中电光谷(00798) - 2025 - 中期财报

Company Information Company Basic Information This section details the Company's name, share listing location, stock code, and ticker symbol, and introduces the composition of the Board of Directors, company secretary, authorized representatives, and various committees - Company Name: CECV Holdings Company Limited[5] - Shares listed on The Stock Exchange of Hong Kong Limited, Stock Code: 798, Stock Short Name: CECV[5] - Board members include Chairperson Ms. Liu Bo, President Mr. Huang Liping, and other non-executive, independent non-executive, and executive directors[5] Registered Office and Principal Places of Business This section clarifies the Company's registered office in the Cayman Islands, its China headquarters in Wuhan, and its Hong Kong principal place of business in Sheung Wan, also listing key partners - Registered Office: Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman KY1-1108, Cayman Islands[5] - China Headquarters and Principal Place of Business: Building 1, Creative World High-rise, No. 16 Yezhihu West Road, Hongshan District, Wuhan, Hubei Province[6] - Auditor: Daxin Certified Public Accountants (HK) Co. Ltd.[6] - Principal Bankers: Industrial and Commercial Bank of China, Bank of Communications, Industrial Bank[7] Financial Highlights Financial Highlights for the Six Months Ended June 30, 2025 The Group's unaudited interim results for the six months ended June 30, 2025, show a slight increase of 0.8% in revenue from continuing operations to RMB1,470.7 million, gross profit increased by 1.1%; however, profit attributable to owners of the Company significantly decreased by 89.9% to RMB1.771 million, profit for the period decreased by 34.1%; regarding assets and liabilities, net current assets significantly increased by 71.0%, and total assets less current liabilities increased by 15.1% Performance Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | 1,470,685 | 1,459,162 | 0.8% | | Gross profit | 367,123 | 363,097 | 1.1% | | Profit before income tax | 72,239 | 35,348 | 104.4% | | Profit attributable to owners of the Company | 1,771 | 17,614 | -89.9% | | Profit for the period | 2,109 | 3,202 | -34.1% | Assets and Liabilities Summary as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 10,778,218 | 10,701,911 | 0.7% | | Current assets | 12,276,743 | 12,640,016 | -2.9% | | Current liabilities | 7,567,003 | 9,885,835 | -23.5% | | Net current assets | 4,709,740 | 2,754,181 | 71.0% | | Total equity | 8,880,694 | 8,871,725 | 0.1% | | Non-current liabilities | 6,607,264 | 4,584,367 | 44.1% | Chairman's Report Operating Review for the First Half of 2025 The Chairman's report highlights 2025 as a critical year for CECV's deep transformation, with improved operational resilience and breakthrough innovation in the first half; the Company achieved operating revenue of RMB1,470.7 million, with park operation services revenue accounting for 70.6% of total revenue, becoming a new growth driver; concurrently, the Company actively integrates into the national cybersecurity industry strategic layout, promotes organizational reform to enhance operational quality and management efficiency, and builds a comprehensive risk management system, shifting from passive response to proactive prevention - In the first half of 2025, the Company's operating revenue reached RMB1,470.7 million, an increase of RMB11.5 million compared to the same period last year[10] - Park operation services revenue reached RMB1,038.2 million, accounting for 70.6% of total revenue, becoming a new growth driver for the Company's development[10] - The Company implemented a 'General Manager First Responsibility System' to streamline management layers and established an 'Integrated Operations Talent Pool' mechanism to enhance organizational efficiency[11] - A comprehensive risk management system was built, achieving a shift from post-event to pre-event risk identification through multi-dimensional risk early warning and overall control mechanisms[11] Future Outlook Looking ahead, CECV will maintain strategic focus, systematically address development bottlenecks, and build a new business ecosystem of 'asset-heavy specialization and asset-light scaling'; the Company will comprehensively forge core competitive advantages and promote steady development through innovative business integration models and value creation mechanisms - The Company will anchor its development goals and systematically resolve key bottlenecks in building a new development pattern[13] - Building a new business ecosystem of 'asset-heavy specialization and asset-light scaling'[13] - Comprehensively forging core competitive advantages through innovative business integration models and value creation mechanisms[13] Management Discussion and Analysis Review of Financial Information The Company's independent auditor, Daxin Certified Public Accountants (HK) Co. Ltd., has reviewed the unaudited interim financial information for the six months ended June 30, 2025, in accordance with International Standard on Review Engagements 2410 - The independent auditor has reviewed the Group's unaudited interim financial information in accordance with International Standard on Review Engagements 2410[15] Summary for the First Half of 2025 In the first half of 2025, the Group's new contracted amount was RMB1,538.9 million, a year-on-year increase of 8%, with integrated operation business contracted amount growing by 31%; sales proceeds collected were RMB2,324.9 million, a year-on-year increase of 34%; total revenue was RMB1,470.7 million, profit for the period was RMB2.1 million; park operation services revenue accounted for 70.6% of the total, highlighting its primary strategic position; as of the end of the period, the Group held approximately 5.32 million square meters of high-quality industrial park land reserves - New contracted amount of RMB1,538.9 million, a year-on-year increase of 8%; integrated operation business contracted amount increased by 31%[16] - Sales proceeds collected of RMB2,324.9 million, a year-on-year increase of 34%[16] - Revenue of RMB1,470.7 million, profit for the period of RMB2.1 million[17] - Park operation services revenue accounted for 70.6% of the total, with high-quality industrial park land reserves of approximately 5.32 million square meters[17] Business Review The Group's business structure is 'one body, two wings,' with park operation services as the core, park development as support, and industrial investment as the engine; the revenue structure and profit composition reflect the effectiveness of the transformation strategy - The Group's business structure is 'one body, two wings': park operation services as the core, park development as support, and industrial investment as the engine[18] - The revenue structure and profit composition reflect, to some extent, the effectiveness of the transformation strategy[18] Revenue by Operating Segment The Group's total revenue for the first half of 2025 was RMB1,470.7 million, of which park operation services revenue accounted for 70.6% and park development services revenue accounted for 29.4%; park operation services revenue decreased year-on-year, while park development services revenue increased year-on-year Revenue by Operating Segment (RMB thousands) | Segment | 2025 Revenue | % of Total | 2024 Revenue | % of Total | | :--- | :--- | :--- | :--- | :--- | | Park Operation Services | 1,038,192 | 70.6% | 1,106,955 | 75.9% | | Design and Construction Services | 372,343 | 25.3% | 487,841 |