济高发展(600807) - 2025 Q2 - 季度财报

Definitions This section defines key terms and abbreviations for regulatory bodies and company entities to ensure clarity throughout the report - The section defines key terms and abbreviations for regulatory bodies and various company entities, including Jigaoholding, Gaoxin City Construction, Tianye Group, Jigao Development, and its subsidiaries, to ensure report clarity[15] Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, changes in registration, stock overview, and a detailed analysis of key financial data and indicators for the current period Company Information This section discloses the company's basic registration information, including its Chinese name, abbreviation, English name and abbreviation, and legal representative Company Basic Information | Metric | Content | | :--- | :--- | | Chinese Name | Jinan High-tech Development Co.,Ltd. | | Chinese Abbreviation | Jigao Development | | English Name | Jinan High-tech Development Co.,Ltd. | | English Abbreviation | Jinan Hi-tech Development | | Legal Representative | Wang Chengdong | Contact Person and Information This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email, to facilitate communication with investors and relevant parties Company Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yang Jihua | 11th Floor, Building A4-4, Hanyu Financial Business Center, 7000 Jingshi East Road, Jinan Area, China (Shandong) Pilot Free Trade Zone | 0531-86171188 | 0531-86171188 | 600807@vip.163.com | | Securities Affairs Representative | Wang Wei | 11th Floor, Building A4-4, Hanyu Financial Business Center, 7000 Jingshi East Road, Jinan Area, China (Shandong) Pilot Free Trade Zone | 0531-86171188 | 0531-86171188 | 600807@vip.163.com | Brief Introduction to Changes in Basic Information The company's registered address changed multiple times during the reporting period, most recently in November 2024 to Room 1101, Building A4-4, Hanyu Financial Business Center, 7000 Jingshi East Road, Jinan Area, China (Shandong) Pilot Free Trade Zone - The company's registered address changed in November 2024 from 'Room 1701, Main Office Building, Longao Tianjie Plaza, 1577 Longao North Road, Shunhua Street, Jinan Area, China (Shandong) Pilot Free Trade Zone' to 'Room 1101, Building A4-4, Hanyu Financial Business Center, 7000 Jingshi East Road, Jinan Area, China (Shandong) Pilot Free Trade Zone'[16] Brief Introduction to Changes in Information Disclosure and Document Storage Locations The company designates Shanghai Securities News, China Securities Journal, and Securities Times as its information disclosure newspapers, with the semi-annual report published on www.sse.com.cn and stored at the company's Board of Directors Office, with no changes during the reporting period Information Disclosure Channels | Metric | Content | | :--- | :--- | | Information Disclosure Newspapers | Shanghai Securities News, China Securities Journal, Securities Times | | Website for Semi-Annual Report Publication | www.sse.com.cn | | Company Semi-Annual Report Storage Location | Company Board of Directors Office | | Index for Changes During Reporting Period | None | Brief Introduction to Company Stock The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation 'Jigao Development' and stock code 600807, previously known as Jinan Department Store, Tianye Shares, and Jinan High-tech Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-shares | Shanghai Stock Exchange | Jigao Development | 600807 | Jinan Department Store, Tianye Shares, Jinan High-tech | Other Relevant Information There is no other relevant information requiring disclosure in this reporting period Company's Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue decreased by 23.36% year-on-year, total profit and net profit attributable to shareholders were negative with expanding losses, net cash flow from operating activities narrowed its loss, but net assets and total assets both declined, and weighted average return on net assets significantly decreased Key Accounting Data Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (CNY million) | Prior Year Period (CNY million) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 158.98 | 207.44 | -23.36 | | Total Profit | -52.09 | -33.61 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -46.68 | -29.63 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -26.51 | -30.19 | Not applicable | | Net Cash Flow from Operating Activities | -61.53 | -80.17 | Not applicable | | | End of Current Period (CNY million) | End of Prior Year (CNY million) | Change from Prior Year End (%) | | Net Assets Attributable to Shareholders of Listed Company | 67.21 | 78.73 | -14.62 | | Total Assets | 2,529.13 | 2,594.05 | -2.50 | Key Financial Indicators Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.05 | -0.03 | Not applicable | | Diluted Earnings Per Share (CNY/share) | -0.05 | -0.03 | Not applicable | | Basic EPS After Deducting Non-Recurring Gains and Losses (CNY/share) | -0.03 | -0.03 | Not applicable | | Weighted Average Return on Net Assets (%) | -109.17 | -14.34 | decreased by 94.83 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -61.99 | -14.61 | decreased by 47.38 percentage points | Differences in Accounting Data Under Domestic and Overseas Accounting Standards There were no differences in accounting data under domestic and overseas accounting standards for the company during this reporting period Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for this period amounted to -CNY 20.17 million, primarily including gains/losses from disposal of non-current assets, government grants, capital occupation fees, reversal of impairment provisions for receivables, and contingent gains/losses unrelated to the company's normal operations Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 48,539.32 | | Government Grants Included in Current Period P&L | 1,093,307.45 | | Capital Occupation Fees Received from Non-Financial Enterprises Included in Current Period P&L | 300,886.95 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 19,388,053.75 | | Gains/Losses from Contingent Events Unrelated to Normal Business Operations | -40,668,242.96 | | Other Non-Operating Income and Expenses Apart from the Above | 489,012.62 | | Less: Income Tax Impact | 154,549.29 | | Minority Interest Impact (After Tax) | 667,275.86 | | Total | -20,170,268.02 | Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact The company had no equity incentive or employee stock ownership plans during this reporting period, thus no disclosure of net profit after deducting share-based payment impact is required Other There are no other matters requiring disclosure by the company during this reporting period Management Discussion and Analysis This section provides an overview of the company's industry and main business operations, discusses operating performance, analyzes core competencies, and details key financial changes and risk factors Explanation of the Company's Industry and Main Business Operations During the Reporting Period The company's main businesses include in-vitro diagnostics, trade, real estate, and property services. The in-vitro diagnostics industry maintains steady growth globally and domestically, driven by policy and technological innovation; trade business is significantly affected by global economy and geopolitics, with a weak domestic steel market; the real estate market is stabilizing under policy regulation, with urban renewal and inventory optimization as future focuses Company's Industry Situation - The company operates in the 'C27 Pharmaceutical Manufacturing' sub-sector of 'C Manufacturing', with primary business in in-vitro diagnostics, also encompassing trade, real estate, and property services[27] - The global in-vitro diagnostics market has exceeded USD 100 billion, with high-potential areas like immunodiagnostics and molecular diagnostics driving innovation. China's IVD industry is entering a golden development period under the 'Healthy China 2030' and 'Innovation-Driven Development' strategies, with policies focusing on normalized centralized procurement and medical insurance payment reform, technology promoting import substitution and AI applications, and the market benefiting from expanded grassroots medical care and aging population demand[28][29] - Trade business is significantly influenced by international political and economic situations and industry supply-demand dynamics; in the first half of 2025, domestic steel market demand was weak, supply remained high, and prices fluctuated downwards[29] - In the first half of 2025, the real estate market gradually stabilized under policy regulation, with central and local policies actively promoting urban renewal, high-quality transformation, and inventory optimization, expecting accelerated supply-demand balance in the second half of the year[30] Explanation of the Company's Main Business Operations - In-vitro diagnostics business covers life and health (molecular diagnostic technology iteration and upgrade, automated and intelligent equipment development), biosafety (high-level biosafety laboratories, cell factories, and other integrated technical solutions), and medical services (offline collaborations for health management, chronic disease intervention, regional medical care, and major disease treatment)[30][31] - Trade business primarily involves rebar sales, managed by Ruifuxiang Trading Company, with sales and procurement prices and credit policies determined through negotiations with customers and suppliers[31] - Real estate and property services business mainly includes the ongoing Dongying Blue Jiayuan project, sales and leasing of ground-floor commercial units and parking spaces for existing real estate projects, and property services for self-developed and a few other real estate projects[31] Operating Model of Main Businesses - In-vitro diagnostics business adopts a production model combining 'make-to-order' and 'low inventory', with procurement categorized into order-based, stock-based, emergency, and sporadic purchases, and sales models including direct sales and distribution[31][32] - The trade business model involves purchasing rebar in batches after signing contracts with customers, with the company responsible for logistics and transportation to the customer's designated location, followed by reconciliation and payment upon acceptance[32] - Real estate business primarily focuses on self-development and sales, property services adopt a lump-sum fee system, and leasing business generates rental income by negotiating and signing contracts with cooperative clients[32] Discussion and Analysis of Operating Performance In H1 2025, facing complex economic environments, the company's operating revenue decreased by 23.36% to CNY 159 million, with net loss attributable to parent of CNY 46.68 million. The company actively promoted IVD business transformation and innovation, expanded biosafety engineering and medical services, and strengthened accounts receivable collection. Trade business achieved CNY 75.51 million in revenue, initiated brand protection, and fostered cooperation in the Beijing-Tianjin-Hebei region. The company also improved its governance system, mitigated the Fuaokang case risk, and maintained Party building leadership Operating Performance for H1 2025 | Metric | Amount (CNY million) | Y-o-Y Change (%) | | :--- | :--- | :--- | | Operating Revenue | 158.98 | -23.36 | | Net Profit Attributable to Shareholders of Listed Company | -46.68 | Not applicable | - In-vitro diagnostics business revenue was CNY 36.79 million, trade business revenue was CNY 79.48 million, and real estate, leasing, and property services revenue totaled CNY 42.71 million[34] - The company's in-vitro diagnostics business advanced traditional business transformation and product innovation upgrades, expanded biosafety engineering and medical services, and strengthened accounts receivable collection[35] - Ruifuxiang Trading continued its rebar trade business, achieving CNY 75.51 million in operating revenue, and initiated 'Ruifuxiang' brand protection and cooperation in the Beijing-Tianjin-Hebei region[35] - The company completed changes to some independent directors, revised its Articles of Association and related regulations, abolished the supervisory board, and improved its corporate governance system[36] - The controlling shareholder paid an equivalent deposit, mitigating the potential adverse impact of approximately CNY 660 million from the Fuaokang Company case on the company[36] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in the strong empowerment from its controlling shareholder, Jigaoholding Group, including talent, capital, and platform support; its unique 'Five Zones' national policy location advantage; and the technological and product advantages of its controlled subsidiary, Acowei Bio, in molecular diagnostic technology, patents, and testing qualifications - Controlling shareholder Jigaoholding Group (AAA corporate credit rating, China Chengxin International A-, Fitch BBB dual international ratings) provides strong support to the company in terms of talent, capital, and platforms, empowering its development[39] - The company fully leverages the national-level policy advantages of the 'Five Zones': National High-tech Zone, Free Trade Pilot Zone, Comprehensive Bonded Zone, New and Old Kinetic Energy Conversion Pilot Zone, and Sci-tech Innovation Financial Reform Pilot Zone[39] - Controlled subsidiary Acowei Bio is a National High-tech Enterprise, 'Specialized, Refined, Unique, and New' Enterprise, Gazelle Enterprise, and National Intellectual Property Advantage Enterprise, holding over 100 patents/software copyrights, multiple medical device registration certificates and filing credentials, and Acowei Medical Testing Institute possesses biochemical, immunological, and pathological testing qualifications[40] Key Operating Performance During the Reporting Period During this reporting period, the company's operating revenue and costs both decreased year-on-year, R&D expenses increased, net cash flow from operating activities narrowed its loss, and net cash flow from financing activities significantly increased. Non-core business profit decreased due to provision for estimated compensation losses from litigation. The asset and liability structure changed, with a substantial increase in monetary funds, a significant decrease in receivables, and a high proportion of overseas assets. Key controlled subsidiaries Jigao Industrial Development, Yong'an Real Estate, and Jian Enterprise all incurred losses, while Ruifuxiang Trading was profitable Main Business Analysis Changes in Key Financial Statement Items | Item | Current Period Amount (CNY million) | Prior Year Period Amount (CNY million) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 158.98 | 207.44 | -23.36 | | Operating Cost | 129.38 | 169.62 | -23.72 | | Selling Expenses | 8.65 | 10.63 | -18.55 | | Administrative Expenses | 31.87 | 35.68 | -10.68 | | Financial Expenses | 11.34 | 14.00 | -19.01 | | R&D Expenses | 5.11 | 4.02 | 27.06 | | Net Cash Flow from Operating Activities | -61.53 | -80.17 | Not applicable | | Net Cash Flow from Investing Activities | -2.87 | -2.54 | Not applicable | | Net Cash Flow from Financing Activities | 682.72 | -57.61 | Not applicable | - The decrease in operating revenue and operating costs was primarily influenced by the market environment of the in-vitro diagnostics industry and the company's business operations[42] - The increase in R&D expenses was mainly due to higher R&D expenditures in the current period[42] - The change in net cash flow from operating activities was mainly due to the recovery of prior period receivables and a decrease in cost-related expenditures[42] - The change in net cash flow from financing activities was primarily due to the receipt of a deposit paid by the controlling shareholder[42] Explanation of Significant Profit Changes Caused by Non-Core Businesses - Due to the impact of company litigation cases, the company accrued estimated compensation losses and other items, reducing profit by CNY 40.02 million in the current period[43] Analysis of Assets and Liabilities Changes in Assets and Liabilities | Item Name | End of Current Period Amount (CNY million) | Proportion of Total Assets at End of Current Period (%) | End of Prior Year Amount (CNY million) | Proportion of Total Assets at End of Prior Year (%) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 767.50 | 30.35 | 143.54 | 5.53 | 434.70 | Mainly due to receipt of controlling shareholder's deposit in current period | | Receivables | 459.67 | 18.17 | 1,151.05 | 44.37 | -60.07 | Mainly due to receipt of controlling shareholder's deposit in current period | | Taxes Payable | 52.86 | 2.09 | 78.63 | 3.03 | -32.77 | Mainly due to tax payments in current period | | Non-Current Liabilities Due Within One Year | 48.90 | 1.93 | 73.44 | 2.83 | -33.42 | Mainly due to loan repayment in current period | | Other Current Liabilities | 2.67 | 0.11 | 5.74 | 0.22 | -53.42 | Mainly due to payments in current period | - Overseas assets amounted to CNY 1.12 billion, accounting for 44.10% of total assets, primarily due to receivables from internal related parties[46] Major Restricted Assets | Item | Book Value at Year-End (CNY million) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 36.64 | Deposits, Judicial Freezing, Business Freezing | | Inventories | 412.81 | Loan Collateral, Seizure | | Equity | Not applicable | Equity Pledge, Equity Freezing | | Total | 449.45 | | Analysis of Investment Status - During the reporting period, the company had no significant equity investments, non-equity investments, financial assets measured at fair value, securities investments, or private equity fund investments[52] Significant Asset and Equity Sales - There were no significant asset or equity sales by the company during the reporting period[53] Analysis of Major Controlled and Invested Companies Operating Performance of Major Controlled and Invested Companies | Company Name | Company Type | Main Business | Registered Capital (CNY million) | Total Assets (CNY million) | Net Assets (CNY million) | Operating Revenue (CNY million) | Operating Profit (CNY million) | Net Profit (CNY million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jigao Industrial Development | Subsidiary | Industrial Park Operation Services, In-vitro Diagnostics Industry | 3.00 | 817.07 | 252.92 | 38.76 | -18.50 | -18.24 | | Yong'an Real Estate | Subsidiary | Real Estate Development and Operation | 422.00 | 815.39 | 602.79 | 9.96 | -0.84 | -0.86 | | Jian Enterprise | Subsidiary | Commercial Services | 100.00 | 230.42 | -63.01 | 0.00 | -0.15 | -0.15 | | Ruifuxiang Trading | Subsidiary | Sales of Rebar Products for Construction, Metal Material Sales, etc. | 20.00 | 40.27 | 3.25 | 79.48 | 0.46 | 0.45 | Information on Structured Entities Controlled by the Company - The company had no controlled structured entities during the reporting period[54] Other Disclosure Matters The company faces risks such as industry policy changes, market development challenges, weak profitability, and low net asset scale. It will closely monitor policy changes, expand new businesses, enhance R&D personnel quality, actively develop clients, and seek shareholder support to improve profitability Potential Risks - Industry policy change risk: Deepening healthcare system reform, stricter regulation of in-vitro diagnostic reagents, narrowing gross profit margins for manufacturers, and pressure for cost control and transformation upgrades[54] - Market development risk: New business areas such as biosafety engineering, medical services, and 'Ruifuxiang' brand cooperation in the Beijing-Tianjin-Hebei region require increased professional personnel and customer reserves, facing challenges from competitors[54] - Weak profitability and low net asset scale: The company faces issues of weak profitability and low net asset scale, requiring active development of new businesses and regions, cultivation of professional talent, expansion of business scale, and seeking shareholder support[55] Other Disclosure Matters - There are no other matters requiring disclosure by the company during this reporting period[56] Corporate Governance, Environment and Society This section details changes in the company's directors and senior management, outlines the profit distribution plan, discusses the status of equity incentive plans, and confirms the absence of environmental information disclosure or rural revitalization efforts Changes in Company Directors and Senior Management During the reporting period, there were multiple changes in the company's directors and senior management, including Ren Xianggang and Fan Liming resigning as directors and Board Secretary, Yang Jihua being appointed Board Secretary, Dong Xueli and Yue Dejun departing as independent directors due to term expiration, Lou Hongxiang and Guan Wei being elected as independent directors, and Zhao Jianguo being elected as a director. Additionally, the company abolished the supervisory board in accordance with the new 'Guidelines for Articles of Association of Listed Companies', with its functions assumed by the Board's Audit Committee - Mr. Ren Xianggang resigned from his positions as company director and Board Secretary due to work reasons[60] - Mr. Fan Liming was previously appointed as a company director and Board Secretary, later resigning due to personal work reasons[60] - Mr. Yang Jihua was appointed as the company's Board Secretary on April 7, 2025[60] - Mr. Dong Xueli and Mr. Yue Dejun resigned from their independent director positions due to the expiration of their terms[60] - Mr. Lou Hongxiang and Mr. Guan Wei were elected as independent directors of the company's Eleventh Board of Directors on April 3, 2025[61] - Mr. Zhao Jianguo was elected as a director of the company's Eleventh Board of Directors on June 20, 2025[61] - In accordance with the new 'Guidelines for Articles of Association of Listed Companies', the company abolished the supervisory board, with its functions fully assumed by the Board's Audit Committee[61] Profit Distribution or Capital Reserve Conversion Plan The company's proposed semi-annual profit distribution or capital reserve to share capital conversion plan is 'none', with no distribution or conversion to be carried out Semi-Annual Profit Distribution Plan | Distribution or Conversion | Bonus Shares Per Share (shares) | Dividend Per Share (CNY) (Tax Inclusive) | Conversion Shares Per Share (shares) | | :--- | :--- | :--- | :--- | | No | 0 | 0.00 | 0 | Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company's 2017 Restricted Stock Incentive Plan was terminated due to the financial accounting report receiving a disclaimer of opinion, triggering its termination conditions. To protect investor interests, the company has suspended subsequent share repurchase and cancellation procedures - The company's 2017 Restricted Stock Incentive Plan was terminated because its financial accounting report received a disclaimer of opinion, triggering the termination conditions[63] - To protect investor interests, the company has suspended the initiation of subsequent share repurchase and cancellation procedures[63] Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law During this reporting period, neither the company nor its major subsidiaries were included in the list of enterprises required to disclose environmental information by law, thus no relevant environmental information is disclosed Specific Information on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc. During this reporting period, the company had no specific information regarding consolidating and expanding poverty alleviation achievements, rural revitalization, or similar initiatives Significant Matters This section covers the fulfillment of commitments, related party transactions, litigation, and other significant events, including the status of equity incentive plans and the impact of major lawsuits Fulfillment of Commitments The company's controlling shareholder, Gaoxin City Construction, and its concerted parties committed to resolving horizontal competition, regulating related party transactions, and ensuring the company's independence, which have been effectively fulfilled long-term. Tianye Group's profit forecast compensation commitment could not proceed smoothly due to audit report issues, and the company will confirm impairment based on the final appraisal report and implement the compensation plan - Gaoxin City Construction and its concerted parties committed to avoiding and resolving horizontal competition with Jinan High-tech through asset transfers, business trusteeship, and other measures, prioritizing the interests of Jinan High-tech and its subsidiaries, which has been effectively fulfilled long-term[66] - Gaoxin City Construction and its concerted parties committed to reducing related party transactions with the listed company and its subsidiaries, conducting them on market-based principles and fair prices, which has been effectively fulfilled long-term[66][67] - Gaoxin City Construction and its concerted parties committed to ensuring the listed company's independence in personnel, finance, organization, assets, and business, which has been effectively fulfilled long-term[67] - Tianye Group's profit forecast compensation commitment could not proceed smoothly because the company's 2017 annual report received a disclaimer of opinion, and the company will confirm the impairment of the target assets based on the final appraisal report issued by the appraisal institution[67][68] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the company Illegal Guarantees During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures Semi-Annual Report Audit Status This semi-annual report is unaudited Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Prior Year's Annual Report During this reporting period, there were no changes or handling of matters related to non-standard audit opinions in the prior year's annual report Bankruptcy and Reorganization Related Matters During this reporting period, the company had no bankruptcy or reorganization related matters Significant Litigation and Arbitration Matters The company is involved in multiple significant litigations and arbitrations, including a contract dispute with Yang Haoyu (company ordered to pay approximately CNY 53 million, company appealed), securities misrepresentation liability disputes with some investors (Huiduo Company awarded CNY 10.4 million, Wei Shisheng sued for CNY 2.15 million), Hanfu Meibang loan contract dispute (settled, company's claim against Tianye Group terminated due to lack of assets), Qingdao Jinhuifangyuan equity repurchase dispute (enforcement applied, partial recovery, terminated due to criminal assets), commodity housing sales contract disputes with Wang Guangjie et al. (settled), Yang Kejun commodity housing sales contract dispute (closed), company's claim against former controlling shareholder for securities misrepresentation losses (terminated), Yong'an Real Estate's claim against Tianye Group (appeal dismissed), Fuaokang Company pre-contractual liability dispute (first instance ordered company to pay approximately CNY 660 million, company appealed, controlling shareholder paid equivalent deposit), Chen Shouchang creditor subrogation dispute (filed), China Communications First Highway Bureau Group construction contract dispute (hearing held), and Jia Zhongshe et al. commodity housing pre-sale contract disputes (some judgments for contract termination and refund of purchase price) - In the contract dispute between Yang Haoyu and the company's wholly-owned subsidiary Yong'an Real Estate, the company received a first-instance judgment to pay approximately CNY 53 million in total for payments, liquidated damages, and fees, and the company has appealed[71] - Some investors filed lawsuits against the company for securities misrepresentation liability, with Huiduo Company's first-instance judgment ordering the company to pay CNY 10.40 million, and Wei Shisheng suing for approximately CNY 2.16 million[71] - The loan contract dispute between Hanfu Meibang and Tianye Group, the company, and others has been settled and fulfilled, and the company has pursued recourse against Tianye Group for the guarantee, but the case was terminated due to lack of executable assets[71][72] - In the contract dispute between the company and Qingdao Jinhuifangyuan Group Co., Ltd. and others, the second instance upheld the original judgment, and the company has applied for compulsory enforcement and recovered partial payments, but the case is temporarily terminated due to assets involved in criminal proceedings[72] - Fuaokang Company again filed a lawsuit for pre-contractual liability dispute, with the first-instance judgment ordering the company to pay Fuaokang Company approximately CNY 660 million in total for payments, liquidated damages, and fees; the company has appealed, and the controlling shareholder has paid an equivalent deposit[73] Listed Company and Its Directors, Senior Management, Controlling Shareholders, Actual Controllers Suspected of Violations, Penalties, and Rectification During the reporting period, the company failed to execute effective court judgments, but the controlling shareholder and actual controller maintained good credit standing - During the reporting period, the company failed to execute effective court judgments, and the company will reasonably arrange funds to fulfill its compensation obligations[75] - The controlling shareholder and actual controller maintained good credit standing[75] Explanation of the Company and Its Controlling Shareholder, Actual Controller's Credit Standing During the Reporting Period During the reporting period, the company failed to execute effective court judgments, but the controlling shareholder and actual controller maintained good credit standing - During the reporting period, the company failed to execute effective court judgments, and the company will comprehensively consider its financial and business operations to reasonably arrange funds and fulfill its compensation obligations[75] - The controlling shareholder and actual controller maintained good credit standing[75] Significant Related Party Transactions The company's wholly-owned subsidiary, Ruifuxiang Trading, signed a centralized rebar procurement strategic agreement with related party Jigaoholding Group and its affiliates, and separate rebar procurement contracts with Jigao Urban Renewal Company, Dongsheng Urban Renewal Company, and Dongjin Industrial Company. The company and its subsidiaries also applied for loans from related parties Shunzheng Investment and Jigao Caijin, all within the approved limits - Ruifuxiang Trading signed a 2025-2026 centralized rebar procurement strategic agreement with Jigaoholding Group, providing rebar to Jigaoholding Group and its affiliates at (market price + CNY 37) per ton[75] - Ruifuxiang Trading signed rebar procurement contracts with Jigao Urban Renewal Company, Dongsheng Urban Renewal Company, and Dongjin Industrial Company, with an estimated total rebar supply of 36,660 tons[75] - The company and its wholly-owned subsidiaries Jigao Bio and Jigao Industrial Development applied for loans of CNY 70 million, CNY 40 million, and CNY 30 million respectively from related party Jinan Shunzheng Investment Co., Ltd., with an annual interest rate of 5.9% and a term of 12 months[77] - The company's controlled subsidiary Acowei Bio applied for a loan of CNY 4 million from related party Jinan High-tech Caijin Investment Co., Ltd., with an annual interest rate of 6% and a term of 12 months[77] Significant Contracts and Their Fulfillment The company has a significant trusteeship arrangement where Jigao Bio manages other assets of Yicheng Industrial, recognizing CNY 1.64 million in trusteeship income this period. The company's total external guarantees amount to CNY 338 million, representing 504.48% of net assets, including CNY 56 million for shareholders, actual controllers, and their related parties, and CNY 282 million for guaranteed entities with asset-liability ratios exceeding 70% Significant Trusteeship Arrangements | Entrusting Party Name | Entrusted Party Name | Trusteeship Asset Status | Trusteeship Start Date | Trusteeship End Date | Trusteeship Income (CNY million) | Impact of Trusteeship Income on Company (CNY million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yicheng Industrial | Jigao Bio | Other Asset Trusteeship | 2024-6-1 | 2025-5-31 | 1.64 | 1.64 | Company External Guarantees (Excluding Guarantees for Subsidiaries) | Guaranteed Party | Guaranteed Amount (CNY billion) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Qihe Jigao Urban Development Co., Ltd. | 0.12 | 2022-09-15 | 2027-09-15 | No | | Qihe Jigao Urban Development Co., Ltd. | 0.13 | 2023-05-04 | 2027-09-15 | No | | Qihe Jigao Urban Development Co., Ltd. | 0.18 | 2024-2-6 | 2027-9-15 | No | | Qihe Jigao Urban Development Co., Ltd. | 0.13 | 2024-5-29 | 2027-9-15 | No | | Jiangsu Jigao Yunxi Medical Valley Industrial Development Co., Ltd. | 0.62 | 2023-1-6 | 2038-1-5 | No | | Jiangsu Jigao Yunxi Medical Valley Industrial Development Co., Ltd. | 0.34 | 2023-6-16 | 2038-1-5 | No | | Jiangsu Jigao Yunxi Medical Valley Industrial Development Co., Ltd. | 0.34 | 2023-7-21 | 2038-1-5 | No | | Jiangsu Jigao Yunxi Medical Valley Industrial Development Co., Ltd. | 0.66 | 2024-1-2 | 2038-1-5 | No | | Huangshan Jigao Ecological Agriculture Technology Development Co., Ltd. | 0.30 | 2022-4-26 | 2038-4-25 | No | Company Total Guarantee Amount | Metric | Amount (CNY billion) | | :--- | :--- | | Total Guarantee Amount (A+B) | 0.338 | | Proportion of Total Guarantee Amount to Company Net Assets (%) | 504.48 | | Amount of Guarantees Provided for Shareholders, Actual Controllers, and Their Related Parties (C) | 0.056 | | Amount of Debt Guarantees Provided Directly or Indirectly for Guaranteed Entities with Asset-Liability Ratios Exceeding 70% (D) | 0.282 | | Amount of Total Guarantee Exceeding 50% of Net Assets (E) | 0.269 | | Total of the Above Three Guarantee Amounts (C+D+E) | 0.607 | Explanation of Progress in Use of Raised Funds During this reporting period, the company had no explanation regarding the progress in the use of raised funds Explanation of Other Significant Matters The company's subsidiary Acowei Bio failed to meet its cumulative net profit performance commitment for 2022-2024, requiring Xilong Scientific to compensate Jigao Bio CNY 52.19 million, and Mr. Zhang Guoning to compensate CNY 1.34 million; the company is actively urging relevant parties to fulfill their compensation obligations. Additionally, the company is advancing impairment testing for the 2014 acquisition of 90% equity in Tianye Gold to determine Tianye Group's compensation amount - Acowei Bio failed to meet its 2022-2024 cumulative net profit performance commitment, requiring Xilong Scientific to compensate Jigao Bio CNY 52.19 million, and Mr. Zhang Guoning to compensate CNY 1.34 million[85][86] - The company is actively urging Xilong Scientific and Mr. Zhang Guoning to fulfill their compensation obligations and negotiate compensation plans, resorting to legal means if necessary[86] - The company is advancing impairment testing for the 2014 acquisition of 90% equity in Tianye Gold to determine Tianye Group's compensation amount and fulfill relevant decision-making procedures and information disclosure obligations[87][88] Share Changes and Shareholder Information This section details the company's share capital changes, shareholder structure, and the holdings of directors and senior management, confirming no changes in share capital or controlling shareholders during the period Share Capital Change Status During the reporting period, there were no changes in the company's total share capital or share structure, nor any share changes impacting financial indicators from the end of the reporting period to the semi-annual report disclosure date - During the reporting period, there were no changes in the company's total share capital or share structure[90] Shareholder Information As of the end of the reporting period, the company had 100,000 shareholders. Among the top ten shareholders, Jinan Gaoxin City Construction Development Co., Ltd. was the largest shareholder with a 16.09% stake, with its shares marked and pledged. Shandong Tianye Real Estate Development Group Co., Ltd. held 4.80%, with its shares frozen. Several state-owned corporate shareholders were among the top ten, and Jinan Gaoxin City Construction Development Co., Ltd. and others were concerted parties. The company had shareholders with restricted shares, primarily those subject to unlocking based on relevant commitments and restricted shares whose repurchase and cancellation were suspended due to the termination of the equity incentive plan - As of the end of the reporting period, the company had a total of 100,000 shareholders[92] Top Ten Shareholders' Holdings | Shareholder Name | Proportion (%) | Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jinan Gaoxin City Construction Development Co., Ltd. | 16.09 | 142,307,521 | 44,575,988 | Marked | 142,307,521 | State-owned Legal Person | | Shandong Tianye Real Estate Development Group Co., Ltd. | 4.80 | 42,500,530 | 25,307,660.00 | Frozen | 42,500,530 | Domestic Non-State-owned Legal Person | | Jinan Gaoxin Smart Valley Investment & Real Estate Co., Ltd. | 3.21 | 28,426,938 | 0 | None | 0 | State-owned Legal Person | | Jinan Dongtuo Real Estate Co., Ltd. | 1.32 | 11,678,800 | 0 | None | 0 | State-owned Legal Person | | Jinan Dongxin Development & Construction Co., Ltd. | 1.22 | 10,755,700 | 0 | Frozen |