中体产业(600158) - 2024 Q2 - 季度财报

Section I Definitions Definitions of Common Terms This chapter provides definitions of common terms used in the report, clarifying key terms such as "China Sports Industry", "Fund Center", "Lottery Center", "Equipment Center", and "Huati Group" - "China Sports Industry" refers to China Sports Industry Group Co., Ltd[5] - "Fund Center" refers to the Sports Fund Management Center of the General Administration of Sport of China[5] Section II Company Profile and Key Financial Indicators 1. Company Information This section introduces the company's basic registration information, including its Chinese name, abbreviation, foreign name and abbreviation, and legal representative - The company's Chinese name is China Sports Industry Group Co., Ltd., abbreviated as China Sports Industry[6] - The company's legal representative is Shan Tie[6] 2. Contact Persons and Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses - The Board Secretary is Xu Ningning, and the Securities Affairs Representative is He Xingjia[7] - The company's contact address is Beijing Chaoyang District Chaowai Street No. 225[7] 3. Overview of Basic Information Changes This section outlines the company's basic information such as registered address, office address, postal code, and company website, noting no historical changes to the registered address - The company's registered address is No. 3 Road, Wuqing Development Zone, Tianjin New Technology Industrial Park, and its office address is No. 225 Chaowai Street, Chaoyang District, Beijing[8] - The company's registered address has not changed historically[8] 4. Overview of Information Disclosure and Document Custody Location Changes This section specifies the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the location for keeping semi-annual reports - The company's designated newspapers for information disclosure are "China Securities Journal" and "Shanghai Securities News"[10] - The company's semi-annual reports are kept at the Board Secretary's office[10] 5. Company Stock Overview This section provides information on the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation China Sports Industry and stock code 600158[10] 7. Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue significantly increased, and net profit turned from loss to gain, primarily due to the delivery of sports real estate projects and expanded production capacity in sports manufacturing. Total assets slightly decreased, while net assets modestly increased Key Accounting Data (January-June 2024 vs. Same Period Last Year) | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,053,325,014.61 yuan | 590,399,931.77 yuan | 78.41 | | Net Profit Attributable to Shareholders of Listed Company | 22,715,384.87 yuan | -49,001,234.12 yuan | Not applicable | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 23,223,468.37 yuan | -46,945,102.98 yuan | Not applicable | | Net Cash Flow from Operating Activities | -549,679,742.09 yuan | -205,482,612.53 yuan | Not applicable | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 2,620,139,976.64 yuan | 2,597,424,591.77 yuan | 0.87 | | Total Assets (End of Period) | 5,982,013,597.80 yuan | 6,643,079,412.10 yuan | -9.95 | Key Financial Indicators (January-June 2024 vs. Same Period Last Year) | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0237 | -0.0511 | Not applicable | | Diluted Earnings Per Share (yuan/share) | 0.0237 | -0.0511 | Not applicable | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (yuan/share) | 0.0242 | -0.0489 | Not applicable | | Weighted Average Return on Net Assets (%) | 0.87 | -1.96 | Not applicable | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 0.89 | -1.87 | Not applicable | - The year-on-year performance growth in the reporting period was mainly due to the continuous delivery of key projects such as sports real estate, expanded production capacity in sports manufacturing after new production lines were completed, continuous development of sports product sales channels, and business growth leading to a turnaround in performance[12] 9. Non-Recurring Gains and Losses Items and Amounts This section lists the non-recurring gains and losses items and their amounts for the reporting period, totaling negative 508,083.50 yuan, which had a negative impact on net profit Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 206,820.41 | | Government grants recognized in current profit and loss | 1,560,278.48 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | -1,000,000.00 | | Other non-operating income and expenses apart from the above | -189,861.89 | | Less: Income tax impact | 394,270.17 | | Impact on minority interests (after tax) | 691,050.33 | | Total | -508,083.50 | Section III Management Discussion and Analysis 1. Industry and Main Business Overview During the Reporting Period The company operates in the sports industry, benefiting from the national strategy of building a strong sports nation and policies to expand domestic demand, leading to an expanding sports event and consumption market. However, industry development still faces challenges such as economic uncertainty and slowing public consumption investment. The company's business covers the entire sports industry, including events, media, lottery, certification, education, sports tourism, venues, digital sports, international exchange, and real estate sectors - The sports industry benefits from the national "Sports Power" strategy and policies to expand domestic demand such as "sports events entering scenic spots, blocks, and business districts," further highlighting the scale of the sports industry and the economic benefits of events[15] - Industry development faces uncertainties from multiple factors such as the domestic economic environment and international situation, leading to slower growth in public consumption and investment, and weakening demographic and globalization dividends[15] - The company's business cluster covers the entire sports industry, including ten major segments: sports events, sports media, sports lottery, standard certification, sports education, sports tourism and culture, sports venues, digital sports, international sports exchange, and real estate[16][17] 2. Analysis of Core Competencies During the Reporting Period The company possesses rich sports system resources and smooth financing channels, a comprehensive sports industry chain layout and strong resource integration advantages, a benchmark brand image in the industry, a reserve of composite sports talents, and forward-looking technology and certification qualifications, which collectively constitute its core competencies - As an A-share listed company under the General Administration of Sport of China, the company has abundant sports industry resources, established good relationships with international sports organizations, the General Administration of Sport, and various units, and has reliable state-owned shareholder backing for financing[18] - The company's business cluster covers the core value chain of the sports industry, including events, sports media, education and training, sports lottery, sports venues, and sports certification, having initially completed a nationwide layout with complementary and synergistic effects[18] - The company has successfully built strong IP events and activities such as the "Beijing Marathon" and pioneered the "China Sports Industry Model" for market development of domestic and international comprehensive sports games, demonstrating strong brand credibility[18] - The company has professional product R&D and design experience and data generation technology advantages in the core technology field of lottery, and has accumulated numerous national standards, industry standards, local standards, and internationally recognized certification qualifications over many years[20] 3. Discussion and Analysis of Operations During the reporting period, the company diligently advanced various business segments following the guideline of "maintaining the bottom line, building reputation, and promoting growth." Progress was made in sports events, media, lottery, standard certification, education, sports tourism and culture, digital sports, international business, and real estate, with sports real estate project delivery and expanded sports manufacturing capacity being the main drivers of performance growth - In the first half of the year, the company continued to advance the delivery of key projects such as sports real estate, expanded sports manufacturing capacity, and continuously developed sports product sales channels, driving a 78.41% year-on-year increase in operating revenue[22] - The sports events segment successfully renewed the Guangzhou Marathon for a new cycle and expanded operation rights for the Ordos Marathon; the sports media segment's traditional brokerage business saw stable growth due to the Paris Olympics[21] - The sports lottery segment continued to provide technical support to major clients, ensuring steady growth in lottery printing, efficient logistics, channel sales, and terminal machine production[21] - Taxes and surcharges increased by 593.31% year-on-year, mainly due to an increase in land value-added tax[22] 4. Key Operating Performance During the Reporting Period This section provides a detailed analysis of the company's main business, assets and liabilities, investment status, and the operating performance of major holding and participating companies. Both real estate and sports business revenues achieved significant growth, the asset and liability structure was adjusted, external equity investments decreased, and major holding subsidiaries performed differently (1) Analysis of Main Business The company's main business revenue increased by 80.56% year-on-year, with real estate business revenue growing by 1238.37% and sports business revenue by 25.49%. Real estate business gross margin significantly increased, while sports-related product sales gross margin decreased | Segment | Operating Revenue | Operating Cost | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Real Estate | 350,230,515.55 yuan | 187,557,432.34 yuan | 46.45 | 1,238.37 | 677.02 | Increased by 38.69 percentage points | | Sports | 688,032,909.17 yuan | 524,198,552.39 yuan | 23.81 | 25.49 | 22.96 | Increased by 1.57 percentage points | | Of which: Sports Services | 306,599,160.36 yuan | 238,530,106.74 yuan | 22.20 | -3.90 | -11.02 | Increased by 6.22 percentage points | | Sports Manufacturing | 189,339,443.74 yuan | 120,278,242.68 yuan | 36.47 | 47.89 | 42.69 | Increased by 2.31 percentage points | | Sports Related Product Sales | 192,094,305.07 yuan | 165,390,202.97 yuan | 13.90 | 89.83 | 123.64 | Decreased by 13.02 percentage points | | Total | 1,040,475,783.41 yuan | 712,885,993.20 yuan | 31.48 | 80.56 | 57.64 | Increased by 9.96 percentage points | - Real estate revenue growth was mainly due to the continuous delivery of key projects such as sports real estate; sports revenue growth was mainly due to increased production capacity in sports manufacturing after new production lines were completed, and increased sports product sales revenue from channel development[24] (3) Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets decreased by 9.95% year-on-year, while net assets attributable to shareholders of the listed company increased by 0.87%. Contract assets, construction in progress, contract liabilities, taxes payable, dividends payable, and other current liabilities all significantly decreased, mainly due to project completion, tax payments, and dividend distribution Asset and Liability Changes (End of Current Period vs. End of Previous Year) | Item | End of Current Period | Proportion of Total Assets at End of Current Period (%) | End of Previous Year | Proportion of Total Assets at End of Previous Year (%) | Change from End of Previous Year (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Contract Assets | 21,322,721.13 yuan | 0.36 | 45,030,220.71 yuan | 0.68 | -52.65 | Mainly due to the completion of contract performance obligations in the current period | | Construction in Progress | 1,555,546.80 yuan | 0.03 | 43,401,795.47 yuan | 0.65 | -96.42 | Mainly due to the transfer of construction in progress to fixed assets in the current period | | Contract Liabilities | 599,056,311.66 yuan | 10.01 | 857,700,613.81 yuan | 12.91 | -30.16 | Mainly due to the recognition of real estate project revenue in the current period | | Taxes Payable | 39,432,746.25 yuan | 0.66 | 383,941,603.02 yuan | 5.78 | -89.73 | Mainly due to the payment of VAT and corporate income tax in the current period | | Dividends Payable | 7,503,897.46 yuan | 0.13 | 15,203,897.46 yuan | 0.23 | -50.64 | Mainly due to dividend payments in the current period | | Other Current Liabilities | 11,120,509.44 yuan | 0.19 | 44,120,071.62 yuan | 0.66 | -74.79 | Mainly due to the decrease in deferred output tax on pre-received housing payments in the current period | (4) Analysis of Investment Status During the reporting period, the company's total external equity investment was 2.1 million yuan, a significant decrease of 90.37% year-on-year. Investments were primarily in sports venue facility operations and sports vocational education - The company's external equity investment during the reporting period amounted to 2.1 million yuan, a decrease of 19.7037 million yuan or 90.37% compared to the same period last year[27] External Equity Investment | Name of Investee Company | Main Business | Equity Ratio in Investee Company (%) | Investment Amount (yuan) | | :--- | :--- | :--- | :--- | | Zhongti Hefei University Town Sports Center Operation Co., Ltd. | Sports venue facility operation, sports competition organization, sports event planning | 40.00 | 400,000.00 | | Zhongti Education and Training (Hainan) Co., Ltd. | Vocational qualification certificate examination and issuance services primarily based on skills, sports venue facility operation, publication printing | 100.00 | 1,700,000.00 | Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance | Fair Value Change Gains/Losses in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | | Other | 28,112,313.68 yuan | -1,000,000.00 yuan | 27,112,313.68 yuan | | Total | 28,112,313.68 yuan | -1,000,000.00 yuan | 27,112,313.68 yuan | (5) Analysis of Major Holding and Participating Companies The company's major holding and participating companies span the sports, agency, and real estate industries. Among them, Shanghai Olympic Real Estate Investment Co., Ltd. achieved the highest net profit, and China Aviation Services Co., Ltd. also reported high net profit, while Zhongti Space Enterprise Management Co., Ltd. and Zhongti Competition Management Co., Ltd. incurred net losses Major Holding and Participating Companies Financial Overview (January-June 2024) | Subsidiary Name | Industry | Main Business | Registered Capital (ten thousand yuan) | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongao Sports Industry Co., Ltd. | Sports | Sports event planning, information consulting | 5,000.00 | 221,043,444.70 yuan | 103,982,533.55 yuan | 611,444.34 yuan | | Beijing Zhongti Brokerage Management Co., Ltd. | Sports | Sports brokerage business, sports project operation, sports training | 3,000.00 | 322,354,167.43 yuan | 25,313,678.04 yuan | 6,393,527.68 yuan | | Beijing Interda System Technology Co., Ltd. | Sports | Computer software and hardware sales and services | 6,000.00 | 122,134,362.14 yuan | 86,821,762.72 yuan | -3,053,955.56 yuan | | China Aviation Services Co., Ltd. | Agency | Air passenger and cargo agency | 15,000.00 | 734,158,956.36 yuan | 254,227,690.43 yuan | 41,795,661.46 yuan | | Zhongti Space Enterprise Management Co., Ltd. | Sports | Sports consulting, project investment, asset management | 10,000.00 | 842,430,108.88 yuan | 315,410,197.83 yuan | -12,852,478.44 yuan | | Zhongti Competition Management Co., Ltd. | Sports | Event organization, sports goods sales, sports information technology consulting | 6,200.00 | 525,078,356.62 yuan | 106,060,756.85 yuan | -9,486,638.37 yuan | | Shanghai Olympic Real Estate Investment Co., Ltd. | Real Estate | Real estate development and operation, property management, etc. | 5,000.00 | 1,184,428,493.68 yuan | 606,739,570.34 yuan | 80,947,469.42 yuan | Section IV Corporate Governance 1. Shareholder Meetings During the reporting period, the company held two shareholder meetings, approving multiple proposals including the re-election of the board of directors and supervisory board, with all proposals passed without objection - The first extraordinary general meeting of 2024 was held on February 2, 2024, and approved 3 proposals and their sub-proposals[32] - The twenty-seventh general meeting (2023 annual meeting) was held on May 30, 2024, and approved 8 proposals[32] 2. Changes in Directors, Supervisors, and Senior Management During the reporting period, the company completed the re-election of the board of directors and supervisory board, with Shan Tie elected as Chairman, Chen Shihhu elected as Vice Chairman and appointed as President, Peng Liye elected as Chairman of the Supervisory Board, and some supervisors departing - Shan Tie was elected as Chairman, and Chen Shihhu was elected as Vice Chairman and appointed as President[33] - Peng Liye was elected as Chairman of the Supervisory Board, Wang Xin and Wang Zhihui were elected as supervisors, and Liu Meng and Yue Haidong resigned as supervisors[33] - The company held a shareholder meeting on February 2, 2024, completing the re-election of the board of directors and supervisory board[33] 3. Profit Distribution or Capital Reserve Conversion Plan The company's board of directors resolved not to implement a profit distribution or capital reserve conversion plan for this reporting period - No distribution or conversion for this reporting period[35] Section V Environmental and Social Responsibility 1. Environmental Information The company is not classified as a key pollutant-discharging entity by environmental protection authorities, and no subsequent progress or changes in environmental information content were disclosed during the reporting period, nor were measures taken to reduce carbon emissions and their effects disclosed - The company is not classified as a key pollutant-discharging entity by environmental protection authorities[36] 2. Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization The company actively fulfills its social responsibilities by participating in the Olympic Glory Program and rural revitalization efforts. During the reporting period, the company donated 112,000 yuan in assistance funds to Fanzhi County and Dai County in Shanxi Province, Sangzhi County in Hunan Province, and Zhijin County in Guizhou Province, and purchased local agricultural products - The company actively participates in the Olympic Glory Program and implements the decisions and arrangements of the Party Central Committee and the State Council regarding consolidating poverty alleviation achievements and rural revitalization[36] - During the reporting period, the company donated 112,000 yuan in assistance funds to Fanzhi County and Dai County in Shanxi Province, Sangzhi County in Hunan Province, and Zhijin County in Guizhou Province, and purchased agricultural products from Fanzhi County and Dai County[36] Section VI Significant Matters 1. Fulfillment of Commitments The company's controlling shareholder Fund Center, Huati Group, Equipment Center, and relevant transaction counterparties of Zhongticai Technology have strictly fulfilled commitments to resolve horizontal competition, related party transactions, and asset value guarantees for injected assets, with all commitments being timely and strictly fulfilled during the reporting period - The Fund Center committed not to use its controlling shareholder status to unfairly influence the listed company's business development and to take measures to avoid horizontal competition and conflicts of interest; this commitment is long-term effective and has been timely and strictly fulfilled[38] - The Fund Center, Huati Group, and Equipment Center committed to avoid and reduce related party transactions with the listed company and to follow principles of openness, fairness, and impartiality; this commitment is effective as long as they are related parties of the listed company and has been timely and strictly fulfilled[38] - Relevant transaction counterparties of Zhongticai Technology committed that the ownership of houses and land use rights for which property certificates have not been processed is clear, and to compensate for any possible losses; this commitment is long-term effective and has been timely and strictly fulfilled[38][39] 2. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties of the company 3. Irregular Guarantees During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures 7. Significant Litigation and Arbitration Matters During the reporting period, the company had no significant litigation or arbitration matters 10. Significant Related Party Transactions During the reporting period, there were no temporary announcements or subsequent progress regarding related party transactions related to the company's daily operations, asset acquisitions or equity acquisitions/disposals, significant related party transactions involving joint external investments, or related party creditor-debtor transactions 11. Significant Contracts and Their Fulfillment During the reporting period, the company had no entrustment, contracting, or leasing matters. The total guarantee balance for subsidiaries was 800,000 yuan, accounting for 0.03% of the company's net assets Total Company Guarantees (Including Guarantees for Subsidiaries) | Indicator | Amount (yuan) | | :--- | :--- | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 800,000.00 | | Total guarantees (A+B) | 800,000.00 | | Proportion of total guarantees to company's net assets (%) | 0.03 | Section VII Share Changes and Shareholder Information 1. Share Capital Changes During the reporting period, there were no changes in the company's total share capital or share structure, and no changes in unrestricted shares - During the reporting period, there were no changes in the company's total share capital or share structure[44] 2. Shareholder Information As of the end of the reporting period, the total number of common shareholders was 75,975. Among the top ten shareholders, the Sports Fund Management Center of the General Administration of Sport of China held the highest proportion of shares at 19.49%. The top ten unrestricted shareholders were largely consistent with the top ten shareholders - As of the end of the reporting period, the total number of common shareholders was 75,975[45] Top Ten Shareholders' Shareholding (As of End of Reporting Period) | Shareholder Name | Number of Shares Held at Period End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Sports Fund Management Center of the General Administration of Sport of China | 187,043,989 | 19.49 | State-owned Legal Person | | Huati Group Co., Ltd. | 67,268,857 | 7.01 | State-owned Legal Person | | Chen Jun | 18,494,212 | 1.93 | Domestic Natural Person | | Equipment Center of the General Administration of Sport of China | 12,805,336 | 1.33 | State-owned Legal Person | | Wu Hong | 10,000,000 | 1.04 | Domestic Natural Person | | Tang Wenfeng | 9,692,651 | 1.01 | Domestic Natural Person | | Zhao Peijuan | 6,911,940 | 0.72 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 6,823,934 | 0.71 | Other | | Qingli Investment Management (Shanghai) Co., Ltd. - Qingli Changtai Private Securities Investment Fund | 5,741,557 | 0.60 | Domestic Non-State-owned Legal Person | | Chen Yupeng | 5,032,980 | 0.52 | Domestic Natural Person | - Among the company's top ten shareholders, the Sports Fund Management Center of the General Administration of Sport of China, Huati Group Co., Ltd., and the Equipment Center of the General Administration of Sport of China are public institutions or legal entities under the General Administration of Sport of China[46] Section VIII Preferred Shares Information Preferred Shares Information During the reporting period, the company had no preferred shares Section IX Bond Information 1. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments 2. Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds Section X Financial Report 1. Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[2] 2. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the company's financial position and operating results at the end of the reporting period Consolidated Balance Sheet Key Items (June 30, 2024 vs. December 31, 2023) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and Bank Balances | 1,795,171,667.99 yuan | 2,411,844,273.25 yuan | | Accounts Receivable | 343,180,381.73 yuan | 318,825,506.37 yuan | | Inventories | 1,608,732,123.14 yuan | 1,610,536,529.46 yuan | | Total Current Assets | 4,670,691,634.23 yuan | 5,284,896,986.98 yuan | | Total Assets | 5,982,013,597.80 yuan | 6,643,079,412.10 yuan | | Total Current Liabilities | 2,043,321,969.21 yuan | 2,733,239,274.11 yuan | | Total Liabilities | 2,265,973,611.25 yuan | 2,992,840,492.16 yuan | | Total Owners' Equity Attributable to Parent Company | 2,620,139,976.64 yuan | 2,597,424,591.77 yuan | | Total Owners' Equity | 3,716,039,986.55 yuan | 3,650,238,919.94 yuan | Consolidated Income Statement Key Items (January-June 2024 vs. January-June 2023) | Item | January-June 2024 | January-June 2023 | | :--- | :--- | :--- | | Total Operating Revenue | 1,053,325,014.61 yuan | 590,399,931.77 yuan | | Total Operating Costs | 959,193,747.68 yuan | 649,729,625.39 yuan | | Operating Profit | 118,279,709.31 yuan | -31,185,941.43 yuan | | Total Profit | 117,760,490.86 yuan | -33,526,712.06 yuan | | Net Profit | 81,109,322.52 yuan | -32,758,576.78 yuan | | Net Profit Attributable to Parent Company Shareholders | 22,715,384.87 yuan | -49,001,234.12 yuan | | Basic Earnings Per Share (yuan/share) | 0.0237 | -0.0511 | Consolidated Cash Flow Statement Key Items (January-June 2024 vs. January-June 2023) | Item | January-June 2024 | January-June 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -549,679,742.09 yuan | -205,482,612.53 yuan | | Net Cash Flow from Investing Activities | 8,420,050.04 yuan | 27,078,569.26 yuan | | Net Cash Flow from Financing Activities | -59,683,047.90 yuan | -42,359,455.34 yuan | | Net Increase in Cash and Cash Equivalents | -600,886,680.82 yuan | -220,223,056.42 yuan | 3. Company Basic Information The company was established in March 1998 by five initiators including the General Administration of Sport of China, with its headquarters in Chaoyang District, Beijing. Its business scope is extensive, covering multiple areas such as sports product manufacturing and sales, venue investment and operation, event organization, sports education, information consulting, and real estate development - The company was registered in Tianjin in March 1998, jointly initiated by five founders including the Sports Fund Management Center of the General Administration of Sport of China (formerly the State Sports Commission)[70] - The company's business scope includes sports product manufacturing and sales, investment and development of sports venue facilities, organization of sports competitions, construction of sports-themed communities, sports information consulting, and real estate development and operation[70] 4. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, confirming that the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting its going concern ability - The company's financial statements are prepared on a going concern basis[71] - The company has the ability to continue as a going concern for at least 12 months from the end of this reporting period, with no significant matters affecting its going concern ability[72] 5. Significant Accounting Policies and Estimates This section details the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, accounts receivable, other receivables, inventories, contract assets, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, preferred shares/perpetual bonds, revenue, contract costs, government grants, deferred income tax, and leases, among other significant accounting policies and estimates - The company's financial statements comply with enterprise accounting standards, truly and completely reflecting its financial position, operating results, and other information[73] - The operating cycle for the company's real estate development and operation business is longer than one year, and the operating cycle is used as the basis for classifying assets and liabilities as current or non-current; for other businesses, the operating cycle is 12 months[75] - The company classifies financial assets into three categories based on the business model for managing financial assets and the contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[94] - The company recognizes revenue when the customer obtains control of the related goods or services, and for performance obligations satisfied over time, revenue is recognized according to the progress of performance[161] 6. Taxation This section lists the company's main tax types and rates, and details the tax preferential policies enjoyed by the company and its subsidiaries, including corporate income tax reductions, VAT immediate refund and exemption Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | General VAT taxpayer rates are 13%, 9%, 6%, 5%; small-scale taxpayer rate is 3% | 13%, 9%, 6%, 5%, 3% | | Land Value-Added Tax | Calculated based on the appreciation amount from real estate transfer | 30%-60% | | Urban Maintenance and Construction Tax | Calculated based on the amount of turnover tax payable | 1%, 5%, 7% | | Education Surcharge | Calculated based on the amount of turnover tax payable | 3% | | Property Tax | Calculated based on the residual value of property, calculated based on rental income from property | 1.2%, 12% | | Corporate Income Tax | Unless otherwise specified in tax preferential policies below, calculated based on taxable income | 25% | - The company's wholly-owned subsidiary, China Sports International Economic and Technical Cooperation Co., Ltd., enjoys tax exemption for taxes generated overseas from Chinese government foreign aid projects it undertakes[181] - Several of the company's subsidiaries enjoy corporate income tax preferential policies for small and micro enterprises, where the portion of annual taxable income not exceeding 1 million yuan is subject to a 25% reduction in taxable income and taxed at a 20% rate; the portion exceeding 1 million yuan but not exceeding 3 million yuan is subject to a 25% reduction in taxable income and taxed at a 20% rate[182] - The company's controlling subsidiaries Beijing Interda System Technology Co., Ltd., Zhongticai Printing Technology Co., Ltd., and Beijing Guoti Century Quality Certification Center Co., Ltd., as high-tech enterprises, are subject to corporate income tax at a reduced rate of 15%[184] 7. Notes to Consolidated Financial Statement Items This section details the ending balances, beginning balances, and changes during the current period for each item in the consolidated financial statements, with specific explanations and analyses for key items such as cash and bank balances, accounts receivable, contract assets, inventories, long-term equity investments, fixed assets, construction in progress, lease liabilities, provisions, operating revenue, and costs Cash and Bank Balances Composition (Ending Balance) | Item | Ending Balance | | :--- | :--- | | Cash on hand | 349,923.83 yuan | | Bank deposits | 1,767,999,237.97 yuan | | Accrued interest on deposits | 6,676,541.16 yuan | | Other cash and bank balances | 20,145,965.03 yuan | | Total | 1,795,171,667.99 yuan | - The ending balance of accounts receivable is 397,382,540.44 yuan, of which 27,894,976.39 yuan is provided for bad debts individually, and 369,487,564.05 yuan is provided for bad debts by portfolio[190][191] - The ending balance of inventories is 1,608,732,123.14 yuan, including 568,815,365.57 yuan for development costs and 722,381,016.77 yuan for developed products[210] - Operating revenue for the current period was 1,053,325,014.61 yuan, and operating cost was 718,771,949.31 yuan, representing year-on-year increases of 78.41% and 56.87% respectively[274] - Net cash flow from operating activities was -549,679,742.09 yuan, mainly affected by a decrease in operating payables and an increase in operating receivables[299] 8. Research and Development Expenses During the reporting period, the company's total R&D expenses were 26,369,380.78 yuan, all of which were expensed R&D expenditures, primarily consisting of employee compensation and depreciation and amortization R&D Expenses by Nature of Expense | Item | Amount Incurred in Current Period | | :--- | :--- | | Employee compensation | 21,547,621.89 yuan | | Depreciation and amortization | 3,032,910.31 yuan | | Other | 1,788,848.58 yuan | | Total | 26,369,380.78 yuan | - All R&D expenses in the current period were expensed R&D expenditures, with no capitalized R&D expenditures[304] 9. Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, key financial information of important non-wholly-owned subsidiaries, and key financial information of important associates - The company has multiple wholly-owned and controlling subsidiaries, with business natures covering project investment, asset management, real estate development and operation, sports event organization and consulting, sports brokerage, computer software and hardware sales and services, etc[305][306][307] Key Financial Information of Important Non-Wholly-Owned Subsidiary (Shanghai Olympic Real Estate Investment Co., Ltd.) | Indicator | Ending Balance / Amount Incurred in Current Period | | :--- | :--- | | Minority shareholder's equity ratio (%) | 45.05 | | Net profit attributable to minority shareholders in current period | 36,466,834.97 yuan | | Minority shareholder's equity balance at period end | 273,336,176.44 yuan | | Operating Revenue | 306,535,017.79 yuan | | Net Profit | 80,947,469.42 yuan | Key Financial Information of Important Associate (China Aviation Services Co., Ltd.) | Indicator | Ending Balance / Amount Incurred in Current Period | | :--- | :--- | | Carrying amount of equity investment in associate | 121,580,788.31 yuan | | Operating Revenue | 75,887,428.66 yuan | | Net Profit | 41,795,661.46 yuan | | Dividends received from associate in current year | 19,096,000.00 yuan | 10. Government Grants This section discloses government grants recognized at the end of the reporting period based on receivable amounts, as well as liability items involving government grants and government grants recognized in current profit and loss. The government grants received by the company are mainly for support funds, VAT immediate refund, etc - Government grants recognized at the end of the reporting period based on receivable amounts totaled 14,826,900.00 yuan, mainly due to delays in fiscal fund arrangements[315] Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance | Transferred to Other Income in Current Period | Ending Balance | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred income | 306,859.06 yuan | -83,263.58 yuan | 223,595.48 yuan | Related to income | | Deferred income | 570,000.00 yuan | - | 570,000.00 yuan | Related to assets | | Total | 876,859.06 yuan | -83,263.58 yuan | 793,595.48 yuan | / | Government Grants Recognized in Current Profit and Loss | Type | Item | Amount Incurred in Current Period | | :--- | :--- | :--- | | Related to income | Support funds | 670,000.00 yuan | | Related to income | VAT immediate refund | 958,400.00 yuan | | Related to income | Output growth reward | 917,000.00 yuan | | Total | / | 2,822,739.67 yuan | 11. Risks Related to Financial Instruments The company primarily faces market risk (foreign exchange risk, interest rate risk), credit risk, and liquidity risk. The company's foreign exchange risk is small, interest rate risk is controlled by reasonably arranging borrowing proportions, credit risk is managed through customer credit assessment and monitoring, and liquidity risk is addressed by maintaining sufficient cash and cash equivalents - The company's foreign exchange risk has a minor impact on operating performance, as most businesses are denominated and settled in RMB, except for overseas projects[318] - The company's RMB borrowings are mainly floating-rate borrowings; if the floating interest rate increases by 50 basis points, the group's pre-tax profit will decrease by approximately 446,300 yuan[318] - The company's credit risk primarily arises from cash and bank balances and receivables, managed by depositing funds in banks with high credit ratings and conducting credit assessments of customers[318] - The company manages liquidity risk by maintaining sufficient cash and cash equivalents and monitoring the use of bank borrowings[319] 12. Disclosure of Fair Value This section discloses the fair value of assets and liabilities measured at fair value at the end of the reporting period, where other non-current financial assets are measured using Level 3 fair value, primarily determined through valuation techniques such as discounted cash flow models and market comparable company models Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | | Other non-current financial assets | 27,112,313.68 yuan | 27,112,313.68 yuan | | Total assets continuously measured at fair value | 27,112,313.68 yuan | 27,112,313.68 yuan | - For financial instruments not traded in an active market, the company uses valuation techniques such as discounted cash flow models and market comparable company models to determine their fair value, with inputs including risk-free rates, benchmark rates, and liquidity premiums[321] 13. Related Parties and Related Party Transactions This section discloses the company's parent company, subsidiaries, joint ventures and associates, and other related parties, and lists related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, related party leases, related party guarantees, and key management personnel compensation - The ultimate controlling party of the enterprise is the General Administration of Sport of China, and the parent company is the Sports Fund Management Center of the General Administration of Sport of China, with a shareholding ratio of 19.49%[323] - The company provided technical services to the General Administration of Sport of China, with an amount of 1,934,997.44 yuan incurred in the current period[326] - The company provided a maximum guarantee of 800,000 yuan for China Sports International Economic and Technical Cooperation Co., Ltd., and the guarantee has not yet been fully performed[328] - Key management personnel compensation incurred in the current period was 2.4901 million yuan[329] 14. Commitments and Contingencies This section discloses the company's significant external commitments and contingencies at the end of the period. As of the end of the reporting period, the company's capital commitments primarily consist of signed construction contracts, and it provides phased guarantees for mortgage loans to commercial housing purchasers totaling 828 million yuan Agreed Capital Expenditures (As of June 30, 2024) | Item | Ending Balance | | :--- | :--- | | Signed construction contracts currently being or to be performed | 218,907,381.80 yuan | - The company's controlled real estate companies provide phased guarantees for mortgage loans to commercial housing purchasers; as of June 30, 2024, the guarantee amount was 828 million yuan[333] 15. Events After the Balance Sheet Date From the end of the reporting period to the date of approval for issuance of the financial report, the company had no significant non-adjusting events or profit distribution situations 16. Other Significant Matters This section discloses the company's segment information, dividing its business into two reporting segments: sports and real estate, and provides financial data such as revenue, expenses, profit, assets, and liabilities for each segment, as well as external transaction revenue and total non-current assets by region - The company has identified two reporting segments, sports and real estate, based on its internal organizational structure and management requirements[334] - The sports segment primarily engages in event management and operation, sports venue operation and management, leisure and fitness, sports brokerage, engineering design and construction, and sports lottery businesses; the real estate segment primarily engages in real estate sales and property management businesses[335] Financial Information of Reporting Segments (Current Period Amount) | Item | Sports Segment | Real Estate Segment | Unallocated Items | Inter-segment Eliminations | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Segment Revenue | 701,998,167.53 yuan | 351,326,847.08 yuan | - | - | 1,053,325,014.61 yuan | | Segment Profit | 20,614,893.48 yuan | 98,660,600.53 yuan | -28,036,634.92 yuan | -218,482.60 yuan | 91,020,376.49 yuan | | Segment Assets | 3,245,802,569.39 yuan | 2,509,103,448.48 yuan | 1,587,956,725.86 yuan | -1,360,849,145.94 yuan | 5,982,013,597.79 yuan | | Segment Liabilities | 1,857,453,856.07 yuan | 1,335,568,877.44 yuan | 306,428,779.82 yuan | -1,233,477,902.08 yuan | 2,265,973,611.25 yuan | Regional Information (Current Period Amount) | Region | External Transaction Revenue | Total Non-Current Assets (Note) | | :--- | :--- | :--- | | Domestic | 1,051,790,858.86 yuan | 1,145,017,861.44 yuan | | Overseas | 1,534,155.75 yuan | - | | Total | 1,053,325,014.61 yuan | 1,145,017,861.44 yuan | 17. Notes to Parent Company Financial Statement Items This section details the ending balances, beginning balances, and changes during the current period for key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, reflecting the parent company's independent financial position and operating results Parent Company Accounts Receivable (Ending Balance) | Aging | Ending Book Balance | | :--- | :--- | | Within 1 year | 52,594.00 yuan | | Total | 52,594.00 yuan | Parent Company Other Receivables (Ending Book Balance) | Nature of Item | Ending Book Balance | | :--- | :--- | | Intercompany receivables | 874,435,266.13 yuan | | Deposits and guarantees | 2,000.00 yuan | | Employee loans | 815,008.91 yuan | | Total | 875,252,275.04 yuan | Parent Company Long-Term Equity Investments (Ending Balance) | Item | Carrying Value | | :--- | :--- | | Investments in subsidiaries | 1,238,944,407.72 yuan | | Investments in associates and joint ventures | 15,703,356.09 yuan | | Total | 1,254,647,763.81 yuan | Parent Company Operating Revenue and Operating Costs (Amount Incurred in Current Period) | Item | Revenue | Cost | | :--- | :--- | :--- | | Main business | 778,341.51 yuan | 1,048,303.78 yuan | | Other business | - | 391,865.10 yuan | | Total | 778,341.51 yuan | 1,440,168.88 yuan | Parent Company Investment Income (Amount Incurred in Current Period) | Item | Amount Incurred in Current Period | | :--- | :--- | | Investment income from long-term equity investments accounted for using the cost method | 25,817,199.13 yuan | | Investment income from long-term equity investments accounted for using the equity method | 69,902.00 yuan | | Investment income from disposal of long-term equity investments | -2,406,470.13 yuan | | Total | 23,480,631.00 yuan | 18. Supplementary Information This section provides supplementary information including the detailed statement of non-recurring gains and losses for the current period and return on net assets and earnings per share. Total non-recurring gains and losses amounted to negative 508,083.50 yuan, and the weighted average return on net assets attributable to common shareholders after deducting non-recurring gains and losses was 0.89% Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 206,820.41 | | Government grants recognized in current profit and loss | 1,560,278.48 | | 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 | -1,000,000.00 | | Other non-operating income and expenses apart from the above | -189,861.89 | | Less: Income tax impact | 394,270.17 | | Impact on minority interests (after tax) | 691,050.33 | | Total | -508,083.50 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 0.87 | 0.0237 | 0.0237 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 0.89 | 0.0242 | 0.0242 |