巨匠建设(01459) - 2025 - 中期财报

Company Information Board of Directors and Management This section lists the Board of Directors (including executive and independent non-executive directors) and Supervisory Committee members of Jujiang Construction Group Co., Ltd., identifying key personnel in corporate governance - The Board of Directors is chaired by Mr. Lu Yaoneng and includes 6 executive directors and 3 independent non-executive directors[8][9] - Members of the Supervisory Committee include Mr. Zou Jiangtao, Mr. Chen Xiangjiang, Mr. Lu Xingliang, and Mr. Zhu Jialian[9] Committees This section details the composition and chairpersons of the company's Audit Committee, Nomination Committee, Remuneration and Appraisal Committee, and Strategy Committee, reflecting the division of labor in its governance structure - The Audit Committee is chaired by Ms. Lin Feicui, the Nomination Committee by Mr. Ma Tao (re-designated from May 27, 2025), the Remuneration and Appraisal Committee by Mr. Wang Xinglong (re-designated from May 27, 2025), and the Strategy Committee by Mr. Lu Yaoneng[9] Professional Advisors and Offices This section provides information on the company's company secretary, authorized representatives, legal advisors, auditors, H share registrar, and principal bankers, along with addresses for its registered office, headquarters, and principal place of business in Hong Kong - The Company Secretary is Mr. Jin Shuigen, and the auditor is Ernst & Young[9] - Legal advisors include DeHeng Law Offices (Hong Kong) LLP (Hong Kong law) and Jin Tiancheng Law Firm (Chinese law)[9] - The China headquarters and principal place of business are located at No. 669, Qingfeng South Road (South), Tongxiang City, Zhejiang Province[10] Company Basic Information This section lists the company's stock code and official website, facilitating access to basic information for investors - The company's stock code is 1459, and its official website is **www.jujiang.cn**[10](index=10&type=chunk) Financial Highlights Key Financial Indicators For the six months ended June 30, 2025, Jujiang Construction experienced significant declines in both revenue and profit, with revenue decreasing by 39.1% year-on-year and profit for the period sharply falling by 74.4%, leading to a net profit margin of 0.18% For the six months ended June 30 Key Financial Indicators | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,335,282 | 3,833,658 | (39.1) | | Gross Profit | 96,255 | 155,935 | (38.3) | | Gross Profit Margin | 4.12% | 4.07% | 0.05 | | Profit for the Period | 4,307 | 16,849 | (74.4) | | Net Profit Margin | 0.18% | 0.44% | (0.26) | | Basic and Diluted Earnings Per Share (RMB) | 0.00 | 0.03 | - | Dividend Policy The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of an interim dividend for the first half of 2025 (first half of 2024: none)[12] Management Discussion and Analysis Company Overview Established in 1965, Jujiang Construction Group is a leading construction enterprise in Jiaxing City, holding a national special-grade qualification for general contracting of construction projects and a Grade A design qualification for the construction industry, enabling it to provide comprehensive integrated construction solutions - Jujiang Construction was established in 1965, making it one of the earliest construction enterprises in Jiaxing City, with over 50 years of industry experience[14] - The company obtained the national special-grade qualification for general contracting of construction projects and a Grade A design qualification for the construction industry on January 28, 2015[14] - With its special-grade qualification and engineering design qualification, the Group can provide general contracting, design, survey, and consulting services for any type and scale of building construction projects nationwide[14] Macroeconomic and Industry Review In the first half of 2025, China's economy experienced a moderate recovery with GDP growing by 5.3% year-on-year; the real estate and construction sectors faced dual impacts from policy adjustments and market demand, characterized by "deepening differentiation and accelerating transformation," with continuous declines in real estate development investment and overall weakness in the construction industry, though government support for infrastructure increased, and green building and overseas markets emerged as new growth drivers - In the first half of 2025, China's GDP grew by 5.3% year-on-year, indicating a moderate economic recovery[15] - The real estate market gradually stabilized under continuous policy adjustments, but development investment decreased by 11.2% year-on-year, posing significant pressure on demand for the construction industry[15][17] National Construction Industry and Real Estate Market Data for H1 2025 | Indicator | Data | Year-on-Year Change | | :--- | :--- | :--- | | Total Construction Output Value | Approx. RMB 13.6 trillion | +0.2% | | Building Construction Area | Approx. 9.46 billion square meters | -12% | | Commercial Residential Sales Area | Approx. 459 million square meters | -3.5% | | New Commercial Residential Sales Value | Approx. RMB 4.4 trillion | -5.5% | | Real Estate Development Investment | Approx. RMB 4.67 trillion | -11.2% | - The construction industry faces challenges such as liquidity pressure, extended collection cycles, and financing difficulties, but green building and overseas markets are emerging as new growth points, with fiscal policy increasing support for infrastructure[17] Business Performance Facing industry downturn pressure, Jujiang Construction's revenue and net profit for the first half of the year decreased by 39.1% and 74.4% respectively; despite this, the Group made steady progress in market expansion, securing new projects with a net value of approximately RMB 98.2 million, and advanced in engineering management, technological innovation, and digital intelligence applications, with a slight 2.7% increase in reserve price - For the six months ended June 30, 2025, the Group's revenue was approximately RMB 2,335.3 million, and net profit was approximately RMB 4.3 million, representing year-on-year decreases of approximately 39.1% and 74.4% respectively[18] - As of June 30, 2025, the reserve price slightly increased by approximately 2.7% to approximately RMB 16,575.9 million[18] Operating Results The Group's revenue and net profit significantly declined in the first half, but by actively responding to market changes, new projects with a net value of RMB 98.2 million were secured, and the reserve price maintained growth Changes in Construction Project Reserves | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | | :--- | :--- | :--- | | Reserve Price at Beginning of Period | 16,683.8 | 18,890.6 | | Net Price of New Projects | 2,185.1 | 1,044.0 | | Revenue Recognized | (2,293.0) | (3,787.1) | | Reserve Price at End of Period | 16,575.9 | 16,147.5 | - In the first half, new projects with a net value of approximately RMB 98.2 million were secured, including 6 projects over RMB 100 million, of which 3 exceeded RMB 300 million[23] Market Expansion The Group made steady progress in market expansion, with industrial projects accounting for 82%, new contracts in Jiaxing local market accounting for 67%, and significant achievements in Yiwu market expansion, successfully bidding for several landmark projects - By project type, industrial projects accounted for 82%, public construction projects for 17%, and commercial residential projects for less than 1%[23] - By regional distribution, new contracts in Jiaxing local market accounted for 67%, Yiwu market for 23%, and outside the province for 2.8%[23] - Yiwu Company successfully bid for the Yiwu Jinyi Free Trade Zone Smart Connected Vehicle Innovation Industrial Park and supporting infrastructure project (bid amount exceeding RMB 460 million), marking the Group's successful "going out" strategy to develop the Yiwu market[23] Project Management The Group adheres to a quality-oriented approach, achieving 1 provincial "Installation Cup" and 1 "Fengming Cup" Quality Engineering Award in the first half, and completing acceptance for 5 "Nanhu Cup" Quality Engineering projects; in terms of safety production, management of hazardous projects was strengthened, resulting in 8 county-level standardized construction sites; for construction progress management, 40 progress milestones were set and advanced according to targets, with 13 projects completed - In the first half, 1 provincial "Installation Cup" and 1 "Fengming Cup" Quality Engineering Award were obtained, and acceptance for 5 "Nanhu Cup" Quality Engineering projects was completed[25] - In the first half, 8 county-level standardized construction sites were awarded, strengthening the safety defense line through routine process management and special inspections[25] - In the first half, 40 progress milestones were set and advanced according to targets, with 13 projects completed[25] Technological Innovation and Digital Intelligence Application Jujiang Construction continues to increase investment in technology R&D, receiving an "Excellent" rating in the 2024 Zhejiang Provincial Enterprise Technology Center evaluation, and its independently developed "Smart Material Management System" was successfully selected as a provincial innovation service case; BIM technology and smart construction site applications were deepened, with multiple projects receiving provincial awards, and active exploration of AI technology applications to enhance efficiency - Rated as "Excellent" in the 2024 Zhejiang Provincial Enterprise Technology Center evaluation, and the independently developed "Smart Material Management System" was successfully selected as one of the first batch of Zhejiang Provincial Smart Construction New Technology and New Product Innovation Service Cases[26] - In the first half, 2 provincial construction methods were declared, 4 national patent applications were accepted, 3 national patents were granted, 3 provincial quality control achievements were obtained, and 3 municipal quality control achievements were obtained[27] - A total of 38 BIM implementation service projects (21 external projects) and 56 smart construction site implementations (51 external projects) were carried out in the first half[28] - The Tongxiang Feng Zikai Art Center (Phase I) project won the 2024 Zhejiang Provincial Smart Construction Gold Award for Application Achievements[28] Revenue Composition For the six months ended June 30, 2025, construction contracting business remained the Group's primary revenue source, accounting for 98.2%, with significant declines in revenue from residential, industrial, and public construction businesses - Construction contracting business contributed approximately 98.2% of revenue (first half of 2024: 98.8%)[30] Revenue Breakdown by Business and Project Type for the six months ended June 30 | Business Type | 2025 (RMB millions) | 2025 (%) | 2024 (RMB millions) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Construction Contracting Business | | | | | | Residential | 809.6 | 34.7 | 1,460.2 | 38.1 | | Commercial Buildings | 453.9 | 19.4 | 489.5 | 12.8 | | Industrial | 693.3 | 29.7 | 1,261.9 | 32.9 | | Public Construction | 336.2 | 14.4 | 575.5 | 15.0 | | Other Businesses | | | | | | Design, Survey, and Consulting | 26.9 | 1.1 | 29.5 | 0.8 | | Sales of Construction Materials and Civil Defense Products | 15.4 | 0.7 | 17.1 | 0.4 | | Total Revenue | 2,335.3 | 100.0 | 3,833.7 | 100.0 | Financial Position Analysis Jujiang Construction's revenue and gross profit both decreased in the first half, but the gross profit margin slightly increased; administrative expenses, net impairment losses on financial and contract assets, and other expenses all decreased, and finance costs declined; however, income tax expense increased, leading to a significant 74.4% reduction in profit for the period; in terms of liquidity, accounts receivable turnover days increased, and the debt-to-asset ratio rose Revenue and Gross Profit Margin For the six months ended June 30, 2025, revenue decreased by 39.1% year-on-year to approximately RMB 2,335.3 million, primarily due to a reduction in construction contracting business; gross profit decreased by 38.3%, but the gross profit margin slightly increased to 4.12%, mainly benefiting from increased revenue from other higher-margin businesses, while the gross profit margin for construction contracting business declined - Revenue decreased by 39.1% to approximately RMB 2,335.3 million, mainly due to a reduction of approximately RMB 1,494.1 million in construction contracting business, affected by the sluggish real estate market[31] - Gross profit decreased by 38.3% to approximately RMB 96.3 million, consistent with the decrease in revenue[32] - Gross profit margin slightly increased from 4.07% in the first half of 2024 to 4.12% in the first half of 2025, mainly due to increased revenue from other businesses with higher profit margins[32] - The gross profit margin for construction contracting business decreased from 3.51% in the first half of 2024 to 3.21% in the first half of 2025, reflecting intensified market competition[32] Expenses and Impairment Other income and gains increased by 25.7%, primarily due to fair value gains on financial assets related to bills receivable; administrative expenses decreased by 8.9%, mainly due to optimized headcount and cost control; net impairment losses on financial and contract assets significantly decreased by 72.8%, reflecting strengthened credit risk management; other expenses decreased by 62.4%, mainly attributable to the fair value change of financial assets involving bills receivable shifting from a loss to a gain - Other income and gains increased by 25.7% to approximately RMB 11.2 million, mainly due to fair value gains of approximately RMB 4.6 million on financial assets related to bills receivable[33] - Administrative expenses decreased by 8.9% to approximately RMB 71.4 million, primarily due to optimized headcount, salary adjustments, and reduced entertainment expenses[34] - Net impairment losses on financial and contract assets significantly decreased by 72.8% to approximately RMB 12.0 million, mainly due to strengthened credit risk management and sufficient prior provisions[35] - Other expenses decreased by 62.4% to approximately RMB 3.4 million, mainly attributable to the fair value change of financial assets involving bills receivable shifting from a loss to a gain[36] Finance Costs and Taxation Finance costs decreased by 13.1%, primarily due to a reduction in the average balance of interest-bearing borrowings; income tax expense increased, with the effective tax rate rising sharply from 1.5% to 33.9%, mainly affected by reduced impairment losses, withholding tax on dividends from overseas subsidiaries, and decreased tax incentives; consequently, profit for the period significantly decreased by 74.4%, and the net profit margin fell to 0.18% - Finance costs decreased by 13.1% to approximately RMB 14.2 million, primarily due to a reduction in the average balance of interest-bearing bank and other borrowings[38] - Income tax expense increased by approximately RMB 1.9 million to approximately RMB 2.2 million, with the effective tax rate significantly increasing from 1.5% to 33.9%[39] - Profit for the period decreased by 74.4% to approximately RMB 4.3 million, with the net profit margin falling from 0.44% to 0.18%[40] Liquidity and Capital Structure The Group's working capital primarily comes from cash generated from operating activities and interest-bearing borrowings; as of June 30, 2025, cash and cash equivalents were approximately RMB 189.2 million; the debt-to-asset ratio increased to 18.4%, mainly due to decreased cash and increased interest-bearing borrowings - As of June 30, 2025, cash and cash equivalents were approximately RMB 189.2 million (December 31, 2024: approximately RMB 184.0 million)[41] - The debt-to-asset ratio increased from 16.0% as of December 31, 2024, to 18.4% as of June 30, 2025, primarily due to decreased cash and increased interest-bearing bank borrowings[47] Statement of Financial Position Items Contract assets decreased by 4.9% to approximately RMB 2,741.5 million, primarily due to reduced construction engineering contracting revenue; trade receivables and bills receivable increased by 4.8% to approximately RMB 2,266.1 million, with turnover days increasing to 173 days; trade payables and bills payable decreased by 3.5% to approximately RMB 3,158.9 million, with turnover days increasing to 262 days; total interest-bearing borrowings were approximately RMB 595.5 million, of which short-term borrowings were approximately RMB 498.0 million - Contract assets decreased by approximately 4.9% from approximately RMB 2,883.5 million as of December 31, 2024, to approximately RMB 2,741.5 million as of June 30, 2025[43] - Trade and bills receivables increased by approximately 4.8% to approximately RMB 2,266.1 million, with turnover days increasing from 118 days to 173 days[44] - Trade and bills payables decreased by approximately 3.5% to approximately RMB 3,158.9 million, with turnover days increasing from 198 days to 262 days[45] - As of June 30, 2025, total short-term and long-term interest-bearing borrowings were approximately RMB 595.5 million, of which short-term borrowings were approximately RMB 498.0 million[46] - Approximately RMB 131.0 million of buildings were pledged to obtain general bank credit[46] Other Financial Information Capital expenditure for the first half was approximately RMB 3.8 million, mainly for office renovation and intangible asset-related projects; the Group had no significant capital commitments or contingent liabilities, and RMB exchange rate fluctuations had no material impact on business or financial performance - For the six months ended June 30, 2025, capital expenditure was approximately RMB 3.8 million, mainly related to office renovation projects and other intangible asset-related construction projects[48] - The Group had no significant capital commitments or contingent liabilities as of June 30, 2025[49][50] - The vast majority of the Group's business and bank loans are transacted and accounted for in RMB, with no significant foreign exchange fluctuation risk, and no hedging policy in place[51] Employees and Remuneration Policy As of June 30, 2025, the Group had 869 employees, with employee costs of approximately RMB 42.1 million, a 6.2% year-on-year decrease, primarily due to optimized human resource structure and salary adjustments; the Group values employee expertise and development, providing regular training - As of June 30, 2025, the Group had a total of 869 employees[54] - Employee costs for the first half were approximately RMB 42.1 million, a year-on-year decrease of approximately 6.2%, primarily due to optimized human resource structure and salary adjustments[54] - The Group enhances employee skills and technical expertise through regular training[54] Future Outlook and Strategies Looking ahead to the second half, with policy support and urban renewal of the real estate market is expected to achieve supply-demand balance, and the construction industry will accelerate high-quality development; Jujiang Construction will focus on annual targets, optimize market layout, expand into Yiwu and provincial/overseas markets, strengthen cost control, deepen technological innovation and digital intelligence applications, and strictly manage quality and safety to achieve steady growth - In the second half of 2025, policies are expected to further strengthen market stabilization, with full implementation of urban renewal and land acquisition policies, and the real estate market is anticipated to accelerate towards a new dynamic balance of supply and demand[55] - In the second half, the Group will optimize its market layout, consolidate the Tongxiang market, vigorously expand into Yiwu and provincial/overseas markets, and improve the success rate of public bidding projects[57] - The Group will increase R&D investment in new technologies such as prefabricated buildings and smart construction equipment, deepen the application of "BIM + Smart Construction Site," and promote the deep integration of digital technology with project management[57] - Quality control will use key projects as benchmarks, strictly enforcing industry standards; safety production will implement risk-based hierarchical control and strengthen hazard investigation and remediation[57] Other Information Dividend Policy The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: none)[58] Securities Transactions For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor did they sell any treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[59] - As of June 30, 2025, the Company did not hold any treasury shares[59] Directors' and Shareholders' Interests This section discloses changes in Board members, as well as the interests and short positions of directors, supervisors, the chief executive, and substantial shareholders in the company's shares, and confirms that directors have no competing interests Changes in Directors' Information Effective May 27, 2025, Mr. Ma Tao was re-designated as Chairman of the Nomination Committee and appointed as a member of the Remuneration and Appraisal Committee, Mr. Wang Xinglong was appointed as Chairman of the Remuneration and Appraisal Committee, and Ms. Lin Feicui was appointed as a member of the Nomination Committee - Effective May 27, 2025, Mr. Ma Tao was appointed as Chairman of the Nomination Committee, Mr. Wang Xinglong was appointed as Chairman of the Remuneration and Appraisal Committee, and Ms. Lin Feicui was appointed as a member of the Nomination Committee[60] Interests of Directors, Supervisors, and Chief Executive As of June 30, 2025, Executive Director Mr. Lu Yaoneng indirectly held 38.25% of the Company's equity interest through Zhejiang Jujiang Holding Group Co., Ltd., which he controls Interests of Directors/Supervisors in the Company's Shares | Director/Supervisor Name | Nature of Interest | Number of Shares Held | Approximate Percentage of Total Share Capital of the Company | | :--- | :--- | :--- | :--- | | Mr. Lu Yaoneng | Interest in controlled corporation | 204,000,000 Domestic Shares (L) | 38.25% | - Mr. Lu Yaoneng holds approximately 51.33% interest in Zhejiang Jujiang Holding Group Co., Ltd., and is therefore deemed to have an interest in the Company's interests held by Jujiang Holding[62] Major Shareholders' Interests As of June 30, 2025, Zhejiang Jujiang Holding Group Co., Ltd. and Zhejiang Jujiang Equity Investment Management Co., Ltd. were the Company's major shareholders, directly holding 38.25% and 36.75% of the equity interest, respectively; Ms. Shen Hongfen, spouse of Mr. Lu Yaoneng, was also deemed to have an interest in Mr. Lu Yaoneng's holdings Interests of Major Shareholders in the Company's Shares | Shareholder Name | Nature of Interest | Number of Shares Held | Approximate Percentage of Total Share Capital of the Company | | :--- | :--- | :--- | :--- | | Jujiang Holding | Beneficial owner | 204,000,000 Domestic Shares (L) | 38.25% | | Ms. Shen Hongfen | Spouse's interest | 204,000,000 Domestic Shares (L) | 38.25% | | Jujiang Equity Investment | Beneficial owner | 196,000,000 Domestic Shares (L) | 36.75% | | Chen Jiahe | Beneficial owner | 9,480,000 H Shares (L) | 1.78% | Directors' Competing Interests The Company's controlling shareholders, directors, and their respective close associates had no interests in any business that directly or indirectly competes or may compete with the principal business and other businesses - The Company's controlling shareholders, directors, and their respective close associates had no interests in any business that competes with the principal business[65] Corporate Governance The Company has fully complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules and has adopted the Model Code set out in Appendix C3 as a code of conduct for directors and supervisors in securities transactions, with all directors and supervisors confirming compliance with the relevant provisions - For the six months ended June 30, 2025, and up to the date of this announcement, the Company has fully complied with the code provisions of the Corporate Governance Code[66] - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules as a code of conduct for directors and supervisors in securities transactions, and all directors and supervisors confirm compliance with the relevant provisions[67] Events After Reporting Period The Group had no significant events after the reporting period that would materially affect its operations and financial performance as of the date of this report - The Group had no significant events after June 30, 2025, that would materially affect its operations and financial performance[70] Audit Committee Review The Audit Committee has discussed and reviewed the Group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, with management and external auditors, and believes they comply with applicable accounting standards - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, and believes that the financial statements comply with applicable accounting standards[71] Independent Auditor's Report Introduction Ernst & Young has reviewed the interim condensed consolidated financial information of Jujiang Construction Group Co., Ltd. for the six months ended June 30, 2025, which was prepared in accordance with International Accounting Standard 34 - Ernst & Young has reviewed the interim condensed consolidated financial information of Jujiang Construction Group Co., Ltd. for the six months ended June 30, 2025[72] - The interim financial information was prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[72] Scope of Review The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, with a scope less than an audit, and therefore no audit opinion is expressed - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[73] - The scope of the review is substantially less than an audit, and therefore no audit opinion is expressed[73] Conclusion of Review Based on the review, the auditors found no matters indicating that the interim financial information was not prepared in all material respects in accordance with the requirements of International Accounting Standard 34 - The auditors did not become aware of any matters that cause them to believe that the interim financial information is not prepared, in all material respects, in accordance with the requirements of International Accounting Standard 34[75] Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Statement of Profit or Loss For the six months ended June 30, 2025, Jujiang Construction's revenue and gross profit both significantly decreased, with profit for the period falling by 74.4% from RMB 16,849 thousand in the prior year to RMB 4,307 thousand Interim Condensed Consolidated Statement of Profit or Loss Summary | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 2,335,282 | 3,833,658 | | Cost of Sales | (2,239,027) | (3,677,723) | | Gross Profit | 96,255 | 155,935 | | Profit Before Tax | 6,511 | 17,104 | | Income Tax Expense | (2,204) | (255) | | Profit for the Period | 4,307 | 16,849 | Other Comprehensive Income For the six months ended June 30, 2025, exchange differences on translation of overseas operations resulted in a total other comprehensive income of negative RMB 248 thousand, with total comprehensive income for the period being RMB 4,059 thousand Other Comprehensive Income Summary | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Exchange differences on translation of overseas operations | (248) | (538) | | Total comprehensive income for the period (after tax) | (248) | (538) | | Total comprehensive income for the period | 4,059 | 16,311 | Earnings Per Share For the six months ended June 30, 2025, basic and diluted earnings per share attributable to ordinary equity holders of the parent company were RMB 0.00, a significant decrease from RMB 0.03 in the prior year Earnings Per Share Summary | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share | 0.00 | 0.03 | Interim Condensed Consolidated Statement of Financial Position Assets As of June 30, 2025, the Group's total non-current assets were RMB 458,281 thousand, and total current assets were RMB 5,784,938 thousand, with trade receivables and bills receivable and contract assets accounting for a larger proportion Non-Current Assets As of June 30, 2025, total non-current assets were RMB 458,281 thousand, a decrease from RMB 477,669 thousand as of December 31, 2024 Non-Current Assets Summary | Non-Current Assets | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Property, Plant and Equipment | 116,847 | 119,823 | | Investment Properties | 69,547 | 71,281 | | Right-of-Use Assets | 14,692 | 20,730 | | Goodwill | 1,162 | 1,162 | | Other Intangible Assets | 64,761 | 68,626 | | Deferred Tax Assets | 99,840 | 99,535 | | Long-Term Deferred Assets | 91,432 | 96,512 | | Total Non-Current Assets | 458,281 | 477,669 | Current Assets As of June 30, 2025, total current assets were RMB 5,784,938 thousand, a slight decrease from RMB 5,836,918 thousand as of December 31, 2024; trade receivables and bills receivable increased, while contract assets decreased Current Assets Summary | Current Assets | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Inventories | 20,163 | 25,622 | | Non-Current Assets Due Within One Year | 9,217 | 8,943 | | Trade and Bills Receivables | 2,266,117 | 2,162,557 | | Contract Assets | 2,741,520 | 2,883,549 | | Prepayments, Deposits and Other Receivables | 454,734 | 442,850 | | Pledged Deposits | 103,970 | 129,361 | | Cash and Bank Balances | 189,217 | 184,036 | | Total Current Assets | 5,784,938 | 5,836,918 | Liabilities As of June 30, 2025, the Group's total current liabilities were RMB 4,503,939 thousand, and total non-current liabilities were RMB 97,537 thousand, with total liabilities slightly decreasing Current Liabilities As of June 30, 2025, total current liabilities were RMB 4,503,939 thousand, a decrease from RMB 4,558,141 thousand as of December 31, 2024, with trade payables and bills payable decreasing Current Liabilities Summary | Current Liabilities | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade and Bills Payables | 3,158,861 | 3,274,297 | | Other Payables and Accruals | 620,910 | 597,718 | | Bank and Other Borrowings | 497,991 | 458,536 | | Tax Payables | 226,177 | 227,590 | | Total Current Liabilities | 4,503,939 | 4,558,141 | Non-Current Liabilities As of June 30, 2025, total non-current liabilities were RMB 97,537 thousand, primarily long-term borrowings, a decrease from RMB 116,636 thousand as of December 31, 2024 Non-Current Liabilities Summary | Non-Current Liabilities | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Long-Term Borrowings | 97,537 | 116,636 | | Total Non-Current Liabilities | 97,537 | 116,636 | Equity As of June 30, 2025, total equity was RMB 1,641,743 thousand, with equity attributable to owners of the parent company being RMB 1,603,221 thousand and non-controlling interests being RMB 38,522 thousand Equity Summary | Equity | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Share Capital | 533,360 | 533,360 | | Reserves | 1,069,861 | 1,071,145 | | Equity Attributable to Owners of the Parent Company | 1,603,221 | 1,604,505 | | Non-Controlling Interests | 38,522 | 35,305 | | Total Equity | 1,641,743 | 1,639,810 | Interim Condensed Consolidated Statement of Changes in Equity Overview of Changes in Equity For the six months ended June 30, 2025, total equity attributable to owners of the parent company decreased from RMB 1,604,505 thousand at the beginning of the period to RMB 1,603,221 thousand, primarily due to negative profit for the period and a decrease in exchange fluctuation reserve Changes in Equity Attributable to Owners of the Parent Company Summary (H1 2025) | Item | RMB thousands | | :--- | :--- | | December 31, 2024 (Audited) | 1,604,505 | | Profit for the Period | (1,111) | | Exchange differences on translation of overseas operations | (173) | | Total comprehensive income for the period | (1,284) | | Transfer to special reserve | 68,891 | | Utilization of special reserve | (68,891) | | Dividends paid to non-controlling shareholders | (2,126) | | As of June 30, 2025 (Unaudited) | 1,603,221 | Management Measures for Allocation and Use of Safety Production Expenses In accordance with regulations from China's Ministry of Finance and Ministry of Emergency Management, the Group is required to allocate funds from after-tax profits as a safety reserve, ranging from 1.5% to 3% of the total recognized construction contract revenue, for improving construction project safety - The Group is required to allocate a sum from after-tax profits as a safety reserve, ranging from 1.5% to 3% of the total recognized construction contract revenue[87] - This reserve fund can be used to improve safety in construction projects and is recognized in profit or loss when incurred, with a corresponding amount of the safety reserve utilized and transferred back to retained earnings[87] Interim Condensed Consolidated Statement of Cash Flows Cash Flows from Operating Activities For the six months ended June 30, 2025, net cash flow used in operating activities was negative RMB 13,458 thousand, an improvement from negative RMB 72,228 thousand in the prior year, primarily due to a decrease in contract assets and reduced impairment of accounts receivable Cash Flows from Operating Activities Summary | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit Before Tax | 6,511 | 17,104 | | Cash Flows Used in Operations | (13,206) | (66,996) | | Interest Received | 3,669 | 4,220 | | Income Tax Paid | (3,921) | (9,452) | | Net Cash Flows Used in Operating Activities | (13,458) | (72,228) | Cash Flows from Investing Activities For the six months ended June 30, 2025, net cash flow used in investing activities was negative RMB 3,669 thousand, mainly due to increased payments for the acquisition of property, plant, and equipment Cash Flows from Investing Activities Summary | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Payments for acquisition of property, plant and equipment | (3,806) | (2,848) | | Proceeds from disposal of property, plant and equipment | 137 | 4 | | Net Cash Flows (Used in) / From Investing Activities | (3,669) | 7,872 | Cash Flows from Financing Activities For the six months ended June 30, 2025, net cash flow from financing activities was RMB 22,610 thousand, a significant improvement from negative RMB 69,072 thousand in the prior year, primarily due to changes in net proceeds from and repayments of loans Cash Flows from Financing Activities Summary | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | From third-party borrowings | 12,000 | 4,000 | | Interest Paid | (14,203) | (15,479) | | Loans Received | 292,800 | 311,180 | | Loan Repayments | (266,937) | (364,875) | | Lease Principal | (1,050) | (2,098) | | Payments to non-controlling shareholders | – | (1,800) | | Net Cash Flows From / (Used in) Financing Activities | 22,610 | (69,072) | Net Change in Cash and Cash Equivalents For the six months ended June 30, 2025, net cash and cash equivalents increased by RMB 5,483 thousand, with cash and cash equivalents at the end of the period totaling RMB 189,217 thousand Net Change in Cash and Cash Equivalents Summary | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net increase / (decrease) in cash and cash equivalents | 5,483 | (133,428) | | Cash and cash equivalents at beginning of period | 184,036 | 263,550 | | Net effect of exchange rate changes | (302) | (662) | | Cash and cash equivalents at end of period | 189,217 | 129,460 | Notes to the Interim Condensed Consolidated Financial Information Basis of Preparation and Changes in Accounting Policies The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34, presented in RMB, and is unaudited; the revised International Accounting Standard 21 "Lack of Exchangeability" adopted for the first time in this period had no impact on the Group's financial information - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting," presented in RMB, and is unaudited[92][93] - The revised International Accounting Standard 21 "Lack of Exchangeability" had no impact on the interim condensed consolidated financial information, as the Group's transaction and functional currencies are both convertible[94] Operating Segment Information The Group has two reportable operating segments: construction engineering contracting and others; for the six months ended June 30, 2025, the construction engineering contracting segment generated revenue of RMB 2,293,035 thousand and profit before tax of RMB 2,466 thousand, while the other segment generated revenue of RMB 42,247 thousand and profit before tax of RMB 8,950 thousand - The Group has two reportable operating segments: construction engineering contracting (providing construction services) and others (providing design, survey, training, and consulting services, as well as civil defense product sales)[96][97] Segment Results for the six months ended June 30, 2025 | Indicator | Construction Engineering Contracting (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Sales to external customers | 2,293,035 | 42,247 | 2,335,282 | | Profit Before Tax | 2,466 | 8,950 | 6,511 | | Segment Results | 1,526 | 7,686 | 4,307 | Segment Assets and Liabilities (June 30, 2025) | Indicator | Construction Engineering Contracting (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Segment Assets | 6,250,132 | 321,329 | 6,243,219 | | Segment Liabilities | 4,648,486 | 190,253 | 4,601,476 | Revenue Recognition For the six months ended June 30, 2025, the Group's total revenue was RMB 2,335,282 thousand, with construction engineering contracting accounting for RMB 2,293,035 thousand; revenue primarily originated from mainland China, and services transferred over time were the main point of revenue recognition Revenue Information Classification for the six months ended June 30, 2025 | Classification | Construction Engineering Contracting (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Type of Goods or Services | | | | | Construction engineering contracting | 2,293,035 | – | 2,293,035 | | Design, survey, training and consulting | – | 26,904 | 26,904 | | Sales of construction materials and civil defense products | – | 15,343 | 15,343 | | Total | 2,293,035 | 42,247 | 2,335,282 | | Geographical Market | | | | | Mainland China | 2,274,231 | 42,247 | 2,316,478 | | Indonesia | 18,804 | – | 18,804 | | Total | 2,293,035 | 42,247 | 2,335,282 | | Timing of Revenue Recognition | | | | | Services transferred over time | 2,293,035 | 14,485 | 2,307,520 | | Goods and services transferred at a point in time | – | 27,762 | 27,762 | | Total | 2,293,035 | 42,247 | 2,335,282 | Details of Other Income and Expenses This section details the Group's other income and gains, finance costs, components of profit before tax, and the calculation and reconciliation of income tax expense Other Income and Gains For the six months ended June 30, 2025, total other income and gains were RMB 11,227 thousand, an increase from RMB 8,934 thousand in the prior year, primarily from government grants, bank interest income, and fair value gains on financial assets Other Income and Gains Analysis | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government grants | 1,181 | 4,043 | | Bank interest income | 3,669 | 4,220 | | Other interest income | – | 74 | | Other income | 1,752 | 597 | | Total Other Income | 6,602 | 8,934 | | Fair value gains on financial assets | 4,625 | – | | Total Other Income and Gains | 11,227 | 8,934 | Finance Costs For the six months ended June 30, 2025, total finance costs were RMB 14,161 thousand, a decrease from RMB 16,287 thousand in the prior year, primarily consisting of interest on bank and other borrowings Finance Costs Analysis | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on bank and other borrowings | 13,987 | 15,883 | | Interest on lease liabilities | 174 | 404 | | Total | 14,161 | 16,287 | Components of Profit Before Tax For the six months ended June 30, 2025, profit before tax was RMB 6,511 thousand; total cost of sales was RMB 2,239,027 thousand, total depreciation and amortization was RMB 13,982 thousand, R&D expenses were RMB 102,835 thousand, and total net impairment losses were RMB 11,972 thousand Components of Profit Before Tax Summary | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total cost of sales | 2,239,027 | 3,677,723 | | Total depreciation and amortization | 13,982 | 14,746 | | Research and development expenses | 102,835 | 121,880 | | Total net impairment losses | 11,972 | 43,945 | | Employee benefit expenses | 42,134 | 44,948 | | Interest income | (3,669) | (4,220) | Income Tax Expense For the six months ended June 30, 2025, income tax expense was RMB 2,204 thousand, a significant increase from RMB 255 thousand in the prior year. The effective tax rate rose from 1.5% to 33.9%, mainly affected by reduced impairment losses on financial and contract assets, withholding tax on dividends from overseas subsidiaries, and decreased tax incentives Income Tax Expense Analysis | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax – Mainland China | 2,215 | 5,252 | | Current income tax – Other regions | 294 | 1,996 | | Deferred income tax | (305) | (6,993) | | Tax levied for the period | 2,204 | 255 | - The effective tax rate increased from 1.5% in the first half of 2024 to 33.9% in the first half of 2025, primarily due to reduced impairment losses on financial and contract assets, leading to a decrease in deferred tax expense, as well as withholding tax on dividends from overseas subsidiaries and reduced tax incentives[39][109] Dividends and Earnings Per Share This section explains the Group's dividend policy and the calculation method for earnings per share Dividends The Board does not recommend the payment of an interim dividend for the period ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of an interim dividend for the period ended June 30, 2025[110] Earnings Per Share For the six months ended June 30, 2025, basic and diluted earnings per share attributable to ordinary equity holders of the parent company were RMB 0.00, calculated based on profit for the period and the weighted average number of ordinary shares issued, with no potential dilutive effects Basic Earnings Per Share Calculation Data | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the period attributable to ordinary equity holders of the parent company | (1,111) | 14,830 | | Weighted average number of ordinary shares issued | 533,360 | 533,360 | - As the Group had no potentially dilutive ordinary shares issued during the period, no diluted adjustment was made to the basic earnings per share amount[111] Notes to the Statement of Financial Position This section provides detailed disclosures on changes, composition, aging analysis, impairment provisions, and related policies for the Group's major asset and liability items Property, Plant and Equipment For the six months ended June 30, 2025, the Company acquired property, plant and equipment at a cost of approximately RMB 3,806 thousand and disposed of property, plant and equipment with a total net book value of approximately RMB 25 thousand, generating a net gain of approximately RMB 112 thousand - For the six months ended June 30, 2025, the cost of property, plant and equipment acquired was approximately RMB 3,806 thousand[114] - The disposal of property, plant and equipment generated a net gain of approximately RMB 112 thousand[114] Trade and Bills Receivables As of June 30, 2025, trade and bills receivables totaled RMB 2,266,117 thousand, an increase from December 31, 2024; impairment provision for trade receivables was RMB 351,023 thousand, and the Group maintains strict control over outstanding receivables Trade and Bills Receivables Summary | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables measured at amortized cost | 2,053,569 | 2,210,219 | | Impairment provision | (351,023) | (340,514) | | Net trade receivables | 1,702,546 | 1,869,705 | | Fair value of bills receivable | 563,571 | 292,852 | | Total | 2,266,117 | 2,162,557 | Aging Analysis of Trade Receivables (Net) | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 599,487 | 443,781 | | 3 to 6 months | 182,147 | 225,683 | | 6 months to 1 year | 197,552 | 549,330 | | 1 to 2 years | 504,353 | 404,268 | | 2 to 3 years | 158,381 | 169,253 | | 3 to 4 years | 56,255 | 67,287 | | 4 to 5 years | 4,371 | 10,103 | | Total | 1,702,546 | 1,869,705 | - Net impairment losses on trade receivables increased from RMB 340,514 thousand at the beginning of the period to RMB 351,023 thousand at the end of the period[117] Contract Assets As of June 30, 2025, the net book value of contract assets was RMB 2,741,520 thousand, primarily arising from construction services, with an impairment provision of RMB 151,560 thousand Contract Assets Summary | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Construction services | 2,881,210 | 3,035,759 | | Design, survey and consulting | 11,870 | – | | Total | 2,893,080 | 3,035,759 | | Impairment | (151,560) | (152,210) | | Net Book Value | 2,741,520 | 2,883,549 | Prepayments, Deposits and Other Receivables As of June 30, 2025, the net book value of prepayments, deposits, and other receivables was RMB 454,734 thousand, with an impairment provision of RMB 45,544 thousand Prepayments, Deposits and Other Receivables Summary | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Prepayments | 359,220 | 340,212 | | Deposits and other receivables | 141,058 | 146,069 | | Total | 500,278 | 486,281 | | Impairment provision | (45,544) | (43,431) | | Net Book Value | 454,734 | 442,850 | - Net impairment losses on deposits and other receivables increased from RMB 43,431 thousand at the beginning of the period to RMB 45,544 thousand at the end of the period[119] Cash and Cash Equivalents and Pledged Deposits As of June 30, 2025, cash and bank balances were RMB 189,217 thousand, and time deposits were RMB 103,970 thousand; pledged deposits primarily included pledged migrant worker wages and bank loans and bills Cash and Cash Equivalents and Pledged Deposits Summary | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and bank balances | 189,217 | 184,036 | | Time deposits | 103,970 | 129,361 | | Total | 293,187 | 313,397 | | Less: Pledged time deposits | | | | Pledged migrant worker wages | (79,352) | (86,926) | | Pledged bank loans and bank bills | (2,151) | (12,923) | | Other restricted cash and cash equivalents | (22,467) | (29,512) | | Cash and Cash Equivalents | 189,217 | 184,036 | - RMB is not freely convertible into other currencies, but the Group can convert it through authorized banks[121] Trade and Bills Payables As of June 30, 2025, trade and bills payables totaled RMB 3,158,861 thousand, a decrease from December 31, 2024; most payables were due within 6 months Aging Analysis of Trade and Bills Payables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 6 months | 1,971,544 | 1,863,775 | | 6 months to 1 year | 276,261 | 375,385 | | 1 to 2 years | 409,752 | 478,948 | | 2 to 3 years | 303,020 | 339,212 | | Over 3 years | 198,284 | 216,977 | | Total | 3,158,861 | 3,274,297 | - Trade and bills payables are non-interest bearing and are normally settled within a period of three to six months[123] Other Payables and Accruals As of June 30, 2025, other payables and accruals totaled RMB 620,910 thousand, an increase from December 31, 2024, mainly comprising other taxes payable, contract liabilities, and other payables Other Payables and Accruals Summary | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Other taxes payable | 250,004 | 297,490 | | Contract liabilities | 234,624 | 197,999 | | Other payables | 126,359 | 81,124 | | Accrued salaries, wages and benefits | 7,797 | 21,105 | | Dividends payable | 2,126 | – | | Total | 620,910 | 597,718 | - The above amounts are unsecured, non-interest bearing, and have no fixed repayment terms[124] Interest-Bearing Bank and Other Borrowings As of June 30, 2025, current interest-bearing borrowings totaled RMB 497,991 thousand, and non-current interest-bearing borrowings totaled RMB 97,537 thousand; some borrowings were pledged with buildings, and some were jointly guaranteed by the controlling shareholder and related parties Interest-Bearing Bank and Other Borrowings Summary (June 30, 2025) | Borrowing Type | Effective Interest Rate (%) | Maturity | RMB thousands | | :--- | :--- | :--- | :--- | | Total Current | | | 497,991 | | Lease liabilities | 4.90 | 2025-2026 | 4,016 | | Bank loans – pledged/guaranteed | 3.10-4.70 | 2025-2026 | 353,650 | | Bank loans – guaranteed | 4.15-5.50 | 2025-2026 | 85,000 | | Bank loans – pledged | 5.50 | 2025 | 35,000 | | Current portion of long-term bank loans – guaranteed | 4.41 | 2025-2026 | 20,325 | | Total Non-Current | | | 97,537 | | Lease liabilities | 4.90 | 2026-2032 | 4,902 | | Bank loans – guaranteed | 4.41 | 2026-2030 | 92,635 | - As of June 30, 2025, buildings with a carrying amount of approximately RMB 130,982 thousand were pledged to secure general banking facilities granted to the Group[125] - Approximately RMB 471,650 thousand of interest-bearing bank and other borrowings were jointly guaranteed by the Group's controlling shareholder and other related parties[125] Share Capital As of June 30, 2025, the Company's share capital was RMB 533,360 thousand, consistent with December 31, 2024 Share Capital Summary | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Share Capital | 533,360 | 533,360 | Commitments and Contingent Liabilities At the end of the reporting period, the Group had no significant commitments or contingent liabilities - At the end of the reporting period, the Group had no significant commitments[126] Related Party Transactions This section disclosed the Group's major transactions with related parties, including construction engineering contracting services, purchases, lease payments, and outstanding balances, and listed the total remuneration of directors and supervisors Major Related Party Transactions for the six months ended June 30 | Transaction Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Provision of construction engineering contracting and consulting services to fellow subsidiaries | 4,073 | 4,617 | | Purchases from a company (whose controlling shareholder is a key management personnel of the Company's parent company) | – | 47 | | Lease payments to fellow subsidiaries | 1,193 | 1,694 | - Approximately RMB 471,650 thousand of the Group's interest-bearing bank loans and other borrowings were jointly guaranteed by the controlling shareholder and other related parties[127] Outstanding Balances with Related Parties (June 30, 2025) | Item | RMB thousands | | :--- | :--- | | Trade and bills receivables: fellow subsidiaries | 30,724 | | Trade payables: fellow subsidiaries | 1,439 | | Other receivables: fellow subsidiaries | 20 | | Contract assets: fellow subsidiaries | 9,882 | | Contract liabilities: fellow subsidiaries | 1,360 | Total Remuneration of Directors and Supervisors | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Short-term employee benefits | 2,046 | 1,983 | | Post-employment benefits | 62 | 65 | | Total remuneration paid to key management personnel | 2,108 | 2,048 | Fair Value of Financial Instruments This section discloses the carrying amounts and fair values of the Group's financial instruments, classified by fair value hierarchy; bills receivable are categorized as Level 2 fair value measurements, and there were no transfers between fair value measurement levels for financial assets or liabilities during the period Carrying Amounts and Fair Values of Financial Assets (June 30, 2025) | Item | Carrying Amount (RMB thousands) | Fair Value (RMB thousands) | | :--- | :--- | :--- | | Bills receivable | 563,571 | 563,571 | | Long-term receivables | 91,432 | 91,432 | | Total | 655,003 | 655,003 | Carrying Amounts and Fair Values of Financial Liabilities (June 30, 2025) | Item | Carrying Amount (RMB thousands) | Fair Value (RMB thousands) | | :--- | :--- | :--- | | Interest-bearing bank and other borrowings (excluding lease liabilities) | 586,610 | 586,610 | Assets Measured at Fair Value (June 30, 2025) | Item | Quoted prices in active markets (Level 1) (RMB thousands) | Significant observable inputs (Level 2) (RMB thousands) | Significant unobservable inputs (Level 3) (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Bills receivable | – | 563,571 | – | 563,571 | - During the period, there were no transfers between Level 1 and Level 2 fair value measurements, nor any transfers into or out of Level 3, for financial assets and financial liabilities[134] Events After Reporting Period and Approval of Financial Statements The Group had no significant events after the reporting period requiring disclosure. These financial statements were approved by the Board of Directors and authorized for issue on August 20, 2025 - The Group had no significant events after the reporting period requiring disclosure[135] - These financial statements were approved by the Board of Directors and authorized for issue on August 20, 2025[136]