空港股份(600463) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of common terms used throughout the report, ensuring clarity and consistent understanding of key entities and terminology Definitions of Common Terms This chapter provides definitions of common terms used in the report, including company names "Konggang Shares", controlling shareholder "Development Company", and major subsidiaries such as "Tianli Power" and "Tianrui Real Estate", ensuring report readers have a clear understanding of professional terminology and corporate entities - The report clarifies that "The Company, Company, Konggang Shares" all refer to "Beijing Konggang Technology Park Co., Ltd."[12] - "Development Company, Controlling Shareholder, Major Shareholder" all refer to "Beijing Konggang Economic Development Co., Ltd."[12] - Multiple abbreviations and full names of subsidiaries and related parties are listed, such as "Tianli Power" referring to "Beijing Tianli Power Heating Co., Ltd."[12] Section II Company Profile and Key Financial Indicators This section presents the company's fundamental information, contact details, stock overview, and a summary of key accounting data and financial indicators for the reporting period I. Company Information This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative, for quick identification - The company's Chinese name is Beijing Konggang Technology Park Co., Ltd., abbreviated as Konggang Shares[14] - The company's legal representative is Xia Zijing[14] II. Contact Persons and Information This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties - The Board Secretary is Zhang Pengnan, and the Securities Affairs Representative is Yang Chunyu[15] - The contact address for both is No. A6 Yumin Street, B District, Konggang Industrial Zone, Shunyi District, Beijing[15] III. Brief Introduction to Changes in Basic Information This section introduces the company's basic information such as registered address, office address, postal code, and website, noting that historical changes to the registered address are not applicable for the reporting period - The company's registered address is A District, Konggang Industrial Zone, Shunyi District, Beijing, and its office address is No. A6 Yumin Street, B District, Konggang Industrial Zone, Shunyi District, Beijing[16] - The company's website is **www.600463.com.cn**[16](index=16&type=chunk) IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations This section specifies the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the location where reports are kept, ensuring transparency and accessibility of information disclosure - The company's selected newspapers for information disclosure include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[17] - The website for semi-annual reports is **www.sse.com.cn**[17](index=17&type=chunk) V. Company Stock Overview This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code, for investor inquiry and trading - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[18] - The stock abbreviation is Konggang Shares, and the stock code is 600463[18] VII. Key Accounting Data and Financial Indicators This section discloses the company's key accounting data and financial indicators for the first half of 2025, compared with the same period last year, showing a slight increase in operating revenue, but total profit and net profit remain negative, and net cash flow from operating activities significantly decreased (I) Key Accounting Data This section details the company's consolidated key accounting data for the first half of 2025, including operating revenue, total profit, net profit, net cash flow, net assets, and total assets, comparing them with the adjusted data from the same period last year 2025 Semi-Annual Key Accounting Data (Consolidated Statement) | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year (Adjusted) | % Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 259,603,573.62 | 258,312,563.44 | 0.50 | | Total Profit (Yuan) | -69,725,599.02 | -65,943,951.09 | N/A | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | -52,345,536.11 | -53,249,054.41 | N/A | | Net Cash Flow from Operating Activities (Yuan) | -90,279,529.05 | -16,460,564.30 | -448.46 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) (Yuan) | 930,751,962.21 | 1,057,517,519.89 | -11.99 | | Total Assets (End of Period) (Yuan) | 2,633,024,800.47 | 2,679,407,700.87 | -1.73 | (II) Key Financial Indicators This section lists the company's key financial indicators for the first half of 2025, including basic earnings per share, diluted earnings per share, basic earnings per share after deducting non-recurring gains and losses, and weighted average return on net assets, comparing them with the same period last year 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year (Adjusted) | % Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.1745 | -0.1775 | N/A | | Diluted Earnings Per Share (Yuan/share) | -0.1745 | -0.1775 | N/A | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | -0.1792 | -0.1733 | N/A | | Weighted Average Return on Net Assets (%) | -5.40 | -4.71 | Decreased by 0.69 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -5.55 | -4.60 | Decreased by 0.95 percentage points | Explanation of Key Accounting Data and Financial Indicators This section explains the reasons for changes in the company's accounting data and financial indicators, primarily due to the acquisition of 100% equity in Beijing Tianli Power Heating Co., Ltd. in January 2025, and the adjustment of comparative data according to accounting standards - The company completed the acquisition of 100% equity in Beijing Tianli Power Heating Co., Ltd. in January 2025, making it a wholly-owned subsidiary[22] - According to "Accounting Standard for Business Enterprises No. 33 – Consolidated Financial Statements", the company adjusted comparative data due to a business combination under common control this year[22] IX. Non-Recurring Gains and Losses and Amounts This section details the company's non-recurring gains and losses and their amounts for the first half of 2025, totaling 1.41 million yuan, primarily including government subsidies, fair value changes in financial assets, and capital occupation fees 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit and loss | 2,485,492.48 | | Gains and losses from fair value changes of financial assets and liabilities held by non-financial enterprises and disposal of financial assets and liabilities | -1,711,140.77 | | Capital occupation fees collected from non-financial enterprises included in current profit and loss | 1,897,663.66 | | Other non-operating income and expenses apart from the above | -781,893.53 | | Income tax impact | -501,422.17 | | Impact of minority interests (after tax) | 23,113.36 | | Total | 1,411,813.03 | Section III Management Discussion and Analysis This section provides management's perspective on the company's industry, main business operations, operational performance, core competitiveness, and other significant matters during the reporting period I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period This section elaborates on the company's main business composition and operating model as an airport-oriented industrial park listed company, including industrial real estate development, construction engineering, property leasing and management, and heating services, and analyzes the development trends and opportunities facing the industrial park industry (I) Main Businesses and Operating Models of the Company During the Reporting Period This section specifically introduces the operating models of the company's four core businesses: industrial real estate development, construction engineering, property leasing and management, and heating services, highlighting the characteristics and qualification advantages of each business - Industrial real estate development business covers investment, development, operation management, and services for industrial buildings, factories, and high-tech R&D facilities[27] - Construction engineering business is undertaken by Tianyuan Construction, holding multiple qualifications including Grade A general contracting for construction projects[27] - Property leasing and management business is handled by the company's headquarters, Tianrui Real Estate, and Tiandi Property, with Tiandi Property having an experienced professional team[28] - Heating service business is provided by Tianli Power, the sole heating company for Konggang Industrial Zone A, B, and Tianzhu Comprehensive Bonded Zone in Shunyi[28] (II) Explanation of the Company's Industry Situation This section analyzes the development history of the industrial park industry, current challenges, and transformation trends, pointing out that parks are evolving towards refined, resource-efficient, and guidance-oriented development, integrating with urban economies and undertaking new urban functions - Industrial park development has experienced issues such as weak land-saving indicators, inadequate supervision, and severe homogenization[29] - Currently, industrial parks are transforming towards refined, resource-efficient, and guidance-oriented development models, and promoting the urbanization process of parks[29] - The Capital Airport Economic Zone is positioned as a national demonstration zone for the transformation and upgrading of airport economic zones, an important gateway for national opening-up, bringing opportunities for the company's development[31] II. Discussion and Analysis of Operations During the reporting period, the company actively promoted various businesses, with a slight increase in operating revenue, but total profit and net profit remained negative. The company expanded its heating business through the acquisition of Tianli Power, optimized its industrial park operations and construction business models, and steadily expanded its investment business (I) Implementing the Internal Control System to Ensure its Effective Operation The company comprehensively reviewed and revised its internal control norms and procedures, strictly tested the implementation of the internal control system, effectively ensuring decision-making for major matters, approval, and related party transaction management, enhancing operational efficiency and risk prevention capabilities - The company strictly followed internal control norms and procedural requirements, comprehensively reviewing work processes and methods[33] - All subsidiaries completed revisions to their respective articles of association and conducted strict tests on the implementation of the internal control system across departments and subsidiaries[33] - The implementation of internal control achievements provided clear and standardized work guidelines for the company's operation and management, enhancing work efficiency and risk prevention capabilities[34] (II) Solidly Advancing Various Business Operations The company actively promoted its three core businesses: industrial park development and operation, heating services, and construction engineering, improving asset operating efficiency, expanding heating area, and ensuring project quality and safety - Industrial park development and operation business: MAX-B R&D building project transformed into a biomedical industrial park, with an occupancy rate of approximately 70.91%, property management area of approximately 402,400 square meters, and related revenue increasing by approximately 9.00 million yuan year-on-year[34][35] - Heating services: Completed the acquisition of 100% equity in Tianli Power, with a heating area reaching 3.9754 million square meters, achieving operating revenue of 97.34 million yuan and net profit of 0.59 million yuan, improving profit margins[36] - Construction engineering business: Tianyuan Construction's newly started/restarted/completed total area was approximately 428,900 square meters, with new中标 projects of approximately 67,700 square meters, achieving operating revenue of 93.86 million yuan, but net profit loss increased to -69.54 million yuan, mainly due to increased credit impairment losses[36][37] (III) Steadily Expanding Investment Business Operations Driven by Main Business The company actively expanded its investment business by participating in private equity funds and other means, aiming to acquire new industries and project resources to supplement traditional businesses and achieve strategic goals, realizing fair value change losses of approximately -1.71 million yuan during the reporting period - The company expanded its investment business by investing in private equity funds (such as Yun Ding Fund, Weifang High-tech Fund) and equity investment projects (such as Weiguang Huitong Tourism Industry, Harbin Institute of Technology Research Institute)[37] - Investment business aims to understand and acquire new industries and project resources, forming a strong supplement to existing traditional businesses and achieving synergistic effects[37] 2025 Semi-Annual Investment Business Fair Value Change Gains and Losses | Indicator | Amount (Ten Thousand Yuan) | | :--- | :--- | | Fair Value Change Gains and Losses | -171.11 | III. Analysis of Core Competitiveness During the Reporting Period The company leveraged its proximity to Beijing Capital International Airport, upgraded its business system to build a full-value chain business matrix, and implemented a "three-in-one" value enhancement project, strengthening technology and financial capital injection, to create an "development-construction-operation" industrial ecosystem - The company leveraged its geographical advantage near Beijing Capital International Airport to complete business system upgrades and build a full-value chain business matrix[39] - Implemented a "three-in-one" value enhancement project: deepening land capital operation, strengthening technology capital injection ("smart park + scientific innovation service" platform), and innovating financial capital operation ("investment + business attraction + operation" model)[40] - The company built an "development-construction-operation" industrial ecosystem, enhancing asset operating efficiency through a digital platform, achieving organic integration of various business segments[40] IV. Main Operating Conditions During the Reporting Period This section deeply analyzes the company's main operating conditions during the reporting period, including changes in financial statement items, significant changes in business types and profit composition, asset and liability status, investment situation, and major asset and equity sales, and analyzes major holding and participating companies (I) Analysis of Main Business This section analyzes the financial performance of the company's main business, explains the reasons for changes in key financial statement items, and details significant changes in the company's business types and profit composition during the current period, especially the inclusion of heating services 2025 Semi-Annual Key Financial Item Changes | Item | Current Period Amount (Yuan) | Same Period Last Year Amount (Yuan) | % Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 259,603,573.62 | 258,312,563.44 | 0.50 | | Operating Cost | 202,546,827.05 | 203,477,178.40 | -0.46 | | Selling Expenses | 187,536.22 | 27,665.14 | 577.88 | | Administrative Expenses | 48,640,930.05 | 60,262,873.07 | -19.29 | | Financial Expenses | 20,426,811.48 | 18,444,644.22 | 10.75 | | Net Cash Flow from Operating Activities | -90,279,529.05 | -16,460,564.30 | -448.46 | | Net Cash Flow from Investing Activities | -76,616,288.20 | -5,047,971.30 | -1,417.76 | | Net Cash Flow from Financing Activities | 132,847,152.80 | -3,230,941.75 | 4,211.72 | - In January 2025, the company completed the acquisition of 100% equity in Beijing Tianli Power Heating Co., Ltd., entering the regional energy service market, with heating business achieving revenue of 97.34 million yuan, becoming a new source of revenue and profit growth[43] (III) Analysis of Assets and Liabilities This section analyzes the company's asset and liability status at the end of the reporting period, focusing on significant changes and their reasons in items such as monetary funds, construction in progress, short-term borrowings, contract liabilities, and long-term borrowings, reflecting changes in the company's investment and financing activities 2025 Semi-Annual Asset and Liability Status Changes | Item Name | Current Period End Amount (Yuan) | % of Total Assets at Current Period End | Prior Year End Amount (Adjusted) (Yuan) | % of Total Assets at Prior Year End | % Change from Prior Year End | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 54,562,357.74 | 2.07 | 77,447,757.45 | 2.89 | -29.55 | Due to acquisition of subsidiary equity in current period | | Construction in Progress | 12,438,782.13 | 0.47 | 4,011,729.33 | 0.15 | 210.06 | Due to new MAX-B renovation project in current period | | Short-term Borrowings | 476,632,999.68 | 18.10 | 280,330,973.35 | 10.46 | 70.03 | Due to expanded short-term financing scale in current period | | Contract Liabilities | 73,305,720.32 | 2.78 | 99,582,783.37 | 3.72 | -26.39 | Due to transfer of eligible contract liabilities to operating revenue | | Long-term Borrowings | 77,849,999.00 | 2.96 | 147,733,333.35 | 5.51 | -47.30 | Due to reclassification of long-term borrowings due within one year | - As of the end of the reporting period, details of the company's restricted assets are provided in Note VII, 31 of the financial report[46] (IV) Analysis of Investment Status This section analyzes the company's investment status, particularly financial assets measured at fair value, disclosing the company's investments in private equity funds and their fair value change gains and losses 2025 Semi-Annual Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gains and Losses for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Private Equity Funds | 60,991,500.66 | -1,711,140.77 | 59,280,359.89 | - The company participated in private equity investment projects such as Yunding Fund, Yunding Venture Capital Fund, and Weifang High-tech Fund[49][50] - These fund investments are classified as financial assets measured at fair value through profit or loss, reported as other non-current financial assets[50] (V) Major Asset and Equity Sales This section discloses the company's proposed major asset sale of 80% equity in Tianyuan Construction to its controlling shareholder Konggang Development, which is currently in the planning stage and no letter of intent has been signed - The company plans to sell 80% equity in Tianyuan Construction to its controlling shareholder Konggang Development[51] - This transaction is intended to be conducted in cash, and upon completion, the company will no longer hold equity in Tianyuan Construction[51] - The transaction is currently in the planning stage, requiring necessary decision-making and approval procedures, and no letter of intent has been signed[51] (VI) Analysis of Major Holding and Participating Companies This section analyzes the financial status and operating results of the company's major holding and participating companies, specifically explaining the acquisition and disposal of subsidiaries during the reporting period, and emphasizing the positive impact of the Tianli Power acquisition on the company's business structure and financial stability Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit (Unit: Ten Thousand Yuan) | Company Name | Company Type | Main Business | Registered Capital (Ten Thousand Yuan) | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Konggang Tianrui Real Estate Investment Co., Ltd. | Subsidiary | Real estate development, non-residential real estate leasing | 2,900.00 | 45,974.08 | 12,326.57 | 964.85 | -406.25 | -304.69 | | Beijing Tianli Power Heating Co., Ltd. | Subsidiary | Heating services | 2,980.00 | 24,257.46 | 6,654.87 | 9,733.62 | 174.54 | 59.42 | | Beijing Tianyuan Construction Engineering Co., Ltd. | Subsidiary | Construction engineering | 14,500.00 | 109,903.40 | -4,669.07 | 9,386.17 | -6,938.92 | -6,954.03 | - The company completed the wholly-owned acquisition of Beijing Tianli Power Heating Co., Ltd. through a cash acquisition of equity under common control[53] - Tianli Power's heating business has stable business scale and cash flow, and its inclusion in the company's system will significantly enhance the company's financial stability and add new business growth points[53] V. Other Disclosure Matters This section discloses potential risks faced by the company, including macroeconomic environment and policy risks, raw material and labor price fluctuation risks, liquidity risks, and investment management risks, emphasizing the company's continuous efforts in risk prevention and mitigation, and prudent business expansion - The company faces macroeconomic environment and policy risks, where reduced demand, supply-side challenges, and weakened market expectations in the real estate industry may affect core businesses[53] - Raw material and labor price fluctuation risks may lead to increased company costs and decreased gross profit margins[54] - Liquidity risk stems from the high capital demand and long collection cycles of the construction business, as well as the uncertain exit speed of equity investment projects[54] - Investment management risk primarily arises from financial assets measured at fair value being affected by capital market fluctuations, potentially increasing net profit uncertainty[54] Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, including directors and supervisors, profit distribution plans, and environmental information disclosure for relevant subsidiaries I. Changes in Company Directors, Supervisors, and Senior Management This section discloses changes in the company's directors, supervisors, and senior management during the reporting period, including the departure of Deputy General Manager and CFO Wu Zheng, the appointment of Guo Chao, and the departure of Supervisory Board Chairman Guo Chao, and the appointment of Qu Jie Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Wu Zheng | Deputy General Manager, CFO | Departed | | Guo Chao | Deputy General Manager, CFO | Appointed | | Guo Chao | Supervisory Board Chairman | Departed | | Qu Jie | Supervisory Board Chairman | Appointed | - Related changes were disclosed in announcements on March 21, 2025, and April 8, 2025[57] II. Profit Distribution or Capital Reserve Conversion Plan This section clarifies that the company will not conduct profit distribution or capital reserve conversion into share capital for the semi-annual period, meaning no bonus shares, no cash dividends, and no capital increase from reserves - The company's proposed semi-annual profit distribution or capital reserve conversion plan is "None"[6] Semi-Annual Profit Distribution or Capital Reserve Conversion Plan | Is there distribution or conversion | No | | :--- | :--- | | No. of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (Yuan) (incl. tax) | 0 | | No. of shares converted per 10 shares (shares) | 0 | IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law This section discloses the number of companies and their major subsidiaries included in the list of enterprises required to disclose environmental information by law, along with their environmental information report query index, showing that two subsidiaries were included - The company has 2 subsidiaries included in the list of enterprises required to disclose environmental information by law[59] Enterprises Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Beijing Tianli Power Heating Co., Ltd. Tianli No. 1 Plant | https://hjxxpl.bevoice.com.cn:8002/home | | 2 | Beijing Tianli Power Heating Co., Ltd. Tianli No. 2 Plant | https://hjxxpl.bevoice.com.cn:8002/home | Section V Significant Matters This section covers significant corporate events, including the fulfillment of commitments, major litigation, integrity status, related party transactions, and significant contracts I. Fulfillment of Commitments This section discloses the fulfillment of commitments made by the company's controlling shareholder, Beijing Konggang Economic Development Co., Ltd., regarding avoiding horizontal competition, all of which are currently strictly fulfilled - The controlling shareholder, Development Company, issued a "Commitment Letter to Avoid Horizontal Competition" on November 9, 2009, pledging not to engage in industrial land development, industrial real estate development and industrial plant operation, and property management for the company's own properties or self-developed real estate projects[61] - In late 2015, due to overall planning adjustments in Shunyi District, Beijing, the Development Company acquired some assets and businesses related to Konggang Shares' main operations, and made a supplementary commitment on December 16, 2016, including continuing to strictly fulfill previous commitments and injecting businesses that meet listing conditions into Konggang Shares within the next 24 months[61] - During the reporting period, all commitments by the controlling shareholder were strictly fulfilled[61] VII. Major Litigation and Arbitration Matters This section discloses major litigation and arbitration matters involving the company during the reporting period, primarily concerning construction and material payment disputes of its subsidiary Tianyuan Construction, with all cases currently under trial - Subsidiary Tianyuan Construction is involved in a construction payment dispute with Beijing Tiantong Shunda Construction Engineering Co., Ltd., with a claim for 3.45 million yuan[445] - Subsidiary Tianyuan Construction is involved in a sales contract dispute with Beijing Fu Rui Shun Feng Concrete Co., Ltd., with a claim for 4.32 million yuan for material payments[445] - Subsidiary Tianyuan Construction is involved in a sales contract dispute with Zhang Hexiao (assignment of claim), with a claim for 1.33 million yuan for material payments[445] - Subsidiary Tianyuan Construction is involved in a construction payment dispute with Yuan Wenlin, with a claim for 1.20 million yuan for construction payments[446] IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period This section states that the company, its controlling shareholder, and actual controller had no unfulfilled court judgments or overdue large debts during the reporting period, indicating a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled court judgments[63] - During the reporting period, the company, its controlling shareholder, and actual controller had no large overdue debts[63] X. Significant Related Party Transactions This section details various significant transactions with related parties during the reporting period, including daily operating related party transactions, asset acquisition/disposal related party transactions, and related party creditor-debtor relationships, explaining the progress and amounts of relevant transactions (I) Related Party Transactions Related to Daily Operations This section discloses related party transactions such as purchase and sale of goods, provision and acceptance of labor services in the company's daily operations, and explains the adjustment of the estimated annual daily related party transaction amount for 2025, as well as the actual amount incurred during the reporting period - The company's estimated annual daily related party transaction amount for 2025 was adjusted to 268.00 million yuan, mainly because Tianli Power's inclusion in the company's consolidated financial statements means its transactions with other related parties of the company will be recognized as related party transactions[65] Cumulative Daily Related Party Transactions from January to June 2025 (Unit: Ten Thousand Yuan) | Related Party | Related Party Transaction Content | Business Nature | Pricing Principle for Related Party Transactions | Amount (Ten Thousand Yuan) | % of Similar Transaction Amount (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Konggang Economic Development Co., Ltd. | Electricity Fees | Acceptance of Labor | Market Price | 15.43 | 1.35 | | Beijing Hangji International Logistics Co., Ltd. | Property Services | Provision of Labor | Market Price | 390.37 | 34.16 | | Beijing Guomen Konggang Economic and Technological Development Co., Ltd. | Heating Services | Provision of Labor | Market Price | 142.12 | 1.47 | | Beijing Hangji International Logistics Co., Ltd. | Operating Lease | Provision of Labor | Market Price | 1,226.79 | 18.23 | | Total | | | | 3,431.65 | | (II) Related Party Transactions Arising from Asset or Equity Acquisition/Disposal This section discloses the company's proposed major asset sale of 80% equity in Tianyuan Construction to its controlling shareholder Konggang Development, which is intended to be conducted in cash, and upon completion, the company will no longer hold equity in Tianyuan Construction, currently still in the planning stage - The company plans to sell 80% equity in Tianyuan Construction to its controlling shareholder Konggang Development[67] - This transaction is intended to be conducted in cash, and upon completion, the company will no longer hold equity in Tianyuan Construction[67] - The transaction is currently in the planning stage, requiring further deliberation and negotiation, and necessary decision-making and approval procedures[51] (IV) Related Party Creditor-Debtor Relationships This section discloses the company's creditor-debtor relationships with related parties, including the progress of subsidiary Tianyuan Construction's application for a loan from the controlling shareholder, and the ending balances and reasons for funds provided by the company to its wholly-owned subsidiaries Tianrui Real Estate, Tianhui Technology, and controlling subsidiary Notting Hill Real Estate - Subsidiary Tianyuan Construction applied for a 300.00 million yuan credit loan from the controlling shareholder, of which 40.00 million yuan has been drawn as of the disclosure date[68] Funds Provided by the Company to Related Parties in the First Half of 2025 (Unit: Ten Thousand Yuan) | Related Party | Beginning Balance (Ten Thousand Yuan) | Amount Incurred (Ten Thousand Yuan) | Ending Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | Beijing Konggang Tianrui Real Estate Investment Co., Ltd. | 32,455.53 | -127.62 | 32,327.91 | | Beijing Konggang Tianhui Technology Development Co., Ltd. | 162.04 | 0.00 | 162.04 | | Beijing Notting Hill Real Estate Co., Ltd. | 10,554.04 | 336.20 | 10,890.24 | | Total | 43,171.61 | 208.58 | 43,380.19 | - Loans to Tianrui Real Estate, Tianhui Technology, and other receivables are temporary loans for project development and to address liquidity constraints[70] XI. Significant Contracts and Their Fulfillment This section discloses the fulfillment of significant contracts during the reporting period, primarily including leasing matters and significant guarantees, detailing information on leasing contracts as a lessor and the company's status as a guaranteed party Company as Lessor in Leasing Situations in the First Half of 2025 (Unit: Ten Thousand Yuan) | Lessor Name | Lessee Name | Leased Asset Description | Amount Involved in Leased Asset (Ten Thousand Yuan) | Lease Start Date | Lease End Date | Lease Income (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Konggang Technology Park Co., Ltd. | Beijing Hangji International Logistics Co., Ltd. | Comprehensive Bonded Warehouse A and adjacent office space, Multi-functional Plant B and adjacent office space | 10,268.15 | 2018/9/1 | 2033/8/31 | 689.80 | | Beijing Konggang Technology Park Co., Ltd. | Beijing Hangji International Logistics Co., Ltd. | Part of Standard Factory Building | 4,002.70 | 2020/10/1 | 2027/9/30 | 536.99 | | Beijing Tianyuan Construction Engineering Co., Ltd. | Beijing Konggang Economic Development Co., Ltd. | Part of Building A6 Yumin Street | 334.43 | 2025/5/12 | 2026/5/11 | 153.06 | Company as Guaranteed Party in the First Half of 2025 (Unit: Ten Thousand Yuan) | Guarantor | Guaranteed Amount (Ten Thousand Yuan) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Beijing Konggang Economic Development Co., Ltd. | 1080 | 2024.3.29 | 2027.3.28 | No | | Beijing Konggang Economic Development Co., Ltd. | 5000 | 2025.3.28 | 2025.9.27 | No | | Beijing Konggang Economic Development Co., Ltd. | 4000 | 2024.8.16 | 2025.8.15 | No | | Total Guarantee Balance for Subsidiaries at Period End (B) | 10,146.23 | | | | | % of Total Guarantee Amount to Company's Net Assets (%) | 10.90 | | | | Section VI Share Changes and Shareholder Information This section outlines changes in the company's share capital, details of its shareholder structure, and information regarding directors, supervisors, and senior management I. Share Capital Change Status This section states that the company's total share capital and share capital structure remained unchanged during the reporting period, maintaining stability - During the reporting period, the company's total share capital and share capital structure remained unchanged[77] II. Shareholder Information This section discloses the total number of shareholders at the end of the reporting period, as well as the shareholding of the top ten shareholders and top ten unrestricted circulating share shareholders, showing that the controlling shareholder Beijing Konggang Economic Development Co., Ltd. holds 49.32% of the shares Total Number of Ordinary Shareholders at the End of the Reporting Period | Indicator | Quantity | | :--- | :--- | | Total Number of Ordinary Shareholders (Households) | 22,305 | Shareholding of Top Ten Shareholders at the End of the Reporting Period | Shareholder Name | Ending Shareholding Quantity (Shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Beijing Konggang Economic Development Co., Ltd. | 147,946,207 | 49.32 | State-owned Legal Person | | China Development Bank Financial Leasing Co., Ltd. | 37,340,700 | 12.45 | State-owned Legal Person | | Shanghai Ruichengqian Enterprise Management Consulting Partnership (Limited Partnership) | 2,215,700 | 0.74 | Domestic Non-State-owned Legal Person | - Beijing Lingkong Xingrong Private Equity Fund Management Co., Ltd. is a wholly-owned subsidiary of the company's controlling shareholder, Beijing Konggang Economic Development Co., Ltd., and is an acting-in-concert party[81] III. Information on Directors, Supervisors, and Senior Management This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, meaning it is not applicable[83] IV. Changes in Controlling Shareholder or Actual Controller This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - During the reporting period, there were no changes in the company's controlling shareholder or actual controller, meaning it is not applicable[83] Section VII Bond-Related Information This section provides information on the company's bond-related activities, including corporate bonds and convertible corporate bonds I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments This section states that 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 during the reporting period[84] II. Convertible Corporate Bonds This section states that the company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[84] Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items I. Audit Report This section states that the company's semi-annual report is unaudited - This semi-annual report is unaudited[5] II. Financial Statements This section provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow situation Consolidated Balance Sheet This section presents the company's consolidated balance sheet as of June 30, 2025, detailing the composition and amounts of current assets, non-current assets, current liabilities, non-current liabilities, and owners' equity, reflecting the company's overall financial position at the end of the period Consolidated Balance Sheet Key Data (June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 1,633,061,940.14 | 1,670,951,411.97 | | Total Non-Current Assets | 999,962,860.33 | 1,008,456,288.90 | | Total Assets | 2,633,024,800.47 | 2,679,407,700.87 | | Total Current Liabilities | 1,564,133,377.41 | 1,396,332,741.02 | | Total Non-Current Liabilities | 145,060,120.48 | 215,980,558.48 | | Total Liabilities | 1,709,193,497.89 | 1,612,313,299.50 | | Total Owners' Equity Attributable to Parent Company | 930,751,962.21 | 1,057,517,519.89 | | Total Owners' Equity | 923,831,302.58 | 1,067,094,401.37 | Parent Company Balance Sheet This section presents the company's parent company balance sheet as of June 30, 2025, detailing the composition of assets, liabilities, and owners' equity at the parent company level, reflecting the parent company's independent financial position Parent Company Balance Sheet Key Data (June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 686,420,106.27 | 692,822,056.08 | | Total Non-Current Assets | 683,189,211.61 | 623,556,248.05 | | Total Assets | 1,369,609,317.88 | 1,316,378,304.13 | | Total Current Liabilities | 326,191,210.22 | 261,453,867.74 | | Total Non-Current Liabilities | 82,327,500.90 | 93,955,213.56 | | Total Liabilities | 408,518,711.12 | 355,409,081.30 | | Total Owners' Equity | 961,090,606.76 | 960,969,222.83 | Consolidated Income Statement This section presents the company's consolidated income statement for January-June 2025, detailing key operating results such as total operating revenue, total operating cost, total profit, and net profit, classified by continuing operations and ownership Consolidated Income Statement Key Data (January-June 2025) | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 259,603,573.62 | 258,312,563.44 | | Total Operating Cost | 281,973,208.25 | 291,362,323.22 | | Total Profit | -69,725,599.02 | -65,943,951.09 | | Net Profit | -68,843,077.22 | -66,243,938.52 | | Net Profit Attributable to Parent Company Shareholders | -52,345,536.11 | -53,249,054.41 | | Basic Earnings Per Share (Yuan/share) | -0.17 | -0.18 | | Diluted Earnings Per Share (Yuan/share) | -0.17 | -0.18 | Parent Company Income Statement This section presents the company's parent company income statement for January-June 2025, detailing operating results such as operating revenue, operating cost, total profit, and net profit at the parent company level Parent Company Income Statement Key Data (January-June 2025) | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 45,310,726.27 | 41,633,641.94 | | Operating Profit | 11,506,458.44 | 10,994,485.71 | | Total Profit | 11,250,921.72 | 11,990,925.25 | | Net Profit | 8,586,866.37 | 8,842,112.51 | Consolidated Cash Flow Statement This section presents the company's consolidated cash flow statement for January-June 2025, detailing net cash flows from operating, investing, and financing activities, reflecting the company's cash inflows and outflows during the reporting period Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -90,279,529.05 | -16,460,564.30 | | Net Cash Flow from Investing Activities | -76,616,288.20 | -5,047,971.30 | | Net Cash Flow from Financing Activities | 132,847,152.80 | -3,230,941.75 | | Net Increase in Cash and Cash Equivalents | -34,048,664.45 | -24,739,477.35 | | Ending Balance of Cash and Cash Equivalents | 41,969,992.24 | 95,078,309.69 | Parent Company Cash Flow Statement This section presents the company's parent company cash flow statement for January-June 2025, detailing net cash flows from operating, investing, and financing activities at the parent company level Parent Company Cash Flow Statement Key Data (January-June 2025) | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 14,733,795.63 | 5,702,306.29 | | Net Cash Flow from Investing Activities | -83,964,130.01 | -1,142,722.02 | | Net Cash Flow from Financing Activities | 56,782,394.22 | -64,052,244.50 | | Net Increase in Cash and Cash Equivalents | -12,447,940.16 | -59,492,660.23 | | Ending Balance of Cash and Cash Equivalents | 15,453,411.71 | 23,241,861.03 | Consolidated Statement of Changes in Owners' Equity This section presents the company's consolidated statement of changes in owners' equity for January-June 2025, detailing the beginning balance, current period changes, and ending balance of items such as share capital, capital reserves, other comprehensive income, surplus reserves, undistributed profits, and minority interests Consolidated Statement of Changes in Owners' Equity Key Data (January-June 2025) | Item | Beginning Balance (Yuan) | Amount of Change in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 300,000,000.00 | 0.00 | 300,000,000.00 | | Capital Reserve | 573,649,816.60 | -74,420,021.57 | 499,229,795.03 | | Undistributed Profits | 108,485,646.29 | -52,345,536.11 | 56,140,110.18 | | Total Owners' Equity Attributable to Parent Company | 1,057,517,519.89 | -126,765,557.68 | 930,751,962.21 | | Minority Interests | 9,576,881.48 | -16,497,541.11 | -6,920,659.63 | | Total Owners' Equity | 1,067,094,401.37 | -143,263,098.79 | 923,831,302.58 | - Capital reserve decreased by 74.42 million yuan in the current period, mainly due to the impact of business combination under common control[106] Parent Company Statement of Changes in Owners' Equity This section presents the company's parent company statement of changes in owners' equity for January-June 2025, detailing the beginning balance, current period changes, and ending balance of items such as share capital, capital reserves, other comprehensive income, surplus reserves, and undistributed profits at the parent company level Parent Company Statement of Changes in Owners' Equity Key Data (January-June 2025) | Item | Beginning Balance (Yuan) | Amount of Change in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 300,000,000.00 | 0.00 | 300,000,000.00 | | Capital Reserve | 509,010,075.77 | -8,465,482.44 | 500,544,593.33 | | Undistributed Profits | 76,577,090.06 | 8,586,866.37 | 85,163,956.43 | | Total Owners' Equity | 960,969,222.83 | 121,383.93 | 961,090,606.76 | III. Company Basic Information This section provides detailed information on the company's establishment, history of share capital changes, registered capital, registered address, legal representative, parent company, and ultimate controlling party, as well as its main business scope, providing foundational information for understanding the company's background - The company was established on March 28, 2000, and listed on the Shanghai Stock Exchange on March 18, 2004[113] - After multiple share capital changes, as of June 30, 2025, the company's total issued share capital was 300 million shares[116] - The company's parent company is Beijing Konggang Economic Development Co., Ltd., and the ultimate controlling party is the State-owned Assets Supervision and Administration Commission of Shunyi District People's Government of Beijing[117] - The company is primarily engaged in construction engineering, property leasing, heating services, property management, and labor services[117] IV. Basis of Financial Statement Preparation This section explains the basis for preparing the company's financial statements, including the going concern assumption, adherence to enterprise accounting standards, and measurement based on accrual basis and historical cost, while confirming that there are no significant doubts about the going concern assumption within the next 12 months - The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission[118] - Accounting is based on the accrual basis, and except for some financial instruments, all are measured at historical cost[118] - There are no matters that may cause significant doubts about the going concern assumption within 12 months from the end of the reporting period[119] V. Significant Accounting Policies and Accounting Estimates This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, consolidated financial statements, financial instruments, accounts receivable, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, intangible assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company adheres to enterprise accounting standards to truly and completely reflect its financial position, operating results, and cash flows[120] - The company uses a 12-month operating cycle as the standard for classifying assets and liabilities as current or non-current[122] - The company classifies and subsequently measures financial instruments, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[138][139][140] - For accounts receivable and contract assets arising from sales of goods, provision of services, and other daily operating activities, the company measures loss provisions based on expected credit losses over the entire lifetime[147][158] - The company's revenue recognition principle is to recognize revenue when performance obligations in the contract are satisfied, i.e., when the customer obtains control of the related goods or services[195] VI. Taxation This section discloses the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, education surcharge, property tax, enterprise income tax, and land value-added tax, and explains the tax preferential policy of VAT exemption for heating fees collected by heating enterprises from individual residents Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | VAT taxable amount | 13%, 9%, 6%, 5%, 3% | | Enterprise Income Tax | Taxable income | 25% | | Property Tax | For self-used properties, based on 70%-90% of original property value | 1.2% | | Property Tax | For leased properties, based on rental income | 12% | - According to Cai Shui [2023] No. 56, from September 22, 2023, until the end of the 2027 heating season, heating enterprises are exempt from VAT on heating fees collected from individual residents[214] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, accounts receivable, contract assets, short-term borrowings, operating revenue and cost, credit impairment losses, and asset impairment losses - Ending balance of monetary funds was 54.56 million yuan, of which 12.59 million yuan was restricted, mainly due to court-frozen funds from litigation and letter of credit deposits[216][217] - Ending book value of accounts receivable was 252.45 million yuan, with total bad debt provision of 195.03 million yuan[227] - Ending book value of contract assets was 808.99 million yuan, with total bad debt provision of 89.61 million yuan[236] - Ending balance of short-term borrowings was 476.63 million yuan, an increase of 70.03% from the beginning of the period, mainly comprising guaranteed loans and credit loans[315] - Operating revenue for the current period was 259.60 million yuan, and operating cost was 202.55 million yuan[353] - Credit impairment losses for the current period were -47.10 million yuan, and asset impairment losses were 0.08 million yuan[368][369] IX. Changes in Consolidation Scope This section discloses the company's business combination under common control during the reporting period, specifically the acquisition of 100% equity in Beijing Tianli Power Heating Co., Ltd., and details the merger cost and the book value of the acquiree's assets and liabilities at the acquisition date - On January 3, 2025, the company acquired 100% equity in Beijing Tianli Power Heating Co., Ltd. through a business combination under common control[401] Beijing Tianli Power Heating Co., Ltd. Merger Cost | Merger Cost Item | Amount (Yuan) | | :--- | :--- | | Cash | 74,420,021.57 | Book Value of Beijing Tianli Power Heating Co., Ltd. Assets and Liabilities at Merger Date | Item | Merger Date (Yuan) | | :--- | :--- | | Assets | 286,878,453.32 | | Liabilities | 220,923,914.19 | | Net Assets | 65,954,539.13 | | Net Assets Acquired | 65,954,539.13 | X. Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, key financial information of important non-wholly-owned subsidiaries, and summarized financial information of unimportant joint ventures and associates - The company owns wholly-owned subsidiaries such as Beijing Konggang Tianrui Real Estate Investment Co., Ltd., Beijing Konggang Tiandi Property Management Co., Ltd., and Beijing Tianli Power Heating Co., Ltd.[408] - Beijing Tianyuan Construction Engineering Co., Ltd. is a controlling subsidiary of the company, with a shareholding ratio of 80.00%[408] Key Financial Information of Important Non-Wholly-Owned Subsidiaries (2025 Semi-Annual, Unit: Ten Thousand Y