陕国投(000563) - 2025 Q2 - 季度财报

Important Notice and Table of Contents Important Notice The Board, Supervisory Board, and senior management guarantee the semi-annual report's accuracy and completeness, with forward-looking statements not constituting commitments and described risks requiring investor attention - The company's Board of Directors, Supervisory Board, and senior management declare that the report content is true, accurate, and complete, with no false records, misleading statements, or major omissions[3] - Forward-looking statements in the report do not constitute substantial commitments, and investors need to maintain risk awareness[4] - The company has described credit, market, operational, compliance, and strategic risks; details can be found in "Section 3 Management Discussion and Analysis"[4] 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Share Capital Base | 5,113,970,358 shares | | Cash Dividend per 10 shares | 0.1 Yuan (tax inclusive) | | Bonus Shares | 0 shares (tax inclusive) | | Capital Reserve to Share Capital Conversion | No conversion | Directory of Reference Documents The company's reference documents for the reporting period include signed and sealed financial statements, the full and summary semi-annual report, original public disclosure documents, and announcements, all available at the Board of Directors' office - Reference documents include financial statements signed and sealed by the company's head, chief accountant, general accountant, and head of accounting department[9] - Reference documents include the full and summary semi-annual report signed by the company's legal representative and sealed by the company[9] - The reference documents are available at the company's Board of Directors' office[10] Company Profile and Key Financial Indicators Company Profile Shaanxi International Trust Co., Ltd. (Shaanguotou A, stock code 000563) is listed on the Shenzhen Stock Exchange, with Yao Weidong as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Shaanguotou A | | Stock Code | 000563 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Shaanxi International Trust Co., Ltd. | | Legal Representative | Yao Weidong | Contacts and Contact Information The company's Board Secretary is Wang Weihua, and the Securities Affairs Representative is Gao Qian, both located at C Block, Jinqiao International Plaza, No. 50 Keji Road, High-tech Zone, Xi'an, Shaanxi Province Contact Person Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wang Weihua | C Block, Jinqiao International Plaza, No. 50 Keji Road, High-tech Zone, Xi'an, Shaanxi Province | (029) 61198769 | (029) 68210784 | sgtdm@siti.com.cn | | Securities Affairs Representative | Gao Qian | 27th Floor, Room 2710, Board of Directors' Office, C Block, Jinqiao International Plaza, No. 50 Keji Road, High-tech Zone, Xi'an, Shaanxi Province | (029) 85790607 | (029) 68210784 | sgtdm@siti.com.cn | Other Information During the reporting period, there were no changes in the company's contact information, information disclosure, document availability, or other relevant data, as detailed in the 2024 annual report - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period[14] - Information disclosure and document availability locations remained unchanged during the reporting period[15][16] - Other relevant information showed no changes during the reporting period[17] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue decreased by 2.95% year-on-year, but net profit attributable to shareholders increased by 5.74%, with basic and diluted earnings per share also rising by 5.74%; net cash flow from operating activities decreased by 34.49%, while total assets and net assets attributable to shareholders both grew 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,366,801,195.51 | 1,408,304,118.73 | -2.95% | | Net Profit Attributable to Shareholders of Listed Company | 725,609,363.75 | 686,189,518.09 | 5.74% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 723,466,452.39 | 675,512,511.87 | 7.10% | | Net Cash Flow from Operating Activities | 980,716,234.62 | 1,497,120,731.46 | -34.49% | | Basic Earnings Per Share (Yuan/share) | 0.1419 | 0.1342 | 5.74% | | Diluted Earnings Per Share (Yuan/share) | 0.1419 | 0.1342 | 5.74% | | Weighted Average Return on Net Assets | 3.99% | 3.95% | Increased by 0.04 percentage points | | As of Current Reporting Period End | As of Prior Year End | Change from Prior Year End | | Total Assets | 26,795,113,524.76 | 25,451,475,840.16 | 5.28% | | Net Assets Attributable to Shareholders of Listed Company | 18,357,422,972.16 | 17,887,512,126.31 | 2.63% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company had no differences in net profit and net assets between financial reports prepared under International Accounting Standards or overseas accounting standards and those prepared under Chinese Accounting Standards - The company's financial reports for the reporting period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[18] - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[19] Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 2,142,911.36 Yuan, primarily from non-current asset disposal gains/losses, reversal of impairment provisions for receivables, other non-operating income/expenses, and individual income tax handling fee refunds; the company classifies loan interest income, investment gains from disposal and holding of trading financial assets, and fair value change gains/losses as recurring gains/losses due to their nature as main business activities 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Non-current asset disposal gains and losses | -5,612.16 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 2,371,503.54 | | Other non-operating income and expenses apart from the above | -1,085,239.61 | | Other gains and losses meeting the definition of non-recurring gains and losses | 1,576,563.38 | | Less: Income tax impact | 714,303.79 | | Total | 2,142,911.36 | - Other gains and losses meeting the definition of non-recurring gains and losses are individual income tax handling fee refunds received[22] Items Classified as Recurring Gains and Losses | Item | Amount Involved (Yuan) | Reason | | :--- | :--- | :--- | | Loan interest income from non-financial enterprises recognized in current profit or loss | 388,039,117.89 | Lending is the company's main business | | Investment gains from disposal of trading financial assets | 12,571,037.86 | Investing in financial assets is the company's main business | | Fair value change gains and losses from holding trading financial assets | 103,974,215.27 | Investing in financial assets is the company's main business | Management Discussion and Analysis Company's Main Business Activities During the Reporting Period During the reporting period, the company actively responded to regulatory policies, promoted trust business transformation, maintained steady development in its inherent business, continuously expanded wealth management services, and strengthened risk prevention and internal reforms, contributing to the overall trust industry's stable asset growth, optimized business structure, and improved operating performance - The trust industry's asset scale showed stable growth, reaching 29.56 trillion Yuan by the end of 2024, a year-on-year increase of 23.58%[25] - The trust business structure significantly optimized, with diversified development in asset service trusts, asset management trusts, and public welfare charitable trusts[25] - The company's business scope includes various trust businesses such as fund trusts, movable property trusts, real estate trusts, and marketable securities trusts, as well as inherent business and intermediary services like investment advisory[28] 2025 Semi-Annual Operating Performance Overview | Indicator | Amount (billion Yuan) | YoY Change | | :--- | :--- | :--- | | Total Operating Revenue | 1.367 | - | | Inherent Business Revenue | 0.658 | +10.18% | | Total Profit | 0.968 | +5.80% | | Net Profit | 0.726 | +5.74% | | Managed Trust Scale (as of end of June) | 586.064 | +1.35% (vs. beginning of year) | - The company accelerated trust business transformation, established a full-category asset management product system, promoted asset service trust in specialized scenarios, and focused on serving the real economy within the province[35] - Inherent business strengthened investment research capabilities, strategically invested in emerging industries and key provincial industrial chains, enhanced profitability, and fostered synergy with trust business[36] - Wealth management brand influence continued to expand, optimizing client structure and balancing product structure, with family/household and insurance trust assets under management exceeding 5 billion Yuan[37] - The company strengthened internal control and compliance, strictly controlled incremental risks, enhanced public-related risk management, accelerated digital transformation, increased technology investment, and deployed AI technology[38][39] Analysis of Core Competencies The company's core competencies are rooted in its standardized governance structure, capital advantages from its listing, prudent risk control philosophy, high-caliber talent pool, and adaptive capacity for continuous reform - The company's governance structure is standardized and scientific, with the Party Committee playing a leading role to ensure development aligns with national strategies and industry trends[41] - As the first listed non-bank financial institution in China, the company enjoys high visibility and brand influence, with net assets climbing to 18.357 billion Yuan, and is systematically advancing a private placement of no more than 3.8 billion Yuan[41] - The company adheres to a steady and progressive development philosophy, prioritizing risk prevention, establishing a comprehensive "three lines of defense" system, and strengthening risk control in key areas[42] - The company boasts a high-quality talent pool, with over 68% holding master's or doctoral degrees, and has improved person-job fit through institutional reforms and company-wide competitive recruitment[42] - The company continuously deepens reforms, promoting a "business group + business unit" structure for its trust main business, implementing comprehensive reforms in compliance, risk control, operations, portfolio management, and technology, and firmly pursuing digital transformation[42][43] Analysis of Main Business The company's main business is financial trust services, with operating revenue decreasing by 2.95% year-on-year during the reporting period; net interest income increased by 30.20%, and fair value change gains/losses significantly grew by 359.85%, but investment income decreased by 31.16% year-on-year, with Northwest China remaining the primary revenue source and North China showing significant revenue growth 2025 Semi-Annual Major Financial Data YoY Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Business and Management Expenses | 430,054,314.57 | 404,063,814.32 | 6.43% | - | | Income Tax Expense | 242,030,812.38 | 228,391,307.72 | 5.97% | - | | Net Cash Flow from Operating Activities | 980,716,234.62 | 1,497,120,731.46 | -34.49% | Primarily due to an increase in net financial assets held for trading purposes | | Net Cash Flow from Investing Activities | -241,370,115.71 | -744,000,638.46 | 67.56% | Primarily due to an increase in other entrusted funds received | | Net Cash Flow from Financing Activities | -818,346,558.97 | -648,418,535.07 | -26.21% | Primarily due to a decrease in net funds from the Trust Industry Guarantee Fund Company compared to the prior year | | Net Increase in Cash and Cash Equivalents | -79,000,440.06 | 104,701,557.93 | -175.45% | Comprehensive impact of operating, investing, and financing activities | | Net Interest Income | 242,701,608.25 | 186,410,426.06 | 30.20% | Primarily due to lower payments to other entrusted parties | | Investment Income | 308,771,434.75 | 448,528,689.78 | -31.16% | Primarily due to reduced income from financial product investments | | Fair Value Change Gains and Losses | 103,974,215.27 | -40,013,348.99 | 359.85% | Primarily due to an increase in the market value of financial products held | | Asset Disposal Gains | -5,612.16 | -1,293.22 | -333.97% | Decrease in fixed asset disposal gains in the current period | | Credit Impairment Losses | -44,362,059.92 | 75,285,056.79 | -158.93% | Primarily due to a decrease in assets requiring impairment provision in the current period | | Non-Operating Income | 110,790.09 | 1,000.67 | 10,971.59% | Primarily due to recovery of previously written-off deposits in the current period | 2025 Semi-Annual Operating Revenue Composition | Item | Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,366,801,195.51 | 100% | 1,408,304,118.73 | 100% | -2.95% | | By Industry | | | | | | | Financial Trust Business | 1,366,801,195.51 | 100.00% | 1,408,304,118.73 | 100.00% | -2.95% | | By Product | | | | | | | Financial Trust Business | 1,366,801,195.51 | 100.00% | 1,408,304,118.73 | 100.00% | -2.95% | | By Region | | | | | | | Northwest | 1,127,111,867.91 | 82.46% | 1,181,188,425.75 | 83.87% | -4.58% | | Central China | - | 0.00% | 5,425,992.03 | 0.39% | -100.00% | | South China | 8,047,276.08 | 0.59% | 18,697,130.95 | 1.33% | -56.96% | | East China | 11,849,288.88 | 0.87% | 18,106,443.47 | 1.29% | -34.56% | | North China | 213,190,068.22 | 15.60% | 160,609,634.45 | 11.40% | 32.74% | | Southwest | 6,602,694.42 | 0.48% | 24,276,492.08 | 1.72% | -72.80% | Analysis of Non-Main Business The company had no non-main business activities during the reporting period Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets increased by 5.28% year-on-year, and net assets attributable to shareholders increased by 2.63%; the proportion of trading financial assets and debt investments rose, while loans and advances decreased, with some assets subject to restricted rights 2025 Semi-Annual Major Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Major Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 2,867,101,313.66 | 10.70% | 2,946,101,753.72 | 11.58% | -0.88% | - | | Accounts Receivable | 159,997,122.64 | 0.60% | 155,648,181.60 | 0.61% | -0.01% | - | | Long-term Equity Investments | 144,718,673.92 | 0.54% | 148,456,860.98 | 0.58% | -0.04% | - | | Fixed Assets | 61,989,275.78 | 0.23% | 64,478,775.36 | 0.25% | -0.02% | - | | Construction in Progress | 897,756,074.57 | 3.35% | 721,289,137.62 | 2.83% | 0.52% | - | | Right-of-Use Assets | 3,867,391.04 | 0.01% | 8,328,693.61 | 0.03% | -0.02% | Primarily due to depreciation of right-of-use assets | | Contract Liabilities | 15,029,792.20 | 0.06% | 27,043,037.16 | 0.11% | -0.05% | Decrease in fees and commission income to be recognized in future years based on accrual basis | | Lease Liabilities | 3,728,603.78 | 0.01% | 7,835,099.23 | 0.03% | -0.02% | Primarily due to rent payments | | Loans and Advances | 9,535,527,694.85 | 35.59% | 9,927,095,374.46 | 39.00% | -3.41% | - | | Trading Financial Assets | 3,622,802,629.69 | 13.52% | 3,113,955,125.39 | 12.23% | 1.29% | - | | Debt Investments | 6,169,494,944.78 | 23.02% | 5,112,026,831.57 | 20.09% | 2.93% | - | | Other Equity Instrument Investments | 1,400,196,720.49 | 5.23% | 1,400,196,720.49 | 5.50% | -0.27% | - | | Employee Benefits Payable | 618,522,943.24 | 2.31% | 613,919,572.42 | 2.41% | -0.10% | - | | Taxes Payable | 146,181,337.56 | 0.55% | 328,402,522.17 | 1.29% | -0.74% | Primarily due to tax payments in the current period | | Deferred Income Tax Liabilities | 5,315,176.36 | 0.02% | 123,398.59 | 0.00% | 0.02% | Primarily due to fair value changes | | Other Liabilities | 7,488,770,472.94 | 27.95% | 6,372,581,202.37 | 25.04% | 2.91% | - | 2025 Semi-Annual Assets and Liabilities Measured at Fair Value | Item | Opening Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Cumulative Fair Value Changes Included in Equity (Yuan) | Purchases for Current Period (Yuan) | Sales for Current Period (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets | | | | | | | | 1. Trading Financial Assets | 3,113,955,125.39 | 103,974,215.27 | 0.00 | 2,987,276,774.93 | 2,564,280,931.41 | 3,622,802,629.69 | | 4. Other Equity Instrument Investments | 1,400,196,720.49 | 0.00 | -101,708,036.26 | 0.00 | 0.00 | 1,400,196,720.49 | | Subtotal Financial Assets | 4,514,151,845.88 | 103,974,215.27 | -101,708,036.26 | 2,987,276,774.93 | 2,564,280,931.41 | 5,022,999,350.18 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2025 Semi-Annual Asset Rights Restriction Status | Item | Carrying Amount at Period End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Loans and Advances | 53,755,732.38 | Other liabilities | | Debt Investments | 157,690,466.76 | - | | Other Receivables | 806,527,161.52 | - | | Total | 1,017,973,360.66 | - | Analysis of Investment Status The company had no significant equity or non-equity investments during the reporting period; financial asset investments primarily comprised securities and funds, with a notable proportion in trust and asset management products, and the company contributed a total of 430.2611 million Yuan to the Trust Industry Guarantee Fund - The company had no significant equity investments or ongoing significant non-equity investments during the reporting period[56][57] 2025 Semi-Annual Partial Securities Investment Status | Security Code | Security Name | Carrying Amount at Beginning of Period (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Carrying Amount at End of Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | | 000768 | AVIC Control | 87,738.50 | 5,876,219.32 | 81,875,198.75 | | 600416 | Xiangtan Electric Manufacturing | 57,732,950.44 | 6,116,109.60 | 68,733,987.90 | | 002356 | Hermès Group | 36,898,547.72 | 47,889,604.28 | 34,319,013.84 | | 603986 | GigaDevice | 15,806,400.00 | 11,642,507.61 | 18,726,440.00 | | 300775 | Triangle Defense | 15,537,996.45 | 20,999,709.40 | 16,762,385.84 | | 300743 | Tiandi Digital | 7,816,036.00 | 7,055,333.13 | 9,589,580.00 | | 000528 | Liugong | 5,524,686.00 | 9,452,748.09 | 8,442,385.16 | | 600685 | CSSC Offshore & Marine Engineering | 1,007,318.72 | 6,956,741.04 | 7,964,059.76 | | 300035 | Zhongke Electric | 2,161,770.00 | 5,364,048.50 | 6,465,040.00 | | 600482 | China Shipbuilding Power | 193,961.00 | 5,718,880.00 | 5,912,841.00 | | Total | 889,852,981.46 | 749,131,953.84 | 1,152,837,592.51 | 2025 Semi-Annual Other Financial Product Investment Status (Partial) | Item | Financial Product Amount (10,000 Yuan) | Type | Accounting Subject | Current Period Profit/Loss (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | 1 | 6,914.67 | Fund | Trading Financial Assets | 18.01 | | 5 | 4,509.50 | Fund | Trading Financial Assets | 152.78 | | 6 | 3,301.67 | Fund | Trading Financial Assets | 277.47 | | 7 | 3,297.48 | Fund | Trading Financial Assets | 305.96 | | 37 | 20,003.28 | Wealth Management Product | Trading Financial Assets | 17.06 | | 48 | 100,206.25 | Trust Product | Trading Financial Assets | 752.64 | | 53 | 5,330.48 | Asset Management | Trading Financial Assets | 142.75 | | 60 | 73,691.50 | Financial Enterprise Equity | Other Equity Instrument Investments | 1,704.70 | | 63 | 88,730.12 | Trust Product | Debt Investments | 2,353.69 | | Total | 1,046,499.39 | | | 22,280.21 | - As of the end of the first half of 2025, the company's total fair value of Trust Industry Guarantee Fund contributions was 430.2611 million Yuan, calculated based on 1% of net asset balance, 1% of new fund trust issuance amount, and 5% of remuneration from newly established property trusts[65] - The company had no derivative investments during the reporting period[66] Use of Raised Funds The company had no use of raised funds during the reporting period Significant Asset and Equity Sales The company did not sell significant assets or equity during the reporting period Analysis of Major Holding and Participating Companies The company had no important holding or participating company information to disclose during the reporting period Information on Structured Entities Controlled by the Company The company comprehensively assessed its rights and variable returns from structured entities, resulting in the consolidation of 48 structured entities - The company consolidated 48 structured entities, including asset management plans, funds, and trust plans, which it controls[72] Risks Faced by the Company and Countermeasures The company faces credit, market, operational, compliance, strategic, and other risks, and has established corresponding risk management systems and countermeasures, including pre-assessment, in-process control, post-event supervision, strengthened internal control and compliance, and increased investment in financial technology - Credit risk is mitigated through a pre-assessment, in-process control, and post-event supervision system, strengthening credit risk management capabilities, enhancing counterparty screening and credit enhancement measures, strictly adhering to business processes, establishing risk screening mechanisms, reinforcing monitoring and early warning, and making adequate impairment provisions[73] - Market risk is managed by formulating market risk management principles and procedures, analyzing macroeconomic and policy changes, strictly implementing limit management and stop-loss mechanisms, conducting asset portfolio management, and strengthening market risk monitoring[74] - Operational risk is addressed by strengthening internal control system construction, optimizing departmental responsibilities, improving rules and regulations, reasonably setting job responsibilities, reinforcing process control, enhancing employee behavior management and training, promptly eliminating operational risk hidden dangers, and implementing accountability[75] - Compliance risk is managed by studying national policy directions, returning to the essence of serving the real economy, adhering to risk compliance bottom lines, improving consumer rights protection mechanisms, strengthening standardized marketing of trust products, and promoting trust culture construction[76] - Strategic risk is mitigated by adhering to the general principle of seeking progress while maintaining stability, upholding a prudent and steady operating philosophy, leveraging the checks and balances of corporate governance, making democratic and scientific decisions based on thorough market research and demonstration, with the Board of Directors reviewing development strategies and the Strategic Development Committee researching long-term development strategies and major project decisions[76] - Other risks, including liquidity risk, information technology risk, reputational risk, and money laundering risk, are controlled through strengthening the comprehensive risk management system and internal control system[76][77] Implementation of Market Value Management System and Valuation Enhancement Plan The company has established a "Market Value Management System" but has not yet disclosed a valuation enhancement plan - The company's Board of Directors approved the "Proposal on Formulating the " on August 25, 2025, to strengthen market value management and enhance investment value[78] - The company has not yet disclosed a valuation enhancement plan[78] Implementation of "Quality and Return Dual Enhancement" Action Plan The company has not yet disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not yet disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[78] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, company director Gao Xuejun, business director Xu Haibao, senior audit officer Qiao Xiaolei, risk director Zhang Tao, and chief accountant Jia Shaolong resigned or were appointed/removed, while Xu Haibao was appointed Vice President, Qiao Xiaolei as Chief Accountant, Zhang Tao as Operations Director, and Wang Yaning as Risk Director 2025 Semi-Annual Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Change Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Gao Xuejun | Director | Resignation | April 27, 2025 | Resigned due to work changes, stepping down from director and special committee positions | | Xu Haibao | Vice President | Appointment | May 28, 2025 | Appointed by Board of Directors' resolution | | Xu Haibao | Business Director | Removal | May 28, 2025 | Resigned due to work changes, stepping down from business director position | | Qiao Xiaolei | Chief Accountant | Appointment | March 7, 2025 | Appointed by Board of Directors' resolution | | Qiao Xiaolei | Senior Audit Officer | Removal | March 6, 2025 | Resigned due to work changes, stepping down from senior audit officer position | | Zhang Tao | Operations Director | Appointment | July 30, 2025 | Appointed by Board of Directors' resolution, qualification approved | | Zhang Tao | Risk Director | Removal | March 6, 2025 | Resigned due to work changes, stepping down from risk director position | | Wang Yaning | Risk Director | Appointment | July 17, 2025 | Appointed by Board of Directors' resolution, qualification approved | | Jia Shaolong | Chief Accountant | Resignation | January 6, 2025 | Resigned due to work changes, stepping down from chief accountant position | Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company's 2025 semi-annual profit distribution plan proposes a cash dividend of 0.1 Yuan (tax inclusive) per 10 shares to all shareholders, based on a share capital base of 5,113,970,358 shares, with no bonus shares or capital reserve conversion to share capital, and the total cash dividend accounts for 100% of the total profit distribution 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Bonus Shares per 10 shares (shares) | 0 | | Cash Dividend per 10 shares (Yuan) (tax inclusive) | 0.1 | | Share Capital Base for Distribution Plan (shares) | 5,113,970,358 | | Cash Dividend Amount (Yuan) (tax inclusive) | 51,139,703.58 | | Distributable Profit (Yuan) | 5,247,745,246.47 | | Proportion of Total Cash Dividend to Total Profit Distribution | 100% | - The company plans to allocate 72,315,851.99 Yuan for statutory common reserve (10% of net profit) and 36,157,925.99 Yuan for trust compensation reserve (5% of net profit)[82] Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, 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 Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law Social Responsibility The company actively fulfills its social responsibility for targeted rural revitalization and village assistance, investing funds to support industrial development, while also prioritizing consumer rights protection through various financial education activities, and successfully resolving all 25 consumer complaints received during the reporting period without any major incidents - The company undertakes targeted rural revitalization assistance in Wu'an Village, Zhaozhuang Town, Chengcheng County, Weinan City, Shaanxi Province, and industrial assistance in Chunhua County, Xianyang City, Shaanxi Province[85] - The company invested assistance funds to help Wu'an Village establish a municipal-level "Ten Million Project" key village and provided a 20 million Yuan working capital loan to Shaanxi Xianyang Baixing Le Pharmacy Chain Co., Ltd.[85] - The company established Shaanxi Xianyang Chunhua Industrial Revitalization Development Fund Partnership (Limited Partnership) and has invested 5 million Yuan[85] - The company integrates consumer rights protection into its corporate governance, culture, and development strategy, actively practicing the "political and people-oriented nature" of financial work[86] - The company conducted a series of educational and promotional activities, including "3·15 Financial Consumer Rights Protection Education and Promotion Activity" and "Illegal Financial Activities Prevention Month," cumulatively publishing 61 promotional articles and holding 14 offline events[86] - During the reporting period, the company received 25 consumer complaints related to personal loans, proprietary wealth management, and agency trust businesses, all resolved within 15 days, with no major consumer complaints[87] Significant Matters Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, Shaanxi Coal and Chemical Industry Group Co., Ltd., the company's largest shareholder, strictly fulfilled its commitments regarding the company's independence, standardized related party transactions, and avoidance of horizontal competition, with no violations of commitments observed - Shaanxi Coal and Chemical Industry Group Co., Ltd. committed to ensuring the company's independence in personnel, finance, assets, organization, and business during its tenure as the largest shareholder of Shaanguotou[90] - Shaanxi Coal and Chemical Industry Group Co., Ltd. committed to standardizing related party transactions with Shaanguotou, ensuring fair and reasonable transaction prices, and not infringing upon the legitimate rights and interests of Shaanguotou and other shareholders[90] - Shaanxi Coal and Chemical Industry Group Co., Ltd. committed to avoiding horizontal competition with Shaanguotou in financial equity investment, not investing in other trust companies, and strengthening mutual cooperation[91] - All commitments were fulfilled on time, with no overdue unfulfilled commitments[91] Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company Irregular External Guarantees The company had no irregular external guarantees during the reporting period Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Reporting Period The company had no non-standard audit report during the reporting period Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year The company had no non-standard audit report for the previous year during the reporting period Bankruptcy Reorganization Matters The company had no bankruptcy reorganization matters during the reporting period Litigation Matters The company had no significant litigation, arbitration, or other litigation matters during the reporting period Penalties and Rectification The company had no penalties or rectification situations during the reporting period Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company, its largest shareholder, and actual controller had no adverse integrity records, such as unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its largest shareholder, and actual controller had no adverse integrity records, such as unfulfilled effective court judgments or large overdue debts[98] Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, transactions with affiliated financial companies, transactions between the company's controlled financial companies and related parties, or other significant related party transactions and trust business related party transactions Significant Contracts and Their Performance The company had no custody, contracting, significant guarantee, or other significant contracts during the reporting period; in leasing, it earned 532,188.25 Yuan from renting out properties and commercial units, while incurring 8,367,667.36 Yuan in office space rental expenses; for entrusted wealth management, the company invested its own funds in bank wealth management products, with an outstanding balance of 500 million Yuan at period-end and no overdue unrecovered amounts - The company had no custody or contracting situations during the reporting period[107][108] - The company rented out 13 units of its Jinqiao Sun Island property and 43 commercial units and one apartment in Bengbu City, Anhui Province, generating a total rental income of 532,188.25 Yuan[109] - The company rented 8 office locations, incurring total office rental expenses of 8,367,667.36 Yuan during the reporting period[109] - The company had no significant guarantee situations during the reporting period[111] 2025 Semi-Annual Entrusted Wealth Management Status | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 50,000 | 50,000 | 0 | | Total | | 50,000 | 50,000 | 0 | - The company had no other significant contracts during the reporting period[115] Explanation of Other Significant Matters The company has approved a plan to issue A-shares to specific investors in 2025, aiming to raise no more than 3.8 billion Yuan from no more than 35 investors; this plan has received approval from the Shaanxi Provincial Department of Finance but still requires approval from the Shaanxi Regulatory Bureau of the National Financial Regulatory Administration, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission - The company's Board of Directors, Supervisory Board, and Shareholders' Meeting have approved the plan for a private placement of A-shares to specific investors in 2025[117] - The private placement will involve no more than 35 investors, with a total fundraising amount not exceeding 3.8 billion Yuan, and not exceeding 30% of the company's total share capital before the issuance[117] - The plan has been approved by the Shaanxi Provincial Department of Finance but is still subject to approval from the Shaanxi Regulatory Bureau of the National Financial Regulatory Administration, review by the Shenzhen Stock Exchange, and registration decision by the China Securities Regulatory Commission before implementation[118] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period Share Changes and Shareholder Information Share Change Status During the reporting period, the company's total share capital remained unchanged at 5,113,970,358 shares, all of which are unrestricted shares 2025 Semi-Annual Share Change Status | Item | Quantity Before This Change (shares) | Proportion | Net Increase/Decrease for This Change (shares) | Quantity After This Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0% | 0 | 0 | 0% | | II. Unrestricted Shares | 5,113,970,358 | 100.00% | 0 | 5,113,970,358 | 100.00% | | 1. RMB Ordinary Shares | 5,113,970,358 | 100.00% | 0 | 5,113,970,358 | 100.00% | | III. Total Shares | 5,113,970,358 | 100.00% | 0 | 5,113,970,358 | 100.00% | - During the reporting period, the reasons for share changes, approval status of share changes, and progress of share repurchase implementation were all not applicable[122] Restricted Share Changes The company had no restricted share changes during the reporting period Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period Number of Shareholders and Shareholding Status As of the end of the reporting period, the total number of ordinary shareholders was 109,849; among the top ten shareholders, Shaanxi Coal and Chemical Industry Group Co., Ltd. held 26.80% and Shaanxi Transportation Control Asset Management Co., Ltd. held 16.76%, both being state-owned legal entities, and explanations of related party relationships or concerted actions among the top ten shareholders have been disclosed 2025 Semi-Annual Shareholder Number and Shareholding Status | Indicator | Value | | :--- | :--- | | Total number of ordinary shareholders at period end | 109,849 | | Total number of preferred shareholders with restored voting rights at period end (if any) | 0 | 2025 Semi-Annual Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Ordinary Shares Held at Period End (shares) | Change in Holding During Reporting Period (shares) | Number of Unrestricted Ordinary Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shaanxi Coal and Chemical Industry Group Co., Ltd. | State-owned Legal Entity | 26.80 | 1,370,585,727 | 0 | 1,370,585,727 | | Shaanxi Transportation Control Asset Management Co., Ltd. | State-owned Legal Entity | 16.76 | 857,135,697 | 0 | 857,135,697 | | Shaanxi Caijin Investment Management Co., Ltd. | State-owned Legal Entity | 4.98 | 254,532,679 | 0 | 254,532,679 | | Zhang Sufen | Domestic Natural Person | 1.54 | 78,500,000 | 10,300,000 | 78,500,000 | | Central Huijin Asset Management Co., Ltd. | State-owned Legal Entity | 1.00 | 50,966,280 | 0 | 50,966,280 | | CITIC Securities Co., Ltd. | State-owned Legal Entity | 0.99 | 50,829,199 | 2,278,532 | 50,829,199 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Fund, Wealth Management Product, etc. | 0.90 | 45,818,986 | 1,955,200 | 45,818,986 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Entity | 0.87 | 44,687,981 | -7,021,007 | 44,687,981 | | Xi'an Kerui Investment Management Co., Ltd. | Domestic General Legal Entity | 0.77 | 39,311,015 | -4,420,400 | 39,311,015 | | Yang Jie | Domestic Natural Person | 0.71 | 36,514,300 | 0 | 36,514,300 | - The company's largest shareholder and second largest shareholder are both provincial state-owned sole proprietorships; the largest shareholder, Shaanxi Coal and Chemical Industry Group Co., Ltd., has no related party relationships with other top 10 shareholders[125] - Shareholder Yang Jie holds company shares through CITIC Securities Co., Ltd.'s client credit trading guarantee securities account[125] Changes in Shareholdings of Directors, Supervisors, and Senior Management The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period Preferred Share Information The company had no preferred shares during the reporting period Bond-Related Information The company had no bond-related information during the reporting period Financial Report Audit Report The company's semi-annual financial report was not audited Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively illustrating the company's financial position, operating results, and cash flow - The consolidated balance sheet shows total assets of 26,795,113,524.76 Yuan and total equity attributable to parent company owners of 18,357,422,972.16 Yuan at period-end[134][135] - The consolidated income statement shows total operating revenue of 1,366,801,195.51 Yuan and net profit of 725,609,363.75 Yuan for the first half of 2025[140][141] - The consolidated cash flow statement shows net cash flow from operating activities of 980,716,234.62 Yuan, net cash flow from investing activities of -241,370,115.71 Yuan, and net cash flow from financing activities of -818,346,558.97 Yuan for the first half of 2025[147][148] Company Basic Information Shaanxi International Trust Co., Ltd., established in 1984 and listed on the Shenzhen Stock Exchange in 1994 with stock code 000563, has a registered capital of 5.114 billion Yuan and primarily engages in trust businesses, including fund trusts, movable property trusts, and real estate trusts, as well as inherent business and other services like securities underwriting - The company was established in 1984 and listed on the Shenzhen Stock Exchange on January 10, 1994, with stock abbreviation "Shaanguotou A" and stock code "000563"[163][164] - The company's registered capital is 5.114 billion Yuan, and its registered address is C Block, Jinqiao International Plaza, No. 50 Keji Road, High-tech Zone, Xi'an, Shaanxi Province[163] - The company's business scope primarily includes fund trusts, movable property trusts, real estate trusts, marketable securities trusts, other property or property rights trusts, investment fund business, enterprise asset restructuring, mergers and acquisitions and project financing, corporate wealth management, financial advisory, and other services[169] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and related regulations, and based on significant accounting policies and estimates; the company possesses the ability to continue as a going concern for at least 12 months - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and related regulations, based on actual transactions and events[171] - The company possesses the ability to continue as a going concern for at least 12 months from the end of the current reporting period, with no significant matters affecting its going concern ability[172] Significant Accounting Policies and Accounting Estimates This section details the company's specific accounting policies and estimates for financial statement preparation, covering enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions, financial assets and liabilities, impairment provisions for various assets, contract liabilities, employee benefits, lease liabilities, provisions, share-based payments, revenue recognition, government grants, deferred income tax, trust business accounting, trust compensation reserve, general reserve, and trust industry guarantee fund; no significant changes in accounting policies or estimates occurred during the reporting period - The company's financial statements comply with the requirements of enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[174] - The company includes all controlled subsidiaries and structured entities within the scope of its consolidated financial statements[181] - Financial assets are classified as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[192] - Revenue recognition principles involve recognizing revenue when the customer obtains control of the related goods or services, specifically including interest income, fee and commission income, investment income, fair value change gains/losses, and other operating income[256][259][260][261][262] - The company accrues a trust compensation reserve at 5% of its after-tax net profit for the year, ceasing when the cumulative amount reaches 20% of its registered capital[267] - The company treats the general reserve as profit distribution, with the general reserve balance generally not less than 1.5% of the period-end balance of risk assets[269] - Trust Industry Guarantee Fund contributions are calculated based on a unified standard, including 1% of the net asset balance, 1% of the new fund trust issuance amount, and 5% of the remuneration from newly established property trusts[269] - No significant changes in accounting policies and accounting estimates occurred during the reporting period[270] Taxation The company's main taxes include Value-Added Tax, Urban Maintenance and Construction Tax, Enterprise Income Tax, Education Surcharge, and Local Education Surcharge, with rates ranging from 3%-13%, 7%, 25%, 3%, and 2% respectively; no tax incentives were received during the reporting period Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Various business incomes | 3%, 5%, 6%, 13% | | Urban Maintenance and Construction Tax | Payable Value-Added Tax | 7% | | Enterprise Income Tax | Taxable income | 25% | | Education Surcharge | Payable Value-Added Tax | 3% | | Local Education Surcharge | Payable Value-Added Tax | 2% | - The company received no tax incentives during the reporting period[272] Notes to Consolidated Financial Statement Items This section provides detailed disclosures of the consolidated financial statement items, including period-end and beginning-of-period balances, current and prior period amounts for assets, liabilities, owners' equity, income, and expenses, with explanations for significant changes; specific items such as cash and bank balances, receivables, loans and advances, trading financial assets, debt investments, other equity instrument investments, long-term equity investments, fixed assets, construction in progress, right-of-use assets, intangible assets, deferred income tax assets/liabilities, other assets, assets with restricted ownership or use rights, financial assets sold under repurchase agreements, contract liabilities, employee benefits payable, taxes payable, lease liabilities, provisions, other liabilities, share capital, capital reserves, other comprehensive income, surplus reserves, trust compensation reserve, general risk reserve, undistributed profits, net interest income, net fee and commission income, investment income, other income, fair value change gains/losses, other operating income/costs, asset disposal gains, taxes and surcharges, business and management expenses, credit impairment losses, non-operating income/expenses, income tax expense, cash flow statement items and supplementary information, and leases are all thoroughly explained - Cash and bank balances at period-end amounted to 2,867,101,313.66 Yuan, with no restricted cash and bank balances[274] - Loans and advances at period-end had a carrying value of 9,535,527,694.85 Yuan, with a higher proportion in the real estate and public infrastructure industries[290][291] - Trading financial assets at period-end amounted to 3,622,802,629.69 Yuan, primarily comprising debt instrument investments, equity instrument investments, trust industry guarantee funds, asset management plans, and trust plans[298][299] - Debt investments at period-end had a carrying value of 6,169,494,944.78 Yuan, mainly consisting of trust plans[301] - Other equity instrument investments at period-end amounted to 1,400,196,720.49 Yuan, primarily equity in Chang'an Bank, Shaanxi Financial Asset Management Company, and Chang'an Property & Casualty Insurance[304] - Construction in progress at period-end amounted to 897,756,074.57 Yuan, mainly for new operating premises, with cumulative project investment accounting for 87.16% of the budget[317][319] - Other liabilities at period-end amounted to 7,488,770,472.94 Yuan, primarily including working capital and non-working capital provided by the Trust Industry Guarantee Fund Company[364][370] - Net interest income for the current period was 242,701,608.25 Yuan, a year-on-year increase of 30.20%[388] - Net fee and commission income for the current period was 709,194,252.29 Yuan, a year-on-year decrease of 12.59%[390] - Investment income for the current period was 308,771,434.75 Yuan, a year-on-year decrease of 31.16%[392] - Fair value change gains for the current period were 103,974,215.27 Yuan, compared to -40,013,348.99 Yuan in the prior period, representing a significant turnaround to positive[396] - Credit impairment losses for the current period were -44,362,059.92 Yuan, compared to 75,285,056.79 Yuan in the prior period, shifting from a loss to a gain[406] Changes in Consolidation Scope This year, the company added 17 structured entities to its consolidation scope, while 12 structured entities previously consolidated at the beginning of the period are no longer consolidated; the total number of consolidated products at period-end is 48, with total assets of 8,410,087,864.24 Yuan - This year, 17 structured entities controlled by the company were added to the consolidation scope[424] - Of the 43 structured entities consolidated at the beginning of the period, 12 are no longer consolidated in the current period[424] Consolidated Structured Entities Status | Item | Quantity/Balance at Period End | | :--- | :--- | | Number of consolidated products (units) | 48 | | Total assets of consolidated structured entities (Yuan) | 8,410,087,864.24 | | Total amount of the company's equity in the above structured entities reflected in debt investments and trading financial assets in the balance sheet (Yuan) | 7,228,592,979.00 | Interests in Other Entities The company holds a 100% stake in its subsidiary, Shaanxi Meitai Property Management Co., Ltd., and its investment in the associate Minsheng Royal Asset Management Co., Ltd. has a carrying value of 144,718,673.92 Yuan; trust plans for which the company acts as trustee are not consolidated due to lack of control, but investments in unconsolidated structured entities expose the company to maximum loss risk Subsidiary Composition | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding Ratio (Direct) | | :--- | :--- | :--- | :--- | | Shaanxi Meitai Property Management Co., Ltd. | 20,100,000.00 | Not actually operating | 100.00% | - Trust plans for which the company acts as trustee are not consolidated because the variable returns obtained are not significant, with net fee and commission income of 709.1943 million Yuan for the current period[430] Risk Exposure of Investments in Unconsolidated Structured Entities | Item | Balance at Period End (Yuan) | Maximum Loss Exposure (Yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 730,017,041.32 | 730,017,041.32 | | Debt Investments | 452,910,079.89 | 452,910,079.89 | Risks Related to Financial Instruments The company faces market, policy, credit, operational, and business decision risks, and has established a comprehensive risk management system and countermeasures, including macroeconomic analysis, limit management, asset portfolio management, internal control system development, employee training, and democratic and scientific decision-making, to identify, assess, and control various risks - Market risk is addressed by analyzing macroeconomic trends and policy changes, implementing limit management and stop-loss mechanisms, conducting asset portfolio management, and strengthening market risk monitoring[432] - Policy risk is managed by understanding policy directions, returning to the core of serving the real economy, adhering