深圳市信宇人科技股份有限公司2025 年半年度报告 公司代码：688573 公司简称：信宇人 深圳市信宇人科技股份有限公司 2025 年半年度报告 1 / 180 深圳市信宇人科技股份有限公司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 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在报告中详细描 述可能存在的相关风险，敬请查阅"第三节管理层讨论与分析：四、风险因素"部分内容。 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、 公司负责人杨志明、主管会计工作负责人陈虎及会计机构负责人（会计主管人员）胡荣庭 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的 ...

湖北美尔雅股份有限公司2025 年半年度报告 公司代码：600107 公司简称：ST 尔雅 湖北美尔雅股份有限公司 2025 年半年度报告 1 / 172 湖北美尔雅股份有限公司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。 高管佘惊雷保证半年报的真实准确完整，并发表以下意见：针对上年度年报审计非标意见， 公司应切实整改到位并长抓不懈，筑牢内控篱笆，提升信披质量。针对上半年收入下降和利润亏 损现状，公司应积极细化和实施能够提振主业、改善经营的措施，尽快扭转被动局面。 高管田丰保证半年报的真实准确完整，并发表以下意见：请公司管理层加强管理，注意煤贸 业务票据违约风险，并加大长期挂账预付账款业务执行，如无法执行业务，尽快实现资金收回， 避免资金占用，防范合规性和内部控制风险。 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、 公司负责人郑继平、主管会计工作负责人田军及会计机构负责人（会计主管人员）田军声 明：保证半年度报告中财务报告的真实、准 ...

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 |

上海电气集团股份有限公司 2025 年半年度报告 1 / 195 上海电气集团股份有限公司2025 年半年度报告 重要提示 六、前瞻性陈述的风险声明 上海电气集团股份有限公司2025 年半年度报告 公司代码：601727 公司简称：上海电气 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 当前，公司日常生产经营面临来自国内外市场环境的重大风险包括：1、市场风险；2、原材料价格 波动风险；3、汇率波动风险；4、海外业务风险。公司已在本报告中详细描述可能存在的相关风险，敬 请查阅第三节管理层讨论与分析中"可能面对的风险"的内容。 十一、其他 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请投资者 注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 □适用 √不适用 2 / 195 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 ...

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