中谷物流(603565) - 2025 Q2 - 季度财报

Definitions This section provides definitions of common terms used in the report, including CSRC, SSE, Company, Reporting Period, Multimodal Transport, RMB/RMB 10,000/RMB 100 million, TEU/Standard Container, and Throughput, to ensure clear understanding of the report content Definitions of Common Terms This chapter defines common terms used in the report, including CSRC, SSE, Company, Reporting Period, Multimodal Transport, RMB/RMB 10,000/RMB 100 million, TEU/Standard Container, and Throughput, to ensure clear understanding of the report content Definitions of Common Terms | Common Terms | Meaning | | :--- | :--- | | Reporting Period | January 1, 2025 to June 30, 2025 | | Multimodal Transport | Integrated cargo transportation services organized throughout the entire process, relying on effective衔接 of two or more modes of transport | | TEU, Standard Container | International standard container unit, based on 20 feet long, 8 feet 6 inches high, and 8 feet wide | | Throughput | Quantity of goods entering and exiting the port area by water and undergoing loading/unloading, reflecting port scale and capacity | Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, changes in fundamental circumstances, information disclosure, stock summary, and key financial performance indicators Company Information Discloses the company's Chinese name, abbreviation, foreign name and abbreviation, and legal representative information - The company's Chinese name is Shanghai Zhonggu Logistics Co., Ltd., abbreviated as Zhonggu Logistics, and its legal representative is Zhou Bin[18] Contacts and Contact Information Provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Dai Xin, the Securities Affairs Representative is Li Qiqi, and the contact address for both is 18th Floor, No. 1188 Minsheng Road, Pudong New Area, Shanghai[19] Brief Introduction to Changes in Basic Information Introduces the company's registered address, office address, website, and email address, and states that there were no changes during the reporting period - The company's registered address is Room 106, Comprehensive Building, No. 99 Shuanghui Road, China (Shanghai) Pilot Free Trade Zone, and its office address is 18th Floor, No. 1188 Minsheng Road, Pudong New Area, Shanghai[20] Brief Introduction to Changes in Information Disclosure and Document Custody Locations Discloses the names of the newspapers selected by the company for information disclosure, the website address where the semi-annual report is published, and the company's semi-annual report custody location, with no changes during the reporting period - The company's information disclosure newspapers include China Securities Journal, Shanghai Securities News, etc., and the website address is www.sse.com.cn[21](index=21&type=chunk) Brief Introduction to Company Shares Introduces the type of company shares, listing exchange, stock abbreviation, and stock code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Zhonggu Logistics and stock code 603565[22] Company's Key Accounting Data and Financial Indicators Details the company's key accounting data and financial indicators for the current reporting period and the prior year period, explains major changes, and shows significant growth in net profit and earnings per share Key Accounting Data for H1 2025 | Indicator | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5.34 billion | 5.74 billion | -6.99 | | Total Profit | 1.43 billion | 1.01 billion | 40.62 | | Net Profit Attributable to Shareholders of the Listed Company | 1.07 billion | 756.78 million | 41.59 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 823.82 million | 424.04 million | 94.28 | | Net Cash Flow from Operating Activities | 1.28 billion | 978.29 million | 30.80 | Key Financial Indicators for H1 2025 | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.51 | 0.36 | 41.67 | | Diluted Earnings Per Share (RMB/share) | 0.51 | 0.36 | 41.67 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (RMB/share) | 0.39 | 0.20 | 95.00 | | Weighted Average Return on Net Assets (%) | 9.72 | 7.14 | increased by 2.58 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 7.47 | 4.00 | increased by 3.47 percentage points | - Operating revenue decreased by 6.99% year-on-year, mainly due to market fluctuations leading to a decrease in shipping volume; total profit and net profit attributable to the parent company increased by 40.62% and 41.59% year-on-year respectively, mainly due to rising domestic trade freight rates and increased foreign trade capacity deployment[24][25] Non-recurring Gains and Losses Items and Amounts Lists the specific non-recurring gains and losses items and amounts during the reporting period, with explanations for some items Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 99,889,247.33 | | Government Subsidies Included in Current Profit and Loss | 154,296,768.64 | | Gains and Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities | 12,061,373.89 | | Gains and Losses from Entrusted Investments or Asset Management | 61,621,352.04 | | Other Non-operating Income and Expenses Apart from the Above | 1,291,483.61 | | Less: Income Tax Impact | 81,878,974.24 | | Impact on Minority Shareholders' Equity (After Tax) | -449,683.61 | | Total | 247,730,934.88 | - Third-party agency fee refunds of RMB 993,304.53 were recognized as recurring gains and losses, as they comply with national policy regulations and occur continuously[29] Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, main business, operational performance, core competencies, and potential risks Overview of the Company's Industry and Main Business During the Reporting Period Elaborates on the container logistics industry overview, market demand growth drivers, capacity supply-demand matching, seasonal freight rate fluctuations, as well as the company's main business, operating model, business structure, capacity structure, and cargo source structure - The company's main business is container logistics services, centered on water transport, integrating road, rail, and water three-dimensional logistics networks to provide a multimodal transport integrated logistics system[31][45] - Industry demand is driven by domestic bulk commodity transportation, the 'road-to-water/rail' policy under carbon emission constraints, the 'bulk-to-container' trend under environmental pressure, and 'dual circulation' opportunities brought by the RCEP agreement[32][34][35][41] - In H1 2025, the company's multimodal transport service revenue accounted for 51.35% of total revenue, with weighted average self-owned capacity accounting for 74.69%[47][48] Capacity Structure for H1 2025 | Item | H1 2025 Quantity (Deadweight Tons) | Proportion | | :--- | :--- | :--- | | Weighted Average Self-owned Capacity | 2,460,195 | 74.69% | | Weighted Average Leased Capacity | 833,569 | 25.31% | | Weighted Average Total Capacity | 3,293,764 | 100.00% | - The company's cargo sources are primarily basic cargo, with the top ten cargo types accounting for 56.84% of total transport volume; the future 'bulk-to-container' strategy will continue to drive basic cargo growth[52][53] Discussion and Analysis of Operations During the reporting period, the company focused on 'deepening reform and improving efficiency', achieving significant net profit growth through cost reduction and efficiency improvement, optimized capacity deployment, increased foreign trade market capacity layout, and promotion of logistics base construction - In H1 2025, the company's operating revenue was 5.338 billion RMB, a year-on-year decrease of 6.99%; net profit attributable to the parent company was 1.072 billion RMB, a year-on-year increase of 41.59%[55] - The company optimized capacity deployment, increased foreign trade market capacity layout, seized market opportunities, avoided operational risks, and locked in profits[57] - The company advanced logistics base construction in Rizhao, Xiamen, Qinzhou, Shanghai, and other locations, added new projects in Beihai, with some bases already in trial operation, enhancing full-process logistics service capabilities[58][59] Analysis of Core Competencies The company's core competencies are reflected in market entry barriers, extensive shipping network coverage, scale advantages, excellent container and fleet configuration, refined operational control system, professional operating team, leading service innovation capabilities, advanced information management platform, and pragmatic corporate culture and values - Market entry barriers: Foreign investors are not allowed to operate or lease Chinese-flagged vessels for domestic waterway transport business[60] - Shipping network coverage advantage: The shipping network covers 25 major coastal ports and over 50 inland river ports nationwide[60] - Refined operational control system: Achieves refined management through 'Five-Direction Policy', 'Three Major Thinking Modes', and 'Three Major Tools'[60] - Service innovation capability: Provides 'fast speed, accurate schedule, high density' premium shipping services[60] - Information management platform: Self-developed integrated logistics business management platform covers core business links, enabling information monitoring, tracking, and resource scheduling[60][61] Key Operating Performance This section analyzes changes in the company's financial statement items, asset and liability situation, and investment status during the reporting period, and discloses information on major holding and participating companies (I) Main Business Analysis Analyzes the reasons for changes in operating revenue, operating costs, selling expenses, administrative expenses, financial expenses, R&D expenses, and net cash flows from operating, investing, and financing activities Analysis of Changes in Financial Statement Items | Item | Change Rate (%) | Explanation for Change | | :--- | :--- | :--- | | Operating Revenue | -6.99 | Market fluctuations, year-on-year decrease in shipping volume | | Operating Cost | -18.41 | Decrease in shipping volume, various variable costs such as port, trailer, and barge fees decreased compared to the prior year period | | Financial Expenses | -80.11 | Increase in interest income from large-denomination certificates of deposit, etc | | R&D Expenses | 12.39 | The company increased R&D investment during the reporting period | | Net Cash Flow from Operating Activities | 30.80 | Profit increased year-on-year during the reporting period | | Net Cash Flow from Investing Activities | 102.59 | Decrease in external investments during the reporting period | | Net Cash Flow from Financing Activities | -4,568.87 | Decrease in financing borrowings compared to the prior year period | (III) Analysis of Assets and Liabilities Provides a detailed analysis of changes and reasons for asset and liability items at the end of the reporting period, and discloses the scale of overseas assets and major restricted assets Changes in Assets and Liabilities | Item Name | Change Rate (%) of Current Period-end Amount vs. Prior Year-end Amount | Explanation | | :--- | :--- | :--- | | Accounts Receivable Financing | 34,294.24 | Mainly due to an increase in bank acceptance bills received during the reporting period | | Prepayments | -44.12 | Mainly due to a decrease in port prepayments during the reporting period | | Other Current Assets | -33.58 | Mainly due to reduced capital expenditures and a decrease in input VAT to be deducted during the reporting period | | Other Non-current Assets | 230.25 | Mainly due to an increase in vessel construction prepayments during the reporting period | | Contract Liabilities | -54.95 | Mainly due to a decrease in advance receipts for shipping fees during the reporting period | | Other Current Liabilities | -63.19 | Mainly due to a decrease in output VAT to be transferred during the reporting period | | Deferred Income | 31.07 | Mainly due to an increase in government grants received during the reporting period | | Other Comprehensive Income | -55.79 | Mainly due to foreign currency financial statement translation during the reporting period | - Overseas assets amounted to 1.605 billion RMB, accounting for 6.59% of total assets[67] - As of June 30, 2025, restricted assets totaled 6.291 billion RMB, including pledged assets of 5.251 billion RMB (mainly vessel assets), right-of-use assets of 1.036 billion RMB, and restricted cash of 0.004 billion RMB[68] (IV) Analysis of Investment Status Discloses financial assets measured at fair value, including beginning and ending balances and changes in fair value for wealth management products, structured deposits, accounts receivable financing, and investments in other equity instruments Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Gains and Losses from Fair Value Changes in Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold/Redeemed in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wealth Management Products | 2.60 billion | -1.28 million | 6.00 billion | 6.40 billion | 2.20 billion | | Structured Deposits | 1.96 billion | 13.34 million | 410.00 million | 850.06 million | 1.53 billion | | Accounts Receivable Financing | 130,000.00 | | 44.58 million | | 44.71 million | | Investments in Other Equity Instruments | 119.14 million | | | | 119.14 million | | Total | 4.68 billion | 12.06 million | 6.46 billion | 7.25 billion | 3.89 billion | (VI) Analysis of Major Holding and Participating Companies Discloses financial data for major subsidiary Zhonggu Xinliang and states that the newly established subsidiary ZHONGGU LOGISTICS & EQUIPMENT GUINEA-SARL had no impact on overall production and operations during the reporting period Financial Data of Major Subsidiary Zhonggu Xinliang | Company Name | Company Type | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhonggu Xinliang | Subsidiary | 10,000.00 | 197,073.19 | 103,142.87 | 159,593.29 | 13,123.26 | 9,818.33 | - During the reporting period, a new subsidiary, ZHONGGU LOGISTICS & EQUIPMENT GUINEA-SARL, was established, which had no impact on overall production, operations, or performance[73] Other Disclosures Discloses potential risks such as macroeconomic fluctuations, policy changes, seasonality, transport safety, rising costs, leasing, talent loss, and business expansion, and outlines the progress of the company's 'Quality Improvement, Efficiency Enhancement, and Return Focus' action plan, including improving operational quality, prioritizing investor returns, strengthening investor relations management, adhering to standardized operations, and reinforcing the role of 'key minorities' (I) Potential Risks The company faces operational and management risks from macroeconomic fluctuations, policy changes (e.g., foreign investment access, environmental policies), seasonal fluctuations in the container logistics industry, transport safety, rising operating costs, vessel/container leasing, loss of professional talent, and business expansion - Macroeconomic fluctuations and policy adjustments (e.g., easing of negative lists, stricter environmental policies) may adversely affect the company's operations[74][75][76] - Domestic container logistics business has seasonal characteristics, with the first quarter being the off-season and the fourth quarter being the peak season each year, potentially leading to seasonal performance fluctuations[77] - Operating costs primarily include terminal fees, vessel leasing fees, and fuel costs, whose fluctuations will directly impact the company's operating performance[80] - The company will address risks through strategies such as strengthening risk awareness, rational capacity deployment, enhancing management supervision, refined cost control, deepening cooperation, talent development, and management system adjustments[85] (II) Other Disclosures The company actively implemented its "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, achieving a 41.59% year-on-year increase in net profit attributable to the parent company in the first half, and proposes a cash dividend of RMB 4.30 (tax inclusive) per 10 shares to all shareholders, representing 84.27% of the current period's net profit attributable to the parent company. The company also strengthened investor relations management, adhered to standardized operations, and reinforced the role of "key minorities" - In H1 2025, the company's net profit attributable to shareholders of the listed company was 1.072 billion RMB, a year-on-year increase of 41.59%[87] - The company proposes to distribute a cash dividend of RMB 4.30 (tax inclusive) per 10 shares to all shareholders, totaling 903,027,134.29 RMB, accounting for 84.27% of the net profit attributable to the parent company for the current period[88] - The company commits that the cumulative profit distributed in cash from 2023-2025 will, in principle, be no less than 60% of the cumulative distributable profit achieved in the most recent three years[89] - The company strengthens investor relations management and enhances transparency through diversified channels such as performance briefings and investor communication activities[90][91][92] - The company revised the 'Public Opinion Management System', plans to complete the supervisory board reform, and strengthens communication and training with 'key minorities' to ensure standardized operations[93][94] Corporate Governance, Environment and Society This section outlines the company's proposed profit distribution plan for the first half of 2025, emphasizing its commitment to shareholder returns Profit Distribution or Capital Reserve Conversion Plan The company proposes a H1 2025 profit distribution plan, distributing a cash dividend of RMB 4.30 (tax inclusive) per 10 shares to all shareholders, accounting for 84.27% of the net profit attributable to shareholders of the listed company for the current period H1 2025 Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Dividend Per 10 Shares (RMB, tax inclusive) | 4.30 | | Total Proposed Cash Dividend (RMB, tax inclusive) | 903,027,134.29 | | Proportion of Net Profit Attributable to Shareholders of the Listed Company in Current Period | 84.27% | Material Matters This section covers the fulfillment of commitments, absence of illegal guarantees, material litigation, related party transactions, significant contracts, and the utilization of raised funds Fulfillment of Commitments Details the commitments made by the company's actual controller, shareholders, related parties, and the company itself during or continuing into the reporting period, including share lock-up, share reduction, prospectus authenticity, avoidance of horizontal competition, standardization of related party transactions, and immediate return compensation, stating that all commitments have been strictly fulfilled - Commitments by the controlling shareholder, actual controller, and related parties regarding share lock-up, reduction prices, prospectus authenticity, avoidance of horizontal competition, standardization of related party transactions, and immediate return compensation have all been strictly fulfilled[99][100][101][102][103][104][105][106] Illegal Guarantees The company had no illegal guarantees during the reporting period - The company had no illegal guarantees during the reporting period[108] Material Litigation and Arbitration Matters The company had no material litigation or arbitration matters during the reporting period - The company had no material litigation or arbitration matters during the reporting period[109] Material Related Party Transactions Discloses the progress of related party transactions related to daily operations during the reporting period, including related party leasing, sales of goods/provision of services, and purchase of goods/acceptance of services Related Party Leasing for Jan-Jun 2025 | Related Party Transaction Content | Lessor | Amount for Jan-Jun 2025 (RMB 10,000) | 2025 Forecast (RMB 10,000) | | :--- | :--- | :--- | :--- | | Property Lease | Zhonggu Shipping Group Co., Ltd | 97.12 | 228.57 | | Property Lease | Shanghai Jinwan Changkun Management Consulting Co., Ltd | 1,438.63 | 3,438.10 | | Subtotal | | 1,535.75 | 3,666.67 | Related Party Transactions for Sales of Goods and Provision of Services for Jan-Jun 2025 | Related Party Transaction Content | Related Party | Amount for Jan-Jun 2025 (RMB 10,000) | 2025 Forecast (RMB 10,000) | | :--- | :--- | :--- | :--- | | Sales of Goods, Provision of Services | Liaoning Shenha Honggu Logistics Multimodal Transport Co., Ltd | 1,934.96 | 4,066.54 | | Sales of Goods, Provision of Services | Dongguan Port International Container Terminal Co., Ltd | 40.87 | 56.90 | | Sales of Goods, Provision of Services | Tianjin Port No. 4 Stevedoring Co., Ltd | 30.35 | 111.04 | | Subtotal | | 2,006.18 | 4,234.48 | Related Party Transactions for Purchase of Goods and Acceptance of Services for Jan-Jun 2025 | Related Party Transaction Content | Related Party | Amount for Jan-Jun 2025 (RMB 10,000) | 2025 Forecast (RMB 10,000) | | :--- | :--- | :--- | :--- | | Purchase of Goods, Acceptance of Services | Shanghai Port Luodong Container Terminal Co., Ltd | 1,680.33 | 2,777.13 | | Purchase of Goods, Acceptance of Services | Shanghai Gufeng Energy Development Co., Ltd | 11,992.43 | 44,176.99 | | Purchase of Goods, Acceptance of Services | Liaoning Shenha Honggu Logistics Multimodal Transport Co., Ltd | 926.72 | 1,921.61 | | Purchase of Goods, Acceptance of Services | Dongguan Port International Container Terminal Co., Ltd | 3,418.78 | 5,550.62 | | Purchase of Goods, Acceptance of Services | Shanghai Jinwan Changkun Management Consulting Co., Ltd | 205.30 | 418.01 | | Subtotal | | 18,223.56 | 56,482.55 | Material Contracts and Their Performance Discloses material guarantees performed during the reporting period, including external guarantees by the company and guarantees to subsidiaries, as well as the container vessel time charter contract signed between the company and Anhui Yujiang International Logistics Co., Ltd Company's External Guarantees (Excluding Guarantees to Subsidiaries) | Guarantor | Guaranteed Party | Guaranteed Amount (RMB 10,000) | Guarantee Type | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Zhonggu Logistics | Dongguan Port International Container Terminal Co., Ltd | 12,836.24 | Joint and Several Liability Guarantee | No | Total Guarantee Amount of the Company | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Guarantee Balance at End of Reporting Period (A) (Excluding Guarantees to Subsidiaries) | 12,836.24 | | Total Guarantee Balance to Subsidiaries at End of Reporting Period (B) | 110,000.00 | | Total Guarantee Amount (A+B) | 122,836.24 | | Proportion of Total Guarantee Amount to Company's Net Assets (%) | 11.75 | - The company signed a container vessel time charter contract with Anhui Yujiang International Logistics Co., Ltd., and the company's controlling shareholder, Zhonggu Shipping Group, provides finance lease services for it[118] Explanation on Progress of Raised Funds Utilization Details the overall utilization of raised funds and specifics of investment projects, including container vessel acquisition, container acquisition, and intelligent transport information platform construction project, and discloses the cash management of idle raised funds Overall Utilization of Raised Funds (Unit: RMB 10,000) | Indicator | Amount | | :--- | :--- | | Total Raised Funds | 274,799.96 | | Net Raised Funds | 272,811.55 | | Total Committed Investment | 272,811.55 | | Cumulative Investment of Raised Funds as of End of Reporting Period | 186,132.92 | | Cumulative Investment Progress of Raised Funds as of End of Reporting Period (%) | 68.23 | Detailed Utilization of Raised Investment Projects (Unit: RMB 10,000) | Project Name | Committed Investment Amount in Prospectus or Offering Document (1) | Cumulative Raised Funds Invested as of End of Reporting Period (2) | Investment Progress (%) (3)＝(2)/(1) | | :--- | :--- | :--- | :--- | | Container Vessel Acquisition Project | 122,811.55 | 71,146.28 | 57.93 | | Container Acquisition Project | 85,000.00 | 54,679.37 | 64.33 | | Intelligent Transport Information Platform Construction Project | 8,000.00 | 3,307.26 | 41.34 | | Replenishment of Working Capital | 57,000.00 | 57,000.00 | 100.00 | | Total | 272,811.55 | 186,132.92 | 68.23 | - Idle raised funds were used for cash management, with a balance of 360.00 million RMB at the end of the reporting period, not exceeding the authorized limit[124] Changes in Share Capital and Shareholder Information This section details the company's share capital changes and shareholder structure, including the top ten shareholders and their associated relationships Changes in Share Capital 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[125] Shareholder Information Discloses the total number of ordinary shareholders and the top ten shareholders' shareholding as of the end of the reporting period, including shareholding quantity, proportion, nature of shares, and pledge/freeze status, and explains related party relationships among major shareholders - As of the end of the reporting period, the total number of ordinary shareholders was 27,403户[127] Top Ten Shareholders' Shareholding as of End of Reporting Period | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhonggu Shipping Group Co., Ltd | 1,206,682,881 | 57.46 | Domestic Non-state-owned Legal Person | | Ningbo Guyang Investment Management Partnership (Limited Partnership) | 147,245,468 | 7.01 | Domestic Non-state-owned Legal Person | | China Merchants Bank Co., Ltd. - SSE Dividend Exchange Traded Fund | 45,577,822 | 2.17 | Other | | SDIC Securities Co., Ltd | 29,151,663 | 1.39 | State-owned Legal Person | | Shanghai Meidun Investment Management Co., Ltd | 25,612,948 | 1.22 | Domestic Non-state-owned Legal Person | | Dongxing Securities Co., Ltd | 23,564,423 | 1.12 | State-owned Legal Person | | Shandong Port Investment Holding Co., Ltd | 19,499,213 | 0.93 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 19,279,740 | 0.92 | Foreign Legal Person | | Tianjin Port Co., Ltd | 14,680,964 | 0.70 | State-owned Legal Person | | Agricultural Bank of China Co., Ltd. - CSI 500 Exchange Traded Fund | 12,443,177 | 0.59 | Other | - Zhonggu Group is the controlling shareholder of the company; Guyang Investment and Guze Investment are parties acting in concert with Zhonggu Group[130] Bond-Related Information This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period Corporate Bonds (Including Enterprise Bonds) and Non-financial Enterprise Debt Financing Instruments The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[134] Convertible Corporate Bonds The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[134] Financial Report This section presents the company's financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with notes on significant accounting policies, taxation, and other financial details Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[6][136] Financial Statements Provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of June 30, 2025 Key Data from Consolidated Balance Sheet (June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Cash and Bank Balances | 8.63 billion | 7.77 billion | | Financial Assets Held for Trading | 3.73 billion | 4.56 billion | | Total Assets | 24.35 billion | 24.76 billion | | Total Current Liabilities | 6.14 billion | 6.15 billion | | Total Liabilities | 13.87 billion | 13.69 billion | | Total Equity Attributable to Owners of the Parent Company | 10.45 billion | 11.05 billion | Key Data from Consolidated Income Statement (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 5.34 billion | 5.74 billion | | Total Operating Costs | 4.24 billion | 5.20 billion | | Total Profit | 1.43 billion | 1.01 billion | | Net Profit | 1.07 billion | 760.58 million | | Net Profit Attributable to Shareholders of the Parent Company | 1.07 billion | 756.78 million | | Basic Earnings Per Share (RMB/share) | 0.51 | 0.36 | Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1.28 billion | 978.29 million | | Net Cash Flow from Investing Activities | 927.61 million | 457.87 million | | Net Cash Flow from Financing Activities | -1.32 billion | 29.47 million | | Net Increase in Cash and Cash Equivalents | 857.53 million | 1.49 billion | | Cash and Cash Equivalents at Period End | 8.62 billion | 6.81 billion | Company Profile Introduces the company's establishment, registered capital, total shares, listing date, and main operating activities, and states that the financial statements have been approved by the Board of Directors - The company was established on March 5,