方大集团(000055) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, a comprehensive report index, and definitions of key terms for accurate understanding Important Notes The Board of Directors and senior management guarantee the report's accuracy and completeness, while the company plans no cash dividends or bonus shares - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[4] - The company's head, Xiong Jianming, the person in charge of accounting, Lin Kebin, and the head of the accounting department, Wu Bohua, declare to guarantee the truthfulness, accuracy, and completeness of the financial report[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This report's clear table of contents covers company profile, financial indicators, management discussion, governance, and financial statements - The report comprises nine main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data[8] Definitions This section defines key terms used in the report, including company names and major subsidiaries, to ensure accurate understanding - This section defines key terms used in the report, including abbreviations for the company and its major subsidiaries, to ensure accurate understanding of the report's content[11] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and key financial performance metrics Company Profile Fangda Group Co., Ltd., listed on the Shenzhen Stock Exchange, is identified by stock codes 000055 and 200055, with Xiong Jianming as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Fangda Group, Fangda | | Stock Code | 000055, 200055 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Fangda Group Co., Ltd. | | Legal Representative | Xiong Jianming | Contacts and Contact Information The company's Board Secretary and Securities Affairs Representative share the same contact address, phone, fax, and email in Shenzhen Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Ye Zhiqing | 39th Floor, T1 Building, Fangda City, No. 2 Longzhu 4th Road, Nanshan District, Shenzhen | 86(755)26788571 ext 6622 | 86(755)26788353 | zqb@fangda.com | | Securities Affairs Representative | Guo Lingchen | 39th Floor, T1 Building, Fangda City, No. 2 Longzhu 4th Road, Nanshan District, Shenzhen | 86(755)26788571 ext 6622 | 86(755)26788353 | zqb@fangda.com | Other Information The company's registered address, office address, website, and email remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[16] - Information disclosure and placement locations remained unchanged during the reporting period, as detailed in the 2024 annual report[18] Key Accounting Data and Financial Indicators In H1 2025, revenue decreased by 25.10% to 1.60 billion CNY, and net profit attributable to shareholders plummeted by 85.20% to 17.29 million CNY, mainly due to increased impairment provisions and lower revenue Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (CNY) | Prior Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,598,286,450.04 | 2,133,845,587.76 | -25.10% | | Net Profit Attributable to Shareholders of Listed Company | 17,289,598.23 | 116,795,117.62 | -85.20% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 14,383,496.33 | 111,689,105.39 | -87.12% | | Net Cash Flow from Operating Activities | -266,347,227.85 | -171,530,998.21 | -55.28% | | Basic Earnings Per Share (CNY/share) | 0.0161 | 0.1088 | -85.20% | | Diluted Earnings Per Share (CNY/share) | 0.0161 | 0.1088 | -85.20% | | Weighted Average Return on Net Assets | 0.28% | 1.95% | decreased by 1.67 percentage points | Key Accounting Data and Financial Indicators (Period-End Change) | Indicator | End of Current Reporting Period (CNY) | End of Prior Year (CNY) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 13,117,881,678.37 | 13,555,387,225.21 | -3.23% | | Net Assets Attributable to Shareholders of Listed Company | 6,091,258,814.16 | 6,125,803,906.35 | -0.56% | - The company's net profit attributable to shareholders decreased by 85.20% in H1 2025, primarily due to increased impairment provisions for accounts receivable in the curtain wall systems and new materials industry, and a decline in operating revenue[19] Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas and Chinese accounting standards during the period - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards versus Chinese Accounting Standards[20] - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards versus Chinese Accounting Standards[21] Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 2.91 million CNY, primarily from non-current asset disposal, government grants, and fair value changes Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -1,522,602.22 | | | Government grants recognized in current profit or loss | 3,459,933.02 | | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 55,166.72 | | | One-off expenses incurred by enterprises due to the cessation of related business activities | -1,145,361.48 | Employee resettlement expenses incurred due to the company's production site relocation | | Gains and losses from changes in fair value of investment properties measured using the fair value model | 2,763,052.08 | Cumulative fair value changes transferred upon disposal of investment properties | | Other non-operating income and expenses apart from the above | -357,480.19 | | | Less: Income tax impact | 346,644.61 | | | Impact on minority interests (after tax) | -38.58 | | | Total | 2,906,101.90 | | - The company does not classify any non-recurring gains and losses listed in "Interpretive Announcement No. 1 for Information Disclosure by Companies Issuing Securities to the Public – Non-Recurring Gains and Losses" as recurring gains and losses[24] Management Discussion and Analysis This section analyzes the company's primary business operations, core competencies, industry conditions, and financial performance during the reporting period Main Businesses Engaged by the Company During the Reporting Period The company operates in intelligent platform screen doors, smart curtain wall systems, new energy, and commercial management, achieving 1.60 billion CNY in revenue and holding 7.17 billion CNY in orders - The company's main businesses include intelligent platform screen door equipment and systems for rail transit, high-end smart curtain wall systems and new materials, new energy, and commercial management and services[26] Key Operating Data for H1 2025 | Indicator | Amount (million CNY) | | :--- | :--- | | Operating Revenue | 1,598.29 | | Net Profit Attributable to Owners of the Parent Company | 17.29 | | Order Backlog | 7,172.68 | | Order Backlog / H1 Operating Revenue | 4.49 times | Rail Transit Intelligent Platform Screen Door Equipment and System Industry As a global leader, this industry saw a 20.30% revenue increase to 317 million CNY, with a 7.12x order backlog, driven by overseas growth and AI-powered smart operations - The company's rail transit intelligent platform screen door equipment and system industry generated 317 million CNY in operating revenue, a 20.30% increase year-on-year, with overseas business revenue reaching 123 million CNY, up 8.34% from the previous year[27] - As of the end of the reporting period, the industry's order backlog reached 2.26 billion CNY, 7.12 times its H1 2025 operating revenue[27] - The company secured the Shenzhen Futian High-Speed Rail Station Phase I platform screen door renovation project order, marking a historic leap from the subway era to the high-speed rail era, and is set to achieve three "China Firsts"[28] - The company completed the Hong Kong East Rail Line platform screen door installation project 6 months ahead of schedule, setting industry records by installing 3 unit doors in 3 hours and completing a 215-meter platform side in 4 weeks[29] - The company continues to advance the industrialization of AI technology, achieving significant milestones in intelligent interactive systems, intelligent operation and maintenance systems (CBMS), and train AI visual recognition systems[30][31] - During the reporting period, the company's rail transit platform screen door industry's maintenance revenue reached 33.46 million CNY, accounting for 10.56% of rail transit platform screen door business revenue, a 2.84% increase year-on-year, setting a new historical high[32] Smart Curtain Wall Systems and New Materials Industry This industry invested 61.51 million CNY in R&D, achieving 1.19 billion CNY in revenue and a 4.92 billion CNY order backlog, driven by green intelligent strategies and global expansion - During the reporting period, the company invested 61.51 million CNY in R&D, with an R&D expense ratio of 3.85%, completed 30 smart curtain wall systems and new materials R&D projects, filed 30 new patent applications, and obtained 37 new authorized patents[33] - Successfully developed a "new shading energy-saving glass light tube curtain wall system" and an "AI intelligent wind and rain sensing electric casement window system," and put into operation the industry's first fully automated aluminum panel production line[33] - The company built the curtain wall industry's first full lifecycle digital twin system (BIM+AI+3D scanning), achieving full-process collaboration from design to production to construction, shortening project durations by 20%[34] - In H1 2025, the company's smart curtain wall and new materials industry achieved operating revenue of 1.19 billion CNY, with an order backlog of 4.92 billion CNY as of the end of the reporting period, 4.15 times the industry's H1 2025 operating revenue[37] - The company actively expanded into high-end domestic and international curtain wall markets, securing landmark domestic projects such as Hangzhou Ant Group Global Headquarters Phase II, JD Shenzhen Headquarters Complex, and Guangzhou Kugou Music Building, as well as international orders in Melbourne, Australia, and Dhaka, Bangladesh[37] - The company's Fangda (Ganzhou) Low-Carbon Smart Manufacturing Base commenced operations, with its coating center recognized as a national-level "Green Island Project" by the Ministry of Ecology and Environment, achieving unified pollutant treatment and resource recycling[39] New Energy Industry The new energy industry focuses on BIPV and distributed PV power plants, with projects generating stable profits and new BIPV contracts expected to save 92 tons of standard coal annually - The company's new energy industry focuses on developing Building-Integrated Photovoltaics (BIPV) and distributed photovoltaic power plant businesses, having established a full-产业链 service system covering design, manufacturing, integration, and operation[40] - The distributed photovoltaic power plant projects invested and constructed by the company in Pingxiang, Jiangxi, Nanchang Jiangxi Isuzu, and Guangdong Dongguan Songshan Lake Base are operating well, continuously contributing stable profits and cash flow[40] - Newly signed curtain wall projects for Shenzhen Luhu Center and Guangzhou Kugou Music Building adopt BIPV technology, with a photovoltaic curtain wall area of approximately 1,400 square meters, expected to generate an average annual power output of 230,000 kWh, save 92 tons of standard coal, and reduce 230 tons of carbon dioxide emissions annually upon completion[40] Commercial Management and Service Industry Operating in Shenzhen and Nanchang, this industry leverages AI and digital systems to achieve high occupancy rates (Fangda City 74.57%, Nanchang Fangda Center 88.74%) and reduce energy consumption by 20% - The company's commercial management and property service projects are primarily located in the core areas of Shenzhen and Nanchang, achieving precise customer profiling through differentiated positioning and digital investment attraction systems[41] Commercial Management and Service Project Operating Status | Project | Sales Sell-through Rate | Self-owned Property Occupancy Rate | | :--- | :--- | :--- | | Fangda City | 98.84% | 74.57% | | Fangda Technology Building | - | 83.45% | | Nanchang Fangda Center | 43.55% | 88.74% | - The company actively builds an "AI+Property" digital ecosystem, successfully implementing intelligent parking systems and intelligent work order systems, and optimizing equipment operation logic through AI algorithms, reducing energy consumption by 20% and improving the precision of service matching by 40% based on customer behavior analysis models[41] Analysis of Core Competencies The company's core strengths span rail transit (R&D, full-产业链, global leadership), smart curtain walls (innovation, brand, experience), new energy (BIPV advantage), and commercial management (AI, operational expertise) Rail Transit Platform Screen Door Equipment and System Industry The company leads in rail transit platform screen doors with proprietary technology, full-产业链 services, global market presence, multi-standard adaptability, and strong organizational structure - The company pioneered the development of rail transit platform screen door systems with independent intellectual property rights in China, breaking foreign monopolies, and led the compilation of China's first industry standard and national standard for "Urban Rail Transit Platform Screen Doors"[44] - The company possesses a full-产业链 one-stop service capability, encompassing R&D design, equipment manufacturing, engineering services, technical services and maintenance, and spare parts supply, with operation and maintenance management teams in over 30 cities worldwide[45] - As the sole strategic partner of influential international companies like Alstom, Siemens, and LG, the company participates in global urban rail transit platform screen door system projects and has secured significant projects in countries and regions such as Singapore and Malaysia[46] - The company has built a comprehensive standard database covering technical specifications from the EU, UK, US, Singapore, Colombia, and other countries, achieving precise localized adaptation of technical parameters[47] Smart Curtain Wall Systems and Materials Industry This industry boasts 701 patents, 21 software copyrights, and participation in 35 national/industry standards, supported by top-tier qualifications, a national industrial layout, and a strong brand - The company holds 701 smart curtain wall system and new material patents, 21 software copyrights, participated in drafting 35 national or industry standards, and was the first in the industry nationwide to establish R&D institutions such as a postdoctoral workstation and provincial engineering technology research centers[50] - The company has received over 200 awards, including the "National Quality Award" and "Luban Prize," and has completed over 1,000 landmark projects worldwide, establishing itself as a leading brand in high-end curtain walls[51] - The company's wholly-owned subsidiary, Fangda Jianke, holds China's highest qualifications for curtain wall design and construction enterprises: Class A professional contracting qualification for building curtain wall engineering and Class A design qualification for building curtain wall engineering[52] - The company's smart curtain wall systems and materials industry has established a national industrial layout with Shenzhen as its headquarters and production bases in Shanghai, Chengdu, Dongguan, and Ganzhou, creating a complete industrial chain[53] New Energy Industry The new energy industry, a pioneer in BIPV system integration, leverages its strong connection with the building curtain wall sector and extensive project management experience - The company is one of the earliest domestic enterprises engaged in the design, manufacturing, and integration of solar Building-Integrated Photovoltaics (BIPV) systems, possessing a first-mover advantage in new energy-saving technology applications[55] - The distributed solar photovoltaic power generation industry is strongly linked to the building curtain wall industry, and the company has over twenty years of experience in electromechanical product integration and project management, along with professional qualifications in electromechanical installation[55] Commercial Management and Service Industry This industry continuously integrates AI technology and leverages differentiated positioning and digital systems to enhance brand value and operational efficiency - The company continues to deeply cultivate AI+AI technology, continuously enhancing Fangda's brand value and benefits through differentiated positioning and digital investment attraction systems[56] - The company has accumulated extensive experience in the commercial management and service industry, ensuring high efficiency and strong execution in its management[56] Industry Conditions of the Company During the Reporting Period Rail transit and new energy industries benefit from policy support, while smart curtain walls and commercial management face economic pressures but find new growth in green building and urban renewal Rail Transit Intelligent Platform Screen Door Equipment and System Industry China's rail transit industry is shifting to quality growth, with 11,127.6 km of operational lines; the company leads domestically and expands globally, especially along the "Belt and Road" - As of the end of June 2025, China had 330 urban rail transit lines operating in 54 cities, with a total operating mileage of 11,127.6 kilometers, adding 149.3 kilometers in the first half of the year[57] - The company's rail transit intelligent platform screen door system covers over 60% of operational subway cities in China and more than 120 lines in over 40 cities worldwide, maintaining its strong leading position[61] - The company actively responds to the national "Belt and Road" initiative, with its overseas platform screen door business in a golden period of development, poised to secure a more significant position in the global rail transit intelligent platform screen door sector[61] - The company led the compilation of the first industry standard for rail transit platform screen doors, "Urban Rail Transit Platform Screen Doors" (CJ/T236-2022), and the national standard "Urban Rail Transit Platform Screen Door System," and participated in drafting multiple technical guidelines and specifications[61][62] Smart Curtain Wall Systems and Materials Industry In H1 2025, the Chinese curtain wall industry faced economic pressure and increased competition, but green building policies and urban renewal offer new growth, with leading companies expanding globally - In H1 2025, the Chinese curtain wall industry experienced significant pressure due to macroeconomic conditions and policy environment, leading to intensified market competition and accelerated resource concentration towards leading enterprises[63] - Current policies focus on green building and energy conservation, with the urban renewal market emerging as a new growth area for the construction industry[63][64] - The company focuses on dual-track domestic and international development, strengthening resource investment in regions like Hangzhou, Suzhou, and Chengdu-Chongqing domestically, while simultaneously accelerating overseas expansion, consolidating the Australian market, and steadily advancing its layout in emerging markets in Southeast Asia and the Middle East[64] - The company's primary operating model is an integrated "design-production-construction" approach, which remained unchanged during the reporting period. The company strengthened project contract tracking and accounts receivable management, raised entry barriers, and controlled risks at the source[66][67] - The company's market position remained largely unchanged during the reporting period, firmly holding a leading position in the industry and continuously leading with outstanding technology, services, and brand influence[68] New Energy Industry The photovoltaic industry is entering a high-quality development phase, with BIPV becoming a key direction for curtain walls, supported by policies that will boost its market penetration - The photovoltaic power generation industry has entered a new stage of high-quality development, with Building-Integrated Photovoltaics (BIPV) becoming a primary development direction for the curtain wall industry[69] - Policies from the Ministry of Housing and Urban-Rural Development provide legal guarantees and incremental market space for BIPV promotion, with BIPV penetration expected to further increase[69] Commercial Management and Service Industry In 2025, the real estate market is stabilizing, with the Greater Bay Area offering potential; the company uses a self-development, partial-sale, partial-hold model, leveraging brand and regional advantages - In 2025, with the gradual implementation of national policies, the real estate market is moving towards stabilization, and the Guangdong-Hong Kong-Macao Greater Bay Area brings new development opportunities to the Shenzhen market[70] - The company's commercial development projects primarily adopt a business model of self-development, partial sales, and partial self-holding, with products mainly consisting of offices, commercial spaces, and apartments[71] - The company has secured a certain market position by leveraging the brand advantages, differentiated positioning, and regional strengths of its commercial projects, and will mitigate operational and management risks in the future through refined management and flexible strategy adjustments[71] Major Project Development Status | City/Region | Project Name | Location | Project Type | Equity Ratio | Start Date | Development Progress | Completion Progress | Land Area (sqm) | GFA (sqm) | Completed Area (sqm) | Estimated Total Investment (million CNY) | Cumulative Total Investment (million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Nanshan District | Fangda City | No. 2 Longzhu 4th Road | Office and Commercial Complex | 100.00% | May 01, 2014 | 100% | 100.00% | 35,397.60 | 212,400.00 | 217,763.69 | 2,585.00 | 2,836.00 | | Nanchang Honggutan New District | Fangda Center | No. 1516 Ganjiang North Avenue | Office and Commercial Complex | 100.00% | May 01, 2018 | 100% | 100.00% | 16,608.55 | 66,432.61 | 65,376.94 | 670.00 | 669.92 | Major Project Sales Status | City/Region | Project Name | Location | Project Type | Equity Ratio | GFA (sqm) | Saleable Area (sqm) | Cumulative Sales Area (sqm) | Current Period Sales Area (sqm) | Current Period Sales Amount (ten thousand CNY) | Cumulative Settlement Area (sqm) | Current Period Settlement Area (sqm) | Current Period Settlement Amount (ten thousand CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Nanshan District | Fangda City | No. 2 Longzhu 4th Road | Office and Commercial Complex | 100.00% | 217,763.69 | 93,086.25 | 92,002.95 | - | - | 92,002.95 | - | - | | Nanchang Honggutan New District | Fangda Center | No. 1516 Ganjiang North Avenue | Office and Commercial Complex | 100.00% | 65,376.94 | 25,996.84 | 11,322.70 | 138.84 | 106.8 | 11,322.70 | 138.84 | 106.8 | Major Project Leasing Status | Project Name | Location | Project Type | Equity Ratio | Leasable Area (sqm) | Cumulative Leased Area (sqm) | Average Occupancy Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Fangda City | Shenzhen Nanshan | Commercial and Office Building | 100.00% | 92,470.58 | 68,957.33 | 74.57% | | Shenzhen Fangda Building | Shenzhen Nanshan | Office Building | 100.00% | 20,464.75 | 17,077.49 | 83.45% | | Jiangxi Nanchang Science Park | Nanchang, Jiangxi Province | Factory and Office Building | 100.00% | 85,472.88 | 47,855.62 | 55.99% | | Jiangxi Nanchang Fangda Center | Nanchang, Jiangxi Province | Commercial and Office Building | 100.00% | 38,165.36 | 33,869.05 | 88.74% | Financing Channels | Financing Channel | Period-End Financing Balance (million CNY) | Financing Cost Range / Average Financing Cost | Within 1 Year (million CNY) | 1-2 Years (million CNY) | 2-3 Years (million CNY) | Over 3 Years (million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Loans | 1,100.00 | Annual interest rate 2.5%-5% | 40.00 | 40.00 | 45.00 | 975.00 | | Total | 1,100.00 | Annual interest rate 2.5%-5% | 40.00 | 40.00 | 45.00 | 975.00 | - The main tasks for the company's commercial management and service business in the future are to increase the occupancy rate of the Shenzhen Fangda City project, clear remaining inventory, and vigorously promote sales for the Nanchang Fangda Center project[79] - The company will continue to enhance project investment attraction, operation, and service levels, deeply advance digital construction in property services, and actively explore the application of new technologies such as artificial intelligence in property management[79] - The company's commercial management and service business provides phased mortgage loan guarantees for commercial housing purchasers as per business practice; as of June 30, 2025, the guaranteed amount was 4 million CNY[81] Analysis of Main Business Operating revenue decreased by 25.10% due to a 31.81% drop in metal manufacturing, while rail transit and new energy revenues grew; net cash flow from operations fell by 55.28% Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (CNY) | Prior Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,598,286,450.04 | 2,133,845,587.76 | -25.10% | | | Operating Cost | 1,307,537,649.28 | 1,737,599,184.98 | -24.75% | | | Income Tax Expense | -2,457,491.76 | 16,519,019.26 | -114.88% | Primarily due to a decrease in total profit | | Net Cash Flow from Operating Activities | -266,347,227.85 | -171,530,998.21 | -55.28% | Primarily due to a decrease in operating cash flow from curtain wall systems and new materials business compared to the prior period | | Net Cash Flow from Investing Activities | 32,549,961.22 | -166,718,423.79 | 119.52% | Net cash inflow from investing activities this period was mainly due to cash recovery from Fangda Zhiyuan Company's return of land use rights; last year's net outflow was mainly due to construction and machinery equipment investment for Fangda (Ganzhou) Low-Carbon Smart Manufacturing Base | | Net Cash Flow from Financing Activities | -41,832,513.28 | 465,466,353.53 | -108.99% | Net cash outflow from financing activities this period was mainly due to dividend distribution; the decrease from last year was primarily due to a reduction in net bank loan receipts and payments | | Net Increase in Cash and Cash Equivalents | -272,127,188.36 | 128,801,152.42 | -311.28% | Primarily due to changes in net cash flows from operating, investing, and financing activities | | Credit Impairment Loss | -59,005,981.56 | -7,874,799.00 | -649.30% | Primarily due to an increase in bad debt provisions for accounts receivable this period | | Asset Impairment Loss | 4,589,393.55 | -15,876,085.85 | 128.91% | Primarily due to the reversal of contract asset impairment provisions this period | Composition of Operating Revenue (By Industry, Product, Region) | Category | Item | Amount for Current Reporting Period (CNY) | Proportion of Operating Revenue | Amount for Prior Period (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Metal Manufacturing | 1,184,916,485.51 | 74.14% | 1,737,754,739.77 | 81.44% | -31.81% | | | Rail Transit Industry | 316,923,499.00 | 19.83% | 263,455,042.38 | 12.35% | 20.30% | | | Commercial Services | 79,515,183.06 | 4.98% | 118,828,634.36 | 5.57% | -33.08% | | | New Energy Industry | 9,228,271.51 | 0.58% | 7,061,695.63 | 0.33% | 30.68% | | By Product | Curtain Wall Systems and New Materials | 1,184,916,485.51 | 74.14% | 1,737,754,739.77 | 81.44% | -31.81% | | | Subway Platform Screen Doors and Services | 316,923,499.00 | 19.83% | 263,455,042.38 | 12.35% | 20.30% | | | Real Estate Leasing and Sales and Property Services | 79,515,183.06 | 4.98% | 118,828,634.36 | 5.57% | -33.08% | | | Photovoltaic Power Generation Products | 9,228,271.51 | 0.58% | 7,061,695.63 | 0.33% | 30.68% | | By Region | Domestic | 1,459,381,780.51 | 91.31% | 1,955,457,106.44 | 91.64% | -25.37% | | | Overseas | 138,904,669.53 | 8.69% | 178,388,481.32 | 8.36% | -22.13% | Industries, Products, or Regions Accounting for Over 10% of the Company's Operating Revenue or Operating Profit | Category | Item | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Metal Manufacturing | 1,184,916,485.51 | 1,055,106,425.59 | 10.96% | -31.81% | -29.61% | -2.79% | | | Rail Transit Industry | 316,923,499.00 | 226,276,904.92 | 28.60% | 20.30% | 10.74% | 6.16% | | | Commercial Services | 79,515,183.06 | 22,323,987.11 | 71.92% | -33.08% | -26.61% | -2.48% | | By Product | Curtain Wall Systems and New Materials | 1,184,916,485.51 | 1,055,106,425.59 | 10.96% | -31.81% | -29.61% | -2.79% | | | Subway Platform Screen Doors and Services | 316,923,499.00 | 226,276,904.92 | 28.60% | 20.30% | 10.74% | 6.16% | | | Real Estate Leasing and Sales and Property Services | 79,515,183.06 | 22,323,987.11 | 71.92% | -33.08% | -26.61% | -2.48% | | By Region | Domestic | 1,459,381,780.51 | 1,221,954,113.16 | 16.27% | -25.37% | -23.97% | -1.54% | Analysis of Non-Core Business Non-core operations significantly impacted total profit, with a 59.01 million CNY credit impairment loss and positive contributions from asset impairment reversals and fair value changes Impact of Non-Core Business on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Explanation of Formation Reason | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -680,394.74 | -4.58% | | No | | Gains and losses from changes in fair value | 2,766,545.64 | 18.63% | Primarily cumulative fair value changes transferred upon disposal of investment properties | No | | Asset Impairment | 4,589,393.55 | 30.91% | Reversal of contract asset impairment provisions | No | | Non-operating Income | 219,391.05 | 1.48% | | No | | Non-operating Expenses | 576,871.24 | 3.88% | | No | | Credit Impairment Loss | -59,005,981.56 | -397.37% | Primarily bad debt provisions for accounts receivable | No | Analysis of Assets and Liabilities Total assets decreased by 3.23% to 13.12 billion CNY, with investment properties accounting for 44.41%; 4.53 billion CNY in assets are restricted, including cash, receivables, and real estate Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets | Amount at End of Prior Year (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,111,019,576.80 | 8.47% | 1,491,777,341.84 | 11.01% | -2.54% | | Accounts Receivable | 963,449,533.00 | 7.34% | 1,123,506,196.98 | 8.29% | -0.95% | | Contract Assets | 2,281,362,840.37 | 17.39% | 2,247,698,479.96 | 16.58% | 0.81% | | Inventories | 745,574,640.16 | 5.68% | 705,666,408.74 | 5.21% | 0.47% | | Investment Properties | 5,825,827,116.96 | 44.41% | 5,835,036,098.20 | 43.05% | 1.36% | | Short-term Borrowings | 1,210,526,332.23 | 9.23% | 1,663,696,422.48 | 12.27% | -3.04% | | Long-term Borrowings | 1,325,000,000.00 | 10.10% | 1,137,000,000.00 | 8.39% | 1.71% | | Non-current Liabilities Due Within One Year | 370,920,660.14 | 2.83% | 131,374,661.05 | 0.97% | 1.86% | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains and Losses for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Subtotal of Financial Assets | 11,087,740.27 | 3,493.56 | 6,988,821.99 | | Investment Properties | 5,835,036,098.20 | 52,783.31 | 5,825,827,116.96 | | Total Above | 5,846,123,838.47 | 56,276.87 | 5,832,815,938.95 | | Financial Liabilities | 1,520,625.00 | - | 0.00 | Asset Rights Restriction Status as of the End of the Reporting Period | Item | Book Value as of June 30, 2025 (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 351,421,548.82 | Various deposits, etc | | Notes Receivable | 55,952,616.30 | Endorsed or discounted notes not yet due | | Accounts Receivable | 18,571,850.64 | Pledged loans | | Fixed Assets | 407,640,671.99 | Mortgaged loans | | Investment Properties | 3,469,098,906.24 | Mortgaged loans | | Intangible Assets | 22,970,667.15 | Mortgaged loans | | Equity Pledge | 200,000,000.00 | Pledge of 100% equity held by the company in Fangda Real Estate Company | | Total | 4,525,656,261.14 | | Analysis of Investment Status The company had no significant equity or non-equity investments, but engaged in aluminum futures hedging, accounting for 0.03% of net assets, to mitigate raw material price volatility - The company had no securities investments, significant equity investments, or non-equity investments during the reporting period[96][95] Derivative Investments for Hedging Purposes | Derivative Investment Type | Initial Investment Amount (ten thousand CNY) | Period-End Amount (ten thousand CNY) | Proportion of Period-End Investment Amount to Company's Net Assets | | :--- | :--- | :--- | :--- | | Shanghai Aluminum | 4,608.45 | 156.64 | 0.03% | | Total | 4,608.45 | 156.64 | 0.03% | - The company's aluminum futures hedging business adheres to the principle of locking in raw material prices, avoids speculative trading, and has established strict risk control systems[98] - During the reporting period, the actual combined gain from aluminum futures hedging instruments and the hedged aluminum ingot spot value changes was -11,600 CNY, indicating a good hedging effect[98] - The company had no use of raised funds during the reporting period[101] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[102] - The company did not sell significant equity during the reporting period[103] Analysis of Major Holding and Participating Companies Key subsidiaries include Fangda Jianke (curtain walls), Fangda Shanghai Zhijian (curtain walls), Fangda Zhiyuan (platform screen doors), Fangda Real Estate (leasing), and Fangda Property (management), with Fangda Zhiyuan achieving the highest net profit Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fangda Jianke Company | Subsidiary | Curtain Wall Systems and Materials | 600,000,000.00 | 5,097,109,725.24 | 1,805,440,883.23 | 1,110,643,841.18 | -36,633,052.68 | 22,955,727.35 | | Fangda Shanghai Zhijian Company | Subsidiary | Curtain Wall Systems and Materials | 100,000,000.00 | 296,589,384.92 | 122,698,832.17 | 113,380,305.99 | 6,404,083.36 | 5,980,125.18 | | Fangda Zhiyuan Technology Co., Ltd. | Subsidiary | Subway Platform Screen Doors and Services | 105,000,000.00 | 979,218,834.10 | 395,177,117.67 | 316,923,499.00 | 59,702,466.56 | 50,882,142.83 | | Fangda Real Estate Company | Subsidiary | Real Estate Leasing and Sales | 200,000,000.00 | 5,629,383,300.77 | 2,632,904,966.76 | 39,768,253.97 | 7,791,827.65 | 5,351,018.35 | | Fangda Property Company | Subsidiary | Property Management Services | 10,000,000.00 | 88,133,453.03 | 68,633,772.29 | 36,066,478.84 | 14,760,059.22 | 10,959,138.80 | - Fangda Jianke Company's operating profit for the current reporting period was -36.63 million CNY, with main business profit at -35.29 million CNY[105] Status of Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[106] Risks Faced by the Company and Countermeasures The company faces macroeconomic, market competition, and operational risks, addressed by adjusting strategies, leveraging AI, enhancing product competitiveness, expanding internationally, and optimizing management - The company's main business segments are closely related to the macroeconomic environment and industry policies; unfavorable changes in the international and domestic macroeconomic environment in the future will adversely affect the company's future profitability[106] - The company will closely monitor changes in domestic and international macroeconomic and policy situations, promptly adjust business strategies, and actively explore the application of AI in company management and business operations to increase market share[106] - The company faces the risk of intensified market competition in the building curtain wall industry and rail transit platform screen door systems[107] - The company will enhance product competitive advantages through technological innovation and refined management, accelerate cash recovery, and intensify international market expansion to solidify its domestic and international dual-circulation development pattern[107] - Significant fluctuations in major raw material prices and rising labor costs will impact the profitability of the company's products, increasing its production and operational risks[108] - The company will use futures products for hedging, negotiate additional contract amounts with partners, and reasonably arrange material procurement plans to offset and transfer some raw material price fluctuation risks[108] - As the company's business scale expands and the number of subsidiaries increases, the difficulty of daily management work tends to grow, potentially leading to management risks associated with industrial scale expansion[108] - The company needs to further strengthen management, continuously advance management reforms, constantly optimize processes and organizational structures, improve various rules and regulations, and vigorously attract a high-quality, highly skilled, multidisciplinary technical and management talent team[108] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company disclosed its "Valuation Enhancement Plan" on April 22, 2025, aiming to improve operational quality, investment value, and long-term stable development - The company disclosed its "Fangda Group Co., Ltd. Valuation Enhancement Plan" on April 22, 2025[109] - The plan aims to enhance the company's operational quality and investment value, increase investor returns, and promote the company's long-term stable development[109] Implementation of "Quality and Return Dual Enhancement" Action Plan The company did not disclose any "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose any "Quality and Return Dual Enhancement" action plan announcement during the reporting period[110] Corporate Governance, Environment, and Society This section covers changes in directors, supervisors, and senior management, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management Supervisors Cao Naisi, Fan Xiaodong, and Xi Yingzhe resigned due to the company's decision to abolish the Board of Supervisors Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Cao Naisi | Convener of the Board of Supervisors | Resignation | May 12, 2025 | Resigned as supervisor due to the company's abolition of the Board of Supervisors | | Fan Xiaodong | Supervisor | Resignation | May 12, 2025 | Resigned as supervisor due to the company's abolition of the Board of Supervisors | | Xi Yingzhe | Supervisor | Resignation | May 12, 2025 | Resigned as supervisor due to the company's abolition of the Board of Supervisors | Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[112] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[113] Environmental Information Disclosure Status The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[114] Social Responsibility Status The company prioritizes environmental and social sustainability, actively engaging in ecological protection, rural revitalization through industrial assistance, and various public welfare activities - The company highly values environmental and social sustainable development, actively fulfills its corporate social responsibility, and has voluntarily published social responsibility reports for 7 consecutive years[114] - The company provides industrial assistance in Guangdong, Shaanxi, Guizhou, Jiangxi, and Tibet, fostering new drivers for rural economic development and contributing to rural revitalization through initiatives such as planting cash crops, supporting aquaculture projects, and constructing photovoltaic power stations[114] - The company actively participates in various public welfare activities, including educational assistance, public health, rural medical aid, disaster relief, and environmental protection, and has received honors such as "Outstanding Enterprise for Fulfilling Social Responsibility" for many consecutive years[114] Significant Matters This section addresses commitments, related party transactions, external guarantees, litigation, penalties, and other material events affecting the company Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or other committed parties - During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or other committed parties as of the end of the reporting period[116] Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[117] Illegal External Guarantees The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[118] Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[119] Litigation Matters The company had no major litigation or arbitration; other lawsuits as plaintiff totaled 450 million CNY and as defendant 57.92 million CNY, with no expected material impact - The company had no major litigation or arbitration matters during the current reporting period[121] Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (million CNY) | Whether a Provision for Liabilities is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of matters where subsidiaries are plaintiffs and do not meet the disclosure threshold for major litigation | 449.54 | No | Case filing, trial, or enforcement stage | Some cases are under trial and are not expected to have a significant impact on the company's operations and financial condition; judgments in some cases have become effective, and the final actual impact will depend on the enforcement results | | Summary of matters where subsidiaries are defendants and do not meet the disclosure threshold for major litigation | 57.92 | No | Under trial, arbitration | Not yet concluded, not expected to have a significant impact on the company's operations and financial condition | Penalties and Rectification Status The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[123] Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers The company, its controlling shareholders, and actual controllers have no unfulfilled court judgments or large overdue debts - The company, its controlling shareholders, and actual controllers have no unfulfilled effective court judgments or large overdue debts[124] Significant Related Party Transactions The company had no significant related party transactions, including daily operations, asset/equity sales, joint investments, or related party debt, nor any financial dealings with affiliated finance companies - The company had no related party transactions related to daily operations during the reporting period[125] - The company had no related party transactions involving asset or equity acquisitions or sales during the reporting period[126] - The company had no related party creditor-debtor relationships during the reporting period[128] - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated finance companies or related parties[130] Significant Contracts and Their Performance The company had no entrustment, contracting, or leasing matters, but provided 5.26 billion CNY in guarantees for subsidiaries (86.37% of net assets), and engaged in 8 million CNY in wealth management with no outstanding balance - The company had no entrustment, contracting, or leasing situations during the reporting period[133][134][135] Company Guarantees for Subsidiaries (Partial) | Guaranteed Party | Guarantee Limit (million CNY) | Actual Guaranteed Amount (million CNY) | Is the Guarantee Fulfilled | | :--- | :--- | :--- | :--- | | Fangda Jianke Company | 1,030.00 | 541.70 | No | | Fangda Real Estate Company | 1,100.00 | 1,100.00 | No | | Fangda Zhizao Company | 300.00 | 290.00 | No | | Fangda Zhiyuan Company | 358.00 | 209.02 | No | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was 9.15 billion CNY, and the actual outstanding guarantee balance for subsidiaries was 5.26 billion CNY[141] - The total actual guarantee amount accounted for 86.37% of the company's net assets[142] - Among these, the debt guarantee balance provided directly or indirectly to guaranteed parties with an asset-liability ratio exceeding 70% was 290 million CNY, and the amount of the total guarantee exceeding 50% of net assets was 2.22 billion CNY[142] Wealth Management Status | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (ten thousand CNY) | Unmatured Balance (ten thousand CNY) | Overdue Unrecovered Amount (ten thousand CNY) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 800.00 | 0.00 | 0.00 | | Total | | 800.00 | 0.00 | 0.00 | Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[147] Significant Matters of Company Subsidiaries The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[148] Share Changes and Shareholder Information This section details changes in share capital, securities issuance, shareholder numbers, top shareholders, and changes in holdings by directors and senior management Share Change Status The company's total share capital remained at 1,073,874,227 shares, with a minor increase in restricted shares due to a supervisor's resignation Share Change Status | Share Type | Number of Shares Before This Change (shares) | Subtotal of Increase/Decrease in This Change (shares) | Number of Shares After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 3,861,043 | 2,200 | 3,863,243 | | II. Unrestricted Shares | 1,070,013,184 | -2,200 | 1,070,010,984 | | III. Total Shares | 1,073,874,227 | 0 | 1,073,874,227 | Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Increase in Restricted Shares During Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Fan Xiaodong | 6,600 | 2,200 | 8,800 | Due to the company's abolition of the Board of Supervisors, he no longer serves as a supervisor | Securities Issuance and Listing Status The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[154] Number of Shareholders and Shareholding Status As of the reporting period end, the company had 45,179 common shareholders; Shenzhen Banglin Technology Development Co., Ltd. and Shengjiu Investment Co., Ltd. are major shareholders and acting in concert with Xiong Jianming - The total number of common shareholders at the end of the reporting period was 45,179 households[155] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Banglin Technology Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 11.11% | 119,332,846 | 119,332,846 | | Shengjiu Investment Co., Ltd. | Overseas Legal Person | 10.41% | 111,809,265 | 111,809,265 | | Fang Wei | Domestic Natural Person | 4.76% | 51,083,339 | 51,083,339 | | Xiong Jianming | Domestic Natural Person | 0.48% | 5,110,257 | 1,277,564 | - Shenzhen Banglin Technology Development Co., Ltd., Shengjiu Investment Co., Ltd., and Xiong Jianming are parties acting in concert[156] - Multiple shareholders hold company shares through margin trading and securities lending accounts, such as Fang Wei, Xu Lei, Xu Zhe, Wu Jilin, and Zhuang Liangjin[157] Changes in Shareholdings of Directors and Senior Management There were no changes in the shareholdings of the company's directors and senior management during the reporting period - There were no changes in the shareholdings of the company's directors and senior management during the reporting period, as detailed in the 2024 annual report[158] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[159] - The company's actual controller remained unchanged during the reporting period[159] Preferred Share Related Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[160] Bond Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[162] 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 equity Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[164] Financial Statements The H1 2025 consolidated statements show total assets of 13.12 billion CNY, total liabilities of 6.98 billion CNY, and net profit of 17.31 million CNY Consolidated Balance Sheet (Summary) | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 13,117,881,678.37 | 13,555,387,225.21 | | Total Liabilities | 6,978,298,543.25 | 7,381,276,246.82 | | Total Equity Attributable to Owners of the Parent Company | 6,091,258,814.16 | 6,125,803,906.35 | Consolidated Income Statement (Summary) | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,598,286,450.04 | 2,133,845,587.76 | | Operating Profit | 15,206,578.49 | 134,743,239.22 | | Net Profit | 17,306,590.06 | 117,867,277.03 | | Net Profit Attributable to Shareholders of the Parent Company | 17,289,598.23 | 116,795,117.62 | | Basic Earnings Per Share (CNY/share) | 0.0161 | 0.1088 | Consolidated Cash Flow Statement (Summary) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -266,347,227.85 | -171,530,998.21 | | Net Cash Flow from Investing Activities | 32,549,961.22 | -166,718,423.79 | | Net Cash Flow from Financing Activities | -41,832,513.28 | 465,466,353.53 | | Net Increase in Cash and Cash Equivalents | -272,127,188.36 | 128,801,152.42 | Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 13.12 billion CNY, a 3.23% decrease, with total liabilities at 6.98 billion CNY and parent company equity at 6.09 billion CNY Major Items of Consolidated Balance Sheet | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Monetary Funds | 1,111,019,576.80 | 1,491,777,341.84 | | Accounts Receivable | 963,449,533.00 | 1,123,506,196.98 | | Investment Properties | 5,825,827,116.96 | 5,835,036,098.20 | | Short-term Borrowings | 1,210,526,332.23 | 1,663,696,422.48 | | Long-term Borrowings | 1,325,000,000.00 | 1,137,000,000.00 | | Total Equi