金螳螂(002081) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section includes the important notice, the full table of contents, and definitions of key terms used throughout the report Important Notice The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, which also highlights various risks and states no dividend distribution or capital increase from reserves - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4] - The company's principal, chief financial officer, and head of accounting department declare the financial report is true, accurate, and complete[4] - The company highlights risks such as changes in macroeconomic prosperity, industry policies, market competition, overseas business expansion, and impairment of accounts receivable[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this period[5] Table of Contents This section lists the complete report structure, covering nine main chapters including important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related matters, financial reports, and other submitted data - The report contains nine main chapters, covering company operations, financials, governance, and significant matters[7] Definitions This section provides definitions for common terms used in the report, including company names, subsidiary names, relevant organizations, and currency units, to ensure clear understanding of the content - This section defines key terms used in the report, such as "Company/This Company/Gold Mantis Decoration" referring to Suzhou Gold Mantis Construction Decoration Co, Ltd[10] - It lists major subsidiary names, such as Meiruide, Gold Mantis Curtain Wall, and Gold Mantis Landscape[10] Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents key financial data and indicators for the reporting period Company Profile Suzhou Gold Mantis Construction Decoration Co, Ltd (stock code: 002081) is listed on the Shenzhen Stock Exchange, with Zhang Xinhong as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Gold Mantis | | Stock Code | 002081 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Suzhou Gold Mantis Construction Decoration Co, Ltd | | Legal Representative | Zhang Xinhong | Contact Person and Contact Information The company's board secretary is Zhu Wenwen, and the securities affairs representative is Wang Yang, both located at No 99 Jinshang Road, Suzhou Industrial Park, China (Jiangsu) Pilot Free Trade Zone, with contact numbers and email addresses provided Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhu Wenwen | No 99 Jinshang Road, Suzhou Industrial Park, China (Jiangsu) Pilot Free Trade Zone | 0512-68660622 | 0512-68660622 | tzglb@goldmantis.com | | Securities Affairs Representative | Wang Yang | No 99 Jinshang Road, Suzhou Industrial Park, China (Jiangsu) Pilot Free Trade Zone | 0512-68660622 | 0512-68660622 | tzglb@goldmantis.com | Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, and document storage locations, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[14] - Information disclosure and document storage locations remained unchanged during the reporting period[15] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 2.49% to 9.528 billion yuan, and net profit attributable to shareholders increased by 3.95% to 358 million yuan, with non-recurring net profit growing by 14.19% Key Accounting Data and Financial Indicators (H1 2025 vs Prior Year) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,528,029,574.28 | 9,296,571,981.32 | 2.49% | | Net Profit Attributable to Shareholders of Listed Company | 357,888,902.05 | 344,294,048.91 | 3.95% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 331,233,601.83 | 290,081,988.52 | 14.19% | | Net Cash Flow from Operating Activities | -1,023,045,646.29 | -1,190,262,319.12 | 14.05% | | Basic Earnings Per Share (yuan/share) | 0.1348 | 0.1297 | 3.93% | | Diluted Earnings Per Share (yuan/share) | 0.1348 | 0.1297 | 3.93% | | Weighted Average Return on Net Assets | 2.60% | 2.55% | 0.05% | | End of Current Reporting Period | End of Prior Year | Change from End of Prior Year | | | Total Assets | 33,901,992,447.26 | 35,289,016,240.57 | -3.93% | | Net Assets Attributable to Shareholders of Listed Company | 13,709,143,935.39 | 13,605,817,966.54 | 0.76% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards, overseas accounting standards, and Chinese Accounting Standards - The company's financial reports disclosed under International Accounting Standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[18] - The company's financial reports disclosed under overseas accounting standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[19] Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 26.655 million yuan, primarily including disposal gains/losses of non-current assets, government subsidies, fair value changes of financial assets and liabilities, and other non-operating income and expenses Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -7,854,893.62 | | Government subsidies recognized in current profit/loss | 915,288.05 | | Fair value changes and disposal gains/losses of financial assets and liabilities | -14,712,929.54 | | Capital occupation fees received from non-financial enterprises recognized in current profit/loss | 11,254,264.24 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 42,523,803.08 | | Other non-operating income and expenses apart from the above | 1,823,889.46 | | Less: Income tax impact | 4,847,698.96 | | Minority interest impact (after tax) | 2,446,422.49 | | Total | 26,655,300.22 | Part III Management Discussion and Analysis This section provides a comprehensive analysis of the company's business operations, financial performance, core competencies, and risk factors during the reporting period Company's Main Business During the Reporting Period The company's main business is interior decoration, encompassing comprehensive architectural decoration engineering including interior, civil, curtain wall, M&E, cleanroom, soft furnishing, and landscape design - The company's main business is interior decoration, covering comprehensive architectural decoration engineering including interior, civil, curtain wall, M&E, cleanroom, soft furnishing, and landscape design[28] - Deepening regional penetration strategy, with orders in Guangdong increasing by 79% and Sichuan by 65% in the first half of 2025[29] - Actively promoting urban renewal, creating benchmark projects such as Suzhou Kaiming Grand Theater and Hangzhou Asian Games Park[30][31] - Accelerating international expansion, with overseas business revenue growing by nearly 29%, offering better profit margins and cash flow[32][33] - Clean technology business is rapidly developing, covering high-end manufacturing sectors such as semiconductors, lithium batteries, and biomedicine[33][34] - Steadily advancing the EPC model, applied in education, healthcare, transportation hubs, low-carbon buildings, and urban renewal projects[34] - Deepening digital management upgrades, building a digital construction management system centered on a project management command center and supported by BIM technology[35][36] - Continuously strengthening sustainable competitiveness through full-chain cost control, intelligent upgrades, and R&D innovation to enhance operational efficiency[36][37] Industry Development Overview The architectural decoration industry is cyclical, significantly influenced by macroeconomic conditions and the real estate market, with an estimated output value of 4.93 trillion yuan in 2023, projected to reach 8.16 trillion yuan by 2027 - The architectural decoration industry is cyclical, closely related to macroeconomic conditions, the real estate industry, and policy adjustments[24] Architectural Decoration Industry Output Value | Year | Output Value (trillion yuan) | | :--- | :--- | | 2023 | 4.93 | | 2027 (estimated) | 8.16 | - The industry is transitioning from new construction to existing stock renovation and quality upgrades, with urban renewal strategies as a core driving engine[24] - Industry development trends include industrial transformation, deep penetration of digitalization and intelligence, synergistic evolution of customization, personalization, and green sustainability, and value chain restructuring driven by supply chain integration[26][27][28] - The current competitive landscape of China's architectural decoration industry is highly fragmented, with the top ten enterprises holding a combined market share of less than 10%[25] Company's Main Business Operations As a comprehensive architectural decoration engineering contractor, the company's business covers public and residential decoration, extending to urban renewal, clean technology, and prefabricated construction - The company's business spans across China and some overseas markets, holding multiple first-grade professional contracting qualifications for construction projects[29] - Continuously deepening local market penetration, with orders in Guangdong increasing by 79% and Sichuan by 65% in the first half of 2025[29] - Urban renewal is a key long-term development strategy, with business covering renovation of old residential areas, public venue refurbishment, historical district preservation, and luxury hotel upgrades[30] - Overseas business revenue increased by nearly 29%, leveraging HBA as a core anchor and adopting a "design-first" strategy to enter international markets[32][33] - Cleanroom decoration business has formed a full-chain service capability covering high-end manufacturing sectors such as semiconductors, lithium batteries, biomedicine, laboratories, and healthcare[34] - The EPC (Engineering, Procurement, and Construction) general contracting model is a significant development direction for the company, successfully applied in education facilities, healthcare, transportation hubs, and other fields[34] - Established a digital construction management system centered on a project management command center and supported by BIM technology, empowering nearly a hundred engineering projects annually[35][36] - Built a full-chain cost control system through multi-dimensional collaboration in construction, design, and management, while continuously investing in new technologies, processes, and materials R&D[36][37] Company's Business Model The company's business model involves independently undertaking projects and organizing design or/and construction, which remained unchanged during the reporting period, with a strong focus on quality management - The company's business model involves independently undertaking projects and organizing design or/and construction, which remained unchanged during the reporting period[37] - The company is certified with ISO9001, ISO14001, and ISO45001 "Three-Standard Integrated" management systems, improving quality control standards and measures[37] Company's Industry Position Founded in 1993, Gold Mantis is China's first listed architectural decoration company, consistently ranking first in the "Top 100 Chinese Architectural Decoration Enterprises" and accumulating numerous industry awards - Gold Mantis is China's first listed architectural decoration company, consistently ranking first in the "Top 100 Chinese Architectural Decoration Enterprises" for many years[41] - As of the first half of 2025, the company has accumulated 144 "Luban Awards" and 559 "China Construction Engineering Decoration Awards"[41] - The company has led the compilation of multiple industry standard systems and is recognized as one of the first national-level "Prefabricated Building Industrial Bases"[42] - Its subsidiary HBA is the world's leading hotel interior design brand, repeatedly topping the HospitalityGiants global hotel design giants ranking[42] Core Competitiveness Analysis During the reporting period, the company's core competitiveness remained largely unchanged, primarily reflected in its brand, design, technology, construction, supply chain management, and management system advantages, with detailed information available in the 2024 annual report - The company's core competitiveness remained unchanged during the reporting period[43] - Core competitiveness is primarily reflected in brand, design, technology, construction, supply chain management, and management system advantages[43] Main Business Analysis In the first half of 2025, the company's operating revenue increased by 2.49%, and operating costs increased by 2.44%, with architectural decoration revenue growing by 8.05% and decoration product revenue by 11.25% Key Financial Data YoY Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,528,029,574.28 | 9,296,571,981.32 | 2.49% | | Operating Cost | 8,221,634,113.01 | 8,025,537,708.54 | 2.44% | | Selling Expenses | 152,049,843.61 | 160,739,168.90 | -5.41% | | Administrative Expenses | 298,181,105.60 | 284,735,097.58 | 4.72% | | Financial Expenses | 33,070,107.24 | 26,349,529.00 | 25.51% | | Income Tax Expenses | 36,530,558.04 | 48,323,104.11 | -24.40% | | R&D Investment | 248,876,697.48 | 261,250,247.35 | -4.74% | | Net Cash Flow from Operating Activities | -1,023,045,646.29 | -1,190,262,319.12 | 14.05% | | Net Cash Flow from Financing Activities | -551,290,682.21 | -409,205,762.91 | -34.72% | - Financial expenses increased by 25.51%, primarily due to a higher amount of frozen bank deposits in the current period[45] Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | | By Industry | Architectural Decoration | 9,201,179,485.76 | 96.57% | 8.05% | | | Manufacturing | 167,480,801.04 | 1.76% | -15.50% | | | Other | 159,369,287.48 | 1.67% | -72.65% | | By Product | Decoration | 8,027,130,696.78 | 84.25% | 11.25% | | | Curtain Wall | 689,181,895.47 | 7.23% | -12.04% | | | Design | 652,347,694.55 | 6.85% | -8.76% | | | Other | 159,369,287.48 | 1.67% | -72.65% | | By Region | Within Province | 2,900,805,926.16 | 30.44% | -1.62% | | | Outside Province | 6,627,223,648.12 | 69.56% | 4.40% | Main Business Gross Profit Margin Changes | Category | Item | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Architectural Decoration | 13.50% | 8.05% | 8.88% | -0.66% | | By Product | Decoration | 12.52% | 11.25% | 11.37% | -0.09% | | | Design | 31.26% | -8.76% | -0.85% | -5.48% | | By Region | Within Province | 17.28% | -1.62% | -5.20% | 3.12% | | | Outside Province | 12.15% | 4.40% | 5.96% | -1.30% | Non-Main Business Analysis During the reporting period, non-main business activities impacted total profit, with investment income accounting for 0.47% and asset impairment losses at -34.26% Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,831,424.62 | 0.47% | Primarily income from wealth management products | Sustainable | | Fair Value Change Gains/Losses | -17,987,099.19 | -4.57% | Fair value changes of financial assets | Sustainable | | Asset Impairment | -134,851,587.27 | -34.26% | Provision for bad debts | Sustainable | | Non-operating Income | 2,021,887.88 | 0.51% | | Not sustainable | | Non-operating Expenses | 635,176.37 | 0.16% | | Not sustainable | Asset and Liability Status Analysis At the end of the reporting period, the company's total assets decreased by 3.93% year-on-year, while net assets attributable to shareholders increased by 0.76% Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 5,005,004,054.13 | 14.76% | 5,777,121,286.99 | 16.37% | -1.61% | | Accounts Receivable | 12,931,229,537.70 | 38.14% | 12,881,051,820.63 | 36.50% | 1.64% | | Contract Assets | 8,151,910,292.11 | 24.05% | 7,849,826,444.13 | 22.24% | 1.81% | | Short-term Borrowings | 11,000,000.00 | 0.03% | 119,961,718.39 | 0.34% | -0.31% | | Contract Liabilities | 593,760,117.05 | 1.75% | 732,089,250.83 | 2.07% | -0.32% | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 1,214,352,396.23 | -17,987,099.19 | 444,791,293.50 | | Other Non-current Financial Assets | 255,294,167.79 | 0 | 247,910,049.88 | | Subtotal Financial Assets | 1,469,646,564.02 | -17,987,099.19 | 692,701,343.38 | Restricted Asset Status as of End of Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 252,085,961.68 | 252,085,961.68 | Frozen | Frozen by court | | Notes Receivable | 15,339,600.00 | 15,032,808.00 | Restricted use | Commercial bills endorsed or discounted without derecognition | | Total | 267,425,561.68 | 267,118,769.68 | | | Investment Status Analysis During the reporting period, the company's investment amount increased by 99.63% to 16.22 million yuan, with no significant equity, non-equity, or derivative investments Investment Amount for the Reporting Period | Indicator | Investment Amount for Reporting Period (yuan) | Investment Amount for Prior Year Period (yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Investment Amount | 16,220,001.00 | 8,125,158.49 | 99.63% | - The company had no significant equity investments or non-equity investments during the reporting period[57] Securities Investment Status | Type of Security | Security Code | Security Abbreviation | Ending Book Value (yuan) | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | 600515 | Hainan Airport | 8,524,574.88 | Trading Financial Assets | Payment for Accounts Receivable | | Domestic and Overseas Stocks | 002157 | Zhengbang Technology | 134,138.55 | Trading Financial Assets | Payment for Accounts Receivable | | Domestic and Overseas Stocks | 002086 | Oriental Ocean | 35,544.80 | Trading Financial Assets | Payment for Accounts Receivable | | Domestic and Overseas Stocks | 002251 | Bubugao | 17,553,106.58 | Trading Financial Assets | Payment for Accounts Receivable | | Total | | | 26,247,364.81 | | | - The company had no derivative investments during the reporting period[59] - The company had no use of raised funds during the reporting period[60] Significant Asset and Equity Sales During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[61] - The company did not sell significant equity during the reporting period[62] Analysis of Major Holding and Participating Companies The company's major holding subsidiaries include Meiruide, Gold Mantis Curtain Wall, Gold Mantis Landscape, Gold Mantis Singapore, Gold Mantis (International), and Gold Mantis Prefabricated Technology Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Registered Capital (ten thousand yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Meiruide | Subsidiary | 14700 | 1,242,757,654.87 | 116,541,923.82 | 25,286,741.57 | 43,488,655.22 | | Gold Mantis Curtain Wall | Subsidiary | 35000 | 2,525,605,180.83 | 1,134,065,669.48 | 681,109,771.39 | 58,460,060.95 | | Gold Mantis Landscape | Subsidiary | 15000 | 1,503,521,898.15 | 700,779,221.65 | 70,552,245.22 | -11,955,628.19 | | Gold Mantis Singapore | Subsidiary | 1 US dollar | 1,463,659,376.97 | 713,960,228.08 | 491,984,597.25 | 26,568,345.89 | | Gold Mantis (International) | Subsidiary | 10 million HKD | 534,829,034.54 | 363,501,883.07 | 126,062,379.81 | -140,885.98 | | Gold Mantis Prefabricated Technology | Subsidiary | 27000 | 1,328,675,851.13 | 732,055,074.02 | 290,424,927.82 | 2,672,413.24 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During Reporting Period | Impact on Overall Production, Operation, and Performance | | :--- | :--- | :--- | | Guangdong Chongpeng Construction Engineering Co, Ltd | Asset acquisition | No significant impact | | Suzhou Jinyu Oriental Waterproofing and Anti-corrosion Engineering Co, Ltd | Asset acquisition | No significant impact | | Shenzhen Shengyang Construction Engineering Co, Ltd | Asset acquisition | No significant impact | | Zhaoqing Gold Mantis Curtain Wall Co, Ltd | Newly established | No significant impact | | Shenzhen Jijia Material E-commerce Co, Ltd | Newly established | No significant impact | | Suqian Gold Mantis Material Technology Co, Ltd | Newly established | No significant impact | | GMG (S) PTE. LTD. | Newly established | No significant impact | | Jiangsu Botu Design Co, Ltd | Deregistered | No significant impact | | Shijiazhuang Gold Mantis Home E-commerce Co, Ltd | Deregistered | No significant impact | Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[64] Risks Faced by the Company and Countermeasures The company faces risks related to macroeconomic changes, industry policies, market competition, overseas business expansion, and impairment of accounts receivable - Macroeconomic prosperity change risk: potential for rising financing costs, extended project payment cycles, and increased capital turnover pressure; countermeasures include strengthening capital chain resilience, flexible capital allocation, improving customer credit rating management, and focusing on high-quality projects[64] - Industry policy risk: fixed asset investment policy orientation may restrict business expansion; countermeasures include monitoring policy dynamics, promoting business structure diversification, and implementing strict project risk pre-screening[64] - Market competition risk: industry ecosystem reshaping and intensified competition; countermeasures include shifting to differentiated marketing, increasing R&D in cutting-edge technologies, and creating differentiated products[65] - Management risks from overseas business expansion: facing demand uncertainty, policy changes, exchange rate fluctuations, and legal/cultural differences; countermeasures include establishing a national risk red-yellow-blue mechanism, using financial instruments to hedge exchange rate risks, promoting domestic procurement of deeply processed materials, building an integrated compliance system, and adopting a "Chinese management + localized execution" employment model[65] - Accounts receivable impairment risk: macroeconomic downturn or tightening credit environment may lead to increased bad debts; countermeasures include building a full-process credit risk control mechanism and expanding bad debt disposal channels[66][67] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has formulated a market value management system and a valuation enhancement plan to standardize market value management practices and protect investor interests - The company has formulated a market value management system and a valuation enhancement plan[68] - The plan aims to enhance the company's investment value by focusing on its main business, improving operational efficiency and profitability, and through mergers and acquisitions, equity incentives, cash dividends, investor relations management, improved information disclosure quality, and share repurchases[68] Implementation of "Quality and Return Dual Enhancement" Action Plan The company has disclosed its "Quality and Return Dual Enhancement" action plan, aiming to invigorate the capital market, boost investor confidence, and improve the quality of listed companies - The company has disclosed its "Quality and Return Dual Enhancement" action plan announcement[69] - The plan aims to focus on the main business, enhance core competitiveness, continuously innovate, improve corporate governance, enhance information disclosure quality, strengthen investor relations management, and prioritize investor returns[69] Part IV Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, as well as its profit distribution, employee incentive plans, environmental information disclosure, and social responsibility initiatives Changes in Company Directors, Supervisors, and Senior Management During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management, including the appointment of Zhai Heng as general manager and Zhu Wenwen as deputy general manager and board secretary Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhai Heng | General Manager | Appointment | March 14, 2025 | Job transfer | | Zhang Xinhong | General Manager | Appointment/Removal | March 14, 2025 | Job transfer | | Zhu Wenwen | Deputy General Manager, Board Secretary | Appointment | March 14, 2025 | Job transfer | | Ningbo | Deputy General Manager, Board Secretary | Dismissal | March 14, 2025 | Personal reasons | | Yang Jun | Independent Director | Election | May 21, 2025 | Job transfer | | Zhao Zengyao | Independent Director | Term expired | April 02, 2025 | Job transfer | | Wang Hanlin | Director | Term expired | July 11, 2025 | Re-election | | Shi Guoping | Director | Term expired | July 11, 2025 | Re-election | | Tang Yingjie | Director | Term expired | July 11, 2025 | Re-election | | Li Peichao | Director | Term expired | July 11, 2025 | Re-election | | Qian Ping | Chairperson of Supervisory Board | Term expired | July 11, 2025 | Re-election | | Fang Wenxiang | Supervisor | Term expired | July 11, 2025 | Re-election | | Zhao Weizhong | Employee Supervisor | Term expired | July 11, 2025 | Re-election | Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[72] Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans in effect, but the first lock-up period of the 2024 employee stock ownership plan expired, and 13,468,726 shares were sold - The company had no equity incentive plans in effect during the reporting period[73] - The first lock-up period of the 2024 employee stock ownership plan expired on May 8, 2025, and 13,468,726 shares that were unlocked have been sold through secondary market bidding[74] - Due to the departure of some participants, their employee stock ownership plan shares have been transferred to other eligible transferees[76] - As of the end of the reporting period, the company's 2024 employee stock ownership plan had a total of 72 participants, holding a total of 13,468,726 shares[76] Employee Stock Ownership Plan Expense Amortization Calculation | Total Expense (ten thousand yuan) | 2024 (ten thousand yuan) | 2025 (ten thousand yuan) | 2026 (ten thousand yuan) | | :--- | :--- | :--- | :--- | | 4,229.18 | 1,850.27 | 1,938.37 | 440.54 | - During the reporting period, the employee stock ownership plan amortization expense was 14.0973 million yuan[78] Environmental Information Disclosure 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[78] Social Responsibility While pursuing economic benefits and protecting shareholder interests, the company actively fulfills its social responsibilities, including providing a safe working environment and benefits for employees, offering quality products and services to customers, achieving mutual benefit with suppliers, and participating in charity and social welfare initiatives - The company actively fulfills its social responsibilities, providing employees with a safe working environment, good benefits, and continuous education guarantees[78] - The company adheres to a "customer-centric" approach, providing high-quality products and services, and achieving mutual benefit with suppliers[78] - The company fulfills its corporate obligations to charity, social welfare, and the sustainable development of the social environment[78] Part V Significant Matters This section covers various significant matters, including commitments, related party transactions, litigation, and other important events during the reporting period Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the reporting period, the company had no overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself - The company had no overdue unfulfilled commitments during the reporting period[80] Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties During the reporting period, the company had no non-operating fund occupation by its controlling shareholder or other related parties - The company had no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[81] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[82] Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[83] Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Reporting Period The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[84] Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[84] Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[84] Litigation Matters The company is involved in several significant litigation and arbitration cases, with amounts ranging from 10.8679 million yuan to 37.7731 million yuan, most of which are still pending or in bankruptcy liquidation, currently deemed to have no significant impact Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (ten thousand yuan) | Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Company vs Jiangyin Mingjia Real Estate Co, Ltd and others construction contract dispute | 1,437.3 | No | Under review | No significant impact | | Company vs Guiyang Financial Holdings Co, Ltd and others decoration contract dispute | 1,711.38 | No | In bankruptcy liquidation | No significant impact | | Suzhou Gold Mantis Curtain Wall Co, Ltd vs Haitian Construction Group Co, Ltd construction contract dispute | 1,330.37 | No | Under review | No significant impact | | Company vs Guiyang Financial Holdings Co, Ltd and others construction contract dispute | 1,086.79 | No | In bankruptcy liquidation | No significant impact | | Suzhou Meiruide Architectural Decoration Co, Ltd vs Evergrande Real Estate Group Yancheng Chengnan Property Co, Ltd and others construction contract dispute | 3,777.31 | No | Under review | No significant impact | | Suzhou Meiruide Architectural Decoration Co, Ltd vs Zhejiang Jinhu Property Co, Ltd and others construction contract dispute | 1,222.39 | No | Judgment rendered, awaiting enforcement | No significant impact | Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (ten thousand yuan) | Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Other litigation (arbitration) where the company is the plaintiff, not meeting the disclosure threshold for significant litigation | 74,013 | No | Under review | No significant impact | | Other litigation (arbitration) where the company is the defendant, not meeting the disclosure threshold for significant litigation | 23,414.63 | No | Under review | No significant impact | Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[87] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or its actual controller - During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or its actual controller[88] Significant Related Party Transactions During the reporting period, the company engaged in various daily operating related party transactions, including procurement of design fees, materials, catering, accommodation, and software services, as well as sales of decoration projects and property services Related Party Transactions for Purchase and Sale of Goods, and Provision and Acceptance of Services | Related Party | Related Transaction Content | Related Transaction Amount (ten thousand yuan) | Proportion of Similar Transactions | Approved Transaction Limit (ten thousand yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Langjietong Smart Technology Co, Ltd | Design fees, materials | 3,278.51 | 0.40% | 3,278.51 | No | | Suzhou Jinbai Hotel Management Co, Ltd | Catering and accommodation | 197.38 | 0.02% | 197.38 | No | | Suzhou Bolangming Technology Co, Ltd | Equipment, materials | 34.29 | 0.00% | 34.29 | No | | Suzhou Sugao New Digital Technology Co, Ltd | Software and technical services | 119.56 | 0.01% | 119.56 | No | | Suzhou Gold Mantis Culture Development Co, Ltd | Decoration projects | 456.46 | 0.06% | 456.46 | No | | Suzhou Sugao New Digital Technology Co, Ltd | Resale of utilities, renovation fees | 36.13 | 0.00% | 36.13 | No | | Suzhou Gold Mantis Culture Development Co, Ltd | Landscape projects, property services | 1,488.80 | 0.16% | 1,488.80 | No | | Suzhou Langjietong Smart Technology Co, Ltd | Processing fees | 10.74 | 0.00% | 10.74 | No | | Total | | 5,621.87 | | 5,621.87 | | - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[91] - The company had no related party transactions involving joint external investments during the reporting period[92] - The company had no related party creditor-debtor relationships during the reporting period[93] - The company had no deposits, loans, credit lines, or other financial business between its related financial companies and related parties[94][95] - The company, as a lessor, signed housing lease agreements with multiple related parties, with actual rental income totaling approximately 2.5 million yuan in 2025[96][97][98][99][100][101] - In the first half of 2025, the company and its subsidiaries paid a total of 265,300 yuan in training fees to Suzhou Zhixin Construction Vocational Training School[102] Significant Contracts and Their Performance During the reporting period, the company had no entrustment, contracting, or leasing matters, but it had multiple significant guarantees, with total external guarantees of 45.0067 million yuan and guarantees to subsidiaries totaling 4.304 billion yuan - The company had no entrustment, contracting, or leasing situations during the reporting period[103][104][105] External Guarantees by the Company and its Subsidiaries | Name of Guaranteed Party | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Type of Guarantee | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Mortgage loan customers for purchasing relevant properties from Suihua Property, Shengjian Property | 100,000 | 4,500.67 | Joint and several liability guarantee | No | | Total approved external guarantee limit for the reporting period | 100,000 | Total actual amount 4,500.67 | | | | Total approved external guarantee limit at end of reporting period | 100,000 | Total actual external guarantee balance 4,500.67 | | | Guarantees to Subsidiaries by the Company | Name of Guaranteed Party | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Type of Guarantee | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Gold Mantis Decoration Technology | 120,000 | 6,000 | Joint and several liability guarantee | Yes | | Gold Mantis Decoration Technology | 120,000 | 30,000 | Joint and several liability guarantee | No | | Gold Mantis Decoration Technology | 120,000 | 8,000 | Joint and several liability guarantee | No | | Gold Mantis Decoration Technology | 120,000 | 20,000 | Joint and several liability guarantee | No | | Gold Mantis Landscape | 150,000 | 4,000 | Joint and several liability guarantee | Yes | | Gold Mantis Landscape | 150,000 | 15,000 | Joint and several liability guarantee | No | | Gold Mantis Landscape | 150,000 | 15,000 | Joint and several liability guarantee | No | | Gold Mantis Landscape | 100,000 | 6,000 | Joint and several liability guarantee | No | | Gold Mantis Curtain Wall | 360,000 | 10,000 | Joint and several liability guarantee | Yes | | Gold Mantis Curtain Wall | 360,000 | 10,000 | Joint and several liability guarantee | Yes | | Gold Mantis Curtain Wall | 360,000 | 13,000 | Joint and several liability guarantee | Yes | | Gold Mantis Curtain Wall | 320,000 | 30,000 | Joint and several liability guarantee | Yes | | Gold Mantis Curtain Wall | 360,000 | 20,000 | Joint and several liability guarantee | No | | Gold Mantis Curtain Wall | 360,000 | 40,000 | Joint and several liability guarantee | No | | Gold Mantis Curtain Wall | 360,000 | 49,200 | Joint and several liability guarantee | No | | Gold Mantis Curtain Wall | 360,000 | 17,000 | Joint and several liability guarantee | No | | Gold Mantis Curtain Wall | 360,000 | 10,000 | Joint and several liability guarantee | No | | Gold Mantis Curtain Wall | 360,000 | 49,200 | Joint and several liability guarantee | No | | Gold Mantis Curtain Wall | 360,000 | 20,000 | Joint and several liability guarantee | No | | Gold Mantis Curtain Wall | 360,000 | 10,000 | Joint and several liability guarantee | No | | Gold Mantis Curtain Wall | 360,000 | 40,000 | Joint and several liability guarantee | No | | Gold Mantis Curtain Wall | 400,000 | 8,000 | Joint and several liability guarantee | No | | Meiruide | 380,000 | 24,000 | Joint and several liability guarantee | Yes | | Meiruide | 380,000 | 6,750 | Joint and several liability guarantee | Yes | | Meiruide | 380,000 | 25,000 | Joint and several liability guarantee | Yes | | Meiruide | 380,000 | 30,000 | Joint and several liability guarantee | No | | Meiruide | 380,000 | 30,000 | Joint and several liability guarantee | No | | Meiruide | 150,000 | 5,000 | Joint and several liability guarantee | No | | Gold Mantis Art | 10,000 | 2,000 | Joint and several liability guarantee | Yes | | Gold Mantis Art | 10,000 | 2,000 | Joint and several liability guarantee | No | | Gold Mantis Home Supply Chain | 8,000 | 3,000 | Joint and several liability guarantee | No | | Gold Mantis Home Supply Chain | 8,000 | 2,000 | Joint and several liability guarantee | No | | Gold Mantis Home Supply Chain | 8,000 | 1,000 | Joint and several liability guarantee | No | | Total approved guarantee limit to subsidiaries for the reporting period | 1,241,000 | Total actual amount 561,150 | | | | Total approved guarantee limit to subsidiaries at end of reporting period | 1,241,000 | Total actual guarantee balance 430,400 | | | - The total actual guarantee amount (A4+B4+C4) accounts for 31.72% of the company's net assets[110] Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Unexpired Balance (ten thousand yuan) | Overdue Unrecovered Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank wealth management products | Own funds | 89,245 | 41,750 | 0 | - The company had no other significant contracts during the reporting period[115] 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[116] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[117] Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, restricted shares, securities issuance, shareholder numbers, and holdings of directors, supervisors, and senior management Share Changes During the reporting period, the company's restricted shares decreased by 812,962 shares, and unrestricted shares increased by 812,962 shares, while the total number of shares remained unchanged Share Changes | Share Type | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 11,531,762 | 0.43% | -812,962 | 10,718,800 | 0.40% | | Of which: Domestic Natural Person Holdings | 11,531,762 | 0.43% | -812,962 | 10,718,800 | 0.40% | | II. Unrestricted Shares | 2,643,791,927 | 99.57% | 812,962 | 2,644,604,889 | 99.60% | | Of which: RMB Ordinary Shares | 2,643,791,927 | 99.57% | 812,962 | 2,644,604,889 | 99.60% | | III. Total Shares | 2,655,323,689 | 100.00% | 0 | 2,655,323,689 | 100.00% | - Share changes were primarily due to the lock-up and unlocking of company shares held by directors, supervisors, senior management, and other personnel[120] - The company had no progress on share repurchases during the reporting period[121] Changes in Restricted Shares During the reporting period, the initial number of restricted shares for senior management was 11,531,762 shares, with 850,462 shares released from restriction and 37,500 shares added to restriction, resulting in an ending balance of 10,718,800 restricted shares Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Ending Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Senior Management Restricted Shares | 11,531,762 | 850,462 | 37,500 | 10,718,800 | Senior management lock-up | Securities Issuance and Listing The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[124] Company Shareholder Numbers and Shareholding At the end of the reporting period, the total number of ordinary shareholders was 64,570 - At the end of the reporting period, the total number of ordinary shareholders was 64,570[125] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Suzhou Gold Mantis Enterprise (Group) Co, Ltd | Domestic Non-State-Owned Legal Person | 24.58% | 652,805,330.00 | 652,805,330.00 | | GOLDEN FEATHER CORPORATION | Overseas Legal Person | 23.92% | 635,042,264.00 | 635,042,264.00 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.73% | 46,038,244.00 | 46,038,244.00 | | Shanghai Yicun Investment Management Co, Ltd - Yicun Jishi No 27 Private Securities Investment Fund | Other | 0.87% | 23,158,432.00 | 23,158,432.00 | | Shanghai Yicun Investment Management Co, Ltd - Yicun Yangfan No 2 Private Securities Investment Fund | Other | 0.87% | 23,008,478.00 | 23,008,478.00 | | Zhu Xingliang | Overseas Natural Person | 0.69% | 18,327,718.00 | 18,327,718.00 | | Yinhua Fund - Agricultural Bank of China - Yinhua CSI Financial Asset Management Plan | Other | 0.57% | 15,108,597.00 | 15,108,597.00 | | China Merchants Bank Co, Ltd - Southern CSI 1000 ETF | Other | 0.56% | 14,743,700.00 | 14,743,700.00 | | Southern Fund - Agricultural Bank of China - Southern CSI Financial Asset Management Plan | Other | 0.54% | 14,337,450.00 | 14,337,450.00 | | Dacheng Fund - Agricultural Bank of China - Dacheng CSI Financial Asset Management Plan | Other | 0.53% | 14,055,650.00 | 14,055,650.00 | - Suzhou Gold Mantis Enterprise (Group) Co, Ltd and GOLDEN FEATHER CORPORATION are both controlled by the company's actual controller, Zhu Xingliang[126] - Employee stock ownership plan participants waive their voting rights for company shares indirectly held through this plan[126] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, the shareholdings of the company's directors, supervisors, and senior management showed that several appointed/removed directors and supervisors still held company shares, but current chairman, directors, independent directors, deputy general managers, and CFO had no changes in their holdings Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Status | Initial Shareholding (shares) | Ending Shareholding (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhang Xinhong | Chairman | Current | 0 | 0 | | ZHU MING | Director | Current | 0 | 0 | | Zhai Heng | Director | Current | 0 | 0 | | Zhang Siying | Director | Current | 0 | 0 | | Zhu Xuezhen | Independent Director | Current | 0 | 0 | | Yin Xin | Independent Director | Current | 0 | 0 | | Yang Jun | Independent Director | Current | 0 | 0 | | Wang Zhenlong | Deputy General Manager, CFO | Current | 0 | 0 | | Zhu Wenwen | Deputy General Manager, Board Secretary | Current | 0 | 0 | | Wang Hanlin | Director | Appointed/Removed | 900,000 | 900,000 | | Shi Guoping | Director | Appointed/Removed | 900,000 | 900,000 | | Tang Yingjie | Director | Appointed/Removed | 241,300 | 241,300 | | Li Peichao | Director | Appointed/Removed | 0 | 0 | | Zhao Zengyao | Independent Director | Appointed/Removed | 0 | 0 | | Qian Ping | Chairperson of Supervisory Board | Appointed/Removed | 4,800 | 4,800 | | Fang Wenxiang | Supervisor | Appointed/Removed | 0 | 0 | | Zhao Weizhong | Supervisor | Appointed/Removed | 0 | 0 | | Ningbo | Deputy General Manager, Board Secretary | Resigned | 150,000 | 150,000 | | Total | | | 2,196,100 | 2,196,100 | Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[128] - The company's actual controller did not change during the reporting period[128] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[129] Part VII Bond-Related Information This section confirms that the company had no bond-related matters during the reporting period Bond-Related Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[131] Part 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 Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[133] 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, comprehensively presenting the financial position, operating results, and cash flow at the end of the reporting period - The consolidated balance sheet shows total assets of 33.902 billion yuan, current assets of 29.124 billion yuan, and current liabilities of 19.171 billion yuan at period-end[135][137] - The consolidated income statement shows current period total operating revenue of 9.528 billion yuan, net profit of 357 million yuan, and net profit attributable to parent company shareholders of 358 million yuan[143][144] - The consolidated cash flow statement shows net cash flow from operating activities of -1.023 billion yuan, net cash flow from investing activities of 717 million yuan, and net cash flow from financing activities of -551 million yuan[148][149] Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 33.902 billion yuan, a 3.93% decrease from the beginning of the period, with total liabilities of 19.799 billion yuan Consolidated Balance Sheet Key Data | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 33,901,992,447.26 | 35,289,016,240.57 | | Total Current Assets | 29,123,831,154.06 | 30,410,283,183.92 | | Total Non-current Assets | 4,778,161,293.20 | 4,878,733,056.65 | | Total Liabilities | 19,799,244,644.26 | 21,276,414,819.01 | | Total Current Liabilities | 19,171,409,242.12 | 20,589,345,158.80 | | Total Non-current Liabilities | 627,835,402.14 | 687,069,660.21 | | Total Owners' Equity Attributable to Parent Company | 13,709,143,935.39 | 13,605,817,966.54