腾达建设(600512) - 2025 Q2 - 季度财报

Section I Definitions This section defines common terms, company names, and industry-specific acronyms such as BT, PPP, and EPC used in the report Definitions of Common Terms This chapter defines common terms, company names, and industry-specific acronyms such as BT, PPP, and EPC used in the report - The report defines the names of the company and its affiliates, such as Tengda Construction, Bojia Trade, Luzetai, and Qianjiang Fourth Bridge[12] - It explains common terms in the construction industry, including Build-Transfer (BT), Public-Private Partnership (PPP), and Engineering, Procurement, Construction (EPC)[12][13] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, stock profile, and key financial performance indicators for the reporting period I. Company Information This section outlines the basic information of Tengda Construction Group Co, Ltd, including its Chinese name, abbreviation, English name and abbreviation, and legal representative Yang Jiuru - The company's Chinese name is Tengda Construction Group Co, Ltd, abbreviated as Tengda Construction[15] - The company's legal representative is Yang Jiuru[15] II. Contacts and Contact Information This section provides contact information for the company's Board Secretary Wang Shijin and Securities Affairs Representative Jiang Yijie, including address, phone, fax, and email, for investor communication - The Board Secretary is Wang Shijin, and the Securities Affairs Representative is Jiang Yijie[16] - The company's contact address is located at No 31, Lane 676, Wuxing Road, Pudong New Area, Shanghai[16] III. Brief Introduction to Changes in Basic Information This section states that the company's registered and office addresses are at No 1, East Luqiao Avenue, Luqiao District, Taizhou City, Zhejiang Province, with no historical changes during the reporting period - The company's registered and office addresses are both at No 1, East Luqiao Avenue, Luqiao District, Taizhou City, Zhejiang Province[17] - There were no historical changes to the company's registered address during the reporting period[17] IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations This section specifies the company's designated information disclosure newspapers as "China Securities Journal", "Shanghai Securities News", and "Securities Times", with the semi-annual report published on the Shanghai Stock Exchange website and available for inspection at the Board of Directors' Office in Pudong New Area, Shanghai - The company's designated information disclosure newspapers are "China Securities Journal", "Shanghai Securities News", and "Securities Times"[18] - The semi-annual report is published on **www.sse.com.cn**[18](index=18&type=chunk) V. Brief Introduction to Company Stock This section provides basic information about the company's stock, including its type as A-shares, listing exchange as the Shanghai Stock Exchange, stock abbreviation as Tengda Construction, and stock code as 600512 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[19] - The stock abbreviation is Tengda Construction, and the stock code is 600512[19] VII. Company's Main Accounting Data and Financial Indicators This section discloses the company's main accounting data and financial indicators for the first half of 2025, showing a 5.20% year-on-year decrease in operating revenue and a 0.69% year-on-year decrease in net profit attributable to shareholders, but a significant 35.50% year-on-year increase in net cash flow from operating activities 2025 Semi-Annual Main Accounting Data | Main Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,609,585,650.51 | 1,697,920,288.32 | -5.20 | | Total Profit | 118,441,137.04 | 119,435,598.92 | -0.83 | | Net Profit Attributable to Listed Company Shareholders | 108,090,077.14 | 108,835,681.14 | -0.69 | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Gains and Losses | 107,672,568.89 | 121,120,299.12 | -11.10 | | Net Cash Flow from Operating Activities | -335,325,574.90 | -519,915,713.66 | 35.50 | | Net Assets Attributable to Listed Company Shareholders (End of Period) | 6,259,287,461.51 | 6,234,248,346.26 | 0.40 | | Total Assets (End of Period) | 10,645,064,266.11 | 10,924,176,929.81 | -2.55 | 2025 Semi-Annual Main Financial Indicators | Main Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.07 | 0.07 | 0.00 | | Diluted Earnings Per Share (yuan/share) | 0.07 | 0.07 | 0.00 | | Basic Earnings Per Share After Non-Recurring Gains and Losses (yuan/share) | 0.07 | 0.08 | -12.50 | | Weighted Average Return on Net Assets (%) | 1.73 | 1.74 | Decrease of 0.01 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains and Losses (%) | 1.72 | 1.94 | Decrease of 0.22 percentage points | 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 9,240.44 | | Government grants included in current profit and loss | 2,566,000.00 | | Other non-operating income and expenses apart from the above | -1,810,970.08 | | Less: Income tax impact | 323,115.12 | | Impact on minority interests (after tax) | 23,646.99 | | Total | 417,508.25 | Section III Management Discussion and Analysis This section provides an in-depth discussion and analysis of the company's industry, main business operations, operating 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 The company's main businesses are construction engineering (accounting for 94.40% of operating revenue) and real estate development, falling under the civil engineering construction sector of the construction industry, with operations primarily in the East China region, focusing on single construction contracts and enhancing competitiveness through reform and innovation - The company's main businesses are construction engineering and real estate development, with construction business revenue accounting for 94.40%[29] - The company holds multiple qualifications, including Special Grade for Municipal Public Works General Contracting, Grade I for Building Construction General Contracting, and Grade I for Highway Engineering General Contracting[29] - The primary operating models are single construction contracts and financing contracts, with single construction contracts being dominant and no new financing projects since 2017[30] - The company actively promotes direct and joint venture project reforms, optimizes cost estimation, strengthens risk control, and accelerates the establishment of high-level scientific and technological innovation platforms, focusing on smart construction and digital technologies[32] II. Discussion and Analysis of Operating Conditions During the reporting period, the company actively responded to market challenges by expanding its market through a "focus on core, proactive breakthrough" strategy, progressing 39 engineering projects with 32 under construction, while maintaining quality, strengthening management, and achieving 40 patents, despite a 5.20% year-on-year decrease in operating revenue and flat net profit due to external factors - The company adopted a market strategy of "focusing on core, proactive breakthrough", deepening traditional domestic markets and collaborating with central enterprises, while focusing on overseas industrial projects in the international market[32] - During the reporting period, the company managed 39 projects, with 32 projects under construction, including 14 direct/joint venture projects and 25 cooperative projects[33] - The company adheres to the values of "customer-centric, quality-core", strengthens quality management, and obtained 40 patents (10 invention patents, 30 utility model patents)[34] 2025 Semi-Annual Operating Performance | Indicator | Amount (yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 1,609,585,650.51 | -5.20 | | Operating Profit | 120,584,754.33 | -1.77 | | Net Profit Attributable to Parent Company Owners | 108,090,077.14 | Flat | III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness stems from its R&D technology, qualifications, business scope, project management and cost control, and talent advantages, holding national high-tech enterprise status and provincial research institute recognition, with advanced technologies in specialized construction areas, comprehensive top-tier qualifications, a focus on high-quality infrastructure and boutique real estate, intelligent management systems, and an experienced, continuously developing professional team - The company holds "National High-Tech Enterprise" certification and a "Zhejiang Provincial Enterprise Research Institute", possessing technological advantages in deep foundation pit engineering, bridge engineering, and shield tunneling construction[38][39] - The company is one of the earliest domestic enterprises to obtain the Special Grade qualification for Municipal Public Works General Contracting, along with Grade I qualifications for building construction and highway engineering, providing a strong platform for business expansion[40] - In engineering construction, the company focuses on infrastructure development with a high-quality client base; in real estate development, it concentrates on creating personalized, boutique products to enhance brand reputation[41] - The company utilizes its independently developed "Tengda Construction Cloud" system to establish a "1+9+X" intelligent full-element control model, enhancing project refined management and cash flow control capabilities[42][43] - The company possesses an experienced team of project management and technical personnel, continuously attracting outstanding technical talent to build an integrated industry-academia-research platform and a "craftsman team"[44] IV. Main Operating Conditions During the Reporting Period This section analyzes the company's financial statement item changes, asset-liability status, investment activities, and the operating performance of major controlled and investee companies during the reporting period, noting decreases in operating revenue and costs, increases in administrative and R&D expenses, higher financial expenses due to reduced interest income, decreased net cash outflow from operating activities, and a significant drop in net cash inflow from investing activities, while maintaining a stable asset-liability structure with minor overseas assets and significant profit contributions from Taizhou Bank among its 37 controlled and investee entities 2025 Semi-Annual Financial Statement Related Item Changes | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,609,585,650.51 | 1,697,920,288.32 | -5.20 | | Operating Cost | 1,448,634,303.18 | 1,518,844,445.36 | -4.62 | | Selling Expenses | 4,441,887.72 | 4,849,262.23 | -8.40 | | Administrative Expenses | 86,617,938.66 | 79,029,233.73 | 9.60 | | Financial Expenses | -4,902,135.01 | -12,919,739.96 | 62.06 | | R&D Expenses | 59,029,130.35 | 51,629,653.01 | 14.33 | | Net Cash Flow from Operating Activities | -335,325,574.90 | -519,915,713.66 | 35.50 | | Net Cash Flow from Investing Activities | 1,866,187.19 | 441,334,717.58 | -99.58 | | Net Cash Flow from Financing Activities | -38,511,415.05 | -431,645,997.38 | 91.08 | | Taxes and Surcharges | 8,013,879.54 | 25,153,838.53 | -68.14 | | Investment Income | 104,072,103.59 | 76,458,649.35 | 36.12 | - The decrease in operating revenue and costs was primarily due to reduced construction and property sales revenue; administrative expenses increased due to higher management salaries; financial expenses rose due to lower interest income; and R&D investment increased[47] - The decrease in net cash outflow from operating activities was mainly due to the payment of the final installment for the Luqiao District land acquisition in the prior period, while the current period primarily involved payments for engineering and material costs[47] - The significant decrease in net cash inflow from investing activities was mainly because the prior period included the liquidation of a securities investment collective fund trust plan, with no such business in the current period[47] - The company's overseas assets amounted to 8.75 million yuan, accounting for 0.08% of total assets[49] Main Asset Restrictions at Period-End | Item | Book Balance at Period-End (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 58,129,026.16 | Under Supervision | Engineering special funds under supervision | | Monetary Funds | 44,496,130.62 | Frozen | Funds frozen due to litigation | | Monetary Funds | 2,600,000.00 | Frozen | Guarantee deposit for letters of guarantee | | Monetary Funds | 20,619,364.70 | Frozen | Deposit for individual housing mortgage loans | | Monetary Funds | 400,000.00 | Frozen | Migrant worker wage guarantee deposit | | Monetary Funds | 4,000.00 | Frozen | Other restricted funds | | Total | 126,248,521.48 | / | / | - As of the end of the reporting period, the company directly and indirectly controlled or invested in a total of 37 enterprises, including 18 wholly-owned subsidiaries, 7 controlled subsidiaries, 8 joint ventures and associates, and 4 investee companies[53] Operating Performance of Major Controlled and Investee Companies (Unit: ten thousand yuan) | Company Name | Company Type | Main Business | Total Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Qianjiang Fourth Bridge Management Co., Ltd. | Subsidiary | Operation and management of Qianjiang Fourth Bridge | 23,869.79 | 513.70 | | Shanghai Tengda Investment Co., Ltd. | Subsidiary | Industrial investment | 139,075.08 | 16,266.00 | | Yunnan Tengda Yuntong Real Estate Co., Ltd. | Subsidiary | Real estate development and operation | 68,324.71 | 240.00 | | Zhejiang Tengda Construction Real Estate Co., Ltd. | Subsidiary | Real estate development and operation | 151,966.33 | -388.33 | | Yichun Tengda Real Estate Co., Ltd. | Subsidiary | Real estate development investment, planning, sales, property management | 23,624.70 | -280.49 | | Taizhou Tengda Hui Real Estate Development Co., Ltd. | Subsidiary | Real estate development, sales | 69,015.26 | -55.54 | | Taizhou Huiye Investment Co., Ltd. | Subsidiary | Industrial investment | 169,880.30 | 9,938.03 | | Taizhou Bank Co., Ltd. | Investee Company | Banking and finance | 41,622,313.57 | 212,310.46 | | Zhejiang Taizhou Coastal Expressway Co., Ltd. | Investee Company | Expressway project investment, construction, operation | 1,726,983.17 | -29,763.34 | - During the reporting period, the company established a new subsidiary, Hangzhou Tengxi Digital Intelligence Construction Technology Co, Ltd, and acquired Fujian Gutang Decoration Co, Ltd (later renamed Quanzhou Tengchuang Construction Co, Ltd), with minor impact on overall production, operations, and performance[55] V. Other Disclosure Matters This section discloses the company's exposure to macroeconomic fluctuations, industrial policies, market segmentation, management and financial risks, accounts receivable credit risk, and investment risks, while highlighting its proactive implementation of "quality and efficiency improvement for greater returns" initiatives, focus on digital and smart construction, and achievements in technological innovation, including multiple engineering quality and safety awards and 98 patents, alongside its commitment to investor returns through a 122.99% cash dividend for 2024, enhanced information disclosure, and strengthened corporate governance - The company faces risks from macroeconomic fluctuations, changes in industrial policies, market regional segmentation, management and financial risks (PPP business funding costs, long real estate development cycles), accounts receivable credit risk, and external investment risks[56][57][58] - The company actively implements the "quality and efficiency improvement for greater returns" action plan, focusing on "digitalization and smart construction", promoting the R&D and application of the Tengda Cloud Platform 3.0, and was approved as a Zhejiang Provincial Smart Construction Pilot Enterprise[59] - In 2024, the engineering projects undertaken by the company received 4 provincial-level and 5 municipal-level engineering quality awards, and 2 provincial-level and 5 municipal-level safety standardization site awards[60] - The company obtained 98 patents (12 invention patents, 86 utility model patents) and was the lead/participating editor for 4 group standards[60] - In June 2025, the company implemented its 2024 equity distribution, distributing a cash dividend of 31.88 million yuan (tax included), with a cash dividend ratio of 122.99%, an increase of 55.06 percentage points compared to 2023[61] - The company strengthened information disclosure and investor communication, publishing 34 interim announcements and 4 periodic reports in 2024, and organizing 3 online performance briefings[61] - The company reinforced the compliance awareness and performance capabilities of its directors, supervisors, and senior management, revised its Articles of Association, optimized the rights and responsibilities of governance entities, and improved corporate governance[62] Section IV Corporate Governance, Environment and Society This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, equity incentive programs, environmental information disclosure, and efforts in poverty alleviation and rural revitalization I. Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period II. Profit Distribution or Capital Reserve Capitalization Plan The company's proposed semi-annual profit distribution or capital reserve capitalization plan is "none", indicating no distribution or capitalization will be made - The company's proposed semi-annual profit distribution plan or capital reserve capitalization plan is "none"[64] III. Information on the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact Due to the failure to meet the 2024 company-level performance assessment targets and two incentive recipients not meeting conditions, the company repurchased and canceled 5,091,853 restricted shares granted but not yet unblocked to 58 incentive recipients on June 16, 2025 - Due to the failure to meet the 2024 performance assessment targets and two incentive recipients not meeting conditions, the company repurchased and canceled 5,091,853 restricted shares granted but not yet unblocked to 58 incentive recipients under the 2023 Restricted Stock Incentive Plan[65][66] IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law During the reporting period, the company had no environmental information regarding listed companies and their main subsidiaries included in the list of enterprises required to disclose environmental information by law V. Specific Situations Regarding Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc. During the reporting period, the company had no specific situations regarding consolidating and expanding poverty alleviation achievements, rural revitalization, or related work Section V Significant Matters This section details the fulfillment of commitments, absence of fund occupation or illegal guarantees, audit status, major related-party transactions, and significant contracts, along with other important disclosures I. Fulfillment of Commitments All founding shareholders and the actual controller Ye Linfu strictly fulfilled their commitments regarding avoiding horizontal competition and not unduly interfering with the company's operations, with timely and strict adherence during the reporting period - All founding shareholders committed not to directly or indirectly engage in business activities that compete with the company's operations, and have fulfilled this commitment promptly and strictly[70] - The actual controller, Ye Linfu, committed not to unduly interfere with the company's operations or infringe upon its interests, and has fulfilled this commitment promptly and strictly[70] II. Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the company III. Illegal Guarantees During the reporting period, the company did not provide any external guarantees in violation of decision-making procedures IV. Half-Yearly Report Audit Status This semi-annual report has not been audited - This semi-annual report has not been audited[5] V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Annual Report During the reporting period, there were no changes or handling of matters involving non-standard audit opinions from the previous annual report VI. Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy or reorganization matters VII. Major Litigation and Arbitration Matters During the reporting period, the company had no major litigation or arbitration matters VIII. Situations Where the Listed Company and Its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers Are Suspected of Violations, Subjected to Penalties, and Rectification During the reporting period, there were no situations where the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers were suspected of violations, subjected to penalties, or underwent rectification IX. Explanation of the Integrity Status of the Company and Its Controlling Shareholders and Actual Controllers During the Reporting Period During the reporting period, there was no explanation of the integrity status of the company, its controlling shareholders, or actual controllers X. Significant Related-Party Transactions During the reporting period, the company had related-party creditor-debtor transactions with Xindu Hotel, with an ending balance of 143.40 million yuan, primarily for current accounts, having minimal impact on the company's operating results and financial position Related-Party Creditor-Debtor Transactions | Related Party | Related Relationship | Beginning Balance (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Xindu Hotel | Other related parties | 143,400,000 | 143,400,000 | - The related-party creditor-debtor transactions arose from current accounts, with minimal impact on the company's operating results and financial position[74] XI. Significant Contracts and Their Performance This section discloses 27 major engineering contracts still under construction at the end of the reporting period, including the Hangzhou Zhijiang Road Water Pipeline Corridor and Road Improvement Project and the Shanghai Rail Transit Airport Link Line Project, many of which experienced delays due to design, pipeline, demolition, or coordination issues, also listing 45 completed but unsettled contracts and housing lease arrangements with Zhejiang Tengxin - As of the end of the reporting period, the company had 27 major engineering contracts still under construction, including the Hangzhou Zhijiang Road Water Pipeline Corridor and Road Improvement Project (provisional contract value 1.73 billion yuan) and Shanghai Yanjiang Channel Pudong Section Expressway Main Line Construction Section 6 (winning bid price 508 million yuan)[76][77][78][80][81][82][83][84][85] - Multiple ongoing contracts faced construction overruns or delays due to factors such as delayed design drawings, pipeline relocation, traffic control approval, flood season, demolition factors, owner's land acquisition reasons, and coordination issues with railway construction for cross-construction[76][77][78][80] - The company has a housing lease business with Zhejiang Tengxin, recognizing lease income of 0.35 million yuan in the current period[79] - As of the end of the reporting period, the company had 45 engineering projects that had been completed and accepted, currently undergoing final settlement, including Shanghai East-West Channel Pudong Section Widening Project Section 2 and Hangzhou Metro Line 7 Project Civil Construction SG7-1 Section[86][87][88][89][90][91][92][93][94][95] XII. Explanation of Progress in the Use of Raised Funds During the reporting period, the company had no explanation of progress in the use of raised funds XIII. Explanation of Other Significant Matters During the reporting period, the company had no explanation of other significant matters Section VI Share Changes and Shareholder Information This section details the company's share capital changes, including the reduction in total share capital due to the repurchase and cancellation of 5.09 million restricted shares from the 2023 equity incentive plan, and provides an overview of shareholder information, including the top ten shareholders and their relationships I. Changes in Share Capital During the reporting period, the company's total share capital decreased due to the repurchase and cancellation of 5.09 million restricted shares from the 2023 Restricted Stock Incentive Plan, leading to a reduction in restricted shares and a corresponding increase in the proportion of unrestricted tradable shares Share Capital Changes | Item | Quantity Before Change | Increase/Decrease (+, -) | Quantity After Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 11,497,669 | -5,091,853 | 6,405,816 | | II. Unrestricted Tradable Shares | 1,587,405,163 | 0 | 1,587,405,163 | | III. Total Shares | 1,598,902,832 | -5,091,853 | 1,593,810,979 | - The main reason for the share capital change was the company's repurchase and cancellation of 5,091,853 restricted shares from the 2023 Restricted Stock Incentive Plan[100] Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Unblocked During Period | Restricted Shares Increased During Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Incentive recipients of the company's 2023 Restricted Stock Incentive Plan | 11,497,669 | 0 | 0 | 6,405,816 | Restricted Stock Incentive Plan | II. Shareholder Information As of the end of the reporting period, the company had 61,381 common shareholders, with Ye Linfu holding the largest stake at 8.28%, followed by Xu Shuang at 6.00%, and the top ten shareholders primarily consisting of domestic natural persons and private securities investment funds, with some related-party relationships among them - As of the end of the reporting period, the company had a total of 61,381 common shareholders[102] Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shareholding at Period-End | Proportion (%) | Restricted Shares Held | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Ye Linfu | 132,047,177 | 8.28 | 0 | Domestic Natural Person | | Xu Shuang | 95,692,673 | 6.00 | 0 | Domestic Natural Person | | Ye Yangyou | 33,079,360 | 2.08 | 0 | Domestic Natural Person | | Ye Xiaogen | 27,507,484 | 1.73 | 0 | Domestic Natural Person | | Beijing Taidesheng Private Equity Fund Management Co., Ltd. - Taidesheng Investment Zhisheng Quant 2 Private Securities Investment Fund | 24,607,958 | 1.54 | 0 | Other | | Feng Yunhao | 20,225,100 | 1.27 | 0 | Domestic Natural Person | | Beijing Taidesheng Private Equity Fund Management Co., Ltd. - Taidesheng Investment Delai 3 Private Securities Investment Fund | 19,672,212 | 1.23 | 0 | Other | | Ye Lichun | 15,640,932 | 0.98 | 0 | Domestic Natural Person | | Huang Heling | 13,857,900 | 0.87 | 0 | Domestic Natural Person | | Ye Yani | 11,450,000 | 0.72 | 0 | Domestic Natural Person | - Ye Yangyou is Ye Linfu's father; Xu Shuang is Ye Linfu's spouse; Ye Yangyou and Ye Xiaogen are brothers; Ye Lichun and Ye Yani are father and daughter[105] Top Ten Restricted Shareholders' Shareholding and Restrictions | No. | Restricted Shareholder Name | Restricted Shares Held | Restriction Conditions | | :--- | :--- | :--- | :--- | | 1 | Ye Lijun | 657,000 | Restricted Stock Incentive Plan | | 2 | Yang Jiuru | 657,000 | Restricted Stock Incentive Plan | | 3 | Sun Jiuchun | 525,600 | Restricted Stock Incentive Plan | | 4 | Yan Weilei | 367,920 | Restricted Stock Incentive Plan | | 5 | Wang Gui | 367,920 | Restricted Stock Incentive Plan | | 6 | Lin Shanglian | 367,920 | Restricted Stock Incentive Plan | | 7 | Wang Zhengchu | 367,920 | Restricted Stock Incentive Plan | | 8 | Huang Zhenjiang | 262,800 | Restricted Stock Incentive Plan | | 9 | Xiao Ming | 197,080 | Restricted Stock Incentive Plan | | 10 | Lin Huan | 157,680 | Restricted Stock Incentive Plan | III. Information on Directors, Supervisors, and Senior Management During the reporting period, the shareholdings of several of the company's directors, supervisors, and senior management, including Chairman Ye Lijun and Vice Chairman and President Yang Jiuru, decreased due to the repurchase and cancellation of restricted shares from the equity incentive plan Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period | Shares Held at End of Period | Change in Shares During Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ye Lijun | Chairman | 1,642,500 | 1,149,750 | -492,750 | Repurchase and cancellation of restricted shares from equity incentive | | Yang Jiuru | Vice Chairman, President | 1,642,500 | 1,149,750 | -492,750 | Repurchase and cancellation of restricted shares from equity incentive | | Sun Jiuchun | Director, Vice President, Chief Engineer | 1,314,000 | 919,800 | -394,200 | Repurchase and cancellation of restricted shares from equity incentive | | Yan Weilei | Vice President | 953,900 | 677,960 | -275,940 | Repurchase and cancellation of restricted shares from equity incentive | | Wang Gui | Vice President | 919,800 | 643,860 | -275,940 | Repurchase and cancellation of restricted shares from equity incentive | | Lin Shanglian | Vice President | 919,800 | 643,860 | -275,940 | Repurchase and cancellation of restricted shares from equity incentive | | Wang Zhengchu | Vice President | 981,800 | 705,860 | -275,940 | Repurchase and cancellation of restricted shares from equity incentive | - All share reductions were due to the failure to meet the 2024 company-level performance assessment targets, leading to the repurchase and cancellation of restricted shares from the equity incentive plan[110] Section VII Bond-Related Information This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments II. Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and specific financial items I. Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[5] II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, showing a decrease in total assets and current liabilities, a slight increase in owners' equity attributable to the parent company, a slight year-on-year decrease in operating revenue and net profit, reduced net cash outflow from operating activities, a significant drop in net cash inflow from investing activities, and changes in owners' equity primarily due to restricted stock repurchases and share-based payment expenses Consolidated Balance Sheet Key Data (Period-End) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 10,645,064,266.11 | 10,924,176,929.81 | | Total Current Assets | 7,399,100,367.98 | 7,709,051,641.42 | | Total Non-Current Assets | 3,245,963,898.13 | 3,215,125,288.39 | | Total Liabilities | 4,361,815,215.53 | 4,665,419,165.45 | | Total Current Liabilities | 4,350,179,881.35 | 4,649,951,058.29 | | Total Owners' Equity Attributable to Parent Company | 6,259,287,461.51 | 6,234,248,346.26 | Consolidated Income Statement Key Data (Current Period) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,609,585,650.51 | 1,697,920,288.32 | | Operating Profit | 120,584,754.33 | 122,758,013.65 | | Total Profit | 118,441,137.04 | 119,435,598.92 | | Net Profit | 107,542,248.11 | 107,741,628.89 | | Net Profit Attributable to Parent Company Shareholders | 108,090,077.14 | 108,835,681.14 | | Basic Earnings Per Share (yuan/share) | 0.07 | 0.07 | Consolidated Cash Flow Statement Key Data (Current Period) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -335,325,574.90 | -519,915,713.66 | | Net Cash Flow from Investing Activities | 1,866,187.19 | 441,334,717.58 | | Net Cash Flow from Financing Activities | -38,511,415.05 | -431,645,997.38 | | Net Increase in Cash and Cash Equivalents | -371,970,802.76 | -510,226,993.46 | - Changes in owners' equity attributable to the parent company were primarily influenced by the repurchase and cancellation of 5,091,853 restricted shares and share-based payment expenses of 1.75 million yuan[133][134] III. Company Overview Tengda Construction Group Co, Ltd, registered on August 21, 1995, in Zhejiang Province, with its headquarters in Taizhou, has a registered capital of 1.59 billion yuan and has been listed on the Shanghai Stock Exchange since December 26, 2002, primarily engaging in construction engineering and real estate development, alongside overseas contracting, landscaping, planning, design, and investment activities - The company was registered on August 21, 1995, headquartered in Taizhou City, Zhejiang Province, and its shares were listed on the Shanghai Stock Exchange on December 26, 2002[145] - The company's registered capital is 1.59 billion yuan, with 6.41 million restricted tradable A-shares and 1.59 billion unrestricted tradable A-shares[145] - The company's business scope includes construction engineering, real estate development and operation, overseas contracting, landscape engineering construction, and investment activities[145] IV. Basis of Preparation of Financial Statements The company's financial statements are prepared on a going concern basis, with no events or circumstances that would raise significant doubt about its ability to continue as a going concern for the next 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[147] - There are no events or circumstances that raise significant doubt about the company's ability to continue as a going concern for the next 12 months[148] V. Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates for financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, adhering to enterprise accounting standards, using the calendar year as the accounting period, and defining operating cycles based on business characteristics, with strict adherence to standards for financial instrument classification, measurement, and impairment, revenue recognition based on performance obligations, and specific methods for construction contracts, real estate sales, and Qianjiang Fourth Bridge operating rights, also covering government grants, deferred income tax, leases, and share-based payments - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[150] - The company's accounting year runs from January 1 to December 31 of the calendar year[151] - The operating cycle in the real estate industry is generally longer than 12 months, and this operating cycle is used as the criterion for classifying assets and liabilities as current or non-current[153] - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[164] - Revenue recognition principles are based on identifying single performance obligations in contracts and determining whether they are satisfied over time or at a point in time[208] - Revenue from construction contracts is recognized based on the progress of performance, real estate sales revenue is recognized when control of the property is transferred, and revenue from Qianjiang Fourth Bridge operating rights is recognized using the straight-line method over the cumulative concession period[211] - Government grants are classified as asset-related or income-related, either reducing the carrying amount of assets or recognized as deferred income, or directly recognized in profit or loss for the current period[214][215] - Deferred income tax assets and liabilities are recognized based on the differences between the carrying amounts of assets and liabilities and their tax bases[216][217] VI. Taxation This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, enterprise income tax, land value-added tax, property tax, education surcharge, and local education surcharge, noting that the company enjoys a 15% enterprise income tax rate as a high-tech enterprise, while some subsidiaries are recognized as small-profit enterprises and pay enterprise income tax at a 20% rate Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5%, 1% | | Enterprise Income Tax | Taxable income | 15%, 20%, 25% | | Land Value-Added Tax | Value-added amount | 30%-60% (prepayment 1%-5%) | | Property Tax | Original value of property or rental income | 1.2% or 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company is recognized as a high-tech enterprise, paying enterprise income tax at a rate of 15%[226] - Subsidiaries Meishan Langjie, Ningbo Huitian, Tengchuang Zhizhi, and Bojia Trade are recognized as small-profit enterprises, paying enterprise income tax at a rate of 20%[226] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on various consolidated financial statement items, including monetary funds totaling 2.24 billion yuan with 4.53 million yuan in overseas funds, accounts receivable and contract assets at 275.00 million yuan and 1.80 billion yuan respectively with detailed bad debt provisions, inventories of 2.79 billion yuan mainly comprising contract performance costs and development products, long-term equity investments of 1.83 billion yuan primarily from investments in associates, and changes in share capital, capital reserves, and treasury stock due to restricted share repurchases, alongside decreases in operating revenue and costs, increases in R&D expenses and investment income, reduced net cash outflow from operating activities, and a significant drop in net cash inflow from investing activities Monetary Funds | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on hand | 340,584.84 | 475,812.15 | | Bank deposits | 2,226,719,593.69 | 2,588,940,072.25 | | Other monetary funds | 9,347,833.72 | 9,412,338.69 | | Total | 2,236,408,012.25 | 2,598,828,223.09 | | Of which: Total funds deposited overseas | 4,527,166.13 | 73,025.92 | Accounts Receivable by Age | Age | Ending Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 220,605,117.79 | 277,756,211.80 | | 1 to 2 years | 12,482,943.35 | 69,007,918.56 | | 2 to 3 years | 23,168,868.32 | 28,633,616.10 | | Over 3 years | 18,747,767.76 | 20,460,679.54 | | Total | 275,004,697.22 | 395,858,426.00 | Contract Assets | Item | Ending Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Completed but unsettled | 1,803,854,426.91 | 1,849,869,621.63 | | Total | 1,803,854,426.91 | 1,849,869,621.63 | Inventory Classification (Ending Book Value) | Item | Ending Book Value (yuan) | | :--- | :--- | | Merchandise inventory | 1,093,032.58 | | Contract performance costs | 862,178,134.65 | | Development costs | 1,343,989,272.70 | | Developed products | 571,030,945.26 | | Other revolving materials | 9,168,379.95 | | Total | 2,787,459,765.14 | Long-Term Equity Investments (Ending Book Value) | Item | Ending Balance (yuan) | | :--- | :--- | | I. Joint ventures | 4,936,868.08 | | II. Associates | 1,823,687,778.93 | | Total | 1,828,624,647.01 | Share Capital Changes | Item | Beginning Balance (yuan) | Change During Period (+, -) (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Shares | 1,598,902,832.00 | -5,091,853.00 | 1,593,810,979.00 | - The decrease in share capital was primarily due to the repurchase and cancellation of 5,091,853 restricted shares[330] Operating Revenue and Operating Cost | Item | Current Period (Revenue) (yuan) | Current Period (Cost) (yuan) | Prior Period (Revenue) (yuan) | Prior Period (Cost) (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,587,509,671.90 | 1,432,687,775.00 | 1,679,409,940.08 | 1,504,130,149.99 | | Other Business | 22,075,978.61 | 15,946,528.18 | 18,510,348.24 | 14,714,295.37 | | Total | 1,609,585,650.51 | 1,448,634,303.18 | 1,697,920,288.32 | 1,518,844,445.36 | R&D Expenses | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Direct input expenses | 38,486,188.82 | 34,947,535.40 | | Employee compensation | 15,526,108.82 | 14,035,243.73 | | Depreciation and amortization expenses | 3,047,920.26 | 1,697,647.70 | | Other | 1,968,912.45 | 949,226.18 | | Total | 59,029,130.35 | 51,629,653.01 | Investment Income | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | 104,072,103.59 | 87,871,424.28 | | Investment income from disposal of trading financial assets | 0 | -11,412,774.93 | | Total | 104,072,103.59 | 76,458,649.35 | Credit Impairment Losses | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Bad debt losses on accounts receivable | -9,672,346.76 | -9,515,686.43 | | Bad debt losses on other receivables | 2,412,440.10 | -891,090.87 | | Impairment losses on contract assets | 1,405,789.63 | -3,504,295.95 | | Total | -5,854,117.03 | -13,911,073.25 | VIII. Research and Development Expenses This section details the company's R&D expenses for the first half of 2025, totaling 59.03 million yuan, all of which were expensed, representing a 14.33% year-on-year increase, primarily comprising direct input costs, employee compensation, depreciation and amortization, and other related expenses R&D Expenses by Nature of Expense | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Direct input expenses | 38,486,188.82 | 34,947,535.40 | | Employee compensation | 15,526,108.82 | 14,035,243.73 | | Depreciation and amortization expenses | 3,047,920.26 | 1,697,647.70 | | Other related expenses | 1,968,912.45 | 949,226.18 | | Total | 59,029,130.35 | 51,629,653.01 | | Of which: Expensed R&D expenses | 59,029,130.35 | 51,629,653.01 | - All R&D expenses in the current period were expensed, with no capitalized R&D expenses[381] IX. Changes in Consolidation Scope During the reporting period, the company's consolidation scope changed with the establishment of a new subsidiary, Hangzhou Tengxi Digital Intelligence Construction Technology Co, Ltd, and the acquisition of Fujian Gutang Decoration Co, Ltd (later renamed Quanzhou Tengchuang Construction Co, Ltd) - The company established a new subsidiary, Hangzhou Tengxi Digital Intelligence Construction Technology Co, Ltd, in April 2025[382] - The company acquired 100% equity of Fujian Gutang Decoration Co, Ltd in May 2025, which was subsequently renamed Quanzhou Tengchuang Construction Co, Ltd[382] X. Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associates, including various subsidiaries involved in investment management, highway operations, and real estate development, with Yunnan Real Estate as a significant non-wholly-owned subsidiary with an 11.00% minority interest, and the company holding a 5% stake in Taizhou Bank with significant influence through board representation, also exercising significant influence over Panshi Investment Partnership and Panshi Zeshan Investment through committee appointments Enterprise Group Structure (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital (ten thousand yuan) | Business Nature | Shareholding Ratio (Direct %) | | :--- | :--- | :--- | :--- | :--- | | Tengda Investment | Shanghai | 150000 | Investment management | 99.67 | | Qianjiang Fourth Bridge | Hangzhou | 15300 | Highway | 75.00 | | Taizhou Tengda Hui | Taizhou | 10000 | Real estate development | 0 | | Yunnan Real Estate | Kunming | 5000 | Real estate development | 89.00 | | Zhejiang Real Estate | Taizhou | 50000 | Real estate development | 100.00 | Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Yunnan Real Estate) | Indicator | Current Period (ten thousand yuan) | Prior Period (ten thousand yuan) | | :--- | :--- | :--- | | Operating Revenue | 3,003.26 | 7,238.03 | | Net Profit | 179.96 | 911.21 | | Total Comprehensive Income | 179.96 | 911.21 | | Cash Flow from Operating Activities | -1,567.87 | -910.15 | - The company holds a 5% stake in Taizhou Bank and has a director on its board, exercising significant influence over it[387] Key Financial Information of Significant Joint Venture (Taizhou Bank) | Item | Ending Balance/Current Period Amount (yuan) | | :--- | :--- | | Total Assets | 416,223,135,662.64 | | Total Liabilities | 377,333,474,459.53 | | Owners' Equity Attributable to Parent Company Shareholders | 38,889,661,203.11 | | Operating Revenue | 5,860,400,409.23 | | Net Profit | 2,123,104,550.4 | | Total Comprehensive Income | 1,604,764,306.45 | Consolidated Financial Information of Insignificant Joint Ventures and Associates | Item | Ending Balance/Current Period Amount (yuan) | | :--- | :--- | | Total book value of joint venture investments | 4,936,868.08 | | Net profit of joint ventures | -405,417.67 | | Total book value of associate investments | 126,586,905.45 | | Net profit of associates | 5,097,851.64 | XI. Government Grants This section discloses the company's government grants recognized in current profit or loss, totaling 2.57 million yuan for the current period, compared to 0.89 million yuan in the prior period, all of which are income-related government grants Government Grants Included in Current Profit or Loss | Type | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Income-related | 2,566,000.00 | 887,376.34 | | Total | 2,566,000.00 | 887,376.34 | XII. Risks Related to Financial Instruments This section outlines the company's financial instrument risks, primarily credit risk, liquidity risk, and market risk, managed through regular credit assessments, depositing monetary funds with highly-rated financial institutions, monitoring accounts receivable, utilizing diverse financing methods, optimizing financing structures, and maintaining an appropriate portfolio of financial instruments with operations primarily denominated in RMB - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[396][401][402] - Credit risk is managed through regular credit assessments, depositing monetary funds with highly-rated financial institutions, and monitoring accounts receivable balances[398] - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank loans, and adopting a suitable combination of long-term and short-term financing[399] Financial Liabilities by Remaining Maturity (Period-End) | Item | Book Value (yuan) | Undiscounted Contract Amount (yuan) | Within 1 Year (yuan) | 1-3 Years (yuan) | Over 3 Years (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 2,670,271,863.47 | 2,670,271,863.47 | 2,670,271,863.47 | 0 | 0 | | Other Payables | 986,289,161.05 | 986,289,161.05 | 986,289,161.05 | 0 | 0 | | Lease Liabilities | 11,635,334.18 | 17,132,270.66 | 0 | 2,193,564.23 | 14,938,706.43 | | Non-Current Liabilities Due Within One Year | 795,003.64 | 854,020.73 | 854,020.73 | 0 | 0 | | Subtotal | 3,668,991,362.34 | 3,674,547,315.91 | 3,657,415,045.25 | 2,193,564.23 | 14,938,706.43 | XIII. Disclosure of Fair Value This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the reporting period, primarily including financial assets designated as fair value through profit or loss (equity instrument investments) and other non-current financial assets, with fair value determined using Level 3 valuation techniques, referencing period-end net assets or investment costs Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Financial assets designated as fair value through profit or loss (equity instrument investments) | 88,160,110.12 | 88,160,110.12 | | Other non-current financial assets | 16,666,983.34 | 16,666,983.34 | | Total assets continuously measured at fair value | 104,827,093.46 | 104,827,093.46 | - The company's equity investment in Zhejiang Taizhou Coastal Expressway Co, Ltd, has its fair value determined by referencing the net assets at the end of the period[407] - For some investee companies, the investment cost is used as a reasonable estimate of fair value, as their operating environment and financial conditions have not significantly changed[407] XIV. Related Parties and Related-Party Transactions This section discloses the company's related parties and related-party transactions, with the actual controller Ye Linfu's family holding a 16.3645% stake, and transactions including commodity purchases and leases with subsidiary Zhejiang Tengxin, service transactions (conference fees, meal expenses, accommodation fees) and intercompany loans with Xindu Hotel, and a cooperative housing development project for the Manyue Hubin property with related natural persons Ye Lichun, Yang Jiuru, Ye Hongli, and Wang Zhengchu through wholly-owned subsidiary Zhejiang Real Estate - The ultimate controlling party of the company is the Ye Linfu family, with a shareholding ratio of 16.3645% at period-end[410] Purchase of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Zhejiang Tengxin | Engineering materials | 71,490,906.74 | 43,685,962.85 | | Total | | 71,490,906.74 | 43,685,962.85 | - Xindu Hotel provided the company with 1.03 million yuan in conference fees, 1.98 million yuan in meal expenses, and 1.41 million yuan in accommodation fees[412] Related-Party Lease Situations as Lessor | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (yuan) | Lease Income Recognized in Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Zhejiang Tengxin | Buildings | 353,898.18 | 353,898.18 | Key Management Personnel Remuneration | Item | Current Period (ten thousand yuan) | Prior Period (ten thousand yuan) | | :--- | :--- | :--- | | Key management personnel remuneration | 266.25 | 263.38 | - Yichun Real Estate owes Xindu Hotel a loan principal of 141.40 million yuan and interest of 39.19 million yuan; the company owes Xindu Hotel a loan principal of 2 million yuan[417] - Wholly-owned subsidiary Zhejiang Real Estate is cooperatively developing the Manyue Hubin property project with related natural persons Ye Lichun, Yang Jiuru, Ye Hongli, and Wang Zhengchu, with related parties having paid 28.95 million yuan in cooperative housing purchase funds[417][418] Amounts Payable to Related Parties | Item Name | Related Party | Ending Book Balance (yuan) | | :--- | :--- | :--- | | Accounts Payable | Zhejiang Tengxin | 30,525,546.70 | | Other Payables | Xindu Hotel | 182,586,400.00 | | Other Payables | Ye Hongli | 16,350,000.00 | | Other Payables | Yang Jiuru | 4,200,000.00 | | Other Payables | Ye Lichun | 4,200,000.00 | | Other Payables | Wang Zhengchu | 4,200,000.00 | XV. Share-Based Payment This section discloses the company's share-based payment situation for the 2023 Restricted Stock Incentive Plan, where 5.09 million restricted shares were repurchased and canceled during the reporting period due to unmet performance targets and ineligible incentive recipients, resulting in their forfeiture, with the fair value of equity instruments determined by the closing price on the grant date, and 1.75 million yuan in share-based payment expenses recognized in the current period Details of Each Equity Instrument | Category of Grantee | Number of Forfeited Shares in Current Period (shares) | Amount of Forfeited Shares in Current Period (yuan) | | :--- | :--- | :--- | | Management personnel | 5,091,853 | 7,026,757.14 | | Total | 5,091,853 | 7,026,757.14 | - The exercise price of other equity instruments outstanding at period-end is 1.38 yuan, with a remaining contract term of 312 days[426] - The cumulative amount of equity-settled share-based payments included in capital reserves is 15.44 million yuan[427] - Share-based payment expenses of 1.75 million yuan were recognized in the current period[430] - The company's 2024 company-level performance assessment targets for the second unblocking period were not met, and two incentive recipients no longer met the incentive conditions, leading to the repurchase and cancellation of 5,091,853 restricted shares[428] XVI. Commitments and Contingencies This section discloses the company's significant external commitments and contingencies, including a 20.62 million yuan guarantee provided by a subsidiary for real estate purchasers' bank mortgage loans as of the end of the reporting period, and an ongoing lawsuit where the company is being sued for 15.77 million yuan in goods payments and liquidated damages due to a contract dispute - The company's subsidiary provides guarantees for bank mortgage loans applied for by real estate purchasers; as of June 30