荣安地产(000517) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions Important Notes The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[4] - Company head Wang Jiufang, chief accountant Yu Jie, and head of accounting department Zheng Shulin declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This report's clear table of contents lists nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data, providing comprehensive information navigation for investors - The report's table of contents includes nine main chapters, from important notes to the financial report, with a clear structure[7] Definitions This section defines key terms used in the report, including the CSRC, SZSE, Ningbo Securities Regulatory Bureau, company name, Rong'an Group, reporting period, and the currency unit "yuan," ensuring accurate understanding of the report's content Major Definitions | Term | Definition | | :--- | :--- | | China Securities Regulatory Commission, CSRC | China Securities Regulatory Commission | | Shenzhen Stock Exchange, SZSE | Shenzhen Stock Exchange | | Rong'an Real Estate, Company, the Company | Rong'an Real Estate Co., Ltd. | | Reporting Period | January 1, 2025 to June 30, 2025 | Company Profile and Key Financial Indicators Company Profile Rong'an Real Estate Co., Ltd., with stock abbreviation "Rong'an Real Estate" and stock code 000517, is listed on the Shenzhen Stock Exchange, and its legal representative is Wang Jiufang Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Rong'an Real Estate | | Stock Code | 000517 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 荣安地产股份有限公司 | | Legal Representative | Wang Jiufang | Contact Person and Contact Information The company's board secretary is Deng Huatang and the securities affairs representative is Zheng Sisi, both located at 18F (A), Rong'an Building, No. 700 Tiantong South Road, Yinzhou District, Ningbo City, Zhejiang Province, with identical phone and fax numbers, and provided email addresses Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Deng Huatang | 0574-87312566 | denghuatang@000517.com | | Securities Affairs Representative | Zheng Sisi | 0574-87312566 | zhengsisi@000517.com | Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and archiving locations, with specific details available in the 2024 annual report - The company's contact information, information disclosure, and archiving locations remained unchanged during the reporting period, consistent with the 2024 annual report[13][14] Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue and net profit attributable to shareholders of the listed company significantly decreased year-on-year by 71.95% and 92.14%, respectively, with net cash flow from operating activities also declining by 30.83%, total assets decreasing by 24.17%, but net assets attributable to shareholders slightly increasing by 0.63% Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,895,014,587.17 | 13,884,161,304.65 | -71.95% | | Net Profit Attributable to Shareholders of the Listed Company | 36,450,786.55 | 464,033,165.86 | -92.14% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | 12,009,582.34 | 486,353,459.09 | -97.53% | | Net Cash Flow from Operating Activities | 560,583,084.05 | 810,411,928.87 | -30.83% | | Basic Earnings Per Share (yuan/share) | 0.0114 | 0.1457 | -92.18% | | Diluted Earnings Per Share (yuan/share) | 0.0114 | 0.1457 | -92.18% | | Weighted Average Return on Net Assets | 0.62% | 5.27% | -4.65% | | Period-end Indicators | Current Reporting Period-end (yuan) | Prior Year-end (yuan) | Change from Prior Year-end | | Total Assets | 14,414,301,174.99 | 19,008,979,439.71 | -24.17% | | Net Assets Attributable to Shareholders of the Listed Company | 5,854,624,756.00 | 5,818,173,969.45 | 0.63% | Differences in Accounting Data Under Domestic and Foreign Accounting Standards During the reporting period, the company had no differences in net profit and net assets disclosed in financial reports prepared under International Accounting Standards or foreign accounting standards compared to Chinese Accounting Standards - The company had no differences in net profit and net assets under domestic and foreign accounting standards during the reporting period[17][18] Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 24,441,204.21 yuan, primarily from government grants, fair value changes in financial assets, and reversal of impairment provisions for receivables, positively impacting net profit Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -218,489.79 | | Government grants recognized in current profit or loss | 5,026,704.43 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 13,531,145.02 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 7,081,883.03 | | Other non-operating income and expenses apart from the above | 2,948,699.43 | | Less: Income tax impact | 3,898,415.74 | | Impact on minority interests (after tax) | 30,322.17 | | Total | 24,441,204.21 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified any listed non-recurring gains and losses items as recurring gains and losses[21] Management Discussion and Analysis Company's Main Business During the Reporting Period In H1 2025, real estate policies focused on inventory digestion and new supply optimization, with central bank rate cuts and local measures stabilizing the market, leading to significant land transaction growth, while the company, primarily in real estate development in core Yangtze River Delta cities, reported 3.895 billion yuan in operating revenue and a 1.50% net gearing ratio - In the first half of 2025, real estate industry policies continued the theme of "digesting existing inventory and optimizing new supply," with the central bank cutting interest rates and local governments implementing city-specific measures, leading to market stabilization and improvement[23] - In the first half of the year, the transaction volume of residential land in 65 key cities nationwide increased by 18.4% year-on-year, with land transfer fees reaching 644.16 billion yuan, a 45% year-on-year increase[24] - The company's main business is real estate development and sales, primarily located in the Yangtze River Delta region, including Ningbo, Hangzhou, and Jiaxing, focusing on mid-to-high-end refined residential properties, supplemented by commercial real estate[26] - During the reporting period, the company's operating revenue was approximately 3.895 billion yuan, mainly from the handover of completed projects; the period-end net gearing ratio was 1.50%[26] Macroeconomic Situation and Industry Policies in the Reporting Period In H1 2025, real estate policies emphasized inventory digestion and new supply optimization, with central bank rate cuts and local measures stabilizing the market, leading to significant land transaction growth, despite national real estate development investment decreasing by 11.2% and commercial housing sales area by 3.5%, with a shortened residential inventory destocking cycle - In the first half of 2025, the Central Political Bureau meeting proposed increasing the supply of high-quality housing and optimizing policies for acquiring existing commercial housing[23] - On May 7, the central bank adjusted the 5-year LPR and the 5-year first-home provident fund rate to 3.50% and 2.60% respectively, both reaching historical lows[23] H1 2025 Real Estate Market Data | Indicator | Data | Year-on-year Change | | :--- | :--- | :--- | | Transaction volume of residential land in 65 key cities nationwide | - | Increased by 18.4% | | Land transfer fees in 65 key cities nationwide | 644.16 billion yuan | Increased by 45% | | National real estate development investment | 4,665.8 billion yuan | Decreased by 11.2% | | Commercial housing sales area | 458.51 million M² | Decreased by 3.5% | | Commercial housing for sale (as of end of June) | 769.48 million M² | Decreased for four consecutive months month-on-month | | Real estate development prosperity index | 93.60 | Increased by 1.49 percentage points from the beginning of the year | Company's Main Business and Operating Performance in the Reporting Period The company focuses on real estate development and sales in core Yangtze River Delta cities, developing mid-to-high-end residential and commercial projects, with no new land reserves in the reporting period, 579,400 M² total salable area (98.21% in Zhejiang), all projects delivered, 1.695 billion yuan financing at 3.46% average cost, and 298 million yuan in phased guarantees for purchasers - The company did not acquire land reserves during the reporting period[27] Company's Salable Resources | Region Name | Total Salable Construction Area (10,000 M²) | Proportion of Salable Resources | | :--- | :--- | :--- | | Within Zhejiang Province | 56.90 | 98.21% | | Outside Zhejiang Province | 1.04 | 1.79% | | Total | 57.94 | 100.00% | - During the reporting period, the company's real estate projects have all been completed and delivered[30] Company's Financing Situation | Financing Channel | Period-end Financing Balance (10,000 yuan) | Average Financing Cost | | :--- | :--- | :--- | | Bank Loans | 169,487.13 | 3.46% | | Total | 169,487.13 | 3.46% | - As of the end of the reporting period, the company's outstanding phased guarantees for commercial housing purchasers amounted to 298 million yuan[36] Development Strategy and Operating Plan for the Next Year The company will pursue a strategy of "strategy-oriented, efficiency from management, risk control, and steady development," focusing on the Yangtze River Delta to strengthen its core real estate business and cultivate new profit drivers, with plans to increase quality land reserves, accelerate inventory destocking, enhance product quality, reduce financial costs, and improve organizational development - Company's development strategy: Deeply cultivate the Yangtze River Delta, refine, specialize, strengthen, and sustain the core real estate business, while also developing related industries such as agency construction and construction engineering, and actively fostering new profit growth points[37] - 2025 operating plan: Focus on cities like Hangzhou and Ningbo, actively increase quality land reserves, accelerate inventory destocking, strictly control product quality, reduce financial costs, and enhance organizational vitality[37] - The company will implement full-process standardized operations, including "operational standardization, product standardization, marketing standardization, and construction standardization," and conduct refined cost control[38] Core Competitiveness Analysis The company's core competitiveness stems from its scientific management, experienced development team, flexible land strategy, strong regional brand, and prudent financial management, fostering long-term advantages through standardized operations, rapid development, and low debt levels - The company has established a process management system and performance management system, implementing a project operation model of rapid commencement, sales, and capital recovery to reduce development costs and policy risks[39] - The company possesses nearly thirty years of real estate development experience, cultivating an excellent management team with a rational knowledge structure and rich practical experience, and maintains strategic cooperation with upstream and downstream enterprises and financial institutions[39] - The company adheres to the principle of "better to miss than to acquire incorrectly," deeply cultivating core areas within Zhejiang Province's core cities, strictly controlling land costs, and opportunistically increasing quality land reserves[40] - The company enjoys high brand recognition and influence in the Yangtze River Delta region, particularly strong brand premium capability in the Zhejiang market, establishing a brand image as a "residential expert and luxury home master"[40] - The company adheres to prudent financial management, maintaining low debt levels and financing costs, and achieves cash flow and profit balance through a rapid development strategy[40] Main Business Analysis Main business revenue decreased 71.95% year-on-year due to smaller project delivery, with corresponding cost and expense reductions; housing sales, though down 72.16%, still comprised 98.66% of revenue, and while both Ningbo and non-Ningbo revenues fell, Ningbo's share rose Major Financial Data Year-on-Year Changes | Item | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,895,014,587.17 | 13,884,161,304.65 | -71.95% | Mainly due to smaller scale of project delivery in the current reporting period | | Operating Cost | 3,432,139,101.81 | 12,937,750,144.23 | -73.47% | Mainly due to smaller scale of project delivery in the current reporting period | | Net Profit Attributable to Shareholders of the Listed Company | 36,450,786.55 | 464,033,165.86 | -92.14% | - | | Net Cash Flow from Operating Activities | 560,583,084.05 | 810,411,928.87 | -30.83% | Mainly due to reduced sales collection in the current reporting period | | Net Cash Flow from Investing Activities | -87,545,092.22 | 5,754,345.47 | -1,621.37% | Mainly due to increased investment in cooperative projects in the current reporting period | | Net Cash Flow from Financing Activities | -1,097,448,056.64 | -1,687,701,102.63 | 34.97% | Mainly due to reduced debt repayment cash outflow resulting from smaller debt scale in the current reporting period | Operating Revenue Composition (by Industry/Product) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | | By Industry/Product | Housing Sales | 3,843,022,003.30 | 98.66% | -72.16% | | | Construction | 11,625,530.26 | 0.30% | -67.41% | | | Property Leasing | 33,460,763.39 | 0.86% | -1.96% | | By Region | Ningbo Region | 1,938,393,171.15 | 49.77% | -60.14% | | | Non-Ningbo Region | 1,956,621,416.02 | 50.23% | -78.31% | Non-Main Business Analysis During the reporting period, non-main business significantly impacted total profit, with investment income primarily from wealth management products, fair value change gains and losses mainly from other non-current financial assets, asset impairment losses substantially increasing due to inventory depreciation provisions, non-operating income mainly from forfeited deposits and quality guarantee deductions, and non-operating expenses primarily from unrecoverable funds Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,064,410.92 | 46.31% | Mainly from wealth management products in the current reporting period | No | | Fair Value Change Gains and Losses | 5,694,396.15 | 86.05% | Mainly due to fair value changes of other non-current financial assets in the current reporting period | No | | Asset Impairment | -176,099,369.48 | -2,661.00% | Mainly due to provision for inventory depreciation in the current reporting period | No | | Non-operating Income | 5,940,676.96 | 89.77% | Mainly from forfeited deposits and quality guarantee deductions | No | | Non-operating Expenses | 2,991,977.53 | 45.21% | Mainly from individual unrecoverable funds | No | Analysis of Assets and Liabilities Period-end total assets decreased 24.17% year-on-year, driven by reduced inventory and contract liabilities, while monetary funds and borrowings also fell, net assets attributable to shareholders slightly rose 0.63%, and various assets remained restricted for borrowings Significant Changes in Asset Composition | Item | Current Reporting Period-end (yuan) | Proportion of Total Assets | Prior Year-end (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,601,983,572.40 | 11.11% | 2,226,747,417.35 | 11.71% | -0.60% | | Inventory | 9,383,842,540.76 | 65.10% | 13,192,106,381.35 | 69.40% | -4.30% | | Contract Liabilities | 1,545,869,357.35 | 10.72% | 4,286,906,539.18 | 22.55% | -11.83% | | Long-term Borrowings | 1,082,171,300.00 | 7.51% | 1,694,701,300.00 | 8.92% | -1.41% | | Non-current Liabilities Due Within One Year | 34,678,418.02 | - | 401,064,294.87 | - | - | | Total Assets | 14,414,301,174.99 | - | 19,008,979,439.71 | - | -24.17% | Period-end Asset Restrictions | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Inventory | 2,298,619,600.12 | 1,973,091,260.82 | Mortgage | Mortgaged for borrowings | | Investment Properties | 826,251,384.42 | 485,794,707.73 | Mortgage | Mortgaged for borrowings | | Fixed Assets | 39,832,028.49 | 17,281,142.71 | Mortgage | Mortgaged for borrowings | | Monetary Funds | 93,777,939.84 | 93,777,939.84 | Pledge/Freeze | Guarantee deposits, loan deposits, frozen funds | Investment Status Analysis During the reporting period, the company's investment amount remained unchanged, with no significant equity investments acquired or ongoing significant non-equity investments, and no securities investments, derivative investments, or use of raised funds - The company's investment amount was 0.00 yuan during the reporting period, consistent with the prior year's same period[56] - The company had no significant equity investments, significant non-equity investments, securities investments, derivative investments, or use of raised funds during the reporting period[57][58][59][60] Significant Asset and Equity Sales During the reporting period, the company did not engage in any sales of significant assets or equity - The company did not sell significant assets or equity during the reporting period[61][62] Analysis of Major Holding and Participating Companies The company's main subsidiaries, Ningbo Rongxin Real Estate Co., Ltd. and Jiaxing Jiarong Real Estate Co., Ltd., impacted the company's net profit during the reporting period, with Ningbo Rongxin Real Estate achieving a net profit of 95,868,734.57 yuan and Jiaxing Jiarong Real Estate achieving 16,195,949.68 yuan, and no subsidiaries were acquired or disposed of during the reporting period Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Ningbo Rongxin Real Estate Co., Ltd. | Subsidiary | Real estate development and operation | 2,000,000.00 | 95,868,734.57 | | Jiaxing Jiarong Real Estate Co., Ltd. | Subsidiary | Real estate development and operation | 50,000,000.00 | 16,195,949.68 | - The company did not acquire or dispose of subsidiaries during the reporting period[63] Information on Structured Entities Controlled by the Company The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[64] Risks Faced by the Company and Countermeasures The company faces policy, funding, project operation, and human resource risks, which it plans to address by strengthening macroeconomic policy research, rationally planning funds, adhering to rapid development and refined cost control, and continuously attracting and developing professional talent while improving its human resource management system - Policy risk: The real estate industry is highly susceptible to national macroeconomic regulation, so the company will strengthen policy tracking and research, invest rationally, and optimize product structure[64] - Funding risk: Real estate enterprises are capital-intensive, so the company will rationally plan funds, maintain financial stability, flexibly use financing tools, and reduce financial expenses[64] - Project operation risk: Real estate projects have long development cycles, high investment, and complex processes, so the company will adhere to "no hoarding land, no holding back sales," rapid development and destocking, and implement standardized operations and refined cost control[64][65] - Human resource risk: As the industry enters an era of management dividends, the company will attract and develop professional talent, strengthen talent pipeline construction and internal training, and improve its human resource management system[65] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[66] Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[66] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, independent director Yan Guoqing resigned from his positions as independent director and member of the board's nomination, remuneration and appraisal, audit, and strategy committees due to personal reasons, and has ceased to perform his duties Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Yan Guoqing | Independent Director, Chairman of Board Nomination Committee, Chairman of Remuneration and Appraisal Committee, Member of Audit Committee, Member of Strategy Committee | Resignation | August 12, 2025 | Personal reasons | Profit Distribution and Capital Reserve to Share Capital Conversion in the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[69] Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[70] Environmental Information Disclosure The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[71] Social Responsibility During the reporting period, the company actively fulfilled social responsibilities through continuous "Rong'an Cup" Children's Art Exhibitions, expanded Shared Reading and "Little Shark" Public Swimming programs, established a Children's Medical Aid Fund, conducted rural science and art teaching, and donated to rural revitalization and community projects - The company has continuously held the "Rong'an Cup" Children's Art Exhibition for 19 years and expanded the Shared Reading Program to remote areas[71] - The company established a Children's Medical Aid Fund, successfully assisting sixty-eight critically ill children, and supported rural science and art public welfare teaching projects[71] - The company donated 1.2 million yuan to Huangping County, Guizhou Province, to promote rural revitalization and an additional 1 million yuan to consolidate poverty alleviation achievements[72] - The company donated funds for the Lemon Tree Sunshine Home project in Yinzhou District, Ningbo City, and local community public welfare projects[72] Significant Matters Fulfillment of Commitments During the reporting period, the company had no commitments that were fulfilled or overdue and unfulfilled by the actual controller, shareholders, related parties, acquirers, or the company itself - The company had no commitments that were unfulfilled or overdue and unfulfilled during the reporting period[74] Related Party Fund Occupation During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[75] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[76] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[77] Board of Directors' and Supervisory Board's Explanation on Non-Standard Audit Report The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[78] Board of Directors' Explanation on Prior Year's Non-Standard Audit Report The company had no non-standard audit report for the prior year during the reporting period - The company had no non-standard audit report for the prior year during the reporting period[78] Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[78] Litigation Matters The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[79] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[80] Integrity Status of the Company and its Controlling Shareholder and Actual Controller The company had no integrity issues requiring explanation during the reporting period - The company had no integrity issues requiring explanation during the reporting period[81] Significant Related Party Transactions During the reporting period, the company had no significant related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor transactions, or transactions with financial companies - The company had no significant related party transactions related to daily operations during the reporting period[81] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[82] - The company had no related party creditor-debtor transactions during the reporting period[84] Significant Contracts and Their Performance The company had no entrustment, contracting, or leasing matters, but provided 1.55637 billion yuan in subsidiary guarantees (31.84% of net assets), including 1.57265 billion yuan for high-leverage entities, and executed 1.1 billion yuan in wealth management transactions with no outstanding balance, and no other significant contracts - The company had no entrustment, contracting, or leasing matters during the reporting period[88][89][90] Company's Guarantees to Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Tianyuan Landscape Construction Co., Ltd. | 15,000 | 10,150 | Three years from the expiration of debt performance period | No | | Zhejiang Tianyuan Landscape Construction Co., Ltd. | 10,000 | 10,000 | Three years from the expiration of debt performance period | No | | Ningbo Happy Shopping Plaza Development Co., Ltd. | 31,000 | 30,750 | Three years from the expiration of debt performance period | No | | Hangzhou Xianghua Investment Management Co., Ltd. | 50,000 | 46,250 | Three years from the expiration of debt performance period | No | | Yiwu Huajie Real Estate Co., Ltd. | 35,000 | 7,926 | Three years from the expiration of debt performance period | No | | Ningbo Rongyuan Real Estate Co., Ltd. | 60,000 | 5,365 | Three years from the expiration of debt performance period | No | | Total Actual Guarantee Balance to Subsidiaries at Period-end | 299,000 | 155,637 | - | - | - The total actual guarantee amount at period-end was 1.86387 billion yuan, accounting for 31.84% of the company's net assets[94] - The debt guarantee balance provided for guaranteed parties with an asset-liability ratio exceeding 70% was 1.57265 billion yuan[94] Wealth Management Product Information | Specific Type | Wealth Management Product Transaction Amount (10,000 yuan) | Outstanding Balance at Period-end (10,000 yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 110,000 | 0 | | Total | 110,000 | 0 | - The company had no other significant contracts during the reporting period[97] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[98] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[99] Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital remained unchanged at 3,183,922,485 shares, with the number and proportion of restricted and unrestricted shares also remaining constant Share Changes | Item | Number Before Change (shares) | Proportion Before Change | Number of Changes (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 691,936,069 | 21.73% | 0 | 691,936,069 | 21.73% | | II. Unrestricted Shares | 2,491,986,416 | 78.27% | 0 | 2,491,986,416 | 78.27% | | III. Total Shares | 3,183,922,485 | 100.00% | 0 | 3,183,922,485 | 100.00% | - The company's total share capital, restricted shares, and unrestricted shares all remained unchanged during the reporting period[102] Securities Issuance and Listing The company had no securities issuance and listing during the reporting period - The company had no securities issuance and listing during the reporting period[103] Company Shareholder Numbers and Shareholding At the end of the reporting period, the company had 35,707 common shareholders, with Rong'an Group Co., Ltd. holding 47.93% and Wang Jiufang holding 28.69% among the top ten shareholders, both acting in concert, and Rong'an Group's shares were pledged, while some shareholders participated in margin trading and securities lending through credit securities accounts - At the end of the reporting period, the total number of common shareholders was 35,707[104] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status (number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Rong'an Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 47.93% | 1,525,939,995 | 0 | 1,525,939,995 | Pledged: 306,150,000 | | Wang Jiufang | Domestic Natural Person | 28.69% | 913,500,000 | 685,125,000 | 228,375,000 | Not applicable: 0 | | Shanghai Yingshui Investment Management Co., Ltd. - Yingshui Jubao No. 13 Private Securities Investment Fund | Other | 0.99% | 31,500,000 | 0 | 31,500,000 | Not applicable: 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.59% | 18,786,443 | 0 | 18,786,443 | Not applicable: 0 | - Among the top 10 shareholders, Rong'an Group Co., Ltd., Wang Jiufang, and Wang Congwei are parties acting in concert[105] - Some of the top 10 common shareholders participated in margin trading and securities lending through credit securities accounts[105] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[107] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[108] - The company's actual controller remained unchanged during the reporting period[108] Preferred Shares Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[110] Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[112] Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[114] Financial Statements This section provides Rong'an Real Estate Co., Ltd.'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 at the end of the reporting period - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[115][119][123][126][127][130][134][140] Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 14.414 billion yuan, down 24.17% from period-beginning, with total liabilities at 8.033 billion yuan, and owners' equity attributable to the parent company at 5.855 billion yuan Consolidated Balance Sheet Key Data | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 14,414,301,174.99 | 19,008,979,439.71 | | Total Liabilities | 8,032,604,659.80 | 12,543,443,124.74 | | Total Owners' Equity Attributable to Parent Company | 5,854,624,756.00 | 5,818,173,969.45 | | Minority Interests | 527,071,759.19 | 647,362,345.52 | Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 16.118 billion yuan, down 4.88% from period-beginning, with total liabilities at 5.103 billion yuan, and total owners' equity at 11.015 billion yuan Parent Company Balance Sheet Key Data | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 16,117,544,437.40 | 16,934,803,015.03 | | Total Liabilities | 5,102,717,500.68 | 6,926,697,767.07 | | Total Owners' Equity | 11,014,826,936.72 | 10,008,105,247.96 | Consolidated Income Statement For H1 2025, consolidated total operating revenue was 3.895 billion yuan, down 71.95% year-on-year, with net profit attributable to parent company shareholders at 36.4508 million yuan, a 92.14% decrease, and basic earnings per share of 0.0114 yuan Consolidated Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 3,895,014,587.17 | 13,884,161,304.65 | | Operating Profit | 3,669,092.32 | 515,590,923.27 | | Total Profit | 6,617,791.75 | 516,583,888.86 | | Net Profit | 2,160,200.22 | 421,178,892.10 | | Net Profit Attributable to Parent Company Shareholders | 36,450,786.55 | 464,033,165.86 | | Basic Earnings Per Share (yuan/share) | 0.0114 | 0.1457 | Parent Company Income Statement For the first half of 2025, the parent company's operating revenue was 219,125.92 yuan, a 48.3% year-on-year decrease, with operating profit of 989 million yuan, total profit of 989 million yuan, and net profit of 1.007 billion yuan, primarily driven by 971 million yuan in investment income Parent Company Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 219,125.92 | 423,658.59 | | Operating Profit | 988,972,710.37 | 1,480,612,918.51 | | Total Profit | 988,898,697.27 | 1,480,434,495.05 | | Net Profit | 1,006,721,688.76 | 1,682,524,516.51 | | Investment Income | 970,723,047.45 | 1,418,947,181.25 | Consolidated Cash Flow Statement For the first half of 2025, the company's net cash flow from operating activities was 561 million yuan, a 30.83% year-on-year decrease, with net cash flow from investing activities of -88 million yuan and net cash flow from financing activities of -1.097 billion yuan, resulting in a net decrease in cash and cash equivalents of -624 million yuan Consolidated Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 560,583,084.05 | 810,411,928.87 | | Net Cash Flow from Investing Activities | -87,545,092.22 | 5,754,345.47 | | Net Cash Flow from Financing Activities | -1,097,448,056.64 | -1,687,701,102.63 | | Net Increase in Cash and Cash Equivalents | -624,410,064.81 | -871,534,828.29 | | Period-end Cash and Cash Equivalents Balance | 1,508,205,632.56 | 3,176,151,894.14 | Parent Company Cash Flow Statement For the first half of 2025, the parent company's net cash flow from operating activities was -598 million yuan, net cash flow from investing activities was 972 million yuan, and net cash flow from financing activities was -552 million yuan, resulting in a net decrease in cash and cash equivalents of -178 million yuan Parent Company Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -598,410,404.52 | -1,582,589,050.54 | | Net Cash Flow from Investing Activities | 972,131,974.07 | 1,373,220,355.72 | | Net Cash Flow from Financing Activities | -552,161,258.41 | -54,000,000.00 | | Net Increase in Cash and Cash Equivalents | -178,439,688.86 | -263,368,694.82 | | Period-end Cash and Cash Equivalents Balance | 216,373,046.83 | 121,419,011.35 | Consolidated Statement of Changes in Owners' Equity For H1 2025, consolidated owners' equity decreased from 6.466 billion yuan to 6.382 billion yuan, mainly due to a 120 million yuan decrease in minority interests and a 36.4508 million yuan increase in parent company owners' equity Consolidated Statement of Changes in Owners' Equity | Item | Period-beginning Balance (yuan) | Amount of Change in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 5,818,173,969.45 | 36,450,786.55 | 5,854,624,756.00 | | Minority Interests | 647,362,345.52 | -120,290,586.33 | 527,071,759.19 | | Total Owners' Equity | 6,465,536,314.97 | -83,839,799.78 | 6,381,696,515.19 | Parent Company Statement of Changes in Owners' Equity For the first half of 2025, the parent company's total owners' equity increased from 10.008 billion yuan at the beginning of the period to 11.015 billion yuan at the end of the period, primarily due to a 1.007 billion yuan increase in undistributed profits Parent Company Statement of Changes in Owners' Equity | Item | Period-beginning Balance (yuan) | Amount of Change in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Undistributed Profits | 5,051,310,209.72 | 1,006,721,688.76 | 6,058,031,898.48 | | Total Owners' Equity | 10,008,105,247.96 | 1,006,721,688.76 | 11,014,826,936.72 | Company Basic Information Rong'an Real Estate Co., Ltd., established May 19, 1989, acquired Rong'an Group assets in 2008, changing registered capital to 1,061,307,495 yuan, headquartered in Ningbo, primarily engaged in real estate development and construction, with financial statements approved on August 28, 2025 - The company was established on May 19, 1989, formerly known as Success Information Industry (Group) Co., Ltd[147] - In 2008, the company acquired assets from Rong'an Group Co., Ltd. through share issuance, changing its registered capital to 1,061,307,495 yuan[147] - The company's main business includes real estate development, operation, and construction project contracting[147] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with recognition and measurement performed in accordance with the "Enterprise Accounting Standards" and relevant regulations issued by the Ministry of Finance, and management has evaluated the company's ability to continue as a going concern for at least 12 months from the end of the reporting period, believing it can continue operations for the foreseeable future - The company prepares its financial statements on a going concern basis, in accordance with the "Enterprise Accounting Standards" and relevant regulations issued by the Ministry of Finance[148] - The company's management believes that the company can continue as a going concern for a foreseeable period of no less than 12 months from the approval date of these financial statements[149] Significant Accounting Policies and Estimates This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, consolidated financial statements, financial instruments, receivables, inventories, investment properties, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases, ensuring the truthfulness and completeness of the financial report - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the financial position, operating results, cash flows, and other information[151] - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and its operating cycle (usually more than 12 months) is used as the basis for classifying assets and liabilities as current or non-current[152][153] - When initially recognizing financial assets, the company classifies them as financial assets measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on the business model for managing the financial assets and the contractual cash flow characteristics[165] - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[214] Taxes This section discloses the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, enterprise income tax, land value-added tax, education surcharge, and local education surcharge, with the company's subsidiary Zhejiang Boyuan Construction Co., Ltd. enjoying a 15% enterprise income tax preferential rate as a high-tech enterprise Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Real estate sales, construction and installation projects, rental income, property management, sales agency, commodity sales | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Turnover taxes paid | 7%, 5% | | Enterprise Income Tax | Taxable income | 25%, 15% | | Education Surcharge | Turnover tax amount paid | 3% | | Local Education Surcharge | Turnover tax amount paid | 2% | - Subsidiary Zhejiang Boyuan Construction Co., Ltd. passed the high-tech enterprise review and was subject to a 15% enterprise income tax rate during the reporting period[228] - Real estate development enterprises provisionally prepay land value-added tax at 1.5%-3% of the pre-sale income as stipulated by the local tax authorities, and it is levied at a four-tier progressive rate upon final settlement[229] Notes to Consolidated Financial Statement Items This section details consolidated financial statement items, noting significant changes in monetary funds, inventory, contract liabilities, and long-term borrowings, along with asset impairment provisions and restricted assets, while operating revenue and net profit significantly decreased, cash flow was affected, and interests in subsidiaries, joint ventures, government grants, and financial instrument risks are disclosed Composition of Monetary Funds | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 1,508,205,632.56 | 2,132,615,697.37 | | Other Monetary Funds | 93,777,939.84 | 94,131,719.98 | | Total | 1,601,983,572.40 | 2,226,747,417.35 | - Other monetary funds primarily consist of guarantee deposits, loan deposits, and frozen funds[231] Disclosure of Accounts Receivable by Impairment Provision Method | Category | Period-end Book Balance (yuan) | Period-end Impairment Provision (yuan) | Period-end Book Value (yuan) | | :--- | :--- | :--- | :--- | | Accounts receivable for which impairment provisions are made individually | 34,845,421.34 | 27,763,538.31 | 7,081,883.03 | | Accounts receivable for which impairment provisions are made by portfolio | 156,090,456.80 | 21,359,302.78 | 134,731,154.02 | | Total | 190,935,878.14 | 49,122,841.09 | 141,813,037.05 | - Impairment provisions of 2,107,916.67 yuan were made in the current period, with 7,081,883.03 yuan recovered or reversed, and the period-end impairment provision balance was 49,122,841.09 yuan[242] Inventory Classification | Item | Period-end Book Balance (yuan) | Period-end Inventory Depreciation Reserve (yuan) | Period-end Book Value (yuan) | | :--- | :--- | :--- | :--- | | Development Costs | 271,935,103.46 | - | 271,935,103.46 | | Developed Products | 11,356,862,964.76 | 2,244,955,527.46 | 9,111,907,437.30 | | Total | 11,628,798,068.22 | 2,244,955,527.46 | 9,383,842,540.76 | - The cumulative amount of capitalized interest in inventory at period-end was 681,824,675.74 yuan, with the current period's interest capitalization rate ranging from 3.82% to 11.45%[283] Assets with Restricted Ownership or Use Rights | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | | :--- | :--- | :--- | | Inventory | 2,298,619,600.12 | 1,973,091,260.82 | Mortgage | | Investment Properties | 826,251,384.42 | 485,794,707.73 | Mortgage | | Fixed Assets | 39,832,028.49 | 17,281,142.71 | Mortgage | | Accounts Receivable | 3,079,779.47 | 2,905,536.92 | Pledge | | Monetary Funds | 93,777,939.84 | 93,777,939.84 | Pledge/Freeze | | Total | 3,261,560,732.34 | 2,572,850,588.02 | - | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 3,855,032,642.06 | 3,408,745,422.57 | 13,839,950,237.32 | 12,914,043,635.20 | | Other Business | 39,981,945.11 | 23,393,679.24 | 44,211,067.33 | 23,706,509.03 | | Total | 3,895,014,587.17 | 3,432,139,101.81 | 13,884,161,304.65 | 12,937,750,144.23 | - The revenue amount corresponding to contracts signed but not yet performed or not fully performed at the end of the current reporting period is 16,711,224.77 yuan, expected to be recognized in 2025[374] Top Five Projects by Revenue Recognition in the Reporting Period | No. | Project Name | Revenue Amount (yuan) | | :--- | :--- | :--- | | 1 | Guantang Qingyu Mansion | 754,770,236.44 | | 2 | Huixueli | 728,540,666.95 | | 3 | Xinyue Hebin Mansion | 432,790,643.58 | | 4 | Wenlan Wangzhuang | 398,192,503.69 | | 5 | Huicuili | 276,505,846.73 | Income Tax Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Current Income Tax Expense | 20,471,303.93 | 99,060,593.39 | | Deferred Income Tax Expense | -16,013,712.40 | -3,655,596.63 | | Total | 4,457,591.53 | 95,404,996.76 | Reconciliation of Net Cash Flow from Operating Activities | Supplementary Information | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Profit | 2,160,200.22 | 421,178,892.10 | | Add: Asset Impairment Provisions | 176,099,369.48 | -988,101.87 | | Credit Impairment Losses | 1,546,504.93 | 8,140,185.81 | | Decrease in Inventory (increase indicated by "-") | 3,630,173,304.95 | 12,425,038,394.73 | | Decrease in Operating Receivables (increase indicated by "-") | 180,410,911.87 | 404,464,718.02 | | Increase in Operating Payables (decrease indicated by "-") | -3,470,830,621.67 | -12,555,377,018.10 | | Net Cash Flow from Operating Activities | 560,583,084.05 | 810,411,928.87 | Operating Lease Income as Lessor | Item | Lease Income (yuan) | | :--- | :--- | | Ningbo Rong'an Building | 10,365,740.80 | | Hangzhou Rong'an Building | 12,816,828.23 | | Happy Shopping Plaza | 7,392,346.09 | | Other | 2,885,848.27 | | Total | 33,460,763.39 | R&D Expenses During the reporting period, the company's total R&D expenses were 5,875,888.16 yuan, all expensed, primarily comprising employee compensation and material costs, representing a significant year-on-year increase of 113.28% R&D Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 1,307,006.21 | 1,979,658.27 | | Material Costs | 4,487,763.00 | 621,221.32 | | Other | 81,118.95 | 154,086.68 | | Total | 5,875,888.16 | 2,754,966.27 | | Of which: Expensed R&D Expenses | 5,875,888.16 | 2,754,966.27 | Changes in Consolidation Scope During the reporting period, the company did not experience business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control, but 6 subsidiaries were deregistered, resulting in changes in the consolidation scope - During the reporting period, the company did not experience business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control[424] - During the reporting period, 6 subsidiaries, including Ningbo Yiwang Real Estate Co., Ltd. and Ningbo Rong'an Education Investment Management Co., Ltd., were deregistered, leading to changes in the consolidation scope[424] Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associates, including several subsidiaries, with Yiwu Huayi Real Estate Co., Ltd. and Ningbo Kanghai Real Estate Co., Ltd. being important non-wholly-owned subsidiaries, and the company holds interests in multiple joint ventures, for which key financial information is provided, along with the basis for the company's control over certain joint ventures Important Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Net Profit Attributable to Minority Shareholders in Current Period (yuan) | Minority Interests Balance at Period-end (yuan) | | :--- | :--- | :--- | :--- | | Yiwu Huayi Real Estate Co., Ltd. (Consolidated) | 49.00% | -21,172,611.77 | 413,725,519.45 | | Ningbo Kanghai Real Estate Co., Ltd. | 49.00% | -5,095,849.11 | 46,451,698.21 | - The company in Cangnan Rong'an Real Estate Co., Ltd., Longgang City Lianghui Real Estate Co., Ltd., and Jiaxing Yikun Real Estate Co., Ltd. joint ventures, through cooperation agreements and articles of association, holds more than half of the voting rights, thus including them in the consolidated financial statements[430][431][432] Key Financial Information of Important Joint Ventures (Period-end Balance/Current Period Amount) | Item | Hangzhou Zhenda Investment Co., Ltd. | Chongqing Rongquan Industrial Co., Ltd. | Ningbo Kangrui Enterprise Management Consulting Co., Ltd. | | :--- | :--- | :--- | :--- | | Total Assets (yuan) | 304,952,338.86 | 144,146,753.28 | 211,357,657.58 | | Total Liabilities (yuan) | 201,120,999.93 | 22,561,951.90 | 91,413,615.07 | | Owners' Equity Attributable to Parent Company (yuan) | 103,831,338.93 | 81,803,016.45 | 119,944,042.51 | | Net Profit (yuan) | 960,404.49 | 2,385.94 | -13,848,220.06 | Summary Financial Information of Unimportant Joint Ventures and Associates | Item | Period-end Balance/Current Period Amount (yuan) | | :--- | :--- | | Total Book Value of Joint Venture Investments | 258,252,068.31 | | Net Profit of Joint Ventures | -3,519,590.37 | | Total Comprehensive Income of Joint Ventures | -3,519,590.37 | Government Grants During the reporting period, government grants recognized in current profit or loss amounted to 5,026,704.43 yuan, primarily consisting of income-related government grants Government Grants Recognized in Current Profit or Loss | Accounting Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related government grants | 5,026,704.43 | 5,960,417.45 | Risks Related to Financial Instruments The company faces market risk (primarily interest rate risk), credit risk, and liquidity risk, with a 50 basis point increase in interest rates leading to a 2.8353 million yuan reduction in pre-tax profit, while credit risk is managed by depositing funds with highly reputable financial institutions and monitoring accounts receivable and implementing credit policies, and liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring bank borrowings, with most financial liabilities maturing within 1 year at period-end - The company faces market risk (interest rate risk), credit risk, and liquidity risk[446] - A 50 basis point increase in interest rates would lead to an increase in interest expenses and a reduction in the company's pre-tax profit by 2.8353 million yuan[447] - The company's credi