天地源(600665) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of common terms used in the report, including regulatory bodies, exchanges, company entities, currency units, and reporting periods, ensuring clear understanding of the report content Definitions of Common Terms This section defines common terms used in the report, such as regulatory bodies, exchanges, company entities, currency units, and reporting periods, to ensure clarity Definitions of Common Terms | Term | Meaning | | :--- | :--- | | CSRC | China Securities Regulatory Commission | | SSE | Shanghai Stock Exchange | | NAFMII | National Association of Financial Market Institutional Investors | | Company Law | Company Law of the People's Republic of China | | Securities Law | Securities Law of the People's Republic of China | | Listing Rules | Shanghai Stock Exchange Stock Listing Rules | | Tande/Company/This Company/Listed Company | Tande Co., Ltd. | | Articles of Association | Articles of Association of Tande Co., Ltd. | | Yuan/Ten Thousand Yuan/Hundred Million Yuan | RMB Yuan/RMB Ten Thousand Yuan/RMB Hundred Million Yuan | | Gaoxin Real Estate/Controlling Shareholder | Xi'an Gaoxin High-tech Industrial Development Zone Real Estate Development Co., Ltd. | | Gaoke Group/Actual Controller | Xi'an Gaoke Group Co., Ltd. | | Gaoxin District Management Committee | Xi'an High-tech Industrial Development Zone Management Committee | | Reporting Period | January 1, 2025 to June 30, 2025 | Section II Company Profile and Key Financial Indicators This section presents the company's basic information, contact details, changes in registration, information disclosure, stock overview, and key financial performance metrics for the reporting period I. Company Information This section outlines the basic information of Tande Co., Ltd., including its Chinese name, abbreviation, English name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 天地源股份有限公司 | | Chinese Abbreviation | 天地源 | | English Name | TANDE CO.,LTD. | | English Name Abbreviation | TANDE | | Legal Representative | Zhao Ji | II. Contact Persons and Information This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and stakeholders Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yuan Xuegong | 34th Floor, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone | 029-88326035 | 029-88326003 | yuanxuegong@tande.cn | | Securities Affairs Representative | Chang Yongchao | 34th Floor, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone | 029-88326035 | 029-88326003 | changyongchao@tande.cn | III. Brief Introduction to Changes in Basic Information The company's registered address changed from Shanghai Free Trade Zone to Xi'an High-tech Zone on November 27, 2018, with its office located at 34th Floor, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone - The company's registered address changed from Unit K, 26th Floor, No. 500 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone to Room 12701, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Zhangba Street Office, Xi'an High-tech Zone on November 27, 2018[18] - The company's office address is 34th Floor, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone, with postal code 710075[18][19] IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations The company designates Shanghai Securities News and Securities Times for information disclosure, publishes its semi-annual report on www.sse.com.cn, and keeps documents at the Board Secretary's Office on the 34th floor of Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone - The company's selected information disclosure newspapers are Shanghai Securities News and Securities Times[20] - The website address for publishing the semi-annual report is **www.sse.com.cn**[20](index=20&type=chunk) - The company's semi-annual report is kept at the Board Secretary's Office on the 34th Floor, Digital Building, Gaoxin International Business Center, No. 33 Keji Road, Xi'an High-tech Zone[20] V. Company Stock Overview The company's A-shares are listed and traded on the Shanghai Stock Exchange, with stock abbreviation Tande and stock code 600665 Company Stock Overview | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 天地源 | 600665 | G天地源 | VII. Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 20.69% year-on-year, but total profit and net profit attributable to shareholders saw expanded losses, while net cash flow from operating activities significantly grew by 2224.93%. Net assets and total assets both decreased, and earnings per share were negative Key Accounting Data (January-June 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,461,094,423.99 yuan | 2,039,175,480.69 yuan | 20.69 | | Total Profit | -57,626,457.09 yuan | -30,844,427.86 yuan | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -124,342,579.62 yuan | -28,670,687.87 yuan | Not applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -139,632,182.49 yuan | -63,006,107.48 yuan | Not applicable | | Net Cash Flow from Operating Activities | 507,440,181.06 yuan | 21,826,005.66 yuan | 2,224.93 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,751,150,278.46 yuan | 2,875,503,227.95 yuan | -4.32 | | Total Assets (Period-end) | 26,026,127,610.19 yuan | 28,335,517,502.42 yuan | -8.15 | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.1439 | -0.0332 | Not applicable | | Diluted Earnings Per Share (yuan/share) | -0.1439 | -0.0332 | Not applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.1616 | -0.0729 | Not applicable | | Weighted Average Return on Net Assets (%) | -4.42 | -0.74 | Decreased by 3.68 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -4.96 | -1.63 | Decreased by 3.33 percentage points | - The year-on-year decrease in net profit attributable to shareholders of the listed company is primarily due to: 1. Increased expensed interest, as the number of projects eligible for interest capitalization decreased. 2. Significant tax provisions for some revenue recognition projects, and increased selling expenses. 3. Impairment provisions for some inventories to promote sales destocking[25] IX. Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 15.29 million yuan, primarily from disposal gains of non-current assets, government subsidies, and debt restructuring gains. The company classifies interest income from funds provided to non-financial entities as recurring gains, as it is directly related to daily operations under the real estate industry's cooperative business model Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Disposal gains and losses of non-current assets | 16,835,584.41 | The company completed the disposal of two properties in Yadou International Garden, Xuhui District, Shanghai in April 2025, with a net disposal gain of 16.8356 million yuan | | Government subsidies included in current profit and loss | 616,992.18 | | | Debt restructuring gains and losses | 3,219,996.33 | | | Other non-operating income and expenses | 754,478.14 | | | Other non-recurring gains and losses as defined | 190,599.51 | | | Less: Income tax impact | 5,258,031.74 | | | Minority interest impact (after tax) | 1,070,015.96 | | | Total | 15,289,602.87 | | - The company classifies interest income from development funds provided to joint ventures and associates, as well as interest income from surplus funds allocated to partners by consolidated cooperative project companies, as recurring gains and losses, as they are part of the daily operating activities under the real estate industry's cooperative business model[27][519] Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, business operations, core competitiveness, and financial performance during the reporting period, along with future outlook and risk management strategies I. Industry and Main Business Overview During the Reporting Period During the reporting period, the real estate industry saw a rebound in some core cities supported by central policies, but most second and third-tier cities still faced pressure. As a national first-class real estate development enterprise, the company adheres to a "deep cultivation in regions, expansion nationwide" strategy, positioning itself in five major economic circles, and building a dual-driven model of real estate development and asset operation - The real estate market shows significant differentiation, with some core cities rebounding, but most second and third-tier cities still face pressure from high inventory and insufficient demand[30] - The company primarily engages in real estate development and operation, holding a national first-class qualification for real estate development issued by the Ministry of Housing and Urban-Rural Development[30] - The company's strategic layout covers five major economic circles: the Western Economic Circle (headquartered in Xi'an), the Yangtze River Delta Economic Circle, the Guangdong-Hong Kong-Macao Greater Bay Area Economic Circle, the Beijing-Tianjin-Hebei Economic Circle, and the Chengdu-Chongqing Twin City Economic Circle, forming a national coordinated development strategy[30] - The company's strategic positioning is "cultural real estate leader, beautiful life operator," with core strategies focusing on product excellence, open cooperation, efficient operation, and financial support, actively building a dual-driven business model of real estate development and asset operation[30] II. Discussion and Analysis of Operations In the first half of 2025, the company stabilized its core business amidst a challenging market by optimizing industrial structure, improving project performance, and ensuring timely deliveries. It also actively pursued innovative development by revitalizing apartment assets, upgrading product standardization, expanding industrial transformation partnerships, and enhancing brand influence. Furthermore, the company improved refined management and mitigated operational risks through efficient capital management, standardized corporate governance, and strengthened safety production - The company formulated the "Industrial Structure, Product Structure, and Regional Structure Adjustment and Optimization Plan," and its Gaoxin Chenyue and Heyue Xigu projects performed well in their respective regions, with Tangsongfang and Banshan Xigu projects delivered on schedule and smoothly[31] - The company successfully opened Shangtangfu and Shuimojiangshan Building 2 apartments on schedule, operating over 800 long-term rental apartments with an occupancy rate maintained above 95%[31][32] - The company reached a strategic cooperation with Xi'an Gaoxin Financial Holdings Group Co., Ltd., integrating industrial and financial resources around new quality productive forces[32] - In the first half of the year, the company released approximately 2.334 billion yuan in restricted funds, secured 1.891 billion yuan in financing, and revitalized 97.45 million yuan in receivables, effectively ensuring capital security[32] - The company prepared and released its 2025 valuation enhancement plan, revised the "Investment Business Management Measures," strengthened internal audit control, and achieved the safety management goal of "zero accidents, zero casualties"[32] (I) Stabilizing Core Business Operations in a Challenging Market Environment The company effectively stabilized its core business by formulating an industrial structure optimization plan, enhancing sales performance of key projects (e.g., Gaoxin Chenyue ranked 10th in Xi'an residential sales, Heyue Xigu ranked 5th in Xianyang residential sales), and ensuring timely project deliveries, earning honors such as "China's Top 100 Real Estate Enterprises" - The company formulated the "Industrial Structure, Product Structure, and Regional Structure Adjustment and Optimization Plan," providing a key handle for healthy development[31] - From January to June, Gaoxin Chenyue's performance ranked 10th among residential projects in Xi'an, and Heyue Xigu's performance ranked 5th among residential projects in Xianyang[31] - Tangsongfang and Banshan Xigu projects were delivered on schedule and smoothly, demonstrating the company's commitment as a state-owned enterprise[31] - The company was awarded "China's Top 100 Real Estate Enterprises (62nd place)," "China's Top 100 Real Estate Enterprises - Stability TOP10," and other honors[31] (II) Actively Promoting Innovative Development Amidst Rapid Industry Differentiation The company achieved new breakthroughs in asset revitalization by successfully operating over 800 long-term rental apartments with an occupancy rate exceeding 95%. It also upgraded product standardization with a focus on "good houses," expanded industrial transformation through strategic cooperation with Xi'an Gaoxin Financial Holdings Group, and enhanced brand influence using short videos and live streaming - Shangtangfu and Shuimojiangshan Building 2 were successfully opened on schedule, launching over 600 quality housing units, with an occupancy rate exceeding 80% in the opening month[31] - As of now, the company operates over 800 long-term rental apartments, with occupancy rates for both projects maintained above 95%, reaching an excellent industry level[32] - The company focuses on the core elements of "good houses," "green, low-carbon, smart, and safe" to improve design, cost, and quality control levels[32] - A strategic cooperation was established with Xi'an Gaoxin Financial Holdings Group Co., Ltd., integrating industrial and financial resources around new quality productive forces[32] - A professional live streaming team was formed to achieve professional and regular live streaming operations on the Douyin platform, building a comprehensive and multi-level brand communication ecosystem[32] (III) Focusing on Improving Refined Management and Preventing Operational Risks Amidst Intensifying Market Competition The company ensured capital chain security through efficient fund management, releasing 2.334 billion yuan in restricted funds, securing 1.891 billion yuan in financing, and revitalizing 97.45 million yuan in receivables. It also standardized corporate governance by publishing a valuation enhancement plan, refining investment management, strengthening internal audit, and implementing a three-year action plan for safety production to achieve "zero accidents, zero casualties" - In the first half of the year, the company released approximately 2.334 billion yuan in restricted funds, secured 1.891 billion yuan in financing, and revitalized 97.45 million yuan in receivables, effectively ensuring capital security[32] - The company strictly benchmarked against the China Securities Regulatory Commission's guidance on market value management, systematically compiling and releasing its 2025 valuation enhancement plan[32] - Investment closed-loop management was improved by revising the "Investment Business Management Measures" and its implementation rules; internal audit control efficiency was strengthened, continuously enhancing compliance management levels[32] - The company thoroughly implemented the "Three-Year Action Plan for Fundamental Safety Production Improvement," achieving the safety management goal of "zero accidents, zero casualties" overall[32] Outlook for the Second Half of the Year In the second half, the company will focus on accelerating sales, revitalizing resources, acquiring new projects, deepening cost reduction and control, and improving human efficiency management, while pursuing a dual-track approach to accelerate and leapfrog in both traditional and new business segments to achieve its "leap year" operational and development goals - The primary task for the second half of the year is to accelerate destocking, aiming to increase sales velocity and adjust marketing strategies promptly[33] - Accelerate resource revitalization to maintain a dynamic balance between capital and profit; expedite the acquisition of new projects to expand new profit growth points; deepen cost reduction and control to enhance operational efficiency; and deepen human efficiency management to activate internal motivation[33] - Adhere to a dual-track approach, accelerating efficiency in traditional segments and pursuing breakthroughs in new segments, to achieve the "leap year" operational and development goals[33] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness is underpinned by a stable and clear strategic plan, sound and standardized corporate governance, a quality-first craftsmanship spirit, diversified and innovative financing capabilities, and a cohesive talent team, collectively supporting its sustained and steady development - The company has developed a clear, scientific, and comprehensive strategic plan, with feasible development strategies and implementation paths for business portfolio and regional layout[34] - The company strictly adheres to relevant laws and regulations, continuously improves its corporate governance mechanism, standardizes daily operations, prevents operational risks, and protects investor interests[35] - The company adheres to its strategic positioning as "cultural real estate leader, beautiful life operator," committed to creating "boutique residences," enhancing living experience, and delivering high-quality products and services[35] - Leveraging its stable operations and good credit, the company has established long-term cooperative relationships with financial institutions, gaining advantages in financing scale and interest rates, and actively pursuing direct financing in the capital market[35] - The company has established a human resource development and management system encompassing "selection, cultivation, utilization, and retention," building a professional talent team adapted to industry development[35] IV. Key Operating Performance During the Reporting Period During the reporting period, the company's operating revenue increased by 20.69% year-on-year, but total profit and net profit significantly declined, primarily due to increased capitalized interest expenses, higher tax provisions, and inventory impairment. Net cash flow from operating activities grew substantially by 2224.93%. The asset-liability structure was optimized, and investment properties significantly increased. The company actively engaged in external equity investments and asset disposals, and detailed the financial status and performance changes of its major controlled and investee companies (I) Main Business Analysis During the reporting period, the company's operating revenue increased by 20.69% year-on-year, mainly due to a higher average unit price of revenue-recognized projects. However, operating costs, selling expenses, administrative expenses, and financial expenses all increased, with financial expenses surging by 128.91% primarily due to higher capitalized interest expenses and reduced interest income. Net cash flow from operating activities significantly grew by 2224.93%, mainly due to reduced payments for land and construction Financial Statement Related Item Fluctuation Analysis (January-June 2025) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,461,094,423.99 | 2,039,175,480.69 | 20.69 | | Operating Cost | 2,029,488,048.69 | 1,850,556,605.26 | 9.67 | | Selling Expenses | 107,068,069.91 | 72,235,299.25 | 48.22 | | Administrative Expenses | 53,406,680.05 | 47,540,756.98 | 12.34 | | Financial Expenses | 192,310,192.35 | 84,011,456.91 | 128.91 | | Net Cash Flow from Operating Activities | 507,440,181.06 | 21,826,005.66 | 2,224.93 | | Net Cash Flow from Investing Activities | 19,822,246.40 | 183,320,154.24 | -89.19 | | Net Cash Flow from Financing Activities | -1,229,607,731.41 | 28,143,194.81 | -4,469.11 | - The change in operating revenue is mainly due to the increase in the average unit price of projects recognized for revenue in the current period compared to the prior year period[36] - The change in financial expenses is mainly due to the increase in expensed interest expenses and decrease in interest income in the current period compared to the prior year period[37] - The change in net cash flow from operating activities is mainly due to the decrease in land payments and construction payments in the current period compared to the prior year period[37] (III) Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders both decreased. Accounts receivable and debt investments decreased, while investment properties significantly increased by 558.61% due to some apartment products being leased out. Short-term borrowings increased by 421.43 million yuan, and long-term deferred expenses and lease liabilities also rose significantly. The company had 4.216 billion yuan in restricted assets at period-end, mainly comprising monetary funds, inventories, fixed assets, and investment properties Asset and Liability Status Changes (Period-end) | Item Name | Current Period-end Amount (yuan) | Current Period-end % of Total Assets | Prior Year-end Amount (yuan) | Prior Year-end % of Total Assets | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 17,981,452.36 | 0.07 | 27,649,656.00 | 0.10 | -34.97 | Mainly due to collection of installment sales payments | | Debt Investments | 4,458,180.00 | 0.02 | 8,659,100.00 | 0.03 | -48.51 | Mainly due to recovery of trust guarantee funds in current period | | Investment Properties | 559,816,550.95 | 2.15 | 84,999,498.82 | 0.30 | 558.61 | Mainly due to some apartment products being leased out and reclassified as investment properties in current period | | Right-of-Use Assets | 2,774,322.22 | 0.01 | 2,042,444.48 | 0.01 | 35.83 | Mainly due to lease renewals in current period | | Long-term Deferred Expenses | 52,855,163.19 | 0.20 | 12,635,199.04 | 0.04 | 318.32 | Mainly due to increased renovation expenses for leased apartments in current period | | Short-term Borrowings | 421,427,280.26 | 1.62 | - | - | Not applicable | Mainly due to new 1-year trust borrowings in current period | | Lease Liabilities | 1,351,942.51 | 0.01 | 308,762.33 | 0.00 | 337.86 | Mainly due to lease renewals in current period | | Deferred Income | - | - | 4,400,000.00 | 0.02 | -100.00 | Mainly due to government subsidies for affordable rental housing offsetting asset costs | Period-end Major Restricted Assets | Item | Period-end Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 115,659,324.81 | Funds frozen due to litigation, guarantees, and bank-supervised account funds with withdrawal restrictions | | Inventories | 3,518,157,371.28 | Mortgage loans | | Fixed Assets | 21,903,882.62 | Mortgage loans | | Investment Properties | 559,816,550.95 | Mortgage loans | | Total | 4,215,537,129.66 | | (IV) Analysis of Investment Status During the reporting period, the company's new investment income from joint ventures and associates was -12.1465 million yuan. The company, through its subsidiaries, participated in several joint ventures for real estate development, operation, and consulting, and appointed a director to Xi'an Silk Road International Financial Innovation Center Co., Ltd., an associate, to participate in its operational decisions - New investment income from joint ventures and associates in the current period was -12.1465 million yuan[43] - The company, through its subsidiaries, participates in the operation and management of joint ventures such as Suzhou Lianxin Real Estate, Taicang Zhuorun Real Estate, and Zhenjiang Yangqi Real Estate[43] - Xi'an Silk Road International Financial Innovation Center Co., Ltd. is an associate of the company's subsidiary, and the company has appointed a director to it, having the right to participate in its operational and financial decisions[44] (V) Significant Asset and Equity Disposals In April 2025, the company completed the disposal of two properties in Yadou International Garden, Xuhui District, Shanghai, generating a net disposal gain of 16.8356 million yuan - In April 2025, the company completed the disposal of two properties, Room 2303, Building 8 and Room 1802, Building 3, in Yadou International Garden, Xuhui District, Shanghai[46] - This disposal generated a net gain of 16.8356 million yuan[46] (VI) Analysis of Major Controlled and Investee Companies The company's major controlled and investee companies cover real estate development, investment management, and hydropower generation. Several real estate subsidiaries experienced significant fluctuations in net profit during the reporting period, mainly due to differences in project delivery and revenue recognition, capitalization of borrowing interest, inventory impairment provisions, and increased selling expenses. The company also holds subsidiaries with less direct relevance to its core business, aiming for diversified layout and sustainable development Major Subsidiaries and Investee Companies with Over 10% Impact on Company's Net Profit (Unit: Ten Thousand Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xi'an Tande Real Estate Development Co., Ltd. | Subsidiary | Real Estate | 30,000.00 | 768,244.10 | 107,615.95 | 73,243.93 | -4,964.31 | -3,671.01 | | Xi'an Tande Qujiang Real Estate Development Co., Ltd. | Subsidiary | Real Estate | 80,000.00 | 259,442.13 | 179,505.75 | 341.75 | 3,558.56 | 2,586.85 | | Suzhou Tande Real Estate Development Co., Ltd. | Subsidiary | Real Estate | 55,000.00 | 323,606.40 | 40,159.25 | 7.33 | -2,385.37 | -2,366.43 | | Shaanxi Dongfang Jiade Construction Development Co., Ltd. | Subsidiary | Real Estate | 50,000.00 | 244,195.41 | 67,291.74 | 1,113.33 | 2,058.56 | 1,576.22 | | Xianyang Tiantou Real Estate Development Co., Ltd. | Subsidiary | Real Estate | 10,000.00 | 101,305.64 | 61,887.84 | 37,682.25 | 11,023.71 | 8,250.75 | | Xi'an Yuehang Real Estate Co., Ltd. | Subsidiary | Real Estate | 500.00 | 151,605.88 | 83,273.16 | 6,532.85 | 8,346.32 | 6,237.07 | Subsidiaries with Over 30% Change in Net Profit Compared to Prior Year Period and Significant Impact on Consolidated Operating Performance (Unit: Ten Thousand Yuan) | Company Name | Net Profit | Prior Period Net Profit | Change Ratio (%) | Analysis of Change Reason | | :--- | :--- | :--- | :--- | :--- | | Xi'an Tande Real Estate Development Co., Ltd. | -3,671.01 | 731.00 | -602.19 | Mainly due to differences in project delivery and revenue recognition, capitalization of borrowing interest, etc. | | Xi'an Tande Qujiang Real Estate Development Co., Ltd. | 2,586.85 | 508.61 | 408.61 | Mainly due to differences in project delivery and revenue recognition, etc. | | Shaanxi Dongfang Jiade Construction Development Co., Ltd. | 1,576.22 | 730.31 | 115.83 | Mainly due to differences in project delivery and revenue recognition, etc. | | Xianyang Tiantou Real Estate Development Co., Ltd. | 8,250.75 | 112.50 | 7,234.00 | Mainly due to differences in project delivery and revenue recognition, etc. | | Xi'an Yuehang Real Estate Co., Ltd. | 6,237.07 | -77.74 | Not applicable | Mainly due to differences in project delivery and revenue recognition, etc. | | Guangzhou Tande Real Estate Co., Ltd. | -2,888.80 | -185.79 | Not applicable | Mainly due to differences in project delivery and revenue recognition, capitalization of borrowing interest, etc. | - The company holds a 51% equity stake in Shaanxi Shenbao Hydropower Development Co., Ltd., primarily engaged in hydropower generation, and a 70% equity stake in Xi'an Chuangdian Zhiku Business Consulting Management Co., Ltd., primarily engaged in media and newspaper businesses, aiming to promote the company's strategic implementation guided by national clean energy and cultural industry development policies[51] V. Other Disclosure Matters The company identified major risks including macroeconomic impacts, market risks, and financial risks. To address these, the company plans to strengthen research on macroeconomic and industry policies, prudently acquire land, accelerate product sales and destocking, innovate marketing strategies, broaden financing channels, and optimize financing structure to reduce capital costs - The company faces macroeconomic impacts, with insufficient domestic demand and numerous potential risks[53] - The real estate industry continues to undergo deep adjustments, market competition is intensifying, and market risks exist[53] - As a capital-intensive industry, real estate places higher demands on operational efficiency, capital liquidity, sales collection speed, and financing effectiveness, posing financial risks[53] - Countermeasures include strengthening research on macroeconomic and industry policies, prudently acquiring land, accelerating product sales and destocking, innovating marketing strategies, broadening financing channels, optimizing financing structure, and reducing capital costs[53] Section IV Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, outlining the evolution of its governance structure and key personnel adjustments during the reporting period I. Changes in Directors, Supervisors, and Senior Management During the reporting period, changes occurred in the company's Board Secretary Liu Yu, Supervisor Sun Jie, and CFO Yu Ling. Sun Jie resigned as supervisor and was appointed CFO, while Yuan Xuegong temporarily assumed the duties of Board Secretary. Subsequently, the company completed the re-election of the eleventh Board of Directors and Board of Supervisors, electing Zhao Ji as Chairman and appointing Wang Tao as President, along with new senior management, and abolished the Board of Supervisors, with its functions now exercised by the Board's Audit Committee Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Liu Yu | Board Secretary | Resignation | | Sun Jie | Supervisor | Resignation | | Sun Jie | Chief Financial Officer | Appointment | | Yu Ling | Chief Financial Officer | Resignation | - In July 2025, Sun Jie resigned from her position as employee supervisor due to work adjustments, and Yu Ling no longer served as Chief Financial Officer due to age; Sun Jie was appointed Chief Financial Officer, and Yuan Xuegong temporarily assumed the duties of Board Secretary[56] - On August 26, 2025, the company completed the re-election of the eleventh Board of Directors and Board of Supervisors, electing Zhao Ji as Chairman and appointing Wang Tao as President, along with new senior management[57] - The company abolished the Board of Supervisors, and its corresponding functions are now exercised by the company's Board Audit Committee[57] Section V Significant Matters This section covers major litigation and arbitration, significant related party transactions, and material contracts and their performance, providing insights into the company's legal, operational, and financial commitments VII. Significant Litigation and Arbitration Matters During the reporting period, the company was involved in several significant litigation and arbitration cases. The dispute over cooperation funds between Tianjin Tande and Tianjin Bintou is in enforcement, while the relocation compensation agreement dispute involving Tande Zhongfang Haojie and Shenzhen Tande has been settled, with all payments received. Additionally, Zhengzhou Tande Real Estate Co., Ltd. and Chongqing Tiantou Real Estate Development Co., Ltd., both subsidiaries, are involved in construction payment disputes, currently undergoing first-instance proceedings - Tianjin Tande sued Tianjin Bintou for the return of 45 million yuan in cooperation funds; both parties have reached a settlement agreement, and Tianjin Tande is actively pursuing enforcement, having recovered 800,000 yuan[60][61] - Tande Zhongfang Haojie and Shenzhen Tande sued Haojie Plastic (Shenzhen) Co., Ltd. for 58.4974 million yuan in breach of contract damages; a settlement has been reached, and as of April 18, 2025, Shenzhen Tande has received a total of 55.5439 million yuan in payments from the defendant[61] - Zhengzhou Tande Real Estate Co., Ltd. is being sued for 77.8644 million yuan in construction payments, with the case currently in first-instance proceedings[61] - Chongqing Tiantou Real Estate Development Co., Ltd. is being sued for 139.8889 million yuan in construction payments and overdue interest, and has filed a counterclaim seeking 291.4276 million yuan in total liquidated damages for project delays from Hongsheng Company, with both cases currently in first-instance proceedings[61] X. Significant Related Party Transactions During the reporting period, the company's total ordinary related party transactions amounted to 32.8712 million yuan, remaining within the annual estimated total. These primarily involved purchasing property management, construction, material procurement, and surveying services from group affiliates, as well as selling advertising planning services. Some construction transactions, formed through public bidding, were exempt from related party transaction review and disclosure. Additionally, Zhenjiang Tande Real Estate Co., Ltd., a subsidiary, applied for a 150 million yuan entrusted loan from related party Xi'an Gaoxin Thermal Power Co., Ltd Ordinary Related Party Transactions (Unit: Yuan) | Related Party | Related Relationship | Related Transaction Type | Related Transaction Content | Related Transaction Amount | Percentage of Similar Transactions (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xi'an Tande Property Services Management Co., Ltd. | Group Affiliate | Purchase of Goods, Acceptance of Services | Property Management | 11,871,410.71 | 60.86 | | Shaanxi Tande Tiantou Property Services Co., Ltd. | Group Affiliate | Purchase of Goods, Acceptance of Services | Property Management | 6,406,628.27 | 32.84 | | Xi'an Gaoxin Thermal Power Co., Ltd. | Group Affiliate | Purchase of Goods, Acceptance of Services | Engineering Construction | 11,699,714.91 | 3.85 | | Xi'an Tande Property Services Management Co., Ltd. | Group Affiliate | Sale of Goods, Provision of Services | Leasing | 626,628.35 | 6.80 | | Xi'an Gaoke Group Co., Ltd. | Group Affiliate | Sale of Goods, Provision of Services | Advertising Planning | 115,958.49 | 3.85 | | Total | | | | 32,871,160.86 | | - The company's actual total ordinary related party transactions in the first half of 2025 amounted to 32.8712 million yuan, which did not exceed the annual estimated total of 120.901 million yuan[64] - Engineering construction transactions between the company's subsidiaries and Gaoke Xinjian Company, Gaoxin Tianxiang Company, Gaoke Construction Company, and Lantian Muqiang Company were formed through public bidding by a third-party bidding agency, and are exempt from related party transaction review and disclosure according to the "Shanghai Stock Exchange Stock Listing Rules"[64] - Zhenjiang Tande Real Estate Co., Ltd., a subsidiary, applied for an entrusted loan from related party Xi'an Gaoxin Thermal Power Co., Ltd., with a loan balance of 150 million yuan and an annual interest rate of 8.6%[67] XI. Significant Contracts and Their Performance During the reporting period, the company and its subsidiaries provided external guarantees totaling 3,855.3217 million yuan, representing 140.13% of the company's net assets, with 3,729.3217 million yuan guaranteed for subsidiaries. New guarantees for subsidiaries amounted to 260 million yuan, within the annual estimated total. The portion of total guarantees exceeding 50% of net assets was 2,479.7466 million yuan, which overlapped with debt guarantees provided for entities with an asset-liability ratio exceeding 70% Company Guarantee Total (Unit: Ten Thousand Yuan) | Indicator | Amount | | :--- | :--- | | Total Guarantee Balance at Period-end (A) (excluding guarantees for subsidiaries) | 12,600.00 | | Total Guarantees for Subsidiaries Incurred During Reporting Period | 26,016.22 | | Total Guarantee Balance for Subsidiaries at Period-end (B) | 372,932.17 | | Total Guarantees (A+B) | 385,532.17 | | Percentage of Total Guarantees to Company's Net Assets (%) | 140.13 | | Of which: Amount of Guarantees Provided for Shareholders, Actual Controllers, and Their Related Parties (C) | - | | Amount of Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 346,023.10 | | Amount of Total Guarantees Exceeding 50% of Net Assets (E) | 247,974.66 | | Total of the Above Three Guarantee Amounts (C+D+E) | 593,997.76 | - The company's actual new guarantees in the first half of 2025 amounted to 260 million yuan, of which new guarantees for subsidiaries were 260 million yuan, not exceeding the annual estimated total of 15 billion yuan[70] - The amount of total guarantees exceeding 50% of net assets (E) is 2,479.7466 million yuan, which overlaps with the amount of debt guarantees provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding 70% (D)[70] Section VI Share Changes and Shareholder Information This section details the company's share capital changes and shareholder structure, including the total number of ordinary shareholders and the holdings of the top ten shareholders at the end of the reporting period I. Share Capital Changes During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[72] II. Shareholder Information As of the end of the reporting period, the company had 29,920 ordinary shareholders. Among the top ten shareholders, controlling shareholder Xi'an Gaoxin High-tech Industrial Development Zone Real Estate Development Co., Ltd. held 57.52% of shares, with half of these pledged. Other top ten shareholders were primarily natural persons or institutional investors with relatively small holdings - As of the end of the reporting period, the total number of ordinary shareholders was 29,920[74] Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period-end (shares) | Percentage (%) | Pledged, Marked, or Frozen Status (Share Status/Quantity) | | :--- | :--- | :--- | :--- | | Xi'an Gaoxin High-tech Industrial Development Zone Real Estate Development Co., Ltd. | 497,000,938 | 57.52 | Pledged/248,500,469 | | Zhou Shuang | 25,862,501 | 2.99 | Unknown/0 | | Zhou Yuguang | 13,866,476 | 1.60 | Unknown/0 | | Xinyu Jinjiu (Wuhu) Investment Center (Limited Partnership) | 13,305,300 | 1.54 | Unknown/0 | | Lin Shuyue | 6,688,400 | 0.77 | Unknown/0 | | Wang Dehua | 5,823,700 | 0.67 | Unknown/0 | | Wang Youli | 5,599,800 | 0.65 | Unknown/0 | | Industrial and Commercial Bank of China Co., Ltd. - Southern CSI All-Share Real Estate ETF | 5,502,312 | 0.64 | Unknown/0 | | Gu Yongliang | 4,015,371 | 0.46 | Unknown/0 | | Tang Jumei | 3,831,500 | 0.44 | Unknown/0 | - The controlling shareholder, Xi'an Gaoxin High-tech Industrial Development Zone Real Estate Development Co., Ltd., is the company's largest shareholder and has no associated relationship with the other nine shareholders[76] Section VII Bond-Related Information This section provides comprehensive details on the company's corporate bonds and non-financial enterprise debt financing instruments, including issuance, use of proceeds, and key financial indicators related to debt I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company issued multiple tranches of corporate bonds and medium-term notes, totaling billions of yuan, primarily for repaying maturing debt. These bonds were guaranteed by Xi'an Gaoke Group Co., Ltd. or Shaanxi Credit Enhancement Investment Co., Ltd., with guarantee conditions and repayment plans executed normally. The company's consolidated interest-bearing debt balance was 12.563 billion yuan, a year-on-year decrease of 6.55%, with corporate credit bonds accounting for 46.27% (I) Corporate Bonds (Including Enterprise Bonds) The company issued multiple tranches of corporate bonds, including "24 Tande 1", "25 Tande 1", "25 Tande 2", and "25 Tande 3", with coupon rates ranging from 2.9% to 7.5% and all with a 3-year term. These bonds were fully and unconditionally guaranteed by Xi'an Gaoke Group Co., Ltd. or Shaanxi Credit Enhancement Investment Co., Ltd. with joint and several liability, and the guarantee conditions and repayment plans were executed normally during the reporting period without change Corporate Bond Basic Information (Unit: Hundred Million Yuan) | Bond Name | Abbreviation | Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance | Interest Rate (%) | Guarantee Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tande Co., Ltd. 2022 Publicly Issued Corporate Bonds (Tranche 1) to Professional Investors | 22 Tande 1 | 185536 | March 14, 2022 | March 14, 2022 | March 14, 2025 | 0 | 7.5 | Xi'an Gaoke Group Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | | Tande Co., Ltd. 2022 Publicly Issued Corporate Bonds (Tranche 2) to Professional Investors | 22 Tande 2 | 137566 | August 18, 2022 | August 18, 2022 | August 18, 2025 | 0 | 7.5 | Xi'an Gaoke Group Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | | Tande Co., Ltd. 2024 Publicly Issued Corporate Bonds (Tranche 1) to Professional Investors | 24 Tande 1 | 242114 | December 10, 2024 | December 10, 2024 | December 10, 2027 | 9 | 4.93 | Xi'an Gaoke Group Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | | Tande Co., Ltd. 2025 Publicly Issued Corporate Bonds (Tranche 1) to Professional Investors | 25 Tande 1 | 242304 | January 17, 2025 | January 17, 2025 | January 17, 2028 | 5 | 4.93 | Xi'an Gaoke Group Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | | Tande Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 1) to Professional Investors | 25 Tande 2 | 259269 | July 10, 2025 | July 10, 2025 | July 10, 2028 | 4.13 | 2.9 | Shaanxi Credit Enhancement Investment Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | | Tande Co., Ltd. 2025 Non-Publicly Issued Corporate Bonds (Tranche 2) to Professional Investors | 25 Tande 3 | 259414 | August 1, 2025 | August 1, 2025 | August 1, 2028 | 5 | 4.18 | Xi'an Gaoke Group Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | - The guarantee status, repayment plans, and other debt servicing measures for all corporate bonds were executed normally during the reporting period and remained unchanged[81][82] (II) Use of Corporate Bond Proceeds During the reporting period, the company's "25 Tande 1", "25 Tande 2", and "25 Tande 3" corporate bonds raised a total of 500 million yuan, 413 million yuan, and 500 million yuan respectively, all of which were fully utilized by the end of the reporting period or before the disclosure date, primarily for repaying maturing corporate bonds, with the use of proceeds consistent with the agreed purposes - "25 Tande 2" and "25 Tande 3" were both issued after June 30, 2025, and the proceeds were fully utilized by the disclosure date of the semi-annual report[83] Use of Proceeds (Unit: Hundred Million Yuan) | Bond Code | Bond Abbreviation | Total Proceeds Raised | Proceeds Balance at Period-end | Special Account Balance for Proceeds at Period-end | | :--- | :--- | :--- | :--- | :--- | | 242304 | 25 Tande 1 | 5 | 0 | 0 | | 259269 | 25 Tande 2 | 4.13 | 0 | 0 | | 259414 | 25 Tande 3 | 5 | 0 | 0 | Specific Use of Proceeds for Corporate Bond Repayment | Bond Code | Bond Abbreviation | Specific Use for Corporate Bond Repayment | | :--- | :--- | :--- | | 242304 | 25 Tande 1 | Repaid "22 Tande 1" corporate bonds matured on March 14, 2025 | | 259269 | 25 Tande 2 | Repaid "22 Tande 2" corporate bonds matured on August 18, 2025 | | 259414 | 25 Tande 3 | Repaid "22 Tande 2" corporate bonds matured on August 18, 2025 | - The actual use of proceeds is consistent with the agreed purposes, and the management of the special proceeds account is compliant, adhering to local government debt management regulations[88] (IV) Significant Matters Related to Corporate Bonds During the Reporting Period At the beginning and end of the reporting period, the company's consolidated non-operating receivables and intercompany borrowings balances were both 0 yuan. The consolidated interest-bearing debt balance was 12.563 billion yuan, a year-on-year decrease of 6.55%, with corporate credit bonds accounting for 46.27%, bank loans for 27.47%, and non-bank financial institution loans for 26.26% - At the beginning and end of the reporting period, the company's consolidated non-operating receivables and intercompany borrowings balances were both 0 yuan[90] - At the beginning and end of the reporting period, the company's consolidated interest-bearing debt balances were 13.444 billion yuan and 12.563 billion yuan, respectively, representing a year-on-year change of -6.55% in interest-bearing debt balance during the reporting period[92] Company Consolidated Interest-Bearing Debt Structure (Period-end, Unit: Hundred Million Yuan) | Interest-Bearing Debt Category | Maturity: Within 1 Year (inclusive) | Maturity: Over 1 Year (exclusive) | Total Amount | Percentage of Total Interest-Bearing Debt (%) | | :--- | :--- | :--- | :--- | :--- | | Corporate Credit Bonds | 16.13 | 42.00 | 58.13 | 46.27 | | Bank Loans | 13.32 | 21.19 | 34.51 | 27.47 | | Non-Bank Financial Institution Loans | 23.52 | 9.47 | 32.99 | 26.26 | | Total | 52.97 | 72.66 | 125.63 | — | - At the end of the reporting period, among the company's consolidated outstanding corporate credit bonds, the balance of corporate bonds was 2.313 billion yuan, enterprise bonds was 0 yuan, and non-financial enterprise debt financing instruments was 3.5 billion yuan[95] (V) Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market The company issued multiple tranches of medium-term notes in the interbank bond market, including "22 Tande MTN001", "22 Tande MTN002", "24 Tande MTN001", "24 Tande MTN002", "24 Tande MTN003", and "25 Tande MTN001", with coupon rates ranging from 2.99% to 7.5% and all with a 3-year term. These medium-term notes were guaranteed by Xi'an Gaoke Group Co., Ltd. or Xi'an Investment and Financing Guarantee Co., Ltd. with joint and several liability, and the guarantee conditions and repayment plans were executed normally during the reporting period without change Non-Financial Enterprise Debt Financing Instruments Basic Information (Unit: Hundred Million Yuan) | Bond Name | Abbreviation | Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance | Interest Rate (%) | Guarantee Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tande Co., Ltd. 2022 First Tranche Medium-Term Notes | 22 Tande MTN001 | 102281683 | August 2, 2022 | August 2, 2022 | August 2, 2025 | 0 | 7.5 | Xi'an Gaoke Group Co., Ltd. provides joint and several liability guarantee | | Tande Co., Ltd. 2022 Second Tranche Medium-Term Notes | 22 Tande MTN002 | 102282429 | November 1, 2022 | November 1, 2022 | November 1, 2025 | 0 | 7.5 | Xi'an Gaoke Group Co., Ltd. provides joint and several liability guarantee | | Tande Co., Ltd. 2024 First Tranche Medium-Term Notes | 24 Tande MTN001 | 102480502 | February 6, 2024 | February 7, 2024 | February 7, 2027 | 10 | 6 | Xi'an Gaoke Group Co., Ltd. provides joint and several liability guarantee | | Tande Co., Ltd. 2024 Second Tranche Medium-Term Notes | 24 Tande MTN002 | 102482814 | July 27, 2024 | July 1, 2024 | July 1, 2027 | 5 | 3.53 | Xi'an Gaoke Group Co., Ltd. provides joint and several liability guarantee | | Tande Co., Ltd. 2024 Third Tranche Medium-Term Notes | 24 Tande MTN003 | 102484724 | October 29, 2024 | October 31, 2024 | October 31, 2027 | 13 | 5 | Xi'an Gaoke Group Co., Ltd. provides joint and several liability guarantee | | Tande Co., Ltd. 2025 First Tranche Medium-Term Notes | 25 Tande MTN001 | 102583088 | July 24, 2025 | July 25, 2025 | July 25, 2028 | 5 | 2.99 | Xi'an Investment and Financing Guarantee Co., Ltd. provides full, unconditional, and irrevocable joint and several liability guarantee | - The guarantee status, repayment plans, and other debt servicing measures for all non-financial enterprise debt financing instruments were executed normally during the reporting period and remained unchanged[100][101] (VII) Key Accounting Data and Financial Indicators At the end of the reporting period, the company's current ratio and quick ratio slightly increased, while the asset-liability ratio decreased by 1.02 percentage points to 85.81%. Net profit after deducting non-recurring gains and losses was negative, mainly due to increased capitalized interest expenses and inventory impairment. Interest coverage ratio and cash interest coverage ratio both significantly increased, primarily due to higher EBIT, overall reduced borrowing interest, and decreased cash payments for goods and services Key Accounting Data and Financial Indicators (Unit: Yuan) | Key Indicator | Current Period-end/Current Period (Jan-Jun) | Prior Year-end/Prior Year Period | Change from Prior Year-end/Prior Year Period (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 1.62 | 1.56 | 3.85 | | | Quick Ratio | 0.35 | 0.34 | 2.94 | | | Asset-Liability Ratio (%) | 85.81 | 86.69 | -1.02 | | | Net Profit After Deducting Non-Recurring Gains and Losses | -139,632,182.49 | -63,006,107.48 | Not applicable | Mainly due to increased expensed interest and inventory impairment provisions | | Interest Coverage Ratio | 0.34 | 0.16 | 112.50 | Mainly due to increased EBIT and overall reduced borrowing interest in current period | | Cash Interest Coverage Ratio | 2.75 | 1.41 | 95.04 | Mainly due to decreased cash payments for goods and services in current period compared to prior year period | | EBITDA Interest Coverage Ratio | 0.38 | 0.18 | 111.11 | Mainly due to increased EBIT and overall reduced borrowing interest in current period | | Loan Repayment Rate (%) | 100.00 | 100.00 | | | | Interest Payment Rate (%) | 100.00 | 100.00 | | | Section VIII Financial Report This section presents the company's comprehensive financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and significant financial statement items II. Financial Statements This section provides 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 presenting the company's financial position, operating results, and cash flow situation Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 26.026 billion yuan, a decrease of 8.15% from the end of the previous year; total liabilities were 22.334 billion yuan, and total owners' equity was 3.692 billion yuan. Total current assets were 24.432 billion yuan, and total current liabilities were 15.059 billion yuan. Monetary funds, inventories, accounts payable, and non-current liabilities due within one year all decreased Consolidated Balance Sheet Key Data (Unit: Yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Monetary Funds | 3,070,345,978.77 | 3,766,058,041.00 | | Accounts Receivable | 17,981,452.36 | 27,649,656.00 | | Inventories | 18,478,888,233.61 | 20,695,094,959.11 | | Total Current Assets | 24,431,992,344.50 | 27,302,127,441.25 | | Investment Properties | 559,816,550.95 | 84,999,498.82 | | Total Assets | 26,026,127,610.19 | 28,335,517,502.42 | | Short-term Borrowings | 421,427,280.26 | - | | Accounts Payable | 3,391,639,112.58 | 4,224,079,652.90 | | Contract Liabilities | 3,707,610,349.81 | 4,187,002,697.44 | | Non-current Liabilities Due Within One Year | 5,103,839,078.35 | 6,547,852,516.00 | | Total Current Liabilities | 15,059,251,421.61 | 17,488,173,338.35 | | Long-term Borrowings | 3,064,958,139.94 | 3,361,953,634.91 | | Bonds Payable | 4,192,341,402.30 | 3,691,447,480.54 | | Total Liabilities | 22,333,861,893.64 | 24,563,689,305.18 | | Total Owners' Equity Attributable to Parent Company | 2,751,150,278.46 | 2,875,503,227.95 | | Minority Interests | 941,115,438.09 | 896,324,969.29 | | Total Owners' Equity | 3,692,265,716.55 | 3,771,828,197.24 | Consolidated Income Statement For January-June 2025, the company's consolidated total operating revenue was 2.461 billion yuan, a year-on-year increase of 20.69%. However, total profit and net profit were both negative, with losses expanding year-on-year, primarily due to increased taxes and surcharges, selling expenses, administrative expenses, and financial expenses, as well as asset impairment losses and credit impairment losses. Net profit attributable to parent company shareholders was -124.34 million yuan Consolidated Income Statement Key Data (Unit: Yuan) | Item | 2025 Half-Year | 2024 Half-Year | | :--- | :--- | :--- | | Total Operating Revenue | 2,461,094,423.99 | 2,039,175,480.69 | | Total Operating Costs | 2,472,399,094.40 | 2,087,690,498.57 | | Taxes and Surcharges | 90,126,103.40 | 33,346,380.17 | | Selling Expenses | 107,068,069.91 | 72,235,299.25 | | Administrative Expenses | 53,406,680.05 | 47,540,756.98 | | Financial Expenses | 192,310,192.35 | 84,011,456.91 | | Investment Income (Losses indicated by "-") | -12,003,023.55 | 10,749,418.48 | | Credit Impairment Losses (Losses indicated by "-") | -6,413,471.24 | 5,928,706.18 | | Asset Impairment Losses (Losses indicated by "-") | -48,985,164.68 | - | | Total Profit (Total losses indicated by "-") | -57,626,457.09 | -30,844,427.86 | | Net Profit (Net losses indicated by "-") | -69,542,147.62 | -8,153,384.63 | | Net Profit Attributable to Parent Company Shareholders | -124,342,579.62 | -28,670,687.87 | | Basic Earnings Per Share (yuan/share) | -0.1439 | -0.0332 | Consolidated Cash Flow Statement For January-June 2025, the company's net cash flow from operating activities was 507.44 million yuan, a significant year-on-year increase of 2224.93%. Net cash flow from investing activities was 20 million yuan, a year-on-year decrease of 89.19%. Net cash flow from financing activities was -1.230 billion yuan, a substantial year-on-year decrease, mainly due to reduced cash received from financing and increased cash paid for debt repayment. The period-end cash and cash equivalents balance was 2.955 billion yuan Consolidated Cash Flow Statement Key Data (Unit: Yuan) | Item | 2025 Half-Year | 20