西藏城投(600773) - 2025 Q2 - 季度财报

Important Notice The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions[3] - This semi-annual report has not been audited[5] - The company's responsible person, chief accountant, and head of accounting department declare and guarantee the truthfulness, accuracy, and completeness of the financial report in the semi-annual report[5] - There is no profit distribution plan or capital reserve conversion to share capital plan for this reporting period[6] - Forward-looking statements in this report, such as future plans and development strategies, do not constitute a substantive commitment by the company to investors; investors are advised to be aware of investment risks[6] - There are no non-operating funds occupied by controlling shareholders or other related parties, nor are there any external guarantees provided in violation of prescribed decision-making procedures[7] - The company has described the main potential risks in detail in Section III "Management Discussion and Analysis" of this report[7] Section I Definitions This section provides definitions of key terms used throughout the report Section II Company Profile and Key Financial Indicators This section outlines the company's basic information and presents its key financial performance and position Company Information This section discloses the company's Chinese name, abbreviation, foreign name, abbreviation, and legal representative information - Company's Chinese name: Tibet Urban Development Investment Co., Ltd[13] - Company's Chinese abbreviation: Tibet Urban Investment[13] - Company's legal representative: Chen Weidong[13] Contact Person and Information This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the Board Secretary and Securities Affairs Representative - Board Secretary: Liu Ying; Securities Affairs Representative: Huang Weihua[14] - Contact phone: 021-63536929; Fax: 021-63535429[14] - Email: xzct600773@163.com[14] Brief Introduction to Changes in Basic Information During the reporting period, there were no changes to the company's registered address, office address, or related information - Company's registered address: Room 311, 3rd Floor, Jintai Group Office Building, Boda Road A1-10, Lhasa Economic Development Zone, Tibet Autonomous Region[15] - Company's office addresses: Lhasa and Shanghai, with no changes during the reporting period[15] Brief Introduction to Changes in Information Disclosure and Document Storage Locations This section lists the company's selected newspapers for information disclosure, the website address for the semi-annual report, and the report's storage location - Company's selected newspapers for information disclosure: China Securities Journal, Securities Times, Securities Daily[16] - Website address for the semi-annual report: **www.sse.com.cn**[16](index=16&type=chunk) - Storage location for the company's semi-annual report: Company's Securities Department[16] Brief Introduction to Company Shares This section introduces the company's A-share listing exchange, abbreviation, code, and former abbreviation - Share type: A-shares; Stock exchange: Shanghai Stock Exchange[19] - Stock abbreviation: Tibet Urban Investment; Stock code: 600773[19] - Former stock abbreviations: *ST Yalong, Tibet Yalong[19] Key Accounting Data and Financial Indicators This section discloses the company's key accounting data and financial indicators for the current reporting period (January-June) and the same period last year, showing significant revenue growth but continued net loss, with a narrower loss year-on-year 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (CNY) | Prior Year Same Period (CNY) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 742,550,374.34 | 150,417,346.87 | 393.66 | | Total Profit | -95,298,361.73 | -128,624,856.88 | / | | Net Profit Attributable to Shareholders of Listed Company | -64,121,145.88 | -102,326,207.32 | / | | Net Cash Flow from Operating Activities | -319,936,393.71 | -555,775,305.65 | / | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 4,787,948,331.09 | 4,847,305,345.62 | -1.22 | | Total Assets (Period-end) | 11,064,759,804.81 | 11,821,708,672.41 | -6.40 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Same Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.067 | -0.116 | / | | Diluted Earnings Per Share (CNY/share) | -0.067 | -0.116 | / | | Basic Earnings Per Share After Non-Recurring Gains and Losses (CNY/share) | -0.069 | -0.116 | / | | Weighted Average Return on Net Assets (%) | -1.33 | -2.40 | Increased by 1.07 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains and Losses (%) | -1.37 | -2.40 | Increased by 1.03 percentage points | Non-Recurring Gains and Losses Items and Amounts This section lists the detailed items and amounts of non-recurring gains and losses for the reporting period, totaling CNY 1,893,710.68 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government grants included in current profit and loss | 36,182.29 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 2,054,359.96 | | Other non-operating income and expenses apart from the above items | -133,960.57 | | Less: Income tax impact | -333.45 | | Impact on minority interests (after tax) | 63,204.45 | | Total | 1,893,710.68 | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, business operations, core competencies, and financial performance during the reporting period Industry and Main Business Overview The company's main business is real estate development and sales, operating in an industry facing overall pressure but showing signs of sales stabilization, while actively pursuing a "innovation-driven, transformation and development" strategy into new energy and materials - The company's main business is real estate development and sales, belonging to the real estate industry[26] - In the first half of 2025, national commercial housing sales area decreased by 3.5% year-on-year, and sales value decreased by 5.5% year-on-year, indicating a "stop-decline and stabilize" trend in the market[27] - The company is focusing on "achieving new breakthroughs in real estate development through quality and efficiency improvement; achieving new breakthroughs in commercial asset operations through industrial cultivation; and achieving new breakthroughs in lithium salt carbon materials through business transformation"[28] Discussion and Analysis of Operations During the reporting period, the company made progress in real estate development, sales, hotel operations, commercial operations, and external investments, with real estate sales contracts totaling CNY 189 million, hotel business revenue growing by 246.86%, and lithium salt carbon material production line construction advancing - In real estate development, the company's main ongoing projects are located in Xi'an, Shaanxi, with a total construction area of 549,000 square meters[29] - In real estate sales, the company achieved contract sales of CNY 189 million and a sales area of 13,900 square meters for real estate projects during the reporting period[29] - In hotel operations, the company's hotel business achieved a total revenue of CNY 23.9522 million, a 246.86% year-on-year increase[29] - In external investments, the construction of the 10,000-ton lithium hydroxide toll processing line in cooperation between Tibet Guoneng Mining Development Co., Ltd. and Lanxiao Technology continues to advance, with the 3,300-ton line successfully completed[31] Analysis of Core Competencies The company's core competencies include extensive real estate development experience, a professional management team, accurate market strategic positioning, and unique resource endowments and technological advantages in salt lake lithium resource development - The company has accumulated over two decades of rich industry experience in real estate development, completing more than 20 relocation housing and ordinary commercial housing projects[32] - Leveraging Shanghai's talent advantages, the company has formed a stable and excellent management team, with many members holding master's degrees or senior professional titles[32] - The company possesses over ten years of experience in real estate development and urban renewal, focusing on both ordinary commercial housing and affordable housing construction, and expanding into commercial real estate[33] - The company has invested in and developed two salt lakes, Longmucuo and Jiezhe Chaka in Ngari, Tibet, with a combined lithium carbonate reserve of 3.9 million tons, and has obtained 18 invention patents[33][34] Key Operating Performance This section details the company's financial statement item changes, asset-liability status, and operating performance of major holding and participating companies, with operating revenue and cost significantly increasing due to project completion and investment cash flow rising from matured wealth management products (I) Main Business Analysis During the reporting period, the company's operating revenue and cost significantly increased due to the completion and delivery of the Jingchen Zunyu Mansion project, operating cash flow improved due to reduced engineering payments and taxes, and net cash flow from investing activities substantially increased from the maturity and recovery of bank wealth management products Major Accounting Item Fluctuation Analysis | Item | Current Period (CNY) | Prior Year Same Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 742,550,374.34 | 150,417,346.87 | 393.66 | Completion and delivery of Jingchen Zunyu Mansion project | | Operating Cost | 632,324,423.55 | 61,803,705.72 | 923.12 | Completion and delivery of Jingchen Zunyu Mansion project | | Selling Expenses | 45,449,799.05 | 40,670,281.07 | 11.75 | / | | Administrative Expenses | 83,670,555.86 | 75,291,671.11 | 11.13 | / | | Financial Expenses | 57,429,670.06 | 62,668,124.96 | -8.36 | / | | Net Cash Flow from Operating Activities | -319,936,393.71 | -555,775,305.65 | / | Decrease in engineering payments and taxes year-on-year | | Net Cash Flow from Investing Activities | 239,262,483.94 | 6,075,000.00 | 3,838.48 | Recovery of matured bank wealth management product investments | | Net Cash Flow from Financing Activities | 73,854,623.60 | 1,587,343,452.55 | -95.35 | / | (III) Analysis of Assets and Liabilities The company's asset and liability structure underwent several changes, with accounts receivable and other current assets decreasing due to collections and matured wealth management products, construction in progress transferred to fixed assets, and significant changes in short-term borrowings and taxes payable; the total restricted assets at period-end amounted to CNY 3.542 billion Asset and Liability Status Changes | Item Name | Period-end Amount (CNY) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Accounts Receivable | 4,551,257.71 | -41.46 | Primarily due to collection of accounts receivable | | Other Current Assets | 266,669,182.82 | -53.67 | Primarily due to maturity of bank wealth management products at period-end | | Construction in Progress | 0.00 | -100.00 | Primarily due to completion of Shanghai Zangtou Hotel upgrade and transfer from construction in progress to fixed assets | | Long-Term Deferred Expenses | 35,093,376.27 | 43.64 | Primarily due to Zangtou Hotel purchasing a large quantity of opening supplies, to be amortized in future years | | Short-Term Borrowings | 160,131,691.66 | 332.42 | Primarily due to new short-term borrowings in the current period | | Notes Payable | 0.00 | -100.00 | Primarily due to repayment of notes in the current period | | Contract Liabilities | 92,251,324.98 | -84.08 | Primarily due to pre-sale housing funds from prior years being recognized as revenue in the current period | | Taxes Payable | 48,359,714.80 | -63.42 | Primarily due to payment of a significant amount of previously accrued income tax in the current period | | Other Current Liabilities | 9,441,128.43 | -81.66 | Primarily due to transfer of previously deferred output tax in the current period | | Long-Term Payables | 170,38