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合肥城建(002208) - 2025 Q2 - 季度财报
HUCDHUCD(SZ:002208)2025-08-25 11:00

Section I Important Notice, Table of Contents, and Definitions Important Notice The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility. The company faces management risks, property tax reform, market demand changes affecting sales and gross profit, and uncertainties in real estate development. The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - Company's board, supervisory board, and senior management declare the semi-annual report content is true, accurate, and complete, and assume legal responsibility3 - The company faces management risks due to expanding scale, potential impact on sales expectations and gross profit from property tax reform and changes in residential housing demand, and uncertainties in real estate development (urban construction, planning adjustments, material price fluctuations)3 - The company plans no cash dividends, no bonus shares, and no capital increase from capital reserves for the semi-annual period4 Table of Contents This section lists the overall structure of the report, including company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report includes nine main chapters: Company Profile and Key Financial Indicators, Management Discussion and Analysis, Corporate Governance, Environment and Society, Significant Matters, Share Changes and Shareholder Information, Bond-Related Information, Financial Report, and Other Submitted Data6 Definitions This section provides definitions for common terms used in the report, including company names, major subsidiary names, and the reporting period, to ensure clear understanding of the content - In the report, "Company," "the Company," and "Hefei City Construction" all refer to Hefei City Construction Development Co., Ltd11 - The reporting period refers to January 1, 2025, to June 30, 202511 - Lists abbreviations and full names of several subsidiaries including Industrial Technology, Bengbu Real Estate, Chaohu Real Estate11 Section II Company Profile and Key Financial Indicators Company Profile Hefei City Construction Development Co., Ltd., stock ticker "Hefei City Construction," stock code 002208, listed on the Shenzhen Stock Exchange, with Song Derun as legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hefei City Construction | | Stock Code | 002208 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 合肥城建发展股份有限公司 | | Legal Representative | Song Derun | Contact Persons and Information Tian Feng is the Board Secretary, Hu Yuanhang is the Securities Affairs Representative, both located at 11th Floor, Block A, Amber Wuhuan International, 100 Qianshan Road, Shushan District, Hefei City, Anhui Province, with phone/fax 0551-62661906 and email hucd002208@126.com Company Contact Information | Position | Name | Contact Address | Phone/Fax | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Tian Feng | 11th Floor, Block A, Amber Wuhuan International, 100 Qianshan Road, Shushan District, Hefei City, Anhui Province | 0551-62661906 | hucd002208@126.com | | Securities Affairs Representative | Hu Yuanhang | 11th Floor, Block A, Amber Wuhuan International, 100 Qianshan Road, Shushan District, Hefei City, Anhui Province | 0551-62661906 | hucd002208@126.com | Other Information The company's registered address, office address, website, email, information disclosure, and document storage locations remained unchanged during the reporting period, with details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period16 - Information disclosure and document storage locations remained unchanged during the reporting period17 - Other relevant information did not change during the reporting period18 Key Accounting Data and Financial Indicators This reporting period saw a significant 245.64% increase in operating revenue to 4.68 billion yuan, but net profit attributable to shareholders decreased by 16.26%, and net cash flow from operating activities worsened by 73.77%. Total assets decreased by 6.82%, while net assets attributable to shareholders slightly increased by 0.19% Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,679,882,987.53 | 1,353,987,988.00 | 245.64% | | Net Profit Attributable to Listed Company Shareholders | 12,059,408.48 | 14,400,583.55 | -16.26% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 3,263,399.91 | 9,023,619.86 | -63.83% | | Net Cash Flow from Operating Activities | -909,105,969.72 | -523,171,849.81 | -73.77% | | Basic Earnings Per Share (yuan/share) | 0.02 | 0.02 | 0.00% | | Diluted Earnings Per Share (yuan/share) | 0.02 | 0.02 | 0.00% | | Weighted Average Return on Net Assets | 0.19% | 0.22% | -0.03% | Key Accounting Data and Financial Indicators (Period-End) | Indicator | Current Reporting Period End (yuan) | Prior Year End (yuan) | Period-End vs. Prior Year-End Change | | :--- | :--- | :--- | :--- | | Total Assets | 36,085,667,371.33 | 38,725,567,969.05 | -6.82% | | Net Assets Attributable to Listed Company Shareholders | 6,480,168,146.26 | 6,468,108,737.78 | 0.19% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period20 - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period21 Non-Recurring Gains and Losses and Amounts Total non-recurring gains and losses for this reporting period amounted to 8.80 million yuan, primarily from capital occupation fees collected from non-financial enterprises, and other non-operating income and expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -6,129.38 | | | Government grants recognized in current profit or loss | 47,461.08 | | | Capital occupation fees collected from non-financial enterprises recognized in current profit or loss | 14,678,097.51 | Primarily capital occupation fees collected from Hefei Fangqi Jingxing Real Estate Co., Ltd., Hefei Overseas Chinese Town Industrial Development Co., Ltd., etc. | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,000.00 | | | Other non-operating income and expenses apart from the above | 1,822,632.63 | | | Less: Income tax impact | 4,162,926.59 | | | Minority interest impact (after tax) | 3,584,126.68 | | | Total | 8,796,008.57 | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses24 Section III Management Discussion and Analysis Principal Businesses Engaged in by the Company During the Reporting Period The company's main businesses include real estate development, agency construction, property management, and leasing, with projects spanning Anhui, Hainan, and Jiangsu. During the reporting period, the national real estate market remained stable with supportive policies. The company acquired new land reserves in Hefei, disclosed development, sales, and leasing of major projects, and detailed financing channels and future development strategies - The company's main businesses include real estate development, agency construction, property management, and leasing, with diverse product forms and projects radiating across multiple cities in Anhui, Sanya in Hainan, and Nanjing in Jiangsu26 - The company's strategic planning is "one lead (dual core) two wings one boost," with Amber Leasing as the boosting segment, focusing on revitalizing existing properties, developing rental housing, and operating multiple business formats, combining existing property operations with incremental development26 - The company plans to transform into an integrated urban operator covering investment, financing, construction, operation, management, and services39 Industry Overview During the reporting period, the national real estate market remained stable with supportive policies emphasizing market stability, high-quality housing supply, and optimizing existing commercial housing acquisition. However, national real estate development investment, housing construction/new starts/completion areas, and commercial housing sales volume/value all decreased year-on-year, as did real estate development enterprise funds - The national new and second-hand housing markets generally remained stable, with the land market showing some recovery, but market momentum weakened marginally since the second quarter26 - The April 2025 Central Political Bureau meeting emphasized "continuously consolidating the stable trend of the real estate market," proposing to "increase the supply of high-quality housing," and stressing "optimizing policies for acquiring existing commercial housing"26 2025 January-June National Real Estate Market Key Data | Indicator | Amount/Area | Year-on-Year Decrease | | :--- | :--- | :--- | | Real Estate Development Investment | 4,665.8 billion yuan | 11.2% | | Residential Investment | 3,577.0 billion yuan | 10.4% | | Housing Construction Area | 633.321 million square meters | 9.1% | | Housing New Starts Area | 30.364 million square meters | 20.0% | | Housing Completion Area | 22.567 million square meters | 14.8% | | New Commercial Housing Sales Area | 45.851 million square meters | 3.5% | | New Commercial Housing Sales Value | 4,424.1 billion yuan | 5.5% | | Funds Available to Real Estate Development Enterprises | 5,020.2 billion yuan | 6.2% | Land Reserves and Project Development During the reporting period, Hefei's real estate development investment grew by 6.4%, but commercial housing sales area and value both declined. Hefei introduced policies to optimize home-buying conditions. The company acquired new land parcels in Hefei and disclosed details of several ongoing and completed residential and industrial real estate projects - From January to June 2025, Hefei's real estate development investment was 83.83 billion yuan, a 6.4% year-on-year increase; commercial housing sales area was 3.86 million square meters, a 25.9% decrease; commercial housing sales value was 45.52 billion yuan, a 15.5% decrease29 - Hefei issued the "Notice on Resuming 'Commercial to Public' Loan Business" and the "Notice on Optimizing Planning Management Requirements for Residential Communities," and extended the validity period of home purchase subsidies to May 14, 2026, adjusting the subsidy redemption method29 New Land Reserve Projects | Parcel or Project Name | Location | Land Planning Use | Land Area (㎡) | Plot Ratio Building Area (㎡) | Land Acquisition Method | Equity Ratio | Total Land Price (10,000 yuan) | Equity Consideration (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hefei Baohe District BH202427 Plot | East of Laobaohe Avenue, North of Bohaiwan Road, Baohe District, Hefei City | Residential | 60,942.47 | 100,190.51 | Auction | 100.00% | 95,984.39 | 95,984.39 | | Gongtou Baohe Smart Manufacturing Industrial Park | Northwest corner of Shenyang Road and Jilin Road intersection, Baohe District, Hefei City | Industrial Plant | 78,561.78 | Planning permit in process | Listing | 70.00% | 10,252.31 | 7,176.62 | Sales Performance of Major Projects Several of the company's residential projects achieved sales during the reporting period, with Hefei Amber Chunshuli and Bengbu Amber Guanshanyue projects showing high cumulative saleable areas and pre-sale settlement amounts. Hefei Binhu Science City Wangyun project and Hefei Zitongyuan project also contributed significant pre-sale amounts Major Project Sales Data | Project Name | City/Region | Equity Ratio | Cumulative Saleable Area (㎡) | Current Period Pre-Sale Area (㎡) | Current Period Pre-Sale Amount (10,000 yuan) | Cumulative Settlement Area (㎡) | Current Period Settlement Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hefei Amber Chunshuli | Changfeng County, Hefei City | 100.00% | 95,307.76 | 90,899.74 | 38,439.17 | 1,645.39 | 1,926.18 | | Bengbu Amber Guanshanyue | Bengshan District, Bengbu City, Anhui Province | 100.00% | 94,396.00 | 88,637.83 | 32,291.85 | 2,945.48 | 3,155.48 | | Hefei Wangyun | Binhu Science City, Hefei City | 50.00% | 240,458.49 | 235,675.65 | 190,762 | 58,699 | 36,332 | | Hefei Zitongyuan | Xinzhan District, Hefei City | 100.00% | 94,279.37 | 90,851.25 | 3,491.25 | 3,491.25 | 8,085.88 | | Hefei Jinchen | Shushan District, Hefei City | 100.00% | 202,644 | 206,166 | 20,009.42 | 20,009.42 | 48,637 | Leasing Performance of Major Projects The company operated multiple commercial and industrial park projects during the reporting period, with Hefei Baohe Wanxianghui, Hefei Amber Xintiandi, Hefei Renhe Building, Lujiang Innovation Industrial Park, Gongtou Linlu Emerging Industrial Park, Xinglu Technology Industrial Park, and Gongtou Dingyuan Chuangzhi Industrial Park achieving or nearing 100% occupancy rates Major Project Leasing Performance | Project Name | Project Type | Equity Ratio | Leasable Area (㎡) | Cumulative Leased Area (㎡) | Average Occupancy Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | Hefei Baohe Wanxianghui | Commercial | 50.00% | 81,930 | 81,632.16 | 99.64% | | Hefei Amber Wuhuan City | Commercial | 100.00% | 20,862.64 | 11,731.13 | 56.23% | | Hefei Amber Xintiandi | Commercial | 100.00% | 5,720.22 | 5,720.22 | 100.00% | | Hefei Renhe Building | Commercial | 100.00% | 3,072.42 | 2,872.95 | 93.51% | | Lujiang Innovation Industrial Park | Industrial Park | 100.00% | 4,636.49 | 4,636.49 | 100.00% | | Lujiang Technology Industrial Park | Industrial Park | 100.00% | 10,785.73 | 9,115.22 | 12.09% | | Gongtou Linlu Emerging Industrial Park | Industrial Park | 100.00% | 5,214.07 | 5,214.07 | 100.00% | | Gongtou Fuyang SME Park | Industrial Park | 100.00% | 55,405.62 | 32,284.15 | 50.00% | | Gongtou Wanbei Technology Industrial Park | Industrial Park | 93.00% | 62,304.74 | 19,454.93 | 31.00% | | Changlinhe Sci-Tech Town | Research & Industrial Park | 100.00% | 54,044.61 | 19,450.1 | 35.99% | | Gongtou Shucheng SME Park | Industrial Park | 100.00% | 33,019.95 | 13,552.95 | 41.04% | | Gongtou Shushan Huigu Environmental Industrial Park | Industrial Park | 80.00% | 31,137 | 14,188 | 45.57% | | Gongtou Chuangzhi Tiandi | Industrial Park | 76.36% | 123,378.90 | 44,217.92 | 35.84% | | Xinglu Technology Industrial Park | Industrial Park | 100.00% | 11,253.22 | 11,253.22 | 100.00% | | Hefei Smart Industrial Park (Area A and Area B Phase I) | Industrial Park | 100.00% | 45,328.67 | 10,492.42 | 23.15% | | Gongtou Dingyuan Chuangzhi Industrial Park | Industrial Park | 100.00% | 16,295.49 | 16,295.49 | 100.00% | | Chaohu Huashan Industrial Park | Industrial Park | 100.00% | 77,372.93 | 14,580.30 | 19.00% | | Chaohu Technology Innovation Park | Industrial Park | 100.00% | 70,330.3 | 34,607.61 | 49.21% | | Gongtou Liheng Industrial Plaza Phase II | Industrial Park | 51.00% | 6,068.56 | 2,414.72 | 39.79% | | Hefei Innovation Technology Park | Industrial Park | 51.00% | 9,310.78 | 9,310.78 | 100.00% | | Gongtou Gaoxin Zhigu | Industrial Park | 80.00% | 120,250.97 | 5,233.77 | 4.35% | Financing Channels As of the end of the reporting period, the company's total financing balance was 11.60 billion yuan, primarily from bank loans, bonds, and non-bank loans, with average financing costs ranging from 2.25% to 4.9%. Short-term financing (within 1 year) amounted to 2.65 billion yuan Financing Channels and Maturity Structure | Financing Channel | Period-End Financing Balance (10,000 yuan) | Financing Cost Range/Average Financing Cost | Within 1 Year (10,000 yuan) | 1-2 Years (10,000 yuan) | 2-3 Years (10,000 yuan) | Over 3 Years (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Loans | 705,258.93 | 2.25%-4.9% | 264,641.00 | 220,150.00 | 26,327.20 | 194,140.73 | | Bonds | 116,000 | 2.4%-3.15% | | 30,000.00 | 86,000.00 | | | Non-Bank Loans | 326,600 | 4.4%-4.8% | | 93,600.00 | | 233,000.00 | | Fund Financing | 12,000 | 3.1%-3.1% | | 750.00 | 750.00 | 10,500.00 | | Total | 1,159,858.93 | 2.25%-4.9% | 264,641.00 | 344,500.00 | 113,077.20 | 437,640.73 | Development Strategy and Business Plan for the Next Year The company will align with national, provincial, and municipal development strategies, focusing on real estate development, enhancing property service brands, embracing the "rent-purchase parity" approach, and leveraging capital operations to accelerate its transformation into an integrated urban operator covering investment, financing, construction, operation, management, and services - The company's goal is to build a state-owned strategic force serving local economic and social development, based on its core real estate development business39 - Promote property service brand building and grasp the institutional guidance of combining rental and purchase options39 - Accelerate transformation into an integrated urban operator covering investment, financing, construction, operation, management, and services through capital operations39 Guarantees Provided to Commercial Housing Purchasers for Bank Mortgage Loans As of June 30, 2025, the company provided joint liability guarantees totaling 880.78 million yuan for bank mortgage loans to purchasers of commercial housing and industrial factory buildings - The company provides joint liability guarantees for homeowner mortgage purchases, with the guaranteed amount totaling 880.78 million yuan as of June 30, 202540 Analysis of Core Competencies The company's core competencies include significant brand advantages, outstanding innovation capabilities, and distinct personnel advantages. As Anhui Province's first listed real estate company, it holds a National Class A development qualification and AAA credit rating, continuously innovates in products, supply chain, management, and supervision, and possesses an experienced, highly aligned senior management team - The company is the first real estate listed company in Anhui Province, holding a National Class A development qualification and an AAA credit rating40 - The company pursues "ultimate product主义者" to promote product upgrades from "housing for living" to "housing for comfortable living," and innovates bidding models, management mechanisms, and supervision systems42 - The company's senior management team has a broad professional background and rich industry experience, and the company has established multi-level talent incentive mechanisms and expanded talent recruitment channels43 Significant Brand Advantage As Anhui Province's first listed real estate company, the company holds a National Class A development qualification and AAA credit rating, with its products winning multiple national awards and being listed among the top 50 real estate companies in 2025. Its "Amber" brand series of properties enjoys high reputation, and its wholly-owned subsidiary, Hefei Gongtou Industrial Technology Development Co., Ltd., is a leader in industrial real estate development and operation - The company is the first real estate listed company in Anhui Province, possessing a National Class A development qualification and an AAA credit rating40 - The company's developed products have won multiple national awards such as the Luban Prize, Guangsha Prize, and National Comfortable Housing Demonstration Project, and were listed among the top 50 real estate listed companies in comprehensive strength in 202540 - Its "Amber" brand series of properties (e.g., Amber Mingcheng, Amber Mansion series) enjoys high reputation; its wholly-owned subsidiary, Hefei Gongtou Industrial Technology Development Co., Ltd., is the largest industrial real estate development and operation enterprise in Anhui Province, holding a leading position in the niche market of science and technology industrial park development and operation4041 Prominent Innovation Capability The company demonstrates innovation in product, supply chain, management mechanisms, and supervision systems. It pursues "ultimate product主义者" to enhance living quality, innovates bidding models for operational efficiency, deepens institutional reforms to stimulate internal drive, and builds a joint supervision and inspection system for stronger oversight - Product innovation: Pursues "ultimate product主义者" to promote product upgrades from "housing for living" to "housing for comfortable living"42 - Supply chain innovation: Deepens innovation in bidding models to achieve goals of "procuring good products" and "clean bidding"42 - Management mechanism innovation: Deepens three-system reforms to adapt organizational structure, compensation system, and personnel positions to market competition42 - Supervision system innovation: Established a joint supervision and inspection system led by the Party Committee, coordinated by the Disciplinary Committee, and participated by key regulatory departments42 Distinct Personnel Advantage The company boasts a senior management team with a rational knowledge structure, rich industry experience, practical efficiency, and strong identification with the corporate culture. It has also established multi-level talent incentive mechanisms, improved compensation and benefits, and strengthened talent reserves through market-oriented recruitment - The company's senior management team has a broad professional background (architecture, accounting, finance, law, management), rich industry experience, is practical and efficient, and deeply identifies with the corporate culture43 - The company has established multi-level talent incentive mechanisms, improved compensation and benefits, and increased efforts to attract talent43 - Further strengthened talent reserves through market-oriented recruitment methods43 Analysis of Principal Business This reporting period, the company's principal business revenue significantly increased by 245.64%, primarily due to increased delivery of developed products to customers. Real estate accounted for 99.87% of revenue, with revenue from outside Anhui Province growing by 130,364.30%, becoming a major growth driver. However, the gross profit margin for real estate decreased by 13.24% - The company's principal business revenue significantly increased by 245.64%, mainly due to the increase in developed products delivered to customers during this period45 - Real estate revenue accounted for 99.87% of operating revenue, a year-on-year increase of 246.97%47 - Revenue from outside Anhui Province increased by 130,364.30%, raising its proportion of operating revenue from 0.19% to 71.80%, becoming a major growth driver4750 - The gross profit margin for real estate was 10.99%, a year-on-year decrease of 13.24%48 Overview The company's main businesses include real estate development, agency construction, property management, and leasing, with diverse product forms and projects spanning multiple cities in Anhui, Sanya in Hainan, and Nanjing in Jiangsu - The company's main businesses include real estate development, agency construction, property management, and leasing26 - The company focuses on the development and construction of residential, commercial, office, and industrial real estate, with projects radiating across multiple cities in Anhui, Sanya in Hainan, and Nanjing in Jiangsu26 Year-on-Year Changes in Key Financial Data This reporting period, operating revenue and operating costs increased by 245.64% and 305.35% respectively year-on-year, mainly due to increased delivery of developed products. Financial expenses increased by 154.62% due to higher net interest expenses. Net cash flow from operating activities decreased by 73.77% due to reduced cash inflows from operations Key Financial Data Year-on-Year Changes | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,679,882,987.53 | 1,353,987,988.00 | 245.64% | Due to increased delivery of developed products to customers this period | | Operating Costs | 4,162,631,743.05 | 1,026,932,479.40 | 305.35% | Due to increased delivery of developed products to customers this period | | Selling Expenses | 106,386,997.25 | 84,197,634.92 | 26.35% | | | Administrative Expenses | 76,245,872.19 | 75,180,486.26 | 1.42% | | | Financial Expenses | 153,954,497.93 | 60,463,760.12 | 154.62% | Due to increased net interest expenses this period | | Income Tax Expense | 18,328,412.29 | 17,575,609.80 | 4.28% | | | Net Cash Flow from Operating Activities | -909,105,969.72 | -523,171,849.81 | -73.77% | Due to decreased cash inflows from operating activities this period | | Net Cash Flow from Investing Activities | 136,485,069.82 | 122,407,429.71 | 11.50% | | | Net Cash Flow from Financing Activities | 199,135,536.95 | 77,985,169.31 | 155.35% | Due to increased cash received from financing activities this period | | Net Increase in Cash and Cash Equivalents | -573,485,362.95 | -322,779,250.79 | -77.67% | Due to decreased cash inflows from operating activities this period | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period46 Composition of Operating Revenue Total operating revenue for this reporting period was 4.68 billion yuan, a 245.64% year-on-year increase. Real estate contributed 99.87% of revenue, growing by 246.97%. Notably, revenue from outside Anhui Province surged by 130,364.30%, increasing its share from 0.19% to 71.80%, becoming the primary driver of revenue growth Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | | 4,679,882,987.53 | 100% | 1,353,987,988.00 | 100% | 245.64% | | By Industry | Real Estate | 4,673,759,420.48 | 99.87% | 1,347,028,123.02 | 99.49% | 246.97% | | | Other | 6,123,567.05 | 0.13% | 6,959,864.98 | 0.51% | -12.02% | | By Product | Real Estate Sales and Leasing | 4,673,759,420.48 | 99.87% | 1,347,028,123.02 | 99.49% | 246.97% | | | Other | 6,123,567.05 | 0.13% | 6,959,864.98 | 0.51% | -12.02% | | By Region | Within Anhui Province | 1,319,597,130.13 | 28.20% | 1,351,412,351.75 | 99.81% | -2.35% | | | Outside Anhui Province | 3,360,285,857.40 | 71.80% | 2,575,636.25 | 0.19% | 130,364.30% | Industry, Product, or Region Accounting for Over 10% of Operating Revenue or Profit | Category | Operating Revenue (yuan) | Operating Costs (yuan) | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Costs Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry: Real Estate | 4,673,759,420.48 | 4,159,916,655.91 | 10.99% | 246.97% | 307.59% | -13.24% | | By Product: Real Estate Sales and Leasing | 4,673,759,420.48 | 4,159,916,655.91 | 10.99% | 246.97% | 307.59% | -13.24% | | By Region: Within Anhui Province | 1,319,597,130.13 | 1,148,414,836.54 | 12.97% | -2.35% | 13.57% | -12.20% | | By Region: Outside Anhui Province | 3,360,285,857.40 | 3,014,216,906.51 | 10.30% | 130,364.30% | 121,378.75% | -186.20% | Analysis of Non-Principal Business The company had no non-principal businesses during the reporting period - The company had no non-principal businesses during the reporting period50 Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were 36.09 billion yuan, a 6.82% year-on-year decrease. In terms of asset structure, inventory increased by 3.15%, and long-term borrowings increased by 4.55%, while contract liabilities and short-term borrowings decreased. Some of the company's monetary funds, inventory, and investment properties were restricted by pledge or freeze - As of the end of the reporting period, the company's total assets were 36.09 billion yuan, a 6.82% decrease compared to the end of the previous year19 - Inventory's proportion of total assets increased by 3.15% to 62.27%, and long-term borrowings' proportion increased by 4.55% to 21.59%51 - Contract liabilities' proportion of total assets decreased by 5.53% to 25.96%, and short-term borrowings' proportion decreased by 1.26% to 2.31%51 - As of June 30, 2025, the company had 9.84 billion yuan in restricted assets, primarily comprising frozen monetary funds, pledged inventory, and pledged investment properties53 Significant Changes in Asset Composition At the end of the reporting period, the company's total assets decreased by 6.82%. In asset composition, inventory's share increased by 3.15% to 62.27%, and long-term borrowings' share increased by 4.55% to 21.59%. Meanwhile, contract liabilities' share decreased by 5.53% to 25.96%, and short-term borrowings' share decreased by 1.26% to 2.31% Significant Changes in Asset Composition | Item | Current Reporting Period End Amount (yuan) | Proportion of Total Assets | Prior Year End Amount (yuan) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 4,719,946,738.49 | 13.08% | 5,364,941,749.15 | 13.85% | -0.77% | | Accounts Receivable | 431,925,415.57 | 1.20% | 339,025,843.34 | 0.88% | 0.32% | | Inventory | 22,470,980,251.87 | 62.27% | 22,892,791,011.44 | 59.12% | 3.15% | | Investment Properties | 2,496,226,370.58 | 6.92% | 2,474,230,028.22 | 6.39% | 0.53% | | Short-Term Borrowings | 832,464,971.66 | 2.31% | 1,382,762,320.79 | 3.57% | -1.26% | | Contract Liabilities | 9,366,886,502.29 | 25.96% | 12,194,040,290.77 | 31.49% | -5.53% | | Long-Term Borrowings | 7,792,204,343.13 | 21.59% | 6,598,196,686.09 | 17.04% | 4.55% | Major Overseas Assets The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period52 Assets and Liabilities Measured at Fair Value The company had no assets or liabilities measured at fair value during the reporting period - The company had no assets or liabilities measured at fair value during the reporting period52 Asset Restrictions as of the End of the Reporting Period As of June 30, 2025, the company had 9.84 billion yuan in restricted assets, primarily comprising 52.95 million yuan in monetary funds (frozen), 9.70 billion yuan in inventory (pledged), and 81.86 million yuan in investment properties (pledged) Asset Restrictions | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 52,952,383.70 | 52,952,383.70 | Frozen | Bank mortgage deposits, etc. | | Inventory | 9,701,522,430.35 | 9,701,522,430.35 | Pledged | Loan collateral | | Investment Properties | 81,857,143.94 | 71,646,762.84 | Pledged | Loan collateral | | Total | 9,836,331,957.99 | 9,826,121,576.89 | | | Analysis of Investment Status The company had no significant equity investments, non-equity investments, or financial asset investments during the reporting period. The overall utilization rate of raised funds was 95.02%, with 8.11 million yuan invested this period and a cumulative investment of 935.95 million yuan, primarily for industrial park and factory building projects, all of which have reached their intended usable state - The company reported no securities investments or derivative investments during the reporting period5455 Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (10,000 yuan) | Net Raised Funds (10,000 yuan) | Total Raised Funds Used This Period (10,000 yuan) | Total Raised Funds Cumulatively Used (10,000 yuan) | Raised Funds Utilization Rate at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Issuance of Shares to Unspecified Investors | 100,000 | 98,500 | 811.2 | 93,594.77 | 95.02% | - As of June 30, 2025, the balance of raised funds was 49.05 million yuan, and the cumulative net interest income from the dedicated raised funds account after deducting bank charges was 18.60 million yuan57 - All committed investment projects have reached their intended usable state, including Liheng Industrial Plaza (Area D), Chuangzhi Tiandi Standardized Factory Building Project Phase III, Hefei Smart Industrial Park Area B, and Chaohu Lake Science and Technology Innovation Corridor—Changlinhe Sci-Tech Town5859 Overall Situation The company had no significant investment activities during the reporting period - The company had no significant investment activities during the reporting period54 Significant Equity Investments Acquired During the Reporting Period The company did not acquire any significant equity investments during the reporting period - The company had no significant equity investments during the reporting period54 Significant Non-Equity Investments in Progress During the Reporting Period The company had no significant non-equity investments in progress during the reporting period - The company had no significant non-equity investments in progress during the reporting period54 Financial Asset Investments The company had no securities investments or derivative investments during the reporting period - The company had no securities investments during the reporting period54 - The company had no derivative investments during the reporting period55 Use of Raised Funds The company's 2020 raised funds totaled 1.00 billion yuan (net 985.00 million yuan), with 935.95 million yuan cumulatively used as of the end of the reporting period, a utilization rate of 95.02%. 8.11 million yuan was invested this period. All committed investment projects have reached their intended usable state, and no projects were changed Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (10,000 yuan) | Net Raised Funds (10,000 yuan) | Total Raised Funds Used This Period (10,000 yuan) | Total Raised Funds Cumulatively Used (10,000 yuan) | Raised Funds Utilization Rate at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Issuance of Shares to Unspecified Investors | 100,000 | 98,500 | 811.2 | 93,594.77 | 95.02% | - As of June 30, 2025, the balance of raised funds was 49.05 million yuan, and the cumulative net interest income from the dedicated raised funds account after deducting bank charges was 18.60 million yuan57 - All committed investment projects have reached their intended usable state, including Liheng Industrial Plaza (Area D), Chuangzhi Tiandi Standardized Factory Building Project Phase III, Hefei Smart Industrial Park Area B, and Chaohu Lake Science and Technology Innovation Corridor—Changlinhe Sci-Tech Town5859 - The company reported no changes to raised funds projects during the reporting period61 Significant Asset and Equity Disposals The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of any significant assets during the reporting period62 - The company did not dispose of any significant equity during the reporting period63 Analysis of Major Holding and Participating Companies The company's major holding and participating companies, including Nanjing Huihu Real Estate Development Co., Ltd., Nanjing Huihuo Real Estate Development Co., Ltd., and Hefei Beilu Real Estate Co., Ltd., all achieved significant operating revenue and net profits during the reporting period. During this period, the company established three new subsidiaries: Hefei Xinhu Real Estate Co., Ltd., Hefei Xinpo Real Estate Co., Ltd., and Hefei Gongtou Zhizao Industrial Park Co., Ltd Financial Performance of Major Holding and Participating Companies | Company Name | Company Type | Principal Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Huihu Real Estate Development Co., Ltd. | Subsidiary | Real Estate Development | 500,000,000 | 1,185,572,784.87 | 561,992,275.37 | 1,632,332,322.87 | 175,540,901.19 | 131,688,863.88 | | Nanjing Huihuo Real Estate Development Co., Ltd. | Subsidiary | Real Estate Development | 1,000,000,000 | 2,951,355,559.96 | 918,820,229.69 | 1,724,782,255.92 | 121,970,229.40 | 121,990,954.40 | | Hefei Beilu Real Estate Co., Ltd. | Subsidiary | Real Estate Development | 200,000,000 | 1,603,353,869.71 | 215,695,534.06 | 296,180,096.11 | 26,010,967.72 | 19,531,454.94 | - During the reporting period, the company established Hefei Xinhu Real Estate Co., Ltd., Hefei Xinpo Real Estate Co., Ltd., and Hefei Gongtou Zhizao Industrial Park Co., Ltd.65 - Nanjing Huihu Real Estate Development Co., Ltd. primarily engages in the development and operation of the Nanjing Amber Yuntai project, with the company holding a 50% equity stake66 - Nanjing Huihuo Real Estate Development Co., Ltd. primarily engages in the development and operation of the Nanjing Fengqi Yuntai project, with the company holding a 50% equity stake67 - Hefei Beilu Real Estate Co., Ltd. primarily engages in the development and operation of the Chunshuli and Qiyunli projects, with the company holding a 100% equity stake68 Structured Entities Controlled by the Company The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period69 Risks Faced by the Company and Countermeasures The company faces policy risks, operational risks, and financial risks. To mitigate these, it will closely monitor policy changes, prudently acquire new projects and accelerate turnover, and rationally plan financing and select channels - Policy risk: The real estate industry is highly affected by government macro policies and local purchase restriction policies; the company needs to closely monitor policy changes and adjust its business strategies in a timely manner70 - Operational risk: Facing rising land prices and intensified competition leading to reduced profit margins, the company needs to prudently acquire new projects, accelerate development turnover, and explore cooperation with other enterprises70 - Financial risk: Real estate development is a capital-intensive industry with long development cycles and slow capital turnover; changes in credit policies may lead to financing restrictions or increased costs, requiring the company to rationally plan financing and select appropriate channels and methods70 Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system71 - The company has not disclosed a valuation enhancement plan71 Implementation of "Quality and Return Dual Enhancement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan71 Section IV Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - The company's directors, supervisors, and senior management had no changes during the reporting period72 Profit Distribution and Capital Reserve to Share Capital Conversion for This Reporting Period The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - The company plans no cash dividends, no bonus shares, and no capital increase from capital reserves for the semi-annual period73 Implementation of 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, or their implementation, during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period74 Environmental Information Disclosure Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law75 Social Responsibility During the reporting period, Hefei City Construction actively fulfilled its social responsibilities as a state-owned enterprise by organizing visits to low-income families and blood donation drives - During the reporting period, Hefei City Construction organized visits to low-income families and blood donation drives, actively fulfilling its social responsibilities as a state-owned enterprise75 Section V Significant Matters Commitments The company reported no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue as of the end of the reporting period - The company reported no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue as of the end of the reporting period77 Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period78 Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period79 Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited80 Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period81 Board of Directors' Explanations on "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 period81 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 period81 Litigation Matters The company had no significant litigation or arbitration matters during the reporting period. However, there were several other lawsuits, including a construction contract dispute with Fujian Wujian Construction Group Co., Ltd. (second instance judgment received) and construction contract disputes with Beijing Urban Construction Group Co., Ltd. and China Railway No. 5 Engineering Group Co., Ltd. (first instance trial ongoing) - The company had no significant litigation or arbitration matters during the reporting period82 - The construction contract dispute between the company and Fujian Wujian Construction Group Co., Ltd. received a second instance judgment on August 20, 2025, requiring the company to compensate 8.51 million yuan for material costs and amortization, while Fujian Wujian Construction Group Co., Ltd. must pay the company 7.91 million yuan in liquidated damages for overdue completion755756 - The construction contract dispute between the company and Beijing Urban Construction Group Co., Ltd. and China Railway No. 5 Engineering Group Co., Ltd. is currently in the first instance trial process757759 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 period83 Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period84 Significant Related Party Transactions The company reported no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships, nor any dealings with affiliated financial companies during the reporting period - The company reported no related party transactions related to daily operations during the reporting period84 - The company reported no related party transactions involving asset or equity acquisitions/disposals during the reporting period85 - The company reported no related party creditor-debtor relationships during the reporting period87 - There were no deposits, loans, credit lines, or other financial business between the company and affiliated financial companies88 Significant Contracts and Their Performance The company had no entrustment, contracting, or leasing matters during the reporting period. It had external guarantees, including a 425 million yuan joint liability guarantee for Hefei Fangqi Jingxing Real Estate Co., Ltd., and guarantees totaling 1.25 billion yuan for several subsidiaries. The actual total guarantee amount at period-end was 24.50% of the company's net assets. The company had no entrusted wealth management or other significant contracts during the reporting period - The company reported no entrustment, contracting, or leasing situations during the reporting period919293 External Guarantees by the Company and its Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 yuan) | Actual Guaranteed Amount (10,000 yuan) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hefei Fangqi Jingxing Real Estate Co., Ltd. | 42,500 | 42,500 | Joint liability guarantee | 3 years | No | No | | Hefei Luyang Financial City Investment Development Co., Ltd. | 170,000 | 19,500 | Joint liability guarantee | 5 years | No | Yes | | Hefei Luyang Gongtou Industrial Technology Co., Ltd. | 170,000 | 15,000 | Joint liability guarantee | 15 years | No | Yes | | Hefei Gongtou Shuxi Sci-Tech Investment Development Co., Ltd. | 170,000 | 9,800 | Joint liability guarantee | 12 years | No | Yes | | Hefei Luyang Gongtou Industrial Technology Co., Ltd. | 100,000 | 4,900 | Joint liability guarantee | 15 years | No | Yes | | Hefei Gongtou Industrial Technology Development Co., Ltd. | 100,000 | 19,000 | Joint liability guarantee | 3 years | No | Yes | | Hefei Gongtou Industrial Technology Feixi Co., Ltd. | 140,000 | 20,000 | Joint liability guarantee | 5 years | No | Yes | | Hefei Luyang Financial City Investment Development Co., Ltd. | 150,000 | 20,000 | Joint liability guarantee | 5 years | No | Yes | | Hefei Gongtou Beicheng Investment Development Co., Ltd. | 150,000 | 20,000 | Joint liability guarantee | 5 years | No | Yes | | Hefei Xinzhan Gongtou Industrial Technology Co., Ltd. | 150,000 | 10,380 | Joint liability guarantee | 5 years | No | Yes | | Hefei Gongtou Gaoxin Sci-Tech Investment Development Co., Ltd. | 250,000 | 48,000 | Joint liability guarantee | 7 years | No | Yes | | Hefei Xinzhan Gongtou Industrial Technology Co., Ltd. | 250,000 | 32,000 | Joint liability guarantee | 10 years | No | Yes | | Hefei Gongtou Beicheng Investment Development Co., Ltd. | 150,000 | 5,220 | Joint liability guarantee | 5 years | No | Yes | | Hefei Gongtou Gaoxin Sci-Tech Investment Development Co., Ltd. | 250,000 | 25,000 | Joint liability guarantee | 7 years | No | Yes | - As of the end of the reporting period, the total approved external guarantee limit was 425 million yuan, with an actual external guarantee balance of 342.07 million yuan95 - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was 5.50 billion yuan, with an actual guarantee balance of 1.25 billion yuan97 - The actual total guarantee amount accounted for 24.50% of the company's net assets97 - The company reported no entrusted wealth management or other significant contracts during the reporting period9899 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 period100 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 period101 Section VI Share Changes and Shareholder Information Share Change Status The company's total share capital remained unchanged at 803,291,894 shares during the reporting period, with restricted shares accounting for 0.03% and unrestricted shares for 99.97% Share Change Status | Item | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (+, -) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 207,511 | 0.03% | 0 | 207,511 | 0.03% | | II. Unrestricted Shares | 803,084,383 | 99.97% | 0 | 803,084,383 | 99.97% | | III. Total Shares | 803,291,894 | 100.00% | 0 | 803,291,894 | 100.00% | - The company's total share capital remained unchanged during the reporting period, and the reasons for share changes, approval status, transfer status, progress of share repurchase implementation, and impact on financial indicators are all not applicable105 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 period105 Number of Shareholders and Shareholding Status As of the end of the reporting period, the total number of common shareholders was 43,534. The top two shareholders were Hefei Xingtai Financial Holdings (Group) Co., Ltd. and Hefei Industrial Investment Holdings Co., Ltd., holding 36.92% and 22.43% respectively. State-owned corporate shareholders dominated the top ten, with no pledges, markings, or freezes - The total number of common shareholders at the end of the reporting period was 43,534106 Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Change During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hefei Xingtai Financial Holdings (Group) Co., Ltd. | State-owned Legal Person | 36.92% | 296,557,056 | 0 | 0 | 296,557,056 | Not Applicable | 0 | | Hefei Industrial Investment Holdings Co., Ltd. | State-owned Legal Person | 22.43% | 180,144,103 | 0 | 0 | 180,144,103 | Not Applicable | 0 | | He Haichao | Domestic Natural Person | 1.74% | 13,953,500 | -82,600 | 0 | 13,953,500 | Not Applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.69% | 5,520,897 | -460,606 | 0 | 5,520,897 | Not Applicable | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Southern CSI All-Index Real Estate ETF | Other | 0.64% | 5,119,780 | 1,952,400 | 0 | 5,119,780 | Not Applicable | 0 | | Ren Qiuping | Domestic Natural Person | 0.52% | 4,210,000 | 0 | 0 | 4,210,000 | Not Applicable | 0 | | Hefei City Renovation Investment and Construction Group Co., Ltd. | State-owned Legal Person | 0.38% | 3,015,200 | 0 | 0 | 3,015,200 | Not Applicable | 0 | | Wang Yanhong | Domestic Natural Person | 0.27% | 2,157,520 | 402,000 | 0 | 2,157,520 | Not Applicable | 0 | | Yang Jun | Domestic Natural Person | 0.21% | 1,653,300 | 451,020 | 0 | 1,653,300 | Not Applicable | 0 | | Caitong Fund - Jiang Yong - Caitong Fund Yuquan No. 892 Single Asset Management Plan | Other | 0.20% | 1,592,869 | 0 | 0 | 1,592,869 | Not Applicable | 0 | - The largest shareholder, Hefei Xingtai Financial Holdings (Group) Co., Ltd., has no associated relationship with other shareholders and is not a party acting in concert107 - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period108 Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period109 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 had no changes during the reporting period110 - The company's actual controller had no changes during the reporting period110 Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period111 Section VII Bond-Related Information Corporate Bonds The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period113 Company Bonds The company had no company bonds during the reporting period - The company had no company bonds during the reporting period114 Non-Financial Enterprise Debt Financing Instruments The company issued multiple tranches of medium-term notes, including "25 Hefei City Construction MTN001," with a total outstanding balance of 1.16 billion yuan. These debt financing instruments were publicly issued to institutional investors in the national interbank bond market and traded according to regulations, with no risk of delisting Basic I