建研院(603183) - 2025 Q2 - 季度财报

Important Notice This section provides critical information regarding the report's accuracy, profit distribution, forward-looking statements, related party transactions, and significant risks Board of Directors, Supervisory Board, and Senior Management Statement The Board, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, with all directors attending the board meeting and the report being unaudited - The Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness[3] - All company directors attended the board meeting[3] - This semi-annual report is unaudited[9] - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[4][9] Profit Distribution Plan The board resolved not to distribute profits or convert capital reserves into share capital for the current reporting period - No profit distribution or conversion of capital reserves into share capital for the current reporting period[5] Risk Statement for Forward-Looking Statements Forward-looking descriptions in this report do not constitute a substantive commitment to investors, who are advised to be aware of investment risks - Forward-looking descriptions do not constitute substantive commitments, and investors should be aware of investment risks[6] Fund Occupation and External Guarantees The company had no non-operating fund occupation by controlling shareholders or related parties, nor any non-compliant external guarantees during the reporting period - No non-operating fund occupation by controlling shareholders or related parties occurred[7] - No external guarantees were provided in violation of regulations[7] Major Risk Warnings The company advises investors to consider risks such as industry fluctuations, market competition, accounts receivable bad debts, and policy changes that may impact operations - The company's main business is affected by the construction industry and macro economy, with slowing growth potentially leading to cyclical performance fluctuations[8] - Changes in the economic environment intensify market competition, posing significant competitive pressure on the company[8] - Increased sales revenue leads to higher accounts receivable balances; the construction industry's long project and settlement cycles result in older receivables, posing bad debt risks despite good client credit[8][10] - The professional technical service industry is highly correlated with national macroeconomic conditions and policy adjustments, experiencing significant impact[10][51] Section I Definitions This section defines common terms used in the report, including abbreviations for the CSRC, SSE, the company, and its main subsidiaries, to ensure clear understanding - Defined abbreviations for the China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), the company, and its main subsidiaries[15] - Listed the names and abbreviations of the company's wholly-owned and controlled subsidiaries[15] Section II Company Profile and Key Financial Indicators This section provides the company's basic information and a summary of its key accounting data and financial performance indicators Company Basic Information This section details the company's Chinese and English names, legal representative, registered and office addresses, website, and information disclosure media - Company Chinese Name: Suzhou Institute of Building Science Group Co., Ltd., Abbreviation: Jianyan Institute[17] - Legal Representative: Wu Xiaoxiang[17] - Company Registered and Office Address: No. 82, Beiguandu Road, Hengjing Street, Wuzhong Economic Development Zone, Suzhou[19] - Information Disclosure Newspapers: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily; Website: www.sse.com.cn[20](index=20&type=chunk) - Company Stock Abbreviation: Jianyan Institute, Stock Code: 603183, Listing Exchange: Shanghai Stock Exchange[21] Company Key Accounting Data and Financial Indicators During the reporting period, the company experienced significant year-on-year declines in operating revenue, total profit, net profit attributable to shareholders, and basic earnings per share Key Accounting Data (Current Period Jan-Jun vs Prior Year Period) | Indicator | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 324,110,801.15 | 368,572,168.19 | -12.06 | | Total Profit | 10,804,964.73 | 38,283,167.12 | -71.78 | | Net Profit Attributable to Listed Company Shareholders | 3,199,097.17 | 18,909,135.26 | -83.08 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 3,153,523.85 | 17,176,347.89 | -81.64 | | Net Cash Flow from Operating Activities | -5,761,793.81 | -12,647,410.33 | Improved (negative value decreased) | | Net Assets Attributable to Listed Company Shareholders (Period-End vs Prior Year-End) | 1,594,924,947.79 | 1,604,030,035.89 | -0.57 | | Total Assets (Period-End vs Prior Year-End) | 2,180,079,458.19 | 2,285,419,823.09 | -4.61 | Key Financial Indicators (Current Period Jan-Jun vs Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.01 | 0.04 | -75.00 | | Diluted Earnings Per Share (yuan/share) | 0.01 | 0.04 | -75.00 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.01 | 0.03 | -66.67 | | Weighted Average Return on Net Assets (%) | 0.20 | 1.20 | Decreased by 1.00 percentage point | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 0.20 | 1.09 | Decreased by 0.89 percentage point | Non-Recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses for the period amounted to 45,573.32 yuan, primarily from government subsidies, fair value changes in financial assets, and disposal of non-current assets - Total non-recurring gains and losses: 45,573.32 yuan[27][454] - Main components: government subsidies recognized in current profit or loss of 426,327.76 yuan, non-current asset disposal losses of -19,554.86 yuan, and fair value changes in financial assets of 137,594.38 yuan[26][27][454] Section III Management Discussion and Analysis This section provides an overview of the company's industry, business operations, core competencies, financial performance, and potential risks Industry and Main Business Overview The company's main business remains unchanged, focusing on two major value chains: construction services and inspection & testing, offering diversified services - The company's main business has not undergone significant changes, forming two major industry chains: construction services and inspection & testing[29] - Construction services cover design consulting, engineering inspection, engineering supervision, project management, whole-process consulting, green building, building energy efficiency, carbon neutrality technical services, vocational training, urban renewal, and integrated waterproofing material supply and construction[29] - The inspection and testing sector, based on engineering inspection, has expanded to environmental testing, cleanroom testing, metrology and calibration, and product testing services[29] Engineering Technical Services Engineering technical services, a core business, encompass engineering inspection, specialized construction, design, supervision, and other technical services, providing full lifecycle solutions - Engineering inspection business extends from new construction to the entire building lifecycle, expanding into new growth areas like housing safety assessment and urban health checks[29] - Specialized engineering construction includes structural reinforcement, renovation of old residential areas, elevator additions, smart city solutions (Jianyan City), and building waterproofing construction (Building Waterproofing)[31] - Engineering design is undertaken by Jianyan Design, holding Class A qualifications in the construction industry, with a focus on BIM design, green building design, urban renewal, whole-process consulting, and EPC general contracting[31] - Engineering supervision is carried out by Jianyan Supervision, possessing multiple Class A and B qualifications, capable of providing supervision, whole-process consulting, project management, bidding agency, and cost consulting services[32][33] - Other technical services include building energy efficiency (low-carbon solutions, dual-carbon goals), engineering consulting (whole-process engineering consulting, preliminary consulting, bidding agency, etc.), and technical position training in the construction industry (Jianke Training)[33][34] Production and Sales of New Building Materials Through its subsidiary Gusu Building Materials, the company produces and sells nearly a hundred types of building materials, including waterproofing membranes, coatings, and insulation materials - Undertaken by Gusu Building Materials, products include waterproofing membranes, coatings, insulation materials, repair and maintenance materials, and decorative materials[34] - Possesses Jiangsu Provincial High-Performance Building Materials Engineering Technology Research Center and a standardized laboratory for the building waterproofing industry, with over 20 authorized invention patents[34] - Certified with ISO9001, ISO45001, ISO14001, ISO50001 systems, and awarded China Green Product and China Green Building Materials certifications[34] Metrology and Calibration Through its subsidiary Huawei Testing, the company provides metrology and calibration services, ensuring accuracy, reliability, and traceability of measurements across various industries - Undertaken by Huawei Testing, holding metrology standard certificates from the market supervision administration and accreditation certificates for inspection and testing institutions[35] - Business covers multiple industries including housing construction, municipal engineering, roads, bridges, rail transit, water conservancy, water transport, medicine, and industrial manufacturing[35] Discussion and Analysis of Operations In the first half of 2025, the company's overall performance was weak due to insufficient new project starts, prompting active market expansion, cost reduction, and management reforms - Poor performance in the first half of 2025, primarily due to insufficient new project starts[36] - Market Expansion: Intensified market research, consolidated existing client base, and actively expanded into new regions and sectors[36] - Cost Reduction and Efficiency Improvement: Optimized production processes, centralized procurement management, renegotiated supplier terms, implemented paperless office, and optimized personnel allocation[36] - Reform and Innovation: Continuously advanced internal management reforms, optimized organizational structure, improved decision-making efficiency, established innovation incentive mechanisms, and encouraged employees to propose innovative suggestions and solutions[36] - Strengthened Management: Increased investment in digitalization, upgraded business management systems to enhance processing efficiency, and introduced refined management to improve operational effectiveness[36] Core Competitiveness Analysis Over years of development, the company has established core competitive advantages in service capabilities, business qualifications, technological innovation, client resources, and talent structure - Business diversity, offering systematic services including engineering design and consulting, EPC general contracting, engineering supervision, testing, urban renewal, building energy efficiency, new waterproofing materials, environmental testing, and metrology and calibration[37] - Possesses high-level qualifications in multiple areas such as construction project consulting, planning, design, supervision, and testing, providing a solid guarantee for market expansion[37][38] - Emphasizes talent development and acquisition, enhancing talent levels and focusing on talent pipeline construction by recruiting outstanding university graduates and attracting/cultivating leading technical experts and management personnel[38] - After over forty years of development, the company maintains strong relationships with numerous clients through quality products and services, creating a competitive advantage for future business[38] - Strengthened research in smart testing, promoting intelligent transformation and upgrading of testing services to improve data accuracy and reduce costs/increase efficiency; enhanced output efficiency through business process and model innovation[38] Key Operating Performance This section analyzes the changes in financial statement line items related to the company's main business, as well as its asset-liability and investment status during the reporting period Analysis of Changes in Financial Statement Items During the reporting period, the company's operating revenue and costs decreased year-on-year, financial expenses significantly increased, investment cash outflows rose, and financing cash outflows decreased - Financial expenses increased by 210.93% year-on-year, primarily due to increased bank borrowings[40][42] - Net cash outflow from investing activities increased, mainly due to higher expenditures for base construction[40][42] - Net cash outflow from financing activities decreased, mainly due to a year-on-year reduction in profit distribution and the prior year's inclusion of share repurchase expenditures[40][42] Major Financial Item Changes | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 324,110,801.15 | 368,572,168.19 | -12.06 | | Operating Costs | 173,340,673.35 | 195,388,629.23 | -11.28 | | Selling Expenses | 19,945,709.33 | 21,560,169.11 | -7.49 | | Administrative Expenses | 103,753,291.93 | 96,911,591.60 | 7.06 | | Financial Expenses | 1,229,064.31 | -1,107,991.27 | 210.93 | | Research and Development Expenses | 32,607,787.91 | 33,084,543.38 | -1.44 | | Net Cash Flow from Operating Activities | -5,761,793.81 | -12,647,410.33 | Improved (negative value decreased) | | Net Cash Flow from Investing Activities | -100,104,846.75 | -62,688,448.10 | Worsened (outflow increased) | | Net Cash Flow from Financing Activities | -10,135,644.84 | -40,192,043.00 | Improved (outflow decreased) | Analysis of Assets and Liabilities At the end of the reporting period, total assets and net assets attributable to shareholders decreased, while monetary funds, trading financial assets, prepayments, construction in progress, and intangible assets increased - Monetary funds period-end balance: 158,106,600.94 yuan, a 41.45% decrease from the beginning of the period, mainly due to settlement payments, performance bonuses, and tax expenses[43] - Trading financial assets period-end balance: 11,312,098.51 yuan, a 386.91% increase from the beginning of the period, mainly due to increased wealth management products[43] - Prepayments period-end balance: 4,507,025.70 yuan, a 102.23% increase from the beginning of the period, mainly due to increased prepayments for fuel cards and electricity[43] - Construction in progress period-end balance: 34,366,980.35 yuan, a 74.69% increase from the beginning of the period, mainly due to increased construction volume for the industrial park base[43] - Intangible assets period-end balance: 113,661,769.02 yuan, a 70.40% increase from the beginning of the period, primarily due to the acquisition of land for the Jiangqiao base[43] - Employee benefits payable period-end balance: 33,846,051.07 yuan, a 43.26% decrease from the beginning of the period, mainly due to the year-end performance bonus distribution[44] - Taxes payable period-end balance: 12,575,506.65 yuan, a 68.86% decrease from the beginning of the period, mainly due to annual tax settlements[44] Major Asset and Liability Item Changes | Item Name | Current Period End (yuan) | Prior Year End (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 158,106,600.94 | 270,047,090.36 | -41.45 | | Trading Financial Assets | 11,312,098.51 | 2,323,243.69 | 386.91 | | Prepayments | 4,507,025.70 | 2,228,701.50 | 102.23 | | Construction in Progress | 34,366,980.35 | 19,673,167.92 | 74.69 | | Intangible Assets | 113,661,769.02 | 66,702,518.14 | 70.40 | | Employee Benefits Payable | 33,846,051.07 | 59,647,806.23 | -43.26 | | Taxes Payable | 12,575,506.65 | 40,381,073.39 | -68.86 | Major Asset Restrictions At the end of the reporting period, 17,222,740.92 yuan of the company's monetary funds were restricted due to guarantees and other reasons - Period-end restricted monetary funds: 17,222,740.92 yuan, restricted due to guarantees and other reasons[45] Investment Status Analysis During the reporting period, the company approved a new "Sujianyan (Jiangqiao) Scientific Research Base Project" with an estimated investment of approximately 280 million yuan, while fair value financial assets decreased - Approved wholly-owned subsidiary Shanghai Sujianyan Technology Development Co., Ltd. to construct the "Sujianyan (Jiangqiao) Scientific Research Base Project," with an estimated investment of approximately 280.22 million yuan, to be funded by self-owned or self-raised capital[47] Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Stocks | 310,000.00 | -12,000.00 | 0 | 298,000.00 | | Private Equity Funds | 82,206,441.17 | 0 | -5,357,954.10 | 76,848,487.07 | | Other | 6,818,180.00 | 0 | 0 | 6,818,180.00 | | Total | 89,334,621.17 | -12,000.00 | -5,357,954.10 | 83,964,667.07 | Potential Risks The company advises investors to consider risks such as industry fluctuations, market competition, accounts receivable bad debts, and policy changes that may impact operations - Slowdown in the construction industry's growth may lead to cyclical fluctuations in the company's operating performance[50] - Changes in the economic environment intensify market competition, posing significant competitive pressure on the company[50] - Long project cycles in the construction industry result in older accounts receivable, posing bad debt loss risks[50] - The professional technical service industry is significantly affected by national macroeconomic conditions and policy adjustments[51] Section IV Corporate Governance, Environment, and Society This section covers the company's corporate governance practices, environmental responsibilities, social contributions, and profit distribution plans Profit Distribution or Capital Reserve Conversion Plan The company resolved not to distribute profits or convert capital reserves into share capital for the current reporting period - No profit distribution or conversion of capital reserves into share capital for the current reporting period[54] Section V Significant Matters This section details significant events and commitments, including the fulfillment of promises made by controlling shareholders and related parties Fulfillment of Commitments The company's actual controllers, shareholders, and related parties strictly fulfilled their long-term commitments regarding related party transactions and avoidance of horizontal competition during the reporting period - Commitment to resolve related party transactions: pledged to avoid related party transactions with the listed company and its subsidiaries, adhere to market principles when necessary, sign agreements in accordance with the law, fulfill information disclosure obligations, not illegally occupy funds or assets, and not provide guarantees. Promisors Feng Guobao, Wu Tingxiang, and Ding Zhengwei committed to strict long-term fulfillment[57] - Commitment to resolve horizontal competition: pledged not to invest in or establish businesses that compete with the listed company's main operations; if horizontal competition arises, measures will be taken to avoid harming the listed company's interests. Promisors Feng Guobao, Wu Tingxiang, and Ding Zhengwei committed to strict fulfillment during their shareholding period[58] - All aforementioned commitments were strictly fulfilled during the reporting period[57][58] Section VI Share Changes and Shareholder Information This section provides an overview of changes in the company's share capital and detailed information about its shareholders Share Capital Changes During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[65] Shareholder Information As of the end of the reporting period, the company had 24,560 common shareholders, with key natural person shareholders having signed a concerted action agreement - Total number of common shareholders as of the end of the reporting period: 24,560 households[66] Top Ten Shareholders' Shareholdings | Shareholder Name | Shares Held at Period End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Wu Xiaoxiang | 37,055,723 | 7.45 | Domestic Natural Person | | Huang Chunsheng | 31,323,420 | 6.30 | Domestic Natural Person | | Wu Qichao | 25,526,897 | 5.13 | Domestic Natural Person | | Wang Huiming | 23,425,020 | 4.71 | Domestic Natural Person | | Hu Yulan | 17,788,600 | 3.58 | Domestic Natural Person | | Zhang Sufen | 11,210,000 | 2.25 | Domestic Natural Person | | Feng Guobao | 7,985,130 | 1.61 | Domestic Natural Person | | Wang Pengfei | 7,607,897 | 1.53 | Domestic Natural Person | | Ding Zhengwei | 4,812,612 | 0.97 | Domestic Natural Person | | BARCLAYS BANK PLC | 3,542,043 | 0.71 | Overseas Legal Person | - Wu Xiaoxiang, Wang Huiming, and Huang Chunsheng signed a concerted action agreement, forming a concerted action relationship[69] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained generally stable, with only one supervisor reducing holdings by 10,000 shares - Supervisor Chu Ying reduced holdings by 10,000 shares through competitive bidding during the reporting period, with 174,724 shares held at period-end[72] - Shareholdings of other key directors, supervisors, and senior management remained unchanged[72] Section VII Bond-Related Information During the reporting period, the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds and non-financial enterprise debt financing instruments[75] - The company has no convertible corporate bonds[75] Section VIII Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity Audit Report This semi-annual report has not been audited - This semi-annual report is unaudited[77] Financial Statements This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity - Includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owner's equity, and parent company statement of changes in owner's equity[78][81][87][91][94][98][101][106] Company Basic Information The company, established in 1979 and listed in 2017, has a broad business scope including technical services, engineering management, energy conservation, and urban renewal - The company was established in 1979 and listed on the main board of the Shanghai Stock Exchange in September 2017[111] - Business scope includes certification services, safety assessment, technical services, engineering management services, energy conservation management services, carbon emission reduction technology R&D, water/air/soil pollution control, internet data services, information system integration, investment activities, and property management[113] Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and CSRC regulations, and based on the company's accounting policies and estimates - Basis of preparation: going concern assumption, in accordance with Enterprise Accounting Standards and CSRC's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)"[114] - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[115] Significant Accounting Policies and Estimates This section details the company's accounting policies and estimation methods for business combinations, financial instruments, receivables, inventory, fixed assets, intangible assets, revenue, and government grants - Business combinations are distinguished between those under common control and those not under common control, measured at book value or fair value[123][124] - Consolidated financial statements determine the scope of consolidation based on control, eliminate intercompany transactions, and present minority interests separately[125][127] - Financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[131] - Accounts receivable are provided for individually or by portfolio (aging portfolio, nature portfolio) for bad debts, with the aging portfolio using expected credit loss rates[140][141] - Inventories are classified into raw materials, work-in-progress, finished goods, and costs of uncompleted projects, valued using the weighted average method, and impairment provisions are made at the lower of cost and net realizable value at period-end[147][149] - Revenue is recognized when the customer obtains control of the related goods, distinguishing between performance obligations satisfied over time or at a point in time[188][189] - Government grants are classified as asset-related or income-related based on the nature of the grant, recognized as deferred income or directly in current profit or loss, respectively[191] - As a lessee, the company recognizes right-of-use assets and lease liabilities; as a lessor, leases are classified as operating leases or finance leases[193][197] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with several subsidiaries enjoying preferential tax rates as high-tech or small-profit enterprises - Main tax types and rates: Value-Added Tax (13%, 9%, 3%, 6%, 5%), Urban Maintenance and Construction Tax (7%), Corporate Income Tax (15%, 20%, 25%), Education Surcharge (5%)[199] - Subsidiaries such as Zhongcehang, Suzhou Testing Center, Wujiang Testing Center, Jianyan Design, Ningcheng Testing, Gusu Building Materials, Taicang Testing Center, Dongnan Testing, and Hongye Testing enjoy high-tech enterprise income tax incentives, taxed at a reduced rate of 15%[202][203][204] - Subsidiaries such as Jianke Testing, Jianke Clean, Jianke Energy Saving, Jianke Training, Yuanzhun Zhikong, Luling Technology, Dongnan Testing, Huawei Testing, Jianyan Industrial Park, Jianyan Real Estate, Jiangsu Jianyan, and Taicang Jianyan enjoy small and micro-profit enterprise income tax incentives, taxed at a rate of 20%[204] Notes to Consolidated Financial Statement Items This section details the period-end and period-beginning balances and current period changes for consolidated financial statement items, with explanations for significant variations Monetary Funds Period-end monetary funds were 158.11 million yuan, a 41.45% decrease from the beginning of the period, primarily due to settlement payments and tax expenses, with 17.22 million yuan restricted - Period-end balance: 158,106,600.94 yuan[206] - Decreased by 41.45% from the beginning of the period, mainly due to settlement payments, performance bonuses, and tax expenses[43] - Restricted monetary funds: 17,222,740.92 yuan, primarily for guarantees and other reasons[45][302][389] Trading Financial Assets Period-end trading financial assets were 11.31 million yuan, a 386.91% increase from the beginning of the period, mainly due to increased bank wealth management products - Period-end balance: 11,312,098.51 yuan[208] - Increased by 386.91% from the beginning of the period, mainly due to increased bank wealth management products[43] - Main components: bank wealth management products of 11,014,098.51 yuan, and stocks of 298,000.00 yuan[208] Notes Receivable Period-end notes receivable were 18.69 million yuan, an 8.43% decrease from the beginning of the period, with a high proportion of bank acceptance bills, some endorsed or discounted - Period-end balance: 18,694,591.45 yuan[209] - Decreased by 8.43% from the beginning of the period[43] - Bank acceptance bills of 17,973,870.66 yuan, commercial acceptance bills of 720,720.79 yuan[209] - Bank acceptance bills endorsed or discounted and not yet due at period-end: 8,314,103.83 yuan[211] - Bad debt provision: 37,932.68 yuan, mainly for commercial acceptance bills provisioned at 5%[213][215] Accounts Receivable Period-end accounts receivable were 597.84 million yuan, a 6.76% decrease from the beginning of the period, with total bad debt provisions of 157.47 million yuan - Period-end balance: 597,840,629.63 yuan[220] - Decreased by 6.76% from the beginning of the period[43] - Total bad debt provision: 157,468,415.91 yuan[220][225] - Accounts receivable within 1 year of aging: 498,703,483.46 yuan[217] - Bad debt provision for aging portfolio: 155,071,098.94 yuan, individually provided bad debt provision: 2,397,316.97 yuan[220][225] - Current period bad debt provision amount: -18,561,477.41 yuan[225] Contract Assets Period-end contract assets were 41.61 million yuan, a 9.41% increase from the beginning of the period, with bad debt provisions of 26.82 million yuan - Period-end balance: 41,610,249.97 yuan[227] - Increased by 9.41% from the beginning of the period[43] - Bad debt provision: 26,820,169.61 yuan[227][230][234] - Current period contract asset impairment loss provision amount: -2,483,390.31 yuan[234] Inventories Period-end inventories were 52.32 million yuan, a 12.84% decrease from the beginning of the period, primarily consisting of costs for uncompleted projects - Period-end balance: 52,320,779.74 yuan[251] - Decreased by 12.84% from the beginning of the period[43] - Costs of uncompleted projects: 41,036,815.80 yuan[251] Construction in Progress Period-end construction in progress was 34.37 million yuan, a 74.69% increase from the beginning of the period, mainly due to increased construction volume for the industrial park base - Period-end balance: 34,366,980.35 yuan[273] - Increased by 74.69% from the beginning of the period, mainly due to increased construction volume for the industrial park base[43] - Major projects include the Industrial Park Research Base Project and the Sujianyan (Jiangqiao) Scientific Research Base Project[274] Intangible Assets Period-end intangible assets were 113.66 million yuan, a 70.40% increase from the beginning of the period, primarily due to the acquisition of land for the Jiangqiao base - Period-end balance: 113,661,769.02 yuan[280] - Increased by 70.40% from the beginning of the period, mainly due to the acquisition of land for the Jiangqiao base[43] - Current period increase amount: 48,913,121.24 yuan, primarily for the acquisition of land use rights[279] Short-Term Borrowings Period-end short-term borrowings were 132.09 million yuan, a 6.51% increase from the beginning of the period, mainly due to increased credit borrowings - Period-end balance: 132,085,738.89 yuan[305] - Increased by 6.51% from the beginning of the period[43] - Credit borrowings of 132,085,738.89 yuan, with 104,000,000.00 yuan in discounted bill financing in the prior year period[305] Employee Benefits Payable Period-end employee benefits payable were 33.85 million yuan, a 43.26% decrease from the beginning of the period, primarily due to the year-end performance bonus distribution - Period-end balance: 33,846,051.07 yuan[318] - Decreased by 43.26% from the beginning of the period, mainly due to the year-end performance bonus distribution[44] - Current period short-term compensation increased by 175,192,347.03 yuan and decreased by 201,055,467.61 yuan[317] Taxes Payable Period-end taxes payable were 12.58 million yuan, a 68.86% decrease from the beginning of the period, primarily due to annual tax settlements - Period-end balance: 12,575,506.65 yuan[322] - Decreased by 68.86% from the beginning of the period, mainly due to annual tax settlements[44] - Main components: Value-Added Tax of 7,349,424.95 yuan, Corporate Income Tax of 3,024,391.91 yuan[322] Operating Revenue and Operating Costs Operating revenue for the current period was 324.11 million yuan, a 12.06% year-on-year decrease, with operating costs at 173.34 million yuan, a 11.28% decrease - Operating revenue: 324,110,801.15 yuan, a 12.06% year-on-year decrease[347][350] - Operating costs: 173,340,673.35 yuan, an 11.28% year-on-year decrease[347][350] Revenue Composition | Product Type | Operating Revenue (yuan) | Operating Costs (yuan) | | :--- | :--- | :--- | | Engineering Inspection | 230,767,310.90 | 108,852,816.78 | | Specialized Engineering Construction | 3,052,519.63 | 2,960,644.46 | | Product Sales | 33,309,761.80 | 28,991,637.70 | | Engineering Supervision | 25,825,439.06 | 12,965,293.09 | | Engineering Design | 13,754,172.48 | 7,935,458.23 | | Other Technical Services | 15,492,190.01 | 10,959,517.86 | | Other | 1,909,407.27 | 675,305.23 | Financial Expenses Current period financial expenses were 1.23 million yuan, compared to -1.11 million yuan in the prior period, mainly due to increased interest expenses and decreased interest income - Current period financial expenses: 1,229,064.31 yuan[357] - Prior period financial expenses: -1,107,991.27 yuan[357] - Interest expense of 1,483,219.11 yuan, interest income of -352,004.26 yuan[357] Credit Impairment Losses Current period credit impairment losses were 18.93 million yuan, compared to 13.12 million yuan in the prior period, primarily consisting of bad debt losses on accounts receivable - Current period credit impairment losses: 18,925,103.73 yuan[363] - Prior period credit impairment losses: 13,123,021.86 yuan[363] - Bad debt losses on accounts receivable: 18,561,477.41 yuan[363] Asset Impairment Losses Current period asset impairment losses were 2.48 million yuan, compared to 4.30 million yuan in the prior period, primarily due to contract asset impairment losses - Current period asset impairment losses: 2,483,390.31 yuan[365] - Prior period asset impairment losses: 4,303,315.82 yuan[365] - Contract asset impairment losses: 2,483,390.31 yuan[365] Cash Flow Statement Items Net cash flow from operating activities was -5.76 million yuan, from investing activities -100.10 million yuan, and from financing activities -10.14 million yuan - Net cash flow from operating activities: -5,761,793.81 yuan[381] - Net cash flow from investing activities: -100,104,846.75 yuan[381] - Net cash flow from financing activities: -10,135,644.84 yuan[381] - Net increase in cash and cash equivalents: -116,002,285.40 yuan[381] - Cash received from investment recovery in the current period: 45,357,954.10 yuan, cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets: 93,305,058.74 yuan[396][397] - Cash received from borrowings in the current period: 180,000,000.00 yuan, cash paid for debt repayment: 172,000,000.00 yuan[397] Interests in Other Entities The company holds interests in numerous wholly-owned and controlled subsidiaries engaged in engineering design, testing, supervision, construction, and new building materials - The company owns wholly-owned subsidiaries including Jianyan Design, Suzhou Testing Center, Jianyan Supervision, Jianyan City, Building Waterproofing, Gusu Building Materials, Jianke Energy Saving, Jianke Training, Jianke Testing, Jianke Clean, Yuanzhun Zhikong, Jianyan Industrial Park, Jianyan Real Estate, Shanghai Sujianyan, Jiangsu Jianyan, and Shanghai Shenyan[15][395][396][397] - The company owns controlling subsidiaries including Wujiang Testing Center, Dongnan Testing, Taicang Testing Center, Zhongcehang, Ningcheng Testing, Hongda Testing, Luling Technology, Qiuzheng Testing, Huawei Testing, Jianwei Lianhang, Hongye Testing, and Taicang Jianyan[15][395][396][397] Significant Non-Wholly Owned Subsidiary: Taicang Testing Center | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders in Current Period (yuan) | Dividends Declared to Minority Shareholders in Current Period (yuan) | Minority Interest Balance at Period End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Taicang Testing Center | 45.00 | 4,007,150.82 | 675,000.00 | 23,016,481.99 | Risks Related to Financial Instruments The company primarily faces credit and liquidity risks related to financial instruments, managed through credit review, monitoring, and cash reserves, with insignificant interest rate risk - Credit risk primarily arises from bank deposits, bank wealth management products, notes receivable, accounts receivable, and other receivables. The company manages this through credit review and continuous monitoring[404][405] - Liquidity risk is managed by ensuring sufficient cash reserves through cash flow forecasting, continuous monitoring of funding needs, and bank financing commitments[405] - Market risk is mainly interest rate risk; the company has ample funds and effective control over borrowing limits, making interest rate risk insignificant[406] Disclosure of Fair Value Assets measured at fair value include trading financial assets and other equity instrument investments, determined by market information or estimated based on proportionate ownership - Total assets continuously measured at fair value: 83,964,667.07 yuan[409] - Trading financial assets of 298,000.00 yuan, determined based on available market information[409][411] - Other equity instrument investments of 75,666,667.07 yuan, with fair value reasonably estimated based on the proportionate share of the investee company's owner's equity[409][412] Commitments and Contingencies As of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure - The company has no significant commitments requiring disclosure[418] - The company has no significant contingencies requiring disclosure[418] Section XIX Notes to Parent Company Financial Statement Items This section provides detailed notes on key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, and operating performance Accounts Receivable Period-end parent company accounts receivable had a book value of 9.01 million yuan, with bad debt provisions totaling 18.82 million yuan - Period-end book value: 9,008,034.47 yuan[424] - Bad debt provision: 18,815,731.83 yuan[424][428] - Current period bad debt provision amount: -340,279.49 yuan[428] Other Receivables Period-end parent company other receivables had a book value of 122.29 million yuan, primarily from intercompany fund transfers, with bad debt provisions of 77,723.02 yuan - Period-end book value: 122,293,283.86 yuan[431] - Main nature of receivables: intercompany fund transfers of 122,082,579.93 yuan[436] - Bad debt provision: 77,723.02 yuan[439][441] Long-Term Equity Investments Period-end parent company long-term equity investments had a book value of 1,034.13 million yuan, entirely comprising investments in subsidiaries, with additional investments made during the period - Period-end book value: 1,034,129,730.56 yuan[446] - Entirely investments in subsidiaries[446] - Current period additional investments: 28,847,500.00 yuan, including investments in Taicang Testing Center, Jianyan Industrial Park, Jianwei Lianhang, Jiangsu Jianyan, and Jianke Testing[449] Operating Revenue and Operating Costs Period-end parent company operating revenue was 7.56 million yuan, with operating costs at 2.11 million yuan - Operating revenue: 7,563,848.71 yuan[452] - Operating costs: 2,105,985.37 yuan[452] Investment Income Current period parent company investment income was 934,813.70 yuan, mainly from long-term equity investments accounted for using the cost method and wealth management income - Current period investment income: 934,813.70 yuan[451] - Investment income from long-term equity investments accounted for using the cost method: 825,000.00 yuan[451] - Wealth management income: 109,813.70 yuan[451] Section XX Supplementary Information This section provides supplementary financial information, including a detailed breakdown of non-recurring gains and losses and key profitability ratios Schedule of Non-Recurring Gains and Losses for the Current Period Total non-recurring gains and losses for the current period amounted to 45,573.32 yuan, primarily from government subsidies, fair value changes in financial assets, and disposal of non-current assets - Total non-recurring gains and losses: 45,573.32 yuan[454] - Main components: government subsidies recognized in current profit or loss of 426,327.76 yuan, non-current asset disposal losses of -19,554.86 yuan, and fair value changes in financial assets of 137,594.38 yuan[454] Return on Net Assets and Earnings Per Share The weighted average return on net assets attributable to common shareholders was 0.20%, and basic earnings per share was 0.01 yuan/share for the current period - Weighted average return on net assets attributable to common shareholders: 0.20%[455] - Basic earnings per share: 0.01 yuan/share[455] - Weighted average return on net assets attributable to common shareholders after deducting non-recurring gains and losses: 0.20%[455] - Basic earnings per share after deducting non-recurring gains and losses: 0.01 yuan/share[455]