荣丰控股(000668) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section confirms the board, supervisory board, and senior management's assurance of the semi-annual report's truthfulness, accuracy, and completeness, stating no cash dividends, bonus shares, or capital reserve conversions for the period, and provides the report's directory and key term definitions - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content and assume legal responsibility[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the period[6] Key Definitions | Term | Definition | | :--- | :--- | | Rongfeng Holdings, the Company | Rongfeng Holdings Group Co., Ltd. | | Beijing Rongfeng | Beijing Rongfeng Real Estate Development Co., Ltd. | | Changchun Rongfeng | Changchun Rongfeng Real Estate Development Co., Ltd. | | Rongkong Industrial | Rongkong Industrial Investment Co., Ltd. | | Guojin Property | Changchun Guojin Development Property Services Co., Ltd. | | Rongfeng (Shandong) | Rongfeng (Shandong) Medical Devices Co., Ltd. | | Rongfeng Selection | Rongfeng Selection (Zhejiang) Technology Co., Ltd. | | Rongkong Weihua | Guangdong Rongkong Weihua International Logistics Co., Ltd. | | Shengshida | Shengshida Investment Co., Ltd.; Company's controlling shareholder | | Shanghai Hanyeping Industrial | Shanghai Hanyeping Industrial Co., Ltd. | | CSRC | China Securities Regulatory Commission | | SZSE | Shenzhen Stock Exchange | Company Profile and Key Financial Indicators This section introduces Rongfeng Holdings Group Co., Ltd.'s basic information, including stock ticker, code, legal representative, and contact details, along with key accounting data, financial indicators, and non-recurring gains and losses for the period I. Company Profile Basic information of Rongfeng Holdings Group Co., Ltd., including stock ticker, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | *ST Rongkong | | Stock Code | 000668 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Rongfeng Holdings Group Co., Ltd. | | Legal Representative | Wang Zheng | II. Contact Person and Information Discloses the names, contact addresses, phone numbers, faxes, and email addresses of the company's board secretary and securities affairs representative Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xie Gao | Commercial Second Floor, Building 17, Block 8, No. 305 Guang'anmenwai Street, Xicheng District, Beijing | 010-51757685 | 010-51757666 | rfholding_xg@126.com | | Securities Affairs Representative | Du Shiqin | Commercial Second Floor, Building 17, Block 8, No. 305 Guang'anmenwai Street, Xicheng District, Beijing | 010-51757685 | 010-51757666 | dushiqin517@163.com | III. Other Information The company's contact information, disclosure locations, and other relevant data remained unchanged during the reporting period, with details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17] - Information disclosure and document storage locations remained unchanged during the reporting period[18] IV. Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue significantly increased by 506.91%, but net profit attributable to shareholders widened its loss by 42.31%, while net cash flow from operating activities turned positive, and total assets and net assets attributable to shareholders both decreased Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 117.09 RMB million | 19.29 RMB million | 506.91% | | Net Profit Attributable to Listed Company Shareholders | -25.02 RMB million | -17.58 RMB million | -42.31% | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Gains and Losses | -23.94 RMB million | -26.79 RMB million | 10.65% | | Net Cash Flow from Operating Activities | 29.66 RMB million | -24.45 RMB million | 221.31% | | Basic Earnings Per Share | -0.17 | -0.12 | -41.67% | | Diluted Earnings Per Share | -0.17 | -0.12 | -41.67% | | Weighted Average Return on Net Assets | -3.47% | -1.61% | -1.86% | | Period-end Indicator | Current Period-end (RMB) | Prior Year-end (RMB) | Period-end YoY Change (%) | | Total Assets | 1.31 RMB billion | 1.38 RMB billion | -5.23% | | Net Assets Attributable to Listed Company Shareholders | 708.76 RMB million | 733.77 RMB million | -3.41% | V. 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 period[21] - 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 period[22] VI. Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB -1,078,491.63, primarily comprising government grants and non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Government grants recognized in current profit and loss | 30081.66 | Individual income tax refunds, etc. | | Other non-operating income and expenses apart from the above | -1108573.29 | Late fees, etc. | | Total | -1078491.63 | | - The company has no other profit and 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 losses[25] Management Discussion and Analysis This section details the company's main businesses (real estate development and cross-border logistics), analyzes their performance and market conditions, outlines future development strategies including new business expansion, accelerated real estate inventory disposal, operational efficiency improvements, and asset acquisition for transformation, and discusses core competencies, financial data changes, asset-liability status, investment, subsidiary performance, and risks with countermeasures I. Company's Main Businesses During the Reporting Period The company's main businesses are real estate development and operations, and cross-border logistics. Real estate focuses on the Changchun International Financial Center project, while cross-border logistics provides international air freight export services for e-commerce platforms - The company's main businesses are real estate development and operations, and cross-border logistics[27] - The real estate business has no new land reserves or development projects, primarily holding the Changchun International Financial Center project, with residential units sold out and office products being the main sales focus[28] - The cross-border logistics business is conducted by the controlling subsidiary Guangdong Rongkong Weihua International Logistics Co., Ltd., providing full-process international air freight export logistics services for cross-border e-commerce platform customers[29] Key Financial Data for the Reporting Period | Indicator | Current Period (RMB) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 117.09 RMB million | 506.91% | | Net Profit Attributable to Parent Company | -25.02 RMB million | -42.31% | | Total Assets (Period-end) | 1.31 RMB billion | -5.23% | | Net Assets Attributable to Parent Company Owners (Period-end) | 708.76 RMB million | -3.41% | Main Project Leasing Status | Project Name | Location | Project Type | Equity Ratio (%) | Leasable Area (sqm) | Accumulated Leased Area (sqm) | Average Occupancy Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Rongfeng Jiayuan | Block 8, No. 305 Guang'anmenwai Street, Xicheng District, Beijing | Residential | 100.00% | 16818.45 | 13796.71 | 83.00% | | Changchun International Financial Center | No. 3518 Renmin Avenue, Nanguan District, Changchun | Commercial Complex | 100.00% | 126827 | 59151.86 | 52.54% | - The company's development strategy and operating plan for the next year include intensifying sales of existing products to ensure stable operations, continuing to develop new businesses, and enhancing sustainable operating capabilities[33] - In the future, the company will vigorously develop new businesses to reduce the proportion of real estate project revenue; rapidly dispose of existing real estate projects to enhance operational liquidity; integrate internal management elements to improve operational efficiency; and actively seek high-quality assets to promote business transformation[35][36][37][38] II. Core Competitiveness Analysis The company boasts a robust governance structure and internal management systems, ensuring orderly operations. In real estate, it has extensive experience and strong innovation, particularly excelling in personalized design, management, and services - The company has a sound corporate governance structure, standardized operation of the 'three meetings', a complete internal management system, and internal control procedures covering all aspects of business operations[39] - In real estate, the company has over two decades of development experience, accumulating rich technical, management, and development expertise, demonstrating strong innovation capabilities, and possessing advanced product design and planning concepts[39] III. Main Business Analysis This section outlines the company's main business financial performance, with operating revenue significantly increasing by 506.91% year-on-year, primarily driven by a substantial rise in real estate development income, and details the year-on-year changes in financial data and revenue composition, showing a significant increase in real estate development revenue share - Operating revenue significantly increased by 506.91% year-on-year, primarily due to increased sales efforts and revenue in the current period[41] Major Financial Data Year-on-Year Change | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 117.09 RMB million | 19.29 RMB million | 506.91% | Increased sales efforts and revenue in current period | | Operating Cost | 115.20 RMB million | 17.62 RMB million | 553.72% | Increased sales efforts in current period | | Net Cash Flow from Operating Activities | 29.66 RMB million | -24.45 RMB million | 221.31% | Increased sales efforts in current period | | Net Cash Flow from Investing Activities | 0.00 RMB | 24.35 RMB million | -100.00% | Recovered final payment for Chongqing Rongfeng equity transfer in prior year period | | Net Increase in Cash and Cash Equivalents | 3.86 RMB million | -28.07 RMB million | 113.76% | Increased sales efforts in current period | Operating Revenue Composition | Operating Revenue Component | Current Period Amount (RMB) | Share of Revenue (%) | Prior Year Period Amount (RMB) | Share of Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 117.09 RMB million | 100% | 19.29 RMB million | 100% | 506.91% | | By Industry | | | | | | | Real Estate Development | 90.48 RMB million | 77.27% | 1.84 RMB million | 9.53% | 4,822.23% | | Property Management, Leasing | 18.80 RMB million | 16.06% | 17.23 RMB million | 89.29% | 9.13% | | Live Streaming Revenue | 3.56 RMB million | 3.04% | 0.23 RMB million | 1.18% | 1,466.70% | | Logistics Revenue | 4.25 RMB million | 3.63% | 0.00 RMB | 0.00% | 100.00% | IV. Non-Main Business Analysis The company had no non-main business analysis during the reporting period - The company had no non-main businesses during the reporting period[44] V. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders both decreased. Accounts receivable significantly increased, while inventories and investment properties decreased. Asset restrictions primarily involve mortgages, seizures, and freezes on inventories and investment properties Significant Changes in Asset Composition | Item | Current Period-end Amount (RMB) | Share of Total Assets (%) | Prior Year-end Amount (RMB) | Share of Total Assets (%) | Proportion Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 57.29 RMB million | 4.39% | 53.80 RMB million | 3.90% | 0.49% | | Accounts Receivable | 44.01 RMB million | 3.37% | 5.08 RMB million | 0.37% | 3.00% | | Inventories | 499.29 RMB million | 38.24% | 579.58 RMB million | 42.07% | -3.83% | | Investment Properties | 625.98 RMB million | 47.95% | 662.28 RMB million | 48.07% | -0.12% | Asset Restriction Status | Item | Period-end Carrying Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Inventories | 66.28 RMB million | Mortgage, Freeze | Loan mortgage, litigation seizure, and freeze for supplementary land transfer fees | | Investment Properties | 25.71 RMB million | Seizure | Litigation seizure | | Total | 91.99 RMB million | | | VI. Investment Status Analysis During the reporting period, the company had no significant equity investments, non-equity investments, securities investments, or derivative investments, nor any use of raised funds - The company had no securities investments during the reporting period[48] - The company had no derivative investments during the reporting period[49] - The company had no use of raised funds during the reporting period[50] VII. Significant Asset and Equity Disposals The company did not sell significant assets or equity during the reporting period - The company did not sell significant assets during the reporting period[51] - The company did not sell significant equity during the reporting period[52] VIII. Analysis of Major Holding and Participating Companies This section discloses the financial status of the company's major subsidiaries, Beijing Rongfeng Real Estate Development Co., Ltd. and Changchun Rongfeng Real Estate Development Co., Ltd., both of which are in a loss-making state, with no acquisitions or disposals of subsidiaries during the reporting period Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Rongfeng Real Estate Development Co., Ltd. | Subsidiary | Real Estate Development | 92.72 RMB million | 655.04 RMB million | 507.37 RMB million | 5.89 RMB million | -6.46 RMB million | -7.88 RMB million | | Changchun Rongfeng Real Estate Development Co., Ltd. | Subsidiary | Real Estate Development | 50.00 RMB million | 1.17 RMB billion | 655.04 RMB million | 102.74 RMB million | -9.51 RMB million | -9.21 RMB million | - There were no acquisitions or disposals of subsidiaries during the reporting period[53] IX. Information on 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 period[54] X. Risks Faced by the Company and Countermeasures The company faces policy risks (relaxed real estate policies but weak market expectations), market risks (weak commercial and office demand in Changchun, high inventory pressure), and transformation risks. It will respond by closely monitoring policies, adjusting sales strategies, strengthening market research, developing new businesses, and improving management efficiency - Policy Risk: The real estate policy environment is relaxed, but market expectations are weak, demand is insufficient, and the industry faces downward pressure. The company will closely monitor policy changes and adjust its operating strategy as appropriate[55] - Market Risk: Demand for commercial and office products in the Changchun real estate market is weak, leading to significant inventory pressure. The company's Changchun International Financial Center project faces market competition. The company will flexibly adjust sales and pricing strategies and strengthen market research[56] - Transformation Risk: The company's real estate business is small in scale and faces intense competition, posing risks to its transformation for sustainable development. The company will base its actions on reality, strengthen risk prevention, and achieve a smooth transition of its main business[57] XI. 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 system nor disclosed a valuation enhancement plan[58] XII. Implementation of the "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[58] Corporate Governance, Environment, and Society This section states that there were no changes in the company's directors, supervisors, or senior management during the reporting period, and no profit distribution or capital reserve conversion to share capital. The company is not on the list of legally required environmental information disclosers but actively fulfills social responsibilities, including protecting shareholder interests, complying with labor laws, respecting creditors and stakeholders, and striving for coordinated economic and social development I. Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[59] II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current 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[60] III. 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 and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[61] IV. Environmental Information Disclosure The listed company and its major subsidiaries are not included in the list of enterprises required by law to disclose environmental information - The listed company and its major subsidiaries are not included in the list of enterprises required by law to disclose environmental information[62] V. Social Responsibility During the reporting period, the company actively fulfilled its social responsibilities, including protecting shareholder interests, complying with labor laws, respecting creditors and stakeholders, and striving to contribute to public welfare, achieving coordinated economic and social development - The company diligently fulfills its responsibilities and obligations to shareholders, employees, creditors, consumers, and strives to contribute to public welfare within its capabilities[63] - The company protects the interests of shareholders, especially small and medium-sized shareholders, by improving internal systems, standardizing management mechanisms, and fair information disclosure[63] - The company strictly adheres to labor laws, improves compensation and welfare mechanisms, focuses on employee safety, and enhances employee professional skills[63] Significant Matters This section details significant matters during the reporting period, including the fulfillment of asset restructuring commitments (Ning Yongchao's overdue performance commitment, Changsha Wenchao and Xinyu Nading's breach of commitment), major litigation and arbitration (involving performance compensation, voting rights entrustment liquidated damages, and land use rights transfer contract disputes), and external guarantees by the company and its subsidiaries. There were no non-operating funds occupied by controlling shareholders or related parties, irregular external guarantees, penalties and rectifications, significant related party transactions, trusteeship/contracting/leasing matters, entrusted wealth management, or other significant matters during the period I. Fulfillment of Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and Beyond the Reporting Period During the reporting period, Ning Yongchao's performance commitment was overdue and unfulfilled, with the company applying for compulsory enforcement. Changsha Wenchao and Xinyu Nading breached their voting rights entrustment commitment, leading to a lawsuit and judgment for the company, which is yet to be enforced. Shengshida and Shanghai Gongbao's commitments regarding non-competition, related party transactions, and fund occupation are being fulfilled normally - Ning Yongchao's 2021 performance commitment was overdue and unfulfilled, requiring compensation of RMB 19,325,737.84 plus overdue payment penalties to the company, for which the company has applied for compulsory enforcement[69] - Changsha Wenchao Management Enterprise (Limited Partnership) and Xinyu Nading Management Consulting Partnership (Limited Partnership) violated their commitment to revoke voting rights entrustment and were ordered to jointly pay RMB 170,000 in liquidated damages, which has not yet been enforced[69] - Shengshida Investment Co., Ltd. and Shanghai Gongbao Business Consulting Co., Ltd.'s commitments regarding non-competition, related party transactions, fund occupation, and maintaining the listed company's independence are being fulfilled normally[65][66][67][68] II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company The company reported no non-operating funds occupied by controlling shareholders and other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders and other related parties from the listed company during the reporting period[70] III. 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[71] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[72] V. Board of Directors' and Supervisory Board's Explanations on the Accounting Firm's "Non-Standard Audit Report" for the Current Period The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[73] VI. Board of Directors' Explanations on the "Non-Standard Audit Report" for the Prior Year The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[74] VII. Bankruptcy Reorganization Matters The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[74] VIII. Litigation Matters The company is involved in multiple significant litigation and arbitration matters, including Ning Yongchao's performance compensation case (compulsory enforcement applied), Changsha Wenchao/Xinyu Nading's voting rights entrustment liquidated damages case (not yet enforced), and Changchun Rongfeng's land use rights transfer contract dispute with Shanghai Pudong Development Bank (not yet judged) Significant Litigation and Arbitration Matters | Litigation (Arbitration) Overview | Amount Involved (RMB 10,000) | Litigation (Arbitration) Progress | Trial Outcome and Impact | Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | | Ning Yongchao performance commitment compensation obligation | 1932.57 | Final judgment | First instance ruled Ning Yongchao to pay Rongfeng Holdings performance compensation of RMB 19,325,737.84 and overdue payment penalties; second instance upheld original judgment | Compulsory enforcement applied, in progress | | Changsha Wenchao, Xinyu Nading payment of liquidated damages for revoked voting rights entrustment | 2500.00 | Final judgment | First instance ruled Changsha Wenchao, Xinyu Nading to jointly pay Rongfeng Holdings liquidated damages of RMB 170,000; second instance upheld original judgment | In enforcement process | | Changchun Rongfeng and Shanghai Pudong Development Bank land use rights transfer contract dispute | 2231.14 | Hearing held | This case has not yet been heard, and its impact on the company's current or future profits cannot be assessed at present | Not yet judged | IX. 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[76] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[77] XI. Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisition/disposal, joint external investment, or related party creditor-debtor transactions, nor any dealings with related financial companies - The company reported no related party transactions related to daily operations, asset or equity acquisition/disposal related party transactions, joint external investment related party transactions, or related party creditor-debtor transactions during the reporting period[78][79][80][81] - There were no deposits, loans, credit lines, or other financial services between the company and related financial companies[82][83] - The company had no other significant related party transactions during the reporting period[84] XII. Significant Contracts and Their Performance During the reporting period, the company had no trusteeship, contracting, leasing, or entrusted wealth management matters. The company and its subsidiaries have external guarantees, with a total guarantee amount representing 48.59% of the company's net assets, including RMB 163.96 million for shareholders, actual controllers, and their related parties, and RMB 172.46 million for guaranteed parties with an asset-liability ratio exceeding 70% - The company had no trusteeship, contracting, leasing matters, or entrusted wealth management during the reporting period[85][86][87][91] External Guarantees by the Company and its Subsidiaries | Guaranteed Party Name | Guarantee Amount (RMB 10,000) | Guarantee Start Date | Guarantee End Date | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Hanyeping Industrial Co., Ltd. | 168.46 RMB million | 2024年05月22日 | 2027年05月21日 | No | Yes | | Rongfeng Selection (Zhejiang) Technology Co., Ltd. | 300.00 RMB 10,000 | | 12个月 | No | No | | Guangdong Rongkong Weihua International Logistics Co., Ltd. | 500.00 RMB 10,000 | | 12个月 | No | No | | Rongkong Industrial Investment Co., Ltd. | 176.96 RMB million | 2024年05月22日日 | | | | | Total Company Guarantees (A4+B4+C4) (RMB 10,000) | 344.42 RMB million | | | | | | Share of Company's Net Assets (%) | 48.59% | | | | | | Of which: Guarantees for Shareholders, Actual Controllers, and Related Parties (D) (RMB 10,000) | 163.96 RMB million | | | | | | Direct or Indirect Debt Guarantees for Guaranteed Parties with Asset-Liability Ratio > 70% (E) (RMB 10,000) | 172.46 RMB million | | | | | | Total of Above Three Guarantees (D+E+F) (RMB 10,000) | 336.42 RMB million | | | | | XIII. 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[93] XIV. 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[94] Share Changes and Shareholder Information This section discloses that the company's total share capital and equity structure remained unchanged during the reporting period, consisting entirely of unrestricted shares. The total number of shareholders was 5,693. The controlling shareholder, Shengshida Investment Co., Ltd., holds 40.91% of shares, with most pledged. Among the top ten shareholders, natural person shareholders like Luo Jun, Lin Shulin, Zhu Mengqin, Wu Hui, Xu Chunxia, and Wang Sanmao increased their holdings. There were no changes in shareholdings of directors, supervisors, and senior management, nor in the controlling shareholder or actual controller during the reporting period I. Share Capital Changes During the reporting period, the company's total share capital and equity structure remained unchanged, consisting entirely of unrestricted shares Share Capital Changes | Item | Quantity Before Change (shares) | Proportion (%) | Change in Current Period (shares) | Quantity After Change (shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 146,841,890 | 100.00% | 0 | 146,841,890 | 100.00% | | III. Total Shares | 146,841,890 | 100.00% | 0 | 146,841,890 | 100.00% | - Reasons for share changes, approval status, transfer status, and progress of share repurchase implementation are all not applicable[97][98] II. 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[98] III. Number of Shareholders and Shareholding Information At the end of the reporting period, the total number of common shareholders was 5,693. The controlling shareholder, Shengshida Investment Co., Ltd., holds 40.91% of shares, with most pledged. Among the top ten shareholders, natural person shareholders like Luo Jun, Lin Shulin, Zhu Mengqin, Wu Hui, Xu Chunxia, and Wang Sanmao increased their holdings - The total number of common shareholders at the end of the reporting period was 5,693[99] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio (%) | Shares Held at Period-end (shares) | Change During Reporting Period (shares) | Share Status | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shengshida Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 40.91% | 60,069,786 | 0 | Pledged | 59,926,083 | | Luo Jun | Domestic Natural Person | 2.04% | 3,002,457 | 3,002,457 | N/A | 0 | | Yang Xide | Domestic Natural Person | 1.97% | 2,900,000 | -1,070,000 | N/A | 0 | | Lin Shulin | Domestic Natural Person | 1.65% | 2,423,200 | 2,063,200 | N/A | 0 | | Zhu Mengqin | Domestic Natural Person | 1.47% | 2,156,300 | 2,156,300 | N/A | 0 | | Wu Hui | Domestic Natural Person | 0.95% | 1,396,600 | 1,396,600 | N/A | 0 | | Zhou Yongzhong | Domestic Natural Person | 0.94% | 1,380,500 | 0 | N/A | 0 | | Xu Chunxia | Domestic Natural Person | 0.93% | 1,368,000 | 1,368,000 | N/A | 0 | | Chen Zhaojun | Domestic Natural Person | 0.90% | 1,325,800 | 0 | N/A | 0 | | Wang Sanmao | Domestic Natural Person | 0.90% | 1,315,000 | 1,315,000 | N/A | 0 | - The controlling shareholder, Shengshida Investment Co., Ltd., has no related party relationship with the other nine shareholders and is not a party acting in concert[99] - Yang Xide, Chen Zhaojun, and Zhou Yongzhong hold some shares through margin accounts[100] IV. 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 - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[101] V. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller both remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[102] - The company's actual controller remained unchanged during the reporting period[102] VI. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[103] Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[105] Financial Report This section includes unaudited consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owner's equity, along with detailed explanations of the company's basic information, financial statement preparation basis, significant accounting policies and estimates, taxation, and specific notes for each financial statement item I. Audit Report The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[107] II. Financial Statements Provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, presenting the financial position at period-end and operating results and cash flows during the reporting period Consolidated Balance Sheet (June 30, 2025) | Item | Period-end Balance (RMB) | Period-start Balance (RMB) | | :--- | :--- | :--- | | Total Current Assets | 631.97 RMB million | 669.30 RMB million | | Cash and Bank Balances | 57.29 RMB million | 53.80 RMB million | | Trading Financial Assets | 19.33 RMB million | 19.33 RMB million | | Accounts Receivable | 44.01 RMB million | 5.08 RMB million | | Inventories | 499.29 RMB million | 581.59 RMB million | | Total Non-Current Assets | 673.62 RMB million | 708.34 RMB million | | Investment Properties | 625.98 RMB million | 660.27 RMB million | | Total Assets | 1.31 RMB billion | 1.38 RMB billion | | Total Current Liabilities | 428.89 RMB million | 463.70 RMB million | | Short-term Borrowings | 2.50 RMB million | 3.01 RMB million | | Accounts Payable | 119.55 RMB million | 133.16 RMB million | | Taxes Payable | 187.18 RMB million | 193.90 RMB million | | Total Non-Current Liabilities | 158.59 RMB million | 170.59 RMB million | | Long-term Borrowings | 158.46 RMB million | 170.46 RMB million | | Total Liabilities | 587.48 RMB million | 634.29 RMB million | | Total Equity Attributable to Parent Company Owners | 708.76 RMB million | 733.77 RMB million | | Total Owners' Equity | 718.11 RMB million | 743.35 RMB million | Consolidated Income Statement (2025 Semi-annual) | Item | 2025 Semi-annual (RMB) | 2024 Semi-annual (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 117.09 RMB million | 19.29 RMB million | | Total Operating Costs | 143.17 RMB million | 48.76 RMB million | | Operating Profit | -24.12 RMB million | -18.09 RMB million | | Total Profit | -25.23 RMB million | -18.22 RMB million | | Net Profit | -25.23 RMB million | -18.06 RMB million | | Net Profit Attributable to Parent Company Shareholders | -25.02 RMB million | -17.58 RMB million | | Basic Earnings Per Share | -0.17 | -0.12 | | Diluted Earnings Per Share | -0.17 | -0.12 | Consolidated Cash Flow Statement (2025 Semi-annual) | Item | 2025 Semi-annual (RMB) | 2024 Semi-annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 29.66 RMB million | -24.45 RMB million | | Net Cash Flow from Investing Activities | 0.00 RMB | 24.35 RMB million | | Net Cash Flow from Financing Activities | -25.80 RMB million | -27.97 RMB million | | Net Increase in Cash and Cash Equivalents | 3.86 RMB million | -28.07 RMB million | | Cash and Cash Equivalents at Period-end | 57.29 RMB million | 19.48 RMB million | III. Company's Basic Information Rongfeng Holdings Group Co., Ltd. was established in 1988 with a registered capital of RMB 146,841,890.00, and its legal representative is Wang Zheng. The company operates in the real estate industry, with main businesses including real estate development and operations, property management, and cross-border logistics - The company's registered capital is RMB 146,841,890.00, and its legal representative is Wang Zheng[139][140] - The company operates in the real estate industry, with main businesses including real estate development and sales, property management, and cross-border logistics[141] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, in accordance with 'Accounting Standards for Business Enterprises' and relevant CSRC disclosure regulations, using the accrual basis of accounting, and measured at historical cost except for specific financial instruments - The financial statements are prepared on a going concern basis, in accordance with the 'Accounting Standards for Business Enterprises' and the 'No. 15 Rules for Information Disclosure by Companies Issuing Securities to the Public - General Provisions on Financial Reports' issued by the China Securities Regulatory Commission[142] - Accounting is based on the accrual method, and except for certain financial instruments, all measurements are based on historical cost[142] - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts[143] V. Significant Accounting Policies and Estimates This section details the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, other receivables, inventories, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, contract liabilities, employee compensation, provisions, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases, as significant accounting policies and estimates - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[144] - The accounting year follows the calendar year, the operating cycle is 12 months, and the functional currency is RMB[145][146][147] - Detailed accounting methods for business combinations under common control and non-common control are provided[148][151][152] - The scope of consolidated financial statements is determined based on control, and detailed methods for preparing consolidated financial statements are provided[155][156][157] - Accounting policies for financial instruments, including classification, measurement, impairment, recognition criteria for transfer, and derecognition, are explained[166][167][168] - Real estate sales revenue is recognized when the property is completed and accepted, meets the delivery conditions stipulated in the sales contract, and the customer obtains control of the related goods or services[266] - Cross-border logistics revenue is recognized upon completion of freight forwarding services and reconciliation with the customer[271] - There were no significant changes in accounting policies and estimates during the reporting period[293] VI. Taxation This section lists the company's main tax categories and rates, including Value-Added Tax, Urban Maintenance and Construction Tax, Corporate Income Tax, Property Tax, and Land Appreciation Tax Main Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | VAT output tax rates are 13%, 6%, 5%, and VAT is calculated based on the difference after deducting input tax credits, or a 5% simplified collection method is applied | 13%, 6%, 5% | | Urban Maintenance and Construction Tax | Calculated at 7%, 5%, or 1% of actual turnover tax paid | 7%, 5%, 1% | | Corporate Income Tax | Taxable Income | 25% | | Property Tax | Calculated at 12% of rental income or 1.2% of original property value | 12%, 1.2% | | Land Appreciation Tax | Appreciation from real estate transfer, 30%-60% four-tier progressive tax rate | 30%-60% | VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for each asset, liability, owner's equity, revenue, cost, expense, and cash flow item in the consolidated financial statements, including period-end balances, period-start balances, current period changes, and reasons for changes. Key disclosures include specific information on cash and bank balances, accounts receivable, inventories, investment properties, short-term borrowings, long-term borrowings, accounts payable, and taxes payable - Cash and bank balances at period-end were RMB 57,292,730.65, and at period-start were RMB 53,796,307.32, primarily consisting of bank deposits[296] - Accounts receivable at period-end were RMB 44,006,293.85, a significant increase from the period-start, mainly due to outstanding payments from Hunan Weiyu Pharmaceutical Co., Ltd., Shanghai Pudong Development Bank Co., Ltd., and others[306][308][316] - Inventories at period-end were RMB 499,285,950.18, primarily consisting of completed development products and leased development products, with an inventory impairment provision of RMB 155,226,937.66 for the Changchun International Financial Center project[361][369] - Investment properties had a carrying value of RMB 625,975,721.26 at period-end, mainly comprising buildings, with the Changchun International Financial Center and Rongfeng Jiayuan 2008 Clubhouse having outstanding property title certificates[406][411] - Short-term borrowings at period-end were RMB 2,500,000.00, and long-term borrowings were RMB 158,460,000.00, primarily pledge loans[450][485] - Accounts payable at period-end were RMB 119,547,441.44, mainly for construction costs[456] - Taxes payable at period-end were RMB 187,177,271.95, primarily including land value-added tax and corporate income tax[478] - Operating revenue for the current period was RMB 117,085,240.22, and operating cost was RMB 115,203,656.68[507] VIII. Research and Development Expenses The company had no R&D expenses during the reporting period - The company had no R&D expenses during the reporting period[517] IX. Changes in Consolidation Scope During the reporting period, the company established a new subsidiary, Shenzhen Guojin Digital Technology Co., Ltd., leading to a change in the scope of consolidation. There were no business combinations not under common control, business combinations under common control, or disposals of subsidiaries resulting in loss of control - On April 27, 2025, the company established a new subsidiary, Shenzhen Guojin Digital Technology Co., Ltd., leading to a change in the scope of consolidation[558] - There were no business combinations not under common control, business combinations under common control, or disposals of subsidiaries resulting in loss of control during the reporting period[555][556][557][558] X. Interests in Other Entities This section lists the composition of the company's major subsidiaries, including Rongkong Industrial, Beijing Rongfeng, Changchun Rongfeng, Guojin Property, Shandong Rongfeng, Rongfeng Selection (Zhejiang), Rongfeng Selection (Hangzhou), Rongfeng Shangpin (Hangzhou), Guangdong Rongkong Weihua International Logistics Co., Ltd., and the Korean subsidiary, as well as the newly established Shenzhen Guojin Digital Technology Co., Ltd. There were no significant non-wholly owned subsidiaries, joint ventures, or associates during the reporting period Composition of the Enterprise Group | Subsidiary Name | Registered Capital (RMB) | Main Operating Location | Business Nature | Shareholding Ratio (Direct) (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Rongkong Industrial Investment Co., Ltd. | 60.00 RMB million | Shanghai | Trading | 100.00% | Established | | Beijing Rongfeng Real Estate Development Co., Ltd. | 92.72 RMB million | Beijing | Real Estate Development | 100.00% | Business Combination Under Common Control | | Changchun Rongfeng Real Estate Development Co., Ltd. | 50.00 RMB million | Changchun | Real Estate Development | 100.00% (Indirect) | Business Combination Under Common Control | | Guangdong Rongkong Weihua International Logistics Co., Ltd. | 20.00 RMB million | Guangdong | Cross-border Logistics | 51.00% | Established | | Shenzhen Guojin Digital Technology Co., Ltd. | 5.00 RMB million | Shenzhen | Technology Services | 100.00% | Established | - There were no significant non-wholly owned subsidiaries, joint ventures, or associates during the reporting period[561][562][563] XI. Government Grants During the reporting period, government grants recognized in current profit and loss amounted to RMB 30,081.66, primarily for individual income tax refunds and similar items Government Grants Recognized in Current Profit and Loss | Accounting Account | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Creative Extraordinary Enterprise Support and Development Funds | 0.00 | 4.19 RMB million | | Tax Refund | 30081.66 | 0.00 | | Additional Input Tax Deduction | 0.00 | -58278.19 | XII. Risks Related to Financial Instruments The company faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk). It manages these risks by establishing credit policies, monitoring funding needs, maintaining ample cash reserves, and managing floating-rate borrowings - The company's main financial instruments include cash and bank balances, accounts receivable, other receivables, borrowings, accounts payable, and other payables[573] - Credit Risk: Management mitigates credit risk by establishing credit policies, setting credit limits, and implementing credit approval and monitoring procedures[576] - Liquidity Risk: The finance department continuously monitors short-term and long-term funding needs, ensuring ample cash reserves and compliance with loan agreements[579] - Market Risk: Includes exchange rate risk (primarily related to JPY and KRW, but main business is settled in RMB) and interest rate risk (primarily related to floating-rate bank borrowings)[581][583][584] XIII. Fair Value Disclosure At the end of the reporting period, the company's assets measured at fair value primarily consisted of trading financial assets, totaling RMB 19,325,737.84, valued using the market approach Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Period-end Fair Value (RMB) | Valuation Technique | | :--- | :--- | :--- | | Trading Financial Assets | 19.33 RMB million | Market Approach | XIV. Related Parties and Related Party Transactions The company's controlling shareholder is Shengshida Investment Co., Ltd., with Wang Zheng as the ultimate controlling party. During the reporting period, there were related party guarantees and fund borrowings/lendings, including the company providing a guarantee of RMB 163.96 million for Shanghai Hanyeping Industrial Co., Ltd., borrowing RMB 0.89 million from Shengshida Investment Co., Ltd., and lending RMB 14.75 million to Shengshida Investment Co., Ltd - The company's controlling shareholder is Shengshida Investment Co., Ltd., holding 40.91% of shares, with Wang Zheng as the ultimate controlling party[591] - Other related parties include Beijing Feichang Space Property Management Co., Ltd., Shanghai Hanyeping Industrial Co., Ltd., Wang Zheng, Maohui Development Co., Ltd., Shanghai Gongbao Business Consulting Co., Ltd., Anhui Ma'anshan Rural Commercial Bank Co., Ltd., Wang Huanxin, Zhang Jinsheng, and Guangzhou Lulu Eight Investment Partnership (Limited Partnership)[593] Related Party Guarantees (Company as Guarantor) | Guaranteed Party | Guarantee Amount (RMB) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Shanghai Hanyeping Industrial Co., Ltd. | 163.96 RMB million | 2024年05月22日 | 2027年05月21日 | No | Related Party Fund Borrowing/Lending (Current Period Amount) | Related Party | Transaction Nature | Borrowing/Lending Amount (RMB) | | :--- | :--- | :--- | | Shengshida Investment Co., Ltd. | Borrowed | 890000.00 | | Shengshida Investment Co., Ltd. | Lent | 14750000.00 | | Guangzhou Lulu Eight Investment Partnership (Limited Partnership) | Lent | 7900000.00 | - During the reporting period, there were no related party transactions involving purchase/sale of goods, provision/acceptance of services, related party entrusted management/contracting or entrusted management/outsourcing, related party leasing, or related party asset transfers/debt restructuring[595][596][598][599][604] XV. Share-Based Payments The company had no share-based payment situations during the reporting period - The company had no share-based payment situations during the reporting period[611] XVI. Commitments and Contingencies As of the balance sheet date, the company had no significant contingent matters requiring disclosure - As of the balance sheet date, the company had no significant contingent matters requiring disclosure[612] XVII. Events After the Balance Sheet Date The company reported no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date during the reporting period - The company reported no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date during the reporting period[614][615] XVIII. Other Significant Matters The company reported no prior period accounting error corrections, debt restructuring, asset swaps, annuity plans, or discontinued operations during the reporting period. The company's operating segments are classified into real estate development, sales and leasing; e-commerce live streaming; and cross-border logistics - The company reported no prior period accounting error corrections, debt restructuring, asset swaps, annuity plans, or discontinued operations during the reporting period[616][617][618][619][620] - The company's operating segments are classified into real estate development, sales and leasing; e-commerce live streaming; and cross-border logistics[620] XIX. Notes to Parent Company Financial Statement Items This section provides detailed notes for key items in the parent company's financial statements, including accounts receivable, other receivables, and long-term equity investments. The parent company's accounts receivable is RMB 0, other receivables primarily consist of intercompany receivables from consolidated related parties and liquidated damages for revoked voting rights entrustment, and long-term equity investments are mainly in subsidiaries - The parent company's accounts receivable balance at period-end was RMB 0[624] - The parent company's other receivables balance at period-end was RMB 544,390,998.43, primarily comprising intercompany receivables from consolidated related parties and liquidated damages for revoked voting rights entrustment[635][648] - The parent company's long-term equity investments had a carrying value of RMB 547,334,651.56 at period-end, entirely consisting of investments in subsidiaries[663][665] XX. Supplementary Information This section provides a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, reiterating no differences in accounting data under domestic and overseas accounting standards Non-Recurring Gains and Losses Detailed Statement | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Government grants recognized in current profit and loss | 30081.66 | Individual income tax refunds, etc. | | Other non-operating income and expenses apart from the above | -1108573.29 | Late fees, etc. | | Total | -1078491.63 | -- | Return on Net Assets and Earnings Per Share | Profit for Reporting Period | Weighted Average ROE (%) | Basic EPS (RMB/share) | Diluted EPS (RMB/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | -3.47% | -0.17 | -0.17 | | Net Profit Attributable to Common Shareholders After Non-Recurring Gains and Losses | -3.32% | -0.16 | -0.16 | - There are no differences in accounting data under domestic and overseas accounting standards[679] Other Submitted Data During the reporting period, the company had no other significant social security issues or administrative penalties, nor did it host any research, communication, or interview activities. It disclosed fund transactions with controlling shareholders and other related parties, with a total period-end balance of RMB 588.7251 million I. Other Significant Social Security Issues The listed company and its subsidiaries had no other significant social security issues or administrative penalties during the reporting period - The listed company and its subsidiaries had no other significant social security issues or administrative penalties during the reporting period[682] II. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company did not host any research, communication, interview, or other activities during the reporting period - The company did not host any research, communication, interview, or other activities during the reporting period[682] III. Fund Transactions Between the Listed Company and Controlling Shareholders and Other Related Parties The company has fund transactions with controlling shareholders and other related parties, with a total period-end balance of RMB 588.7251 million, primarily non-operating transactions with Changchun Rongfeng Real Estate Development Co., Ltd., Rongkong Industrial Investment Co., Ltd., Ning Yongchao, and Changsha Wenchao Management Enterprise (Limited Partners