文峰股份(601010) - 2025 Q2 - 季度财报

Important Notice Statement by the Board of Directors, Supervisory Board, and Senior Management The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility, with all directors attending the board meeting and the report being unaudited - Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, and assume legal responsibility[3] - All company directors attended the board meeting, and the semi-annual report is unaudited[4][5] - Company head Wang Yue, chief accountant He Lanhong, and head of accounting department Huang Mingxuan declare the financial report is true, accurate, and complete[6] Profit Distribution Plan The Board of Directors approved the semi-annual profit distribution plan, proposing a cash dividend of 0.02 yuan (tax inclusive) per share based on the total share capital minus repurchased shares, totaling 35.88 million yuan - The Board of Directors approved the semi-annual profit distribution plan[6] 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Description | | :--- | :--- | | Cash Dividend per Share (tax inclusive) | 0.02 yuan | | No Bonus Shares | Yes | | No Capitalization from Capital Reserve | Yes | | Total Share Capital (as of August 18, 2025) | 1,848,000,000 shares | | Less: Repurchased Shares | 54,235,200 shares | | Shares Eligible for Distribution | 1,793,764,800 shares | | Total Proposed Cash Dividend (tax inclusive) | 35,875,296.00 yuan | | Remaining Profit | Carried forward to subsequent years | Risk Statement and Disclosure Forward-looking statements in this report do not constitute substantive commitments, and investors should be aware of investment risks, with no non-operating fund occupation or irregular guarantees by controlling shareholders - Forward-looking statements in the report do not constitute substantive commitments, and investors should be aware of investment risks[7] - There is no non-operating occupation of funds by controlling shareholders or other related parties[8] - There are no external guarantees provided in violation of decision-making procedures[8] - Significant risk factors are described in the "Management Discussion and Analysis" section of this report[8] Section I Definitions Definitions of Common Terms This section defines common terms used in the report, including the company itself, controlling shareholder Wenfeng Group, key subsidiaries, and the reporting period - "Company", "the Company", and "Wenfeng Shares" all refer to Wenfeng Great World Chain Development Co., Ltd[13] - "Wenfeng Group" refers to Jiangsu Wenfeng Group Co., Ltd., the company's controlling shareholder[13] - "Reporting Period" refers to January 1, 2025, to June 30, 2025[13] Section II Company Profile and Key Financial Indicators Company Information and Contact Details This section provides the company's basic information, including its Chinese name, abbreviation, legal representative, registered and office addresses, website, email, and contact details for the Board Secretary and Securities Affairs Representative - The company's Chinese name is Wenfeng Great World Chain Development Co., Ltd., abbreviated as Wenfeng Great World, with Wang Yue as the legal representative[15] - The company's registered address is No. 3-21 Nandajie, Nantong City, Jiangsu Province, and its office address is No. 59 Youth Middle Road, Nantong City, Jiangsu Province[17] - The Board Secretary is Huang Jiaying, and the Securities Affairs Representative is Lan Yulu, with contact number 0513-85505666-9609[16] Information Disclosure and Stock Overview The company designates China Securities Journal and Shanghai Securities News for information disclosure, with its semi-annual report published on www.sse.com.cn, and its A-shares are listed on the Shanghai Stock Exchange under stock code 601010 - The company designates China Securities Journal and Shanghai Securities News as information disclosure newspapers, with the report published on www.sse.com.cn[18](index=18&type=chunk) Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Wenfeng Shares | 601010 | Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue decreased by 14.34% year-on-year, net profit attributable to shareholders decreased by 48.19%, and net cash flow from operating activities was negative, significantly declining Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 857,281,136.99 yuan | 1,000,807,051.51 yuan | -14.34 | | Total Profit | 63,851,273.85 yuan | 117,035,250.03 yuan | -45.44 | | Net Profit Attributable to Shareholders of Listed Company | 37,527,792.51 yuan | 72,429,651.35 yuan | -48.19 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 30,448,510.31 yuan | 69,354,769.82 yuan | -56.10 | | Net Cash Flow from Operating Activities | -139,084,528.72 yuan | -9,988,110.96 yuan | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 4,336,899,035.47 yuan | 4,431,584,123.86 yuan | -2.14 | | Total Assets (Period-end) | 6,143,109,855.45 yuan | 6,434,894,601.88 yuan | -4.53 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.02 | 0.04 | -50.00 | | Diluted Earnings Per Share (yuan/share) | 0.02 | 0.04 | -50.00 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (yuan/share) | 0.02 | 0.04 | -50.00 | | Weighted Average Return on Net Assets (%) | 0.84 | 1.62 | Decrease of 0.78 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | 0.68 | 1.55 | Decrease of 0.87 percentage points | - The decrease in total profit, net profit attributable to shareholders, and non-recurring net profit is primarily due to a decline in operating revenue and a year-on-year reduction in operating gross profit[21] - The decrease in net cash flow from operating activities is mainly due to lower operating revenue, increased cash payments for accounts payable, inventory purchases, and prepaid accounts[21] Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 7.08 million yuan, primarily comprising government subsidies, fair value changes, and non-operating income and expenses Non-Recurring Gains and Losses and Amounts for H1 2025 | Non-Recurring Gain/Loss Item | Amount (yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | -1,406.00 | | Government subsidies recognized in current profit and loss | 7,738,217.34 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 4,571,033.80 | | Gains and losses from contingent events unrelated to the company's normal operating activities | -5,289,548.55 | | Other non-operating income and expenses apart from the above | 1,879,021.00 | | Other gain/loss items that meet the definition of non-recurring gains and losses | 158,203.41 | | Less: Income tax impact | 1,976,173.28 | | Impact on minority interests (after tax) | 65.52 | | Total | 7,079,282.20 | Net Profit After Deducting Share-Based Payment Impact After deducting the impact of share-based payments, the company's net profit for the first half of 2025 was 40.76 million yuan, a year-on-year decrease of 50.28% Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 40,759,739.94 yuan | 81,983,629.12 yuan | -50.28 | Section III Management Discussion and Analysis Description of the Company's Industry and Main Business During the Reporting Period The company primarily operates a chain of department stores, supermarkets, electronics stores, and shopping centers, with a significant portion of revenue from consignment sales, facing a challenging retail environment but leveraging its strong brand and market position - The company's main business involves the chain operation of department stores, supermarkets, electronics stores, and shopping centers, primarily in Nantong City, Jiangsu Province, and Shanghai City[28] - Operating models include direct sales, consignment sales, and leasing, with consignment sales accounting for 76.17% of main business revenue in H1 2025[28] H1 2025 Operating Model Revenue and Gross Profit by Business Segment (ten thousand yuan) | Item | Direct Sales Revenue (excl. tax) | Direct Sales Gross Profit (excl. tax) | Consignment Sales Revenue (excl. tax) | Consignment Sales Gross Profit (excl. tax) | Subtotal Revenue (excl. tax) | Subtotal Gross Profit (excl. tax) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Department Store | 26,675.29 | 1,036.74 | 247,187.41 | 23,023.16 | 273,862.71 | 24,059.90 | | Supermarket | 23,105.57 | 2,098.54 | 7,346.76 | 366.88 | 30,452.32 | 2,465.43 | | Electronics | 31,838.53 | 2,431.75 | 7,646.57 | 894.74 | 39,485.10 | 3,326.48 | | Shopping Center | 501.95 | 40.33 | 365.90 | 25.78 | 867.85 | 66.11 | | Total | 82,121.34 | 5,607.36 | 262,546.64 | 24,310.56 | 344,667.98 | 29,917.91 | - In H1 2025, total retail sales of consumer goods increased by 5.0% year-on-year, indicating broad prospects for the retail industry with policy support, despite weak consumer demand requiring innovation for structural growth[30][31] - The company has cultivated the Nantong market for over thirty years, enjoying strong brand trust among consumers, and ranked 46th in the "2024 China Chain Top 100"[31][32] Discussion and Analysis of Operations In H1 2025, the company focused on brand, service, membership, digitalization, and team, implementing tailored strategies, brand optimization, innovative marketing, and digital transformation to enhance influence and efficiency, despite a year-on-year decline in revenue and net profit - The company上半年以“创新驱动、品质筑基、温度联结”为引擎，聚焦品牌、服务、会员、数字化和团队五大领域工作[32] - The department store segment improved performance by renovating space layouts, optimizing brand portfolios, innovating cooperation models, deepening operations and risk control, and upgrading marketing strategies[33] - The supermarket segment enhanced user repurchase rates by innovating new product development channels, increasing direct sourcing, planning exclusive offline promotions, and deepening online platform functions[34] - The electronics segment reshaped cooperation value, optimized operational efficiency, deepened customer operations, and implemented precise marketing around the strategy of "focusing on reduction, profit orientation, and precise marketing"[35] - The shopping center segment implemented "one store, one policy" to reshape store positioning, enhance customer satisfaction, accelerate vacant space leasing, and promote innovation, thereby boosting brand influence[36] - Wenfeng Cloud Shopping deepened digital transformation, empowering the four business segments, actively responding to national subsidy policies, upgrading the mini-program system, and continuously enhancing member benefits[37] H1 2025 Operating Performance | Indicator | Amount (ten thousand yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | | Operating Revenue | 85,728.11 | -14.34 | | Net Profit Attributable to Shareholders of Listed Company | 3,752.78 | -48.19 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 3,044.85 | -56.10 | Analysis of Core Competencies The company's core competencies include its over thirty years of brand influence and consumer trust in the Nantong market, the successfully registered "Wenfeng Summer Night" brand, a customer-centric "Satisfaction Project," superior location advantages, and a differentiated competition strategy through deep integration of business formats - The company has cultivated the Nantong market for over thirty years, and its brand image is deeply trusted and favored by local consumers[38] - The "Wenfeng Summer Night" brand trademark has been successfully registered, enjoying high recognition and reputation among consumers[38] - Major department stores are located in commercial origins or core areas, and shopping centers are adjacent to subway and bus stations, providing significant location advantages and ample customer traffic[38] - The company actively promotes deep integration of department store, supermarket, electronics, and shopping center formats to create a differentiated competitive advantage[38] Key Operating Performance During the Reporting Period During the reporting period, the company experienced year-on-year declines in operating revenue and costs, an increase in financial expenses, and significant decreases in net cash flow from operating, investing, and financing activities due to various factors Financial Statement Item Fluctuation Analysis (H1 2025) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 857,281,136.99 | 1,000,807,051.51 | -14.34 | | Operating Cost | 454,119,284.71 | 510,153,857.35 | -10.98 | | Selling Expenses | 136,039,430.46 | 149,556,428.01 | -9.04 | | Administrative Expenses | 153,273,641.41 | 167,600,609.94 | -8.55 | | Financial Expenses | 11,394,550.47 | 9,385,227.18 | 21.41 | | Net Cash Flow from Operating Activities | -139,084,528.72 | -9,988,110.96 | Not Applicable | | Net Cash Flow from Investing Activities | -119,414,249.60 | 19,894,199.98 | -700.25 | | Net Cash Flow from Financing Activities | -86,963,562.29 | -127,070,344.39 | Not Applicable | - Operating revenue decreased by 122.44 million yuan, and other business income decreased by 21.09 million yuan[39] - Financial expenses increased by 21.41%, mainly due to a 1.97 million yuan decrease in interest income and a 0.76 million yuan increase in interest expenses[39] - Net cash flow from investing activities decreased by 182.95 million yuan, with payments for long-term asset acquisitions decreasing by 43.69 million yuan[41] - Changes in net cash flow from financing activities were primarily influenced by increased borrowings, increased debt repayments, decreased share repurchases, and increased dividend distributions[41] Analysis of Assets and Liabilities At the end of the reporting period, the company's monetary funds decreased significantly due to net cash outflows from operating, investing, and financing activities, while other receivables, other current assets, long-term equity investments, other non-current assets, short-term borrowings, and provisions for liabilities all saw notable increases Asset and Liability Status Changes (H1 2025) | Item Name | Period-end Amount (yuan) | % of Total Assets | Prior Year-end Amount (yuan) | Prior Year-end % of Total Assets | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 334,209,930.14 | 5.44 | 701,469,512.56 | 10.90 | -52.36 | Net cash outflow from operating, investing, and financing activities | | Other Receivables | 43,223,845.20 | 0.70 | 32,213,208.36 | 0.50 | 34.18 | Increase in receivables for Su Xin consumption subsidies | | Other Current Assets | 94,504,822.86 | 1.54 | 41,575,659.21 | 0.65 | 127.31 | Increase in input VAT credit, etc. | | Long-term Equity Investments | 49,992,339.90 | 0.81 | 702.14 | 0.00 | 7,119,895.98 | New investment funds | | Other Non-current Assets | 19,168,712.86 | 0.31 | 11,989,454.89 | 0.19 | 59.88 | Increase in prepaid asset acquisition funds | | Short-term Borrowings | 49,700,000.00 | 0.81 | 23,000,000.00 | 0.36 | 116.09 | Increase in bank borrowings | | Notes Payable | 53,222,556.00 | 0.87 | 80,581,194.00 | 1.25 | -33.95 | Decrease in bank acceptance bill payments | | Accounts Payable | 202,334,695.54 | 3.29 | 299,908,953.72 | 4.66 | -32.53 | Decrease in payments to suppliers | | Taxes Payable | 26,716,418.80 | 0.43 | 52,215,423.50 | 0.81 | -48.83 | Decrease in VAT and corporate income tax payable | | Provisions for Liabilities | 5,328,470.55 | 0.09 | 142,616.22 | 0.00 | 3,636.23 | Increase in provisions for pending litigation | | Long-term Employee Benefits Payable | 1,387,735.81 | 0.02 | 2,356,554.75 | 0.04 | -41.11 | Original provision for termination benefits decreasing annually | - Overseas assets amounted to 101,282.82 yuan, accounting for 0.002% of total assets[43] Major Asset Restrictions at Period-end | Item | Period-end Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 34,005,731.12 | Acceptance, letter of guarantee deposits, and litigation frozen funds | | Fixed Assets | 20,052,629.05 | Mortgage guarantee for bank loans | | Intangible Assets | 2,619,613.88 | Mortgage guarantee for bank loans | Analysis of Investment Status The company had no significant equity investments during the reporting period, but various profit and loss statement items showed significant changes, with the Shanghai Songjiang Integrated Building project 93.63% complete, active investments in wealth management and trust products, and the controlling shareholder committed to covering losses from a private equity fund - There were no significant equity investments during the reporting period[46] Major Profit Statement Item Fluctuations (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Jan-Jun 2025 (yuan) | Jan-Jun 2024 (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Interest Income | 1,079,525.65 | 3,047,986.37 | -64.58 | Decrease in bank interest income year-on-year | | Other Income | 549,857.71 | 250,118.80 | 119.84 | Increase in government subsidies year-on-year | | Investment Income | 5,541,694.71 | 3,409,802.16 | 62.52 | Increase in investment income from wealth management products year-on-year | | Fair Value Change Gains | -979,023.15 | -92,438.94 | Not Applicable | Impact of fair value changes in trading financial assets and other non-current financial assets | | Credit Impairment Losses | -1,647,178.58 | 630,463.71 | -361.26 | Increase in provision for bad debts year-on-year | | Asset Impairment Losses | -9,938.56 | 67,292.27 | -114.77 | Increase in provision for inventory depreciation year-on-year | | Asset Disposal Gains | 20,102.42 | 223,575.88 | -91.01 | Decrease in gains from disposal of right-of-use assets and fixed assets year-on-year | | Non-operating Income | 9,380,769.14 | 1,505,788.97 | 522.98 | Increase in government subsidies unrelated to daily operations year-on-year | | Non-operating Expenses | 5,469,542.07 | 1,523,970.45 | 258.90 | Increase in provision for estimated liabilities year-on-year | | Income Tax Expense | 26,444,918.69 | 44,800,176.61 | -40.97 | Decrease in current and deferred income tax expenses year-on-year | | Net Profit | 37,406,355.16 | 72,235,073.42 | -48.22 | Decrease in operating gross profit, three expenses, income tax expense, and taxes and surcharges year-on-year | | Minority Interest Loss | -121,437.35 | -194,577.93 | Not Applicable | Closure or business reduction of subsidiaries with minority interests | - The Shanghai Songjiang Integrated Building project construction progress is 93.63%, with cumulative project investment of 549.76 million yuan[48] - The company uses its own funds for wealth management product investments, with a maximum daily balance not exceeding 1 billion yuan[49] - The company's total trust investments amount to 250 million yuan, having generated trust income of 4.12 million yuan[49] - Wholly-owned subsidiary Wenfeng Technology invested 219 million yuan in Jiangsu Gairui Health Technology Co., Ltd., acquiring an 8.693926% equity stake[51] - The wholly-owned subsidiary's investment in Shoupu Industry Preferred No. 1 Private Securities Investment Fund incurred losses, and the controlling shareholder committed to covering the difference, having cumulatively paid 125 million yuan[52] Analysis of Major Holding and Participating Companies The company owns numerous wholly-owned subsidiaries with diverse business operations, and during the reporting period, Baoying Wenfeng Great World Asia Shopping Center Co., Ltd. was deregistered, while several subsidiaries experienced significant year-on-year changes in net profit - The company's former subsidiary, Baoying Wenfeng Great World Asia Shopping Center Co., Ltd., was deregistered in December 2024 and removed from the consolidated scope this period[55] Major Subsidiaries and Participating Companies with over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (ten thousand yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nantong Wenfeng Commercial Procurement and Wholesale Co., Ltd. | Subsidiary | Domestic Commerce | 1,000 | 393,481,238.84 | 62,753,012.36 | 501,186,964.78 | 16,244,351.77 | 12,098,184.50 | | Shanghai Wenfeng Qianjiahui Shopping Center Co., Ltd. | Subsidiary | Wholesale, Retail | 10,500 | 245,266,273.50 | 190,025,065.39 | 174,805,066.21 | 26,055,482.36 | 20,301,142.21 | | Jiangsu Great World Apparel Co., Ltd. | Subsidiary | Wholesale, Retail | 500 | 83,389,954.71 | 38,525,873.82 | 306,140,481.33 | 21,170,867.56 | 20,505,440.69 | | Shanghai Wenfeng Commercial Co., Ltd. | Subsidiary | Wholesale, Retail | 500 | 44,616,834.98 | 24,178,042.16 | 150,128,027.12 | 12,497,876.25 | 10,236,080.81 | | Nantong Wenjing Real Estate Co., Ltd. | Subsidiary | Real Estate Development | 150,000 | 1,476,329,890.17 | 1,470,082,638.08 | 19,991,307.11 | -12,691,332.34 | -12,647,726.61 | Subsidiaries with Over 30% Year-on-Year Change in Operating Performance and Significant Impact on Consolidated Operating Performance | Subsidiary Name | H1 2025 Net Profit (yuan) | H1 2024 Net Profit (yuan) | Change Amount (yuan) | Growth Rate (%) | Explanation for >30% Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Hai'an Wenfeng Great World Co., Ltd. | 1,020,719.20 | 3,550,812.65 | -2,530,093.45 | -71.25 | Decrease in sales performance, gross profit, and other business net income | | Nantong Haimen Wenfeng Great World Co., Ltd. | -427,892.08 | 1,211,302.77 | -1,639,194.85 | -135.32 | Decrease in sales performance, gross profit, and other business net income | | Qidong Wenfeng Great World Co., Ltd. | 58,206.37 | 1,058,138.44 | -999,932.07 | -94.50 | Decrease in sales performance, gross profit, and other business net income | | Rugao Wenfeng Great World Co., Ltd. | -102,033.24 | 1,293,347.63 | -1,395,380.87 | -107.89 | Decrease in sales performance, gross profit | | Jiangsu Wenfeng Electrical Appliances Co., Ltd. | 3,046,029.03 | 5,744,089.07 | -2,698,060.04 | -46.97 | Increase in rebates to stores this year, decrease in gross profit | | Nantong Wenfeng Supermarket Franchise Management Co., Ltd. | 1,649,339.15 | 684,227.74 | 965,111.41 | 141.05 | Decrease in expenses, increase in wholesale sales performance, increase in gross profit | | Nantong Wenfeng Electrical Appliance Sales Co., Ltd. | -1,301,357.80 | -5,219,524.48 | 3,918,166.68 | 75.07 | Increase in sales performance, increase in gross profit | | Tongzhou Wenfeng Great World Co., Ltd. | 984,259.86 | 1,515,806.38 | -531,546.52 | -35.07 | Decrease in sales performance, gross profit, and other business net income | | Shanghai Wenfeng Qianjiahui Supermarket Development Co., Ltd. | -2,138,582.11 | -992,861.22 | -1,145,720.89 | -115.40 | Decrease in sales performance, gross profit, and other business net income | | Rugao Changjiang Wenfeng Great World Co., Ltd. | -799,397.06 | -6,013,015.87 | 5,213,618.81 | 86.71 | Business structure adjustment, increase in sales performance, gross profit, and other business net income | | Nantong Wenfeng City Plaza Shopping Center Co., Ltd. | 2,244,468.47 | 10,759,442.99 | -8,514,974.52 | -79.14 | Decrease in sales performance, gross profit, and other business net income | | Zhangjiagang Haolin Enterprise Management Co., Ltd. | -2,875,119.44 | -2,124,512.52 | -750,606.92 | -35.33 | Decrease in sales performance, gross profit, and other business net income | Potential Risks The company faces risks from a weak macroeconomic environment leading to reduced consumer spending, online shopping competition, intense regional market homogenization, high investment with slow returns for new marketing models, and a scarcity of professional retail talent - While the macroeconomic growth remains stable, weak consumer spending intentions pose significant pressure on the overall retail industry[59] - The rise of online shopping has significantly impacted the offline retail industry, leading to decreased store traffic[59] - The company's regional and surrounding markets face intense homogeneous competition, continuously diverting sales across various business formats[59] - New marketing models, such as store renovation and upgrades, digital transformation, and deep omnichannel collaboration, require substantial investment with long payback periods, leading to immense cost control pressure[59] - There is a scarcity of professional talent in the retail industry, with an aging workforce and insufficient talent pipeline, hindering future development[59] Section IV Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management Independent Director Mr. Zhou Chongqing resigned due to the expiration of his term, and Mr. Xie Debing was elected as an independent director for the seventh Board of Directors - Independent Director Mr. Zhou Chongqing resigned due to his continuous tenure approaching six years[62] - Mr. Xie Debing was elected as an independent director for the company's seventh Board of Directors[62] Profit Distribution or Capital Reserve Capitalization Plan The Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 0.02 yuan (tax inclusive) per share based on total share capital minus repurchased shares, totaling 35.88 million yuan, with no bonus shares or capitalization from capital reserves - The company's 2025 semi-annual profit distribution plan proposes a cash dividend of 0.02 yuan (tax inclusive) per share, with no bonus shares or capitalization from capital reserves[64] - As of August 18, 2025, the total proposed cash dividend is 35,875,296.00 yuan (tax inclusive)[64] - The profit distribution plan was authorized by the Board of Directors at the 2024 Annual General Meeting of Shareholders[63] Employee Stock Ownership Plan The company has implemented two employee stock ownership plans; the first plan's second lock-up period ended in June 2025, with some participants' qualifications canceled, and the second plan completed share repurchases in August 2023 totaling 39.30 million shares for 99.97 million yuan - The company's first employee stock ownership plan completed non-trading transfer of 24,642,935 shares in June 2023[68] - The first employee stock ownership plan has a duration not exceeding 36 months, with shares unlocking in two phases over 12 and 24 months respectively[68] - During the reporting period, some employee stock ownership plan participants resigned or retired, and the management committee has the right to cancel their qualifications[69] - The company completed the second phase of share repurchases in August 2023, cumulatively repurchasing 39,303,800 shares for a total of 99,966,707.93 yuan[70] Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work During the reporting period, the company actively participated in rural revitalization by procuring various agricultural products, including Alashan water-saving millet, Maotai Distillery Youmi blueberry wine, Shandong Shouguang vegetables, and Qinghai Guide County specialty agricultural products, totaling approximately 1.12 million yuan - During the reporting period, the company procured approximately 0.68 ten thousand yuan of Alashan water-saving millet "Ren Millet" series products[70] - Procurement of Maotai Distillery Youmi blueberry brewed wine amounted to approximately 9.48 ten thousand yuan[70] - Procurement and sales of Shandong Shouguang vegetables amounted to approximately 89.8 ten thousand yuan[70] - Introduction of specialty agricultural products from Guide County, Qinghai, with procurement amounting to approximately 11.9 ten thousand yuan[70] Section V Significant Matters Fulfillment of Commitments Controlling shareholder Wenfeng Group has consistently and strictly fulfilled its long-term commitments regarding resolving horizontal competition, standardizing related-party transactions, bearing the risk of fiscal subsidy clawbacks, and covering private equity fund losses, having cumulatively paid 125 million yuan for the latter - Controlling shareholder Wenfeng Group committed to resolving horizontal competition and taking effective measures to avoid business competition with the company[72] - The controlling shareholder committed to standardizing related-party transactions, avoiding illegal occupation of company funds and assets, not providing any form of guarantee, and adhering to market principles[72] - The controlling shareholder committed to bearing the risk of clawback for fiscal subsidies and other funds received by the company before its initial public offering[73] - The controlling shareholder committed to covering the difference for losses incurred by the company's subscription to Shoupu Fund shares, having cumulatively paid 125 million yuan as of the end of the reporting period[73] Significant Litigation and Arbitration Matters The company is involved in a securities market manipulation liability dispute with Xu Xiang and Xu Changjiang, where the first-instance judgment held the company jointly liable, and the second-instance upheld the original judgment with a modified statement of joint liability - The company is involved in a securities market manipulation liability dispute with Xu Xiang and Xu Changjiang[75] - The first-instance judgment ordered Xu Xiang and Xu Changjiang to compensate a total loss of 1,102,627.55 yuan, with Wenfeng Shares bearing joint liability[75] - After the company appealed, the second-instance upheld the first-instance judgment but modified the statement regarding Wenfeng Shares' joint liability[75] Significant Contracts and Their Performance During the reporting period, the company had no external guarantees but provided guarantees totaling 36.28 million yuan to subsidiaries, with an outstanding balance of 31.16 million yuan at period-end, representing 0.72% of net assets, primarily for Jiangsu Wenfeng Electrical Appliances Co., Ltd.'s comprehensive credit line Company Guarantee Overview (H1 2025) | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantees Issued During Reporting Period (excluding guarantees to subsidiaries) | 0.00 | | Total Guarantee Balance at Period-end (excluding guarantees to subsidiaries) | 0.00 | | Total Guarantees Issued to Subsidiaries During Reporting Period | 36,277,487.80 | | Total Guarantee Balance to Subsidiaries at Period-end | 31,163,501.80 | | Total Guarantees (A+B) | 31,163,501.80 | | Ratio of Total Guarantees to Company's Net Assets (%) | 0.72 | - The company provided a maximum guarantee for a comprehensive credit line application by its wholly-owned subsidiary Jiangsu Wenfeng Electrical Appliances Co., Ltd., amounting to 200 million yuan in 2024 and 240 million yuan in 2025[81] Section VI Share Changes and Shareholder Information Changes in Share Capital 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[83] Shareholder Information As of the end of the reporting period, the company had 104,320 common shareholders, with controlling shareholder Jiangsu Wenfeng Group Co., Ltd. holding 24.07% and pledging 77.44% of its shares, while Zheng Suzhen's stake decreased to 6.70% after an auction - As of the end of the reporting period, the total number of common shareholders was 104,320[83] Top Ten Shareholders' Shareholding at Period-end | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Share Status | Pledged/Frozen Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Wenfeng Group Co., Ltd. | 444,724,567 | 24.07 | Pledged | 344,408,943 | Domestic Non-State-Owned Legal Person | | Zheng Suzhen | 263,150,000 | 14.24 | Frozen | 263,150,000 | Domestic Natural Person | | Shanghai Jiahong Private Equity Fund Management Co., Ltd. - Jiahong Tianfu No. 1 Private Securities Investment Fund | 100,000,000 | 5.41 | Unrestricted | 0 | Other | | Central Huijin Asset Management Co., Ltd. | 21,950,000 | 1.19 | Unrestricted | 0 | State-Owned Legal Person | | Wenfeng Great World Chain Development Co., Ltd. - First Employee Stock Ownership Plan | 12,321,535 | 0.67 | Unrestricted | 0 | Other | | Xing Chunmei | 6,799,600 | 0.37 | Unrestricted | 0 | Domestic Natural Person | | Chen Weide | 6,378,700 | 0.35 | Unrestricted | 0 | Domestic Natural Person | | Du Ruiping | 6,248,100 | 0.34 | Unrestricted | 0 | Domestic Natural Person | | Lu Fei | 5,654,700 | 0.31 | Unrestricted | 0 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 3,339,109 | 0.18 | Unrestricted | 0 | Overseas Legal Person | - Controlling shareholder Jiangsu Wenfeng Group Co., Ltd. cumulatively pledged 344,408,943 shares, accounting for 77.44% of its holdings and 18.64% of the company's total share capital[87] - Ms. Zheng Suzhen's company shares were auctioned, reducing her shareholding to 6.70% after the auction[86][87] Section VII Bond-Related Information Corporate 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 - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[90] Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[90] Section VIII Financial Report Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[92] Financial Statements This section includes the company's consolidated and parent company balance sheets as of June 30, 2025, and consolidated and parent company income statements, cash flow statements, and statements of changes in owners' equity for January-June 2025 Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 6.14 billion yuan, total liabilities were 1.81 billion yuan, and total owners' equity was 4.33 billion yuan Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 6.01 billion yuan, total liabilities were 1.23 billion yuan, and total owners' equity was 4.78 billion yuan Consolidated Income Statement For January-June 2025, the company's consolidated total operating revenue was 857.28 million yuan, net profit was 37.41 million yuan, and net profit attributable to parent company shareholders was 37.53 million yuan Parent Company Income Statement For January-June 2025, the parent company's operating revenue was 250.02 million yuan, and net profit was -4.25 million yuan Consolidated Cash Flow Statement For January-June 2025, the company's consolidated net cash flow from operating activities was -139.08 million yuan, from investing activities was -119.41 million yuan, and from financing activities was -86.96 million yuan Parent Company Cash Flow Statement For January-June 2025, the parent company's net cash flow from operating activities was -13.26 million yuan, from investing activities was -73.42 million yuan, and from financing activities was -72.97 million yuan Consolidated Statement of Changes in Owners' Equity For January-June 2025, the company's consolidated total owners' equity decreased by 94.81 million yuan, with a period-end balance of 4.33 billion yuan Parent Company Statement of Changes in Owners' Equity For January-June 2025, the parent company's total owners' equity decreased by 136.95 million yuan, with a period-end balance of 4.78 billion yuan Company Basic Information Wenfeng Great World Chain Development Co., Ltd. was listed on the Shanghai Stock Exchange on June 3, 2011, with its total share capital increasing to 1.848 billion shares, and its main business remains retail operations including department stores, supermarkets, and electronics sales - The company was listed and traded on the Shanghai Stock Exchange on June 3, 2011[118] - After multiple capital increases, the company's total share capital increased to 1,848,000,000 shares[119] - The company's legal representative is Wang Yue, and its registered address is No. 3-21 Nandajie, Nantong City, Jiangsu Province[120] - The company primarily operates retail businesses such as department stores, supermarkets, and electronics sales, with no change in its main business[120] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations, using the accrual basis of accounting and historical cost measurement, with a confirmed ability to continue as a going concern for at least 12 months from the reporting period end - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations[120] - Accounting is based on the accrual method, and except for certain financial instruments, all items are measured at historical cost[121] - 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[122] Significant Accounting Policies and Estimates This section details the company's adherence to enterprise accounting standards, covering accounting periods, operating cycles, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, other receivables, inventories, 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, revenue, contract costs, government grants, deferred tax assets/liabilities, and leases - The company uses a 12-month operating cycle as the standard for classifying assets and liabilities as current or non-current[127] - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[143] - For inventory issuance, department store and electronics segments use the first-in, first-out method, supermarket segments use the moving weighted average method, and special valuable and fresh goods use the specific identification method[157] - Revenue is recognized when performance obligations are satisfied, meaning the customer obtains control of the related goods, with consignment sales revenue recognized using the net method[196] - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized over the asset's useful life, while income-related grants compensating for future expenses are recognized as deferred income, and those compensating for incurred expenses are recognized in current profit or loss or offset against costs[201][202] Taxation The company's main taxes include VAT (13%, 9%, 6%, 5%, 3%, 0%), consumption tax (5%), urban maintenance and construction tax (7%, 5%, 3.5%), and corporate income tax (25%), with some subsidiaries enjoying tax reductions for small and micro enterprises and specific exemptions for agricultural trade markets Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value Added | 13%, 9%, 6%, 5%, 3%, 0% | | Consumption Tax | Gold and Silver Jewelry Operating Revenue | 5% | | Urban Maintenance and Construction Tax | Payable Turnover Tax | 7%, 5%, 3.5% | | Corporate Income Tax | Taxable Income | 25% | - Sixteen subsidiaries enjoy a 50% reduction in resource tax, urban maintenance and construction tax, property tax, urban land use tax, stamp duty, cultivated land occupation tax, and education surcharges from January 1, 2023, to December 31, 2027[208] - Jiangsu Lvfeng Modern Agricultural Investment Co., Ltd. enjoys temporary exemption from property tax and urban land use tax for agricultural trade markets[209] Notes to Consolidated Financial Statement Items This section provides detailed explanations for each item in the consolidated financial statements, including monetary funds, financial assets, receivables, inventories, investments, fixed assets, intangible assets, liabilities, equity, revenues, costs, expenses, and other financial performance indicators - Period-end other monetary funds amounted to 23,266,621.03 yuan, including 22,059,054.20 yuan for bank acceptance bill deposits and interest, and 1,165,900.00 yuan for letter of guarantee deposits[211] - The restricted amount of monetary funds at period-end was 34,005,731.12 yuan, primarily for acceptance, letter of guarantee deposits, and litigation frozen funds[212][295] - Current period operating revenue was 857,281,136.99 yuan, operating cost was 454,119,284.71 yuan, and main business revenue was 707,383,153.10 yuan[347] - Current period selling expenses were 136,039,430.46 yuan, administrative expenses were 153,273,641.41 yuan, and financial expenses were 11,394,550.47 yuan[355][357][360] Research and Development Expenses During the reporting period, the company did not disclose specific details of research and development expenses, nor did it have capitalized R&D projects or significant externally acquired in-progress R&D projects - During the reporting period, the company did not disclose specific details of research and development expenses[400] Changes in Consolidation Scope During the reporting period, the company's former subsidiary, Baoying Wenfeng Great World Asia Shopping Center Co., Ltd., was deregistered in December 2024 and thus removed from the consolidated scope - The company's former subsidiary, Baoying Wenfeng Great World Asia Shopping Center Co., Ltd., was deregistered in December 2024 and removed from the consolidated scope this period[400] Interests in Other Entities The company holds interests in numerous wholly-owned subsidiaries with diverse business natures, and at the end of the reporting period, its investment in joint ventures and associates totaled 49.99 million yuan, with a net profit of -8,362.24 yuan - The company owns numerous wholly-owned subsidiaries, such as Rudong Wenfeng Great World Co., Ltd. and Hai'an Wenfeng Great World Co., Ltd., with business natures covering sales, technology development, and real estate development[403] Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Period-end Balance/Current Period Amount (yuan) | Beginning Balance/Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Book Value of Investments in Associates | 49,992,339.90 | 702.14 | | Net Profit of Associates | -8,362.24 | -68,626.08 | | Total Comprehensive Income of Associates | -8,362.24 | -68,626.08 | Government Grants During the reporting period, the company recognized total government grants of 7.74 million yuan in current profit or loss, comprising 7.67 million yuan related to income and 71,867.04 yuan related to assets Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | 7,666,350.30 | 792,897.70 | | Asset-related | 71,867.04 | 71,867.04 | | Total | 7,738,217.34 | 864,764.74 | Liability Items Involving Government Grants (Deferred Income) | Financial Statement Item | Beginning Balance (yuan) | Amount of New Grants in Current Period (yuan) | Amount Recognized in Non-operating Income in Current Period (yuan) | Amount Transferred to Other Income in Current Period (yuan) | Period-end Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 754,458.20 | 0 | 71,867.04 | 0 | 682,591.16 | Asset-related | Risks Related to Financial Instruments The company faces minimal exchange rate risk, with interest rate risk primarily from supply chain financing, credit risk mitigated through management and bad debt provisions, and liquidity risk managed by cash budgeting, bank credit lines, and monitoring borrowing usage - The company's exchange rate risk is minimal, and interest rate risk primarily arises from supply chain financing, which is mitigated through good bank-enterprise relationships and cash budgeting[410] - Credit risk is reduced through credit management, credit approval, post-event monitoring, and provision for bad debts[411] - Liquidity risk is managed by ensuring sufficient funding liquidity, regularly analyzing liability structure and maturity, monitoring bank borrowing usage, and maintaining credit lines[412] - As of June 30, 2025, the company had unused bank credit lines totaling 230.30 million yuan[412] Disclosure of Fair Value The company's total assets continuously measured at fair value amounted to 675.70 million yuan, mainly comprising trading financial assets (bank wealth management, precious metal investments) and other non-current financial assets (trust products, equity investments), with fair values determined using active market quotes for Level 1 and valuation techniques for Level 3 Fair Value of Assets and Liabilities Measured at Fair Value at Period-end | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 67,901,288.94 | 137,496,059.23 | 0 | 205,397,348.17 | | Other Non-current Financial Assets | 0 | 0 | 470,300,273.97 | 470,300,273.97 | | Total Assets Continuously Measured at Fair Value | 67,901,288.94 | 137,496,059.23 | 470,300,273.97 | 675,697,622.14 | - The market price for Level 1 fair value measurement items refers to unadjusted quotes in active markets[416] - Level 3 fair value measurement items, such as wealth management products, private equity funds, and other non-current financial assets, have their fair values determined using valuation techniques[417] Related Parties and Related Party Transactions The company's controlling shareholder is Jiangsu Wenfeng Group Co., Ltd., with Xue Jian as the ultimate controlling party, and during the reporting period, the company engaged in various related-party transactions including procurement, sales, and leasing, and also signed a property purchase agreement with Jiangsu Xinhuishunda Investment Management Co., Ltd., with key management personnel compensation totaling 2.73 million yuan - The company's controlling shareholder is Jiangsu Wenfeng Group Co., Ltd., holding 24.07% of shares, and the ultimate controlling party is natural person Xue Jian[419][420] Purchase and Sale of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Nantong Wenfeng Supply Chain Management Co., Ltd. | Purchase of Goods | 339,753.95 | 377,666.55 | | Nantong Wenfeng Weiheng Automobile Sales and Service Co., Ltd. | Purchase of Goods and Provision of Services | 6,870.80 | 19,414.51 | | Nantong Wenfeng Hotel Co., Ltd. | Acceptance of Services and Property Purchase | 407,282.55 | 8,690,663.26 | | Nantong Grand Hotel Co., Ltd. | Provision of Services | 253,381.10 | 229,687.29 | | Total | | 1,007,288.40 | 9,330,353.71 | Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Nantong Wenfeng Hotel Co., Ltd. | Sale of Goods and Provision of Services | 290,171.25 | 457,618.86 | | Nantong Grand Hotel Co., Ltd. | Sale of Goods and Provision of Services | 213,953.98 | 161,373.46 | | Jiangsu Wenfeng Group Co., Ltd. | Sale of Goods | 10,221.24 | 79,592.92 | | Total | | 514,346.47 | 698,585.24 | - The company signed a property purchase agreement with Jiangsu Xinhuishunda Investment Management Co., Ltd. to acquire property for 20.07 million yuan, having paid a 50% down payment of 10.035 million yuan[430] Key Management Personnel Compensation | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 2,727,756.00 | 2,416,867.37 | Share-Based Payment The company's first employee stock ownership plan's second lock-up period has ended, and the unlocking conditions have been met, allowing for the unlocking of 12.32 million shares, with a total share-based payment expense of 3.39 million yuan recognized for the current period - The company's first employee stock ownership plan's second lock-up period has ended and unlocking conditions have been met, with 12.32 million shares eligible for unlocking[436] Current Period Share-Based Payment Expense | Category of Grantee | Equity-Settled Share-Based Payment Expense (yuan) | | :--- | :--- | | Directors, Senior Management, Middle Management, and Core Personnel | 3,388,439.72 | | Total | 3,388,439.72 | Commitments and Contingencies The company is involved in several pending litigations and arbitrations, including disputes over engineering monitoring services, investment agreements, software system development, and commercial property leases, and also provides mortgage guarantees for financing and housing mortgage loans for property buyers Major Pending Litigations and Arbitrations as of June 30, 2025 | No. | Cause of Action | Amount Involved (ten thousand yuan) | Remarks | | :--- | :--- | :--- | :--- | | 1 | Engineering Monitoring Service Contract Dispute | 683.2076 | Under appraisal | | 2 | Investment Agreement Arbitration | 1,126.50 | Arbitration result rejected our company's request, preparing to initiate new arbitration application | | 3 | Software System Development and Technical Service Contract Dispute | 513.9215 | Company dissatisfied with first-instance judgment, filed an appeal, second-instance hearing on August 21, 2025 | | 4 | Commercial Property Lease Contract Dispute | Original claim: 366.6852; Counterclaim: 427.9731 | First hearing held, awaiting second hearing | - The company provided mortgage guarantees for its financing using operational real estate located at No. 3-21 Nandajie, Nantong City, with a maximum mortgage guarantee amount of 776.33 million yuan and an outstanding mortgage guarantee balance of 150 million yuan[442] - Nantong Wenjing Real Estate Co., Ltd. provided phased mortgage guarantees for housing mortgage loans for property buyers, with a guarantee amount of 6.13 million yuan[442] Events After the Balance Sheet Date After the balance sheet date, the company entered into a sale-and-leaseback contract with Far East Horizon Limited for 66 million yuan, with a 36-month lease term and approximately 8.8 million yuan in total interest, and the Board of Directors approved a semi-annual profit distribution plan of 35.88 million yuan - On July 4, 2025, the company signed a sale-and-leaseback contract with Far East Horizon Limited, with an agreed lease item price of 66 million yuan, a lease term of 36 months, and total interest of approximately 8.8 million yuan[443] 2025 H1 Profit Distribution | Item | Amount (yuan) | | :--- | :--- | | Proposed Profit or Dividend Distribution | 35,875,296.00 | | Profit or Dividend Declared and Approved for Distribution | 35,875,296.00 | Other Significant Matters The company's operations are segmented into department stores, supermarkets, electronics, shopping centers, and other categories, with their respective external operating revenues for the first half of 2025 being 422.16 million yuan, 183.44 million yuan, 169.80 million yuan, 72.94 million yuan, and 8.95 million yuan - The company's operating businesses are divided into four reporting segments based on product categories and business nature: department store, electronics, supermarket, shopping center, and other[448] H1 2025 Financial Information by Reporting Segment (ten thousand yuan) | Item | Department Store Segment | Supermarket Segment | Electronics Segment | Shopping Center | Other | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | External Operating Revenue | 42,216.23 | 18,344.02 | 16,979.56 | 7,293.76 | 894.55 | 85,728.11 | | Total Profit | 9,867.17 | -1,114.88 | 476.78 | -410.92 | -2,433.03 | 6,385.13 | Notes to Parent Company Financial Statement Items This section provides detailed notes for the parent company's financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, with period-end balances of 29.07 million yuan for accounts receivable, 316.74 million yuan for other receivables, and 4.93 billion yuan for long-term equity investments Parent Company Accounts Receivable by Age (Period-end) | Age | Period-end Book Balance (yuan) | | :--- | :--- | | Within 1 year (inclusive) | 28,874,424.79 | | 1 to 2 years | 200,000.00 | | Total | 29,074,424.79 | Parent Company Other Receivables by Nature of Payment (Period-end) | Nature of Payment | Period-end Book Balance (yuan) | | :--- | :--- | | Receivables from consolidated entities | 350,129,660.52 | | Receivables from UnionPay and other third-party collections | 2,256,002.26 | | Receivables for employee imprest funds and loans | 494,500.00 | | Receivables for supplier deposits, etc. | 958,000.00 | | Other receivables | 236,656.18 | | Total | 354,074,818.96 | Parent Company Long-term Equity Investments (Period-end) | Item | Book Value (yuan) | | :--- | :--- | | Investments in Subsidiaries | 4,929,350,255.24 | | Investments in Associates and Joint Ventures | 715.11 | | Total | 4,929,350,970.35 | Parent Company Operating Revenue and Operating Cost (H1 2025) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 244,730,287.86 | 173,208,075.16 | | Other Business | 5,290,042.81 | 158,260.76 | | Total | 250,020,330.67 | 173,366,335.92 | Parent Company Investment Income (H1 2025) | Item | Current Period Amount (yuan) | | :--- | :--- | | Investment income from long-term equity investments accounted for using equity method | 12.97 | | Investment income from wealth management products | 4,835,767.16 | | Total | 4,835,780.13 | Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses totaling 7.08 million yuan, and key financial ratios such as a weighted average return on net assets of 0.84% and basic earnings per share of 0.02 yuan/share Current Period Non-Recurring Gains and Losses Detailed Statement | Item | Amount (yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | -1,406.00 | | Government subsidies recognized in current profit and loss | 7,738,217.34 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 4,571,033.80 | | Gains and losses from contingent events unrelated to the company's normal operating activities | -5,289,548.55 | | Other non-operating income and expenses apart from the above | 1,879,021.00 | | Other gain/loss items that meet the definition of non-recurring gains and losses | 158,203.41 | | Less: Income tax impact | 1,976,173.28 | | Impact on minority interests (after tax) | 65.52 | | Total | 7,079,282.20 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 0.84 | 0.02 | 0.02 | | Net profit attributable to common shareholders of