北京键凯科技股份有限公司2025 年半年度报告 公司代码：688356 公司简称：键凯科技 北京键凯科技股份有限公司 2025 年半年度报告 1 / 141 无 七、 是否存在公司治理特殊安排等重要事项 北京键凯科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告 第三节"管理层讨论与分析"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人XUAN ZHAO、主管会计工作负责人韩磊及会计机构负责人（会计主管人员） 李春雷声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 九、 是否 ...

江苏常青树新材料科技股份有限公司 2025 年半年度报告 1/165 江苏常青树新材料科技股份有限公司2025 年半年度报告 公司代码：603125 公司简称：常青科技 江苏常青树新材料科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙秋新、主管会计工作负责人胡建平及会计机构负责人（会计主管人员）胡建 平声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，该前 瞻性陈述受制于已知及未知的风险、不确定性及其他因素，因而可能造成本公司的实际表现、财 务状况或经营业绩与该前瞻性陈述所暗示的任何未来表现、财务状况或经营业绩存有重大不同， 敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关 ...

西安康拓医疗技术股份有限公司2025 年半年度报告 公司代码：688314 公司简称：康拓医疗 西安康拓医疗技术股份有限公司 2025 年半年度报告 西安康拓医疗技术股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的重大风险。公司已在本报告中详细描述 可能存在的相关风险，敬请查阅本报告第三节，四、"风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人胡立人、主管会计工作负责人沈亮及会计机构负责人（会计主管人员）杜明声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经公司第二届董事会第十八次会议审议通过，公司 2025 年半年度利润分配预案为：以实施权 益分派股权登记日登记的总股本为基数，向全体股东每 10 股派发现金红利 2 元（含税）。截至报 告期末，公司总股本 81,239,172 股 ...

上海畅联国际物流股份有限公司2025 年半年度报告 公司代码：603648 公司简称：畅联股份 上海畅联国际物流股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 俞勇 | 个人原因 | 尹强 | 三、 本半年度报告未经审计。 四、 公司负责人徐峰、主管会计工作负责人种永及会计机构负责人（会计主管人员）杜丽芳声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 上海畅联国际物流股份有限公司 2025 年半年度报告 1 / 175 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告如涉及未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非 ...

苏州工业园区凌志软件股份有限公司2025 年半年度报告 公司代码：688588 公司简称：凌志软件 苏州工业园区凌志软件股份有限公司 2025 年半年度报告 1 / 188 苏州工业园区凌志软件股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险，敬请查阅本报告第三节 "管理层讨论与分析"中关于公司可能面临的各种风险内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人张宝泉、主管会计工作负责人王育贵及会计机构负责人（会计主管人员）王育 贵声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投 ...

财通证券股份有限公司 2025 年半年度报告 公司代码：601108 公司简称：财通证券 财通证券股份有限公司 2025 年半年度报告 1 / 205 财通证券股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人章启诚、主管会计工作负责人周瀛及会计机构负责人（会计主管人员）郑颖声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 截至目前，本公司董事会未审议2025年半年度利润分配预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and senior management guarantee the report's authenticity and completeness, confirming it is unaudited, with no profit distribution plan, and forward-looking statements are not substantial commitments - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report is unaudited[4](index=4&type=chunk) - No profit distribution plan or capital reserve to share capital plan was approved by the board for this reporting period[5](index=5&type=chunk) - Forward-looking statements regarding future plans do not constitute a substantial commitment to investors; investors should be aware of investment risks[5](index=5&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including regulatory bodies, group entities, and the reporting period - This section provides definitions for common terms used in the report, including the China Securities Regulatory Commission, Shanghai Stock Exchange, Huangpu District State-owned Assets Supervision and Administration Commission, New World Group, the Company, Caitongde, Radisson Blu Hotel, and New Maru Department Store, as well as the definition of the current reporting period (first half of 2025)[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's basic information and key financial performance indicators for the first half of 2025 Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 上海新世界股份有限公司 | | Chinese Abbreviation | 新世界 | | Stock Code | 600628 | | Listing Exchange | Shanghai Stock Exchange | | Legal Representative | Chairman Chen Yong | | Registered Address | No. 2-88 Nanjing West Road, Shanghai | | Postal Code | 200003 | | Information Disclosure Newspapers | "Shanghai Securities News", "Securities Times" | | Website | http://www.sse.com.cn | Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 528,055,203.11 | 540,398,404.69 | -2.28 | | Total Profit (CNY) | 54,826,473.46 | 56,572,412.79 | -3.09 | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 45,469,426.85 | 46,534,822.82 | -2.29 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses (CNY) | 27,425,549.92 | 37,114,142.95 | -26.10 | | Net Cash Flow from Operating Activities (CNY) | 10,524,746.98 | 92,386,269.42 | -88.61 | | Basic Earnings Per Share (CNY/share) | 0.07 | 0.07 | 0.00 | | Diluted Earnings Per Share (CNY/share) | 0.07 | 0.07 | 0.00 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (CNY/share) | 0.04 | 0.06 | -33.33 | | Weighted Average Return on Net Assets (%) | 1.07 | 1.11 | decreased by 0.04 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 0.65 | 0.88 | decreased by 0.23 percentage points | Asset and Liability Data as of H1 2025 | Indicator | Period-End (CNY) | Prior Year-End (CNY) | Period-End vs. Prior Year-End Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of Listed Company | 4,255,268,898.96 | 4,210,310,649.49 | 1.07 | | Total Assets | 5,662,166,765.69 | 5,738,064,887.48 | -1.32 | [Section III Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Management discusses the company's operational performance, industry conditions, and strategic initiatives during the reporting period [I. Description of the Company's Industry and Main Business Operations during the Reporting Period](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's core businesses include department store retail, pharmaceutical sales, and hotel services, benefiting from a stable consumer market and supportive policies for the health industry - The company is a department store retail enterprise located on Shanghai's Nanjing Road Pedestrian Street, operating one department store, New World City[21](index=21&type=chunk) - Wholly-owned subsidiary Shanghai Caitongde Pharmaceutical Co., Ltd. primarily sells over 5,000 types of traditional Chinese medicinal materials, proprietary Chinese medicines, and Western medicines, owning the "Caitongde Tang" and "Qunli" brands[21](index=21&type=chunk) - Wholly-owned subsidiary Shanghai New World Radisson Blu Hotel Co., Ltd. is a national five-star tourist hotel located on Nanjing Road[21](index=21&type%3Dchunk) Operating Model Data for January-June 2025 (Unit: CNY 10,000) | Business Type | Operating Model | Operating Revenue (2025) | Operating Cost (2025) | Gross Margin % (2025) | Operating Revenue (2024) | Operating Cost (2024) | Gross Margin % (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Department Store | Joint Operation Sales | 11,442 | 4,774 | 58.28 | 12,389 | 4,731 | 61.81 | | | Self-Operated Sales | 388 | 310 | 20.10 | 434 | 338 | 22.12 | | Pharmaceutical Sales | Joint Operation Sales | 187 | 10 | 94.65 | 191 | 39 | 79.58 | | | Self-Operated Sales | 12,184 | 6,766 | 44.47 | 12,819 | 7,526 | 41.29 | | | Traditional Chinese Medicine Diagnosis and Treatment | 14,225 | 11,538 | 18.89 | 14,732 | 12,056 | 18.16 | | | Production and Processing | 1,043 | 863 | 17.26 | 932 | 772 | 17.17 | | Hotel Services | Self-Operated Sales | 9,625 | 2,998 | 68.85 | 8,444 | 3,202 | 62.08 | | Other Industries | Self-Operated Sales | 3,712 | 2,854 | 23.11 | 4,099 | 3,041 | 25.81 | | **Total** | | **52,806** | **30,113** | **42.97** | **54,040** | **31,705** | **41.33** | - In the first half of 2025, China's total retail sales of consumer goods increased by **5.0%** year-on-year, national online retail sales increased by **8.5%**, and Shanghai's total retail sales of consumer goods increased by **1.7%**[26](index=26&type=chunk) - The state continues to issue policies supporting the high-quality development of the Traditional Chinese Medicine industry, benefiting traditional Chinese medicine brands[27](index=27&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company in 2025 H1 actively responded to a complex economic environment, focusing on strengthening foundations, management, adjustments, marketing, and development, transforming its retail, pharmaceutical, and hotel sectors - In the first half of 2025, China's GDP grew by **5.3%** year-on-year, and total retail sales of consumer goods increased by **5.0%**; Shanghai's GDP grew by **5.1%**, and total retail sales of consumer goods increased by **1.7%**[28](index=28&type=chunk)[29](index=29&type=chunk) - The company seized opportunities to expand domestic demand, breaking new ground with "renovation and revitalization," building momentum with "innovative marketing," and laying foundations with "solidified management"[30](index=30&type=chunk) - The department store retail sector actively explored a transformation from "department store shopping" to a "lifestyle destination," building five new consumption scenarios: "culture and tourism, animation, exhibitions, performances, and services," and completed the reshaping of the eleventh-floor "e-Exhibition Space"[31](index=31&type=chunk) - The pharmaceutical sales sector focused on "cultivating and strengthening emerging industries and optimizing core businesses," fully advancing the Xuzhongdao project construction[31](index=31&type=chunk) - The hotel services sector leveraged the recovery of the inbound tourism market and visa-free policies to enhance operational quality and deepen marketing linkages with the department store retail sector[31](index=31&type=chunk) [III. Analysis of Core Competencies during the Reporting Period](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include scientific management, renowned brands, continuous business model innovation, and supportive policy implementation, driving enhanced consumer experience and performance - The company adheres to scientific management, earning honors such as "National Civilized Unit" and "China Quality Award Nomination," and released its first sustainability report, receiving the "Securities Star 2025 Carbon Trailblazer Award"[32](index=32&type=chunk) - The company's "New World City," Radisson Blu Hotel Shanghai New World, and Caitongde Pharmaceutical are all located in Shanghai's core Huangpu District business circle, attracting large customer traffic and enjoying renowned brands[33](index=33&type=chunk) - The department store retail sector drives consumption experience upgrades by focusing on five new scenarios: "culture and tourism, animation, exhibitions, performances, and services," with the eleventh-floor "e-Exhibition Space" becoming a new landmark for cultural, commercial, and tourism integration[34](index=34&type=chunk) - The company actively implemented green smart home appliance consumption subsidies and "trade-in for consumer goods" policies, and upgraded services for overseas consumers, including departure tax refunds and multilingual services, with departure tax refund business increasing by **168.93%** year-on-year in the first half[35](index=35&type=chunk)[36](index=36&type=chunk) [IV. Analysis of Key Operating Conditions during the Reporting Period](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's H1 2025 financial performance, including changes in revenue, costs, asset-liability structure, and investments in subsidiaries and associates [(1) Analysis of Main Business Operations](index=10&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This subsection details the changes in the company's main business revenue and costs, attributing shifts primarily to slight declines in department store and pharmaceutical sales Analysis of Financial Statement Item Changes (Unit: CNY) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 528,055,203.11 | 540,398,404.69 | -2.28 | Primarily due to a slight decrease in department store and pharmaceutical sales revenue | | Operating Cost | 301,130,688.25 | 317,045,820.09 | -5.02 | Primarily due to fixed costs remaining largely stable, while current period pharmaceutical sales revenue slightly decreased, leading to a corresponding synchronous reduction in variable costs | | Selling Expenses | 58,977,064.17 | 58,580,701.30 | 0.68 | Primarily due to a slight increase in salaries compared to the prior period | | Administrative Expenses | 110,929,192.47 | 100,649,387.45 | 10.21 | Primarily due to a slight increase in salaries compared to the prior period and increased incidental hotel procurement expenses | | Financial Expenses | 7,451,494.22 | 7,086,487.49 | 5.15 | Primarily due to some idle raised funds being used to purchase notice deposits in the prior year, which were converted to structured deposits in the current period, resulting in reduced interest income | | Net Cash Flow from Operating Activities | 10,524,746.98 | 92,386,269.42 | -88.61 | Primarily due to decreased revenue in the current period, with sales collections lower than in the prior period | | Net Cash Flow from Investing Activities | 277,985,343.00 | 422,683,182.73 | -34.23 | Primarily due to lower net cash flow from matured wealth management products redeemed in the current period compared to the prior period | | Net Cash Flow from Financing Activities | -9,988,587.03 | 66,868,919.19 | -114.94 | Primarily due to lower net cash flow from borrowings obtained in the current period compared to the prior period | [(3) Analysis of Assets and Liabilities](index=11&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This subsection analyzes the changes in the company's asset and liability structure, highlighting shifts in monetary funds, transactional financial assets, and restricted assets Asset and Liability Status Changes (Unit: CNY) | Item Name | Period-End Balance | Period-End % of Total Assets | Prior Year-End Balance | Prior Year-End % of Total Assets | Period-End vs. Prior Year-End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,657,300,977.46 | 29.27 | 1,378,780,862.67 | 24.03 | 20.20 | Primarily due to maturity and redemption of structured deposits at period-end | | Transactional Financial Assets | 397,000,000.00 | 7.01 | 731,000,000.00 | 12.74 | -45.69 | Primarily due to maturity and redemption of structured deposits at period-end | | Accounts Receivable | 92,527,471.63 | 1.63 | 83,667,752.20 | 1.46 | 10.59 | Due to credit card and merchandise payment collections | | Prepayments | 3,585,559.86 | 0.06 | 2,331,636.11 | 0.04 | 53.78 | Primarily due to increased prepaid engineering costs | | Other Current Assets | 14,688,326.65 | 0.26 | 8,590,808.42 | 0.15 | 70.98 | Primarily due to increased deductible VAT | | Fixed Assets | 2,388,414,480.40 | 42.18 | 2,445,540,735.34 | 42.62 | -2.34 | | | Right-of-Use Assets | 1,538,535.31 | 0.03 | 2,786,838.25 | 0.05 | -44.79 | Due to normal amortization of right-of-use assets during the lease term | | Accounts Payable | 584,394,287.08 | 10.32 | 668,319,026.71 | 11.65 | -12.56 | | | Contract Liabilities | 2,359,339.23 | 0.04 | 3,362,724.21 | 0.06 | -29.84 | Primarily due to refunds of hotel room and conference room deposits | | Lease Liabilities | 620,203.62 | 0.01 | 848,766.95 | 0.01 | -26.93 | Due to normal rent payments and reclassification of lease payments due within one year to non-current liabilities due within one year | Restricted Major Assets at Period End (Unit: CNY) | Item | Period-End Book Value | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 19,494,502.15 | Single-purpose commercial prepaid card fund custody account and performance bonds | | Buildings (including land) | 146,874,023.39 | Pledged as collateral for a CNY 270 million short-term loan from China Construction Bank, with the pledged area accounting for approximately 9.85% of New World City's total area | [(4) Analysis of Investment Status](index=12&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This subsection details the company's significant equity investments in subsidiaries and its financial asset portfolio measured at fair value Significant Equity Investments (Unit: CNY) | Investee Company Name | Main Business | Investment Amount | Shareholding (%) | Impact on Current Period Profit/Loss | | :--- | :--- | :--- | :--- | :--- | | Shanghai Caitongde Pharmaceutical Co., Ltd. | Distributing traditional Chinese medicinal materials | 100,000,000.00 | 100% | 18,555,544.78 | | Shanghai New World Radisson Blu Hotel Co., Ltd. | Hotel | 24,700,000.00 | 100% | 15,702,857.66 | | Shanghai New World City Property Management Co., Ltd. | Property management | 4,750,000.00 | 100% | 11,821,929.04 | | Shanghai New World Feiyu Advertising Co., Ltd. | Advertising | 450,000.00 | 100% | 130,457.24 | | Shanghai New World City Co., Ltd. | Trade | 10,000,000.00 | 100% | 312,643.03 | | Kunshan New World Wool Textile and Garment Co., Ltd. | Garment manufacturing | 5,000,000.00 | 100% | 222.42 | | Shanghai New World City E-commerce Co., Ltd. | E-commerce | 30,000,000.00 | 100% | -461,873.60 | | Shanghai New World Investment Consulting Co., Ltd. | Investment consulting | 159,000,000.00 | 100% | - | | Shanghai New World Project Management Co., Ltd. | Project management | 5,000,000.00 | 100% | - | | Shanghai New World Hotel Co., Ltd. | Catering and entertainment | 2,000,000.00 | 100% | - | | Shanghai New World Ruihe Investment Management Co., Ltd. | Investment management | 700,000.00 | 35% | - | | Shanghai New World Investment Center (Limited Partnership) | Investment management | 30,544,426.47 | 59.88% | - | | **Total** | | **372,144,426.47** | | **46,061,780.57** | Financial Assets Measured at Fair Value (Unit: CNY) | Asset Category | Beginning Balance | Current Period Purchase Amount | Current Period Sale/Redemption Amount | Period-End Balance | | :--- | :--- | :--- | :--- | :--- | | Stocks | 18,360,092.71 | - | - | 17,842,771.50 | | Other (Equity Instrument Investments) | 132,214,179.45 | - | - | 132,214,179.45 | | Other (Wealth Management Products) | 731,000,000.00 | 1,432,000,000.00 | 1,766,000,000.00 | 397,000,000.00 | | **Total** | **881,574,272.16** | **1,432,000,000.00** | **1,766,000,000.00** | **547,056,950.95** | [(6) Analysis of Major Holding and Participating Companies](index=14&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This subsection provides a financial overview of the company's key subsidiaries, detailing their main businesses, registered capital, and financial performance Financial Information of Major Subsidiaries (Unit: CNY 10,000) | Company Name | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai New World Investment Consulting Co., Ltd. | Investment consulting | 15,900 | 16,535.77 | 15,253.44 | - | - | - | | Shanghai New World Feiyu Advertising Co., Ltd. | Advertising | 45 | 162.87 | 128.85 | 16.88 | 13.73 | 13.05 | | Shanghai New World City Property Management Co., Ltd. | Property management | 475 | 5,052.77 | 2,230.89 | 3,737.88 | 1,576.48 | 1,182.19 | | Shanghai New World Radisson Blu Hotel Co., Ltd. | Hotel | 2,470 | 4,294.05 | -2,180.61 | 9,625.15 | 1,567.79 | 1,570.29 | | Kunshan New World Wool Textile and Garment Co., Ltd. | Garment manufacturing | 500 | 1,120.62 | 122.41 | - | -30.72 | 0.02 | | Shanghai New World City E-commerce Co., Ltd. | E-commerce | 3,000 | 2,930.25 | 2,905.38 | 30.78 | -46.83 | -46.19 | | Shanghai New World Project Management Co., Ltd. | Project management | 500 | 503.31 | 500.00 | - | - | - | | Shanghai New World City Co., Ltd. | Trade | 1,000 | 1,806.41 | 1,108.71 | 273.44 | 32.91 | 31.26 | | Shanghai Caitongde Pharmaceutical Co., Ltd. | Distributing traditional Chinese medicinal materials | 10,000 | 54,919.35 | 32,343.97 | 20,969.59 | 1,599.33 | 1,199.24 | | Shanghai Caitongde Health Products Management Co., Ltd. | Distributing health products | 100 | 320.73 | 133.40 | 27.89 | 4.71 | 4.67 | | Shanghai Caitongde Tang Pharmacy Co., Ltd. | Pharmaceutical retail | 100 | 2,957.67 | 539.52 | 3,232.76 | 46.30 | 43.93 | | Shanghai Huqingyutang Guoyao Pharmacy Co., Ltd. | Pharmaceutical retail | 540 | 681.98 | -2,173.56 | 967.97 | 4.14 | 4.14 | | Shanghai Qunli Herbal Medicine Store Co., Ltd. | Traditional Chinese herbal medicine consultation and retail | 880 | 7,933.62 | 2,695.65 | 12,589.33 | 334.96 | 198.65 | | Wujiang Shanghai Caitongde Tang Traditional Chinese Medicine Decoction Pieces Co., Ltd. | Production and sales of traditional Chinese medicine decoction pieces | 750 | 43,902.33 | 3,604.06 | 15,018.51 | 787.49 | 784.01 | | Shanghai Tonghanchuntang North Branch Traditional Chinese Medicine Clinic Co., Ltd. | Traditional Chinese herbal medicine consultation | 50 | 50.35 | 50.35 | 0.93 | 0.03 | 0.03 | | Shanghai Baoda Ginseng and Medicine Store Co., Ltd. | Pharmaceutical retail | 23 | 349.38 | 310.71 | 42.86 | 17.22 | 16.36 | | Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Co., Ltd. | Production and sales of traditional Chinese medicine decoction pieces | 500 | 35,317.57 | -1,362.58 | - | -435.77 | -422.47 | [V. Other Disclosures](index=15&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from macroeconomic fluctuations, weak consumer demand, changing consumption patterns, industry policy shifts, and rising operating costs, impacting profitability across its business segments - Macroeconomic fluctuations lead to weak consumer demand, sluggish growth in the department store sector, and challenges in matching renovation investments with output[50](index=50&type=chunk) - Changing consumption patterns, with live e-commerce continuously diverting offline traffic, pose challenges to traditional department stores' homogenized business models; pharmaceutical industry policy changes and implementation intensify market competition[51](index=51&type=chunk) - Rising labor costs, operating costs, and raw material prices for traditional Chinese medicine severely compress the profitability of the traditional retail industry[52](index=52&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=16&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section confirms no changes in directors or senior management, no profit distribution or capital increase plans, and no equity incentive schemes during the reporting period - No changes in the company's directors or senior management during the reporting period[55](index=55&type=chunk) - For the first half of 2025, the company will not distribute profits or convert capital reserves into share capital[55](index=55&type=chunk) - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures[56](index=56&type=chunk) [Section V Significant Matters](index=17&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the company's commitments, related party transactions, audit status, and progress on major investment projects [I. Fulfillment of Commitments](index=17&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The controlling shareholder, New World Group, committed to resolving horizontal competition issues within six years of the 2023 acquisition and to minimize and ensure fairness in related party transactions - Controlling shareholder Shanghai New World (Group) Co., Ltd. committed to gradually resolving horizontal competition issues with the listed company in certain businesses within **six years** after the acquisition[58](index=58&type=chunk) - New World Group committed to minimizing related party transactions with the listed company and its controlled entities, ensuring fairness and arm's-length principles for unavoidable transactions[58](index=58&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties during the Reporting Period](index=17&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties - No non-operating funds occupied by the controlling shareholder or other related parties during the reporting period[59](index=59&type=chunk) [III. Irregular Guarantees](index=17&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures - No external guarantees provided in violation of prescribed decision-making procedures during the reporting period[59](index=59&type=chunk) [IV. Semi-Annual Report Audit Status](index=18&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This semi-annual report has not been audited - This semi-annual report is unaudited[4](index=4&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=18&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during this reporting period[60](index=60&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period](index=18&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no unfulfilled court judgments or overdue significant debts - The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no unfulfilled court judgments or overdue significant debts[60](index=60&type=chunk) [X. Significant Related Party Transactions](index=18&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company approved and disclosed its estimated routine related party transactions for 2025 on February 28, 2025, with no other significant related party transactions during the reporting period - The company's twelfth board meeting, second session, held on February 28, 2025, approved the "Proposal on Estimated Routine Related Party Transactions for 2025," which has been publicly announced[61](index=61&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=20&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's raised funds were allocated to the completed department store upgrade project and the ongoing health industry expansion project, with the Xuzhongdao production base progressing well and idle funds managed through cash management Overall Use of Raised Funds (Unit: CNY) | Source of Raised Funds | Total Raised Funds | Net Raised Funds | Total Committed Investment in Prospectus | Cumulative Raised Funds Invested as of Period-End | Amount Invested This Year | Percentage of Amount Invested This Year (%) | Total Raised Funds with Changed Use | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 1,315,319,983.02 | 1,304,371,983.02 | 1,304,371,983.02 | 613,389,163.96 | 57,344,889.85 | 4.40 | 672,725,595.95 | - The total committed investment of raised funds is calculated based on the stock issuance price and quantity, after deducting sponsorship, underwriting, and other issuance expenses[66](index=66&type=chunk) - The company's raised funds are primarily used for the department store business upgrade project (completed, amount **CNY 56 million**) and the health industry expansion project (completed health industry chain resource integration and capital increase for Caitongde Company's registered capital)[71](index=71&type=chunk) - The Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Production Base project achieved structural topping out by the end of 2024, and as of the end of June 2025, all secondary structural construction and most waterproofing and insulation work were completed, with mechanical and electrical installation approximately **60%** complete and fine decoration approximately **40%** complete[75](index=75&type=chunk) Cash Management of Idle Raised Funds (Unit: CNY 10,000) | Board Approval Date | Cash Management Quota for Raised Funds | Start Date | End Date | Cash Management Balance at Period-End | Was Highest Balance During Period Exceeded Authorized Quota | | :--- | :--- | :--- | :--- | :--- | :--- | | November 22, 2024 | 110,000.00 | November 22, 2024 | November 21, 2025 | 39,700.00 | No | [XIII. Explanation of Other Significant Matters](index=21&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company adopted a cautious approach to its health industry expansion, carefully selecting projects for business synergy and profitability, and has successfully advanced the Xuzhongdao production base through capital increase and construction - The company adopted a cautious approach to projects involving heavy asset investment from the original fundraising plan, conducting extensive market research and multi-party evaluations, and did not forcefully proceed with construction[71](index=71&type=chunk) - The company's project selection adheres to principles of business synergy, profitability, team integration, and management scope, having contacted, inspected, communicated, and negotiated with nearly **20** projects in the pharmaceutical and health industry[72](index=72&type=chunk) - In 2021, wholly-owned subsidiary Shanghai Caitongde Pharmaceutical Co., Ltd. invested its own funds to acquire an **80%** equity stake in Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Co., Ltd., aiming for resource integration, complementary advantages, and synergistic development[73](index=73&type=chunk) - In 2022, the company changed some of its raised fund investment projects and permanently supplemented working capital, laying a solid foundation for a new round of development[73](index=73&type=chunk) - In 2023, Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Co., Ltd. completed its capital increase, introducing **2** external strategic partners, and commenced construction of its production base in December of the same year, with the project progressing smoothly[74](index=74&type=chunk)[75](index=75&type=chunk) [Section VI Share Changes and Shareholder Information](index=22&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section confirms no changes in the company's total shares or capital structure during the reporting period and lists the top ten shareholders - No changes in the company's total shares or capital structure during the reporting period[77](index=77&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period (Unit: shares) | Shareholder Name | Shares Held at Period-End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Huangpu District State-owned Assets Supervision and Administration Commission | 134,074,446 | 20.73 | State | | Shanghai Zongyi Holdings Co., Ltd. | 84,524,934 | 13.07 | Domestic Natural Person | | Shanghai New World (Group) Co., Ltd. | 49,618,040 | 7.67 | State-owned Legal Person | | Shanghai Huangpu Rongmei Culture Co., Ltd. | 25,332,017 | 3.92 | Other | | Zan Shengda | 18,000,000 | 2.78 | Domestic Natural Person | | Central Huijin Asset Management Co., Ltd. | 12,732,700 | 1.97 | Other | | Guohua Life Insurance Co., Ltd. - Universal Account III | 9,600,000 | 1.48 | Other | | Lao Feng Xiang Co., Ltd. | 6,155,001 | 0.95 | Other | | Industrial and Commercial Bank of China Co., Ltd. - CSI Shanghai State-owned Enterprise ETF | 5,222,842 | 0.81 | Other | | Bailian Group Co., Ltd. | 4,375,994 | 0.68 | Other | - Shanghai Huangpu District State-owned Assets Supervision and Administration Commission and Shanghai New World (Group) Co., Ltd. are parties acting in concert; Shanghai Zongyi Holdings Co., Ltd. and Zan Shengda are parties acting in concert[80](index=80&type=chunk) [Section VII Bond-Related Information](index=24&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[82](index=82&type=chunk) - The company has no convertible corporate bonds[82](index=82&type=chunk) [Section VIII Financial Report](index=25&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items [I. Audit Report](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual financial report has not been audited - This semi-annual report is unaudited[84](index=84&type=chunk) [II. Financial Statements](index=25&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, providing a comprehensive view of its financial position, operating results, and cash flows Consolidated Balance Sheet Summary (As of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Current Assets | 2,349,835,094.04 | 2,408,366,340.26 | | Total Non-Current Assets | 3,312,331,671.65 | 3,329,698,547.22 | | **Total Assets** | **5,662,166,765.69** | **5,738,064,887.48** | | Total Current Liabilities | 1,384,837,264.28 | 1,504,180,081.10 | | Total Non-Current Liabilities | 21,493,737.45 | 22,034,376.51 | | **Total Liabilities** | **1,406,331,001.73** | **1,526,214,457.61** | | Total Owners' Equity Attributable to Parent Company | 4,255,268,898.96 | 4,210,310,649.49 | | Minority Interests | 566,865.00 | 1,539,780.38 | | **Total Owners' Equity** | **4,255,835,763.96** | **4,211,850,429.87** | Consolidated Income Statement Summary (January-June 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 528,055,203.11 | 540,398,404.69 | | Total Operating Costs | 491,008,527.08 | 495,897,429.81 | | Operating Profit | 44,920,746.05 | 55,002,271.34 | | Total Profit | 54,826,473.46 | 56,572,412.79 | | Net Profit | 45,246,711.47 | 46,128,575.75 | | Net Profit Attributable to Parent Company Shareholders | 45,469,426.85 | 46,534,822.82 | | Total Comprehensive Income | 44,858,720.57 | 45,138,472.78 | | Basic Earnings Per Share (CNY/share) | 0.07 | 0.07 | Consolidated Cash Flow Statement Summary (January-June 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 10,524,746.98 | 92,386,269.42 | | Net Cash Flow from Investing Activities | 277,985,343.00 | 422,683,182.73 | | Net Cash Flow from Financing Activities | -9,988,587.03 | 66,868,919.19 | | Net Increase in Cash and Cash Equivalents | 278,520,114.79 | 581,925,772.76 | | Cash and Cash Equivalents at Period-End | 1,637,806,475.31 | 1,704,235,229.72 | [III. Company Basic Information](index=36&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides an overview of Shanghai New World Co., Ltd., including its establishment, listing, registered capital, location, main business activities, and ultimate controlling party - Shanghai New World Co., Ltd. was established in August 1988, listed on the Shanghai Stock Exchange in January 1993, with a registered capital of **CNY 646,875,384**[103](index=103&type=chunk) - The company's main business is department store retail (New World City), and it owns wholly-owned subsidiaries such as Shanghai Caitongde Pharmaceutical Co., Ltd. (traditional Chinese medicinal materials, proprietary Chinese medicines, etc.) and Shanghai New World Radisson Blu Hotel Co., Ltd. (five-star hotel)[103](index=103&type=chunk)[104](index=104&type=chunk) - The company's parent company and ultimate actual controller are both the Shanghai Huangpu District State-owned Assets Supervision and Administration Commission[104](index=104&type=chunk) [IV. Basis of Financial Statement Preparation](index=36&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, adhering to Accounting Standards for Business Enterprises, with an assessment confirming strong going concern ability for the next 12 months - The company prepares its financial statements on a going concern basis, in accordance with the Accounting Standards for Business Enterprises, based on actual transactions and events[105](index=105&type=chunk) - After assessment, the company's ability to continue as a going concern for the **12 months** from the end of this reporting period is good, with no significant doubts[106](index=106&type=chunk) [V. Significant Accounting Policies and Estimates](index=36&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's key accounting policies and estimates for financial statement preparation, covering areas from compliance with accounting standards, accounting period, and reporting currency to financial instruments, inventory, fixed assets, revenue recognition, government grants, deferred income tax, and leases - The financial statements prepared by the company comply with enterprise accounting standards, accurately and completely reflecting its financial position and operating results[108](index=108&type=chunk) - The company's accounting year runs from January 1 to December 31, with a business cycle of **12 months**, and the recording currency is RMB[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - Inventories include merchandise inventory, raw materials, etc.; merchandise inventory is valued using the retail method, other inventories use the weighted-average method, and the perpetual inventory system is adopted[149](index=149&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **20-50 years** for buildings and structures, **5-15 years** for general equipment, and **8-10 years** for transportation equipment[167](index=167&type=chunk) - Revenue is recognized when performance obligations are satisfied over time or at a point in time, measured at the transaction price allocated to each performance obligation[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities; as a lessor, leases are classified as finance leases or operating leases[196](index=196&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) [VI. Taxation](index=61&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax categories and rates, detailing tax incentives for subsidiaries, including VAT reductions and corporate income tax exemptions/reductions for small low-profit enterprises and agricultural projects Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value Added | 13%, 9%, 6%, 5%, 3% | | Consumption Tax | Taxable Sales Amount | 5% | | Urban Maintenance and Construction Tax | Payable Turnover Tax | 7% | | Corporate Income Tax | Taxable Income | 25%, 20% | | Education Surcharge | Payable Turnover Tax | 3% | | Local Education Surcharge | Payable Turnover Tax | 2% | - Some of the company's subsidiaries are small low-profit enterprises, enjoying VAT reductions and corporate income tax preferential policies, such as a **25%** reduction in taxable income and a **20%** corporate income tax rate for 2024, extended until December 31, 2027[209](index=209&type=chunk) - Some subsidiaries are small-scale VAT taxpayers, exempt from VAT for monthly sales below **CNY 100,000**, a policy effective until December 31, 2027[209](index=209&type=chunk) - Wujiang Shanghai Caitongde Tang Traditional Chinese Medicine Decoction Pieces Co., Ltd., engaged in agriculture, forestry, animal husbandry, and fishery projects, may be exempt from or enjoy reduced corporate income tax on its income[210](index=210&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=62&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for key consolidated financial statement items, explaining their composition, changes, and related accounting treatments - Monetary funds at period-end totaled **CNY 1,657,300,977.46**, of which **CNY 19,494,502.15** were restricted funds, including single-purpose commercial prepaid card fund custody accounts and performance bonds[212](index=212&type=chunk)[262](index=262&type=chunk) - Transactional financial assets at period-end totaled **CNY 397,000,000.00**, primarily investments in wealth management products[215](index=215&type=chunk) - Accounts receivable at period-end had a book value of **CNY 92,527,471.63**, with an allowance for doubtful accounts of **CNY 25,828,510.99**[214](index=214&type=chunk) - Construction in progress at period-end totaled **CNY 198,998,073.95**, mainly for the Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Production Base project[248](index=248&type=chunk)[249](index=249&type=chunk) - Operating revenue for the current period was **CNY 528,055,203.11**, and operating cost was **CNY 301,130,688.25**, with main business revenue primarily from commercial, pharmaceutical, and hotel services industries[295](index=295&type=chunk)[297](index=297&type=chunk) - Net cash flow from operating activities was **CNY 10,524,746.98**, a significant decrease of **88.61%** from **CNY 92,386,269.42** in the prior year[95](index=95&type=chunk) [VIII. Research and Development Expenses](index=97&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company incurred no R&D expenses, no capitalized development expenditures, and no significant externally acquired R&D projects - The company had no R&D expenses during the reporting period[324](index=324&type=chunk) [IX. Changes in Consolidation Scope](index=98&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, there were no changes in the company's consolidation scope, including no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries - No non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries occurred during the reporting period[324](index=324&type=chunk) [X. Interests in Other Entities](index=99&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the company's interests in subsidiaries, joint ventures, and associates, including their main operating locations, business nature, shareholding percentages, and key financial information for significant non-wholly-owned subsidiaries and associates Composition of the Enterprise Group (Major Subsidiaries) | Subsidiary Name | Main Operating Location | Business Nature | Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Shanghai New World Investment Consulting Co., Ltd. | Shanghai | Investment consulting | 100.00 | Establishment | | Shanghai New World Feiyu Advertising Co., Ltd. | Shanghai | Advertising | 100.00 | Establishment | | Shanghai New World City Property Management Co., Ltd. | Shanghai | Property management | 100.00 | Establishment | | Shanghai New World Radisson Blu Hotel Co., Ltd. | Shanghai | Hotel | 100.00 | Establishment | | Shanghai New World City E-commerce Co., Ltd. | Shanghai | E-commerce | 100.00 | Purchase | | Shanghai New World Project Management Co., Ltd. | Shanghai | Project management | 100.00 | Establishment | | Kunshan New World Wool Textile and Garment Co., Ltd. | Kunshan | Garment manufacturing | 100.00 | Establishment | | Shanghai New World City Co., Ltd. | Shanghai | Trade | 100.00 | Establishment | | Shanghai Caitongde Pharmaceutical Co., Ltd. | Shanghai | Distributing traditional Chinese medicinal materials | 100.00 | Business Combination | | Shanghai Caitongde Health Products Management Co., Ltd. | Shanghai | Distributing health products | 100.00 | Business Combination | | Shanghai Caitongde Tang Pharmacy Co., Ltd. | Shanghai | Pharmaceutical retail | 100.00 | Business Combination | | Shanghai Huqingyutang Guoyao Pharmacy Co., Ltd. | Shanghai | Pharmaceutical retail | 100.00 | Business Combination | | Shanghai Qunli Herbal Medicine Store Co., Ltd. | Shanghai | Traditional Chinese herbal medicine consultation | 100.00 | Business Combination | | Shanghai Caitongde Tang Traditional Chinese Medicine Clinic Co., Ltd. | Shanghai | Prescription and retail | 100.00 | Business Combination | | Wujiang Shanghai Caitongde Tang Traditional Chinese Medicine Decoction Pieces Co., Ltd. | Wujiang | Traditional Chinese medicine clinic | 62.00 | Business Combination | | Shanghai Tonghanchuntang North Branch Traditional Chinese Medicine Clinic Co., Ltd. | Shanghai | Production and sales | 100.00 | Business Combination | | Shanghai Baoda Ginseng and Medicine Store Co., Ltd. | Shanghai | Traditional Chinese medicine decoction pieces | 100.00 | Business Combination | | Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Co., Ltd. | Shanghai | Traditional Chinese herbal medicine | 80.00 | Business Combination | - Shanghai New World Investment Center (Limited Partnership) is a significant associate, with the company holding **59.88%** equity, but due to appointing **3** out of **7** members to the investment decision committee, its voting power is **42.86%**, accounted for using the equity method[333](index=333&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Wujiang Shanghai Caitongde Tang Traditional Chinese Medicine Decoction Pieces Co., Ltd.) | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 439,023,310.83 | 434,927,567.77 | | Total Liabilities | 402,982,703.85 | 406,727,084.68 | | Operating Revenue | 150,185,090.34 | 151,911,883.66 | | Net Profit | 7,840,123.89 | 10,889,205.75 | | Minority Shareholding Percentage | 38.00% | | | Period-End Minority Interests Balance | 3,705,000.00 | | [XI. Government Grants](index=103&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the company's government grants, primarily income-related, totaling **CNY 9,821,057.07** for the current period, with asset-related deferred income at **CNY 552,300.00** at period-end Government Grants Recognized in Profit or Loss for the Current Period (Unit: CNY) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset-related | - | 27,666.51 | | Income-related | 9,821,057.07 | 470,602.40 | | **Total** | **9,821,057.07** | **498,268.91** | Liability Items Involving Government Grants (Unit: CNY) | Financial Statement Item | Beginning Balance | Current Period New Grant Amount | Current Period Amount Recognized in Non-Operating Income | Current Period Transferred to Other Income | Current Period Other Changes | Period-End Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 552,300.00 | - | - | - | - | 552,300.00 | Asset-related | [XII. Risks Related to Financial Instruments](index=104&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces market risks (including exchange rate, interest rate, and other price risks), credit risk, and liquidity risk, which it actively manages through credit limits, monitoring borrowing, and maintaining credit lines to balance risk and return - The company's main financial instruments include borrowings, accounts receivable, accounts payable, and other equity instrument investments[337](index=337&type=chunk) - The company faces exchange rate risk (main business denominated and settled in RMB, small foreign currency balances), interest rate risk (floating rate bank borrowings), and other price risks (market price fluctuations)[337](index=337&type=chunk)[338](index=338&type=chunk) - The company mitigates credit risk through credit limits, credit approvals, and bad debt provisions, with liquid funds held in banks with high credit ratings[340](index=340&type=chunk) - The company manages liquidity risk by ensuring sufficient fund liquidity, regularly analyzing liability structure and maturity, and monitoring bank borrowing utilization[340](index=340&type=chunk) [XIII. Disclosure of Fair Value](index=106&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, categorized into three levels based on input observability, and explains the valuation methods for each level Fair Value of Assets and Liabilities Measured at Fair Value at Period End (Unit: CNY) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | **I. Recurring Fair Value Measurement** | | | | | | (I) Transactional Financial Assets | - | 397,000,000.00 | - | 397,000,000.00 | | (III) Other Equity Instrument Investments | 132,214,179.45 | 17,842,771.50 | - | 150,056,950.95 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **132,214,179.45** | **414,842,771.50** | **-** | **547,056,950.95** | - Level 1 financial instruments are listed company shares traded on exchanges, with fair value determined by the closing price at period-end[344](index=344&type=chunk) - Level 2 financial instruments are equity investments held for long-term investment purposes and principal-protected floating-rate bank short-term wealth management products, valued using the asset-based approach and expected return rate to forecast cash flows[345](index=345&type=chunk) - Level 3 financial instruments are equity interests in non-operating or intended-to-be-exited companies, with fair value determined by the estimated recoverable amount[346](index=346&type=chunk) [XIV. Related Parties and Related Party Transactions](index=107&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's related parties and transactions, including its parent company, subsidiaries, other related parties, and specifics of sales/purchases, service provision, related leases, and unsettled items - The company's parent company and ultimate controlling party are both the Shanghai Huangpu District State-owned Assets Supervision and Administration Commission, with both shareholding and voting power at **20.73%**[348](index=348&type=chunk) - Shanghai New World (Group) Co., Ltd. and its subsidiaries (e.g., Shanghai New Maru Department Store Co., Ltd., Shanghai Peromon Western Suit Co., Ltd.) are other related parties of the company[350](index=350&type=chunk) Related Party Transactions for Sales/Purchases of Goods and Provision/Acceptance of Services (Current Period Amount) | Related Party | Related Transaction Content | Current Period Amount (CNY) | | :--- | :--- | :--- | | Shanghai Peromon Western Suit Co., Ltd. | Joint sales procurement | 831,730.83 | | Shanghai New World Hardware & Electrical Co., Ltd. | Purchase of goods | 868,467.50 | | Shanghai Laodatong Food Marketing Co., Ltd. | Purchase of goods | 43,930.00 | | Shanghai Xinghualou Food Marketing Co., Ltd. | Purchase of goods | 212,800.00 | | Shanghai New World (Group) Co., Ltd. | Sale of goods | 150,943.40 | | Shanghai Xinwan Commercial Operations Co., Ltd. | Provision of services | 21,961.97 | | Shanghai Xinghualou (Group) Co., Ltd. | Sale of goods | 14,159.29 | Related Leases as Lessee (Current Period Amount) | Lessor Name | Type of Leased Asset | Rent Paid (CNY) | Lease Liability Interest Expense (CNY) | | :--- | :--- | :--- | :--- | | Shanghai Haodu Hotel Co., Ltd. | Building | 440,366.98 | 19,567.20 | Unsettled Items with Related Parties (Period-End Book Balance) | Item Name | Related Party | Period-End Book Balance (CNY) | | :--- | :--- | :--- | | Other Payables | Shanghai New World Investment Center (Limited Partnership) | 10,815,000.00 | | Other Payables | Shanghai Laodatong Food Marketing Co., Ltd. | 7,350.00 | | Other Payables | Shanghai New World Hardware & Electrical Co., Ltd. | 530,185.50 | | Accounts Payable | Shanghai Peromon Western Suit Co., Ltd. | 251,735.49 | | Accounts Payable | Shanghai Laodatong Food Marketing Co., Ltd. | 12,400.00 | [XV. Share-Based Payment](index=110&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) During the reporting period, the company had no share-based payment events, including equity instruments, equity-settled share-based payments, cash-settled share-based payments, or share-based payment expenses - The company had no share-based payment events during the reporting period[356](index=356&type=chunk) [XVI. Commitments and Contingencies](index=111&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure - As of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure[356](index=356&type=chunk) [XVII. Events After the Balance Sheet Date](index=111&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) From the reporting period end to the approval date of the financial statements, the company had no significant non-adjusting events, profit distribution, or sales returns - No significant non-adjusting events, profit distribution, or sales returns occurred after the reporting period[357](index=357&type=chunk) [XVIII. Other Significant Matters](index=112&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses the company's segment information, categorizing operations into commercial, pharmaceutical, hotel services, and other industries, and details the significant permanent authorization of the "Xuzhongdao" trademark to its subsidiary - The company's operating segments are categorized into commercial, pharmaceutical, hotel services, and other industries[357](index=357&type=chunk) Financial Information of Reporting Segments (H1 2025) | Item | Commercial (CNY) | Pharmaceutical Industry (CNY) | Hotel Services (CNY) | Other Industries (CNY) | Inter-segment Eliminations (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 118,304,780.60 | 265,723,986.06 | 96,251,529.84 | 38,261,942.14 | 2,038,095.24 | 516,504,143.40 | | Main Business Cost | 50,839,733.09 | 188,745,487.76 | 49,308,025.42 | 28,436,955.83 | 21,366,262.37 | 295,963,939.73 | | Total Assets | 5,129,264,919.91 | 1,233,357,137.09 | 42,940,515.52 | 233,621,273.29 | 977,017,080.12 | 5,662,166,765.69 | | Total Liabilities | 914,370,140.53 | 897,736,727.53 | 64,746,627.75 | 51,085,531.67 | 521,608,025.75 | 1,406,331,001.73 | - Subsidiary Shanghai Xuzhongdao Traditional Chinese Medicine Decoction Pieces Co., Ltd. signed an agreement with Shanghai Pharmacy Co., Ltd. to obtain permanent authorization for the "Xuzhongdao" trademark and trade name, with an authorization fee of **CNY 29 million** to be paid over five years[361](index=361&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=113&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for key parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income - Parent company accounts receivable at period-end totaled **CNY 6,019,325.28**, primarily from tenants and credit/consumption cards[363](index=363&type=chunk)[365](index=365&type=chunk) - Parent company other receivables at period-end totaled **CNY 369,665,014.77**, mainly temporary loans to related companies[370](index=370&type=chunk)[372](index=372&type=chunk) - Parent company investments in subsidiaries at period-end totaled **CNY 451,239,078.66**, including investments in **9** subsidiaries such as Shanghai New World Investment Consulting Co., Ltd. and Shanghai Caitongde Pharmaceutical Co., Ltd.[379](index=379&type=chunk)[381](index=381&type=chunk) - Parent company operating revenue for the current period was **CNY 142,769,712.12**, and operating cost was **CNY 81,868,595.49**, primarily from commercial business[386](index=386&type=chunk)[384](index=384&type=chunk) - Parent company investment income for the current period was **CNY 19,546,186.33**, mainly from long-term equity investments accounted for using the cost method and investments in wealth management products[385](index=385&type=chunk) [XX. Supplementary Information](index=121&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, and key financial ratios such as return on net assets and earnings per share Statement of Non-Recurring Gains and Losses for the Current Period (Unit: CNY) | Item | Amount | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the reversal of impairment provisions already made | -2,417.06 | | Government grants recognized in profit or loss for the current period, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 9,821,057.07 | | Gains or losses from entrusted investments or asset management | 7,724,257.29 | | Reversal of impairment provisions for accounts receivable for which impairment tests were conducted individually | 441,550.28 | | Other non-operating income and expenses apart from the above items | 218,087.63 | | Less: Income tax impact | 158,658.28 | | Minority interests impact (after tax) | - | | **Total** | **18,043,876.93** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (CNY/share) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 1.07 | 0.07 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 0.65 | 0.04 |

湖北广济药业股份有限公司 2025 年半年度报告全文 湖北广济药业股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 湖北广济药业股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人胡立刚、主管会计工作负责人熊毅及会计机构负责人(会计主 管人员)刘小娟声明：保证本半年度报告中财务报告的真实、准确、完整。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 20 | | 第五节 | 重要事项 24 | | 第六节 | 股份变动及股东情况 32 | | 第七节 | 债券相关情况 36 | | 第八节 | 财务报告 37 | | 第九节 | 其他报送数据 131 | 湖北广济药业股份有限公司 2025 年半年度报告全文 备查文件目录 所有董事均已出席了审议本次半年报 ...

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