中兴商业(000715) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, and defines key terms for accurate interpretation. Important Notes The company's board and senior management guarantee the accuracy and completeness of the semi-annual report, with no plans for cash dividends, bonus shares, or capital reserve conversions. - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This section lists the structured table of contents for the report, including major chapters such as important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes and shareholder information, bond-related matters, financial reports, and other submitted data. - The report's table of contents comprises nine main chapters, covering comprehensive information on the company's operations, financials, governance, and significant matters[9] Definitions This section defines key terms used in the report, including company names, regulatory bodies, exchanges, related parties, and the reporting period, ensuring accurate interpretation of the report. - The reporting period is defined as the first half of 2025[13] - The full name of the company is Zhongxing—Shenyang Commercial Building (Group) Co., Ltd., abbreviated as Zhongxing Commercial[13] Company Profile and Key Financial Indicators This section introduces Zhongxing Commercial's basic information, contact details, and presents a summary of its key accounting data and financial performance for the reporting period. Company Profile Zhongxing Commercial, stock code 000715, is listed on the Shenzhen Stock Exchange, with Qu Dayong as its legal representative. - The company's stock abbreviation is "Zhongxing Commercial", stock code 000715, listed on the Shenzhen Stock Exchange[15] - The company's legal representative is Qu Dayong[15] Contact Person and Contact Information Xie Yuanji serves as the Board Secretary, and Liu Dan as the Securities Affairs Representative, both located at No. 86 Taiyuan North Street, Heping District, Shenyang City, Liaoning Province. - The Board Secretary is Xie Yuanji, and the Securities Affairs Representative is Liu Dan[16] - The company's contact address is No. 86 Taiyuan North Street, Heping District, Shenyang City, Liaoning Province[16] Other Information During the reporting period, there were no changes to the company's registered address, office address, website, email, or information disclosure and storage locations, remaining consistent with the 2024 annual report. - The company's registered address, office address, website, and email remained unchanged during the reporting period[17] - Information disclosure and storage locations remained unchanged during the reporting period[18] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue slightly decreased, but net profit attributable to shareholders and non-recurring net profit significantly increased, with earnings per share rising year-on-year. Net cash flow from operating activities decreased, while total assets and net assets remained stable. - Earnings per share for the prior year were retrospectively adjusted due to the completion of capital reserve conversion into share capital in May 2025[20] 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Year Adjusted (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 402,478,389.92 | 403,689,940.49 | -0.30% | | Net Profit Attributable to Shareholders of Listed Company | 48,829,512.37 | 39,039,489.69 | 25.08% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 42,283,841.70 | 32,454,085.83 | 30.29% | | Net Cash Flow from Operating Activities | 39,206,000.94 | 51,614,929.57 | -24.04% | | Basic Earnings Per Share (RMB/share) | 0.09 | 0.07 | 28.57% | | Diluted Earnings Per Share (RMB/share) | 0.09 | 0.07 | 28.57% | | Weighted Average Return on Net Assets | 2.51% | 2.12% | 0.39% | | Period-End Indicators | Current Period-End (RMB) | Prior Year-End Adjusted (RMB) | Period-End vs. Prior Year-End Change (%) | | Total Assets | 2,647,325,292.27 | 2,659,161,883.07 | -0.45% | | Net Assets Attributable to Shareholders of Listed Company | 1,941,819,756.09 | 1,928,237,872.88 | 0.70% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards during the reporting period. - The company's financial reports disclosed under International Accounting Standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[22] - The company's financial reports disclosed under overseas accounting standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[23] Non-Recurring Gains and Losses and Amounts The company's total non-recurring gains and losses for the first half of 2025 amounted to RMB 6.5457 million, primarily from disposal gains/losses of non-current assets, government subsidies, and fair value changes in financial assets. 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | 406,677.03 | | | Government subsidies recognized in current profit/loss | 80,350.00 | | | Fair value changes and disposal gains/losses of financial assets | 8,146,797.46 | Fair value changes and disposal gains/losses from wealth management products and perpetual bonds | | Other non-operating income and expenses | 96,214.28 | | | Less: Income tax impact | 2,182,509.69 | | | Impact on minority interests (after tax) | 1,858.41 | | | Total | 6,545,670.67 | | Management Discussion and Analysis This section provides an in-depth analysis of the company's primary business operations, core competencies, financial performance, asset and liability status, investment activities, and risk management strategies during the reporting period. Company's Main Business During the Reporting Period The company primarily engages in commercial retail, encompassing department stores, supermarkets, and online shopping platforms, mainly operating under a concessionaire model. In the first half of 2025, amidst stable macroeconomic growth, the company actively innovated marketing, expanded online operations, optimized member management, enhanced service quality, and introduced "first-store economy" initiatives to address intense market competition and consumer channel diversion risks. Company's Main Business and Operating Model The company's main business is commercial retail, with operating formats including department stores, supermarkets, and online shopping platforms, primarily located in Shenyang's core business districts and radiating to surrounding cities. The operating model is mainly concessionaire, supplemented by self-operation and property leasing. - The company's main business is commercial retail, with operating formats including department stores, supermarkets, and online shopping platforms[28] - The company's operating model includes concessionaire, self-operation, and property leasing, with the concessionaire model being predominant[28] Industry Development Status In the first half of 2025, the national economy remained stable and improved, with increased vitality in the consumer market. However, consumers demand high quality and value for money, and online shopping continues to influence, driving a trend towards more affordable consumption. The Ministry of Commerce's trade-in policy promoted consumption growth. - In the first half of 2025, the national economy was generally stable and improving, with total retail sales of consumer goods increasing by 5.0% year-on-year and national online retail sales increasing by 8.5% year-on-year[29] - The consumer market faces intense competition, with continuous influence from online shopping driving a trend towards more affordable consumption[29] Company's Operating and Management Performance During the Reporting Period During the reporting period, the company's operating revenue slightly decreased by 0.30% year-on-year