苏州高新(600736) - 2025 Q2 - 季度财报

Definitions Definitions of Common Terms This section defines common terms like "Company/Suzhou New District" and "Reporting Period" for accurate report interpretation - The reporting period is defined as January 1, 2025, to June 30, 2025[13] Company Profile and Key Financial Indicators Company Information This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name, legal representative, and provides contact details and registered address - The company's Chinese name is Suzhou New District High-tech Industrial Co., Ltd., abbreviated as Suzhou New District, with Wang Ping as its legal representative[15] Contacts and Contact Information This section provides the names, addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Song Caijun, the Securities Affairs Representative is Gong Yuyong, and their contact address is 20th Floor, Block A, Jinfeng International Business Plaza, 199 Jinfeng Road, Suzhou High-tech Zone, Jiangsu Province[16] Brief Introduction to Changes in Basic Information This section details the company's registered and office addresses, noting no historical changes to the registered address during the reporting period - The company's registered address is No. 8 Canal Road, Suzhou New District, Jiangsu Province, and its office address is 19-20th Floor, Block A, Jinfeng International Business Plaza, 199 Jinfeng Road, Suzhou High-tech Zone, Jiangsu Province[17] Brief Introduction to Changes in Information Disclosure and Document Placement Locations This section lists the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location for report placement, ensuring transparency - The company's selected newspapers for information disclosure are China Securities Journal and Shanghai Securities News, and the report is published on www.sse.com.cn[18](index=18&type=chunk) Overview of Company Shares This section provides basic information about the company's shares, including stock type, listing exchange, stock abbreviation, and code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation 'Suzhou New District' and stock code '600736'[19] Company's Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2025, including revenue, net profit, total assets, and EPS, with comparisons to the prior year 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Same Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,659,122,723.40 | 5,361,350,112.86 | -50.40 | | Total Profit | 177,049,527.76 | 546,210,407.31 | -67.59 | | Net Profit Attributable to Shareholders of Listed Company | 175,566,445.20 | 142,536,121.82 | 23.17 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -36,824,700.62 | 99,094,164.87 | -137.16 | | Net Cash Flow from Operating Activities | 209,262,673.63 | -1,830,688,403.79 | Not Applicable | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Same Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.11 | 0.07 | 57.14 | | Diluted Earnings Per Share (CNY/share) | 0.11 | 0.07 | 57.14 | | Basic EPS After Deducting Non-recurring Gains and Losses (CNY/share) | -0.08 | 0.03 | -366.67 | | Weighted Average Return on Net Assets (%) | 1.65 | 1.03 | Up 0.62 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -1.24 | 0.44 | Down 1.68 percentage points | Non-recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses for the first half of 2025, totaling 212.39 million yuan, primarily from investment costs in subsidiaries, associates, and joint ventures being less than their fair value of identifiable net assets 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Items | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -91,236.93 | | Government grants recognized in current profit or loss | 7,966,235.38 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | -192,050.22 | | Capital occupation fees received from non-financial enterprises recognized in current profit or loss | 7,940,595.44 | | Gains arising from investment costs in subsidiaries, associates, and joint ventures being less than the fair value of identifiable net assets at acquisition | 299,626,986.91 | | Other non-operating income and expenses apart from the above | 2,806,728.86 | | Less: Income tax impact | 2,213,472.34 | | Impact on minority interests (after tax) | 103,452,641.28 | | Total | 212,391,145.82 | Management Discussion and Analysis Explanation of the Company's Industry and Main Business Operations During the Reporting Period This section details the macro background, development trends, and challenges faced by the company's industrial park operations, green low-carbon industry investment, medical device industry investment, and real estate sectors in the first half of 2025 Industrial Park Operations Industrial parks are shifting from scale expansion to refined operations and ecological collaboration, facing oversupply and homogenization, with future focus on innovation ecosystems, specialized services, and digital capabilities - The development logic of industrial parks is shifting from land resource reliance to refined operations and ecological collaboration in the existing market[26] - Parks face challenges of oversupply and intensified homogeneous competition, with evolving enterprise demands shifting the operational focus from "space provision" to "value co-creation"[26] Green Low-Carbon Industry Investment Despite geopolitical and economic uncertainties, global energy investment is projected to reach $3.3 trillion in 2025, with $2.2 trillion directed towards green sectors, and China's non-fossil energy generation capacity targeted at 60% - Global energy investment is projected to increase to $3.3 trillion in 2025, a 2% year-on-year growth, with $2.2 trillion allocated to green sectors such as renewable energy, nuclear power, power grids, and electrification[28] - China accounts for over one-quarter of global energy investment[28] - National Energy Administration targets: non-fossil energy generation capacity to increase to approximately 60% by 2025, and non-fossil energy's share of total energy consumption to rise to around 20%[29] Medical Device Industry Investment China's medical device market is growing rapidly, driven by demand and policy, but remains fragmented with foreign dominance in high-end segments, while domestic substitution and price reductions are key trends, especially in medical equipment and high-value consumables - China's medical device market is rapidly developing, but industry concentration is low, with foreign capital dominating the high-end market, and domestic substitution and price reductions being the main themes[30] - In 2024, the National Medical Products Administration approved 65 innovative medical devices for market, totaling 315 by the end of 2024, covering areas such as surgical robots, cardiopulmonary support systems, and artificial intelligence[30] - In 2024, China's medical equipment market reached 655.3 billion yuan, with medical devices accounting for approximately 63% and home-use devices for about 37%[30] - In 2023, China's high-value medical consumables market reached 156.1 billion yuan, with a five-year compound annual growth rate of approximately 10.42%, and cardiovascular intervention and orthopedic implants being the largest sub-segments[31] - In 2023, China's in-vitro diagnostics (IVD) market size was approximately 118.5 billion yuan, with IVD returning to normal growth in 2024, immunodiagnostics as the largest sub-segment, and accelerated domestic substitution in chemiluminescence and POCT fields[33] Real Estate Industry In the first half of 2025, the national real estate market stabilized, with new home sales area down 3.5% and sales value down 5.5%, while Suzhou saw declines in new home supply and transactions but increased land deals and average premium rates - In the first half of 2025, national new commercial housing sales area decreased by 3.5% year-on-year, and sales value decreased by 5.5% year-on-year[35] - In the first half of 2025, the planned construction area of residential land launched nationwide decreased by 19.4% year-on-year, and transaction area decreased by 5.5% year-on-year, but land transfer fees increased by 27.5% year-on-year[35] - In the first half of 2025, Suzhou's new residential housing supply decreased by 5% year-on-year, online signed transactions decreased by 18% year-on-year, and the average transaction price decreased by 0.6% year-on-year[35] - In the first half of 2025, Suzhou completed 35 residential land transactions, a 75% year-on-year increase, with 11 parcels generating premiums, averaging 15.03%[35] Discussion and Analysis of Operating Conditions In the first half of 2025, Suzhou New District, as an "emerging industry investment and urban-industrial integrated development service provider", achieved 78.32 billion yuan in total assets, 7.33 billion yuan in net assets attributable to shareholders, 2.66 billion yuan in operating revenue, and 176 million yuan in net profit attributable to shareholders - The company is positioned as an "emerging industry investment and urban-industrial integrated development service provider", adopting a "park operation + industrial investment" dual-driven model[36] 2025 H1 Key Operating Data | Indicator | Amount (billion CNY) | | :--- | :--- | | Total Assets | 78.32 | | Net Assets Attributable to Shareholders of Listed Company | 7.33 | | Operating Revenue | 2.66 | | Net Profit Attributable to Shareholders of Listed Company | 0.18 | Industrial Park Operations The company's industrial park operations drive industrial transformation, with significant investment attraction in green low-carbon industrial parks, achieving full occupancy for GLC Park Phase I, and over 120 projects introduced to the medical device industrial park - The Green Low-Carbon Company successfully attracted over 20 enterprises in the first half of the year, facilitating the establishment of regional headquarters for companies such as Lutian Energy, Bailiang Zhongxian, and Baobi New Energy[38] - GLC Park Phase I is fully leased, and Phase II investment attraction is progressing in an orderly manner[38] - The Medical Device Industrial Park successfully introduced over 120 projects in the first half of the year, with key projects like Haihao Medical and Big Vision officially commencing operations[38] - The Medical Device Industrial Park has a total built and under-construction area of 1.49 million square meters, of which 1.10 million square meters are operational, and Phase 5's main structure has been topped out[39] Emerging Industry Operations The company continues to foster emerging industries like green low-carbon and high-end equipment manufacturing, with green low-carbon's solar storage business growing significantly, and Dongling Vibration achieving 225 million yuan in revenue and 256 million yuan in new orders - The Green Low-Carbon Company signed 23.65 MW/MWh of solar storage projects in the first half of the year, a 118% year-on-year increase[40] - Cumulative grid-connected and under-construction photovoltaic energy storage projects exceed 75 MW/MWh, with 16.69 million kWh generated in the first half of the year, a 64% year-on-year increase[40] - Green electricity and green certificate transaction volume exceeded 100 million kWh, surpassing last year's total, a 120% year-on-year increase[40] Dongling Vibration H1 2025 Operating Data | Indicator | Amount (million CNY) | | :--- | :--- | | Operating Revenue | 225 | | Signed Contract Orders | 256 | - Dongling Vibration has over 20 new products under development, with its 100-ton vibration test system expanding into the ultra-large thrust equipment market, and the core control system for accelerated trolleys completing upgrade and modification[40][41] Industrial Investment The company deepens its "park operation + industrial investment" strategy, focusing on medical devices and green low-carbon sectors, with cumulative investment in existing projects exceeding 5.5 billion yuan, and its financing lease business adding 1 billion yuan in new placements - Cumulative investment in existing projects exceeded 5.5 billion yuan at period-end[43] - Completed the equity acquisition of Jiangsu Guoxin project, obtaining investment income of 181.49 million yuan from Hangzhou Bank and 85.78 million yuan from Jiangsu Guoxin[43] - Operated 5 proprietary funds with a total scale of 1.098 billion yuan; participated in 12 funds with subscribed capital of 1.228 billion yuan, collectively leveraging a total fund scale exceeding 11.6 billion yuan[43] Gaoxin Furui H1 2025 Operating Data | Indicator | Amount | | :--- | :--- | | New Project Placements | 1 billion yuan | | Operating Revenue | 79.32 million yuan | | Net Profit | 30.05 million yuan | Urban-Industrial Integrated Development The company steadily expands its urban-industrial integrated development, with commercial housing sales area increasing by 1.16% and sales value by 19.56%, while cultural tourism and commercial trade sectors received 2.19 million visitors and environmental water services processed 41,674 tons of sludge - In the first half of the year, commercial housing contract sales area was 61,200 square meters, a 1.16% year-on-year increase; sales value was 1.51 billion yuan, a 19.56% year-on-year increase[45] - The cultural tourism sector cumulatively received 2.19 million visitors, a 32% year-on-year increase, achieving operating revenue of 192.39 million yuan[45] - Wastewater treatment capacity reached 420,000 tons/day, with cumulative treated wastewater volume of 55.34 million tons, a 4.42% year-on-year increase[46] - Sludge disposal volume completed in the first half of the year was 41,674 tons[47] Internal Control The company continuously enhances internal management efficiency through financial management, operational control, and talent development, issuing over 5 billion yuan in direct financing products and reducing comprehensive financing costs by 26 basis points - In the first half of the year, 12 direct financing products were issued, with issuance amount exceeding 5 billion yuan[48] - As of the end of the reporting period, the company's comprehensive financing cost was 2.90%, a 26 basis point decrease from the beginning of the year[48] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness stems from its regional advantages in Suzhou High-tech Zone, a comprehensive industrial park operation ecosystem, diversified industrial investment driving transformation, and deepened urban-industrial integration for urban vitality Leveraging Regional Advantages to Solidify Development Foundation Rooted in Suzhou High-tech Zone, the company benefits from regional talent and resource concentration, with the zone's GDP growing by 6.0% in the first half of 2025, providing opportunities for transformation - Suzhou High-tech Zone achieved a regional GDP of 90.27 billion yuan in the first half of 2025, growing by 6.0%[49] - The High-tech Zone focuses on a "2+3" modern industrial system, with output values for new-generation information technology and high-end equipment manufacturing reaching 140 billion yuan and 150 billion yuan, respectively[49] Building an Operational Ecosystem to Empower Cluster Innovation The company has developed multiple industrial parks with full lifecycle operational capabilities, fostering a collaborative innovation ecosystem through professional investment teams, enterprise service systems, and industrial investment incubation mechanisms - The company has developed and built multiple industrial parks, including Life and Health Town, Dongling Vibration Industrial Park, Green Low-Carbon Industrial Park, and Medical Device Industrial Park[50] - The company collaborated with CCIC and China Soft to establish the Canal Data Port ESG Innovation Center, forming a synergistic ecosystem for scaled deployment of innovation carriers and efficient operation of industrial clusters[51] Diversified Investment Layout to Drive Industrial Transformation The company, guided by its "emerging industry investment and urban-industrial integrated development service provider" strategy, leverages capital to empower industrial chains, focusing on green low-carbon and medical devices, with cumulative investment in existing projects exceeding 5.5 billion yuan - The company has established a "investment-driven attraction, attraction-investment linkage" dual-driven mechanism, focusing on transformation directions such as green low-carbon and medical devices, and actively deploying in emerging industries like high-end equipment, AI, semiconductors, and chips[52] - Three major investment models have been formed: strategic investment, industrial investment, and private placement investment[52] - As of the end of the reporting period, the cumulative investment amount in the company's existing investment projects exceeded 5.5 billion yuan[52] Deepening Urban-Industrial Integration to Renew Urban Momentum Guided by its urban-industrial integration strategy, the company synergistically advances urban functions through industrial real estate, cultural tourism and commercial trade, and energy conservation and environmental protection, creating a sustainable urban development ecosystem - The company synergistically promotes urban functional upgrades through its three business segments: industrial real estate, cultural tourism and commercial trade, and energy conservation and environmental protection[53] - In innovative real estate, the company upgrades to create the "Jing" series of high-end product lines; in cultural tourism and commercial trade, it focuses on building dual IPs for Suzhou Paradise and Xuzhou Paradise; and in energy conservation and environmental protection, it innovatively practices the "clean water and clear source" concept[53] Main Operating Conditions During the Reporting Period This section analyzes the company's main operating conditions for the first half of 2025, including financial statement item changes, asset and liability status, and investment, with operating revenue decreasing by 50.40% due to reduced real estate sales, but investment income growing by 48.38% Analysis of Main Business During the reporting period, the company's operating revenue decreased by 50.40% to 2.66 billion yuan due to reduced real estate sales, and total profit decreased by 67.59%, but net profit attributable to shareholders increased by 23.17% to 176 million yuan Analysis of Changes in Key Accounting Items | Item | Current Period (CNY) | Prior Year Same Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,659,122,723.40 | 5,361,350,112.86 | -50.40 | Reduced real estate sales settlement | | Operating Cost | 2,366,256,974.73 | 4,388,898,429.29 | -46.09 | Reduced real estate sales settlement | | Other Income | 17,681,946.44 | 64,899,146.12 | -72.75 | Reduced government grants | | Investment Income | 316,037,413.80 | 212,993,941.89 | 48.38 | Increased investment income from associates | | Non-operating Income | 302,713,947.16 | 8,091,335.25 | 3,641.21 | Gains arising from investment costs in investees being less than the fair value of identifiable net assets at acquisition | | Income Tax Expense | -5,058,075.90 | 145,727,404.30 | -103.47 | Reduced current income tax expense | | Net Cash Flow from Operating Activities | 209,262,673.63 | -1,830,688,403.79 | Not Applicable | Reduced land payment | | Net Cash Flow from Investing Activities | -2,152,243,456.66 | -1,797,931,577.91 | Not Applicable | Increased external investments | | Net Cash Flow from Financing Activities | 3,478,121,590.65 | 3,435,544,231.82 | 1.24 | Expanded financing scale | Analysis of Assets and Liabilities As of the reporting period end, total assets increased by 3.99% to 78.32 billion yuan, with monetary funds up 40.41% and long-term equity investments up 56.89%, while other current liabilities increased by 747.40% due to short-term financing bond issuance Changes in Assets and Liabilities | Item Name | Period-end Amount (CNY) | Share of Total Assets (%) | Prior Year-end Amount (CNY) | Share of Total Assets (%) | Period-end vs Prior Year-end Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 5,616,208,807.26 | 7.17 | 3,999,897,093.73 | 5.31 | 40.41 | Increased cash reserves | | Prepayments | 1,019,803,535.36 | 1.30 | 215,591,748.50 | 0.29 | 373.03 | Prepaid project land payments | | Other Receivables | 4,516,049,476.03 | 5.77 | 5,839,009,572.04 | 7.75 | -22.66 | Reduced intercompany balances with minority shareholders | | Long-term Equity Investments | 6,959,089,434.31 | 8.89 | 4,435,614,078.54 | 5.89 | 56.89 | Jiangsu Guoxin investment | | Other Current Liabilities | 1,668,773,712.46 | 2.13 | 196,927,725.02 | 0.26 | 747.40 | Issuance of ultra-short-term financing bonds | | Long-term Borrowings | 27,829,945,245.84 | 35.53 | 25,638,619,957.29 | 34.04 | 8.55 | Expanded financing scale | | Bonds Payable | 10,739,369,535.67 | 13.71 | 8,738,871,342.55 | 11.60 | 22.89 | Expanded financing scale | | Other Equity Instruments | 2,080,000,000.00 | 2.66 | 2,789,500,000.00 | 3.70 | -25.43 | Perpetual bond redemption | Major Asset Restrictions as of Reporting Period End | Item | Book Balance (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 350,772,577.62 | Other | Monetary funds with restricted use due to mortgage, pledge, or freezing | | Inventories | 10,867,722,710.84 | Mortgage | Bank loan mortgage | | Investment Properties | 3,726,499,904.00 | Mortgage | Bank loan mortgage | | Intangible Assets | 1,058,899,416.51 | Mortgage | Bank loan mortgage | | Total | 16,124,166,318.31 | / | / | Analysis of Investment Status As of the reporting period end, the company held investments in 94 equity-invested enterprises, primarily in equity investment and infrastructure, with significant investments including the acquisition of 7.36% of Jiangsu Guoxin for 2.12 billion yuan, and financial assets measured at fair value totaling 2.02 billion yuan - As of the end of the reporting period, the company held investments in 94 equity-invested enterprises, primarily involved in equity investment, infrastructure operations, and other industries[59] Significant Equity Investments | Investee Company Name | Main Business | Investment Method | Investment Amount (billion CNY) | Shareholding (%) | Financial Statement Item | Progress | Estimated Return (billion CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Guoxin Co., Ltd. | Equity investment (including financial, power energy equity, etc.), power project development, construction, and operation management | Acquisition | 2.12 | 7.36% | Long-term equity investment | Share transfer registration completed | 0.39 | | Suzhou Port and Shipping Investment Development Group Co., Ltd. | Ship port services, maritime cargo transportation, etc. | Other | 0.28 | 2.24% | Equity in associate Sinotrans Gaoxin Logistics (40% stake) contributed at appraised value of 284.06 million CNY | Relevant agreements signed, industrial and commercial change not yet completed | / | Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Purchases for the Period (CNY) | Sales/Redemptions for the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets - Equity Instrument Investments | 30,758,823.09 | -1,453,971.94 | / | 22,280.00 | 29,282,571.15 | | Receivables Financing | 10,405,018.69 | / | 122,796,353.22 | 123,616,526.47 | 9,584,845.44 | | Other Equity Instrument Investments | 833,785,514.92 | / | 15,000,000.00 | 14,347,200.00 | 818,352,914.83 | | Other Non-current Financial Assets - Equity Instrument Investments | 1,175,822,957.57 | 3,609,416.77 | 21,500,000.00 | 36,004,243.68 | 1,164,928,130.66 | | Total | 2,050,772,314.27 | 2,155,444.83 | 159,296,353.22 | 173,990,250.15 | 2,022,148,462.08 | Analysis of Major Holding and Associate Companies This section lists the financial data of the company's major holding subsidiaries and associate companies with over 10% impact on net profit, including total assets, net assets, operating revenue, and net profit, noting that Real Estate Group, Tourism Group, and Medical Device Industrial Company reported negative net profits Financial Data of Major Holding and Associate Companies (Unit: million CNY) | Company Name | Company Type | Main Business | Total Assets (million CNY) | Net Assets (million CNY) | Operating Revenue (million CNY) | Operating Profit (million CNY) | Net Profit (million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Real Estate Group | Subsidiary | Real estate development, operation, project construction management | 50,065.67 | 7,638.53 | 1,254.75 | -221.81 | -192.30 | | Tourism Group | Subsidiary | Amusement park services, tourism development project planning and consulting, hotel management, etc. | 8,073.28 | 2,281.41 | 676.87 | -95.92 | -95.93 | | Environmental Protection Group | Subsidiary | Investment in environmental protection industry, soil pollution control and remediation services, water environment pollution prevention and control services, atmospheric environment pollution prevention and control services, soil environment pollution prevention and control services, etc. | 9,388.99 | 2,259.56 | 269.22 | 17.50 | 11.13 | | Dongling Vibration | Subsidiary | Test technology assurance in mechanical environment (including technical consulting, technical services), etc. | 1,373.79 | 521.15 | 225.29 | -1.72 | -1.59 | | Green Low-Carbon Company | Subsidiary | Research and development of emerging energy technologies, solar power generation technical services, energy saving management services, etc. | 808.09 | 560.67 | 71.43 | 24.86 | 20.87 | | Gaoxin Furui | Subsidiary | Financial leasing business, wholesale of medical devices, etc. | 2,740.78 | 616.57 | 79.32 | 40.23 | 30.05 | | Investment Management Company | Subsidiary | Investment management; equity investment; venture capital consulting, M&A advisory; investment planning, listing planning and other capital operation planning services | 3,536.42 | 2,469.05 | 0.30 | 76.12 | 373.78 | | Medical Device Industrial Company | Subsidiary | R&D of medical devices, biotechnology, pharmaceuticals, providing incubation services for medical device enterprises, equipped with shared facilities, etc. | 5,494.23 | 1,077.65 | 76.19 | -69.82 | -70.13 | | Hangzhou Bank | Associate | Banking business; foreign exchange settlement and sales business; public fund sales; fund custody | 2,235,595.35 | 160,535.90 | 20,093.21 | 13,368.08 | 11,662.30 | | Jiangsu Guoxin | Associate | Equity investment (including financial, power energy equity, etc.), power project development, construction and operation management | 99,215.66 | 47,123.84 | 15,262.00 | 3,159.53 | 2,679.92 | - During the reporting period, the company deregistered Suzhou New District Real Estate Comprehensive Services Co., Ltd. and established Jiangsu Suxin Pharmaceutical Industry Co., Ltd., with no significant impact on overall production, operations, or performance[67] Other Disclosure Matters This section discloses the company's macroeconomic, industrial investment, and market operating risks, outlines measures taken to mitigate them, and reports on the progress of its "quality improvement, efficiency enhancement, and return" action plan, including cash dividends and investor relations management Potential Risks The company faces macroeconomic risks such as global economic slowdown and insufficient domestic demand, industrial investment risks from complex market environments and policy tightening, and market operating risks including intensified competition in industrial parks and slower real estate destocking - Macroeconomic risks: weak global economic growth momentum, geopolitical tensions, and insufficient domestic demand may impact the company's real estate, equity investment, and other businesses[68] - Industrial investment risks: expansion into emerging industries faces challenges such as complex market environments, tightening regulatory policies, differentiated development of invested enterprises, transmission of liquidity risks, and increased complexity of post-investment management[69] - Market operating risks: intensified homogeneous competition in industrial park investment attraction, mismatch between rental income and return cycle of heavy asset investment; continued wait-and-see sentiment among homebuyers during the real estate market bottoming-out period, leading to slower project destocking efficiency[70] Other Disclosure Matters The company actively implements its "quality improvement, efficiency enhancement, and return" action plan, having completed the 2024 cash dividend distribution of 0.018 yuan per share and strengthened investor relations management and corporate governance - The company's 2024 profit distribution plan was a cash dividend of 0.018 yuan per share (tax inclusive), totaling 20.72 million yuan (tax inclusive), which was completed on July 11, 2025[71] - In the first half of the year, investor inquiries were addressed through on-site surveys, online performance briefings, and SSE e-interaction platforms, strengthening investor relations management[71] - The company improved 21 internal systems, including the "Articles of Association", completed the board of directors' re-election, abolished the supervisory board with its oversight functions transferred to the audit committee, and organized compliance training for directors, supervisors, and senior management[73] Corporate Governance, Environment, and Society Profit Distribution or Capital Reserve Conversion Plan