolidated Income Statement Key Data (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 6,807,468,790.26 | | Total Operating Costs | 6,659,980,983.93 | | Operating Profit | 258,036,214.87 | | Total Profit | 259,977,695.69 | | Income Tax Expense | 29,593,278.22 | | **Net Profit** | **230,384,417.47** | | Net Profit Attributable to Parent Company Shareholders | 227,249,146.70 | | Minority Interests | 3,135,270.77 | | Basic Earnings Per Share (Yuan/share) | 0.2342 | | Diluted Earnings Per Share (Yuan/share) | 0.2342 | Consolidated Cash Flow Statement Key Data (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 7,342,547,375.78 | | Subtotal of Cash Outflows from Operating Activities | 8,742,073,451.03 | | **Net Cash Flow from Operating Activities** | **-1,399,526,075.25** | | Subtotal of Cash Inflows from Investing Activities | 10,272,860,786.27 | | Subtotal of Cash Outflows from Investing Activities | 9,653,296,691.16 | | **Net Cash Flow from Investing Activities** | **619,564,095.11** | | Subtotal of Cash Inflows from Financing Activities | 918,000,000.00 | | Subtotal of Cash Outflows from Financing Activities | 1,043,165,330.82 | | **Net Cash Flow from Financing Activities** | **-125,165,330.82** | | **Net Increase in Cash and Cash Equivalents** | **-905,127,310.96** | [V. Significant Accounting Policies and Accounting Estimates](index=59&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates used in financial statement preparation, covering business combinations, consolidated financial statements, financial instruments, accounts receivable, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, intangible assets, revenue recognition, government grants, deferred income tax, and leases, providing a foundation for understanding the financial data - The company adheres to enterprise accounting standards, their application guidelines, interpretations, and other relevant regulations, and refers to CSRC information disclosure rules for financial statement preparation[158](index=158&type=chunk) - Accounting treatments for business combinations under common control and non-common control, as well as the basis and scope of consolidated financial statement preparation, are clearly defined[163](index=163&type=chunk)[169](index=169&type=chunk) - Detailed explanations are provided for the classification, measurement, derecognition, and impairment provision methods of financial instruments, including financial assets measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[182](index=182&type=chunk)[185](index=185&type=chunk)[187](index=187&type=chunk)[192](index=192&type=chunk) - The methods for calculating bad debt provisions for accounts receivable, contract assets, and other credit risk characteristic portfolios, as well as impairment testing for long-term assets like inventories, long-term equity investments, fixed assets, and intangible assets, are outlined[201](index=201&type=chunk)[215](index=215&type=chunk)[219](index=219&type=chunk)[229](index=229&type=chunk)[236](index=236&type=chunk)[242](index=242&type=chunk) - For revenue recognition, the company applies principles of recognizing revenue over time or at a point in time based on the nature of performance obligations, with specific policies detailed for construction projects, building material sales, factoring interest, design and survey consulting, industrial park comprehensive development, and BT/PPP projects[255](index=255&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk)[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk)[272](index=272&type=chunk) [VI. Taxes](index=85&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, noting that several subsidiaries enjoy a **15%** corporate income tax preferential rate due to high-tech enterprise qualifications, while some small and micro-profit enterprises benefit from a **20%** preferential rate Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on sales of goods and taxable services as stipulated by tax law, with output tax minus deductible input tax as VAT payable; construction projects commenced before "VAT reform" are subject to a 3% levy rate | 1%, 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 5%, 7% | | Corporate Income Tax | Calculated based on taxable income | 15%, 20%, 25% | - Subsidiaries such as Shanghai Pudong Road and Bridge, Shanghai Pudong New Area Construction, Shanghai Pudong Road and Bridge Asphalt Materials, and Shanghai Pudong Architectural Design Institute apply a **15%** corporate income tax rate due to their high-tech enterprise qualifications[298](index=298&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk) - Shanghai Puxin Construction Labor Co., Ltd. and Shanghai Puhui Enterprise Management Co., Ltd., as small and micro-profit enterprises, pay corporate income tax at a **20%** rate on the portion of annual taxable income not exceeding **1 million Yuan**, which is reduced by **25%** into taxable income[301](index=301&type=chunk)[302](index=302&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=86&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for each asset, liability, owner's equity, revenue, cost, expense, and profit item in the consolidated financial statements, including period-end balances, beginning balances, current period changes, reasons for changes, and relevant accounting treatments, with specific explanations for monetary funds, financial assets held for trading, accounts receivable, contract assets, long-term equity investments, short-term borrowings, accounts payable, and bonds payable - Monetary funds at period-end amounted to **2.74 billion Yuan**, of which **35.87 million Yuan** were restricted funds, primarily for frozen litigation funds and performance bond deposits[305](index=305&type=chunk)[306](index=306&type=chunk) - Financial assets held for trading at period-end amounted to **4.12 billion Yuan**, mainly comprising money market funds, customized wealth management products, structured deposits, and asset management plans[308](index=308&type=chunk) - Accounts receivable at period-end amounted to **4.30 billion Yuan**, with **202 million Yuan** provided for bad debts based on portfolio assessment[318](index=318&type=chunk) - Contract assets at period-end amounted to **9.12 billion Yuan**, an increase from the beginning of the period, mainly due to project performance progress exceeding settlement progress for some projects[324](index=324&type=chunk)[326](index=326&type=chunk) - Short-term borrowings at period-end amounted to **1.80 billion Yuan**, a **99.98% increase** from the beginning of the period, primarily due to increased working capital loans[421](index=421&type=chunk) - Accounts payable at period-end amounted to **18.42 billion Yuan**, with a relatively high proportion of balances over one year old, mainly due to unfinalized engineering projects[427](index=427&type=chunk)[429](index=429&type=chunk) - Financial expenses for the current period amounted to **26.84 million Yuan**, a significant increase of **749.04%** from the prior period, mainly due to a **32.14 million Yuan** decrease in interest income[489](index=489&type=chunk) [VIII. Research and Development Expenses](index=139&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the company's H1 2025 R&D expenses, totaling **188 million Yuan**, a **52.47% decrease** from the prior year, primarily consisting of direct input costs and personnel expenses, all expensed R&D Expenses by Nature | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Direct Input Costs | 144,134,767.38 | 355,631,694.37 | | Personnel Costs | 41,267,256.98 | 37,875,738.83 | | Depreciation Expenses | 1,031,117.56 | 605,403.39 | | Other R&D Expenses | 1,065,197.40 | 955,808.64 | | Outsourced R&D Expenses | 400,943.10 | 276,882.06 | | **Total** | **187,899,282.42** | **395,345,527.29** | - Current period R&D expenses decreased by **207.45 million Yuan**, a **52.47% decline** from the prior year, mainly due to reduced R&D investment following a decrease in revenue and slower progress on R&D projects[45](index=45&type=chunk) - All R&D expenditures for the current period were expensed, with no capitalized R&D expenditures[139](index=139&type=chunk) [IX. Changes in Consolidation Scope](index=141&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company acquired **100%** equity in Shanghai Chaqing Construction Engineering Co., Ltd. through a non-same-control enterprise merger, gaining control on March 13, 2025, with a minor impact on the company's overall production, operation, and performance - The company acquired **100%** equity in Shanghai Chaqing Construction Engineering Co., Ltd. by purchase on March 13, 2025, with a merger cost of **1.72 million Yuan**[57](index=57&type=chunk)[141](index=141&type=chunk) - This non-same-control enterprise merger resulted in negative goodwill (**-463,900 Yuan**), meaning the merger cost was less than the fair value of the identifiable net assets acquired[141](index=141&type=chunk) - From the acquisition date to the end of the period, the acquired entity, Shanghai Chaqing Construction Engineering Co., Ltd., reported a net loss of **-108,600 Yuan**[141](index=141&type=chunk) [X. Interests in Other Entities](index=143&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including wholly-owned or controlled subsidiaries engaged in investment, construction, industrial, and real estate businesses, as well as equity holdings in associates like Shanghai Pudong Development Group Finance Co., Ltd - The company owns several wholly-owned subsidiaries, including Shanghai Puxing Investment Development Co., Ltd., Shanghai Pudong New Area Construction (Group) Co., Ltd., and Shanghai Pudong Road and Bridge (Group) Co., Ltd.[143](index=143&type=chunk)[144](index=144&type=chunk) - Important non-wholly-owned subsidiaries include Haiyan Pucheng Investment Development Co., Ltd. (minority interest **14.50%**), Puzhongxin (Shanghai) Materials Technology Co., Ltd. (minority interest **30.00%**), and Shanghai Pudong Architectural Design Institute Co., Ltd. (minority interest **25.00%**)[144](index=144&type=chunk) - The company's significant associate is Shanghai Pudong Development Group Finance Co., Ltd., with a **33.20%** equity stake accounted for using the equity method[146](index=146&type=chunk) - Shanghai Pudong Development Group Finance Co., Ltd. achieved a net profit of **93.43 million Yuan** and total comprehensive income of **93.43 million Yuan** in the current period[147](index=147&type=chunk) [XI. Government Grants](index=148&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses that the company recognized **399,500 Yuan** in government grants as current period profit or loss, all of which were income-related Government Grants Recognized in Current Period Profit or Loss | Type | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Income-related | 399,455.07 | 1,062,562.75 | | **Total** | **399,455.07** | **1,062,562.75** | [XII. Risks Related to Financial Instruments](index=148&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section analyzes the company's exposure to credit risk, liquidity risk, and market risk, noting that credit risk is managed through counterparty credit reviews and continuous monitoring of accounts receivable, liquidity risk is assessed as low, and market risk primarily involves interest rate risk, with foreign exchange and equity investment price risks deemed immaterial, while also mentioning buyback and financing risks for BT and PPP projects - The company's main financial instruments include bank borrowings, financial assets held for trading, and monetary funds, with primary risks being credit risk, liquidity risk, and market risk[562](index=562&type=chunk) - Credit risk is managed by transacting with approved, reputable third parties and continuously monitoring accounts receivable balances, with no significant concentration of credit risk[570](index=570&type=chunk)[571](index=571&type=chunk) - Company management believes liquidity risk is low, maintained by holding and monitoring sufficient cash and cash equivalents to meet operational needs[572](index=572&type=chunk) - Market risk primarily includes interest rate risk due to the company's interest-bearing debt; foreign exchange risk is not significant as the company has no foreign trade, and there is no equity instrument investment price risk as no trading equity instruments were held during the reporting period[573](index=573&type=chunk)[574](index=574&type=chunk)[575](index=575&type=chunk) - BT projects face buyback and financing risks related to macroeconomic conditions, local government creditworthiness, and fiscal strength; PPP projects involve significant investment, long investment horizons, and high investment risks due to charging and financing risks[576](index=576&type=chunk) [XIII. Disclosure of Fair Value](index=152&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the company's assets and liabilities measured at fair value at period-end, with total assets continuously measured at fair value amounting to **5.35 billion Yuan**, primarily comprising financial assets held for trading, other equity instrument investments, and other non-current financial assets, all measured using Level 3 fair value inputs Period-End Fair Value Measurement Items | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Financial Assets Held for Trading | 4,118,733,470.63 | 4,118,733,470.63 | | Other Equity Instrument Investments | 23,625,749.75 | 23,625,749.75 | | Other Non-Current Financial Assets | 1,210,650,478.70 | 1,210,650,478.70 | | **Total Assets Continuously Measured at Fair Value** | **5,353,009,699.08** | **5,353,009,699.08** | - All of the company's assets continuously measured at fair value are valued using Level 3 fair value inputs[579](index=579&type=chunk) [XIV. Related Parties and Related Party Transactions](index=153&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section provides detailed information on the company's related parties and related party transactions, identifying Shanghai Pudong Development (Group) Co., Ltd. as the parent company and the Shanghai Pudong New Area State-owned Assets Supervision and Administration Commission as the ultimate controlling party, with transactions encompassing goods purchases and sales, provision and acceptance of services, related-party leases, and financial business dealings with related financial companies - The company's parent company is Shanghai Pudong Development (Group) Co., Ltd., holding **37.00%** equity, and the ultimate controlling party is the Shanghai Pudong New Area State-owned Assets Supervision and Administration Commission[582](index=582&type=chunk) - Related party transactions include construction engineering, design and survey consulting, construction material sales, maintenance service fees, property management fees, building leases, and entrusted management fee income[587](index=587&type=chunk)[588](index=588&type=chunk) - The company is entrusted to manage the Pudong Shangcheng Industrial Park comprehensive development project held by Shanghai Nanhui Development (Group) Co., Ltd. and Shanghai Shengshi Shenjin Investment Development Co., Ltd. and their subsidiaries, for which it collects entrusted management fees[590](index=590&type=chunk)[591](index=591&type=chunk) - As of June 30, 2025, the company and its subsidiaries had bank deposits totaling **211 million Yuan** with Shanghai Pudong Development Group Finance Co., Ltd., generating **5.91 million Yuan** in interest income for the current period[594](index=594&type=chunk) - At period-end, significant accounts receivable balances were due from related parties including Shanghai Pudong Shangcheng Commercial Construction Development Co., Ltd., Shanghai Tonghui Auto Parts Distribution Center Co., Ltd., and Shanghai Pudong Shangcheng Apartment Development and Operation Co., Ltd.[595](index=595&type=chunk) - At period-end, significant contract asset balances were due from related parties including Shanghai Pudong Aoli Real Estate Co., Ltd., Shanghai Pudong Yuwan Real Estate Development Co., Ltd., and Shanghai Qingfa Real Estate Development Co., Ltd.[596](index=596&type=chunk) - At period-end, significant accounts payable balances were due to related parties including Shanghai Pengzhong Concrete Products Co., Ltd. and Shanghai Pudong Comprehensive Maintenance (Group) Co., Ltd.[599](index=599&type=chunk)[600](index=600&type=chunk) [XVI. Commitments and Contingencies](index=166&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) This section discloses the company's significant commitments at period-end, primarily comprising numerous performance bonds, migrant worker wage bonds, bid bonds, and advance payment bonds totaling **2.79 billion Yuan**; additionally, a major real estate contract dispute involving subsidiary Pujian Group remains in retrial, with the litigation outcome and its impact on the company's profit still uncertain - As of the end of the reporting period, the company had numerous external guarantees, including performance bonds, migrant worker wage bonds, bid bonds, and advance payment bonds, totaling **2,785,672,933.38 Yuan**[613](index=613&type=chunk) - The real estate joint venture and cooperation development contract dispute involving the company's subsidiary, Pujian Group, where the plaintiff is seeking **2.81 billion Yuan** in compensation, has been remanded for retrial by the Supreme People's Court; the case is still ongoing, and the judgment has not yet been issued, making the litigation outcome and its impact on the company's current or future profits uncertain[614](index=614&type=chunk)[615](index=615&type=chunk)[616](index=616&type=chunk) [XVIII. Other Important Matters](index=179&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section primarily discloses the company's segment information, with reporting segments determined by industry, including construction engineering, design and survey consulting, construction materials production and sales, industrial park comprehensive development, factoring business, and other segments; during the reporting period, construction engineering contributed the most to revenue and profit but saw a year-on-year decline, while industrial park comprehensive development revenue grew significantly - The company determines its reporting segments based on industry, primarily including construction engineering, design and survey consulting, construction materials production and sales, industrial park comprehensive development, factoring business, and other six segments[618](index=618&type=chunk) H1 2025 Reporting Segment Financial Information (Partial) | Item | Construction Engineering (Yuan) | Design and Survey Consulting Services (Yuan) | Construction Materials Production and Sales (Yuan) | Industrial Park Comprehensive Development (Yuan) | Factoring Business (Yuan) | Other (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | External Transaction Revenue | 6,546,817,181.53 | 125,707,256.26 | 68,257,160.39 | 34,934,207.76 | 10,383,056.94 | 21,369,927.38 | 6,807,468,790.26 | | Total Profit | 265,077,352.57 | -1,248,854.16 | 12,287,728.14 | -21,019,815.08 | 1,753,750.06 | 13,083,983.56 | 259,977,695.69 | | Total Assets | 38,120,709,272.08 | 406,457,066.32 | 415,406,252.17 | 3,463,600,384.60 | 819,554,118.01 | 124,839,992.89 | 31,194,231,163.99 | | Total Liabilities | 26,683,079,076.48 | 279,903,910.46 | 237,430,142.61 | 3,518,252,055.75 | 602,459,193.61 | 87,383,353.19 | 23,204,795,770.44 | - Construction engineering business is the primary contributor to external transaction revenue and total profit, but its revenue decreased year-on-year[620](index=620&type=chunk) - Industrial park comprehensive development business showed significant growth in both external transaction revenue and total profit[620](index=620&type=chunk) [XIX. Notes to Parent Company Financial Statement Major Items](index=182&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, covering period-end balances, beginning balances, bad debt provision details, and reasons for changes - The parent company's accounts receivable at period-end amounted to **92.60 million Yuan**, with **47.22 million Yuan** provided for bad debts using the simplified expected credit loss model[625](index=625&type=chunk) - The parent company's other receivables at period-end amounted to **67.05 million Yuan**, primarily comprising dividends receivable and other receivables[634](index=634&type=chunk) - The parent company's long-term equity investments at period-end amounted to **4.44 billion Yuan**, mainly including **3.44 billion Yuan** in investments in subsidiaries and **1.00 billion Yuan** in investments in associates and joint ventures[655](index=655&type=chunk) - The parent company's operating revenue for the current period was **14.65 million Yuan**, primarily from enterprise entrusted management income and office building leases[659](index=659&type=chunk)[661](index=661&type=chunk) - The parent company's investment income for the current period was **86.23 million Yuan**, mainly from long-term equity investments accounted for using the equity method and entrusted loan investment income[663](index=663&type=chunk) [XX. Supplementary Information](index=192&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses for the current period and net asset return and earnings per share, with non-recurring gains and losses primarily derived from entrusted investment or asset management and entrusted operation fee income Current Period Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 55,571.60 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | -7,137.46 | | Gains and losses from entrusted investment or asset management | 50,752,405.36 | | Entrusted operation fee income | 9,915,555.49 | | Other non-operating income and expenses apart from the above | 1,941,480.82 | | Less: Income tax impact | 12,005,716.66 | | Minority interests impact (after tax) | 1,185,196.94 | | **Total** | **49,466,962.21** | Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 2.90 | 0.2342 | 0.2342 | | Net Profit Attributable to Common Shareholders of the Company (Excluding Non-Recurring Items) | 2.27 | 0.1832 | 0.1832 |

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[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisors, and management assure the report's accuracy and disclose potential risks and forward-looking statements - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report are subject to various market factors and do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[6](index=6&type=chunk) - There are no instances of non-operating funds being occupied by controlling shareholders or other related parties, nor are there any external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk)[8](index=8&type=chunk) - The company has detailed potential risk factors in the report; please refer to 'Section III Management Discussion and Analysis', 'V. Other Disclosures', '(I) Risks That May Be Faced'[7](index=7&type=chunk) [Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms and reporting periods used throughout the semi-annual report - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Definitions are provided for various types of pigs in swine farming, including piglets, nursery pigs, fattening pigs, great-grandparent breeding pigs, grandparent breeding pigs, and parent breeding pigs[12](index=12&type=chunk) - PPP refers to the Public-Private Partnership model, where government and private sectors form partnerships for public projects, defining rights, obligations, risks, and benefits[12](index=12&type=chunk) - Numbers in this report are generally rounded to two decimal places; discrepancies in table totals versus the sum of individual values are due to rounding[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents its key financial performance metrics [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section discloses the company's basic details, including its Chinese name, abbreviation, and legal representative - The company's Chinese name is Tianyu Biotechnology Co., Ltd., with the Chinese abbreviation Tianyu Bio[15](index=15&type=chunk) - The company's legal representative is Shi Dongwei[15](index=15&type=chunk) [Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the Board Secretary and Securities Affairs Representative, including address and communication channels - The Board Secretary is Meng Zhuowei, and the Securities Affairs Representative is Xia Qiaoli[16](index=16&type=chunk) - The contact address is 2nd Floor, Building C4, Wanggu Science and Technology Park, No. 1688 Guoquan North Road, Yangpu District, Shanghai[16](index=16&type=chunk) [Overview of Basic Information Changes](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines changes to the company's registered address, office address, website, and email, including historical modifications - The company's registered address is Room 1206, Building 3, No. 25 Juxian Street, Jiangbei District, Chongqing, and its office address is 2nd Floor, Building C4, Wanggu Science and Technology Park, No. 1688 Guoquan North Road, Yangpu District, Shanghai[17](index=17&type=chunk) - The company's website is http://www.tygf.cn, and its email address is IR@tygf.cn[17](index=17&type=chunk) [Overview of Information Disclosure and Document Custody Location Changes](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the company's designated newspapers for information disclosure, the website for semi-annual reports, and the report custody location - The company's selected newspapers for information disclosure include Shanghai Securities News, China Securities Journal, Securities Times, and Securities Daily[18](index=18&type=chunk) - The website address for the semi-annual report is http://www.sse.com.cn, and the company's semi-annual report is available at the Board Secretary's Office[18](index=18&type=chunk) [Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides details on the company's stock, including its type, listing exchange, ticker symbol, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with the ticker symbol 'Tianyu Bio' and stock code '603717'[19](index=19&type=chunk) - The previous ticker symbol was 'Tianyu Eco'[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the current and prior year periods, with explanations for significant changes Key Accounting Data (Current Reporting Period Jan-Jun) | Indicator | Amount (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 412,302,956.07 | -2.62 | | Total Profit | 32,634,628.43 | 121.33 | | Net Profit Attributable to Shareholders of Listed Company | 10,818,017.08 | 73.68 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -19,301,739.02 | N/A | | Net Cash Flow from Operating Activities | 89,825,730.55 | 55.07 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 529,557,127.13 | 2.09 | | Total Assets (Period-end) | 3,036,460,559.77 | -5.55 | Key Financial Indicators (Current Reporting Period Jan-Jun) | Indicator | Current Reporting Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | 73.49 | | Diluted Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | 73.49 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (CNY/share) | -0.0665 | -0.0106 | N/A | | Weighted Average Return on Net Assets (%) | 2.06 | 0.96 | increased by 1.10 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | -3.68 | -0.47 | decreased by 3.21 percentage points | - Total profit increased compared to the prior year period, primarily due to an increase in asset disposal gains during the reporting period[22](index=22&type=chunk) - Net cash flow from operating activities increased compared to the prior year period, mainly due to a decrease in cash paid for goods and services during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the various non-recurring gains and losses and their respective amounts for the reporting period, totaling **CNY 30,119,756.10** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the reversal of impairment provisions | 24,503,605.81 | | 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 | 228,440.29 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | -143,267.77 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 200,000.00 | | Other non-operating income and expenses apart from the above | 10,167,883.87 | | Less: Income tax impact | 289.61 | | Impact on minority interests (after tax) | 4,836,616.49 | | Total | 30,119,756.10 | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides management's perspective on the company's operations, financial condition, and future outlook [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company maintains its 'ecological' core, upgrades with 'digital intelligence,' steadily develops ecological agriculture, animal husbandry, food, and ecological energy businesses, and strategically transforms its ecological environment business [Overview of the Company's Main Business Operations](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) This section details the operating models, products, and strategic directions of the company's three major business segments, including swine farming, red yeast rice products, health foods, agricultural by-products, distributed photovoltaic power stations, and the transformation of its ecological environment business - The company adheres to 'ecology' as its core business, with 'digital intelligence' as the direction for business upgrades, steadily developing ecological agriculture, animal husbandry, food, and ecological energy businesses, while orderly scaling back and strategically transforming its ecological environment business[26](index=26&type=chunk) - The ecological agriculture, animal husbandry, and food business primarily focuses on swine farming (self-breeding and 'company + farmer' model) and the production and sale of red yeast rice series products, health foods, and agricultural by-products, accounting for **over 50% of the company's revenue**[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - The ecological energy business primarily involves the investment, development, and construction of distributed photovoltaic power station projects, exploring standardization and digital intelligence to improve operational efficiency through blockchain and AI agent technologies[32](index=32&type=chunk) - The ecological environment business is undergoing an orderly contraction, focusing on clearing outstanding payments for key projects and recovering accounts receivable, while transforming to expand into 'new infrastructure' and overseas markets[33](index=33&type=chunk) [Industry Overview of the Company](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) This section analyzes the current status, development trends, policy support, and challenges facing the swine farming, ecological energy, and ecological environment industries - The swine farming industry is developing towards large-scale, integrated, standardized, intensive, and intelligent operations, with bio-breeding as the mainstream R&D direction, while facing cyclical pig price fluctuations and feed cost impacts on profitability[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The ecological energy industry is strongly supported by policies, with a significant increase in new photovoltaic installed capacity, and distributed photovoltaic new installations continuously surpassing centralized photovoltaic installations[38](index=38&type=chunk) - The landscape ecology industry faces a severe external environment, government debt reduction, and difficulties in accounts receivable collection, with the state issuing multiple policies to support the resolution of outstanding payments to private enterprises[39](index=39&type=chunk)[40](index=40&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company maintained steady development amidst a challenging market, advanced its 'digital intelligence' transformation, achieved results in ecological agriculture, animal husbandry, food, and ecological energy businesses, continued to clear outstanding debts in ecological environment business, leading to an overall improvement in performance - In the first half of 2025, the company achieved operating revenue of **CNY 412.303 million**, a **2.62% YoY decrease**; net profit attributable to shareholders of the listed company was **CNY 10.818 million**, a **73.68% YoY increase**[41](index=41&type=chunk) - Swine sales reached **204,214 heads**, a **21.52% YoY increase**; swine farming revenue was **CNY 311.5323 million**, a **17.49% YoY increase**[42](index=42&type=chunk) - Red yeast rice product capacity increased by **36.78 tons** compared to the prior year period, with sales revenue growing by **CNY 7.3495 million**[42](index=42&type=chunk) - The ecological energy business had **6.30 MW** of projects connected to the grid for power generation, achieving green power generation operating revenue of **CNY 14.8976 million**[44](index=44&type=chunk) - The company is actively exploring 'digital intelligence' transformation and upgrading, planning to introduce smart management systems for large pig farms and AI agent technology to enhance operational management capabilities and business decision-making efficiency[47](index=47&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its ecological agriculture, animal husbandry, and food business's advanced farming equipment, regional advantages, and talent team, as well as its ecological technologies and R&D capabilities in comprehensive environmental governance and soil improvement - The swine farming business possesses highly standardized, automated, and intelligent farming equipment, including precision sow feeding systems, body condition recognition, and infrared temperature measurement[49](index=49&type=chunk) - The swine farming business adopts a regional development strategy, focusing on Hubei Province, benefiting from local government support and a complete industrial chain[50](index=50&type=chunk) - The company continuously introduces industry professionals and technical backbones, and collaborates with colleges and universities to cultivate potential talent, possessing a strong talent team advantage[51](index=51&type=chunk) - The company possesses advanced ecological technologies in comprehensive water environment management, soil ecological restoration, and organic waste recycling, which are applied to solve environmental issues in swine farming[52](index=52&type=chunk) - As of the end of the reporting period, the company holds a total of **33 utility model patents** and **8 invention patents**[52](index=52&type=chunk) [Key Operating Performance During the Reporting Period](index=14&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes changes in the company's main business financial statement items, the impact of non-core operations on profit, asset and liability status, and investment activities, including equity, financial assets, and derivatives Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 412,302,956.07 | 423,381,788.06 | -2.62 | | Operating Cost | 351,962,266.79 | 360,172,864.67 | -2.28 | | Selling Expenses | 1,899,801.48 | 2,001,667.61 | -5.09 | | Administrative Expenses | 39,662,854.21 | 49,757,802.04 | -20.29 | | Financial Expenses | 16,663,808.43 | -1,788,510.21 | N/A | | R&D Expenses | 7,423,736.22 | 3,459,770.68 | 114.57 | | Net Cash Flow from Operating Activities | 89,825,730.55 | 57,925,350.75 | 55.07 | | Net Cash Flow from Investing Activities | -46,292,348.42 | -41,116,027.72 | N/A | | Net Cash Flow from Financing Activities | -51,723,815.26 | 7,646,567.58 | -776.43 | - The change in financial expenses was primarily due to an increase in net interest expenses during the reporting period; the change in R&D expenses was mainly due to increased R&D investment related to ecological energy[53](index=53&type=chunk)[54](index=54&type=chunk) - The significant change in profit from non-core operations this period was primarily due to asset disposal gains of **CNY 25.9116 million**, accounting for **79.40% of total profit**, mainly resulting from the termination and re-signing of pig farm lease contracts[55](index=55&type=chunk) Changes in Asset and Liability Status | Item Name | Current Period-end Amount (CNY) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Contract Assets | 185,022,030.81 | -45.41 | Mainly due to project settlements during the reporting period | | Non-Current Assets Due Within One Year | 152,714,401.70 | 85.14 | Mainly due to project settlements during the reporting period | | Investment Properties | 6,109,091.23 | 71.91 | Mainly due to adjustment of property use during the reporting period | | Construction in Progress | 44,310,286.17 | 107.33 | Mainly due to new pig farm reconstruction during the reporting period | | Productive Biological Assets | 30,904,975.88 | 35.48 | Mainly due to an increase in sow scale during the reporting period | | Contract Liabilities | 81,432,785.51 | -43.70 | Mainly due to increased project construction during the reporting period | | Taxes Payable | 1,470,739.99 | 30.70 | Mainly due to an increase in corporate income tax payable during the reporting period | | Lease Liabilities | 75,473,419.93 | -32.07 | Mainly due to changes in pig farm leases during the reporting period | - As of the end of the reporting period, the total amount of the company's restricted major assets was **CNY 1,103,080,018.06**, including monetary funds, accounts receivable, long-term receivables, fixed assets, investment properties, right-of-use assets, intangible assets, and other non-current assets[61](index=61&type=chunk) - During the reporting period, the company's live hog futures contracts realized a hedging loss of **CNY 0.1433 million**, effectively mitigating market downside risk through hedging activities[67](index=67&type=chunk) [Other Disclosures](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section details potential risks across the company's business segments, including animal epidemics, feed and live hog price fluctuations, natural disasters for ecological agriculture, animal husbandry, and food; accounts receivable impairment and PPP project implementation risks for ecological environment; and operational management, power station transfer transaction cycle, and policy risks for ecological energy - The ecological agriculture, animal husbandry, and food business faces risks from animal epidemics, feed price fluctuations, live hog price fluctuations, and natural disasters, which could lead to decreased production and sales, increased costs, or losses[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - Digital intelligence upgrades for the agricultural and new energy businesses may not progress as expected due to capital investment pressure, talent shortages, and difficulties in technology integration[74](index=74&type=chunk) - The ecological environment business faces risks of impairment losses due to large balances of accounts receivable, contract assets, and long-term receivables, as well as risks in PPP project implementation affected by policy adjustments and financing environment[75](index=75&type=chunk)[76](index=76&type=chunk) - The ecological energy business faces operational management risks (capital-intensive, high operational difficulty) and uncontrollable transaction cycles for power station transfers and sales, as well as policy risks (fluctuating transaction prices, lengthy approval processes, and a trend towards no subsidies)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers the company's governance structure, environmental initiatives, and social responsibilities [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=23&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) During the reporting period, the company had no plans for profit distribution or converting capital reserves into share capital - There was no profit distribution plan or capital reserve to share capital increase plan for the current reporting period[82](index=82&type=chunk) [Status and Impact of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company completed the cancellation of its 2022 stock option incentive plan during the reporting period, marking the conclusion of the plan's implementation - On April 15, 2025, the company's Board of Directors resolved to cancel **3.555 million stock options** that had been granted but not yet exercised, as the exercise conditions for the third tranche of the initial grant and the second tranche of the reserved grant were not met[83](index=83&type=chunk) - On April 25, 2025, the company completed the aforementioned stock option cancellation procedures, and with this cancellation, the company's 2022 stock option incentive plan has been fully implemented[83](index=83&type=chunk) [Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=24&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively participates in rural revitalization through a 'company + farmer' cooperation model, settling **CNY 41.6714 million** with **67 cooperative farmers** during the reporting period, with an average settlement of **CNY 0.622 million per household** - The company actively responds to the call for 'rural revitalization' by adopting a 'company + farmer' cooperation model, promoting farmer income growth through resource assistance and standardized management[85](index=85&type=chunk) - In the first half of 2025, the company settled with **67 cooperative farmers**, with a total settlement amount of **CNY 41.6714 million**, and an average settlement amount of **CNY 0.622 million per household**[85](index=85&type=chunk) [Significant Matters](index=25&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details important events and commitments, including their fulfillment status and any ongoing legal or financial implications [Fulfillment of Commitments](index=25&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the fulfillment status of various commitments made by the company's actual controllers, shareholders, and the company itself, including share lock-ups, resolution of related-party transactions, non-competition, social insurance/housing provident fund liabilities, and return enhancement measures, with specific updates on the recovery progress for unfulfilled performance compensation from Qinghai Juzhiyuan - Promisors such as Luo Weiguo and Shi Dongwei have strictly fulfilled commitments regarding share lock-ups, resolution of related-party transactions, non-competition, bearing social insurance/housing provident fund losses, and return enhancement measures[87](index=87&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) - Qinghai Juzhiyuan failed to meet its cumulative net profit commitment attributable to the parent company after deducting non-recurring gains and losses for 2022, 2023, and 2024, and is obligated to compensate the company **CNY 423.7693 million**[93](index=93&type=chunk) - The company has applied for arbitration with the Shanghai Arbitration Commission, which ruled that Mr. Liu Bingsheng must pay the company a one-time cash compensation of **CNY 43.2953 million** for performance commitments, and the company has applied for enforcement[93](index=93&type=chunk)[94](index=94&type=chunk) - The company has filed a shareholder right-to-know lawsuit with the Delingha City People's Court in Qinghai Province to accurately calculate the cash compensation amount due for the three-year performance commitment[94](index=94&type=chunk) - Hubei Tiantun committed that Wuhan Tianqian's annual distributable profit from 2024-2034 will not be less than **CNY 18 million**, with Hubei Tiantun making up any shortfall[94](index=94&type=chunk) [Significant Litigation and Arbitration Matters](index=32&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) This section discloses the progress of the arbitration case between the company and Mr. Liu Bingsheng regarding unfulfilled performance compensation obligations for Qinghai Juzhiyuan, where the arbitration commission ruled that Mr. Liu Bingsheng must pay **CNY 43.2953 million** in compensation and arbitration fees, and the company has applied for enforcement - The company filed an arbitration application with the Shanghai Arbitration Commission regarding Mr. Liu Bingsheng's failure to fulfill his performance compensation obligations, requesting a one-time cash compensation of **CNY 43.2953 million** for performance commitments[95](index=95&type=chunk) - The Shanghai Arbitration Commission ruled that Liu Bingsheng should pay the company a one-time cash compensation of **CNY 43.2953 million** for performance commitments and arbitration fees of **CNY 0.3143 million**[95](index=95&type=chunk) - As Liu Bingsheng failed to fulfill the payment obligations stipulated in the effective arbitration award, the company has applied to the Haixi Mongolian and Tibetan Autonomous Prefecture Intermediate People's Court in Qinghai Province for legal enforcement, which is currently in the execution phase[95](index=95&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=32&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers had no adverse credit records - During the reporting period, the company, its controlling shareholders, and actual controllers had no adverse credit records[96](index=96&type=chunk) [Significant Related-Party Transactions](index=33&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses the company's daily related-party transactions, asset acquisition related-party transactions, and related-party fund borrowings during the reporting period - Daily related-party transactions: Procurement of raw materials from Hubei Tianyifengtai Biotechnology Co., Ltd. amounted to **CNY 22.4418 million**, which did not exceed the **CNY 120 million** estimated for 2025[97](index=97&type=chunk) - Asset acquisition related-party transaction: The company purchased **22.50% equity** in its controlled subsidiary, Tianqian Food Co., Ltd., from related party Tianyu Yuan (Shanghai) Technology Development Co., Ltd. for **CNY 58 million**, with **CNY 20.74 million** in equity acquisition payments already made[98](index=98&type=chunk) - Related-party fund borrowing: The company borrowed from Tianyu Yuan, controlled by its controlling shareholder Mr. Luo Weiguo, with **CNY 11.8 million** cumulatively borrowed and **CNY 23.55 million** cumulatively repaid this period, resulting in a period-end balance of **CNY 0 million**; cumulative interest accrued this reporting period was **CNY 1.3977 million**[100](index=100&type=chunk)[101](index=101&type=chunk) [Significant Contracts and Their Fulfillment](index=35&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses changes to the company's pig farm lease contracts, resulting in a **CNY 24.1003 million** gain from the disposal of right-of-use assets, and presents the total amount and proportion of external guarantees and guarantees to subsidiaries - The company's subsidiary, Tianqian Food, terminated the original 'Pig Farm Lease Service Agreement' with Wuhan Haoshun Ecological Agriculture Co., Ltd. and re-signed a new 'Pig Farm Lease Contract,' with adjustments to the lease term and rent[103](index=103&type=chunk) - The termination of the original agreement and the signing of the new 'Pig Farm Lease Contract' resulted in a gain from disposal of right-of-use assets of **CNY 24.1003 million**[104](index=104&type=chunk) Total Company Guarantees (Including Guarantees to Subsidiaries) | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantees (A+B) | 1,127,004,146.42 | | Ratio of Total Guarantees to Company's Net Assets (%) | 217.26 | | Of which: Total Guarantee Balance to Subsidiaries (B) | 1,106,929,146.42 | | Ratio of Guarantee Balance to Subsidiaries to Company's Net Assets (%) | 213.39 | | Debt Guarantee Amount (D) Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 949,627,867.48 | [Explanation of Progress in Use of Raised Funds](index=37&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) This section details the overall use of the company's raised funds, specifics of investment projects, initial investments and replacements, and the temporary use of idle raised funds to supplement working capital Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (CNY) | Total Cumulative Investment as of Period-end (CNY) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 402,272,000.00 | 332,634,788.44 | 84.45 | - The scheduled usable date for the investment project 'Tianchang City Longgang Red Ancient Town Cultural Tourism Scenic Area EPC Project' has been extended to December 2025, with **CNY 2,152,910.91** in benefits realized this year[110](index=110&type=chunk) - The company has used its own funds to pay for parts of the investment projects and has replaced them with an equivalent amount of raised funds[113](index=113&type=chunk) - The company continued to use idle raised funds not exceeding **CNY 74 million** to temporarily supplement working capital, which was repaid on August 12, 2025[114](index=114&type=chunk) - The company again approved the continued use of idle raised funds not exceeding **CNY 61.5 million** to temporarily supplement working capital, with a usage period not exceeding twelve months[115](index=115&type=chunk) [Share Changes and Shareholder Information](index=40&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides an overview of changes in the company's share capital and details of its shareholders [Changes in Share Capital](index=40&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[118](index=118&type=chunk) [Shareholder Information](index=40&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the total number of common shareholders and the shareholding status of the top ten shareholders as of the end of the reporting period, including share quantity, proportion, restricted shares, and pledge/freeze status - As of the end of the reporting period, the total number of common shareholders was **20,200**[118](index=118&type=chunk) Top Ten Shareholders' Shareholding Status | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Pledge, Freeze Status | | :--- | :--- | :--- | :--- | | Luo Weiguo | 37,251,829 | 12.84 | Pledged 17,000,000 shares, frozen 14,375,524 shares | | Shi Dongwei | 32,338,800 | 11.15 | Pledged 26,000,000 shares, frozen 3,181,856 shares | | Shenzhen Zeyuan Private Securities Fund Management Co., Ltd. - Zeyuan Liwangtian No. 42 Private Securities Investment Fund | 22,000,000 | 7.58 | None | | Mao Shiqi | 7,757,737 | 2.67 | None | | Ren Chao | 2,845,300 | 0.98 | None | | Li Jixiang | 2,802,000 | 0.97 | None | | Shanghai Yunran Investment Management Co., Ltd. - Yunran Emerging Growth XI Private Securities Investment Fund | 2,600,000 | 0.90 | None | | Cai Qizuo | 2,568,100 | 0.89 | None | | Dingtai Sifang (Shenzhen) Private Securities Fund Management Co., Ltd. - Dingtai Sifang Fubao Growth No. 3 Private Securities Investment Fund | 2,333,000 | 0.80 | None | | BARCLAYS BANK PLC | 2,191,871 | 0.76 | None | - During the reporting period, Luo Weiguo and Shi Dongwei were parties acting in concert; as of the date of this report, their concerted action relationship has been terminated[121](index=121&type=chunk) - Luo Weiguo's **14,375,524 shares** in the company were judicially frozen; Shi Dongwei's **3,181,856 shares** in the company were judicially frozen[121](index=121&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=42&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) This section discloses the equity incentives granted to directors, supervisors, and senior management during the reporting period, and explains the cancellation of some stock options due to unfulfilled exercise conditions - The exercise conditions for the third tranche of the initial grant and the second tranche of the reserved grant under the 2022 stock option incentive plan were not met[123](index=123&type=chunk) - The company has canceled **3.555 million stock options** granted but not yet exercised by incentive recipients, and the 2022 stock option incentive plan has been fully implemented[123](index=123&type=chunk) Number of Stock Options Held by Directors, Supervisors, and Senior Management at Period-Beginning | Name | Position | Number of Stock Options Held at Period-Beginning (10,000 shares) | | :--- | :--- | :--- | | Chen Qinghui | Director | 61.30 | | Mei Xiaoyang | Senior Management | 50.00 | | Wang Quan | Director | 16.00 | | Meng Zhuowei | Director | 11.00 | | Total | / | 138.30 | [Financial Report](index=44&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Financial Statements](index=44&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting its financial position and operating results Consolidated Balance Sheet (June 30, 2025) | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 3,036,460,559.77 | 3,214,984,288.09 | | Total Liabilities | 2,296,058,691.91 | 2,506,452,041.54 | | Total Owners' Equity | 740,401,867.86 | 708,532,246.55 | Consolidated Income Statement (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 412,302,956.07 | 423,381,788.06 | | Total Operating Cost | 418,339,106.17 | 414,460,678.23 | | Total Profit | 32,634,628.43 | 14,744,732.08 | | Net Profit | 31,869,621.31 | 13,701,203.81 | | Net Profit Attributable to Parent Company Shareholders | 10,818,017.08 | 6,228,578.44 | | Basic Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 89,825,730.55 | 57,925,350.75 | | Net Cash Flow from Investing Activities | -46,292,348.42 | -41,116,027.72 | | Net Cash Flow from Financing Activities | -51,723,815.26 | 7,646,567.58 | | Net Increase in Cash and Cash Equivalents | -8,106,544.69 | 24,501,661.74 | [Company Basic Information](index=65&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's establishment date, listing status, unified social credit code, legal representative, registered capital, registration authority, registered and office addresses, and primary business activities - Tianyu Biotechnology Co., Ltd. was established on June 21, 2000, and listed on the main board of the Shanghai Stock Exchange on March 27, 2017 (stock code: **603717.SH**)[160](index=160&type=chunk) - The legal representative is Shi Dongwei, and the registered capital is **CNY 290.14624 million**[161](index=161&type=chunk) - The company's main business is concentrated in three major segments: ecological agriculture, animal husbandry, and food (swine farming, agricultural by-product sales, etc.), ecological environment (landscape ecological engineering, seedling cultivation, etc.), and ecological energy (distributed photovoltaic power stations, etc.)[162](index=162&type=chunk) [Basis of Financial Statement Preparation](index=65&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, and the company's ability to continue as a going concern is assessed as sound - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with the 'Basic Standards for Enterprise Accounting Standards' and other accounting standards[163](index=163&type=chunk) - Based on the company's assessment, its ability to continue as a going concern is sound for the next 12 months from the end of the reporting period, with no factors raising significant doubt about its going concern ability[164](index=164&type=chunk) [Significant Accounting Policies and Estimates](index=65&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section elaborates on the company's specific accounting policies and estimates for business combinations, consolidated financial statements, financial instruments, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, biological assets, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company's business is divided into ecological agriculture, animal husbandry, and food, ecological environment, and ecological energy segments, with specific accounting policies and estimates formulated based on their actual production and operational characteristics[165](index=165&type=chunk) - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[196](index=196&type=chunk) - Impairment of financial instruments is based on expected credit losses, with impairment accounting applied to financial assets measured at amortized cost, lease receivables, loan commitments, and financial guarantee contracts, and loss provisions measured in three stages[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk) - Inventories include raw materials, merchandise inventory, revolving materials, and consumable biological assets (piglets, nursery pigs, fattening pigs, seedlings), valued at the weighted average method at month-end upon issuance[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) - The general principle for revenue recognition is to identify each distinct performance obligation within a contract, determine whether each obligation is satisfied over time or at a point in time, and recognize revenue based on the progress of satisfaction or when the customer obtains control[298](index=298&type=chunk)[299](index=299&type=chunk) - Lease identification, lessee accounting (right-of-use assets, lease liabilities), simplified treatment for short-term and low-value asset leases, and lessor accounting (operating leases, finance leases) are detailed[319](index=319&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk)[323](index=323&type=chunk)[324](index=324&type=chunk)[327](index=327&type=chunk)[331](index=331&type=chunk)[332](index=332&type=chunk)[333](index=333&type=chunk) [Taxation](index=96&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including Value-Added Tax, Urban Maintenance and Construction Tax, and Corporate Income Tax, along with detailed explanations of the tax incentives enjoyed by the company Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value-Added Amount | 3%、5%、6%、9%、13% | | Urban Maintenance and Construction Tax | Amount of VAT Payable | 5%、7% | | Corporate Income Tax | Taxable Income | 15%、25% | - The corporate income tax rate for Tianyu Biotechnology Co., Ltd., Zhongsheng Huaxing International Construction Engineering Co., Ltd., Sichuan Zhongtai Qihang New Energy Technology Co., Ltd., and Wuhan Jiacheng Biological Products Co., Ltd. is **15%**[338](index=338&type=chunk)[341](index=341&type=chunk)[342](index=342&type=chunk) - Agricultural producers are exempt from Value-Added Tax on the sale of self-produced agricultural products[340](index=340&type=chunk) - Distributed photovoltaic projects enjoy a corporate income tax preferential policy of 'three years exemption, three years half reduction'[343](index=343&type=chunk) [Notes to Consolidated Financial Statement Items](index=98&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes and explanations for various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, including period-end balances, period-beginning balances, reasons for changes, bad debt provisions, and restricted conditions Monetary Funds | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 40.56 | 40.56 | | Bank Deposits | 92,160,607.07 | 100,267,151.76 | | Other Monetary Funds | 65,574,690.48 | 77,781,334.94 | | Total | 157,735,338.11 | 178,048,527.26 | - Among other monetary funds, **CNY 25,009,868.83** is judicially frozen, **CNY 31,564,821.65** is otherwise frozen, and **CNY 9,000,000.00** is in a securities special account[346](index=346&type=chunk) - Accounts receivable had a period-end book value of **CNY 339,538,667.93**, with bad debt provisions of **CNY 516,363,474.55**, including **CNY 369,012,444.55** from Zunyi Xinpu Development Group Co., Ltd. fully provided for bad debts[353](index=353&type=chunk)[354](index=354&type=chunk) - Contract assets had a period-end book value of **CNY 185,022,030.81**, with bad debt provisions of **CNY 8,579,378.11**[361](index=361&type=chunk) - Long-term receivables had a period-end book value of **CNY 424,258,157.88**, with bad debt provisions of **CNY 23,940,393.62**, primarily comprising non-PPP project receivables, PPP project receivables, and loans[392](index=392&type=chunk) - Long-term equity investments had a period-end book value of **CNY 90,855,340.65**, with an impairment provision of **CNY 137,432,973.78** for the investment in Qinghai Juzhiyuan New Material Co., Ltd.[404](index=404&type=chunk)[405](index=405&type=chunk)[406](index=406&type=chunk) - Fixed assets had a period-end book value of **CNY 332,260,178.73**, construction in progress had a period-end book value of **CNY 44,310,286.17**, and productive biological assets had a period-end book value of **CNY 30,904,975.88**[412](index=412&type=chunk)[416](index=416&type=chunk)[420](index=420&type=chunk) - Goodwill had a period-end original book value of **CNY 7,084,846.72**, with an impairment provision of **CNY 5,002,663.84**[432](index=432&type=chunk)[434](index=434&type=chunk) - Asset disposal gains for the current period amounted to **CNY 25,911,620.61**, primarily from the disposal of right-of-use assets[508](index=508&type=chunk) - Non-operating income for the current period amounted to **CNY 10,298,004.56**, mainly from unpayable intercompany balances and insurance compensation income[509](index=509&type=chunk) [Research and Development Expenses](index=154&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the composition of the company's R&D expenses by nature of cost during the reporting period, with total expensed R&D expenditures amounting to **CNY 7,423,736.22** R&D Expenses by Nature of Cost | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 5,387,525.17 | 3,214,361.01 | | Material Costs | 1,281,055.34 | 107,493.10 | | Labor Costs | 55,000.00 | 132,000.00 | | Lease Expenses | 549,630.20 | - | | Office Expenses | 108,116.77 | - | | Total | 7,423,736.22 | 3,459,770.68 | - Total expensed R&D expenditures for the current period amounted to **CNY 7,423,736.22**, representing a **114.57% increase** compared to the prior year period[533](index=533&type=chunk)[53](index=53&type=chunk) [Changes in Consolidation Scope](index=155&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company added Wuxue Qiangda Animal Husbandry Co., Ltd. as a subsidiary through a non-common control business combination, established Wuhan Tianyi Animal Husbandry Co., Ltd., Weihai Tianyu Frontier New Energy Technology Co., Ltd., and Hainan Tianyu Yafu Computing Technology Co., Ltd., and liquidated Jiaxing Tianrui Cultural Tourism Development Co., Ltd. and Wuhan Yisite Biotechnology Co., Ltd. - This period, Wuxue Qiangda Animal Husbandry Co., Ltd. was added as a subsidiary through a non-common control business combination, with an equity acquisition cost of **CNY 15,650,000.00**[535](index=535&type=chunk)[537](index=537&type=chunk) - Newly established subsidiaries this period include Wuhan Tianyi Animal Husbandry Co., Ltd., Weihai Tianyu Frontier New Energy Technology Co., Ltd., and Hainan Tianyu Yafu Computing Technology Co., Ltd.[542](index=542&type=chunk) - Subsidiaries liquidated this period include Jiaxing Tianrui Cultural Tourism Development Co., Ltd. and Wuhan Yisite Biotechnology Co., Ltd.[542](index=542&type=chunk) [Interests in Other Entities](index=158&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the composition of the company's enterprise group, including the main operating locations, registered capital, business nature, and shareholding ratios of each subsidiary, and provides key financial information for the significant non-wholly owned subsidiary, Tianqian Food - The company owns multiple subsidiaries, with businesses covering ecological environment, ecological agriculture, animal husbandry, food, and ecological energy sectors[544](index=544&type=chunk) - For the significant non-wholly owned subsidiary Tianqian Food, the minority shareholder's equity interest is **9.90%**, and the profit attributable to minority shareholders for the current period was **CNY 3,006,349.88**[551](index=551&type=chunk) Key Financial Information for Significant Non-Wholly Owned Subsidiary Tianqian Food (Current Period Amounts) | Item | Operating Revenue (CNY) | Net Profit (CNY) | Total Comprehensive Income (CNY) | Cash Flow from Operating Activities (CNY) | | :--- | :--- | :--- | :--- | :--- | | Tianqian Food | 315,502,160.23 | 48,616,724.20 | 48,616,724.20 | 42,582,570.21 | - The total book value of the company's investments in associates is **CNY 90,855,340.65**, with a net profit calculated based on shareholding ratio of **-CNY 238,866.22** for the current period[555](index=555&type=chunk) [Government Grants](index=166&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the total government grants recognized in current profit or loss during the reporting period, amounting to **CNY 218,131.70**, comprising both income-related and asset-related grants Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Income-Related | 177,614.30 | 400,793.20 | | Asset-Related | 40,517.40 | 20,258.70 | | Total | 218,131.70 | 421,051.90 | [Risks Related to Financial Instruments](index=167&type=section&id=%E

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