金发拉比妇婴童用品股份有限公司 2025 年半年度报告全文 1 金发拉比妇婴童用品股份有限公司 2025 年半年度报告全文 金发拉比妇婴童用品股份有限公司 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》中的 "纺织服装相关业务"的披露要求，请参阅本年报"第三节 管理层讨论与分析"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2025 年半年度报告 【2025 年 8 月 27 日】 2 金发拉比妇婴童用品股份有限公司 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。 公司负责人林浩亮、主管会计工作负责人林贵贤及会计机构负责人(会计主管人员)汤 少珠声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的公司未来发展规划、计划等不构成对投资者的实质性承诺，请投资者 及相关人士保持足够的风险认识，并应当理解规划、计划、预测和承诺之间的差异。 3 | | ...

深圳市智立方自动化设备股份有限公司 2025 年半年度报告全文 深圳市智立方自动化设备股份有限公司 2025 年半年度报告 2025-028 2025 年 8 月 1 深圳市智立方自动化设备股份有限公司 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。 公司负责人邱鹏、主管会计工作负责人廖新江及会计机构负责人(会计 主管人员)廖新江声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划等前瞻性陈述，同时附有相应的警示性陈述， 均不构成本公司对任何投资者及相关人士的实质承诺，投资者及相关人士均 应对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在经营管理中可能面临的风险与对策举措已在本报告中第三节"管理 层讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述。敬请广 大投资者关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

西安派瑞功率半导体变流技术股份有限公司 2025 年半年度报告全文 西安派瑞功率半导体变流技术股份有限公司 2025 年半年度报告 2025-046 公司在经营管理中可能面临的风险与对策举措已在本报告中"第三节 管 理层讨论和分析"之"十、公司面临的风险和应对措施"部分予以描述。敬 请广大投资者关注，并注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 320000000 为基数， 向全体股东每 10 股派发现金红利 0.084375 元（含税），送红股 0 股（含 税），不以公积金转增股本。 2 2025 年 8 月 1 西安派瑞功率半导体变流技术股份有限公司 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。 公司负责人刘强、主管会计工作负责人郭伟及会计机构负责人(会计主管 人员)郭伟声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 对半年度报告涉及未来计划等前瞻性陈述，均不构成公司对 ...

北京光线传媒股份有限公司 2025 年半年度报告全文 北京光线传媒股份有限公司 2025 年半年度报告 2025 年 8 月 1 北京光线传媒股份有限公司 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。 公司负责人王长田、主管会计工作负责人曾艳及会计机构负责人(会计主 管人员)曹攀声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划等方面的内容，均不构成公司对任何投资 者及相关人士的实质承诺，投资者及相关人士均应对此保持足够的风险认识， 并且应当理解计划、预测与承诺之间的差异。 公司提醒投资者特别关注政策及监管环境的风险、作品内容审查或审核 风险、影视作品销售的市场风险等经营相关风险因素，公司可能面临的各种 风险情况详见本报告"第三节管理层讨论与分析"之"公司面临的风险和应对措 施"部分，敬请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 ...

深圳市致尚科技股份有限公司 2025 年半年度报告全文 证券代码：301486 证券简称：致尚科技 公告编号：2025-088 深圳市致尚科技股份有限公司 2025 年半年度报告 二零二五年八月 1 深圳市致尚科技股份有限公司 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。 公司负责人陈潮先、主管会计工作负责人张德林及会计机构负责人(会计 主管人员)罗清山声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司不存在影响财务状况和持续盈利能力的重大风险，可能存在全球宏 观经济波动风险、市场竞争加剧的风险、投资风险、原材料价格及供应链风 险等。本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对 措施"，详细描述了公司经营中可能存在的风险，敬请广大投资者注意投资 风险，谨慎决策。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | ...

海宁中国皮革城股份有限公司 2025 年半年度报告全文 海宁中国皮革城股份有限公司 Haining China Leather Market Co.，Ltd 2025 年半年度报告 股票代码：002344 股票简称：海宁皮城 披露日期：2025 年 8 月 27 日 1 海宁中国皮革城股份有限公司 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。 公司负责人黄征、主管会计工作负责人乔欣及会计机构负责人(会计主管 人员)曹琳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司半年度报告中涉及公司未来计划、发展战略等前瞻性陈述，不构成 公司对投资者的实质性承诺，敬请投资者注意投资风险。 公司已在本报告中详细描述可能存在的相关风险，敬请查阅管理层讨论 与分析中关于公司面临的风险和应对措施的内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the report's authenticity and confirms no profit distribution plan for the period - The company's Board of Directors, Supervisory Committee, and senior management guarantee the semi-annual report is **true, accurate, and complete**, free from false records, misleading statements, or material omissions, and they bear individual and joint legal liability[3](index=3&type=chunk) - The company's responsible person Zhang Bin, chief accounting officer Wang Zhiyong, and head of the accounting department Liu Zhenfu declare that the financial report in this semi-annual report is **true, accurate, and complete**[3](index=3&type=chunk) - The company plans **not to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital[3](index=3&type=chunk) [Directory of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Documents available for inspection include the signed semi-annual report, financial statements, and all public filings - Documents for inspection include the full 2025 semi-annual report signed by the company's Chairman, Mr. Zhang Bin[7](index=7&type=chunk) - Documents for inspection include financial statements signed and sealed by the company's legal representative Zhang Bin, chief accounting officer Wang Zhiyong, and head of the accounting department Liu Zhenfu[7](index=7&type=chunk) - Documents for inspection include all company documents publicly disclosed in newspapers designated by the CSRC during the reporting period, available at the company's securities department[7](index=7&type=chunk)[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for key terms used in the report, including the company name and reporting period - "The Company, the Group, this Company, Beixin Road & Bridge, Beixin Road & Bridge Group" all refer to Xinjiang Beixin Road & Bridge Group Co, Ltd[9](index=9&type=chunk) - "Reporting Period" refers to the period from January 1, 2025, to June 30, 2025[9](index=9&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company, Xinjiang Beixin Road & Bridge Group, is listed on the Shenzhen Stock Exchange under stock code 002307 Company Basic Information | Item | Details | | :--- | :--- | | Stock Abbreviation | Beixin Road & Bridge | | Stock Code | 002307 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Company Name (Chinese) | 新疆北新路桥集团股份有限公司 | | Legal Representative | Zhang Bin | [Contact Person and Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the contact information for the Secretary of the Board of Directors, Gu Jianmin Board Secretary Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Gu Jianmin | 22nd Floor, Beixin Building, No 33 Penghu Road, Economic and Technological Development Zone (Toutunhe District), Urumqi | 0991-6557799 | 0991-6557788 | zqb@xjbxlq.com | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes occurred in the company's contact details or information disclosure locations during the reporting period - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period, with details available in the 2024 annual report[13](index=13&type=chunk) - The locations for information disclosure and document inspection remained unchanged during the reporting period, with details available in the 2024 annual report[14](index=14&type=chunk) - There were no changes to other relevant information during the reporting period[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Revenue grew 20.66% YoY, but net profit attributable to shareholders fell sharply by 868.68% to a loss of 80.91 million Yuan Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,956,301,637.75 | 4,107,790,225.24 | 20.66% | | Net Profit Attributable to Shareholders | -80,912,719.06 | 10,526,162.49 | -868.68% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -84,110,290.08 | -1,867,590.93 | -4,403.68% | | Net Cash Flow from Operating Activities | 274,560,979.75 | -582,804,692.41 | 147.11% | | Basic Earnings Per Share (Yuan/share) | -0.0638 | 0.0083 | -868.67% | | Diluted Earnings Per Share (Yuan/share) | -0.0638 | 0.0083 | -868.67% | | Weighted Average Return on Equity | -2.72% | 0.30% | -3.02% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End** | | Total Assets | 59,222,127,942.70 | 56,392,623,494.35 | 5.02% | | Net Assets Attributable to Shareholders | 4,368,825,792.04 | 3,017,299,997.77 | 44.79% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) No discrepancies exist between financial reports prepared under Chinese accounting standards and international or foreign standards - The company has no discrepancies in net profit or net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[17](index=17&type=chunk) - The company has no discrepancies in net profit or net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards[18](index=18&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%B9%8F%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled 3.20 million Yuan, primarily from asset disposals and government subsidies Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets (including write-offs of asset impairment provisions) | 4,553,631.01 | | Government Subsidies included in Current Profit/Loss (excluding those closely related to normal business operations, compliant with national policies, and having a continuous impact) | 2,029,150.22 | | Other Non-operating Income and Expenses | 700,865.76 | | Less: Income Tax Impact | 1,645,713.88 | | Minority Interest Impact (after tax) | 2,440,362.09 | | Total | 3,197,571.02 | - The company has no other profit or loss items that meet the definition of non-recurring items, nor has it reclassified any non-recurring items as recurring[20](index=20&type=chunk) Management Discussion and Analysis [Principal Business Activities During the Reporting Period](index=8&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%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business is public transport infrastructure construction, with no quality issues and provincial safety honors - The company's main business is the construction of public transport infrastructure, operating under single-project contracting and investment-financing-construction models (EPC, EPC+F, BOT, PPP, etc)[22](index=22&type=chunk) - The company has established a complete quality management system, is ISO9001 certified, and reported **no project quality issues** during the period[22](index=22&type=chunk) - The company fully implements corporate safety responsibilities, promotes safety production planning, and received **1 provincial-level safety and environmental honor**[23](index=23&type=chunk) Cumulative Land Reserves | Project/Area Name | Total Land Area (10,000 m²) | Total Construction Area (10,000 m²) | Remaining Developable Area (10,000 m²) | | :--- | :--- | :--- | :--- | | HC13-111-1 | 3.54 | 1.15 | 1.15 | | HC13-111-2 (Plot B) | 4.57 | 9.56 | 3.87 | | HC13-111-2 (Plot C) | 1.80 | 3.87 | 3.87 | | HC13-111-7 (Plot B) | 2.08 | 5.17 | 5.17 | | HC13-111-7 (Plot C /HC13-111-6/HC15-111-18/HC21-111-1) | 18.33 | 68.26 | 24.49 | | HC13-111-7 (Plot D) | 0.33 | 0.29 | 0.29 | | A-18-01 Plot | 5.16 | 9.29 | 9.29 | | Total | 35.82 | 97.57 (Planned Construction Area) | 48.11 (Planned Construction Area) | Sales of Major Projects (Partial) | City/Region | Project Name | Location | Project Type | Equity Ratio | Cumulative Pre-sale (Sales) Area (m²) | Current Period Pre-sale (Sales) Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hechuan District, Chongqing | Beixin·Yulongwan Phase I Section 1 A, B, Kindergarten | Caojie Street, Hechuan District, Chongqing | Residential + Commercial | 100.00% | 146479.71 | 241.8 | | Hechuan District, Chongqing | Beixin·Yulongwan Phase I Third Block B Group | Caojie Street, Hechuan District, Chongqing | Residential + Commercial | 100.00% | 31926.19 | 197 | | Economic & Technological Dev Zone, Urumqi | Beixin Building Headquarters Base Project | 33 Penghu Road, Economic & Technological Dev Zone, Urumqi | Office + Office Building | 100.00% | 44212.87 | 626.2 | [Core Competitiveness Analysis](index=9&type=section&id=%E4%BA%8C%E3%80%81%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 competitiveness is built on its brand reputation, comprehensive qualifications, market layout, and technical innovation - The company has won nearly 100 honors, including the "National Excellent Construction Enterprise" and the "China Construction Engineering Luban Prize," indicating high brand recognition and reputation[27](index=27&type=chunk) - The company holds high-level qualifications, including a special-grade general contracting license for highway engineering and a Grade A design qualification for the highway industry, covering various fields[27](index=27&type=chunk)[28](index=28&type=chunk) - The company has a broad market layout, with business in **16 provinces/municipalities and 10 countries**[28](index=28&type=chunk) - The company possesses a large number of experienced technical personnel and construction teams capable of organizing and completing various types of construction projects[28](index=28&type=chunk) - As of June 30, 2025, the company had 3,288 employees, with **74.51% being professional staff** and **63.14% holding a bachelor's degree or higher**[29](index=29&type=chunk) - The company's technology center is recognized as a National Enterprise Technology Center, holding **228 patents** (including 38 invention patents) and having developed 156 construction methods[29](index=29&type=chunk)[30](index=30&type=chunk) [Analysis of Main Business Operations](index=10&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business revenue grew 20.66% YoY, driven by construction, but financial expenses rose 37.70% due to interest capitalization YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,956,301,637.75 | 4,107,790,225.24 | 20.66% | | | Operating Costs | 4,231,305,845.09 | 3,409,472,543.18 | 24.10% | | | Selling Expenses | 3,576,114.26 | 4,257,876.99 | -16.01% | | | Administrative Expenses | 191,949,433.73 | 225,534,105.89 | -14.89% | | | Financial Expenses | 581,279,939.14 | 422,150,243.86 | 37.70% | Primarily due to the capitalization of loan interest for the Guangping Expressway, which began operations in June 2024 | | Income Tax Expense | 34,756,925.23 | 19,452,696.04 | 78.67% | Primarily due to the YoY increase in the parent company's profit | | R&D Investment | 666,262.68 | 592,603.95 | 12.43% | | | Net Cash Flow from Operating Activities | 274,560,979.75 | -582,804,692.41 | 147.11% | Primarily due to the collection of prior-year project payments by Tianchang Company and other projects | | Net Cash Flow from Investing Activities | -803,327,695.19 | -1,154,261,530.34 | -30.40% | Primarily due to the reduced cash outflow for the Guangping Expressway investment after it began operations in June 2024 | | Net Cash Flow from Financing Activities | 2,073,830,717.73 | 1,672,215,097.26 | 24.02% | | | Net Increase in Cash and Cash Equivalents | 1,545,824,875.72 | -65,202,642.62 | 2,470.80% | Primarily due to the issuance of perpetual bonds during the period | Operating Revenue Composition | Category | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 4,956,301,637.75 | 100% | 4,107,790,225.24 | 100% | 20.66% | | **By Industry** | | | | | | | Construction | 4,527,651,093.30 | 91.35% | 3,687,725,319.26 | 89.77% | 22.78% | | Expressway Services | 287,316,971.17 | 5.80% | 274,554,269.36 | 6.68% | 4.65% | | Real Estate Sales | 25,009,130.04 | 0.50% | 13,586,484.69 | 0.33% | 84.07% | | **By Product** | | | | | | | Engineering Revenue | 4,473,076,074.56 | 90.25% | 3,632,508,526.10 | 88.43% | 23.14% | | Expressway Toll Revenue | 287,316,971.17 | 5.80% | 274,554,269.36 | 6.68% | 4.65% | | Real Estate Sales | 25,009,130.04 | 0.50% | 13,586,484.69 | 0.33% | 84.07% | | **By Region** | | | | | | | Domestic | 4,899,002,662.24 | 98.84% | 4,089,134,535.19 | 99.55% | 19.81% | | Overseas | 57,298,975.51 | 1.16% | 18,655,690.05 | 0.45% | 207.14% | Industries, Products, or Regions Accounting for Over 10% of Revenue or Profit | Category | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Construction | 4,527,651,093.30 | 4,016,837,211.49 | 11.28% | 22.78% | 24.48% | -1.21% | | **By Product** | | | | | | | | Engineering Revenue | 4,473,076,074.56 | 3,965,460,140.92 | 11.35% | 23.14% | 24.94% | -1.27% | | **By Region** | | | | | | | | Domestic | 4,899,002,662.24 | 4,178,654,308.15 | 14.70% | 19.81% | 23.47% | -2.53% | [Analysis of Non-Core Business](index=11&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) No significant analysis of non-core business operations was disclosed for the reporting period [Analysis of Assets and Liabilities](index=12&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets grew 5.02%, while net assets attributable to shareholders increased significantly by 44.79% Significant Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 4,804,936,380.90 | 8.11% | 3,452,847,803.05 | 6.12% | 1.99% | | Contract Assets | 3,982,408,593.21 | 6.72% | 3,494,534,768.72 | 6.20% | 0.52% | | Contract Liabilities | 3,090,566,553.00 | 5.22% | 2,275,788,818.69 | 4.04% | 1.18% | | Long-term Borrowings | 33,315,644,452.78 | 56.26% | 33,085,867,736.17 | 58.67% | -2.41% | - The company had no major overseas assets during the reporting period[37](index=37&type=chunk) - The company had no assets or liabilities measured at fair value during the reporting period[37](index=37&type=chunk) Restricted Assets as of the End of the Reporting Period | Item | Book Balance (Yuan) | Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 103,677,008.79 | 103,677,008.79 | Pledge | Security deposits | | Cash and Cash Equivalents | 200,000,000.00 | 200,000,000.00 | Pledge | Large-denomination certificates of deposit | | Cash and Cash Equivalents | 145,555,353.57 | 145,555,353.57 | Frozen | Court-ordered freeze | | Intangible Assets | 32,117,995,094.21 | 31,296,312,034.80 | Pledge | Pledge of operating rights | | Total | 32,567,227,456.57 | 31,745,544,397.16 | | | [Investment Analysis](index=12&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment decreased by 38.13% YoY, with major ongoing non-equity investments focused on transportation projects Overall Investment During the Reporting Period | Investment in Current Period (Yuan) | Investment in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | | 841,805,643.63 | 1,360,670,152.86 | -38.13% | - The company did not acquire any significant equity investments during the reporting period[39](index=39&type=chunk) Major Ongoing Non-Equity Investments | Project Name | Investment Method | Industry | Investment this Period (Yuan) | Cumulative Investment to Date (Yuan) | Funding Source | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangyuan to Pingwu Expressway Project | Self-built | Transportation | 766,665,033.50 | 14,625,604,621.21 | Self-funded | 100.00% Project ongoing | | Hechuan Shuanghuai to Qiantang Expressway Project | Self-built | Transportation | 619,000,000.00 | 1,984,000,000.00 | Self-funded | 56.86% Project ongoing | | Yunnan Changshui Airport to Shuanglong Expressway Project | Self-built | Transportation | 0.00 | 1,544,852,800.00 | Self-funded + Bank Loans + Special Bonds | 22.00% Project ongoing | - The company had no securities investments, derivatives investments, or use of raised funds during the reporting period[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) [Sale of Major Assets and Equity](index=13&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No sales of major assets or equity occurred during the reporting period - The company did not sell any major assets during the reporting period[45](index=45&type=chunk) - The company did not sell any major equity stakes during the reporting period[46](index=46&type=chunk) [Analysis of Major Subsidiaries and Investees](index=14&type=section&id=%E5%85%AB%E3%80%81%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 section details the financial performance of major subsidiaries and notes the disposal and deregistration of two entities Major Subsidiaries (Partial) | Company Name | Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Production and Construction Corps Transportation Construction Co, Ltd | Subsidiary | Highway Construction | 20,028.37 | 294,803.45 | 29,290.97 | 76,909.53 | 3,542.24 | 3,314.92 | | Tibet Tianchang Construction Engineering Co, Ltd | Subsidiary | Construction | 3,000.00 | 3,377.31 | -17,685.67 | 1.87 | 4,253.00 | 4,722.46 | | Chongqing Beixin Rongjian Construction Engineering Co, Ltd | Subsidiary | Construction | 20,000.00 | 267,477.90 | 21,994.65 | 36,329.09 | -4,120.28 | -4,161.92 | | Xinjiang Dingyuan Financial Leasing Co, Ltd | Subsidiary | Financial Leasing | 56,600.00 | 141,845.82 | 98,497.05 | 2,417.44 | 1,324.78 | 1,131.69 | | Sichuan Beixin Tianzhao Investment Development Co, Ltd | Subsidiary | Various Engineering | 288,600.00 | 1,495,559.96 | 242,156.73 | 1,446.41 | -21,620.74 | -21,553.10 | | Chongqing Beixin Tianchen Construction Development Co, Ltd | Subsidiary | Construction Related | 73,100.00 | 226,339.48 | 59,548.80 | 1,677.10 | -1,465.07 | -1,469.96 | | Chongqing Beixin Yuchang Expressway Construction Co, Ltd | Subsidiary | Highway Management | 174,424.00 | 866,780.61 | 116,233.77 | 15,082.44 | -6,844.33 | -6,843.68 | Acquisition and Disposal of Subsidiaries | Company Name | Method of Acquisition/Disposal | | :--- | :--- | | Xinjiang Beixin Commercial Factoring Co, Ltd | Disposal of subsidiary | | Chongqing Beixin Transportation Construction Co, Ltd | Deregistration of subsidiary | [Structured Entities Controlled by the Company](index=14&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[48](index=48&type=chunk) [Risks and Countermeasures](index=14&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company will focus on its core construction business and transform into an integrated infrastructure service provider - The company will strengthen Party leadership, improve its modern enterprise system, and advance state-owned enterprise reform to achieve high-quality development[48](index=48&type=chunk) - The company will focus on its core construction business, integrate resources, and strengthen capital operations to become an enterprise group with comprehensive infrastructure service capabilities[48](index=48&type=chunk) - The company will build a diversified and vertically integrated "Construction+" business system to enhance resource efficiency and its comprehensive service capabilities[48](index=48&type=chunk) [Status of Market Value Management System and Valuation Enhancement Plan](index=14&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has established a market value management system but has not disclosed a valuation enhancement plan - The company has formulated a market value management system[49](index=49&type=chunk) - The company has not disclosed a valuation enhancement plan[49](index=49&type=chunk) - On August 7, 2025, the company's seventh board of directors held its twenty-second meeting, which approved the "Market Value Management System," disclosed on August 9, 2025[49](index=49&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred among the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period; details can be found in the 2024 annual report[52](index=52&type=chunk) [Profit Distribution and Capitalization of Capital Reserve](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute cash dividends or issue bonus shares for the semi-annual period - The company plans **not to distribute cash dividends**, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[53](index=53&type=chunk) [Implementation of Equity Incentive Plans or Other Employee Incentives](index=15&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentives in place - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[54](index=54&type=chunk) [Environmental Information Disclosure](index=15&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not designated as enterprises required to disclose environmental information - The listed company and its major subsidiaries are not included in the list of enterprises required by law to disclose environmental information[55](index=55&type=chunk) [Social Responsibility](index=15&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by protecting stakeholder interests and promoting green development - The company has established a sound governance structure, fulfills information disclosure obligations, and strengthens investor relations to protect the rights of shareholders and creditors[55](index=55&type=chunk) - The company cares for the physical and mental health of its employees by providing free medical check-ups, implementing safety training, and improving the work environment[55](index=55&type=chunk) - The company adheres to the values of "honesty, trustworthiness, and the pursuit of excellence," strictly controls project quality, and has won multiple industry honors[56](index=56&type=chunk) - The company strictly implements its corporate responsibility for environmental protection, increases investment in pollution control facilities, and promotes low-carbon, green development[57](index=57&type=chunk) Significant Matters [Fulfillment of Commitments](index=17&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) All commitments made by the company, its controlling shareholder, and management were strictly fulfilled during the period - The controlling shareholder, Xinjiang Production and Construction Corps Construction Engineering (Group) Co, Ltd, strictly fulfilled its commitments regarding maintaining the listed company's independence, avoiding competition, and regulating related-party transactions[59](index=59&type=chunk)[60](index=60&type=chunk) - The company's directors and senior management strictly fulfilled their commitments to mitigate the dilution of immediate returns from non-public stock offerings[61](index=61&type=chunk)[62](index=62&type=chunk) - The company committed that raised funds will be used strictly as stipulated and not for real estate development or new investments in quasi-financial businesses[63](index=63&type=chunk) - During the reporting period, **all commitments were fulfilled on time**, with no overdue unfulfilled commitments[63](index=63&type=chunk) [Non-operational Use of Funds](index=21&type=section&id=%E4%BA%8C%E3%80%81%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%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%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) No non-operational use of the company's funds by its controlling shareholder or other related parties occurred - The company reports no non-operational use of its funds by the controlling shareholder or other related parties during the reporting period[64](index=64&type=chunk) [Irregular External Guarantees](index=21&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[65](index=65&type=chunk) [Appointment and Dismissal of Accounting Firm](index=21&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[66](index=66&type=chunk) [Board and Supervisory Committee's Explanation on "Non-standard Audit Report"](index=21&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) No non-standard audit report was issued for the reporting period - No non-standard audit report was issued for the reporting period[67](index=67&type=chunk) [Board's Explanation on Prior Year's "Non-standard Audit Report"](index=21&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) No non-standard audit report was issued for the prior year - No non-standard audit report was issued for the prior year[67](index=67&type=chunk) [Bankruptcy and Reorganization Matters](index=22&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[68](index=68&type=chunk) [Litigation Matters](index=22&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in a major deposit contract dispute with an amount at stake of 437.44 million Yuan Major Litigation and Arbitration | Case Details | Amount Involved (10,000 Yuan) | Provision Formed | Progress | Outcome and Impact | Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Deposit contract dispute case against China New Building Materials Group and Sichuan Bawan Expressway Co, Ltd | 43,744 | No | The second-instance hearing of the enforcement objection was held on Feb 20, 2023 The Beijing High People's Court ruled on Apr 26, 2023, to revoke the initial judgment and remand the case for retrial Awaiting notification for the retrial's first-instance hearing | The Supreme People's Court issued a final ruling, making the first-instance judgment legally effective The case is currently in the enforcement phase, with an enforcement objection lawsuit filed The second-instance hearing of the objection has concluded, and the case has been remanded for retrial | The case is in the enforcement phase, with an enforcement objection lawsuit filed The second-instance hearing of the objection has concluded, and the case has been remanded for retrial The retrial's first-instance hearing was planned for May 22, 2024 | - The company had no other litigation matters during the reporting period[69](index=69&type=chunk) [Penalties and Rectifications](index=22&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) No penalties or rectifications occurred during the reporting period - No penalties or rectifications occurred during the reporting period[70](index=70&type=chunk) [Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=23&type=section&id=%E5%8D%81%E3%80%81%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%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company and its controlling entities maintained good credit standing with no unfulfilled court judgments or major overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[71](index=71&type=chunk) [Major Related-Party Transactions](index=23&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions occurred, and the company disclosed its 2025 annual forecast for routine transactions - The company had no major related-party transactions related to daily operations, asset/equity acquisitions, joint investments, or dealings with related financial companies[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - The company disclosed the "Announcement on the Estimate of Daily Related-Party Transactions for 2025" on April 23, 2025[78](index=78&type=chunk)[79](index=79&type=chunk) [Major Contracts and Their Performance](index=24&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no major custody or lease contracts but maintained significant guarantees for its subsidiaries - The company had no custody, contracting, or leasing arrangements during the reporting period[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) Company Guarantees for Subsidiaries (Partial) | Guaranteed Party | Disclosure Date | Guarantee Limit (10,000 Yuan) | Actual Date | Actual Amount (10,000 Yuan) | Guarantee Type | Term | Completed | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Beixin Investment & Construction Co, Ltd | 2022-04-20 | 116,000 | 2023-08-25 | 4,900 | Joint Liability | 2 years | No | No | | Xinjiang Production and Construction Corps Transportation Construction Co, Ltd | 2024-04-20 | 60,000 | 2024-07-12 | 5,000 | Joint Liability | 1 year | No | No | | Xinjiang Dingyuan Financial Leasing Co, Ltd | 2022-04-20 | 62,000 | 2025-01-09 | 1,000 | Joint Liability | 3 years | No | No | | Urumqi Herun Technology Development Co, Ltd | 2024-04-20 | 22,000 | 2025-01-02 | 5,000 | Joint Liability | 7 months | No | No | | Chongqing Beixin Rongjian Construction Engineering Co, Ltd | 2021-03-29 | 5,000 | 2024-08-08 | 3,000 | Joint Liability | 3 years | No | No | | Xinjiang Beixin Lianhai Trading Co, Ltd | 2023-04-25 | 5,000 | 2024-07-22 | 1,417 | Joint Liability | 1 year | No | No | | Xinjiang Beixin Technology Innovation Consulting Co, Ltd | 2024-04-20 | 1,000 | 2024-07-19 | 164.53 | Joint Liability | 1 year | No | No | Total Company Guarantees | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total Approved Guarantee Limit in Reporting Period (A1+B1+C1) | 92,000 | | Total Actual Guarantees in Reporting Period (A2+B2+C2) | 97,577.94 | | Total Approved Guarantee Limit at Period-End (A3+B3+C3) | 726,000 | | Total Actual Guarantee Balance at Period-End (A4+B4+C4) | 240,356.15 | | Ratio of Total Actual Guarantees (A4+B4+C4) to Net Assets | 55.02% | | Guarantees for Parties with Asset-Liability Ratio >70% (E) | 71,119.39 | | Amount of Total Guarantees Exceeding 50% of Net Assets (F) | 21,914.86 | | Total of Above Three Guarantee Amounts (D+E+F) | 93,034.25 | - The company had no wealth management products or other major contracts during the reporting period[89](index=89&type=chunk)[90](index=90&type=chunk) [Explanation of Other Significant Matters](index=29&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) No other significant matters required disclosure during the reporting period - No other significant matters required disclosure during the reporting period[91](index=91&type=chunk) [Significant Matters of Subsidiaries](index=29&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) No significant matters concerning subsidiaries occurred during the reporting period - No significant matters concerning subsidiaries occurred during the reporting period[92](index=92&type=chunk) Share Capital Changes and Shareholder Information [Changes in Share Capital](index=30&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital and ownership structure remained unchanged during the reporting period Share Capital Changes | Category | Pre-Change Quantity (Shares) | Proportion | Change (+, -) (Shares) | Post-Change Quantity (Shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 177,260,865 | 13.98% | 0 | 177,260,865 | 13.98% | | 2. State-owned Legal Person Shares | 177,260,865 | 13.98% | 0 | 177,260,865 | 13.98% | | II. Unrestricted Shares | 1,091,030,717 | 86.02% | 0 | 1,091,030,717 | 86.02% | | 1. RMB Ordinary Shares | 1,091,030,717 | 86.02% | 0 | 1,091,030,717 | 86.02% | | III. Total Shares | 1,268,291,582 | 100.00% | 0 | 1,268,291,582 | 100.00% | - Reasons for share changes, approvals, transfers, share buybacks, and reductions of repurchased shares through centralized bidding are not applicable or unchanged[95](index=95&type=chunk) - There were no changes in the company's unrestricted shares during the reporting period[96](index=96&type=chunk) [Securities Issuance and Listing](index=30&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) No securities were issued or listed during the reporting period - No securities were issued or listed during the reporting period[96](index=96&type=chunk) [Number of Shareholders and Shareholdings](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 60,613 ordinary shareholders, with the controlling shareholder holding a 46.34% stake Total Ordinary Shareholders and Shareholdings at Period-End | Indicator | Number | | :--- | :--- | | Total ordinary shareholders at period-end | 60,613 | | Total preferred shareholders with restored voting rights at period-end (if any) | 0 | | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End (Shares) | Change During Period | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Production and Construction Corps Construction Engineering (Group) Co, Ltd | State-owned Legal Person | 46.34% | 587,775,651 | Unchanged | 177,260,865 | 410,514,786 | | Yang Xinguo | Domestic Individual | 0.76% | 9,592,641 | -510,000 | 0 | 9,592,641 | | Chen Junxiong | Domestic Individual | 0.69% | 8,788,140 | +8,788,140 | 0 | 8,788,140 | | Chen Minghui | Domestic Individual | 0.68% | 8,679,852 | -724,240 | 0 | 8,679,852 | | Li Junjie | Domestic Individual | 0.27% | 3,433,200 | Unchanged | 0 | 3,433,200 | | He Yuanding | Domestic Individual | 0.23% | 2,923,100 | Unchanged | 0 | 2,923,100 | | Hong Qun | Domestic Individual | 0.22% | 2,814,193 | +2,814,193 | 0 | 2,814,193 | | Zhang Jinhua | Domestic Individual | 0.22% | 2,790,000 | +190,000 | 0 | 2,790,000 | | Shi Yunni | Domestic Individual | 0.20% | 2,479,400 | +2,479,400 | 0 | 2,479,400 | | Dong Ruijin | Domestic Individual | 0.19% | 2,416,421 | -344,200 | 0 | 2,416,421 | - Xinjiang Production and Construction Corps Construction Engineering (Group) Co, Ltd is the company's controlling shareholder; any related-party relationships or concerted actions among other shareholders are unknown[98](index=98&type=chunk) - Several top ten ordinary shareholders hold shares through credit accounts, including Chen Minghui, Li Junjie, Hong Qun, Zhang Jinhua, Shi Yunni, and Dong Ruijin[98](index=98&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=32&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period; details can be found in the 2024 annual report[100](index=100&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=32&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) No changes occurred in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[101](index=101&type=chunk) - The company's actual controller did not change during the reporting period[101](index=101&type=chunk) [Information on Preferred Shares](index=32&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[102](index=102&type=chunk) Bond-related Information [Corporate Bonds](index=33&type=section&id=%E4%B8%80%E3%80%81%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8) The company had no enterprise bonds during the reporting period - The company had no enterprise bonds during the reporting period[104](index=104&type=chunk) [Company Bonds](index=33&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company has two outstanding bonds, including a 1.4 billion Yuan perpetual bond, with proceeds used for debt repayment Basic Information on Company Bonds | Bond Name | Abbreviation | Code | Issue Date | Start Date | Maturity Date | Balance (10,000 Yuan) | Interest Rate | Repayment Method | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Beixin Road & Bridge Group 2020 Public Offering for Qualified Investors (Belt and Road) (Phase I) | 20 Beixin R1 | 149213 | 2020-08-25 | 2020-08-25 | 2025-08-25 | 21,000 | 5.00% | Annual interest payment, principal at maturity | Shenzhen Stock Exchange | | Xinjiang Beixin Road & Bridge Group 2025 Non-public Offering of Perpetual Bonds for Professional Investors (Phase I) | 25 Beixin Y1 | 134223 | 2025-04-23 | 2025-04-23 | No fixed term | 140,000 | 3.88% | Annual interest payment, unless deferred | Shenzhen Stock Exchange | - The company had no overdue and unpaid bonds during the reporting period[106](index=106&type=chunk) Use of Proceeds | Bond Code | Abbreviation | Total Proceeds (10,000 Yuan) | Intended Use | Amount Used (10,000 Yuan) | Actual Use | Unused Amount (10,000 Yuan) | Consistent with Prospectus | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 149213 | 20 Beixin R1 | 30,000 | Repay "Belt and Road" project loans | 30,000 | Repaid "Belt and Road" project loans | 0 | Yes | | 149468 | 21 Beixin R1 | 18,000 | Repay "Belt and Road" project loans | 18,000 | Repaid "Belt and Road" project loans | 0 | Yes | | 134223 | 25 Beixin Y1 | 140,000 | Repay interest-bearing debt | 86,000 | Repaid interest-bearing debt | 54,000 | Yes | - No issuer or investor option clauses or investor protection clauses were triggered, and no credit rating adjustments occurred during the reporting period[109](index=109&type=chunk)[110](index=110&type=chunk) Information on Perpetual Bond Issuer | Bond Code | 134223.SZ | | :--- | :--- | | Abbreviation | 25 Beixin Y1 | | Balance (100 million Yuan) | 14.00 | | Renewal Status | Not yet at exercise period | | Interest Rate Step-up | Not yet at exercise period | | Interest Deferral | Did not exercise the option to defer interest payments | | Mandatory Payment | No mandatory payment event triggered | | Equity Classification and Accounting | Yes, Other Equity Instruments - Perpetual Bonds | | Other Matters | Did not exercise the redemption option | [Non-financial Enterprise Debt Financing Instruments](index=34&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company has two outstanding medium-term notes totaling 1.5 billion Yuan, with no credit rating changes Basic Information on Non-financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Start Date | Maturity Date | Balance (10,000 Yuan) | Interest Rate | Repayment Method | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Beixin Road & Bridge Group 2024 First Medium-Term Note | 24 Beixin Road & Bridge MTN001 | 102481600.IB | 2024-04-17 | 2024-04-19 | 2026-04-19 | 50,000 | 3.15% | Annual interest payment, principal at maturity | China Interbank Market Dealers Association | | Xinjiang Beixin Road & Bridge Group 2024 Third Medium-Term Note | 24 Beixin Road & Bridge MTN003 | 102483279.IB | 2024-07-30 | 2024-08-01 | 2026-08-01 | 100,000 | 2.67% | Annual interest payment, principal at maturity | China Interbank Market Dealers Association | - The company had no overdue and unpaid bonds during the reporting period[113](index=113&type=chunk) - During the reporting period, no issuer or investor option clauses were triggered, credit ratings were unchanged, and guarantee and repayment measures were executed normally[114](index=114&type=chunk)[115](index=115&type=chunk) [Convertible Corporate Bonds](index=35&type=section&id=%E5%9B%9B%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[115](index=115&type=chunk) [Consolidated Loss Exceeding 10% of Prior Year-End Net Assets](index=35&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%90%88%E5%B9%B6%E6%8A%A5%E8%A1%A8%E8%8C%83%E5%9B%B4%E4%BA%8F%E6%8D%9F%E8%B6%85%E8%BF%87%E4%B8%8A%E5%B9%B4%E6%9C%AB%E5%87%80%E8%B5%84%E4%BA%A7%2010%25) The consolidated loss for the reporting period did not exceed 10% of the prior year-end net assets - The consolidated loss for the reporting period did not exceed 10% of the prior year-end net assets[116](index=116&type=chunk) [Key Accounting Data and Financial Indicators for the Past Two Years](index=35&type=section&id=%E5%85%AD%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%E4%B8%A4%E5%B9%B4%E7%9A%84%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Liquidity ratios improved and the asset-liability ratio decreased, while net profit after non-recurring items was negative Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Period (10,000 Yuan) | End of Prior Year (10,000 Yuan) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Current Ratio | 1.0046 | 1.00 | 0.46% | | Asset-Liability Ratio | 88.58% | 90.80% | -2.22% | | Quick Ratio | 0.9123 | 0.83 | 9.92% | | **Item** | **Current Period (10,000 Yuan)** | **Prior Year Period (10,000 Yuan)** | **YoY Change** | | Net Profit after Non-recurring Items | -8,411.03 | -186.76 | -8,224.27% | | EBITDA to Total Debt Ratio | 1.91% | 1.59% | 0.32% | | Interest Coverage Ratio | 0.824298 | 0.665221 | 23.91% | | Cash Interest Coverage Ratio | 0.465083 | 0.167559 | 177.57% | | EBITDA Interest Coverage Ratio | 1.113118 | 0.845300 | 31.68% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Financial Report [Audit Report](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[118](index=118&type=chunk) [Financial Statements](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the first half of 2025 Consolidated Balance Sheet (Summary) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 14,924,786,891.60 | 13,393,401,935.49 | | Total Non-current Assets | 44,297,341,051.10 | 42,999,221,558.86 | | Total Assets | 59,222,127,942.70 | 56,392,623,494.35 | | Total Current Liabilities | 14,856,154,052.43 | 13,354,046,719.94 | | Total Non-current Liabilities | 37,601,605,639.95 | 37,848,223,031.97 | | Total Liabilities | 52,457,759,692.38 | 51,202,269,751.91 | | Total Equity Attributable to Parent Company | 4,368,825,792.04 | 3,017,299,997.77 | | Minority Interest | 2,395,542,458.28 | 2,173,053,744.67 | | Total Equity | 6,764,368,250.32 | 5,190,353,742.44 | | Total Liabilities and Equity | 59,222,127,942.70 | 56,392,623,494.35 | Consolidated Income Statement (Summary) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 4,956,301,637.75 | 4,107,790,225.24 | | II. Total Operating Costs | 5,028,937,683.24 | 4,080,858,444.01 | | III. Operating Profit (Loss) | -50,542,204.57 | 30,057,316.41 | | IV. Total Profit (Loss) | -49,509,313.17 | 32,925,763.19 | | Less: Income Tax Expense | 34,756,925.23 | 19,452,696.04 | | V. Net Profit (Loss) | -84,266,238.40 | 13,473,067.15 | | Net Profit Attributable to Parent Company Shareholders | -80,912,719.06 | 10,526,162.49 | | Minority Interest Income/Loss | -3,353,519.34 | 2,946,904.66 | | VII. Total Comprehensive Income | -93,988,654.10 | 5,349,600.27 | | Total Comprehensive Income Attributable to Parent Company | -90,635,134.76 | 2,402,695.61 | | Total Comprehensive Income Attributable to Minority Shareholders | -3,353,519.34 | 2,946,904.66 | | VIII. Earnings Per Share: Basic EPS (Yuan/share) | -0.0638 | 0.0083 | | Diluted EPS (Yuan/share) | -0.0638 | 0.0083 | Consolidated Cash Flow Statement (Summary) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 274,560,979.75 | -582,804,692.41 | | Net Cash Flow from Investing Activities | -803,327,695.19 | -1,154,261,530.34 | | Net Cash Flow from Financing Activities | 2,073,830,717.73 | 1,672,215,097.26 | | Net Increase in Cash and Cash Equivalents | 1,545,824,875.72 | -65,202,642.62 | | Cash and Cash Equivalents at End of Period | 4,355,704,018.54 | 3,457,943,389.70 | [Company Basic Information](index=51&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) The company, a construction firm listed on the Shenzhen Stock Exchange, is controlled by the SASAC of the 11th Division of XPCC - The company was established on August 7, 2001, and listed on the Shenzhen Stock Exchange on November 11, 2009, with stock code 002307[142](index=142&type=chunk) - The company is registered in Urumqi, Xinjiang, with a registered capital of 1,268.29 million Yuan[142](index=142&type=chunk) - The company operates in the construction industry, primarily engaged in domestic and international highway engineering contracting, with no change in its main business during the reporting period[143](index=143&type=chunk) - The company's actual controller is the State-owned Assets Supervision and Administration Commission of the 11th Division of the Xinjiang Production and Construction Corps[144](index=144&type=chunk) - This financial report was approved for issuance by the company's Board of Directors on August 26, 2025[145](index=145&type=chunk) [Basis of Preparation for Financial Statements](index=52&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 financial statements are prepared on a going concern basis in accordance with Chinese Accounting Standards - The financial statements are prepared on a going concern basis, with recognition and measurement following the provisions of the Chinese Accounting Standards and key accounting policies[146](index=146&type=chunk) - The company is expected to continue as a going concern for the next 12 months from the end of the reporting period, with no material uncertainties[147](index=147&type=chunk) [Significant Accounting Policies and Estimates](index=52&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 accounting policies for key areas like revenue recognition, financial instruments, and fixed assets - The company declares that its financial statements comply with the requirements of Chinese Accounting Standards and truly and completely reflect its financial position, operating results, and cash flows[149](index=149&type=chunk) - The company's fiscal year is from January 1 to December 31, and its functional currency is the Chinese Yuan (RMB)[150](index=150&type=chunk)[151](index=151&type=chunk) Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individual provision for bad debts on receivables | Accounts for over 10% of the respective receivable amount, or exceeds 10 million Yuan, or the provision impacts profit/loss changes | | Significant joint ventures or associates | Book value accounts for over 10% of long-term equity investments, or investment income/loss accounts for over 10% of consolidated net profit | | Significant contingent events | Amount exceeds 30 million Yuan, or accounts for over 10% of the absolute value of consolidated net assets | - Financial assets are classified at initial recognition into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[165](index=165&type=chunk) - For receivables from transactions governed by revenue standards, the company measures the loss provision at an amount equal to the lifetime expected credit losses[177](index=177&type=chunk) Expected Credit Loss Rates for Accounts Receivable Aging Portfolio | Aging | Expected Credit Loss Rate (%) | | :--- | :--- | | Within 1 year | 5 | | 1-2 years | 15 | | 2-3 years | 30 | | 3-4 years | 40 | | 4-5 years | 50 | | Over 5 years | 100 | - The company's inventory is categorized as raw materials, finished goods, revolving materials, etc, with the cost of goods sold determined using the weighted average method[182](index=182&type=chunk)[183](index=183&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Useful Life | Residual Value Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line | 20-40 years | 3% | 4.85%---2.425% | | Machinery and Equipment | Straight-line | 5-12 years | 3% | 19.40%---8.083% | | Transportation Equipment | Straight-line | 5-10 years | 3% | 19.40%---9.700% | | Communication & Electronic Equipment | Straight-line | 5-8 years | 3% | 19.40%--12.125% | | Other | Straight-line | 5-8 years | 3% | 19.40%--12.125% | Estimated Useful Lives of Intangible Assets | Item | Estimated Useful Life | Basis | | :--- | :--- | :--- | | Software usage rights | 5 years | Reasonably estimated based on relevant factors | | Concession rights | Operating period | Operating period | | Land use rights | Registered use period on land certificate | Registered use period on land certificate | - Revenue from infrastructure construction contracts is recognized over time based on the progress of performance, which is determined using the input method[230](index=230&type=chunk) - The company has implemented Accounting Standards Interpretation No 17 regarding supplier financing arrangements and the classification of liabilities since January 1, 2024[243](index=243&type=chunk) [Taxes](index=65&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to VAT, corporate income tax, and other taxes, with some subsidiaries enjoying a reduced 15% income tax rate Major Taxes and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Turnover tax amount | 7%, 5%, 1% | | Corporate Income Tax | Taxable income | 15%, 25% | | Education Surcharge | Turnover tax amount | 3% | | Local Education Surcharge | Turnover tax amount | 2% | - Subsidiaries such as Beixin Geotechnical and Bing Tuan Jiao Jian benefit from the Western Development Policy or high-tech enterprise status, paying corporate income tax at a reduced rate of **15%**[246](index=246&type=chunk) - The company's overseas projects are subject to local tax agreements or national tax regulations of the host country[247](index=247&type=chunk) [Notes to Consolidated Financial Statement Items](index=66&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 on the balances and changes of items in the consolidated financial statements Cash and Cash Equivalents | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 643,880.87 | 741,779.54 | | Bank Deposits | 4,500,615,491.24 | 3,284,062,533.40 | | Other Monetary Funds | 303,677,008.79 | 168,043,490.11 | | Total | 4,804,936,380.90 | 3,452,847,803.05 | | Of which: funds held overseas | 8,136,438.21 | 5,615,882.46 | - At the end of the period, restricted cash and cash equivalents totaled **449.23 million Yuan**, including security deposits, large-denomination certificates of deposit, and court-frozen funds[249](index=249&type=chunk) Top Five Balances of Accounts Receivable and Contract Assets | Customer Name | Accounts Receivable Balance (Yuan) | Contract Assets Balance (Yuan) | Total Balance (Yuan) | % of Total | Bad Debt/Impairment Provision (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Lanzhou New Area Railway Construction Investment Co, Ltd | 377,804,631.63 | 0 | 377,804,631.63 | 6.00% | 141,062,949.12 | | Xinjiang Production and Construction Corps Third Division 41st Regiment Urban Management Service Center | 206,292,836.12 | 441,301,080.69 | 647,593,916.81 | 10.00% | 16,502,291.70 | | Chongqing Hechuan District Education Accounting Center | 120,674,733.91 | 0 | 120,674,733.91 | 2.00% | 6,033,736.70 | | Chongqing Wushan Transportation Construction (Group) Co, Ltd | 104,906,859.29 | 92,058,347.69 | 196,965,206.98 | 3.00% | 13,211,850.91 | | Shenqiu County New City Municipal Engineering Construction Co, Ltd | 86,057,789.49 | 43,476,623.72 | 129,534,413.21 | 2.00% | 20,910,901.54 | | Total | 895,736,850.44 | 576,836,052.10 | 1,472,572,902.54 | 23.00% | 197,721,729.97 | Inventory Classification (Summary) | Item | Period-End Book Balance (Yuan) | Provision for Decline/Impairment (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 60,366,870.87 | 0 | 60,366,870.87 | | Finished Goods | 43,711,969.72 | 0 | 43,711,969.72 | | Development Products | 699,968,060.74 | 116,706,075.10 | 583,261,985.64 | | Development Costs | 665,173,613.37 | 0 | 665,173,613.37 | | Total | 1,488,545,979.32 | 116,706,075.10 | 1,371,839,904.22 | Intangible Assets (Summary) | Item | Period-End Book Value (Yuan) | Period-Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Land Use Rights | 6,899,799.47 | 7,008,462.11 | | Mining Rights | 6,083,333.44 | 6,583,333.42 | | Software | 11,994,559.34 | 14,305,151.12 | | Concession Rights | 37,855,920,016.30 | 36,782,644,807.83 | | Total | 37,880,897,708.55 | 36,810,541,754.48 | Operating Revenue and Costs (Summary) | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 4,930,474,310.77 | 4,226,362,602.23 | 4,063,451,230.56 | 3,404,366,403.34 | | Other Business | 25,827,326.98 | 4,943,242.86 | 44,338,994.68 | 5,106,139.84 | | Total | 4,956,301,637.75 | 4,231,305,845.09 | 4,107,790,225.24 | 3,409,472,543.18 | Financial Expenses Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Interest Expense | 601,183,648.11 | 432,805,782.76 | | Less: Interest Income | 33,019,596.45 | 36,165,187.53 | | Foreign Exchange Gains/Losses | 1,007,672.72 | -761,463.80 | | Bank Service Fees | 1,273,971.66 | 6,823,864.27 | | Other | 10,834,243.10 | 19,447,248.16 | | Total | 581,279,939.14 | 422,150,243.86 | [R&D Expenditure](index=89&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was 666,262.68 Yuan, all of which was expensed, representing a 12.43% YoY increase R&D Expenditure Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Salaries | 622,362.17 | 376,175.95 | | Patent Fees | 16,574.02 | 131,932.88 | | Technical Service Fees | 14,135.44 | 15,929.20 | | Other | 13,191.05 | 49,231.72 | | Total | 666,262.68 | 592,603.95 | | Of which: Expensed R&D | 666,262.68 | 592,603.95 | [Changes in the Scope of Consolidation](index=89&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) The scope of consolidation changed due to the disposal of one subsidiary and the deregistration of another - The company had no business combinations involving entities not under common control or under common control during the reporting period[397](index=397&type=chunk) - The loss of control over a subsidiary during the period was due to the disposal of Xinjiang Beixin Commercial Factoring Co, Ltd[397](index=397&type=chunk)[398](index=398&type=chunk) - Other changes in the scope of consolidation resulted from the deregistration of Chongqing Beixin Transportation Construction Co, Ltd[398](index=398&type=chunk) [Interests in Other Entities](index=89&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 discloses the company's interests in its subsidiaries, joint ventures, and associate companies Composition of the Enterprise Group (Partial) | Subsidiary Name | Registered Capital (Yuan) | Main Place of Business | Business Nature | Shareholding (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Beixin Technology Innovation Consulting Co, Ltd | 7,080,000.00 | Urumqi, Xinjiang | Testing and Inspection | 100.00% | Establishment/Investment | | Xinjiang Beixin Investment & Construction Co, Ltd | 839,139,600.00 | Urumqi, Xinjiang | Highway, Bridge | 71.56% | Establishment/Investment | | Xinjiang Dingyuan Financial Leasing Co, Ltd | 566,000,000.00 | Urumqi, Xinjiang | Leasing and Sales | 99.20% | Establishment/Investment | | Sichuan Beixin Tianzhao Investment Development Co, Ltd | 2,886,000,000.00 | Guangyuan, Sichuan | Expressway Project Investment | 82.68% | Establishment/Investment | | Chongqing Beixin Yuchang Expressway Construction Co, Ltd | 1,744,240,000.00 | Chongqing | Highway Management | 100.00% | Business combination under common control | | Xinjiang Production and Construction Corps Transportation Construction Co, Ltd | 200,283,700.00 | Shihezi, Xinjiang | Construction | 91.84% | Business combination not under common control | Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding | Profit/Loss Attributable to Minority (Yuan) | Dividends Distributed to Minority (Yuan) | Minority Equity Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Fujian Shunshao Expressway Development Co, Ltd | 49.00% | 7,874,937.48 | 0 | 1,024,513,922.30 | | Xinjiang Beixin Investment & Construction Co, Ltd | 35.35% | 1,329,935.27 | 0 | 751,182,638.29 | | Xinjiang Dingyuan Financial Leasing Co, Ltd | 0.80% | 90,535.48 | 0 | 7,879,763.75 | Significant Associate Companies | Associate/Joint Venture Name | Main Place of Business | Business Nature | Shareholding (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | | Yunnan Changlong Expressway Co, Ltd | Kunming, Yunnan | Highway Management; Construction; Catering; Engineering Design; Engineering Survey | 34.00% | Equity Method | | Henan Yubo Railway Development Co, Ltd | Xuchang, Henan | Railway Transport, Railway Services, Equipment Sales | 5.33% | Equity Method | | Xinjian Hongman Fund Management (Beijing) Co, Ltd | Fangshan, Beijing | Highway Management; Constructio

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