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Stockcode:600415Stockshortname:小商品城
ZhejiangChinaCommoditiesCityGroup
Co.,Ltd.Semi-annualReportfor2025
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ImportantStatements
I.TheBoardofDirectors,thesupervisorycommitteeandthedirectors,supervisorsandseniormanagementoftheCompanyherebywarrantthetruthfulness,accuracyandcompletenessofthecontentsofthesemi-annualreport,guaranteethattherearenofalserepresentations,misleadingstatementsormaterialomissionscontainedinthissemi-annualreport,andarejointlyandseverallyresponsiblefortheliabilitiesoftheCompany.II.AlldirectorsoftheCompanywerepresentattheboardmeeting.III.Thissemi-annualreporthasnotbeenaudited.IV.CHENDezhan,HeadoftheCompany,BAOHua,Principalinchargeofaccounting,andZHAODifang,Headoftheaccountingdepartment(AccountingManager),declarethattheywarrantthetruthfulness,accuracyandcompletenessofthefinancialreportinthesemi-annualreport.V.TheprofitdistributionplanforthereportingperiodortheplanforpublicreservefundsintosharecapitalthatwasapprovedbytheboardofdirectorsNoVI.Riskstatementwithforward-lookingrepresentations
√Applicable□NotapplicableTheforward-lookingrepresentationsinvolvedinthisReportsuchasfutureplansanddevelopmentstrategiesdonotconstitutetheCompany’ssubstantialcommitmentstoinvestors.Investorsshouldpayattentiontoinvestmentrisks.VII.IstheCompany’scashoccupiedbyitscontrollingshareholderoranyofotheraffiliatesfornon-operationalpurposes?NoVIII.HastheCompanyprovidedexternalguaranteeinviolationoftheprescribeddecision-makingprocedures?NoIX.Whetherthereiscircumstancethatmorethanhalfofthedirectorscannotguaranteetheauthenticity,accuracyandcompletenessofthesemi-annualreportdisclosedbytheCompanyNo
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X.Reminderofmajorrisks
Duringthereportingperiod,theCompanydidnothaveanysignificantrisksthatwouldaffectitscontinuedoperations.TheCompanyhasprovidedadetaileddescriptionofthepotentialrisksitmayfaceinthe"PotentialRisks"partinSectionIII"DiscussionandAnalysisofManagers"ofthisreport.XI.Other
□Applicable√Notapplicable
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TableofContents
SECTIONI.DEFINITIONS.............................................................................................................5
SECTIONII.COMPANYPROFILEANDFINANCIALHIGHLIGHTS....................................6
SECTIONIII.DISCUSSIONANDANALYSISOFMANAGERS..............................................9
SECTIONIV.CORPORATEGOVERNANCE,ENVIRONMENTANDSOCIETY................35
SECTIONV.SIGNIFICANTMATTERS......................................................................................45
SECTIONVI.CHANGESINSHARESANDSHAREHOLDERS............................................55
SECTIONVII.BONDS......................................................................................................................60
SECTIONVIII.FINANCIALREPORT.............................................................................................67
| DocumentsforInspection | AccountingstatementswiththesignaturesandstampsofheadoftheCompany,principalinchargeofaccounting,andheadoftheaccountingdepartment(AccountingManager). |
| Theoriginalsofallcompanydocumentsandannouncementspubliclydisclosedduringthereportingperiod |
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SectionI.DefinitionsForthepurposeofthisReport,unlessotherwisestatedinthecontext,thefollowingtermsshallhavethefollowingmeanings:
| Definitions | ||
| MDG | means | YiwuMarketDevelopmentGroupCo.,Ltd. |
| CCCH | means | YiwuChinaCommoditiesCityHoldingsGroupCo.,Ltd.(formerlyknownas"YiwuChinaCommoditiesCityHoldingsLimited") |
| ZhijieYuangang | means | ZhejiangZhijieYuangangInternationalSupplyChainTechnologyCo.,Ltd. |
| CCCP | means | YiwuChinaCommoditiesCityPropertyDevelopmentCo.,Ltd. |
| CCCPropertyService | means | YiwuChinaCommoditiesCityPropertyServiceCo.,Ltd. |
| CCCF | means | YiwuChinaCommoditiesCityFinancialHoldingsCo.,Ltd. |
| CCCCredit | means | YiwuChinaCommoditiesCityCreditInvestigationCo.,Ltd. |
| YiwuShanglv | means | YiwuShanglvInvestmentDevelopmentCo.,Ltd. |
| ChouzhouFinancialLease | means | ZhejiangChouzhouFinancialLeaseCo.,Ltd. |
| ShangboYungu | means | YiwuShangboYunguEnterpriseManagementCo.,Ltd. |
| Kuaijietong,YiwuPay | means | KuaijietongPaymentServiceCo.,Ltd.anditspaymentbrand |
| TheCompany,theListedCompany,theGroup,theGroupCompany | means | ZhejiangChinaCommoditiesCityGroupCo.,Ltd. |
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SectionII.CompanyProfileandFinancialHighlightsI.Companyprofile
| Chinesename | 浙江中国小商品城集团股份有限公司 |
| Chineseshortname | 小商品城 |
| Englishname | ZhejiangChinaCommoditiesCityGroupCo.,Ltd. |
| Englishshortname | YIWUCCC |
| Legalrepresentative | CHENDezhan |
II.Contactinformation
| BoardSecretary | SecuritiesAffairsRepresentative | |
| Name | XUHang | HEZhichao |
| Address | YIWUCCCGroupBuilding,No.567YinhaiRoad,YiwuCity | YIWUCCCGroupBuilding,No.567YinhaiRoad,YiwuCity |
| Telephone | 0579-85182812 | 0579-85182812 |
| Fax | 0579-85197755 | 0579-85197755 |
| Hxu@cccgroup.com.cn | hezhichao@chinagoods.com |
III.Introductiontochangesinbasicinformation
| Registeredaddress | 567YinhaiRoad,FutianSub-district,YiwuCity,JinhuaCity,ZhejiangProvince |
| HistoricalchangesintheregisteredaddressoftheCompany | Theregisteredaddressatthetimeofcompanyestablishmentwas"No.51,HuangyuanRoad,YiwuCity";inMay1997,itwaschangedto"No.158,BinwangRoad,YiwuCity,ZhejiangProvince";inMay2006,itwaschangedto"HaiyangBusinessBuilding,No.105FutianRoad,YiwuCity,ZhejiangProvince";inJanuary2024,itwaschangedtothecurrentregisteredaddress. |
| Officeaddress | YIWUCCCGroupBuilding,No.567YinhaiRoad,YiwuCity |
| Postalcodeattheofficeaddress | 322000 |
| Corporatewebsite | www.cccgroup.com.cn |
| 600415@cccgroup.com.cn |
IV.Changesininformationdisclosureandfilingplace
| NewspaperselectedbytheCompanyforinformationdisclosure | ChinaSecuritiesJournal,ShanghaiSecuritiesNewsandSecuritiesTimes |
| WebsiteforpublishingtheSemi-annualReport | www.sse.com.cn |
| PlaceforaccesstotheCompany’sSemi-annualReport | SecuritiesDepartmentoftheCompany |
V.Stockprofile
| Typeofstock | Exchange | Stockshortname | Stockcode | Stockshortnamebeforechange |
| Ashare | ShanghaiStockExchange | 小商品城 | 600415 | No |
VI.Otherrelevantinformation
□Applicable√Notapplicable
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VII.MainaccountingdataandfinancialindicatorsoftheCompany(i)Majoraccountingdata
Unit:RMB
| Majoraccountingdata | Jan-Jun2025 | Jan-Jun2024 | YoYchange(%) |
| Operatingrevenue | 7,712,799,130.26 | 6,765,934,137.13 | 13.99 |
| Profitsbeforetax | 2,147,733,764.28 | 1,909,970,844.86 | 12.45 |
| NetprofitsattributabletoshareholdersoftheListedCompany | 1,690,936,276.69 | 1,447,982,745.49 | 16.78 |
| NetprofitsattributabletoshareholdersoftheListedCompanywithnon-recurringitemsexcluded | 1,668,174,321.71 | 1,418,908,469.37 | 17.57 |
| Netcashflowfromoperatingactivities | 1,382,854,487.47 | 114,363,500.83 | 1,109.17 |
| Jun30,2025 | Dec31,2024 | ChangeofJun30,2025overDec31,2024(%) | |
| NetassetsattributabletoshareholdersoftheListedCompany | 20,392,797,580.05 | 20,503,756,457.46 | -0.54 |
| Totalassets | 38,384,113,264.93 | 39,168,460,647.21 | -2.00 |
(ii)Majorfinancialindicators
| Majorfinancialindicators | Jan-Jun2025 | Jan-Jun2024 | YoYchange(%) |
| BasicEPS(RMB) | 0.31 | 0.27 | 14.81 |
| DilutedEPS(RMB) | 0.31 | 0.27 | 14.81 |
| BasicEPSafterdeductingnon-recurringgainsandlosses(RMB/share) | 0.30 | 0.26 | 15.38 |
| WeightedaverageROE(%) | 8.03 | 7.86 | Up0.17ppt |
| WeightedaverageROEafterdeductingnon-recurringgainsandlosses(%) | 7.92 | 7.70 | Up0.22ppt |
Illustrationonmajoraccountingdataandfinancialindicators
√Applicable□Notapplicable
1.TheoperatingrevenueincreasedbyRMB947millionYoY,mainlyduetothegrowthoftradeservicesandcommoditysales,whichincreasedbyRMB160millionandRMB638millionrespectively,withgrowthratesof43.16%and16.38%.
2.ThenetprofitattributabletoshareholdersoftheListedCompanyincreasedbyRMB243millionYoY,mainlyduetothecontinuousimprovementofprofitsofmarketoperationandtradefulfillmentservice.
3.ThenetcashflowgeneratedfromoperatingactivitiesincreasedbyRMB1.268billionYoY,mainlyduetoaYoYincreaseofRMB1.592billioninnetcashreceivedfromsalesofgoodsandprovisionofservices,mainlyattributabletopre-openingrentprepaidbythefashion&jewelrytenantsattheYiwuGlobalDigitalTradeCenter(MarketDivision),partiallyoffsetbyaYoYincreaseofRMB410millionintaxespaid.
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VIII.DifferencesinaccountingdatabetweenforeignandChineseaccountingstandards
□Applicable√NotapplicableIX.Non-recurringitemsandamountsthereof
√Applicable□Notapplicable
Unit:RMB
| Non-recurringitems | Amount | Remark(ifapplicable) |
| Non-currentassetdisposalgainsandlosses,includingtheoffsettingportionoftheprovisionforimpairmentofassets | -8,650.50 | |
| Governmentgrantsthatarerecognizedinthecurrentprofitorloss,excludingthegovernmentgrantsthatarecloselyrelatedtothenormaloperationoftheCompanyandprovidedinafixedamountorquantityandthathaveacontinuousimpactontheCompany'sgainsandlossesaccordingtothenationalpolicesandcertainstandards | 4,576,144.57 | |
| ExceptforeffectivehedgingbusinessrelatedtothenormaloperationoftheCompany,thefairvaluegainsandlossesarisingfromtheholdingoffinancialassetsandfinancialliabilitiesbynon-financialenterprises,aswellasthegainsandlossesarisingfromthedisposaloffinancialassetsandfinancialliabilities | 3,180,153.81 | Duetogainsandlossesarisingfromthedisposalofheld-for-salefinancialassetsandgainsandlossesfromchangesinfairvalueheld |
| Cashoccupationfeeschargedfromnon-financialenterprisesthatarerecognizedinthecurrentprofitorloss | 12,661,713.00 | |
| Profitsandlossesarisingfromexternalentrustedloans | 1,249,433.96 | |
| Netincomefromothernon-operatingactivities | 4,955,032.02 | |
| Less:effectofincometax | 3,271,636.91 | |
| Effectofminorityinterest(after-tax) | 580,234.97 | |
| Total | 22,761,954.98 |
ForcompaniesthatrecognizeitemsnotlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureofCompaniesIssuingSecuritiestothePublic-NonrecurringProfitandLossasnonrecurringprofitandlossitemswithsignificantamounts,andforcompaniesthatdefinenonrecurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureofCompaniesIssuingSecuritiestothePublic-NonrecurringProfitandLossitemsasrecurringprofitandlossitems,thereasonsshouldbeexplained.
□Applicable√NotapplicableX.Companieswithequityincentivesandemployeestockownershipplansmaychoosetodisclosetheirnetprofitafterdeductingtheimpactofshare-basedpayments
√Applicable□Notapplicable
Unit:RMB
| Majoraccountingdata | Jan-Jun2025 | Jan-Jun2025 | YoYchange(%) |
| Netprofitafterdeductingtheimpactofshare-basedpayments | 1,697,367,222.42 | 1,454,176,148.81 | 16.72 |
XI.Other
□Applicable√Notapplicable
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SectionIII.DiscussionandAnalysisofManagersI.DescriptionoftheindustryandtheCompany’smainbusinessduringthereportingperiod
(i)IndustrysituationoftheCompanyAccordingtothedefinitionsintheGuidelinesforIndustryClassificationofListedCompanies(revisedin2012)releasedbytheCSRC,theCompanyisengagedin“BusinessService”(L72)in“LeaseandBusinessService”(L).
Asagloballyrenownedsmallcommoditytradingcenter,YiwuInternationalTradeCityhasmaintainedaleadingpositioninthecomprehensivemarketinChinaformanyyearsduetoitshugemarkettransactionvolumeandwidevarietyofgoods.TheYiwumarkethasnotonlyformedastrongindustrialclustersupportinthefieldofsmallcommoditycirculation,butalsodriventhedevelopmentof2.1millionsmallandmedium-sizedenterprisesandemploymentof32millionindustrialworkersthroughitsinfluencein233countriesandregionsworldwide.
ThesignificantcharacteristicsoftheYiwumarketcanbesummarizedfromthefollowingaspects:
1.Activemarketentities:YiwumarketisanimportantwindowforChina'sforeigntrade.Itnotonlydrivesthedevelopmentofmorethan20industrialclustersand2.1millionsmallandmedium-sizedenterprisesacrossChina,butalsoattractsover20,000residentforeignmerchantsandmorethan10,000foreignentities,makingYiwuanimportantgatheringplaceforglobalmerchantsandknownasthe"WorldSupermarket".Atpresent,thereareover200,000marketpractitioners,75,000operatingshops,andatotalofover1.2millionmarketentities.
2.Awiderangeofgoods:Astheworld'slargestsmallcommoditydistributioncenter,Yiwumarketgathers26majorcategoriesand2.1milliontypesofproducts,formingan"oceanofsmallcommoditiesandparadiseforshoppers".TheYiwumarketlaunchestensofthousandsofnewproductsdaily,exportingnotonlysmallcommoditiesbutalsotheirquality,brands,andstandardsworldwide.Ithasemergedasaflagshiphubfor“ChinaChicTrend”anda“SourceforHitProducts.”
3.Innovativebusinessscenarios:Yiwumarketisanimportantbirthplaceofinnovativetradebusinessscenarios.Thepioneeringmarketprocurementtrademethod(customssupervisioncode:1039)hasdrivena6.6-foldincreaseinYiwu'sforeigntradeexportsinthepastdecade,andhasbeenpromotedto39pilotunitsacrossChina.Newbusinessformssuchasimporttransshipment,internetcelebritylivestreaming,andcross-bordere-commerceareconstantlyemerging,formingane-commerceecosystemforthefullindustrychain.TheintegrationanddevelopmentoftherealeconomyanddigitaleconomyhaveenabledYiwutocontinuetoleadthenewtrendofglobaltrade.
4.High-qualitytradeecology:Yiwumarketisthepreferredplaceformerchantsandenterprisestoengageinsmallcommoditytrade.Sincethepilotprogramofcomprehensivereformininternationaltrade,Yiwuhasformedmultiplenational-levelopenplatforms,including
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theFreeTradeZone,ComprehensiveBondedArea,Cross-borderE-commerceComprehensivePilotArea,andImportTradePromotionInnovationDemonstrationArea.InDecember2024,Yiwuwasapprovedforanewroundofpilotreformsininternationaltrade.Thelogisticsnetworkhascoveredover1,500countiesandcitiesacrossChinaandover700hubcitiesworldwide.Government,business,andlifeservicesareinlinewithinternationalstandards,providingcomprehensive"customs,taxation,currencyexchange,transportation,warehousingandfinancing"services,withcontinuouslyoptimizedthebusinessenvironment.TheYiwumarket,asakeyplatformconnectingdomesticandinternationaltradesupplychains,occupiesacorepositionintheglobalsmallcommoditysupplychainandplaysacrucialroleinpromotinginternalcirculation,enhancingexternalcirculation,andservingthenewdevelopmentpatternof"dualcirculation".Asaleaderanddemonstrationsiteinthenationalmarketprocurementandtrademode,Yiwuhasmaintainedhigh-speedgrowthformanyyears,effectivelystimulatingthevitalityofmarketentitiesandfurtherimprovingtheleveloftradefacilitation.Inthefirsthalfof2025,thetotalimportandexportvalueofYiwuCityreachedRMB405.83billion,aYoYincreaseof25.0%;Amongthem,exportsamountedtoRMB358.63billion,aYoYincreaseof24.6%,withacontributionrateof41%toZhejiangProvince'sincrementalgrowth;ImportsamountedtoRMB47.2billion,aYoYincreaseof28.3%.Theimport-export,export,andimportvaluesaccountedfor14.9%,17.3%,and7.2%oftheprovince’stotalrespectively,representingincreasesof2.2,2.2,and1.6percentagepointsintheirrespectiveshares.Yiwu'simportscontinuedtogrowwithanongoingoptimizationofproductstructure.FromJanuarytoJune,YiwuimportedconsumergoodsworthRMB25.93billion,anincreaseof17.9%,accountingfor54.9%ofthecity'stotalimportvalue.Amongthem,importsofbeautycosmeticsandhygieneproductsreachedRMB4.51billion,up7.5%,whileimportsofmachineryandelectricalproductsreachedRMB2.5billion,surging57.9%.Yiwucontinuouslygathersnewmomentuminforeigntradebyexploringemergingmarkets,buildinghigh-levelopenplatforms,andcultivatingandstrengtheningadvantageousindustries.Fromtheperspectiveoftraderegions,fromJanuarytoJune,YiwuCity'simportsandexportswithAfrica,LatinAmerica,ASEAN,andtheEuropeanUnionwereRMB71.95billion,RMB
62.17billion,RMB47.53billion,andRMB40.29billion,respectively,up24.4%,15.2%,43.7%,and21.3%YoY,respectively.RMB273.82billionintotalimportandexportvolumewasrecordedwithcountriesjointlybuildingtheBeltandRoadInitiative(BRI),reflectinga26.9%increaseandaccountingfor67.5%ofYiwu’stotaltradeduringthesameperiod.
Thisyear,bolsteredbythecomprehensivereformofinternationaltrade,Yiwuhasinnovatedmeasuressuchas"marketprocurement+consolidatedshipping"and"cross-bordere-commerce+industrialclusters."ExportsthroughthemarketprocurementtrademodelreachedRMB298.4billion,ayear-on-yearincreaseof28.2%,accountingfor83.2%ofYiwu'stotalexportvalue,withacontributionrateof92.6%tothecity'sexports.
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TheCompanyintegratesmarketresourcesthroughdigitalmeans,connectsvariouslinksinthesupplychain,improvestheefficiencyofcommoditycirculation,andpromotestheiterativeupgradeofmarketprocurementtrademethodtoVersion2.0.MarketprocurementtrademethodhasbecomethemainforcedrivingthegrowthofYiwu'sexports.Inregionaltrade,SoutheastAsia,theMiddleEast,andLatinAmericacontinuetoholdahighmarketshareintradewithYiwu,whiletradewithAfricaandASEANisgrowingrapidly.Countriesalongthe"BeltandRoad"andinthe"RCEP"regionarecontinuouslybringingnewopportunitiestotheYiwumarket,andtheCompany'sYiwuMarketprojecthasbecomeanewhighlightoftheYiwumarket.
TheprosperousdevelopmentofYiwumarketnotonlydemonstratesthevitalityandresilienceoftheeconomy,butalsoreflectstheinnovationandtransformationofmarketentities.Relyingontheuniqueadvantageofbeingtheworld'slargestcommoditydistributioncenter,theCompanycollaborateswithYiwuCultureandTourismBureautoinnovateandbuildadualwheeldrivenecosystemof"commerceandtrade+cultureandtourism",promoting"procurement-basedtourism"asanewdrivingforceforregionalconsumption.Therefore,newsaleformatssuchas"walkinglive-streaming"haveemerged.Throughtheluggageoftravelersandthelensesofbloggersandstreamers,“shoppingtourism”hastranscendedmereshopping.Itnowdeliversdeeperculturalandexperientialsignificance.Leveragingthistourismmodel,aculturalandtourismintegratedexperiencescenewherevisitorscanperceive,participatein,andshophasbeencreatedwithinthisvastmarketplace,hometo2.1millionSKUsofsmallcommodities,allowingvisitorstoimmersethemselvesfully.
Thankstofavorablepoliciessuchasthe"240-hourvisa-freetransit"andmeasureslike"immediatetaxrefunduponpurchase"fordepartingtourists,anincreasingnumberofinternationalvisitorsarelistingYiwuasacoredestinationfor"Chinatravel."AfterenteringChina,theymadeaspecialtriptoYiwutoenjoyone-stopprocurementservices.Accordingtostatistics,fromJanuarytoJune,Yiwureceivedatotalof299,000inboundforeignbusinesstravelers,representingaYoYincreaseof19.6%.Basedon"shopping+food",theCompanyhasjointlycreatedthehitculturaltourismIP,"SoMuchtoExploreinYiwu",andthepopularityof"tastingglobalfood,buyingglobalgoods,andmakingglobalfriends"continuestoincrease.Duringthisyear'sMayDayholiday,thecityreceivedatotalof2.776milliontourists,up29.99%YoY,achievingacomprehensivetourismrevenueofoverRMB1.1billion.
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(ii)BusinesssituationoftheCompany
1.MainbusinessesoftheCompanyTheCompanyiscommittedtobuildingasharedtradeserviceplatformforsmallandmedium-sizedenterprisesinChina,withastrategicpositioningofa"FamousTradeServicePlatform",continuouslyenrichingandimprovingthethreemajorecosystems:commoditydisplayandtradingecosystem,supportingservicesecosystem,andtradeservicesecosystem,inordertoreducetradecosts,shortentradechains,improvetradeefficiency,continuouslycreatevalueforthecirculationofsmallcommodities,strengthenandconsolidatetheadvantageouspositionofChina'sdailyconsumergoodssupplychaininglobaltrade,andservethenewdevelopmentpatternofdomestic-internationaldualcirculation.
Thecommoditydisplayandtradingecosystemincludeson-sitemarketoperationandself-operatedtradeproductsales,supportingserviceecosystemincludesexhibitionandhotelsectors,andtradeserviceecosystemincludesChinagoodsonlineserviceplatform,warehousinglogisticsandpayment,creditreporting,factoringandotherbusinesses.
2.MainbusinessmodeloftheCompany
(1)Productdisplayandtradingecosystem
1)Marketoperation
ThemarketoperationbusinessismainlyoperatedandmanagedbythesubordinatemarketoperationcompaniesoftheCompany.Themarketoperationsegment’sprimaryrevenuecomesfromshoprentalfeesandoperationalservicefees.TheCompanyadoptsashoprentalmodel,whereownershipoftheshopsremainswiththeCompany,whilemerchantsonlyholdtherighttousetheshopsduringthecontractperiod.TheCompanyandmarkettraderssignacontracttoclearlystipulatetheuseperiod,usagefeeandbusinesspurposeoftheshops.Themerchantshallnotchangetheagreedbusinesspurpose,andshallnotsubletwithouttheCompany’sconsent.Thepaymentfortheusagefeeshallbemadeannuallyorbienniallyasstipulatedinthecontract.TheCompanycurrentlyoperatesadiverserangeofmarkets,whichencompasstheFirsttoFifthDistrictMarkets,theFirstDistrictEastExpansionMarket,theSecondDistrictEastMarketwithintheInternationalTradeCity,inadditiontotheHuangyuanMarketandtheInternationalProductionGoodsMarket.
2)Self-operatedtrade
ICMALListheinitialsofinternationalcommoditymall,whichisasubsidiaryofthewell-knownChinesetrademark"YiwuChinaSmallCommoditiesCity"."爱喜猫"istheChinesetransliterationofICMALL.Withthebrandvisionof"discoveringthebestproductsintheworld",ICMALLcombinesover20,000high-qualityproductsfromimportedgoodsandtrendydomesticproducts,coveringsixcategories:homelife,beautyandskincare,motherandbabyproducts,snacksandbeverages,entertainmentandculturalcreativity,andtoydigital.ICMALLstrivestocreateasupersupplychainchannelbrandinnewfashion,newconsumption,andnewexperienceapplicationscenarios.
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TheCompanyenterstheupstreamanddownstreamofmarkettradethroughself-operatedtrade,fullyleveragingitsplatformandbrandadvantages,linkingtradewiththemarketandnurturingthemarket,andformingavirtuousandorderlycycle.
(2)Supportingserviceecology
1)Exhibition
TheCompany'sexhibitionsectorhasdevelopedintoaprofessionalexhibitionenterprisewithone-stopservicethatintegratesdomesticexhibitionorganization,overseasexhibition,exhibitionhallmanagement,andexhibitionsupportingservices.Theexhibitionbusinessmainlyundertakesself-operatedexhibitionprojectsbothinChina(ChinaYiwuInternationalCommoditiesFair(UFI),ChinaYiwuImportedCommoditiesFair(UFI),ChinaYiwuInternationalForestProductsFair(UFI),etc.)andoverseas(KoreanImportGoodsExhibition,ChinaConsumerGoods(Russia)BrandExhibition,Benin(WestAfrica)ChinaCommoditiesExhibition,etc.),andalsoengagesinexhibitionhalloperation,development,leasingandotherexhibitionindustrychainservices.ItalsoundertakestheoperationandmanagementoftheYiwuInternationalExpoCenter.
2)Hotel
ThehotelservicebusinessismainlyoperatedandmanagedbytheCompany'ssubsidiaryZhejiangYandooHotelManagementCompany.Therearecurrently7star-ratedhotels,1high-endhomestay,andtwocateringbrands,FingertipCanteenandYandooCafe.TheCompany'shotelsmainlyprovidecomprehensiveservicessuchasaccommodation,catering,leisureandentertainment,andconferences.Thehotel'smainrevenueincludesroomsales,cateringsales,commoditysales,andvenueleasing.Salesofguestroomsandcateringmainlyrelyonchannelssuchasclientsagreements,conferences,weddingbanquetsandrecommendationbyoperatorsofonlinebookingplatforms.
(3)Tradeserviceecology
1)Onlineserviceplatform
TheChinagoodsplatformoftheCompanyisaB2BdigitaltradecomprehensiveserviceplatformthatreliesontheCompany's75,000physicalshopsinthemarket,serving2.1millionsmallandmedium-sizedenterprisesintheupstreamanddownstreamoftheindustrialchain.Itisdrivenbytradedataintegrationandconnectswiththeneedsofbothsupplyanddemandsides.Thecurrentrevenuemodeloftheplatformistocollectservicefeesbyprovidingbasicservicesandvalue-addedservicesformembers,digitaladvertisingbusinessservices,digitalservicesforfinancialinstitutions,andfourth-partyservices.
2)Warehousingandlogistics
TheCompany'swarehousingsectorisledbywarehousing,strengtheningtheservicecapacityofYiwufreightwarehouses,regionalwarehouses,andoverseaswarehouses,anddeeplyenteringvariouslinksofthetradechain.TheCompanycurrentlyhasfourparks:
ChinagoodsSharedCloudWarehouse,InternationalDigitalLogisticsMarket,HuanqiuYida
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SupplyChainIndustrialPark,andCross-BorderE-CommerceLogisticsPark.ChinagoodsSharedCloudWarehouseismarket-orientedandusesdigitalmeanstoformafullyvisiblewarehousesystem.Itcombinespublicwarehouses,expresspackagedistribution,andinternationalconsolidationtoprovideconvenientwarehousingservicesformarketoperators,domesticandforeignbuyers,logisticsandexpressdeliverycompanies,aswellasfreightforwardersandforeigntradecompanies.InternationalDigitalLogisticsMarketandHuanqiuYidaSupplyChainIndustrialParkarebasedonwarehousingsystems,providingefficient,convenient,andthree-dimensionalwarehousingservicesystemsformarketoperators.
3)Payment,creditreporting,factoringandotherbusinessesTheCompany's"YiwuPay"isalicensedthird-partypaymentinstitutionsupervisedbythePeople'sBankofChina,providingconvenientandsecureelectronicpaymentsolutionsformerchantsthroughinternetpaymenttechnology.YiwuPaywasestablishedin2012.Withitsprofessionalglobalpaymentservicecapabilities,financialcompliancecapabilities,andsecurityriskcontrolcapabilities,YiwuPayprovidesaone-stopcross-borderpaymentsolutionfordomesticandforeigncustomers,enablingthemtoreceivepaymentsincompliance,settleforeignexchangeeasily,improvefundutilizationefficiency,andensuresafereceiptoffunds.TheCompany’sbusinesscoversvariousscenariossuchasonlineandon-siteB2Bpayments,cross-borderpayments,etc.Domesticpaymentbusiness:Asalicensedpaymentinstitution,YiwuPaylinksmajordomesticbankinginstitutionsthroughclearingorganizationssuchasUnionPayandNetsUnionClearingCorporation,providingmerchantswithcollectionservicessuchasbankcardfastpayment,QRcodescanningpayment,walletpayment,ande-CNYpayment,andobtainspaymentfee.Cross-borderpaymentbusiness:YiwuPayprovidesone-stopcross-borderfundservicessuchasglobalcollectionandpayment,foreignexchangemanagement,etc.forimportandexportenterprises,andobtainscross-borderpaymentfee.Paymentservicebusiness:YiwuPaycollaborateswithCCCCredit,banksandotherinstitutionstoprovidemerchantswithafinancingcreditmodelbasedonpaymentdataastheunderlyinglayer,andCCCCredituniformlyencapsulatesandoutputsittofinancialinstitutionssuchasbanks,providingfinancingservicesandobtainscorrespondingservicefees.
CCCCreditwasestablishedinJuly2014,collaboratingwithgovernmentdepartmentstopromotetheconstructionofthecity'ssocialcreditsystem.Ithasestablishedadatasystemcenteredonpublicdata,commercialdata,ande-commercedata.Byconstructingpreciseenterpriseportraits,itprovidestechnicalsupportincreditverification,jointrewardsandpunishments,inclusivefinance,andotherfieldsofgovernmentandfinancialinstitutions,andempowerstradeecologicalvaluewithdataelements.Currently,itcovers1.08millionlegalentities,withatotalofover164millionpiecesofdata.Throughanenterprisecreditinformationinquiryplatform,CCCCreditprovidesfinancialinstitutionswithenterprisecreditinformationqueryservicesandsupportsdatamanagementforbanks'inclusivefinanceinitiatives.Currently,ithasprovidedcreditlinesforover50,000entities,withatotalcreditamountexceedingRMB
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14.48billion.CCCCreditchargesservicefeesthroughtechnologydevelopment,systeminterfacedocking,anddatasupportbasedoninclusivefinanceforbankingandinsuranceinstitutions.EstablishedinJanuary2022,ZhejiangChinaCommoditiesCityGroupCommercialFactoringCo.,Ltd.isalocalfinancialinstitutionapprovedbytheZhejiangProvincialLocalFinancialRegulatoryAdministration.Itprimarilyengagesintradefinanceactivitiesbyfactoringaccountsreceivable,includingsettlement,management,andcollectionofaccountsreceivable;clientcreditinvestigationandassessment;andnon-commercialbaddebtguarantees.ZhejiangChinaCommoditiesCityGroupCommercialFactoringCo.,Ltd.mainlyservesmerchantsattheYiwuInternationalTradeCity,withitsprimaryrevenuederivedfrominterestincomeonfactoringfinancingandservicefeeincome.Aftertheexpansionofbusinessscaleinthelaterstage,ChinaCommoditiesCityFactoringcancooperatewithbanksandotherfundingpartiestoobtainservicefees.Explanationofsignificantnon-corebusinessadditionsbytheCompanyduringthereportingperiod
□Applicable√NotapplicableII.Discussionandanalysisofoperatingstatus2025marksthefinalyearofChina’s14thFive-YearPlanandapivotalyearforYiwuCityasitdeepensitscomprehensiveinternationaltradereforms.Alignedwiththenewdevelopmentphase,theCompanyiscommittedtoitscoremissionof“pioneeringsystemicinnovationforChinaandforgingnewpathwaysforopeningup.”Byleveragingreformopportunitiesandharnessingthemomentumof“buildingnewmodelsandachievinggreaterglories,”itaimstoelevateitsbusinessdevelopmenttonewheights.
Duringthereportingperiod,facingmanychallengessuchasintensifiedglobaltradefrictions,disruptionsinthesupplychain,andincreasedexternaluncertainty,theCompanysteadfastlyassumedtheresponsibilityofstabilizingforeigntradeandexpandingmarkets,withstoodpressure,andforgedahead.Centeredonthestrategicgoalof"BecomingaFamousTradeServicePlatform,"theCompanyfocusesonfourcorestrategies:enhancingphysicalmarkets,upgradingtradeservices,buildingadigitalecosystem,anddeepeningglobalexpansion,continuingtoachievecomprehensiveimprovementsinoperatingscale,quality,profitability,andglobalbrandinfluence.Inthefirsthalfof2025,theCompanyachievedarevenueofRMB7.713billion,aYoYincreaseof13.99%;ThenetprofitattributabletoshareholdersoftheListedCompanyreachedRMB1.691billion,aYoYincreaseof16.78%.
(i)Theprosperousphysicalmarketdemonstratesrobustresilience,whiletheconstructionoftheGlobalDigitalTradeCenteraccelerateswithenhancedefficiency
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1.ThemarketcontinuestoprosperInthefirsthalfof2025,YiwuInternationalTradeCityreceivedanaverageofover230,000customersperday,includingover3,800foreignmerchantsperday.MajormarketindicatorssuchastrafficvolumeandYiwuIndexperformedwell,andtheoveralloperationalsituationwasstable.Inthefaceofthecurrentcomplexandvolatileinternationaltradeenvironment,Yiwumarket'sstrongdevelopmentresilienceandcompetitiveadvantageshavebecomeincreasinglyevident.
2.TheconstructionoftheGlobalDigitalTradeCenterwasacceleratedTheCompanyactivelyadaptstothedevelopmenttrendofnewtrademodelsandbusinessforms,andacceleratestheconstructionofanewgenerationofmarket,theGlobalDigitalTradeCenter,withdigitalizationasthecore.TheGlobalDigitalTradeCenterprojectintegratesfivefunctionalmodules:markets,commercialofficebuildings,adigitalcommandcenter,apartments,andcommercialdistricts.Itincorporatesdigitalinfrastructureandservices,integratingdesign,manufacturing,exhibition,trading,tradefulfillment,andupstream/downstreamlinksofthesmallcommodityindustrychaintojointlyformanewdigitaltradeecosystem.
Duringthereportingperiod,theconstructionoftheGlobalDigitalTradeCenterprogressedsteadily,withcriticalmilestonesconsistentlyachieved.Intermsofprojectimplementation,theconstructionofthemarketsectionhasbeensuccessfullycompleted,creatingfavorabletimingopportunitiesforsubsequentwork.Inshopleasing,marketenthusiasmcontinuestorise.Thefirstbatchof389fashionandjewelryshopsattractedover4,700enterprisestoactivelyapply,achievinga100%leasingcompletionratewithover70%ofnewentities;thesecondbatch,comprising1,308shopsforcreativetrendytoys,skincare,andmedicalbeautyproducts,combinedwiththefirstbatch,hasattractedmorethan24,000entitiestoapplyintotal.Thethirdbatchcoversindustriessuchasdronesandunmannedequipment,robotsandartificialintelligenceequipment,AR/VRequipment,andfashionclothingfabrics.RegistrationofficiallybeganonJuly23,andtheleasingcampaignforalltheindustriesisplannedtobecompletedbytheendofAugust.Intermsofplatformecosystemconstruction,theCompanyiscollaboratingwithleadingroboticsenterprisestoexploreinnovativeapplicationsofintelligentrobotsincommercialandtradescenarios;partneringwithTencentandBaidutodevelopanintegratedAInavigationandshoppingguidancesystemforbothon-siteandonlineenvironments;meanwhile,17globalleadinge-commerceplatformsincludingAmazon,TikTok,Shein,Temu,andWalmarthaveclearlyexpressedtheirintentiontoenterthemarket,makingtheagglomerationeffectoftheGlobalDigitalTradeCenterincreasinglyprominent.Indigitalinfrastructure,theCompanyhasformedastrategicpartnershipwithAlibabaCloudtojointlydevelopanAIlargemodeldedicatedtothesmallcommoditiestradesector,the"YW"largelanguagemodelincommerceandtrade,focusingonkeyfunctionalmodulessuchasdialogue,contentcreation,andtranslationbasedonforeigntradescenarios.Meanwhile,thecross-borderaccessinfrastructure
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networkequipmentsupportingglobalbusinessexpansionhasbeenfullyinstalledanddeployed,andtheframeworkofthedigitalinfrastructurehasbeeninitiallyestablished.
(Figure1.MerchantscollectbiddingdocumentsatthebiddingsiteoftheGlobalDigital
TradeCenter)(ii)Thefull-chainempowermentwithAIdeliversremarkableresults,whiletheopenecosystembuildsrobustmomentum
Duringthereportingperiod,thenumberofregisteredpurchasersontheChinagoodsplatformexceeded5.1million,coveringover200countriesandregions.TheCompanyleveragedAI-generatedcontent(AIGC)toempowersmallcommoditytradingapplications,coveringkeytradelinkssuchasproductdisplay,tradematching,andtrafficmarketing,helpingmerchantsreducecostsandincreaseefficiencywhilepromotingdeepintegrationoftraditionalmarketswithforeigntradeecosystems.
TheChinagoodsplatformhasconsistentlydeepeneditsAI-poweredcapabilities.SinceOctober2023,ithasintensivelylaunchedthe“XiaoshangAI”applicationseries,coveringdiversescenariosincludingvideotranslation,AItranslator,shopassistant,design,independentwebsite,digitalbusinesscards,andvideocreation.Cumulativeusageandvisitshavesurpassedthe1billionmark,demonstratingstronguserretentionandmarketrecognition.Amongthem,the"AItranslator"function,whichaccuratelyrespondstotheneedsofforeigntradeentities,has,throughcontinuousiterations,fullysupportedthetranslationof116languages,andintegratedAIsimultaneousinterpreting,voicetranslation,picturetranslation,texttranslation,documenttranslationandothercomprehensivecapabilities,becomingacoretooltohelpmerchantsseamlesslyconnecttotheglobalmarket.TheAI-drivenproductmatrix
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haseffectivelyenhancedtheplatform’svalue.Itsoperatingentity(theBigDataCompany)reportedH12025revenueofRMB257millionandnetprofitofRMB155million,aYoYincreaseof109.69%.
Chinagoodsplatformisactivelybuildinganopenandcollaborativedigitaltradeecosystem,extensivelyintegratingresourcesfrome-commerceplatforms,tradingentitiesandthird-partyserviceproviders.Throughmulti-dimensionalmodelsincludingplatformsettlement,businesscooperationandservicecollaboration,itcreatesdiversifiedonlinegrowthchannelsformerchantsinYiwumarket.TheCompanyhaspartneredwiththeXiaohongshuplatformtolaunchaninnovativecooperationprojectandestablisheda"MerchantGrowthCommunityClub"intheFirstDistrictofYiwuInternationalTradeCity,accuratelyempoweringthefirstbatchof100marketmerchantstoefficientlysettlein.Thisprojecthascreatedanewonlinetrafficacquisitionchannelthrougha"contentseeding-commercialconversion"closedloop,significantlyincreasingtheaveragedailycustomerinquiryvolumeformerchantsinsectorssuchasthetrendytoyindustry,becominganinnovativemodelfortheintegrationoftheplatformeconomyandtherealeconomy.OnMay20,2025,theChinagoodsplatformlauncheditsweek-long“GlobalDigitalTradeCenterE-CommerceLeasingCampaign,”attractingparticipationfrom17internationallyrenownede-commerceplatformsincludingAmazonandTikTok.Theeventfeatured14intensiveplatformengagementactivities,generatingextensivecoveragefromover160majormediaoutletssuchasXinhuaNewsAgency,GlobalTimes,andZhejiangDaily.Thecampaign’sdigitalcontentachievedover100millioncumulativeviewsonline,significantlyboostingtheglobalappealandinfluenceofYiwu’se-commerceecosystem.
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(Figure2.LaunchCeremonyofSandboxTestingforthe"YW"LargeLanguageModelin
CommerceandTrade)(iii)Exhibitioninnovationachievesdualgrowthinscaleandquality,whilehotelupgradesenablesynergisticecosystemempowerment
1.ExhibitionbusinessDuringthereportingperiod,CCCExhibitioncontinuedtodeepenitsbusinessphilosophyof"two-wayempowermentandintegratedexhibition",strengthenthelinkageofdomesticandforeignresourcesanddigitaloperationcapabilities,andsteadilyimprovethescaleandqualityofexhibitions.FromJanuarytoJune2025,YiwuChinaCommoditiesCityExhibitionCo.,Ltd.(hereafterreferredtoas"CCCExhibition")achievedarevenueofRMB75.9211millionandanetprofitofRMB16.9504million;Atotalof34domesticexhibitionsandeventswereheld(including8newcultivationprojects),withatotalexhibitionareaof605,400squaremeters,attractingover993,800purchasersandanintendedtransactionvolumeexceedingRMB9.567billion.Innovativebusinesshighlightsshinethrough:EmergingexhibitionssuchastheChinaYiwuInternationalDailyConsumerGoodsInnovationFair(DailyConsumerGoodsFair)featuredover800boothscovering15,000squaremeters,attractingnearly30,000purchasersandgeneratingintendedtransactionvalueofRMB337million.Meanwhile,theYiwuInternationalDoorIndustryFair(DoorFair)spanned10,000squaremeters,gatheringmorethan300enterprisesandwelcomingcloseto25,000purchasers,withintendedtransactionsreachingRMB130million.TheCompany’sculturalandcreativebusinessisthriving.Leveragingitsmarket-drivenR&Dstrengths,ithasprovideddesignservicesforclientssuchas
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JinchuanGroup,LishuiShanfeng,andYiwuMuseum,successfullylaunchingover40culturallyintegratedproducts.TheCompanyhasalsoreachedcooperationagreementswithShaanxiHistoryMuseum,GansuWuweiCulturalTourismGroup,andJingdezhenCulturalandCreativeIndustryBase,andisactivelyadvancingproductselectionanddesign.Theseeffortscontinuetoexpanditsbusinessfootprintandstrengthenitscompetitiveedgeinthemarket.InApril2025,CCCExhibitionsuccessfullyenteredtheInnovationTieroftheNationalEquitiesExchangeandQuotations(NEEQ),markinganewlevelofenterprisedevelopmentandprovidingstrongimpetusforsustainedhigh-qualitydevelopmentinthefuture.
2.HotelbusinessDuringthereportingperiod,theCompany'shotelsectorfocusedon"platformempowerment,ecologicalcollaboration,andbrandupgrading"asitsbusinesscore,achievingarevenueofRMB234million(includingentrustedhotels)inthefirsthalfof2025.Theconstructionofthememberecosystemhasachievedsignificantresults,upgradingthe"YandooCircle"memberplatformanddrivingaYoYgrowthof23%inmemberchannels;CollaboratingwithChinagoods,innovativelycreatingathree-levelintegratedsystemof"merchants,purchasers,andGroupVIP",andaccumulatingover5,000highnetworthmembers;Thesmartcateringecosystemcontinuestodevelop,andthe"FingertipCanteen"brandhasbeenwidelyrecognizedamongthemerchantcommunity.Onlineconsumptionaccountsfor55.41%,andthecontributionofordersfrommerchantsandpurchasersiscloseto60%.TheCompanyhassynchronizedthehotelmanagementdatachainandincreasedtheproportionofdirectsalesto10%througharevenueanalysismodel.The"400"serviceclosed-loopmechanismhasenabledcustomersatisfactiontomaintainaleadingpositionintheindustry.Intermsofexpandingthebrandmatrix,thepreparationworkforthelong-termrentalapartmentof"CCCDreamer"andmid-tohigh-endhotelsattheGlobalDigitalTradeCenterissteadilyadvancing,andbreakthroughshavebeenmadeintheoutputoflightasset
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management.Greenoperationshavebecomeacorecompetitiveadvantage—rooftopphotovoltaicprojectsreduce300tonsofcarbondioxideemissionsannuallyandhavereceivedprovincialrecognition;the"HappinessBanquet"greenweddingmodelwasfeaturedinaspecialreportbyZhejiangTV.Thenumberofweddingsuppliesbuyersincreasedby17%comparedtothesameperiodlastyear,demonstratinghowhotelESGpracticesaregraduallytransformingintodriversofbusinessgrowth.(Figure3.ForeignmerchantsparticipatingintheChaoshanFoodFestivalheldbythehotel)
(iv)Buildastrongfoundationforintelligentlogisticsnetwork,andadvancecross-borderfinancialservicesglobally
1.Upgradeofsmartlogisticssystem
Duringthereportingperiod,theInternationalDigitalLogisticsMarketwasofficiallyputintooperation.TogetherwiththeCross-borderE-commerceLogisticsPark,theHuanqiuYidaSupplyChainIndustrialPark,andtheChinagoodsSharedCloudWarehouse,thetotaloperationalareaexceeded900,000squaremeters,withanoveralloccupancyratesurpassing96%.Thishasprovidedmorecost-effectivewarehousingresourcesforsmallandmicrotradingentities.Expandthedigitalsupplychainplatform,focusonthedigitalimprovementofcargologistics,andgloballyexpandthe"twowarehousesandoneroute"deliverysystemofdomesticwarehouses,overseaswarehouses,andinternationallogisticsdedicatedroutes.AFBCwarehouseinChicago,USAhasbeenputintotrialoperation.TheZhijieYuangangDigitalSupplyChainPlatformprovided65,000TEUsofhigher-qualityandmorestableinternationallogisticsservicestotheYiwumarketfromJanuarytoJune2025,aYoYincreaseof77%.Ithasservedmorethan1300customersandcovers162airlines,159countries,and697destinationportsworldwide.
2.Innovativedevelopmentofimporttrade
ExpandingimportscaleisthecoremissionofthenewroundofYiwuinternationaltradecomprehensivereformandakeyinitiativeforYiwumarkettointegratedomesticandforeigntrade,servingthedomestic-internationaldualcirculation.TheCompanyisactivelyseizingnewdevelopmentopportunitiesandengaginginthepilotworkforinnovativedevelopmentofimporttrade,acceleratingtheconstructionofimportplatformssuchasYiwuComprehensiveBondedZone,ImportCommoditiesCity,andtheImportCommoditiesFair.
Duringthereportingperiod,astheonlywhitelistedenterpriseinChina’simportpositivelist,theCompanypioneeredaninnovativepilotprogramcovering28categoriesofdailyconsumergoodsand5categoriesofparallel-importedhomeappliances,involving193SKUs.Thepilotachieved2,600salesorders,exceedingpolicytargetssixmonthsaheadofschedule.Concurrently,theCompanyestablisheda“bondedzone+”industrialclusterintheYiwuComprehensiveBondedZone,successfullyattractingbondedprojectssuchascosmeticsrepackagingandhealthfoodprocessing,injectingnewmomentumintoimporttradeupgrading.
3.Furtherupgradeofcross-borderpaymentsystem
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Duringthereportingperiod,YiwuPaycontinuedtodeepencross-borderfinancialinnovationandservicecapacitybuilding,achievingsignificantleapsingloballayoutandbusinessscale.FromJanuarytoJune2025,thecross-borderpaymentamountofYiwuPayexceeded2.5billionUSdollars,aYoYincreaseofover47%.Itsbusinesscoversmorethan170countriesandregionsworldwide,andhasopenedcross-borderaccountsformorethan20,000merchants,supportingtheexchangeof26mainstreamcurrencies.YiwuPayachievedsteadygrowthinoperatingperformance,withatotalprofitexceedingRMB40millionduringthereportingperiod,representingaYoYincreaseofover50%.Poweredbycutting-edgetechnologieslikebigdataandmachinelearning,YiwuPayhasestablishedanintegrated“trinity”intelligentpaymentecosystem,encompassingend-to-endencryptedtransmission,AI-drivenriskcontrol,andround-the-clockexpertemergencyresponse.Thisrobustframeworkensuressecure,seamless,andhigh-efficiencyoperationsforglobalcross-bordertransactions.
YiwuPayisdeeplyinvolvedinthenewroundofthecomprehensivereformofinternationaltrade.ThefivetasksonthelistrelatedtoYiwuPayinthe"ImplementationPlanforDeepeningtheComprehensiveReformofInternationalTradeinYiwuCity,ZhejiangProvince(2025-2027)"arebeingefficientlyadvanced.Notably,thetaskofsupportingtheexpansionofthedirectcollectionmodel'sservicescopetotheentireprovincewascompletedaheadofscheduleandsuccessfullyimplementeditsfirsttransactioninJune.TheCompanyhascontinuedtooptimizethedomesticpaymentecosystem,closelyprovidingtechnicalservicesalignedwiththeGroup'sbusinessscenarios,completedtheintegrationofCCCCreditdata,andupgradedtheCCCE-Cardfunctionality.TheCompanyisacceleratingitsglobalexpansionbyactivelypursuingkeyfinanciallicenses(e.g.,HongKongMSOandTCSP),completingpartnerselection,customsdocumentationsubmission,andsystemlocalizationpreparations.Ithasdeepenedcollaborationwithbankinginstitutions,launchingUSDdirectcollectionandenhancedcross-borderRMBtransfercapabilities,whilesuccessfullyestablishingNigerianNairasettlementservices.TherolloutofanEnglish-languagecross-bordersystemmarkscontinuedimprovementstoitscoreservicecapabilities.Facingacomplexinternationaltradeandeconomicenvironment,YiwuPayproactivelyintroducedpreferentialpoliciesforcross-bordercollectionsforenterprisesexportingtotheUS,andcollaboratedwithbankstoprovideexchangerateriskhedgingsupport,continuouslyenhancingitsbrandinfluence.Leveragingtheomnichannelcoverageofitsmulti-platformcommunicationmatrixandthein-depthoperationofthematiccampaigns,coupledwithitshigh-profiledebutattheworld’spremierfintechexhibition“Money20/20Europe,”theinitiativeshowcasedChina’semergingcross-borderpaymentcapabilitiesontheglobalstage,markingapivotalstepininternationalbrandbuilding.
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(Figure4.YiwuPaydebutsatMoney20/20EuropeanSummit)(v)TheYiwuMarketprojectexpandsintoemergingmarkets,elevatingglobalhubcapabilitiesthroughstrategicnetworkdeploymentIn2025,theCompanywillvigorouslyadvancethebrandglobalizationstrategyof“YiwuChinaCommoditiesCity”(YiwuMarketproject),closelyaligningwithinternationalmarkettrendstoexpanditsglobalsmallcommoditydistributionnetworkandunlocknewopportunitiesforforeigntradegrowth.Duringthereportingperiod,theCompanyaccelerateditsstrategicexpansion,focusingonhigh-potentialemergingmarketssuchastheMiddleEast,SouthAmerica,andAfrica.Atotalof13newYiwuMarketprojectsweresuccessfullylaunched,significantlyenhancingYiwuMarket’sglobalresourceallocationefficiencyandinternationalcompetitiveness.Theglobalizationexpansionhasonceagainmadeabreakthrough,andthelandmarkfirstoverseassubmarketinEastAsia,theOsakaYiwuMarket,Japan,grandlyopenedonJune26;TwoFBCoverseaswarehousesinChicago,USAandLagos,Nigeria,havebeenopened,withstandardstorageareaofover27,000squaremeters;8newoverseasexhibitionhallswereestablishedincountriesincludingKenya,Italy,andSouthAfrica,tostrengthenlocalizeddisplayandcommunicationcapabilities;Two"YiwuFair"overseasbrandexhibitionsweresuccessfullyheldinIndonesiaandMexico,effectivelyradiatingtheregionalmarket;Overseassub-marketreserveprojectsincountriessuchasMexicoandKyrgyzstanarealsoacceleratingtheirimplementationprocess.TheCompanycontinuestodeepenitsglobalpresence.
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(Figure5.OpeningofOsakaYiwuMarket,Japan)SignificantchangesintheCompany'soperationsduringthereportingperiod,aswellaseventsthathaveasignificantimpactorareexpectedtohaveasignificantimpactinthefutureontheCompany'soperations
□Applicable√NotapplicableIII.Analysisofcorecompetenciesduringthereportingperiod
√Applicable□Notapplicable
(I)AdvantagesoffirstmoverandcontinuousreformIntheearlydaysofChina'sreformandopening-up,Yiwutooktheleadinestablishingitssmallcommoditymarket.Overthepastfourdecades,theYiwumarkethasundergonefivemajorupgradesandtwelveexpansions,consistentlyrankingamongthetopcomprehensivemarketsnationwideintransactionvolumes,demonstratingitssignificantfirst-moveradvantage.Asthelargestcommoditiesdistributioncenterintheworld,theYiwucommoditiesmarketprovidesmorethan2.1millionproducts,whichfallin26categoriesandsupportsone-stoppurchase.Themarketboastsenormousresourcesandhugebusinessflow,goodsflow,cashflowandinformationflow.
(II)Advantagesofbrand
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“YiwuChinaCommoditiesCity”isthefirstmarketidentifiedbytheSAICasawell-knowntrademarkamongthenationalcommoditiestradingmarkets.TheCompanyhastakenmultiplemeasurestogiveplaytothebrandof“YiwuChinaCommoditiesCity”andiscommittedtoimprovingitsinfluenceandleadingroleintheindustry.Itsbrandadvantagesandinfluencehavekeptimproving.(III)AdvantagesofauxiliaryservicesThePeople’sGovernmentofYiwuhasbeenprovidingpolicysupportforthedevelopmentofthemarketforyears,andtheauxiliaryindustriesaredevelopingrapidlyinYiwu.
1.Advantagesoflogisticsanddistribution
Yiwuhasinplaceperfectcommerceandtradeauxiliaryfacilitiesandadvantageouslogisticsservice.ThelogisticsnetworkhasfullcoverageinYiwu.Alargenumberoflarge-sizedinternationalanddomesticexpressdeliveryandlogisticscompanieshaveregionaldistributioncentersinYiwu,andaworld-orientedgoodstransportanddistributionnetworkhasbeenestablished.Yiwuhasbeenlistedamongthe“commerceandtrade-orientednationallogisticshubs”bytheNationalDevelopmentandReformCommissionandtheMinistryofTransport.AccordingtodatareleasedbytheStatePostBureau,inthefirsthalfof2025,thevolumeofexpressdeliveryservicesinJinhua(Yiwu)exceeded8.92billion,rankingfirstinChina.
2.Advantagesofindustrialsupport
Duringtherecentyears,thankstotheYiwuChinaCommoditiesCity,theYiwu-centeredmanufacturingindustryclusterhasbeendevelopingfast,acommoditiesindustrialbeltthatiscenteredinYiwuandcoversJinhua,Lishui,Quzhou,Hangzhou,Jiaxing,Taihu,Shaoxing,Ningbo,WenzhouandTaizhouwithanareaofnearly10,000sq.kmhasbeenestablished,andabenignmechanismunderwhichtheYiwuwholesalesmarketandtheperipheralindustryclusterdeveloptogetherhasbeenformed.
3.Advantagesofexhibitionservices
ThemajorinternationaltradeexhibitionsheldbytheCompany’sexhibitionbusinessdivisionsuchasChinaYiwuInternationalCommoditiesFair,ChinaYiwuInternationalForestProductsFair,ChinaYiwuInternationalImportedCommoditiesFairandChinaYiwuHardwareandElectricalExposupportandcultivateverticalexhibitioninmultipleindustriessuchasstationeryandtextiles,havedevelopedmultipleprofessionalandinternationalexhibitionbrands,andareimportantnationalplatformsfortheChinaCommoditiesCitytoleadindustrydevelopment,developthecityeconomyandmaintaintheclustersoftradersandcommodities.
(IV)Advantagesofdiversifiedbusinesses
TheCompanyhasstrengtheneditspresenceintherelatedindustries,madeeffortsonfinancialinvestment,keptdevelopingtheexhibitionbusiness,createdanewe-commercemodel,developedthehotelbusinessandalsoruninternationaltrade,modernlogistics,advertisinginformation,shoppingandtourismbusinesses.Ithascreatedagroupstructureandprofit-makingmodelofsharedandinteractivedevelopmentofmarketresources.
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(V)AdvantagesofmanagementIntermsofpersonnel,managementandtechnology,excellentoperationandmanagementabilityisoneofthecorecompetencesoftheCompanyasaprofessionalmarketoperatingcompany.TheCompanyhasdevelopedaseriesofperfectmanagementsystemsformarketoperationandmanagement,accumulatedrichexperienceinoperationandmanagement,andhascultivatedaprofessionalmanagementteamwithreasonableknowledgeandexpertisestructuresandstrategicdevelopmentinsights.
(VI)AdvantagesofonlineandofflineplatformintegrationTheCompany’sinternationaltradecityisthegloballeadingcommoditymarket.TheCompany’sofficialYiwuCCCwebsite,chinagoodsplatform,relyingontheCompany’s75,000off-lineshops,throughintegrationofonlineandofflineservices,serves2.1millionsmall,mediumandmicroenterprisesintheupperreachesoftheindustrychain.Withtradedataintegrationasthecoredriver,itmeetstheneedsofbothsupplyanddemandpartiesinmanufacturing,displaytransactions,warehousingandlogistics,financialcredit,marketmanagementandotherlinks.
(VII)AdvantagesofinternationallogisticsTheCompany'sZhijieYuanganginternationallogisticsbusinessestablishesalogisticsplatformtoreplacethemulti-layerfreightforwardersystem,thusshorteningtheleveloffreightforwarderdistribution,andimprovinglogisticsefficiency.Incontrast,thetraditionalforeigntradefreightforwardersaredividedintomultiplelevels,thelogisticsandtransportationservicesarenotstandardized,andtheservicepricesvarywidelyandareusuallynotthelowestprice.
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IV.Operatingstatusduringthereportingperiod(i)Analysisofmainbusiness
1.Analysisofchangesintheitemsofthefinancialstatements
Unit:RMB
| Subject | Amountinthecurrentreportperiod | Amountinthesamereportperiodofthepreviousyear | YoYchange(%) |
| Operatingrevenue | 7,712,799,130.26 | 6,765,934,137.13 | 13.99 |
| Operatingcost | 5,279,388,914.07 | 4,527,895,348.12 | 16.60 |
| Salesexpenses | 104,941,801.54 | 92,206,144.98 | 13.81 |
| Administrativeexpenses | 196,210,098.67 | 218,138,951.18 | -10.05 |
| Financialexpenses | 17,153,173.76 | 53,571,231.34 | -67.98 |
| R&Dexpenses | 9,884,690.75 | 11,759,206.64 | -15.94 |
| Netcashflowfromoperatingactivities | 1,382,854,487.47 | 114,363,500.83 | 1,109.17 |
| Netcashflowfrominvestingactivities | -891,859,376.41 | -1,323,845,089.70 | NA |
| Netcashflowfromfinancingactivities | -1,341,812,237.34 | -738,900,347.95 | NA |
Explanationforchangesinfinancialexpenses:mainlyduetoaYoYdecreaseofRMB70millionininterestexpensesforthecurrentperiod.Explanationforthechangeinnetcashflowgeneratedfromoperatingactivities:mainlyduetoaYoYincreaseofRMB1.592billioninnetcashreceivedfromsalesofgoodsandprovisionofservices,mainlyattributabletopre-openingrentprepaidbythefashion&jewelrytenantsattheYiwuGlobalDigitalTradeCenter(MarketSection),partiallyoffsetbyaYoYincreaseofRMB410millionintaxespaid.
2.Detailsofmaterialchangestothebusinesstypes,thecomponentsorsourcesofprofitsoftheCompanyinthisreportingperiod
□Applicable√Notapplicable(ii)Materialchangestoprofitscausedbynon-mainbusinesses
□Applicable√Notapplicable(iii)Analysisofassetsandliabilities
√Applicable□Notapplicable
1.Assetsandliabilities
Unit:RMB10,000
| Item | Closingbalanceofthecurrentperiod | Asapercentageoftotalassetsattheendofthecurrentperiod | Closingbalanceofthepriorcorrespondingperiod | Asapercentageoftotalassetsattheendofthepriorcorrespondingperiod(%) | YoYchange(%) | Reasonsforchange |
| Held-for-tradingfinancialassets | - | - | 40,031.70 | 1.02 | -100.00 | Duetotheredemptionofwealthmanagementproducts |
| Prepayments | 197,776.67 | 5.15 | 109,809.38 | 2.80 | 80.11 | Mainlyduetothegrowthoftheproductsalesandtheincreaseinadvancepayment |
| Other | 16,470.71 | 0.43 | 11,626.44 | 0.30 | 41.67 | Mainlyduetothe |
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| receivables | accrualofinterestincomefromtimedeposits | |||||
| Debtinvestments | 4,807.33 | 0.13 | - | - | NA | Duetotheadditionofnewentrustedloansinthecurrentperiod |
| Developmentexpenses | 1,205.61 | 0.03 | 750.90 | 0.02 | 60.56 | Duetoanincreaseinresearchanddevelopmentinvestment |
| Deferredincometaxassets | 9,278.05 | 0.24 | 6,212.04 | 0.16 | 49.36 | Duetorecalculation |
| Othernon-currentassets | 11,918.37 | 0.31 | 2,803.30 | 0.07 | 325.15 | Duetotheadditionofprepaidlandtransferfeesinthecurrentperiod |
| Short-termborrowings | - | - | 6,005.43 | 0.15 | -100.00 | Duetotherepaymentofshort-termloans |
| Accountspayable | 69,034.19 | 1.80 | 146,971.84 | 3.75 | -53.03 | Mainlyduetoadecreaseinaccountspayableformarketandsupportingconstructionprojects |
| Payrollpayable | 8,718.04 | 0.23 | 17,749.84 | 0.45 | -50.88 | Mainlyduetothepaymentofperformance-basedwagesaccruedin2024 |
| Taxpayable | 30,723.78 | 0.80 | 62,655.07 | 1.60 | -50.96 | Mainlyduetothepaymentofaccruedcorporateincometax. |
| Non-currentliabilitiesduewithinoneyear | 219,992.42 | 5.73 | 376,474.82 | 9.61 | -41.57 | Duetotheredemptionofmiddle-termnotesdue |
| Bondspayable | 150,614.91 | 3.92 | - | - | NA | DuetotheissuanceofMTNsinthecurrentperiod |
OtherstatementsNo
2.Overseasassets
√Applicable□Notapplicable
(1).ScaleofassetsAmongthem,overseasassetswereRMB578million,accountingfor1.51%ofthetotalassets.
(2).Explanationofthehighproportionofoffshoreassets
□Applicable√NotapplicableOtherstatementsNo
3.Encumbrancesonmajorassetsasoftheendofthereportingperiod
√Applicable□Notapplicable
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Unit:RMB
| Item | June30,2025 | 2024 |
| Monetaryfunds | 6,413,148.55 | 10,822,951.08 |
| Long-termequityinvestment | 102,918,559.00 | 102,918,559.00 |
| Othernon-currentfinancialassets | 660,196,410.80 | 660,196,410.80 |
| Othercurrentassets | 388,041,773.39 | 377,164,678.50 |
| Total | 1,157,569,891.74 | 1,151,102,599.38 |
ThesituationofrestrictedassetscanbefoundinFinancialReportNoteVII.31.RestrictedAssetsofOwnershiporUseRightsinSectionVIII.
4.Otherstatements
□Applicable√Notapplicable(iv)Analysisofinvestments
1.Overviewofexternalequityinvestment
√Applicable□Notapplicable
AsofJune30,2025,thetotalamountofexternalinvestmentswasRMB8.4858801billion(includingRMB6.3333498billioninlong-termequityinvestments,RMB630.8995millioninotherequityinstrumentinvestments,andRMB1.5216308billioninothernon-currentfinancialassets),adecreaseofRMB1.0144721billion,or10.68%,fromRMB9.5003522billion(includingRMB6.9471166billioninlong-termequityinvestments,RMB671.0363millioninotherequityinstrumentinvestments,andRMB1.4818823billioninothernon-currentfinancialassets)attheendofthepreviousyear.Themainchangesareasfollows:
1.Held-for-salefinancialassetsdecreasedbyRMB400.317millioncomparedtotheendoflastyear,duetotheredemptionofwealthmanagementproductsduringthecurrentperiod.
2.Long-termequityinvestmentsdecreasedbyRMB613.7668millionYoY,mainlydueto:
(1)TheinvestmentcostdecreasedbyRMB1.873million,whichwasduetotherecoveryofRMB1.873millionofinvestmentfundsfromYiwuHuishangRedbudPhaseIIInvestmentPartnership(LimitedPartnership);
(2)AccrualsundertheequitymethoddecreasedbyRMB611.8938million,ofwhichRMB
108.7197millionwasrecognizedasinvestmentincome,RMB720.5882millionwasreceivedascashdividends,andothercomprehensiveincomewasadjustedbyRMB-25,300undertheequitymethod.
3.OtherequityinstrumentinvestmentsdecreasedbyRMB40.1367millioncomparedtotheendofthepreviousyear,duetochangesinthefairvalueofShenwanHongyuan'sstockinthecurrentperiod.
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4.Othernon-currentfinancialassetsincreasedbyRMB39.7485millioncomparedtotheendofthepreviousyear,duetoanincreaseofRMB40millionininvestmentfundsfromSuzhouXiangzhongVentureCapitalPartnership(LimitedPartnership)andgainsandlossesfromchangesinfairvalueofRMB-251,500inthecurrentperiod.
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(1).Majorequityinvestments
□Applicable√Notapplicable
(2).Majornon-equityinvestments
√Applicable□Notapplicable
Unit:RMB10,000
| Item | Projectamount | Progress | Investmentinthecurrentperiod | Cumulativeactualinvestmentamount |
| GlobalDigitalTradeCenter | 832,082.00 | Thefirstphaseproject'shotelsectionhascompletedapproximately98.5%ofthetotalconstructionvolumeandispreparingforpreliminarycompletionacceptance;thesecondphaseprojecthascompletedapproximately92%ofthetotalconstructionvolume,amongwhichthemarketsectionhascompletedacceptance,thebusinesssectionhascompletedapproximately83%ofthetotalconstructionvolume,andthesuperhigh-risebusinessofficebuildinghascompletedapproximately17%ofthetotalconstructionvolume. | 72,264.18 | 505,027.25 |
(3).Financialassetsmeasuredwithfairvalue
√Applicable□Notapplicable
Unit:RMB10,000
| Categoryofassets | Openingbalance | Profitandlossfromchangesinfairvalueinthecurrentperiod | Cumulativefairvaluechangesincludedinequity | Currentprovisionforimpairment | Currentpurchaseamount | Sale/redemptionamountincurrentperiod | Otherchanges | Closingbalance |
| Held-for-tradingfinancialassets | 40,031.70 | - | - | - | - | 40,031.70 | - | - |
| Otherequityinstrumentsinvestment | 67,103.63 | - | 5,795.56 | - | - | - | -4,013.68 | 63,089.95 |
| Othernon-currentfinancialassets | 148,188.23 | -25.15 | - | - | 4,000.00 | - | - | 152,163.08 |
| Total | 255,323.56 | -25.15 | 5,795.56 | - | 4,000.00 | 40,031.70 | -4,013.68 | 215,253.03 |
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SecuritiesInvestment
√Applicable□Notapplicable
Unit:RMB10,000
| Securities | SecurityCode | Securityabbreviation | Initialinvestmentcost | Sourceoffunds | Openingbookvalue | Profitandlossfromchangesinfairvalueinthecurrentperiod | Cumulativefairvaluechangesincludedinequity | Currentpurchaseamount | Salesamountincurrentperiod | Profitandlossfrominvestmentincurrentperiod | Closingbookvalue | Accountingitem |
| Stocks | 000166 | ShenwanHongyuan | 55,362.54 | Self-ownedfunds | 67,103.63 | - | 5,795.56 | - | - | - | 63,089.95 | Otherequityinstrumentsinvestment |
| Stocks | 833979 | TiantuInvestment | 15,519.21 | Self-ownedfunds | 3,273.15 | - | - | - | - | - | 3,273.15 | Othernon-currentfinancialassets |
| Total | / | / | 70,881.75 | / | 70,376.78 | - | 5,795.56 | - | - | - | 66,363.10 | / |
Explanationofsecuritiesinvestment
□Applicable√NotapplicablePEinvestment
√Applicable□NotapplicableAsoftheendofthereportingperiod,thebookvalueofprivateequityfundinvestmentswasRMB1.2820316billion,anincreaseofRMB40millionfromRMB1.242031billionattheendofthepreviousyear.ThisisduetotheincreaseofRMB40millionininvestmentsinSuzhouXiangzhongVentureCapitalPartnership(LimitedPartnership).
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Derivativesinvestment
□Applicable√Notapplicable(v)Majorsalesofassetsandequity
□Applicable√Notapplicable(vi)Analysisofmajorsubsidiariesandassociates
√Applicable□NotapplicableMajorsubsidiariesandassociateswithanetprofitimpactofover10%ontheCompany
□Applicable√NotapplicableAcquisitionanddisposalofsubsidiariesduringthereportingperiod
□Applicable√NotapplicableOtherstatements
□Applicable√Notapplicable(vii)StructuredentitiescontrolledbytheCompany
□Applicable√NotapplicableV.Otherdisclosurematters(i)Potentialrisks
√Applicable□Notapplicable
1.RiskofmacroeconomicfluctuationsTheprofitabilityoftheCompany'smainbusinessessuchasmarketoperations,hotelexhibitions,andcommoditysalesissignificantlycorrelatedwithmacroeconomiccycles.Ifglobaleconomicgrowthisweakandtradevolumeshrinks,itmayleadtoadecreaseintheoverallprosperityofYiwu'ssmallcommoditymarket,whichinturnmayhaveanadverseimpactonshoprentalandrelatedbusinesses.
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2.Riskofinsufficienttalentreserve.WiththeaccelerationofmarkettransformationandtheexpansionoftheCompany’sbusiness,andwiththeexpansionofinternationaltrade,warehousingandlogistics,supplychain,overseasdevelopment,informationdata,industrialinvestment,andbusinessoperations,theCompanymayfacetheriskofinsufficientreservesofprofessionaltalentsandinter-disciplinarytalents.
3.ExternaluncertaintyGeopoliticalconflictshavecausedincreaseduncertaintyininternationaltrade,andthedevelopmentofglobalmarkettradeismorecomplicatedandseverethanbefore;newtechnologiesareacceleratingtobreednewopportunities,andnewtrademodelsandnewformatsareconstantlyemerging.(ii)Otherdisclosurematters
□Applicable√Notapplicable
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SectionIV.CorporateGovernance,EnvironmentandSocietyI.Changesindirectors,supervisorsandseniorofficersoftheCompany
√Applicable□Notapplicable
| Name | Title | Change |
| CHENDezhan | ChairmanoftheBoardofDirectors,Director,ChairmanoftheBoardStrategyandESGCommittee | Election |
| WANGDong | ChairmanoftheBoardofDirectors,Director,ChairmanoftheBoardStrategyandESGCommittee | Resignation |
| BAOHua | ViceChairman,Director,GeneralManager | Election |
| WUXiubin | Director,memberoftheAuditCommitteeoftheBoardofDirectors | Election |
| LIChengqun | Director,membersoftheCompensationandEvaluationCommitteeoftheBoardofDirectors | Resignation |
| ZHANGLang | Director,memberoftheAuditCommitteeoftheBoardofDirectors | Resignation |
| HUANGHaiyang | Vicegeneralmanager | Resignation |
| LIXiaobao | Vicegeneralmanager | Resignation |
Statementonthechangesindirectors,supervisorsandseniorofficersoftheCompany
√Applicable□NotapplicableDirectorsMr.WANGDong,Mr.LIChengqun,andMr.ZHANGLang,aswellasDeputyGeneralManagersMr.HUANGHaiyangandMr.LIXiaobao,havesubmittedtheirresignationsfromtheirrespectivepositionsduetoorganizationaljobtransfers.Mr.CHENDezhan,Mr.BAOHua,andMr.WUXiubinhavebeenelectedasdirectorsoftheCompany'sNinthBoardofDirectors.II.PlanforprofitdistributionorcapitalreserveintosharecapitalPlanforprofitdistributionorcapitalreserveintosharecapitalmadeinthecurrentperiod
| Whethertodistributeprofitsorcapitalizethecapitalreserve | No |
| Numberofbonussharesforevery10shares | NA |
| Dividendpayoutforevery10shares(taxinclusive) | NA |
| Numberofsharesconvertedfromthecapitalizationofcapitalreserveforevery10shares | NA |
| Explanationoftheplanforprofitdistributionorcapitalreserveintosharecapital | |
| NA | |
III.Incentivestockoptionplans,employeestockownershipplansandotheremployee
incentivesgrantedbytheCompanyandtheimpactthereof(i)Relatedequityincentivemattersthathavebeendisclosedintheprovisional
announcementwithoutprogressorchangeinsubsequentimplementation
√Applicable□Notapplicable
| Overviewofthematter | Querywebsite |
| OnOctober23,2020,thetwenty-thirdmeetingoftheeighthsessionoftheCompany'sboardofdirectorspassedtheProposalontheCompany's2020RestrictedStockIncentivePlan(Draft)andItsSummary,ProposalontheMeasuresfortheEvaluationandManagementoftheImplementationoftheCompany's2020RestrictedStockIncentivePlan, | Fordetails,pleaserefertotheCompany's |
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| ProposalonRequestingtheGeneralMeetingofShareholderstoAuthorizetheBoardofDirectorstoHandleIssuesRelatedtoEquityIncentives.TheindependentdirectorsoftheCompanyissuedrelevantindependentopinions.OnOctober23,2020,thesixthmeetingoftheeighthboardofsupervisorsoftheCompanydeliberatedandapprovedtheProposalontheCompany's2020RestrictedStockIncentivePlan(Draft)anditsSummary,TheProposalontheImplementationEvaluationandManagementMeasuresfortheCompany's2020RestrictedStockIncentivePlan,ProposalonVerificationoftheListofIncentiveObjectsoftheCompany's2020RestrictedStockIncentivePlan.Theboardofsupervisorsissuedrelevantverificationopinions.Independentfinancialconsultants,lawyersandotherintermediaryagenciesissuedcorrespondingopinions. | announcementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onOctober24,2020. |
| OnNovember18,2020,itreceivedtheApprovalforApprovingZhejiangChinaCommoditiesCityGroupCo.,Ltd.toimplementthe2020restrictedstockincentiveplanissuedbytheState-ownedAssetsSupervisionandAdministrationOfficeofthePeople'sGovernmentofYiwuCity,forwardedbyYiwuChinaCommoditiesCityHoldingsLtd.(YiwuSASAOF〔2020〕51). | Fordetails,seetheCompany'sannouncementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onNovember20,2020. |
| FromNovember20,2020toNovember29,2020,thelistofincentiveobjectsandpositionsofthe2020restrictedstockincentiveplanwereinternallypublicized.Withinthetimelimitofthepublicity,theboardofsupervisorsoftheCompanydidnotreceiveanyobjectionfromanyorganizationorindividualorbadfeedback,withoutfeedbackrecord.OnNovember30,2020,theBoardofSupervisorsoftheCompanyissuedtheExaminationOpinionsandPublicStatementoftheBoardofSupervisorsontheListofIncentiveObjectsoftheCompany's2020RestrictedStockIncentivePlan. | Fordetails,pleaserefertotheCompany'sannouncementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onDecember1,2020. |
| OnDecember10,2020,theCompany's2020FifthProvisionalGeneralMeetingofShareholdersdeliberatedandapprovedthe“Proposalonthe‘Company's2020RestrictedStockIncentivePlan(Draft)’andSummary”,the“Proposalonthe“MeasuresofAssessmentandManagementofImplementationof‘Company’s2020RestrictedStockIncentivePlan’”,andthe“ProposalonRequestingtheGeneralMeetingofShareholderstoAuthorizetheBoardofDirectorstoDealwithEquityIncentiveRelatedMatters”,anddisclosedthe“Self-examinationReporton | Fordetails,pleaserefertotheCompany'sannouncementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn) |
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| theTradesofCompany’sStocksbyInsidersofCompany’s2020RestrictedStockIncentivePlan”. | onDecember11,2020. |
| OnDecember11,2020,thetwenty-sixthmeetingoftheeighthsessionoftheCompany'sboardofdirectorspassedtheProposalonGrantingRestrictedSharestoIncentiveObjectsfortheFirstTime.TheindependentdirectorsoftheCompanyissuedrelevantindependentopinions.OnDecember11,2020,theseventhmeetingoftheCompany'seighthboardofsupervisorspassedtheProposalonGrantingRestrictedStockstoIncentiveObjectsfortheFirstTime.TheBoardofSupervisorsissuedtheVerificationOpinionsoftheBoardofSupervisorsonMattersRelatedtotheFirstGrantoftheCompany's2020RestrictedStockIncentivePlan.Independentfinancialconsultants,lawyersandotherintermediaryagenciesissuedcorrespondingopinions. | Fordetails,pleaserefertotheCompany'sannouncementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onDecember12,2020. |
| OnJanuary15,2021,theCompanyreceivedtheSecuritiesChangeRegistrationCertificateissuedbytheShanghaiBranchofChinaSecuritiesDepositoryandClearingCo.,Ltd.,andtheCompanycompletedtheregistrationofthefirstgrantofrestrictedstockstoincentiveobjects. | Fordetails,pleaserefertotheCompany'sannouncementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onJanuary19,2021. |
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| OnAugust9,2021,the35thmeetingoftheeighthboardofdirectorsoftheCompanypassedthe"ProposalonReservedGrantingRestrictedStockstoIncentiveObjects","OnAdjustingtheRepurchasePriceofRestrictedStocksandRepurchasingandCancellingSomeRestrictedStocks"'sproposal".TheindependentdirectorsoftheCompanyissuedrelevantindependentopinions.OnAugust9,2021,theninthmeetingoftheeighthBoarderofSupervisorsoftheCompanypassedthe"ProposalonReservedGrantingRestrictedStockstoIncentiveObjects","ProposalonAdjustingtheRepurchasePriceofRestrictedStocksandRepurchasingandCancellingSomeRestrictedStocks"".TheBoardofSupervisorsissuedtheVerificationOpinionsoftheBoardofSupervisorsonMattersRelatedtotheCompany'sReservedGrantoftheRestrictedStockIncentivePlanin2020. | Fordetails,pleaserefertotheCompany'sannouncementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onAugust11,2021. |
| OnNovember4,2021,theCompanyreceivedtheSecuritiesChangeRegistrationCertificateissuedbytheShanghaiBranchofChinaSecuritiesDepositoryandClearingCo.,Ltd.,andtheCompanycompletedtheregistrationofthereservedgrantofrestrictedstockstoincentiveobjects. | Fordetails,seetheCompany'sannouncementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onNovember6,2021. |
| OnNovember17,2021,theCompanyappliedtoChinaSecuritiesDepositoryandClearingCo.,Ltd.ShanghaiBranchforrepurchaseandcancellationofrestrictedstocksthathavebeengrantedbutnotyetliftedbysomeresignedemployees.OnNovember30,2021,theCompanyreceivedthe"SecuritiesChangeRegistrationCertificate"issuedbyChinaSecuritiesDepositoryandClearingCo.,Ltd.ShanghaiBranch,andtheCompanyhascompletedtheregistrationoftherestrictedstockrepurchaseandcancellation. | Fordetails,seetheCompany'sannouncementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onNovember26,2021. |
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| OnJuly19,2022,thefifty-firstmeetingoftheeighthboardofdirectorsoftheCompanyreviewedandapprovedthe"ProposalonAdjustingtheRepurchasePriceofRestrictedStocksandtheRepurchaseandCancellationofSomeRestrictedStocks",andtheindependentdirectorsoftheCompanyissuedastatementonthisindependentopinionexpressingconsent.OnJuly19,2022,the14thmeetingofthe8thSupervisoryCommitteeoftheCompanypassedthe"ProposalonAdjustingtheRepurchasePriceofRestrictedSharesandRepurchasingandCancellingSomeRestrictedShares". | Fordetails,seetheCompany'sannouncementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onJuly20,2022. |
| OnOctober18,2022,theCompanyappliedtoChinaSecuritiesDepositoryandClearingCo.,Ltd.ShanghaiBranchforrepurchaseandcancellationofrestrictedstocksthathavebeengrantedbutnotyetliftedbysomeresignedemployees.OnOctober21,2022,theCompanyreceivedthe"SecuritiesChangeRegistrationCertificate"issuedbyChinaSecuritiesDepositoryandClearingCo.,Ltd.ShanghaiBranch,andtheCompanyhascompletedtheregistrationoftherestrictedstockrepurchaseandcancellation. | Fordetails,seetheCompany'sannouncementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onOctober19,2022. |
| OnDecember28,2022,thesixthmeetingoftheninthsessionoftheboardofdirectorsoftheCompanypassedthe"ProposalontheSatisfactionoftheUnlockingConditionsfortheFirstUnlockingPeriodoftheFirstGrantPartofthe2020RestrictedStockIncentivePlan".TheindependentdirectorsoftheCompanyhaveissuedindependentopinionsexpressingagreement.OnDecember28,2022,thesecondmeetingoftheCompany'sninthboardofsupervisorspassedthe"ProposalontheSatisfactionoftheUnlockingConditionsfortheFirstUnlockingPeriodoftheFirstGrantofthe2020RestrictedStockIncentivePlan".TheBoardofSupervisorsissuedthe"VerificationOpinionontheSatisfactionoftheUnlockingConditionsfortheFirstUnlockingPeriodoftheFirstGrantPartofthe2020RestrictedStockIncentivePlan". | Fordetails,seetheCompany'sannouncementonthewebsiteoftheShanghaiStockExchange(www.sse.com.cn)onDecember29,2022. |
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| OnAugust17,2023,the12thmeetingofthe9thBoardofDirectorsoftheCompanyapprovedtheProposalonAdjustingtheRepurchasePriceofRestrictedStocksandRepurchasingandCancellingSomeRestrictedStocks.TheindependentdirectorsoftheCompanyexpressedtheirindependentopinionofagreementonthis.OnAugust17,2023,the5thMeetingofthe9thBoardofSupervisorsoftheCompanyapprovedtheProposalonAdjustingtheRepurchasePriceofRestrictedStocksandRepurchasingandCancellingSomeRestrictedStocks. | Forspecificdetails,pleaserefertotheannouncementdisclosedbytheCompanyontheShanghaiStockExchangewebsite(www.sse.com.cn)onAugust18,2023. |
| OnOctober19,2023,the13thMeetingofthe9thBoardofDirectorsoftheCompanyapprovedtheProposalontheSatisfactionoftheUnlockingConditionsfortheFirstUnlockingPeriodoftheReservedGrantPartofthe2020RestrictedStockIncentivePlan.TheindependentdirectorsoftheCompanyhaveissuedindependentopinionsexpressingagreement.OnOctober19,2023,the6thMeetingofthe9thBoardofSupervisorsoftheCompanyapprovedtheProposalontheSatisfactionoftheUnlockingConditionsfortheFirstUnlockingPeriodoftheReservedGrantPartofthe2020RestrictedStockIncentivePlan.TheBoardofSupervisorsissuedVerificationOpinionontheSatisfactionoftheUnlockingConditionsfortheFirstUnlockingPeriodoftheReservedGrantPartofthe2020RestrictedStockIncentivePlan. | Forspecificdetails,pleaserefertotheannouncementdisclosedbytheCompanyontheShanghaiStockExchangewebsite(www.sse.com.cn)onOctober20,2023. |
| OnNovember8,2023,theCompanyappliedtoShanghaiBranchofChinaSecuritiesDepositoryandClearingCorporationfortherepurchaseandcancellationofrestrictedstocksthathadbeengrantedtosomeresignedemployeesbutstillunderlock-up.OnNovember20,2023,theCompanyreceivedaSecuritiesChangeRegistrationCertificateissuedbyShanghaiBranchofChinaSecuritiesDepositoryandClearingCorporation,andcompletedtheregistrationfortherepurchaseandcancellationofrestrictedstocks. | Forspecificdetails,pleaserefertotheannouncementdisclosedbytheCompanyontheShanghaiStockExchangewebsite(www.sse.com.cn)onNovember16,2023. |
| OnDecember28,2023,the14thMeetingofthe9thBoardofDirectorsoftheCompanyapprovedtheProposalontheSatisfactionoftheUnlockingConditionsfortheSecondUnlockingPeriodoftheFirstGrant | Forspecificdetails,pleaserefertothe |
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| Partofthe2020RestrictedStockIncentivePlan.OnDecember28,2023,the7thMeetingofthe9thBoardofSupervisorsoftheCompanyapprovedtheProposalontheSatisfactionoftheUnlockingConditionsfortheSecondUnlockingPeriodoftheFirstGrantPartofthe2020RestrictedStockIncentivePlan.TheBoardofSupervisorsissuedVerificationOpinionontheSatisfactionoftheUnlockingConditionsfortheSecondUnlockingPeriodoftheFirstGrantPartofthe2020RestrictedStockIncentivePlan. | announcementdisclosedbytheCompanyontheShanghaiStockExchangewebsite(www.sse.com.cn)onDecember29,2023. |
| OnAugust14,2024,the20thmeetingofthe9thBoardofDirectorsreviewedandpassedthe"ProposalonAdjustingtheRepurchasePriceofRestrictedStocksandRepurchasingandCancelingSomeRestrictedStocks,"withtheSupervisoryCommitteeissuinganauditopinionandlawyersprovidinglegalopinions.OnAugust14,2024,the9thMeetingofthe9thBoardofSupervisorsoftheGroupapprovedtheProposalonAdjustingtheRepurchasePriceofRestrictedStocksandRepurchasingandCancellingSomeRestrictedStocks. | Forspecificdetails,pleaserefertotheannouncementdisclosedbytheCompanyontheShanghaiStockExchangewebsite(www.sse.com.cn)onAugust16,2024. |
| OnOctober14,2024,the23rdmeetingofthe9thBoardofDirectorsreviewedandpassedthe"ProposalontheFulfillmentofConditionsfortheSecondReleaseofRestrictedSharesunderthe2020RestrictedStockIncentivePlan(ReservedGrant),"theSupervisoryCommitteeissuedthe"VerificationOpinionontheFulfillmentofConditionsfortheSecondReleaseofRestrictedSharesunderthe2020RestrictedStockIncentivePlan(ReservedGrant),"thelegalcounselprovidedalegalopinion,andtheindependentfinancialadvisorissuedaverificationopinion. | Forspecificdetails,pleaserefertotheannouncementdisclosedbytheCompanyontheShanghaiStockExchangewebsite(www.sse.com.cn)onOctober15,2024. |
| OnOctober21,2024,theCompanyappliedtoChinaSecuritiesDepositoryandClearingCo.,Ltd.ShanghaiBranchforrepurchaseandcancellationofrestrictedstocksthathavebeengrantedbutnotyetliftedbysomeresignedemployees.OnOctober28,2024,theCompanyreceivedthe"SecuritiesChangeRegistrationCertificate"issuedbyChinaSecuritiesDepositoryandClearingCo.,Ltd.ShanghaiBranch,andtheCompanyhascompletedtheregistrationoftherestrictedstockrepurchaseandcancellation. | Forspecificdetails,pleaserefertotheannouncementdisclosedbytheCompanyontheShanghaiStockExchangewebsite |
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| (www.sse.com.cn)onOctober24,2024. | |
| OnDecember13,2024,the23rdmeetingofthe9thBoardofDirectorsreviewedandpassedthe"ProposalontheSatisfactionoftheUnlockingConditionsfortheThirdUnlockingPeriodoftheFirstGrantPartofthe2020RestrictedStockIncentivePlan,"theSupervisoryCommitteeissuedthe"VerificationOpinionontheSatisfactionoftheUnlockingConditionsfortheThirdUnlockingPeriodoftheFirstGrantPartofthe2020RestrictedStockIncentivePlan,"thelegalcounselprovidedalegalopinion,andtheindependentfinancialadvisorissuedaverificationopinion. | Forspecificdetails,pleaserefertotheannouncementdisclosedbytheCompanyontheShanghaiStockExchangewebsite(www.sse.com.cn)onDecember24,2024. |
(ii)Incentivesthathavenotbeendisclosedinthetemporaryannouncementsorhad
furtherprogressesIncentivestockoption
□Applicable√NotapplicableOtherstatements
□Applicable√NotapplicableEmployeestockownershipplans
□Applicable√NotapplicableOtherincentives
□Applicable√NotapplicableIV.Environmentalinformationstatusoflistedcompaniesandtheirmajorsubsidiaries
includedinthelistofenterprisesrequiredtodiscloseenvironmentalinformationby
law
□Applicable√NotapplicableOtherstatements
□Applicable√NotapplicableV.Statusofconsolidationandexpansionoftheresultsofpovertyalleviation,rural
revitalizationandotherspecificwork
√Applicable□Notapplicable
Inthefirsthalfof2025,theCompanydeeplyimplementedGeneralSecretaryXiJinping'simportantinstructionsoncooperationbetweenthecentralandwesternregions,activelyrespondedtotheworkdeploymentoftheYiwuMunicipalPartyCommitteeandGovernment,
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andparticipatedintheeast-westcooperationbetweenYiwuandBazhou.TheCompanydonatedRMB30,000tosupporttheeconomicdevelopmentofBazhouDistrict,whilecomprehensivelyidentifyingcommercialresourcesintheYiwumarket.ItpairedupwithprocessingworkshopsinBazhouDistrict,facilitatingconsignmentprocessingordersforgarments,underwear,Chineseknots,andelectroniccomponents.ThisinitiativeachievedanannualtotaloutputvalueofRMB230million,createdjobsforover1,600people,andincreasedtheiraverageannualincomebymorethanRMB25,000.Intermsofruralrevitalization,theCompanyfocusesonChi’anTown,YiwuCity,steadilyadvancingcommonprosperitybyconcentratingonfourkeyareas:industrialempowerment,brandenhancement,projectimplementation,andincreasingvillagers'income.
(i)Dual-trackdriveofindustrialcapacitybuildingandbrandempowermentDuringthereportingperiod,theCompanyfacilitatedaRMB3millionincreaseincollectivevillageincomethroughinnovativesupportmodels,includingtheintegrationofprimary,secondary,andtertiaryindustries.Wearefocusingonbuildingtheagriculturalspecialtybrand"PuxuNanhuo,"promotingitsentryintothe"FingertipCanteen"salesnetworkattheInternationalTradeCityandtheYiwuAccessoriesFair,thusbridgingthe"lastmile"foragriculturalproductstoreachurbanmarkets.Simultaneously,incollaborationwiththetowngovernment,theCompanyhostedtwo"Chi’anChineseBayberrySeason"events,attractingover100,000visitors,boostingvillagers'income,andestablishingasustainablemodelof"governmentleadership,state-ownedenterprisesupport,andbenefitsforvillagers."
(ii)Theintegrateddevelopmentofcultureandtourismsynergizeswithresourcerevitalizationtodriveinnovativebreakthroughs
InnovativelyestablishedShentanVillage's"eco-tourism+culturalexperience+customizedteam-building"productmatrix,independentlydesignedapromotionalsystemforruraltourism,andconducted5groupactivitiesduringthereportingperiod,generatingrevenueofoverRMB30,000.BystrengtheningcommunicationthroughnewmediaplatformssuchasXiaohongshuandTikTok,andpreciselyinvitingstrategicinvestorsforon-siteinspections,theCompanysystematicallypromotesitsculturaltourismresourcesanddevelopmentplans,facilitatingtherealizationofcooperationintentionsforkeyprojects.
(iii)Institutionalinnovationandsustainabledevelopmentphilosophylaysthefoundation
TheCompanyhasestablishedathree-levelcollaborativemechanisminvolvinggovernment,enterprises,andvillagestoefficientlycoordinatesolutionsforchallengesrelatedtoculturalandtourismprojectssuchasthe"LittleAnimalParadise,"whileprovidingtechnicaltrainingandpolicyinterpretationtoempowervillagers'participation.Activatingruralresourcesthroughmarket-orientedapproaches:Brandingagriculturalproductstoenhancepremiumvalue,convertingcultural-tourismtrafficintodiversifiedincomestreams,andchannelingstrategicinvestmentstodrivesustainabledevelopment,thuscreatingareplicable“Chi’anModel”forruralrevitalization.
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SectionV.SignificantMattersI.Fulfillmentofcommitments(i)Commitmentsmadebytheactualcontroller,shareholders,affiliatesandacquireroftheCompany,theCompanyitselfandotherrelatedpartiesduringthereportingperiodorasofthereportingperiod
√Applicable□Notapplicable
| Commitmentbackground | Commitmenttype | Partymakingthecommitment | Commitmentcontent | Commitmenttime | Isthereadeadlineforfulfillment | Commitmentperiod | Whetherithasbeentimelyandstrictlyfulfilled | Iftheperformanceisnotcompletedontime,thespecificreasonsfornon-fulfillmentshallbestated | Ifnotfulfilledinatimelymanner,thenextplanshouldbestated |
| Othercommitments | Other | CCCH | IncreasingitsstakeintheCompanythroughtheShanghaiStockExchangeusingmethodssuchascentralizedbiddingandblocktrading.Theshareincreasewillnotbesubjecttoapricerange,andthetotalamountoftheincreasewillbebetweenRMB500million(inclusive)andRMB1billion(inclusive). | April9,2025 | Yes | Within12monthsfromApril9,2025. | Yes | NA | NA |
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II.Non-operatingcapitaloccupationbycontrollingshareholdersandotherrelatedpartiesduringthereportingperiod
□Applicable√NotapplicableIII.Illegalguarantees
□Applicable√NotapplicableIV.Informationaboutauditonthesemi-annualreport
□Applicable√NotapplicableV.Changesandhandlingofmattersinvolvedinmodifiedauditopinioninthepreviousyear’sannualreport
□Applicable√NotapplicableVI.Mattersrelatingtobankruptcyandreorganization
□Applicable√NotapplicableVII.Materiallitigationsandarbitrations
√Duringtheperiod,theCompanyhadmajorlitigationsorarbitrations□Duringtheperiod,theCompanydidnothaveanymajorlitigationsorarbitrations(i)Litigationsandarbitrationshavebeendisclosedinthetemporaryannouncementsandhavehadnofurtherprogresses
□Applicable√Notapplicable(ii)Litigationsandarbitrationsthathavenotbeendisclosedinthetemporaryannouncementsorhavehadfurtherprogresses
√Applicable□Notapplicable
Unit:RMB10,000
| Duringthereportingperiod: | |||||||||
| Plaintiff(claimant) | Defendant(respondent) | PartyBearingJointLiabilities | Litigationorarbitration | Basicinformationoflitigation(arbitration) | Valueinvolvedinlitigation(arbitration) | Doesthelitigation(arbitration)causeestimatedliabilitiesandtheamountthereof | Statusoflitigation(arbitration) | Resultsoflitigation(arbitration)andeffectthereof | Enforcementofjudgment(award) |
/
| BeijingUrbanConstructionGroupCo.,Ltd. | theGroup | No | Litigation | Constructionprojectcontractdispute[(2024)Z07MCNo.534] | 35,636.15 | No | Hearingshavebeenheldbutnojudgmenthasbeenmade | / | / |
| TheGroup | XinjiangJunhaoYiwuSmallCommodityCityCo.,Ltd. | XinjiangJunhaoRealEstateCo.,Ltd. | Litigation | ContractDispute[(2024)Z0782MC21349] | 668.60 | No | Judgmenthasbeenmade | 1.ThedefendantXinjiangJunhaoYiwuSmallCommodityCityCo.,Ltd.shallpaytheplaintiffYiwuCCCGroupatotalofRMB2.7millionasliquidateddamagesforoverduepaymentofbrandusagefeesandconsultingservicefeeswithintendaysfromtheeffectivedateofthisjudgment;2.ThedefendantXinjiangJunhaoRealEstateCo.,Ltd.shallbearjointandseveralliabilityfortheabove-mentioneddebtsofthedefendantXinjiangJunhaoYiwuSmallCommodityCityCo.,Ltd. | Anapplicationforenforcementofthejudgmenthasbeenfiled |
| YiwuChinaCommoditiesCitySupplyChainManagementCo.,Ltd.,theGroup | LinzhouJiaheCommercialCo.,Ltd.,LinzhouJiaheRealEstateDevelopmentCo.,Ltd. | No | Litigation | FranchiseContractDispute[(2025)Z0782MCNo.23743] | 545.11 | No | Hearingshavebeenheldbutnojudgmenthasbeenmade | / | / |
(iii)Otherstatements
□Applicable√Notapplicable
/
VIII.Informationofthelistedcompanyanditsdirectors,supervisors,seniormanagement,controllingshareholder,andactualcontrollersuspectedofviolationsoflawsandregulations,penaltiesandrectification
□Applicable√NotapplicableIX.CreditstandingoftheCompanyanditscontrollingshareholderandactualcontroller
√Applicable□NotapplicableTherewasnooutstandingcourtjudgmentoroverduedebtofalargeamountinvolvingtheCompanyoritscontrollingshareholderoractualcontrollerduringthereportingperiod.X.Materialrelated-partytransactions(i)Related-partytransactionsrelatingtoregularcorporateoperation
1.Mattersthathavebeendisclosedinthetemporaryannouncementsandhadnofurtherprogressesorchanges
□Applicable√Notapplicable
2.Mattersthathavebeendisclosedinthetemporaryannouncementsbuthadfurther
progressesorchanges
□Applicable√Notapplicable
/
3.Mattersthathavenotbeendisclosedinthetemporaryannouncements
√Applicable□Notapplicable
Unit:RMB
| Relatedcounterparty | Relationship | Typeofrelated-partytransaction | Contentsofrelated-partytransaction | Pricingprinciple | Priceofrelated-partytransaction | Amountofrelated-partytransaction | Percentageintheamountofsimilartransactions(%) | Settlementmethod | Marketprice | Reasonsforthelargedifferencebetweenthepriceofthetransactionandreferencemarketprice |
| CCCPropertyService | Wholly-ownedsubsidiaryoftheparentcompany | Acceptanceoflaborservice | Propertyservicefeeandgreeningmaintenancefee | Marketprice | 112,328,185.22 | 112,328,185.22 | 87.59 | Accounttransfer | 112,328,185.22 | / |
| YiwuSecurityServiceCo.,Ltd. | Otherrelatedparties | Acceptanceoflaborservice | Securityservicefee | Marketprice | 8,752,841.39 | 8,752,841.39 | 6.83 | Accounttransfer | 8,752,841.39 | / |
| ShangboYungu | Wholly-ownedsubsidiaryoftheparentcompany | Acceptanceoflaborservice | Constructionfee | Marketprice | 4,576,200.00 | 4,576,200.00 | 3.57 | Accounttransfer | 4,576,200.00 | / |
| YourworldInternationalConferenceCenter,subordinatedtoYiwuMarketDevelopmentGroup | Otherrelatedparties | Providingservices | Productsalesandwashingfees | Marketprice | 1,877,848.97 | 1,877,848.97 | 1.46 | Accounttransfer | 1,877,848.97 | / |
| MDG | Otherrelatedparties | Otherinflows | Entrustedmanagementfees | Negotiatedprice | 371,726.38 | 371,726.38 | 0.29 | Accounttransfer | 371,726.38 | / |
| CCCPropertyService | Wholly-ownedsubsidiaryoftheparentcompany | Providingservices | Productsalesandsystemdevelopment | Marketprice | 328,877.36 | 328,877.36 | 0.26 | Accounttransfer | 328,877.36 | / |
| Total | / | / | 128,235,679.32 | 100.00 | / | / | / | |||
/
| Returnoflarge-valuegoodssales | NA |
| Illustrationonrelated-partytransactions | TheCCCProperServiceobtainedthemarketpropertyservicesandgreeningmaintenancecontractthroughpublicbidding. |
(ii)Relatedtransactionsarisingfromassetacquisitionsorequityacquisitionsandsales
1.Mattersthathavebeendisclosedinthetemporaryannouncementsandhadnofurtherprogressesorchanges
□Applicable√Notapplicable
2.Mattersthathavebeendisclosedinthetemporaryannouncementsbuthadfurtherprogressesorchanges
□Applicable√Notapplicable
/
3.Mattersthathavenotbeendisclosedinthetemporaryannouncements
□Applicable√Notapplicable
4.Ifanyagreementontheoperatingresultsisinvolved,theachievementofoperating
resultsduringthereportingperiodshallbedisclosed
□Applicable√Notapplicable(iii)Related-partytransactionsarisingfromjointexternalinvestment
1.Mattersthathavebeendisclosedinthetemporaryannouncementsandhadno
furtherprogressesorchanges
□Applicable√Notapplicable
2.Mattersthathavebeendisclosedinthetemporaryannouncementsbuthadfurther
progressesorchanges
□Applicable√Notapplicable
3.Mattersthathavenotbeendisclosedinthetemporaryannouncements
□Applicable√Notapplicable(iv)Related-partycreditsanddebts
1.Mattersthathavebeendisclosedinthetemporaryannouncementsandhadnofurtherprogressesorchanges
□Applicable√Notapplicable
2.Mattersthathavebeendisclosedinthetemporaryannouncementsbuthadfurtherprogressesorchanges
□Applicable√Notapplicable
3.Mattersthathavenotbeendisclosedinthetemporaryannouncements
□Applicable√Notapplicable(v)FinancialbusinessbetweentheCompanyandtheassociatedfinancialcompanies,theCompany'sholdingfinancialcompanyandtherelatedparties
□Applicable√Notapplicable(vi)Othersignificantrelatedtransactions
□Applicable√Notapplicable(vii)Other
□Applicable√NotapplicableXI.Materialcontractsandperformancethereof(i)Trusteeship,contractingandleases
□Applicable√Notapplicable
/
(ii)Materialguaranteesfulfilledornotcompletelyfulfilledinthereportingperiod
√Applicable□Notapplicable
Unit:RMB10,000
| ExternalguaranteesprovidedbytheCompany(excludingthoseprovidedforthesubsidiaries) | |||||||||||||||
| Guarantor | RelationshipbetweentheguarantorandtheListedCompany | Theguaranteed | Amountofguarantee | Dateofguarantee(signingdateoftheagreement) | Startingdateoftheguarantee | Expirydateoftheguarantee | Typeofguarantee | Principaldebts | Collateral(ifany) | Istheguaranteefulfilledinfull | Istheguaranteeoverdue | Overdueamountoftheguarantee | Counterguarantees | Isitarelated-partyguarantee | Relationship |
| HangzhouShangboNanxing | Wholly-ownedsubsidiary | Housepurchaser | 430.38 | / | / | / | Jointandseveralliabilityguarantee | / | No | No | No | NA | No | No | NA |
| Amountofguaranteesmadeduringthereportingperiod(excludingtheguaranteesprovidedforsubsidiaries) | -10.85 | ||||||||||||||
| Balanceofguaranteesattheendofthereportingperiod(A)(excludingtheguaranteesprovidedforsubsidiaries) | 430.38 | ||||||||||||||
| GuaranteesprovidedbytheCompanyforitssubsidiaries | |||||||||||||||
| Amountofguaranteesprovidedforsubsidiariesduringthereportingperiod | - | ||||||||||||||
| Balanceofguaranteesprovidedforsubsidiariesattheendofthereportingperiod(B) | - | ||||||||||||||
| TotalguaranteesprovidedbytheCompany(includingthoseprovidedforthesubsidiaries) | |||||||||||||||
| Totalamountofguarantees(A+B) | 430.38 | ||||||||||||||
| RatioofthetotalamountofguaranteestotheCompany’snetassets(%) | 0.02 | ||||||||||||||
| Amongthem: | |||||||||||||||
| Amountofguaranteesprovidedforshareholders,actualcontrollerandtheirrelatedparties(C) | - | ||||||||||||||
/
| Amountofguaranteesprovideddirectlyorindirectlyforthedebtorswhosedebt-to-assetratioexceed70%(D) | - |
| Portionoftotalamountofguaranteesinexcessof50%ofnetassets(E) | - |
| Total(C+D+E) | - |
| Statementonthejointandseveralliabilitythatmaybeassumedduetooutstandingguarantees | NA |
| Statementonguarantees | Accordingtorelevantregulations,theGroupisrequiredtoprovidemortgageloanguaranteetothebankforthesaleofcommercialhousingbeforethepurchaserhasgainedthepropertyownershipcertificate.TheoutstandingguaranteeamountasofJune30,2025isRMB4,303,832.54(December31,2024:RMB4,412,333.72).Thoseguaranteeswouldbereleasedaftertheissuanceofthepropertyownershipcertificatesandarethuslittlelikelytoincurlosses.Therefore,themanagementbelievedthatitwasnotnecessarytomakeprovisionfortheguarantees. |
/
(iii)Othermaterialcontracts
√Applicable□Notapplicable
| No. | Nameofcontract | Contractingparty | Contractprice(RMBTenthousand) |
| 1 | ConstructioncontractforthesoutheastplotattheintersectionofChunfengAvenueandChengxinAvenue(YiwuGlobalDigitalTradeCentersuperhigh-riseproject) | TheCompany,ZhejiangProvincialYijianConstructionGroupCo.,Ltd. | 108,064.44 |
| 2 | ContractfortheConnectionandSupportingWorksbetweentheGlobalDigitalTradeCenterandthe5thDistrictoftheInternationalTradeCity | TheCompany,andShenchuanHoldingGroupCo.,Ltd | 11,848.69 |
| 3 | YiwuGlobalDigitalTradeCenterPhaseIIDigitalProcurementContract | TheCompany,andZhejiangMobileInformationSystemIntegrationCo.,Ltd.,etc | 11,399.69 |
| 4 | YiwuGlobalDigitalTradeCenterPhaseIIProjectMunicipalLandscapeEngineeringLot2 | TheCompany,ZhejiangTongyuanConstructionGroupCo.,Ltd. | 3,529.90 |
| 5 | YiwuGlobalDigitalTradeCenterPhaseIIProjectMunicipalLandscapeEngineeringLot3 | TheCompany,YiwuShengliConstructionEngineeringCo.,Ltd. | 3,354.81 |
XII.Descriptionofprogressintheuseofraisedfunds
□Applicable√NotapplicableXIII.Othersignificantmatters
□Applicable√Notapplicable
/
SectionVI.ChangesinSharesandShareholdersI.Changesinequity(i)Exhibitionofchangesinshares
1.Exhibitionofchangesinshares
Unit:share
| Beforethischange | Increaseordecreaseinthecurrentperiod(+,-) | Afterthischange | ||||
| Quantity | Proportion(%) | Other | Sub-total | Quantity | Proportion(%) | |
| I.Restrictedshares | 13,413,000 | 0.24 | -12,627,600 | -12,627,600 | 785,400 | 0.01 |
| 3.Sharesheldbyotherdomesticinvestors | 13,413,000 | 0.24 | -12,627,600 | -12,627,600 | 785,400 | 0.01 |
| sharesheldbydomesticnaturalpersons | 13,413,000 | 0.24 | -12,627,600 | -12,627,600 | 785,400 | 0.01 |
| II.Unrestrictedshares | 5,470,232,926 | 99.76 | 12,627,600 | 12,627,600 | 5,482,860,526 | 99.99 |
| 1.RMB-denominatedcommonshares | 5,470,232,926 | 99.76 | 12,627,600 | 12,627,600 | 5,482,860,526 | 99.99 |
| III.Totalnumberofshares | 5,483,645,926 | 100.00 | 0 | 0 | 5,483,645,926 | 100.00 |
2.Descriptionofchangesinshares
√Applicable□Notapplicable
OnJanuary15,2025,atotalof12,627,600restrictedsharesforthethirdunlockingperiodofthefirstgrantpartoftheCompany's2020RestrictedStockIncentivePlanwerereleasedforcirculation.
3.Theimpactofsharechangesonfinancialindicatorssuchasearningspershareand
netassetspershareduringtheperiodfromtheendofthereportingperiodtothe
disclosuredateofthesemi-annualreport(ifany)
□Applicable√Notapplicable
4.OthermatterstheCompanydeemsitnecessarytodiscloseorrequiredbythe
securitiesregulatoryauthoritytobedisclosed
□Applicable√Notapplicable(ii)Changesinnon-tradableshares
√Applicable□Notapplicable
Unit:share
| Shareholder | Numberofrestrictedsharesatthebeginningoftheperiod | Numberofrestrictedsharesunlockedduringthereportingperiod | Numberofincreasedrestrictedsharesduringthereportingperiod | Numberofrestrictedsharesattheendofthereportingperiod | Reasonsforrestrictionontrade | Unlockingdate |
| Incentiverecipientssubjecttothefirstgrantunderthe | 12,688,800 | 12,627,600 | - | 61,200 | Restrictedstock |
/
| 2020restrictedstockincentiveplan | incentives | |||||
| Incentiverecipientssubjecttothereservedgrantunderthe2020restrictedstockincentiveplan | 724,200 | - | - | 724,200 | Restrictedstockincentives | |
| Total | 13,413,000 | 12,627,600 | - | 785,400 | / | / |
II.Informationaboutshareholders(i)Totalnumberofshareholders:
| Numberofcommonshareholdersasoftheendofthereportingperiod | 118,584 |
| Asoftheendofthereportingperiod,thetotalnumberofpreferredshareholderswhosevotingrightshavebeenrestored | 0 |
/
(ii)Shareholdingsofthetop10shareholdersandtop10holdersoftradableshares(orshareholdersnotsubjecttotradingrestrictions)
Unit:share
| Shareholdingsofthetoptenshareholders(excludingshareslentthroughrefinancing) | |||||||
| Shareholder(fullname) | Changeduringthereportingperiod | Numberofsharesheldattheendofthereportingperiod | Proportion(%) | Numberofnon-tradablesharesheld | Pledge,markorfreezing | Ownershipofshareholder | |
| Statusofshares | Quantity | ||||||
| YiwuChinaCommoditiesCityHoldingsGroupCo.,Ltd.(formerlyknownas"YiwuChinaCommoditiesCityHoldingsLimited") | 52,885,300 | 3,091,064,692 | 56.37 | - | No | - | State-ownedlegalperson |
| HongKongCentralClearingCompanyLimited | 208,148,103 | 351,531,959 | 6.41 | - | No | - | Unknown |
| ZhejiangZhecaiCapitalManagementCo.,Ltd. | - | 147,466,528 | 2.69 | - | No | - | State-ownedlegalperson |
| YiwuUrbanInvestmentandConstructionGroupCo.,Ltd. | 71,341,634 | 82,352,194 | 1.50 | - | No | - | State-ownedlegalperson |
| IndustrialandCommercialBankofChinaLimited–Huatai-PineBridgeCSI300ETF | 1,355,107 | 48,654,540 | 0.89 | - | No | - | Other |
| ChinaConstructionBankCorporation-EFundCSI300Exchange-TradedOpen-EndIndexInitiatedSecuritiesInvestmentFund | 2,165,800 | 34,812,803 | 0.63 | - | No | - | Other |
| GaoYaping | 126,900 | 33,388,466 | 0.61 | - | No | - | Domesticnaturalperson |
| JiangShibo | 5,136,300 | 30,823,500 | 0.56 | - | No | - | Domesticnaturalperson |
| SouthernAssetManagement-AgriculturalBankofChina-SouthernChinaSecuritiesFinancialAssetsManagementScheme | - | 26,675,000 | 0.49 | - | No | - | Other |
| DachengFund-AgriculturalBankofChina-DachengChinaSecuritiesFinancialAssetsManagementScheme | - | 26,447,800 | 0.48 | - | No | - | Other |
| Shareholdingsofthetoptenshareholdersnotrestrictedforsale(excludingshareslentthroughrefinancing) | |||||||
| Shareholder | Numberoftradablesharesheld | Typeandquantityofshares | |||||
/
| Type | Quantity | ||
| YiwuChinaCommoditiesCityHoldingsGroupCo.,Ltd.(formerlyknownas"YiwuChinaCommoditiesCityHoldingsLimited") | 3,091,064,692 | RMB-denominatedcommonshare | 3,091,064,692 |
| HongKongCentralClearingCompanyLimited | 351,531,959 | RMB-denominatedcommonshare | 351,531,959 |
| ZhejiangZhecaiCapitalManagementCo.,Ltd. | 147,466,528 | RMB-denominatedcommonshare | 147,466,528 |
| YiwuUrbanInvestmentandConstructionGroupCo.,Ltd. | 82,352,194 | RMB-denominatedcommonshare | 82,352,194 |
| IndustrialandCommercialBankofChinaLimited–Huatai-PineBridgeCSI300ETF | 48,654,540 | RMB-denominatedcommonshare | 48,654,540 |
| ChinaConstructionBankCorporation-EFundCSI300Exchange-TradedOpen-EndIndexInitiatedSecuritiesInvestmentFund | 34,812,803 | RMB-denominatedcommonshare | 34,812,803 |
| GAOYaping | 33,388,466 | RMB-denominatedcommonshare | 33,388,466 |
| JIANGShibo | 30,823,500 | RMB-denominatedcommonshare | 30,823,500 |
| SouthernAssetManagement-AgriculturalBankofChina-SouthernChinaSecuritiesFinancialAssetsManagementScheme | 26,675,000 | RMB-denominatedcommonshare | 26,675,000 |
| DachengFund-AgriculturalBankofChina-DachengChinaSecuritiesFinancialAssetsManagementScheme | 26,447,800 | RMB-denominatedcommonshare | 26,447,800 |
| Explanationofthespecialaccountforrepurchasedsharesamongthetoptenshareholders | NA | ||
| Explainifanyoftheshareholdersabovewereinvolvedinentrusting/beingentrustedwithvotingrightsorwaivingvotingrights | NA | ||
| Explanationontherelationshiporconcertedactionbetweentheaboveshareholders | ZhejiangProvincialFinanceDevelopmentCo.,Ltd.,thecontrollingshareholderofZhejiangZhecaiCapitalManagementCo.,Ltd.,ownsa9.44%stakeinYiwuState-ownedCapitalOperationCo.,Ltd.,whichisthecontrollingshareholderofYiwuMarketDevelopmentGroupCo.,Ltd.,inturn,thecontrollingshareholderofYiwuChinaCommoditiesCityHoldingsLimited. | ||
| Explanationonthepreferredshareholderswhosevotingrightshadbeenrestitutedandthequantityofsharesheldthereby | NA | ||
/
Participationofshareholdersholdingmorethan5%oftheshares,toptenshareholders,andtoptenshareholderswithnon-restrictedtradablesharesinthelendingofsharesthroughrefinancing
□Applicable√NotapplicableChangesinthetoptenshareholdersandthetoptenshareholderswithnon-restrictedtradablesharescomparedtothepriorcorrespondingperiodduetolendingorreturnofsharesthroughrefinancing
□Applicable√NotapplicableNumberofsharesheldbythetop10shareholderssubjecttotradingrestrictionsandtradingrestrictions
□Applicable√Notapplicable(iii)Strategicinvestorsorgeneralcorporationsbecomingtoptenshareholdersduetoplacingofnewshares
□Applicable√NotapplicableIII.Directors,supervisorsandseniormanagement(i)Changesinshareholdingofresigneddirectors,supervisorsandseniormanagement
duringthereportingperiod
□Applicable√NotapplicableStatementonothermatters
□Applicable√Notapplicable(ii)Theequityincentivesgrantedtodirectors,supervisorsandseniormanagementduringthereportingperiod
□Applicable√Notapplicable(iii)Otherstatements
□Applicable√NotapplicableIV.Changesincontrollingshareholderoractualcontroller
□Applicable√NotapplicableV.PreferredShares
□Applicable√Notapplicable
/
SectionVII.Bonds
I.Corporatebonds(includingenterprisebonds)andnon-financialcorporatedebtfinancinginstruments
√Applicable□Notapplicable(i)Corporatebonds(includingenterprisebonds)
√Applicable□Notapplicable
1.Basicinformationoncorporatebonds
Unit:RMB100million
| Nameofbond | Abbreviation | Code | Issuedate | Valuedate | Maturitydate | Outstandingamount | Interestrate(%) | Methodofprincipalrepaymentandinterestpayment | Tradingvenue | Leadunderwriter | Trusteemanager | Investorappropriatearrangements(ifany) | Trademechanism | Whetherthereisariskofterminatingthetransactioninthestockmarket |
| ZhejiangChinaCommoditiesCityGroupCo.,Ltd.publiclyissuedcorporatebondstoprofessionalinvestorsin2022(Issue1) | 22YIWUCCC01 | 137740 | September1,2022 | September1,2022 | September1,2025 | 8 | 2.88 | Simpleinterestiscalculated,theinterestpaymentfrequencyisannual,andtheprincipalisrepaidoncedue. | ShanghaiStockExchange | CITICSecurities | CITICSecurities | Professionalinstitutionalinvestors | Publictrading | No |
/
| ZhejiangChinaCommoditiesCityGroupCo.,Ltd.publiclyissuedcorporatebondstoprofessionalinvestorsin2022(Issue2) | 22YIWUCCC02 | 137815 | September22,2022 | September22,2022 | September22,2025 | 7 | 2.88 | Simpleinterestiscalculated,theinterestpaymentfrequencyisannual,andtheprincipalisrepaidoncedue. | ShanghaiStockExchange | CITICSecurities | CITICSecurities | Professionalinstitutionalinvestors | Publictrading | No |
TheCompany'smeasurestodealwiththeriskofbondtermination
□Applicable√Notapplicable
2.Triggeringandexecutionofissuerorinvestorchoiceclausesandinvestorprotectionclauses
□Applicable√Notapplicable
3.Adjustmentincreditratingresults
□Applicable√NotapplicableOtherstatementsShanghaiNewCenturyCreditRatingInvestmentServiceCo.,Ltd.issuedtheZhejiangChinaCommoditiesCityGroupCo.,Ltd.CreditRatingReport[XSJQP(2025)020245]onJune26,2025.Accordingtothereport,theCompany'smaincreditratingisAAA,andtheratingoutlookisstable.
/
4.Theimplementationandchangesofguarantees,debtrepaymentplansandotherdebtrepaymentprotectionmeasuresduringthereportingperiodandtheirimpacts
□Applicable√Notapplicable(ii)Fundraisingthroughcorporatebonds
□TheCompany'sbondsinvolvedtheuseorrectificationoftheraisedfundsduringthereportingperiod√AllcorporatebondsoftheCompanydidnotinvolvetheuseofraisedfundsorrectificationduringthereportingperiod(iii)Othermattersthatshouldbedisclosedforspecialbondvarieties
□Applicable√Notapplicable(iv)Importantmattersrelatedtocorporatebondsduringthereportingperiod
□Applicable√Notapplicable
/
(v)Non-financialcorporatedebtfinancinginstrumentsintheinter-bankbondmarket
√Applicable□Notapplicable
1.Non-financialcorporatedebtfinancinginstruments
Unit:RMB100million
| Nameofbond | Abbreviation | Code | Issuedate | Valuedate | Maturitydate | Outstandingamount | Interestrate(%) | Methodofprincipalrepaymentandinterestpayment | Tradingvenue | Investorappropriatearrangements(ifany) | Trademechanism | Whetherthereisariskofterminatingthetransactioninthestockmarket |
| ZhejiangChinaCommoditiesCityGroupCo.,Ltd.’s2025MTN(Issue1) | 25ZhejiangYiwuCCCMTN001 | 102581357 | Mar25,2025-Mar26,2025 | 2025-3-27 | 2028-3-27 | 5 | 2.10 | Annualinterestpayment,principalrepaymentatmaturity | Interbankmarket | No | No | |
| ZhejiangChinaCommoditiesCityGroupCo.,Ltd.’s2025MTN(Issue2) | 25ZhejiangYiwuCCCMTN002 | 102581826 | 2025-4-23 | 2025-4-24 | 2028-4-24 | 10 | 2.09 | Annualinterestpayment,principalrepaymentatmaturity | Interbankmarket | No | No | |
| ZhejiangChinaCommoditiesCityGroupCo.,Ltd.’s2025MTN(Issue3) | 25ZhejiangYiwuCCCMTN003 | 102582917 | Jul15,2025-Jul16,2025 | 2025-07-17 | 2028-07-17 | 5 | 1.89 | Annualinterestpayment,principalrepaymentatmaturity | Interbankmarket | No | No | |
| ZhejiangChinaCommoditiesCityGroup | 24ZhejiangYiwuCCCSCP004 | 012483797 | Dec2,2024toDec3,2024 | Dec4,2024 | Aug29,2025 | 10 | 1.90 | One-timerepaymentofprincipal | Interbankmarket | No | No |
/
| Co.,Ltd.'s2024SuperShort-termFinancingBonds(Issue4) | andinterestatmaturity. | |||||||||||
| ZhejiangChinaCommoditiesCityGroupCo.,Ltd.2024SuperShort-termFinancingBonds(Issue5) | 24ZhejiangYiwuCCCSCP005 | 012483999 | Dec20,2024toDec23,2024 | Dec24,2024 | Sep18,2025 | 10 | 1.80 | One-timerepaymentofprincipalandinterestatmaturity. | Interbankmarket | No | No | |
| ZhejiangChinaCommoditiesCityGroupCo.,Ltd.’s2025SuperShort-termFinancingBonds(Issue1) | 25ZhejiangYiwuCCCSCP001 | 012580412 | Feb18,2025-Feb19,2025 | 2025-02-20 | 2025-11-14 | 10 | 2.05 | One-timerepaymentofprincipalandinterestatmaturity. | Interbankmarket | No | No |
TheCompany'smeasurestodealwiththeriskofbondtermination
□Applicable√NotapplicableBondsoverdue
□Applicable√NotapplicableExplanationonoverduedebts
□Applicable√Notapplicable
2.Triggeringandexecutionofissuerorinvestorchoiceclausesandinvestorprotectionclauses
□Applicable√Notapplicable
/
3.Adjustmentincreditratingresults
□Applicable√NotapplicableOtherstatementsShanghaiNewCenturyCreditRatingInvestmentServiceCo.,Ltd.issuedtheZhejiangChinaCommoditiesCityGroupCo.,Ltd.CreditRatingReport[XSJQP(2025)020245]onJune26,2025.Accordingtothereport,theCompany'smaincreditratingisAAA,andtheratingoutlookisstable.
4.Theimplementationandchangesofguarantees,debtrepaymentplansandotherdebtrepaymentprotectionmeasuresduringthereportingperiodandtheirimpacts
□Applicable√NotapplicableOtherstatementsNo
5.Explanationonothersituationsrelevanttonon-financialcorporatedebtfinancinginstruments
□Applicable√Notapplicable
/
(vi)Duringthereportingperiod,theCompany'slossinthescopeofconsolidatedstatementsexceeded10%ofitsnetassetsasoftheendofthepreviousyear.
□Applicable√Notapplicable(vii)Mainaccountingdataandfinancialindicators
√Applicable□Notapplicable
Unit:RMB10,000
| Majorindicator | Jun30,2025 | Dec31,2024 | ChangeofJun30,2025overDec31,2024(%) | Reasonsforchange |
| Currentratio | 60.85% | 55.40% | Up5.45ppt | |
| Quickratio | 51.74% | 47.68% | Up4.06ppt | |
| Debt-to-assetratio(%) | 46.68 | 47.48 | Down0.8ppt | |
| Jan-Jun2025 | Jan-Jun2024 | YoYchange(%) | Reasonsforchange | |
| Netprofitafterdeductionofnon-recurringgainsandlosses | 166,817.43 | 141,890.85 | 17.57 | MainlyduetoaYoYincreaseofRMB247millioninnetprofit. |
| EBITDAtototaldebtratio | 0.37 | 0.27 | 37.04 | MainlyduetotheYoYincreaseinnetprofitandtheYoYdecreaseintotaldebt. |
| Interestcoverageratio | 24.97 | 16.83 | 48.37 | MainlyduetotheYoYincreaseinnetprofit. |
| Cashinterestprotectionmultiple | 22.49 | 3.74 | 501.34 | MainlyduetotheYoYincreaseinnetcashflowgeneratedfromoperatingactivities. |
| EBITDA-to-interestcoverageratio | 30.41 | 20.59 | 47.69 | MainlyduetotheYoYincreaseinnetprofit. |
| Loanrepaymentrate(%) | 100 | 100 | - | |
| Interestpaymentrate(%) | 100 | 100 | - |
II.Convertiblecorporatebonds
□Applicable√Notapplicable
/
SectionVIII.FinancialReportI.Auditor’sreport
□Applicable√NotapplicableII.Financialstatements
ConsolidatedBalanceSheet
June30,2025Preparedby:ZhejiangChinaCommoditiesCityGroupCo.,Ltd.
Unit:RMB
| Item | Note | June30,2025 | December31,2024 |
| Currentassets: | |||
| Monetaryfunds | 4,685,055,456.49 | 5,539,191,617.06 | |
| Held-for-tradingfinancialassets | - | 400,316,994.86 | |
| Notesreceivable | - | 11,170,000.00 | |
| Accountsreceivable | 361,472,138.85 | 486,150,472.94 | |
| Prepayments | 1,977,766,735.88 | 1,098,093,789.84 | |
| Otherreceivables | 164,707,139.80 | 116,264,431.44 | |
| Inventory | 1,407,323,313.84 | 1,357,786,850.42 | |
| Othercurrentassets | 801,126,206.98 | 725,002,872.77 | |
| Totalcurrentassets | 9,397,450,991.84 | 9,733,977,029.33 | |
| Non-currentassets: | |||
| Debtinvestments | 48,073,333.33 | - | |
| Long-termreceivables | 286,855,088.12 | 293,207,963.26 | |
| Long-termequityinvestment | 6,333,349,810.36 | 6,947,116,646.79 | |
| Otherequityinstrumentsinvestment | 630,899,510.14 | 671,036,258.30 | |
| Othernon-currentfinancialassets | 1,521,630,813.28 | 1,481,882,309.27 | |
| Propertyinvestment | 5,744,648,246.56 | 6,115,232,734.38 | |
| Fixedassets | 5,326,418,802.23 | 5,504,023,254.08 | |
| Constructioninprogress | 2,775,433,302.98 | 2,300,662,833.69 | |
| Right-of-useassets | 144,402,099.94 | 150,926,457.50 | |
| Intangibleassets | 5,325,267,368.37 | 5,181,280,472.01 | |
| Amongthem:dataresources | 22,787,948.78 | 24,025,216.31 | |
| Developmentexpenses | 12,056,097.19 | 7,508,990.11 | |
| Amongthem:dataresources | 4,307,838.83 | 2,767,924.53 | |
| Goodwill | 284,916,367.87 | 284,916,367.87 | |
| Long-termprepaidexpenses | 340,747,160.53 | 406,535,918.65 | |
| Deferredincometaxassets | 92,780,523.61 | 62,120,431.08 | |
| Othernon-currentassets | 119,183,748.58 | 28,032,980.89 | |
| Totalnon-currentassets | 28,986,662,273.09 | 29,434,483,617.88 | |
| Totalassets | 38,384,113,264.93 | 39,168,460,647.21 | |
| Currentliabilities: | |||
| Short-termborrowings | - | 60,054,266.67 | |
| Accountspayable | 690,341,861.69 | 1,469,718,387.95 | |
| Advancesfromcustomers | 164,036,618.50 | 217,278,117.41 | |
| Contractliabilities | 6,433,066,788.32 | 5,927,725,683.33 | |
| Payrollpayable | 87,180,423.07 | 177,498,432.73 | |
| Taxpayable | 307,237,782.70 | 626,550,669.84 | |
| Otherpayables | 1,848,542,963.11 | 1,685,334,535.04 | |
| Including:Interestpayable | - | - | |
| Dividendpayable | 704,876,199.36 | - | |
| Non-currentliabilitiesduewithinoneyear | 2,199,924,189.42 | 3,764,748,211.13 | |
/
| Othercurrentliabilities | 3,713,617,584.29 | 3,640,250,373.06 | |
| Totalcurrentliabilities | 15,443,948,211.10 | 17,569,158,677.16 | |
| Non-currentliabilities: | |||
| Long-termborrowings | 600,952,179.69 | 657,589,300.38 | |
| Bondspayable | 1,506,149,086.89 | - | |
| Leaseliabilities | 149,476,023.92 | 149,984,238.78 | |
| Deferredincome | 148,759,247.41 | 150,801,314.25 | |
| Deferredincometaxliabilities | 67,248,023.82 | 68,467,233.06 | |
| Totalnon-currentliabilities | 2,472,584,561.73 | 1,026,842,086.47 | |
| Totalliabilities | 17,916,532,772.83 | 18,596,000,763.63 | |
| Owners’equity(orshareholders’equity) | |||
| Paid-incapital(sharecapital) | 5,483,645,926.00 | 5,483,645,926.00 | |
| Capitalreserve | 2,377,928,136.94 | 2,377,625,094.09 | |
| Less:treasurystocks | 1,665,986.40 | 33,828,483.60 | |
| Othercomprehensiveincome | 86,303,921.61 | 111,061,460.18 | |
| Surplusreserve | 2,161,802,266.09 | 2,161,802,266.09 | |
| Generalriskreserve | 2,959,744.97 | 2,959,744.97 | |
| Undistributedprofits | 10,281,823,570.84 | 10,400,490,449.73 | |
| Totalequityattributabletoowners(shareholders)oftheparentcompany | 20,392,797,580.05 | 20,503,756,457.46 | |
| Minorityinterest | 74,782,912.05 | 68,703,426.12 | |
| Totalowners’equity(orshareholders’equity) | 20,467,580,492.10 | 20,572,459,883.58 | |
| Totalliabilitiesandowners’equity(orshareholders’equity) | 38,384,113,264.93 | 39,168,460,647.21 | |
HeadoftheCompany:CHENDezhan,Principalinchargeofaccounting:BAOHua,Headoftheaccountingdepartment:ZHAODifang
/
BalanceSheetoftheParentCompany
June30,2025Preparedby:ZhejiangChinaCommoditiesCityGroupCo.,Ltd.
Unit:RMB
| Item | Note | June30,2025 | December31,2024 |
| Currentassets: | |||
| Monetaryfunds | 3,961,298,595.68 | 4,995,008,550.93 | |
| Held-for-tradingfinancialassets | - | 400,316,994.86 | |
| Accountsreceivable | 4,502,274.56 | 6,235,152.52 | |
| Prepayments | 14,665,480.44 | 82,162,287.73 | |
| Otherreceivables | 46,864,592.20 | 33,119,467.87 | |
| Inventory | 1,180,711,049.08 | 819,197,389.99 | |
| Othercurrentassets | 2,564,672,175.53 | 2,130,465,724.76 | |
| Totalcurrentassets | 7,772,714,167.49 | 8,466,505,568.66 | |
| Non-currentassets: | |||
| Long-termreceivables | 14,673.61 | 17,164,452.57 | |
| Long-termequityinvestment | 10,270,321,585.85 | 10,854,795,688.33 | |
| Otherequityinstrumentsinvestment | 630,899,510.14 | 671,036,258.30 | |
| Othernon-currentfinancialassets | 141,924,236.88 | 141,924,236.88 | |
| Propertyinvestment | 4,762,398,808.71 | 5,140,046,283.26 | |
| Fixedassets | 4,986,338,970.22 | 5,131,477,205.78 | |
| Constructioninprogress | 1,951,324,348.46 | 1,501,105,179.87 | |
| Right-of-useassets | 93,337,016.11 | 96,482,119.21 | |
| Intangibleassets | 4,822,264,183.06 | 4,671,689,345.74 | |
| Long-termprepaidexpenses | 332,000,578.72 | 395,450,817.71 | |
| Deferredincometaxassets | 85,337,562.92 | 54,677,470.39 | |
| Othernon-currentassets | 5,092,223.87 | 25,926,003.78 | |
| Totalnon-currentassets | 28,081,253,698.55 | 28,701,775,061.82 | |
| Totalassets | 35,853,967,866.04 | 37,168,280,630.48 | |
| Currentliabilities: | |||
| Short-termborrowings | - | 60,054,266.67 | |
| Accountspayable | 625,832,910.52 | 1,075,127,665.94 | |
| Advancesfromcustomers | 144,505,060.17 | 179,074,864.70 | |
| Contractliabilities | 4,560,161,748.49 | 4,351,044,209.49 | |
| Payrollpayable | 85,508,468.51 | 126,419,780.05 | |
| Taxpayable | 276,548,568.75 | 577,851,259.14 | |
| Otherpayables | 1,431,304,068.22 | 1,436,387,739.07 | |
| Including:Interestpayable | - | - | |
| Dividendpayable | 704,876,199.36 | - | |
| Non-currentliabilitiesduewithinoneyear | 2,166,138,202.41 | 3,746,223,519.27 | |
| Othercurrentliabilities | 4,819,665,902.91 | 4,912,882,341.74 | |
| Totalcurrentliabilities | 14,109,664,929.98 | 16,465,065,646.07 | |
| Non-currentliabilities: | |||
| Long-termborrowings | 441,049,416.66 | 474,950,437.35 | |
| Bondspayable | 1,506,149,086.89 | - | |
| Leaseliabilities | 108,759,978.21 | 104,995,840.38 | |
| Deferredincome | 90,487,247.41 | 92,529,314.25 | |
| Totalnon-currentliabilities | 2,146,445,729.17 | 672,475,591.98 | |
| Totalliabilities | 16,256,110,659.15 | 17,137,541,238.05 | |
| Owners’equity(orshareholders’equity) | |||
| Paid-incapital(sharecapital) | 5,483,645,926.00 | 5,483,645,926.00 | |
| Capitalreserve | 1,926,141,461.08 | 1,925,838,418.23 | |
| Less:treasurystocks | 1,665,986.40 | 33,828,483.60 | |
/
| Othercomprehensiveincome | 57,944,944.28 | 88,047,505.40 | |
| Surplusreserve | 2,161,748,790.26 | 2,161,748,790.26 | |
| Undistributedprofits | 9,970,042,071.67 | 10,405,287,236.14 | |
| Totalowners’equity(orshareholders’equity) | 19,597,857,206.89 | 20,030,739,392.43 | |
| Totalliabilitiesandowners’equity(orshareholders’equity) | 35,853,967,866.04 | 37,168,280,630.48 |
HeadoftheCompany:CHENDezhan,Principalinchargeofaccounting:BAOHua,Headoftheaccountingdepartment:ZHAODifang
/
ConsolidatedIncomeStatement
January-June2025
Unit:RMB
| Item | Note | H12025 | H12024 |
| I.Grossrevenue | 7,712,799,130.26 | 6,765,934,137.13 | |
| Inwhich:operatingrevenue | 7,712,799,130.26 | 6,765,934,137.13 | |
| II.Grosscost | 5,697,849,971.22 | 4,986,564,001.60 | |
| Inwhich:Operatingcost | 5,279,388,914.07 | 4,527,895,348.12 | |
| Taxesandsurcharges | 90,271,292.43 | 82,993,119.34 | |
| Salesexpenses | 104,941,801.54 | 92,206,144.98 | |
| Administrativeexpenses | 196,210,098.67 | 218,138,951.18 | |
| R&Dexpenses | 9,884,690.75 | 11,759,206.64 | |
| Financialexpenses | 17,153,173.76 | 53,571,231.34 | |
| Inwhich:interestexpenses | 50,964,708.06 | 120,646,122.86 | |
| Interestincome | 38,102,947.69 | 23,637,669.49 | |
| Plus:otherincome | 5,161,514.77 | 11,178,944.81 | |
| Investmentincome(lossisindicatedby“-”) | 122,900,781.16 | 107,996,646.94 | |
| Inwhich:incomefrominvestmentinassociatesandjointventures | 108,719,697.39 | 98,348,751.52 | |
| Changesinfairvalue(lossisindicatedby“-”) | -251,495.99 | -3,490,077.50 | |
| Creditimpairmentloss(lossisindicatedby“-”) | 27,423.78 | 59,404.71 | |
| Incomefromdisposalofassets(lossisindicatedby“-”) | - | 84.36 | |
| III.Operatingprofit(lossisindicatedby“-”) | 2,142,787,382.76 | 1,895,115,138.85 | |
| Plus:incomefromnon-operatingactivities | 4,989,777.15 | 16,256,469.98 | |
| Less:expensesfromnon-operatingactivities | 43,395.63 | 1,400,763.97 | |
| IV.Profitsbeforetax(lossisindicatedby“-”) | 2,147,733,764.28 | 1,909,970,844.86 | |
| Less:incometax | 450,669,584.71 | 459,552,666.97 | |
| V.Netprofits(netlossisindicatedby“-”) | 1,697,064,179.57 | 1,450,418,177.89 | |
| (I)Categorizedbycontinuityofoperation | |||
| Netprofitsfromcontinuingoperation(netlossisindicatedby“-”) | 1,697,064,179.57 | 1,450,418,177.89 | |
| (II)Categorizedbyownership | |||
| Netprofitsattributabletoshareholdersoftheparentcompany(netlossisindicatedby“-”) | 1,690,936,276.69 | 1,447,982,745.49 | |
| Minorityinterest(netlossisindicatedby“-”) | 6,127,902.88 | 2,435,432.40 | |
| VI.Othercomprehensiveincomenetaftertax | -24,805,955.52 | 1,503,689.93 | |
| (I)Othercomprehensiveincomenetaftertaxattributabletoownersoftheparentcompany | -24,757,538.57 | 1,482,793.00 | |
| 1.Othercomprehensiveincomethatcannotbereclassifiedasprofitsorloss | -30,102,561.12 | -940,705.04 | |
| (3)Changesinfairvalueofinvestmentsinotherequityinstruments | -30,102,561.12 | -940,705.04 | |
| 2.Othercomprehensiveincomethatwillbereclassifiedasprofitsorloss | 5,345,022.55 | 2,423,498.04 | |
| Othercomprehensiveincomethatcanbetransferredintoprofitandlossunderequitymethod | - | 217,103.05 | |
| (6)Differencearisingfromthetranslationofforeigncurrencyfinancialstatements | 5,345,022.55 | 2,206,394.99 | |
| (II)Othercomprehensiveincomenetaftertaxattributabletominorityshareholders | -48,416.95 | 20,896.93 | |
| VII.Totalcomprehensiveincome | 1,672,258,224.05 | 1,451,921,867.82 | |
/
| (I)Totalcomprehensiveincomeattributabletoownersoftheparentcompany | 1,666,178,738.12 | 1,449,465,538.49 | |
| (II)Totalcomprehensiveincomeattributabletominorityshareholders | 6,079,485.93 | 2,456,329.33 | |
| VIII.Earningspershare: | |||
| (I)Basicearningspershare | 0.31 | 0.27 | |
| (II)Dilutedearningspershare | 0.31 | 0.27 | |
Inthisperiod,ifabusinesscombinationundercommoncontroloccurs,thenetprofitrealizedbythetransferredpartybeforethecombinationwas0,andthenetprofitrealizedbythetransferredpartyinthepreviousperiodwas0.HeadoftheCompany:CHENDezhan,Principalinchargeofaccounting:BAOHua,Headoftheaccountingdepartment:ZHAODifang
/
IncomeStatementoftheParentCompany
January-June2025
Unit:RMB
| Item | Note | H12025 | H12024 |
| I.Operatingrevenue | 2,548,219,329.59 | 2,428,541,827.28 | |
| Less:Operatingcost | 601,142,197.45 | 490,180,610.81 | |
| Taxesandsurcharges | 78,379,801.54 | 64,145,878.71 | |
| Salesexpenses | 114,514,217.20 | 35,521,657.02 | |
| Administrativeexpenses | 93,509,662.00 | 95,524,740.97 | |
| Financialexpenses | 18,180,241.75 | 59,531,140.85 | |
| Inwhich:interestexpenses | 50,092,903.10 | 120,646,122.86 | |
| Interestincome | 33,884,399.12 | 15,619,670.82 | |
| Plus:otherincome | 3,038,560.90 | 7,944,882.13 | |
| Investmentincome(lossisindicatedby“-”) | 133,842,221.97 | 117,453,264.95 | |
| Inwhich:incomefrominvestmentinassociatesandjointventures | 115,710,572.17 | 114,978,264.95 | |
| Changesinfairvalue(lossisindicatedby“-”) | - | - | |
| Creditimpairmentloss(lossisindicatedby“-”) | 25,703.92 | 24,247.94 | |
| Incomefromdisposalofassets(lossisindicatedby“-”) | - | - | |
| II.Operatingprofits(lossisindicatedby“-”) | 1,779,399,696.44 | 1,809,060,193.94 | |
| Plus:incomefromnon-operatingactivities | 1,340,592.10 | 13,204,046.33 | |
| Less:expensesfromnon-operatingactivities | 9,034.40 | 183,540.75 | |
| III.Profitsbeforetax(lossisindicatedby“-”) | 1,780,731,254.14 | 1,822,080,699.52 | |
| Less:incometax | 406,373,263.03 | 405,483,345.45 | |
| IV.Netprofits(netlossisindicatedby“-”) | 1,374,357,991.11 | 1,416,597,354.07 | |
| (I)Categorizedbycontinuityofoperation(netlossisindicatedby“-”) | 1,374,357,991.11 | 1,416,597,354.07 | |
| V.Othercomprehensiveincomenetaftertax | -30,102,561.12 | -940,705.04 | |
| (I)Othercomprehensiveincomethatcannotbereclassifiedasprofitorloss | -30,102,561.12 | -940,705.04 | |
| 3.Changesinfairvalueofinvestmentsinotherequityinstruments | -30,102,561.12 | -940,705.04 | |
| VI.Totalcomprehensiveincome | 1,344,255,429.99 | 1,415,656,649.03 |
HeadoftheCompany:CHENDezhan,Principalinchargeofaccounting:BAOHua,Headoftheaccountingdepartment:ZHAODifang
/
ConsolidatedCashFlowStatement
January-June2025
Unit:RMB
| Item | Note | H12025 | H12024 |
| I.Cashflowfromoperatingactivities: | |||
| Cashreceivedfromsaleofgoodsandrenderingofservices | 9,227,217,158.48 | 6,947,726,888.17 | |
| Cashreceivedfortaxesandsurchargesrefunded | 43,401,916.85 | 20,905,599.66 | |
| Othercashreceiptsrelatingtooperatingactivities | 257,187,858.18 | 127,309,299.43 | |
| Sub-totalofcashinflowfromoperatingactivities | 9,527,806,933.51 | 7,095,941,787.26 | |
| Cashpaidforgoodsandservices | 6,527,953,072.29 | 5,840,206,516.42 | |
| Cashpaidtoandonbehalfofemployees | 319,845,111.92 | 335,050,513.33 | |
| Paymentsoftaxes | 972,201,028.54 | 562,136,323.31 | |
| Othercashpaymentsrelatingtooperatingactivities | 324,953,233.29 | 244,184,933.37 | |
| Sub-totalofcashoutflowfromoperatingactivities | 8,144,952,446.04 | 6,981,578,286.43 | |
| Netcashflowfromoperatingactivities | 1,382,854,487.47 | 114,363,500.83 | |
| II.Cashflowfrominvestingactivities: | |||
| Cashreceivedfromrecoveryofinvestment | 419,023,048.91 | 156,957,965.07 | |
| Cashreceivedfrominvestmentincome | 24,080,119.33 | 4,507,839.58 | |
| Netcashreceivedfromdisposalofproperty,plantandequipment,intangibleassetsandotherlong-termassets | 163,092.36 | 109,332.43 | |
| Othercashreceiptsrelatingtoinvestingactivities | 5,562,422.74 | 6,842,944.87 | |
| Sub-totalofcashinflowfrominvestingactivities | 448,828,683.34 | 168,418,081.95 | |
| Cashpaidtoacquireandconstructfixedassets,intangibleassetsandotherlong-termassets | 1,235,651,790.25 | 1,388,085,871.65 | |
| Cashpaidtoacquireinvestments | 88,000,000.00 | 104,177,300.00 | |
| Othercashpaidrelatedtoinvestingactivities | 17,036,269.50 | - | |
| Sub-totalofcashoutflowfrominvestingactivities | 1,340,688,059.75 | 1,492,263,171.65 | |
| Netcashflowfrominvestingactivities | -891,859,376.41 | -1,323,845,089.70 | |
| III.Cashflowfromfinancingactivities: | |||
| Cashreceivedfromborrowings | - | 1,311,000,000.00 | |
| Cashreceivedfrombondissuance | 2,498,964,794.52 | 1,998,540,487.07 | |
| Sub-totalofcashinflowfromfinancingactivities | 2,498,964,794.52 | 3,309,540,487.07 | |
| Cashpaidfordebtsrepayment | 2,661,610,000.00 | 3,422,600,000.00 | |
| Cashpaidfordistributionofdividendsorprofitsorpaymentofinterest | 1,167,876,227.37 | 617,490,536.58 | |
| Othercashpaidrelatedtofinancingactivities | 11,290,804.49 | 8,350,298.44 | |
| Sub-totalofcashoutflowfromfinancingactivities | 3,840,777,031.86 | 4,048,440,835.02 | |
| Netcashflowfromfinancingactivities | -1,341,812,237.34 | -738,900,347.95 | |
| IV.Effectofforeignexchangeratechangesoncashandcashequivalents | 1,090,768.24 | 1,305,573.28 | |
/
| V.Netincreaseincashandcashequivalents | -849,726,358.04 | -1,947,076,363.54 | |
| Plus:openingbalanceofcashandcashequivalents | 5,528,368,665.98 | 2,910,178,939.19 | |
| VI.Closingbalanceofcashandcashequivalents | 4,678,642,307.94 | 963,102,575.65 |
HeadoftheCompany:CHENDezhan,Principalinchargeofaccounting:BAOHua,Headoftheaccountingdepartment:ZHAODifang
/
CashFlowStatementoftheParentCompany
January-June2025
Unit:RMB
| Item | Note | H12025 | H12024 |
| I.Cashflowfromoperatingactivities: | |||
| Cashreceivedfromsaleofgoodsandrenderingofservices | 3,246,027,153.99 | 1,569,836,230.15 | |
| Othercashreceiptsrelatingtooperatingactivities | 59,747,542.35 | 61,884,473.08 | |
| Sub-totalofcashinflowfromoperatingactivities | 3,305,774,696.34 | 1,631,720,703.23 | |
| Cashpaidforgoodsandservices | 687,394,953.38 | 286,262,561.44 | |
| Cashpaidtoandonbehalfofemployees | 142,214,384.91 | 155,179,719.30 | |
| Paymentsoftaxes | 876,659,941.59 | 446,412,904.13 | |
| Othercashpaymentsrelatingtooperatingactivities | 163,126,136.74 | 71,737,707.82 | |
| Sub-totalofcashoutflowfromoperatingactivities | 1,869,395,416.62 | 959,592,892.69 | |
| Netcashflowfromoperatingactivities | 1,436,379,279.72 | 672,127,810.54 | |
| II.Cashflowfrominvestingactivities: | |||
| Cashreceivedfromrecoveryofinvestment | 1,560,100,218.91 | 2,230,398,406.42 | |
| Cashreceivedfrominvestmentincome | 28,033,452.66 | 3,165,839.58 | |
| Netcashreceivedfromdisposalofproperty,plantandequipment,intangibleassetsandotherlong-termassets | 146,812.16 | 54,659.85 | |
| Sub-totalofcashinflowfrominvestingactivities | 1,588,280,483.73 | 2,233,618,905.85 | |
| Cashpaidtoacquireandconstructfixedassets,intangibleassetsandotherlong-termassets | 886,352,218.97 | 1,115,427,273.06 | |
| Cashpaidtoacquireinvestments | 1,819,675,529.10 | 3,086,430,000.00 | |
| Othercashpaidrelatedtoinvestingactivities | 17,036,269.50 | 326,400.00 | |
| Sub-totalofcashoutflowfrominvestingactivities | 2,723,064,017.57 | 4,202,183,673.06 | |
| Netcashflowfrominvestingactivities | -1,134,783,533.84 | -1,968,564,767.21 | |
| III.Cashflowfromfinancingactivities: | |||
| Cashreceivedfromborrowings | - | 1,271,000,000.00 | |
| Cashreceivedfrombondissuance | 2,498,964,794.52 | 1,998,540,487.07 | |
| Sub-totalofcashinflowfromfinancingactivities | 2,498,964,794.52 | 3,269,540,487.07 | |
| Cashpaidfordebtsrepayment | 2,661,610,000.00 | 3,422,600,000.00 | |
| Cashpaidfordistributionofdividendsorprofitsorpaymentofinterest | 1,167,876,227.37 | 617,490,536.58 | |
| Othercashpaidrelatedtofinancingactivities | 374,465.75 | - | |
| Sub-totalofcashoutflowfromfinancingactivities | 3,829,860,693.12 | 4,040,090,536.58 | |
| Netcashflowfromfinancingactivities | -1,330,895,898.60 | -770,550,049.51 | |
| IV.Effectofforeignexchangeratechangesoncashandcashequivalents | - | - | |
| V.Netincreaseincashandcashequivalents | -1,029,300,152.72 | -2,066,987,006.18 | |
| Plus:openingbalanceofcashandcash | 4,990,598,748.40 | 2,258,308,812.87 | |
/
| equivalents | |||
| VI.Closingbalanceofcashandcashequivalents | 3,961,298,595.68 | 191,321,806.69 |
HeadoftheCompany:CHENDezhan,Principalinchargeofaccounting:BAOHua,Headoftheaccountingdepartment:ZHAODifang
/
StatementofChangesinConsolidatedOwners’Equity
January-June2025
Unit:RMB
| Item | H12025 | |||||||||
| Equityattributabletoownersoftheparentcompany | Minorityinterest | Totalowners’equity | ||||||||
| Paid-incapital(orsharecapital) | Capitalreserve | Less:treasurystocks | Othercomprehensiveincome | Surplusreserve | Generalriskreserve | Undistributedprofits | Sub-total | |||
| I.Closingbalanceofthepreviousyear | 5,483,645,926.00 | 2,377,625,094.09 | 33,828,483.60 | 111,061,460.18 | 2,161,802,266.09 | 2,959,744.97 | 10,400,490,449.73 | 20,503,756,457.46 | 68,703,426.12 | 20,572,459,883.58 |
| II.Openingbalanceofthecurrentyear | 5,483,645,926.00 | 2,377,625,094.09 | 33,828,483.60 | 111,061,460.18 | 2,161,802,266.09 | 2,959,744.97 | 10,400,490,449.73 | 20,503,756,457.46 | 68,703,426.12 | 20,572,459,883.58 |
| III.YoYchange(decreaseisindicatedby“-”) | - | 303,042.85 | -32,162,497.20 | -24,757,538.57 | - | - | -118,666,878.89 | -110,958,877.41 | 6,079,485.93 | -104,879,391.48 |
| (I)Totalcomprehensiveincome | - | - | - | -24,757,538.57 | - | - | 1,690,936,276.69 | 1,666,178,738.12 | 6,079,485.93 | 1,672,258,224.05 |
| (II)Owners’contributiontoandreductionincapital | - | 303,042.85 | -32,162,497.20 | - | - | - | - | 32,465,540.05 | - | 32,465,540.05 |
| 3.Amountofshare-basedpaymentintoowner’sequity | - | 303,042.85 | -32,162,497.20 | - | - | - | - | 32,465,540.05 | - | 32,465,540.05 |
| (III)Profitsdistribution | - | - | - | - | - | - | -1,809,603,155.58 | -1,809,603,155.58 | - | -1,809,603,155.58 |
| 3.Distributiontoowners(orshareholders) | - | - | - | - | - | - | -1,809,603,155.58 | -1,809,603,155.58 | - | -1,809,603,155.58 |
| IV.Closingbalanceofthecurrentperiod | 5,483,645,926.00 | 2,377,928,136.94 | 1,665,986.40 | 86,303,921.61 | 2,161,802,266.09 | 2,959,744.97 | 10,281,823,570.84 | 20,392,797,580.05 | 74,782,912.05 | 20,467,580,492.10 |
/
| Item | H12024 | |||||||||
| Equityattributabletoownersoftheparentcompany | Minorityinterest | Totalowners’equity | ||||||||
| Paid-incapital(orsharecapital) | Capitalreserve | Less:treasurystocks | Othercomprehensiveincome | Surplusreserve | Generalriskreserve | Undistributedprofits | Sub-total | |||
| I.Closingbalanceofthepreviousyear | 5,484,334,176.00 | 1,666,882,087.60 | 74,367,173.75 | 23,394,697.32 | 1,879,651,431.02 | 4,893,646.97 | 8,703,604,953.04 | 17,688,393,818.20 | 15,543,703.07 | 17,703,937,521.27 |
| II.Openingbalanceofthecurrentyear | 5,484,334,176.00 | 1,666,882,087.60 | 74,367,173.75 | 23,394,697.32 | 1,879,651,431.02 | 4,893,646.97 | 8,703,604,953.04 | 17,688,393,818.20 | 15,543,703.07 | 17,703,937,521.27 |
| III.YoYchange(decreaseisindicatedby“-”) | - | 3,769,054.85 | -34,102,906.20 | 1,482,793.00 | - | - | 351,115,910.29 | 390,470,664.34 | 2,456,329.33 | 392,926,993.67 |
| (I)Totalcomprehensiveincome | - | - | - | 1,482,793.00 | - | - | 1,447,982,745.49 | 1,449,465,538.49 | 2,456,329.33 | 1,451,921,867.82 |
| (II)Owners’contributiontoandreductionincapital | - | 3,769,054.85 | -34,102,906.20 | - | - | - | - | 37,871,961.05 | - | 37,871,961.05 |
| 3.Amountofshare-basedpaymentintoowner’sequity | - | 3,769,054.85 | -34,102,906.20 | - | - | - | - | 37,871,961.05 | - | 37,871,961.05 |
| (III)Profitsdistribution | - | - | - | - | - | - | -1,096,866,835.20 | -1,096,866,835.20 | - | -1,096,866,835.20 |
| 3.Distributiontoowners(orshareholders) | - | - | - | - | - | - | -1,096,866,835.20 | -1,096,866,835.20 | - | -1,096,866,835.20 |
| IV.Closingbalanceofthecurrentperiod | 5,484,334,176.00 | 1,670,651,142.45 | 40,264,267.55 | 24,877,490.32 | 1,879,651,431.02 | 4,893,646.97 | 9,054,720,863.33 | 18,078,864,482.54 | 18,000,032.40 | 18,096,864,514.94 |
HeadoftheCompany:CHENDezhan,Principalinchargeofaccounting:BAOHua,Headoftheaccountingdepartment:ZHAODifang
/
StatementofChangesinOwners’EquityoftheParentCompany
January-June2025
Unit:RMB
| Item | H12025 | ||||||
| Paid-incapital(sharecapital) | Capitalreserve | Less:treasurystocks | Othercomprehensiveincome | Surplusreserve | Undistributedprofits | Totalowners’equity | |
| I.Closingbalanceofthepreviousyear | 5,483,645,926.00 | 1,925,838,418.23 | 33,828,483.60 | 88,047,505.40 | 2,161,748,790.26 | 10,405,287,236.14 | 20,030,739,392.43 |
| II.Openingbalanceofthecurrentyear | 5,483,645,926.00 | 1,925,838,418.23 | 33,828,483.60 | 88,047,505.40 | 2,161,748,790.26 | 10,405,287,236.14 | 20,030,739,392.43 |
| III.YoYchange(decreaseisindicatedby“-”) | - | 303,042.85 | -32,162,497.20 | -30,102,561.12 | - | -435,245,164.47 | -432,882,185.54 |
| (I)Totalcomprehensiveincome | - | - | - | -30,102,561.12 | - | 1,374,357,991.11 | 1,344,255,429.99 |
| (II)Owners’contributiontoandreductionincapital | - | 303,042.85 | -32,162,497.20 | - | - | - | 32,465,540.05 |
| 3.Amountofshare-basedpaymentintoowner’sequity | - | 303,042.85 | -32,162,497.20 | - | - | - | 32,465,540.05 |
| (III)Profitsdistribution | - | - | - | - | - | -1,809,603,155.58 | -1,809,603,155.58 |
| 2.Distributiontoowner(orshareholders) | - | - | - | - | - | -1,809,603,155.58 | -1,809,603,155.58 |
| IV.Closingbalanceofthecurrentperiod | 5,483,645,926.00 | 1,926,141,461.08 | 1,665,986.40 | 57,944,944.28 | 2,161,748,790.26 | 9,970,042,071.67 | 19,597,857,206.89 |
Item
| Item | H12024 | ||||||
| Paid-incapital(sharecapital) | Capitalreserve | Less:treasurystocks | Othercomprehensiveincome | Surplusreserve | Undistributedprofits | Totalowners’equity | |
| I.Closingbalanceofthepreviousyear | 5,484,334,176.00 | 1,898,950,817.41 | 74,367,173.75 | 2,453,961.13 | 1,879,597,955.19 | 8,962,504,785.64 | 18,153,474,521.62 |
| II.Openingbalanceofthecurrentyear | 5,484,334,176.00 | 1,898,950,817.41 | 74,367,173.75 | 2,453,961.13 | 1,879,597,955.19 | 8,962,504,785.64 | 18,153,474,521.62 |
| III.YoYchange(decreaseisindicatedby“-”) | - | 3,769,054.85 | -34,102,906.20 | -940,705.04 | - | 319,730,518.87 | 356,661,774.88 |
| (I)Totalcomprehensiveincome | - | - | - | -940,705.04 | - | 1,416,597,354.07 | 1,415,656,649.03 |
| (II)Owners’contributiontoandreductionincapital | - | 3,769,054.85 | -34,102,906.20 | - | - | - | 37,871,961.05 |
| 3.Amountofshare-basedpaymentintoowner’sequity | - | 3,769,054.85 | -34,102,906.20 | - | - | - | 37,871,961.05 |
| (III)Profitsdistribution | - | - | - | - | - | -1,096,866,835.20 | -1,096,866,835.20 |
| 2.Distributiontoowner(orshareholders) | - | - | - | - | - | -1,096,866,835.20 | -1,096,866,835.20 |
| IV.Closingbalanceofthecurrentperiod | 5,484,334,176.00 | 1,902,719,872.26 | 40,264,267.55 | 1,513,256.09 | 1,879,597,955.19 | 9,282,235,304.51 | 18,510,136,296.50 |
HeadoftheCompany:CHENDezhan,Principalinchargeofaccounting:BAOHua,Headoftheaccountingdepartment:ZHAODifang
/
III.BasicinformationoftheCompany
1.Companyprofile
√Applicable□NotapplicableZhejiangChinaCommoditiesCityGroupCo.,Ltd.(hereinafterreferredtoasthe"Company")wasapprovedbyDocumentZG[1993]No.59oftheZhejiangProvincialShareholdingSystemPilotWorkCoordinationGroupandregisteredwiththeYiwuIndustrialandCommercialAdministrationofZhejiangProvinceonDecember28,1993,obtainingthe"BusinessLicenseofLegalEntity"withregistrationnumber14766708-8.TheoriginalregisterednamewasZhejiangYiwuChinaCommoditiesCityCo.,Ltd.OnSeptember26,1995,itwasrenamedasZhejiangChinaCommoditiesCityGroupCo.,Ltd.TheCompanycurrentlyholdsabusinesslicensewiththeunifiedsocialcreditcodeof91330000147641689Y,witharegisteredcapitalofRMB5,483,645,926.00andatotalof5,483,645,926shares(parvalueofRMB1pershare).Amongthem,thereare785,400A-shareswithrestrictedcirculationconditionsand5,482,860,526A-shareswithunrestrictedcirculationconditions.TheCompany'sshareshavebeenlistedontheShanghaiStockExchangesinceMay9,2002.
TheCompanybelongstothemarketmanagementserviceindustry.Themainbusinessactivitiesincludeindustrialinvestmentanddevelopment,investmentmanagement,marketdevelopmentandoperation,marketsupportingservices,salesofmetalmaterials,buildingdecorationmaterials,generalmerchandise,textiles,hardware,electricalandchemicalproducts,officeequipmentandcommunicationequipment(excludingwireless),mechanicalandelectricalequipment,provisionofonlinetradingplatformsandservices,onlinetradingmarketdevelopmentandoperation,andinformationconsultingservices.Importandexportbusinessofgoodswithinthescopeofself-operatedanddomesticallysoldcommodities.Engagedinprocessingwithsuppliedmaterialsand"processingwithsuppliedmaterials,processingwithsuppliedsamples,assemblingwithsuppliedparts,andcompensationtrade"business,conductingcountertradeandentrepottrade,includingthebusinessscopeofsubordinatebranches.IV.Basisofpreparationoffinancialstatements
1.Basisofpreparation
ThefinancialstatementsoftheCompanywerepreparedonagoing-concernbasis.
2.Goingconcern
√Applicable□Notapplicable
TheCompanyhadnoeventsorconditionsthatcastedamajordoubtaboutthegoing-concernabilityoftheCompanywithin12monthsfromtheendofthereportingperiod.V.ImportantAccountingPoliciesandAccountingEstimatesRemindersonspecificaccountingpoliciesandaccountingestimates:
√Applicable□Notapplicable
TheCompanyhasformulatedspecificaccountingpoliciesandestimatesbasedontheactualproductionandoperationcharacteristics,mainlyreflectedinbaddebtprovisionsforaccountsreceivable,inventoryvaluationmethods,provisionforinventorydepreciation,fixedassetdepreciation,intangibleassetamortization,revenuerecognitionandmeasurement,classificationofinvestmentpropertiesandfixedassets,andtheusefullifeandresidualvalueoffixedassets.
1.StatementofcompliancewiththeAccountingStandards
ThefinancialstatementspreparedbytheGroupcomplywiththerequirementsoftheAccountingStandards,andtrulyandcompletelyreflecttheCompany’sfinancialconditions,operatingresults,changesinshareholders’equity,cashflowsandotherrelatedinformation.
/
2.Accountingperiod
ThefiscalyearoftheGroupstartsfromJanuary1andendsonDecember31oftheGregoriancalendar.
3.Operatingcycle
√Applicable□Notapplicable
Theoperatingcycleofourcompanyisrelativelyshort,with12monthsastheliquidityclassificationstandardforassetsandliabilities.
4.Functionalcurrency
TheCompany’sfunctionalcurrencyisRMB.
5.Methodfordeterminingimportancecriteriaandselectionbasis
√Applicable□Notapplicable
| Item | Importancecriteria |
| Significantconstructionprojectsinprogress | Thetotalinvestmentofasingleprojectexceeds0.5%ofthetotalassets |
| Significantprepaymentsagedover1year | Individualamountexceeding0.5%oftotalassets |
| Significantaccountspayablewithanagingofover1year | Individualamountexceeding0.5%oftotalassets |
| Significantadvancereceiptswithagingover1year | Individualamountexceeding0.5%oftotalassets |
| Significantcontractualliabilitieswithanagingofover1year | Individualamountexceeding0.5%oftotalassets |
| Significantotherpayableswithanagingofover1year | Individualamountexceeding0.5%oftotalassets |
| Significantcashflowsfrominvestingactivities | Singleamountexceeding5%oftotalassets |
| Significantforeignoperatingentities | Totalassets/totalrevenue/totalprofitexceeds15%oftheGroup'stotalassets/totalrevenue/totalprofit |
| Significantsubsidiaries,non-wholly-ownedsubsidiaries | Totalassets/totalrevenue/totalprofitexceeds15%oftheGroup'stotalassets/totalrevenue/totalprofit |
| Significantjointventuresorassociates | Thebookvalueofasinglelong-termequityinvestmentexceeds15%oftheGroup'snetassets/Theinvestmentincomecalculatedundertheequitymethodforasingleitemexceeds15%oftheGroup'stotalprofit |
6.Accountingmethodsforbusinesscombinationsundercommoncontroland
businesscombinationsnotundercommoncontrol
√Applicable□Notapplicable
Businesscombinationsaredividedintobusinesscombinationsundercommoncontrolandbusinesscombinationsnotundercommoncontrol.
Accountingtreatmentmethodforbusinesscombinationundercommoncontrol
TheassetsandliabilitiesacquiredbytheCompanyinabusinesscombinationaremeasuredattheircarryingamountsintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyasofthecombinationdate.TheCompanyadjustscapitalreservebasedonthedifferencebetweenthebookvalueshareoftheowners'equityofthemergedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyandthebookvalueofthecombinationconsiderationpaidorthetotalparvalueofsharesissued.Ifthecapitalreserveisinsufficienttooffsetthedifference,retainedearningsareadjusted.
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AccountingtreatmentmethodforbusinesscombinationnotundercommoncontrolOnthepurchasedate,theCompanyrecognizesthedifferencebetweenthecostofthecombinationthatisgreaterthanthefairvalueshareoftheidentifiablenetassetsoftheacquireeobtainedinthecombinationasgoodwill;ifthecostofthecombinationislessthantheshareofthefairvalueoftheidentifiablenetassetsoftheacquireeacquiredinthecombination,First,reviewtheacquiredfairvalueoftheacquiree'sidentifiableassets,liabilitiesandcontingentliabilitiesandthemeasurementofthecombinationcost.Afterthereview,thecombinationcostisstilllessthanthefairvalueshareoftheacquiree'sidentifiablenetassetsacquiredinthecombination,thedifferenceisincludedinthecurrentprofitandloss.
7.Judgmentcriteriaforcontrolandpreparationmethodsforconsolidatedfinancial
statements
√Applicable□Notapplicable
JudgmentcriteriaforcontrolControlreferstotheCompany’spowertotheinvestee.TheCompanyenjoysvariablereturnsbyparticipatingintheinvestee’srelatedactivities,andisabletoapplythepowertotheinvesteetoaffecttheamountofthereturns.Preparationmethodoftheconsolidatedfinancialstatements.TheParentCompanyincludesallsubsidiariesunderitscontrolintheconsolidationscopeoftheconsolidatedfinancialstatements.Theconsolidatedfinancialstatementsarepreparedbytheparentcompanybasedonthefinancialstatementsoftheparentanditssubsidiaries,inaccordancewithotherrelevantinformationandAccountingStandardsforBusinessEnterprisesNo.33—ConsolidatedFinancialStatements.
8.Classificationofjointarrangementsandaccountingtreatmentofjointoperations
√Applicable□Notapplicable
Jointarrangementsaredividedintojointoperationsandjointventures.WhentheCompanyisajointoperatorinajointoperation,itrecognizesthefollowingitemsrelatedtoitsshareofinterestsinthejointoperation:
(1)Confirmindividuallyheldassetsandjointlyheldassetsbasedonownershipshares;
(2)Recognizeindividuallyassumedliabilitiesandjointlyassumedliabilitiesbasedonownershipshare
(3)RecognizingrevenuegeneratedfromthesaleoftheCompany'sshareintheoutputofjointoperations;
(4)Recognitionofincomefromjointlycontrolledoperations'assetsalesbasedontheCompany'sownershipshare;
(5)RecognitionofindividuallyincurredexpensesandexpensesfromjointlycontrolledoperationsbasedontheCompany'sownershipshare.
9.Criteriafortheidentificationofcashandcashequivalents
Cashpresentedinthecashflowstatementreferstocashonhandanddepositsthatcanbeusedforpaymentatanytime.Cashequivalentsrefertoinvestmentsheldbyacompanywithshortmaturities,strongliquidity,easyconversiontoknownamountsofcash,andminimalriskofvaluechanges.
10.Foreigncurrencytransactionsandtranslationofforeigncurrencyfinancial
statements
√Applicable□Notapplicable
Foreigncurrencybusinesstranslation
Intheinitialrecognitionofaforeigncurrencytransaction,theforeigncurrencyamountistranslatedtoafunctionalcurrencyamountaccordingtothespotexchangerateonthedateoftransaction.Onthebalancesheetdate,foreigncurrencymonetaryitemsaretranslatedusingthespotexchangerateonthebalancesheetdate.Exchangedifferencesarisingfromchangesinexchangerates,exceptforthoserelatedtotheprincipalandinterestofforeigncurrencyloansspecificallyborrowedfortheacquisitionorconstructionofassetsthatmeetcapitalizationcriteria,
/
arerecognizedinthecurrentperiod’sprofitorloss.Foreigncurrencynon-monetaryitemsmeasuredathistoricalcostarestilltranslatedusingthespotexchangerateonthetransactiondate,andtheirRMBamountsremainunchanged.Forforeigncurrencynon-monetaryitemsmeasuredatfairvalue,thespotexchangerateonthedateoffairvaluedeterminationisusedfortranslation,andthedifferenceisrecognizedinthecurrentperiod’sprofitorlossorothercomprehensiveincome.ForeigncurrencyfinancialstatementtranslationAssetsandliabilitiesitemsinthebalancesheetaretranslatedatthespotexchangerateonthebalancesheetdate;owners'equityitemsexceptthe"undistributedprofit"item,otheritemsaretranslatedatthespotexchangerateonthetransactiondate;Incomeandexpenseitemsshallbeconvertedatthespotexchangerateonthetransactiondate.Thetranslationdifferencesarisingfromtheaboveconversionofforeigncurrencyfinancialstatementsarerecordedinothercomprehensiveincome.
11.Financialinstruments
√Applicable□NotapplicableClassificationofFinancialAssetsandFinancialLiabilitiesFinancialassetsareclassifiedintothefollowingthreecategoriesuponinitialrecognition:(1)financialassetsmeasuredatamortizedcost;(2)financialassetsmeasuredatfairvaluethroughothercomprehensiveincome;(3)financialassetsmeasuredatfairvaluethroughprofitorloss.Financialliabilitiesareclassifiedintothefollowingfourcategoriesuponinitialrecognition:
(1)financialliabilitiesmeasuredatfairvaluethroughprofitorloss;(2)financialliabilitiesarisingfromtransfersoffinancialassetsthatdonotqualifyforderecognitionorcontinuinginvolvementintransferredfinancialassets;(3)financialguaranteecontractsnotfallingunder(1)or(2)above,andloancommitmentsnotfallingunder(1)abovethataremadeatbelow-marketinterestrates;
(4)financialliabilitiesmeasuredatamortizedcost.RecognitionBasis,MeasurementMethods,andDerecognitionConditionsforFinancialAssetsandFinancialLiabilities
(1)RecognitionbasisandinitialmeasurementmethodsforfinancialassetsandliabilitiesTheCompanyrecognizesafinancialassetorfinancialliabilityatthetimeofbecomingapartytoafinancialinstrumentcontract.Financialassetsandfinancialliabilitiesaremeasuredatfairvalueuponinitialrecognition:inviewoffinancialassetsandfinancialliabilitiesmeasuredatfairvaluethroughprofitorloss,relatedtransactioncostsaredirectlyrecordedinthecurrentprofitorloss;inviewoffinancialassetsandfinancialliabilitiesofothercategories,relatedtransactioncostsarerecordedintheinitiallyrecognizedamount.However,iftheCompany'sinitiallyrecognizedaccountsreceivabledonotcontainsignificantfinancingcomponentsortheCompanydoesnotconsiderfinancingcomponentsincontractsnotexceedingoneyear,theyareinitiallymeasuredatthetransactionpriceasdefinedinAccountingStandardsforBusinessEnterprisesNo.14-Revenue.
(2)Subsequentmeasurementmethodsforfinancialassets
1)FinancialassetsmeasuredatamortizedcostSubsequentmeasurementiscarriedoutatamortizedcostusingtheeffectiveinterestmethod.Gainsorlossesarisingfromfinancialassetsmeasuredatamortizedcostthatarenotpartofanyhedgingrelationshiparerecognizedinprofitorlossuponderecognition,reclassification,amortizationusingtheeffectiveinterestmethod,orimpairmentrecognition.
2)Debtinstrumentinvestmentsmeasuredatfairvaluethroughothercomprehensiveincome
Subsequentmeasurementiscarriedoutatfairvalue.Interestcalculatedusingtheeffectiveinterestmethod,impairmentlossesorgains,andexchangedifferencesarerecognizedinprofitorloss,whileothergainsorlossesarerecognizedinothercomprehensiveincome.Uponderecognition,thecumulativeprofitorlosspreviouslyrecordedinothercomprehensiveincomeistransferredoutfromothercomprehensiveincomeandrecordedinthecurrentprofitorloss.
3)Equityinstrumentinvestmentsmeasuredatfairvaluethroughothercomprehensiveincome
Subsequentmeasurementiscarriedoutatfairvalue.Dividendsreceived(excludingthoserepresentingrecoveryofinvestmentcost)arerecognizedincurrentprofitorloss,whileother
/
gainsorlossesarerecognizedinothercomprehensiveincome.Uponderecognition,thecumulativeprofitorlosspreviouslyrecordedinothercomprehensiveincomeistransferredoutfromothercomprehensiveincomeandrecordedintheretainedincome.
4)FinancialassetsmeasuredatfairvaluethroughprofitorlossSubsequentmeasurementatfairvalueresultsingainsorlosses(includinginterestanddividendincome)beingrecognizedincurrentprofitorloss,unlessthefinancialassetispartofahedgingrelationship.
(3)Subsequentmeasurementmethodsforfinancialliabilities
1)FinancialliabilitiesmeasuredatfairvaluethroughprofitorlossSuchfinancialliabilitiesincludetradingfinancialliabilities(includingderivativeinstrumentsthatqualifyasfinancialliabilities)andthosedesignatedasmeasuredatfairvaluethroughprofitorloss.Forsuchfinancialliabilities,fairvalueisusedforsubsequentmeasurement.ChangesinthefairvalueoffinancialliabilitiesdesignatedasmeasuredatfairvaluethroughprofitorlossduetochangesintheCompany'sowncreditriskarerecognizedinothercomprehensiveincome,unlesssuchtreatmentwouldcreateorenlargeanaccountingmismatchinprofitorloss.Othergainsorlossesarisingfromsuchfinancialliabilities(includinginterestexpensesandfairvaluechangesnotduetochangesintheCompany'sowncreditrisk)arerecognizedincurrentprofitorloss,unlessthefinancialliabilityispartofahedgingrelationship.Uponderecognition,thecumulativeprofitorlosspreviouslyrecordedinothercomprehensiveincomeistransferredoutfromothercomprehensiveincomeandrecordedintheretainedincome.
(2)FinancialliabilitiesarisingfromfinancialassettransfersthatdonotmeetderecognitioncriteriaorinvolvecontinuedinvolvementinthetransferredfinancialassetsMeasurementshallbeconductedinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.23—TransferofFinancialAssets.
3)Financialguaranteecontractsnotfallingunder1)or2)above,andloancommitmentsnotfallingunder1)abovethatprovideloansatbelow-marketinterestrates.
Afterinitialrecognition,subsequentmeasurementisbasedonthehigherofthefollowingtwoamounts:①theamountoflossallowancedeterminedinaccordancewiththeimpairmentprovisionsforfinancialinstruments;②theinitialrecognitionamountminusthecumulativeamortizationdeterminedinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.14—Revenue.
4)Financialliabilitiesmeasuredatamortizedcost
Measuredatamortizedcostusingtheeffectiveinterestmethod.Gainsorlossesarisingfromfinancialliabilitiesmeasuredatamortizedcostandnotpartofanyhedgingrelationshiparerecognizedincurrentprofitorlossuponderecognitionoramortizationusingtheeffectiveinterestmethod.
(4)Derecognitionoffinancialassetsandfinancialliabilities
1)Afinancialassetshallbederecognizedwhenoneofthefollowingconditionsismet:
①Terminationofcontractrightstocollectcashflowsofthefinancialassets;
②Thefinancialassethasbeentransferred,andthetransfermeetsthederecognitioncriteriaforfinancialassetsunderAccountingStandardforBusinessEnterprisesNo.23-TransferofFinancialAssets.
Wherethecurrentobligationsofthefinancialliabilities(orpartofthem)havebeendissolved,theCompanyderecognizesthefinancialliabilities(orthepartoffinancialliabilities).
Therecognitionbasisandmeasurementmethodforthefinancialassetstransfer
IftheCompanytransferssubstantiallyalltherisksandrewardsofownershipofthefinancialasset,itderecognizesthefinancialassetandseparatelyrecognizesanyrightsandobligationscreatedorretainedinthetransferasassetsorliabilities;ifitretainssubstantiallyalltherisksandrewardsofownership,itcontinuestorecognizethetransferredfinancialasset.Ifacompanyneithertransfersnorretainssubstantiallyalltherisksandrewardsofownershipofafinancialasset,thefollowingtreatmentsshouldbeappliedaccordingtodifferentsituations:(1)IftheCompanydoesnotretaincontroloverthefinancialasset,itshouldderecognizethefinancialassetandseparatelyrecognizetherightsandobligationsarisingfromorretainedinthetransferasassetsorliabilities.(2)IftheCompanyretainscontroloverthefinancialasset,itshouldrecognizetherelevantfinancialassettotheextentofitscontinuedinvolvementinthetransferredfinancialasset,andaccordinglyrecognizetherelevantliability.
/
Iftheentiretransferofafinancialassetmeetsderecognitioncriteria,thedifferencebetweenthefollowingtwoamountsisrecognizedinprofitorloss:(1)thecarryingamountofthetransferredfinancialassetonthederecognitiondate;(2)thesumoftheconsiderationreceivedfortransferringthefinancialassetandthecumulativeamountoffairvaluechangesoriginallyrecognizedinothercomprehensiveincomeattributabletothederecognizedportion(forfinancialassetsmeasuredatfairvaluethroughothercomprehensiveincome,suchasdebtinstrumentinvestments).Ifaportionofafinancialassetistransferredandthetransferredportionasawholemeetsthederecognitioncriteria,thecarryingvalueofthefinancialassetbeforethetransferisallocatedbetweenthederecognizedportionandthecontinuingrecognizedportionbasedontheirrelativefairvaluesonthetransferdate,andthedifferencebetweenthefollowingtwoamountsisrecognizedincurrentprofitorloss:(1)thecarryingvalueofthederecognizedportion;(2)thesumoftheconsiderationreceivedforthederecognizedportionandthecumulativeamountoffairvaluechangesoriginallydirectlyrecognizedinothercomprehensiveincomethatcorrespondstothederecognizedportion(forfinancialassetsmeasuredatfairvaluethroughothercomprehensiveincome,suchasdebtinstrumentinvestments).
Determinationmethodforthefairvalueoffinancialassetsandfinancialliabilities
TheCompanyusesvaluationtechniquesthatareappropriateinthecurrentcircumstancesandforwhichsufficientdataandotherinformationareavailabletodeterminethefairvalueofrelevantfinancialassetsandfinancialliabilities.TheCompanyclassifiesinputvaluesusedinvaluationtechniquesintothefollowinghierarchyandappliesthemsequentially:
(1)Thefirst-levelinputsareunadjustedquotedpricesinactivemarketsforidenticalassetsorliabilitiesthatcanbeobtainedonthemeasurementdate.
(2)Level2inputsareinputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly,including:quotedpricesforsimilarassetsorliabilitiesinactivemarkets;quotedpricesforidenticalorsimilarassetsorliabilitiesinmarketsthatarenotactive;otherobservableinputssuchasinterestratesandyieldcurvesobservableatcommonlyquotedintervals;andmarket-corroboratedinputs
(3)Level3inputsareunobservableinputsfortherelevantassetorliability,includinginterestrates,stockvolatility,futurecashflowsofabandonmentobligationsassumedinbusinesscombinations,andfinancialforecastsmadeusingtheCompany'sowndatathatcannotbedirectlyobservedorverifiedbyobservablemarketdata.
Impairmentoffinancialinstruments
TheCompanyrecognizesimpairmentandestablisheslossallowancesbasedonexpectedcreditlossesfor:financialassetsmeasuredatamortizedcost,debtinstrumentinvestmentsmeasuredatfairvaluethroughothercomprehensiveincome,contractassets,leasereceivables,loancommitmentsnotclassifiedasfinancialliabilitiesmeasuredatfairvaluethroughprofitorloss,andfinancialguaranteecontractsthatarenotfinancialliabilitiesmeasuredatfairvaluethroughprofitorlossordonotmeetthederecognitioncriteriafortransferredfinancialassetsorcontinuetobeinvolvedwiththetransferredfinancialassets.
Expectedcreditlossesrefertotheweightedaveragevalueofthecreditlossesoffinancialinstrumentsweightedbytheriskofdefault.Creditlossreferstothedifferencebetweenallcontractcashflowsreceivableunderthecontractandallcashflowsexpectedtobereceived,discountedbytheCompanyattheoriginaleffectiveinterestrate,thatis,thepresentvalueofallcashshortages.Amongthem,thecredit-impairedfinancialassetspurchasedororiginatedbytheCompanyshallbediscountedatthecredit-adjustedeffectiveinterestrateofthefinancialassets.
Forpurchasedororiginatedfinancialassetsthathaveexperiencedcreditimpairment,theCompanyrecognizesonlythecumulativechangesinexpectedcreditlossesovertheentirelifesinceinitialrecognitionaslossprovisionsonthebalancesheetdate.
Forleasereceivables,receivablesarisingfromtransactionsregulatedbyAccountingStandardsforBusinessEnterprisesNo.14—Revenue,andcontractassets,theCompanyappliesthesimplifiedmeasurementmethod,measuringthelossallowanceatanamountequaltotheexpectedcreditlossesovertheentirelifetime.
Forfinancialassetsnotmeasuredusingtheabovemethods,theCompanyassessesateachbalancesheetdatewhethertheircreditriskhasincreasedsignificantlysinceinitialrecognition.Ifthecreditriskhasincreasedsignificantlysinceinitialrecognition,theCompany
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measuresthelossallowanceattheamountofexpectedcreditlossesovertheentirelifetime;ifthecreditriskhasnotincreasedsignificantlysinceinitialrecognition,theCompanymeasuresthelossallowanceattheamountofexpectedcreditlossesoverthenext12monthsforthefinancialinstrument.TheCompanyusesavailablereasonableandevidence-basedforward-lookinginformationtodeterminewhetherthecreditriskoffinancialinstrumentshasbeenconfirmedsinceinitialrecognitionbycomparingtheriskofdefaultoffinancialinstrumentsonthebalancesheetdatewiththeriskofdefaultonthedateofinitialrecognition.hasincreasedsignificantly.
Atthebalancesheetdate,iftheCompanydeterminesthatafinancialinstrumenthasonlylowcreditrisk,itisassumedthattheinstrument'screditriskhasnotincreasedsignificantlysinceinitialrecognition.
TheCompanyassessesexpectedcreditriskandmeasuresexpectedcreditlossbasedonindividualfinancialinstrumentsorportfoliosoffinancialinstruments.Whenbasedonfinancialinstrumentportfolios,theCompanyclassifiesfinancialinstrumentsintodifferentportfoliosbasedonsharedriskcharacteristics.
TheCompanyremeasuresexpectedcreditlossesateachbalancesheetdate,withincreasesorreversalsinlossallowancesrecognizedasimpairmentlossesorgainsincurrentperiodprofitorloss.Forfinancialassetsmeasuredatamortizedcost,lossallowancesreducethecarryingamountofthefinancialassetpresentedinthebalancesheet;fordebtinvestmentsmeasuredatfairvaluethroughothercomprehensiveincome,theCompanyrecognizeslossallowancesinothercomprehensiveincomewithoutreducingthecarryingamountofthefinancialasset.
Offsetoffinancialassetsandfinancialliabilities
Inaddition,financialassetsandfinancialliabilitiesarerecognizedseparatelyinthebalancesheetandarenotoffsetagainsteachother.Ifthefollowingconditionsaremetatthesametime,financialassetsandfinancialliabilitiesarelistedinthebalancesheetasthenetamountafteroffsettingeachother:(1)Thereisalegalrighttooffsettherecognizedamount,andthelegalrightiscurrentlyexecutable;(2)Nettingsettlement,orrealizingthefinancialassetandpayingoffthefinancialliabilityatthesametime.
Forfinancialassettransfersthatdonotmeetthederecognitioncriteria,theCompanydoesnotoffsetthetransferredfinancialassetsandrelatedliabilities.
12.Notesreceivable
√Applicable□NotapplicableGroupingclassificationanddeterminationbasisofprovisionforbaddebtbasedongroupingofcreditriskcharacteristics
√Applicable□Notapplicable
TheCompanyassessesimpairmentandrecognizeslossallowancesforfinancialassetsmeasuredatamortizedcostbasedonexpectedcreditlosses.
Foraccountsreceivablethatdonotcontainsignificantfinancingcomponents,theCompanymeasureslossreservesbasedontheexpectedcreditlossamountequivalenttotheentireduration.
Forthefinancialassetsnotmeasuredwiththesimplifiedmethod,theCompanyevaluatesoneachbalancesheetdatewhethertheircreditriskshaveincreasedsignificantlysincetheinitialrecognition.Ifthecreditriskofafinancialassethasnotincreasedsignificantlysincetheinitialrecognition,theassetisinthefirststageandtheCompanywillmakeprovisionforlossbasedontheamountofexpectedcreditlosswithinthecoming12monthsandcalculateinterestincomebasedonthebookbalanceandeffectiveinterestrate;ifthecreditriskhasincreasedsignificantlysincetheinitialrecognition,butcredithasnotbeenimpaired,theassetisinthesecondstageandtheCompanywillmakeprovisionforlossequivalenttotheamountofexpectedcreditlossduringtheentiretermandcalculateinterestincomebasedonthebookbalanceandeffectiveinterestrate;ifcredithasbeenimpairedaftertheinitialrecognition,theassetisinthethirdstageandtheCompanywillmakeprovisionforlossequivalenttotheamountofexpectedcreditlossduringtheentiretermandcalculateinterestincomebasedontheamortizedcostandeffectiveinterestrate.
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TheGroupevaluatestheexpectedcreditlossesoffinancialinstrumentsontheindividualandgroupbases.TheCompanyconsidersthecreditriskcharacteristicsofdifferentcustomers,evaluatestheexpectedcreditlossesofaccountsreceivablebasedongroupingbyaging,anddeterminestheagingbasedontheinvoicingdate.Exceptfortheaforementionedfinancialinstrumentsthatareevaluatedforexpectedcreditlossesonagroupingbasis,theCompanyassessestheirexpectedcreditlossesonanindividualbasis.
ThedisclosureregardingtheCompany'scriteriafordeterminingasignificantincreaseincreditriskandthedefinitionofcredit-impairedassetsisasfollows:
ThefactorsreflectedintheCompany'smethodofmeasuringexpectedcreditlossesoffinancialinstrumentsinclude:unbiasedprobability-weightedaverageamountdeterminedbyevaluatingaseriesofpossibleoutcomes;timevalueofmoney;nounnecessaryadditionalcostoreffortonthebalancesheetdateReasonableandevidence-basedinformationthatisreadilyavailableaboutpastevents,currentconditionsandforecastsoffutureeconomicconditions.
WhentheCompanynolongerreasonablyexpectstorecoverallorpartofthecontractualcashflowsofafinancialasset,itdirectlywritesdownthecarryingamountofthefinancialasset.Accountagingcalculationmethodinwhichthecreditriskcharacteristicgroupingisconfirmedbyaccountaging
□Applicable√NotapplicableJudgmentcriteriaforindividualprovisionforbaddebtbasedonindividualprovision
√Applicable□Notapplicable
Forreceivablesandcontractassetswithcreditrisksignificantlydifferentfromportfoliocreditrisk,theCompanycalculatesexpectedcreditlossesonanindividualbasis.
13.Accountsreceivable
√Applicable□NotapplicableGroupingclassificationanddeterminationbasisofprovisionforbaddebtbasedongroupingofcreditriskcharacteristics
√Applicable□Notapplicable
PleaserefertoNoteV-ImportantAccountingPoliciesandAccountingEstimates-12.NotesReceivable.Accountagingcalculationmethodinwhichthecreditriskcharacteristicgroupingisconfirmedbyaccountaging
□Applicable√NotapplicableRecognitioncriteriaforindividualprovisionofbaddebt
√Applicable□Notapplicable
PleaserefertoNoteV-ImportantAccountingPoliciesandAccountingEstimates-12.NotesReceivable.
14.Accountsreceivablefinancing
□Applicable√Notapplicable
15.Otherreceivables
√Applicable□NotapplicableGroupingclassificationanddeterminationbasisofprovisionforbaddebtbasedongroupingofcreditriskcharacteristics
√Applicable□Notapplicable
PleaserefertoNoteV-ImportantAccountingPoliciesandAccountingEstimates-12.NotesReceivable.Accountagingcalculationmethodinwhichthecreditriskcharacteristicgroupingisconfirmedbyaccountaging
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□Applicable√NotapplicableJudgmentcriteriaforindividualprovisionforbaddebtbasedonindividualprovision
√Applicable□NotapplicablePleaserefertoNoteV-ImportantAccountingPoliciesandAccountingEstimates-12.NotesReceivable.
16.Inventory
√Applicable□NotapplicableInventorycategory,valuationmethodforissuance,inventorysystem,amortizationmethodforlow-valueconsumablesandpackagingmaterials
√Applicable□Notapplicable
ClassificationofinventoryInventoryincludesrawmaterials,work-in-progressmaterials,finishedgoods,realestatedevelopmentcostsandrealestatedevelopmentproducts.Developmentcostsrefertothepropertiesthathavenotbeencompletedandaredevelopedforthepurposeofbeingsold.Developmentproductsrefertothepropertiesthathavebeencompletedandarereadyforsale.Theactualcostsofrealestatedevelopmentcostsanddevelopmentproductsincludethelandacquisitioncost,expendituresonconstructionandinstallationworks,capitalizedinterestandotherdirectandindirectdevelopmentexpenses.Theuserightofthelandfordevelopmentpurposeatthedevelopmentofaprojectisamortizedandrecognizedasthedevelopmentcostoftheprojectbasedonthesiteareaofthedevelopmentproduct,andthedevelopmentcostwillbechangedovertodevelopmentproductafterbeingcompleted.
Ifthepublicauxiliaryfacilitiesarecompletedearlierthantherelateddevelopmentproduct,thefacilitieswillbeallocatedtoandrecognizedinthedevelopmentcostofrelateddevelopmentprojectbasedonthefloorspaceoftheprojectafterfinalaccountingofthefacilitiesuponcompletion;ifthepublicauxiliaryfacilitiesarecompletedlaterthantherelateddevelopmentproduct,theywillberecognizedinthedevelopmentcostofrelateddevelopmentprojectbasedonthepredictedcostofthepublicauxiliaryfacilities.
Valuationmethodofissuedinventory
Hotel,cateringandfreshgoodsinventoriesaresubjecttoonsiteinventory,whileotherinventoriesaresubjecttoperpetualinventory.
Inventorysystemofinventory
Theinventorysystemforinventoryistheperpetualinventorysystem.
Amortizationoflow-valueconsumablesandpackagingmaterials
(1)Low-valueconsumables
Amortizationiscarriedoutaccordingtotheone-timewrite-offmethod.
(2)Packaging
Amortizationiscarriedoutaccordingtotheone-timewrite-offmethod.Recognitioncriteriaandprovisionmethodsforprovisionforinventorydepreciation
√Applicable□Notapplicable
Onthebalancesheetdate,inventoriesaremeasuredatthelowerofcostandnetrealizablevalue,andprovisionforinventorydepreciationismadebasedonthedifferencebetweenthecostandthenetrealizablevalue.Forinventoriesdirectlyusedforsale,inthenormalproductionandoperationprocess,thenetrealizablevalueisdeterminedbytheestimatedsellingpriceoftheinventoryminustheestimatedsalesexpensesandrelatedtaxes;forinventoriesthatneedtobeprocessed,inthenormalproductionandoperationprocess,thenetrealizablevalueisdeterminedbytheestimatedsellingpriceofthefinishedproductsproducedafterdeductingtheestimatedcoststobeincurreduponcompletion,estimatedsalesexpensesandrelevanttaxesandfees;onthebalancesheetdate,forinventoryitemswhereaportionhasacontractedpriceandtheremainingportiondoesnot,thenetrealizablevalueisdeterminedseparatelyforeachpart.Thisvalueisthencomparedwiththecorrespondingcosttoseparatelydeterminetheamountofprovisionforinventorywrite-downorthereversalthereof.
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Inprinciple,provisionismadeforindividualinventoryitems;forinventorieswithlargequantitiesandlowunitprices,inventorywrite-downsareprovidedbycategory.Combinationclassificationanddeterminationbasisforcombinedprovisionforinventorydepreciation,anddeterminationbasisfornetrealizablevalueofinventoryofdifferentcategories
□Applicable√NotapplicableCalculationmethodsanddeterminationbasisforthenetrealizablevalueofeachinventoryagecombinationbasedoninventoryageconfirmation
□Applicable√Notapplicable
17.Contractassets
□Applicable√Notapplicable
18.Non-currentassetsordisposalgroupsheldforsale
□Applicable√NotapplicableRecognitioncriteriaandaccountingtreatmentmethodsfornon-currentassetsordisposalgroupsclassifiedasheldforsale
□Applicable√NotapplicableRecognitioncriteriaandreportingmethodsforterminationofoperations
□Applicable√Notapplicable
19.Long-termequityinvestment
√Applicable□Notapplicable
Determinationofjointcontrolandsignificantinfluence
Jointcontrolreferstothecontroljointlyownedoversomearrangementaccordingtotherelatedprovisions,andtherelatedactivitiesofthearrangementsmustbedecidedafteragreedbytheparticipantsharingcontrol.Amajorimpactmeansthattheinvestorhasthepowertoparticipateindecision-makingoftheinvestee’sfinanceandoperationpolicies,butcannotcontrolorjointlycontrolwithotherpartiestheformulationofthesepolicies.
Determinationofinvestmentcost
(1)Businesscombinationundercommoncontrol:IftheCompanypayscash,transfersnon-cashassetsorassumesdebts,andissuesequitysecuritiesasthecombinationconsideration,itshalltreatitsshareinthebookvalueoftheowner’sequityoftheacquireelistedintheultimatecontrollingparty’sconsolidatedfinancialstatementsonthedateofthecombinationastheinitialinvestmentcostoflong-termequityinvestment.Thedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentandthebookvalueofthecombinedconsiderationpaidorthetotalfacevalueoftheissuedsharesshallbeadjustedtothecapitalreserve;ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.
TheCompanydetermineswhetherthelong-termequityinvestmentformedthroughstep-by-steptransactionstoachieveabusinesscombinationundercommoncontrolconstitutes
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a"packagedeal."Fortransactionsclassifiedasa"packagedeal,"eachtransactionisaccountedforasasingletransactiontoobtaincontrol.Fortransactionsnotclassifiedas"packagedeals,"theinitialinvestmentcostisdeterminedonthecombinationdatebasedontheshareofthenetassetsofthemergedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartythatshouldbeenjoyedpost-combination.Thedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentonthecombinationdateandthesumofthecarryingvalueofthelong-termequityinvestmentbeforethecombinationplusthecarryingvalueofthenewconsiderationpaidforadditionalsharesonthecombinationdateisadjustedtocapitalreserve;ifthecapitalreserveisinsufficienttooffsetthedifference,retainedearningsareadjusted.
(2)Forbusinesscombinationsnotundercommoncontrol,thefairvalueoftheacquisitionconsiderationpaidontheacquisitiondateshallbetakenasitsinitialinvestmentcost.Forlong-termequityinvestmentsformedthroughstep-by-steptransactionsachievingabusinesscombinationnotundercommoncontrol,theCompanyappliesseparateaccountingtreatmentsinindividualfinancialstatementsandconsolidatedfinancialstatements:
1)Inseparatefinancialstatements,theinitialinvestmentcostunderthecostmethodiscalculatedasthesumofthecarryingamountoftheoriginallyheldequityinvestmentandtheadditionalinvestmentcost.
2)Inconsolidatedfinancialstatements,determinewhetheritconstitutesa"packagedeal."Fortransactionsclassifiedasa"packagedeal,"eachtransactionisaccountedforasasingletransactiontoobtaincontrol.Fortransactionsnotqualifyingas"packagedeals,"equityinterestsintheacquireeheldpriortotheacquisitiondateareremeasuredatfairvalueontheacquisitiondate,withanydifferencebetweenfairvalueandcarryingamountrecognizedincurrentinvestmentincome.Othercomprehensiveincomerelatedtosuchequityinterestsaccountedforundertheequitymethodisreclassifiedtoprofitorlossintheperiodofacquisition.Exceptforothercomprehensiveincomearisingfromtheinvestee'sremeasurementofdefinedbenefitplannetliabilitiesornetassets.
(3)Otherthanthoseformedthroughbusinesscombinations:forthoseacquiredbycashpayment,theinitialinvestmentcostisbasedontheactualpurchasepricepaid;forthoseacquiredbyissuingequitysecurities,theinitialinvestmentcostisbasedonthefairvalueoftheequitysecuritiesissued;forthoseacquiredthroughdebtrestructuring,theinitialinvestmentcostisdeterminedinaccordancewithAccountingStandardsforBusinessEnterprisesNo.12—DebtRestructuring;forthoseacquiredthroughnon-monetaryassetexchange,theinitialinvestmentcostisdeterminedinaccordancewithAccountingStandardsforBusinessEnterprisesNo.7—Non-monetaryAssetExchange.
Subsequentmeasurementandrecognitionofprofitandloss
Long-termequityinvestmentsincontrolledentitiesareaccountedforusingthecostmethod;investmentsinassociatesandjointventuresareaccountedforusingtheequitymethod.
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MethodforStep-by-StepDisposalofSubsidiaryInvestmentsThroughMultipleTransactionsUntilLossofControl
(1)Judgmentprinciplesfordeterminingwhetheritconstitutesa"packagedeal"
Forthestep-by-stepdisposalofequityinvestmentsinsubsidiariesthroughmultipletransactionsuntilcontrolislost,theCompanydetermineswhetherthestep-by-steptransactionsconstitutea"packagedeal"byconsideringthetermsofthetransactionagreementsforeachstep,therespectivedisposalconsiderationsobtained,thepartiestowhomtheequityissold,thedisposalmethods,thetimingofdisposal,andotherrelevantinformation.Whentheterms,conditions,andeconomiceffectsofmultipletransactionsmeetoneormoreofthefollowingcircumstances,ittypicallyindicatesthatthetransactionsconstitutea"packagedeal":
1)Thesetransactionsareenteredintoatthesametimeortakingintoaccounttheinfluenceofeachother;
2)Onlythesetransactionsasawholecanachieveacompletecommercialresult;
3)Theoccurrenceofonetransactiondependsontheoccurrenceofatleastoneothertransaction;
4)Atransactionisuneconomicalonitsown,butitiseconomicalwhenconsideredtogetherwithothertransactions.
(2)Accountingtreatmentfortransactionsnotclassifiedas"packagedeals"
1)Individualfinancialstatements
Forthedisposedequity,thedifferencebetweenitscarryingamountandtheactualproceedsreceivedisrecognizedinprofitorloss.Fortheremainingequity,ifitstillhassignificantinfluenceovertheinvesteeorisjointlycontrolledwithotherparties,itisaccountedforusingtheequitymethod;ifcontrol,jointcontrol,orsignificantinfluenceovertheinvesteecannolongerbeexercised,itisaccountedforinaccordancewiththerelevantprovisionsof"AccountingStandardsforBusinessEnterprisesNo.22—RecognitionandMeasurementofFinancialInstruments."
2)ConsolidatedFinancialStatements
Beforelosingcontrol,thedifferencebetweenthedisposalconsiderationandtheshareofthesubsidiary'snetassetsattributabletothedisposedlong-termequityinvestment,calculatedfromtheacquisitionoracquisitiondate,isadjustedtocapitalreserve(capitalsurplus).Ifthecapitalsurplusisinsufficient,retainedearningsarereduced.
Whenthecontroloverasubsidiaryislost,theremainingequityinterestisre-measuredatitsfairvalueonthedateoflosingcontrol.Thedifferencebetweenthesumoftheconsiderationobtainedfromthedisposalofequityandthefairvalueoftheremainingequity,andtheshareoftheformersubsidiary’snetassetscalculatedcontinuouslyfromtheacquisitiondateorcombinationdateattheoriginalshareholdingratioisincludedintheinvestmentincomeintheperiodoflossofcontrol.Atthesametime,goodwillisalsowrittendown.Othercomprehensive
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incomerelatedtotheequityinvestmentoftheoriginalsubsidiaryshallbeconvertedintoinvestmentincomeforthecurrentperiodwhenthecontrolrightislost.
(3)Accountingtreatmentfor"packagedeals"
1)IndividualfinancialstatementsAccountforalltransactionsasasingletransactioninvolvingthedisposalofasubsidiaryandlossofcontrol.However,thedifferencebetweeneachdisposalconsiderationandthecarryingamountofthecorrespondinglong-termequityinvestmentbeforelossofcontrolisrecognizedinothercomprehensiveincomeinseparatefinancialstatementsandtransferredtoprofitorlossuponlossofcontrol.
2)ConsolidatedFinancialStatementsAccountforalltransactionsasasingletransactioninvolvingthedisposalofasubsidiaryandlossofcontrol.However,anydifferencebetweenthedisposalconsiderationandthedisposingparty'sproportionateshareofthesubsidiary'snetassetspriortolossofcontrolisrecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatementsandsubsequentlyreclassifiedtoprofitorlossuponlossofcontrol.
20.Propertyinvestment
(1).WiththecostmeasurementmodelDepreciationoramortizationmethodsTheCompany'sinvestmentrealestateincludeslanduserightsleased,landuserightsheldandreadytobetransferredafterappreciation,leasedbuildings,etc.Investmentrealestateisinitiallymeasuredatcost,followedbycostmodel,andisdepreciatedoramortizedusingthesamemethodasfixedassetsandintangibleassets.
21.Fixedassets
(1).Recognitionrequirements
√Applicable□NotapplicableProperty,plantandequipmentrefertotangibleassetsheldforthepurposeofproducingcommodities,providinglaborservices,leasingoroperatingmanagement,andwithaservicelifeofmorethanonefiscalyear.Fixedassetsarerecognizedwhenitisprobablethateconomicbenefitswillflowinandthecostcanbereliablymeasured.
(2).Depreciationmethods
√Applicable□Notapplicable
| Category | Depreciationmethods | Depreciationperiod(numberofyears) | Residualvaluerate | Annualdepreciationrate |
| Buildingsandstructures | Straight-linemethod | 10-40 | 4% | 2.40%-9.60% |
| Generalequipment | Straight-linemethod | 5-10 | 4% | 9.60%-19.20% |
| Transportationequipment | Straight-linemethod | 6 | 4% | 16.00% |
22.Constructioninprogress
√Applicable□Notapplicable
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Constructioninprogressisrecognizedwhenitsimultaneouslymeetsthecriteriathateconomicbenefitsareprobabletoflowinandcostscanbereliablymeasured.Constructioninprogressismeasuredattheactualcostsincurredbeforetheassetreachesitsintendedusablecondition.
Whentheconstructioninprogressreachesthepredeterminedusablestate,itshallbetransferredtofixedassetsaccordingtotheactualcostoftheproject.Forthosethathavereachedtheexpectedusablestatebuthavenotyethandledthefinalsettlementoftheproject,theyshallbetransferredtofixedassetsattheirestimatedvalue.Afterthefinalsettlementoftheprojecthasbeenhandled,theoriginalprovisionalestimatedvaluewillbeadjustedaccordingtotheactualcost,butthedepreciationthathasbeenaccruedwillnotbeadjusted.
| Category | Criteriaandtimingfortransferringconstructioninprogresstofixedassets |
| Buildingsandstructures |
Themainconstructionprojectandsupportingworkshavebeensubstantiallycompleted,metthepredetermineddesignrequirements,andpassedacceptanceinspection
| Machineryequipment | Meetingdesignrequirementsorcontractualstandardsafterinstallationanddebugging |
| Transportationequipment | Obtainingatransportationvehicledrivinglicense |
| Other | Actualstartofuseorcompletionofinstallationanddebugging |
23.Borrowingcosts
√Applicable□Notapplicable
Principlesforrecognitiononcapitalizationofborrowingcosts
IftheborrowingcostsincurredbytheCompanycanbedirectlyattributabletotheacquisitionorproductionofassetsqualifiedofcapitalization,theyshallbecapitalizedandincludedinthecostoftherelevantassets;otherborrowingcostsshallberecognizedasexpensesbasedontheamountincurredwhentheyareincurredandincludedincurrentprofitandloss.
Periodofcapitalizationofborrowingcosts
(1)Capitalizationbeginswhentheborrowingcostsmeetthefollowingconditionsatthesametime:1)Theassetexpenditurehasbeenincurred;2)Theborrowingcostshavebeenincurred;3)Thepurchase,constructionorproductionnecessarytomaketheassetreadyforuseorsaleTheeventhasalreadystarted.
(2)Ifanassetthatmeetsthecapitalizationconditionsisabnormallyinterruptedintheprocessofacquisition,constructionorproduction,andtheinterruptionlastsformorethan3consecutivemonths,thecapitalizationofborrowingcostsshallbesuspended;theborrowingcostsincurredduringtheinterruptionperiodshallberecognizedascurrentexpensesuntilTheacquisition,constructionorproductionoftheassetresumes.
(3)Whentheacquisitionorproductionofassetsqualifiedofcapitalizationreachestheintendedusableorsaleablestate,thecapitalizationofborrowingcostsshallcease.
Capitalizationrateofborrowingcostsandcapitalizedamount
Ifaspecialloanisborrowedforthepurchase,constructionorproductionofassetseligibleforcapitalization,theinterestexpenseactuallyincurredinthecurrentperiodofthespecialloan(includingtheamortizationofdiscountorpremiumdeterminedaccordingtotheeffectiveinterestratemethod),minustheunusedloanfundsTheamountofinterestincomeobtainedbydepositinginthebankortheinvestmentincomeobtainedfromtemporaryinvestmentshallbedeterminedastheamountofinterestthatshouldbecapitalized;ifgeneralborrowingsareoccupiedforthepurchase,constructionorproductionofassetseligibleforcapitalization,theaccumulatedassetexpenditureshallbeTheweightedaveragenumberofassetexpendituresexceedingspecialborrowingsismultipliedbythecapitalizationrateofoccupiedgeneralborrowingstocalculateanddeterminetheamountofinterestthatshouldbecapitalizedongeneralborrowings.
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24.Biologicalassets
□Applicable√Notapplicable
25.Oilandgasassets
□Applicable√Notapplicable
26.Intangibleassets
(1).Servicelifeanditsdeterminationbasis,estimatedsituation,amortizationmethodor
reviewprocedure
√Applicable□Notapplicable
Intangibleassets,includinglanduserights,softwareandsoftwarecopyright,etc.,areinitiallymeasuredatcost.Intangibleassetswithlimitedservicelifeshallbeamortizedsystematicallyandreasonablywithintheservicelifeaccordingtotheexpectedrealizationmethodoftheeconomicbenefitsrelatedtotheintangibleasset.Iftheexpectedrealizationmethodcannotbereliablydetermined,thestraight-linemethodshallbeusedforamortization.Specificprovisionsareasfollows:
| Item | Usefullifeanditsdeterminationbasis | Amortizationmethod |
| Landuseright | Theusefullifeisdeterminedas40-50yearsbasedonthepropertyrightsregistrationperiod | Straight-linemethod |
| Softwareandsoftwarecopyright | Theusefullifeisdeterminedtobe10yearsbasedontheexpectedbenefitperiod | Straight-linemethod |
| Dataresources | Theusefullifeisdeterminedtobe10yearsbasedontheexpectedbenefitperiod | Straight-linemethod |
(2).ThescopeofR&Dexpenditurecollectionandrelatedaccountingtreatmentmethods
√Applicable□Notapplicable
ScopeofR&DExpenditureAggregation
(1)Personnellaborcosts
PersonnellaborcostsincludesalariesandwagesoftheCompany'sR&Dpersonnel,basicpensioninsurance,basicmedicalinsurance,unemploymentinsurance,workinjuryinsurance,maternityinsurance,andhousingprovidentfund,aswellasservicefeesforexternallyhiredR&Dpersonnel.
ForR&DpersonnelservingmultipleR&Dprojectssimultaneously,laborcostsareallocatedproportionallyamongdifferentR&DprojectsbasedontheworkinghourrecordsprovidedbytheCompany'smanagementdepartment.
ForpersonneldirectlyengagedinR&DactivitiesandexternalR&Dpersonnelwhoalsoengageinnon-R&Dactivities,theCompanyallocatestheactualincurredpersonnelcostsbetweenR&Dexpensesandproduction/operatingexpensesbasedonreasonablemethodssuchastheproportionofactualworkinghoursrecordedfordifferentpositions.
(2)Directinputexpenses
DirectinputcostsrefertotheactualexpensesincurredbytheCompanyforconductingresearchanddevelopmentactivities.Includes:1)Directlyconsumedmaterials,fuel,andpowerexpenses;2)Molds,toolingdevelopment,andmanufacturingcostsforpilottestingandproducttrialproduction,purchasecostsofsamples,prototypes,andgeneraltestingequipmentthatdonotconstitutefixedassets,andinspectionfeesfortrialproducts;3)Operation,maintenance,adjustment,inspection,testing,andrepairexpensesforinstrumentsandequipmentusedinR&Dactivities.
(3)Depreciationexpensesandlong-termprepaidexpenses
Depreciationexpensereferstothedepreciationofinstruments,equipment,andbuildingsinuseforresearchanddevelopmentactivities.
Forinstruments,equipment,andin-usebuildingsusedforR&Dactivitiesthatarealsousedfornon-R&Dactivities,theCompanymaintainsnecessaryrecordsoftheirusageandallocates
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theactualdepreciationexpensesbetweenR&Dexpensesandproduction/operatingexpensesbasedonfactorssuchasactualworkinghoursandusagearea,usingareasonablemethod.Long-termdeferredexpensesrefertothoseincurredduringtherenovation,retrofitting,decoration,andrepairofR&Dfacilities,whichareaggregatedbasedonactualexpendituresandamortizedevenlyoverthespecifiedperiod.
(4)AmortizationexpensesofintangibleassetsAmortizationexpensesofintangibleassetsrefertotheamortizationofsoftware,intellectualproperty,andnon-patentedtechnologies(proprietarytechnologies,licenses,designandcalculationmethods,etc.)usedinresearchanddevelopmentactivities.
(5)DesignExpensesDesignexpensesrefertocostsincurredforconceptualizing,developing,andmanufacturingnewproductsandprocesses,includingdesigningprocedures,technicalspecifications,regulations,andoperationalcharacteristics,aswellasrelatedexpensesforcreativedesignactivitiesaimedatobtaininginnovative,creative,andbreakthroughproducts.
(6)EquipmentdebuggingcostsandtestingexpensesEquipmentdebuggingcostsrefertoexpensesincurredduringresearchanddevelopmentactivitiesinthetoolingpreparationprocess,includingthedevelopmentofspecialanddedicatedproductionmachines,changestoproductionandqualitycontrolprocedures,ortheformulationofnewmethodsandstandards.Costsincurredforroutinetoolingpreparationandindustrialengineeringforlarge-scalebatchandcommercialproductionarenotincludedintheaggregationscope.Testingexpensesincludeclinicaltrialfeesfornewdrugdevelopment,fieldtrialfeesforexplorationanddevelopmenttechnologies,andfieldtestfees,amongothers.
(7)OutsourcedresearchanddevelopmentexpensesOutsourcedresearchanddevelopmentexpensesrefertocostsincurredbytheCompanywhencommissioningotherdomesticorforeigninstitutionsorindividualstoconductresearchanddevelopmentactivities(theresultsofwhichareownedbytheCompanyandarecloselyrelatedtoitsmainbusinessoperations).
(8)OtherexpensesOtherexpensesrefertothosedirectlyrelatedtoresearchanddevelopmentactivitiesbeyondtheaforementionedexpenses,includingtechnicalbookandmaterialcosts,documenttranslationfees,expertconsultationfees,high-techR&Dinsurancepremiums,costsforretrieval,demonstration,evaluation,appraisal,andacceptanceofR&Dresults,aswellasfeesforintellectualpropertyapplications,registrations,andagencyservices,meetingexpenses,travelexpenses,communicationcosts,etc.Expensesfortheresearchphaseofinternalresearchanddevelopmentprojectsshallbeincludedinthecurrentprofitandlosswhenincurred.Developmentexpenditurescanbecapitalizedonlywhenallofthefollowingconditionsaremetatthesametime,thatis,itistechnicallyfeasibletocompletetheintangibleassettomakethemusableorsaleable;thereisanintentiontocompletetheintangibleassetanduseorsellit;thewayforintangibleassetstogenerateeconomicbenefits,includingtheabilitytoprovethattherearemarketsfortheproductsgeneratedbytheintangibleassetsortheintangibleassetsthemselves.Intangibleassetsthatwillbeusedinternallycanprovetheirusefulness;therearesufficienttechnology,financialresourcesandotherresourcesupportstocompletethedevelopmentoftheintangibleassetandabilitytouseorselltheintangibleasset;theexpenditureattributabletothedevelopmentofsuchintangibleassetcanbereliablymeasured.
TheCompany'sspecificcriteriafordividingtheresearchstageexpenditureanddevelopmentstageexpenditureofinternalresearchanddevelopmentprojects:
Developmentexpenditurescanbecapitalizedonlywhenallofthefollowingconditionsaremetatthesametime,thatis,itistechnicallyfeasibletocompletetheintangibleassettomakethemusableorsaleable;thereisanintentiontocompletetheintangibleassetanduseorsellit;thewayforintangibleassetstogenerateeconomicbenefits,includingtheabilitytoprovethattherearemarketsfortheproductsgeneratedbytheintangibleassetsortheintangibleassetsthemselves.Intangibleassetsthatwillbeusedinternallycanprovetheirusefulness;therearesufficienttechnology,financialresourcesandotherresourcesupportstocompletethedevelopmentoftheintangibleassetandabilitytouseorselltheintangibleasset;theexpenditureattributabletothedevelopmentofsuchintangibleassetcanbereliablymeasured.
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27.Impairmentoflong-termassets
√Applicable□NotapplicableForlong-termassetssuchaslong-termequityinvestments,investmentpropertiesmeasuredatcost,fixedassets,constructioninprogress,right-of-useassets,andintangibleassetswithfiniteusefullives,ifthereareindicationsofimpairmentatthebalancesheetdate,theirrecoverableamountsareestimated.Forthegoodwillformedduetothemergerofenterprisesandtheintangibleassetswithuncertainservicelife,theGroupcarriesoutimpairmenttestsatleastattheendofeachyear,regardlessoftheimpairmentsigns.Goodwillistestedforimpairmentincombinationwithitsrelatedassetgroupsorgroupsofassetgroups.Iftherecoverableamountoftheaforementionedlong-termassetsislowerthantheircarryingvalue,thedifferenceisrecognizedasanimpairmentlossandincludedincurrentperiodprofitorloss.
28.Long-termprepaidexpenses
√Applicable□NotapplicableLong-termprepaidexpensesaccountforexpendituresthathavebeenincurredandareamortizedoveraperiodlongerthanoneyear(excludingoneyear).Longtermdeferredexpensesarerecordedbasedontheactualamountincurredandamortizedevenlyoverthebenefitperiodorspecifiedperiod.Ifthelong-termdeferredexpenseitemcannotbenefitfutureaccountingperiods,theamortizedvalueoftheitemthathasnotbeenamortizedwillbefullytransferredtothecurrentperiod'sprofitorloss.
29.Contractliabilities
√Applicable□NotapplicableTheCompanypresentscontractualassetsorcontractualliabilitiesinthebalancesheetbasedontherelationshipbetweenperformanceobligationsandcustomers’payments.TheCompanyoffsetscontractassetsandcontractliabilitiesunderthesamecontractandpresentsthematnetamounts.ContractliabilitiesaretheCompany’sobligationstotransferproductstocustomerssinceithasreceivedorshallreceiveconsiderationfromcustomers.
30.Employeecompensations
(1).Accountingtreatmentofshort-termcompensations
√Applicable□Notapplicable
TheCompanyrecognizestheactualshort-termemployeeremunerationasliabilitiesduringtheaccountingperiodwhenemployeesprovideservicestotheCompany,andrecordstheminthecurrentprofitorlossorrelatedassetcosts.
(2).Accountingtreatmentofpost-employmentbenefits
√Applicable□Notapplicable
Thepostemploymentwelfareplanincludesadefinedcontributionplanandadefinedbenefitplan.
(1)DuringtheaccountingperiodinwhichemployeesprovideservicestotheCompany,theamounttobecontributedascalculatedunderthedefinedcontributionplanisrecognizedasaliabilityandrecordedincurrentprofitorlossorthecostofrelatedassets.
(2)Theaccountingtreatmentfordefinedbenefitplanstypicallyincludesthefollowingsteps:
1)Basedontheprojectedunitcreditmethod,unbiasedandmutuallyconsistentactuarialassumptionsareusedtoestimatedemographicandfinancialvariables,measuretheobligationsarisingfromdefinedbenefitplans,anddeterminetheperiodtowhichtheobligationsbelong.Atthesametime,theobligationsarisingfromthedefinedbenefitplanarediscountedtodeterminethepresentvalueofthedefinedbenefitplanobligationsandthecurrentservicecost
2)Ifthereareassetsinadefinedbenefitplan,thedeficitorsurplusformedbysubtractingthefairvalueofthedefinedbenefitplanassetsfromthepresentvalueofthedefinedbenefit
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planobligationisrecognizedasanetdefinedbenefitliabilityorasset.Ifadefinedbenefitplanhasasurplus,thenetassetsofthedefinedbenefitplanaremeasuredattheloweroftheplansurplusandtheassetceiling
3)Attheendoftheperiod,theemployeecompensationcostsarisingfromdefinedbenefitplansarerecognizedasthreecomponents:servicecost,netinterestonthenetdefinedbenefitliabilityorasset,andremeasurementsofthenetdefinedbenefitliabilityorasset.Amongthese,theservicecostandnetinterestonthenetdefinedbenefitliabilityorassetareincludedincurrentprofitorlossorthecostofrelatedassets,whiletheremeasurementsofthenetdefinedbenefitliabilityorassetareincludedinothercomprehensiveincome.Theseamountsrecognizedinothercomprehensiveincomecannotbereclassifiedtoprofitorlossinsubsequentperiodsbutcanbetransferredwithinequity.
(3).Accountingtreatmentofseverancebenefits
√Applicable□Notapplicable
WheretheGroupprovidesseverancebenefitstoitsemployees,theemployeecompensationliabilitiesarisingfromtheseverancebenefitswillberecognized,andtheamountwillberecognizedintheprofitorlossforthecurrentperiodontheearlierdatebelow:thedatewhentheGroupcannotunilaterallywithdrawtheseverancebenefitsprovidedasaresultoftheemploymentterminationplanordownsizingproposal;orthedatewhentheGrouprecognizesthecostsorexpensesrelatingtothereorganizationinvolvingthepaymentofseverancebenefits.
(4).Accountingtreatmentofotherlong-termemployeebenefits
√Applicable□Notapplicable
Otherlong-termbenefitsprovidedtoemployeesthatmeettheconditionsofdefinedcontributionplansareaccountedforinaccordancewiththerelevantprovisionsofdefinedcontributionplans;otherlong-termbenefitsnotmeetingtheseconditionsareaccountedforinaccordancewiththerelevantprovisionsofdefinedbenefitplans.Tosimplifytheaccountingtreatment,theresultingemployeebenefitcostsarerecognizedasservicecosts,netinterestonnetliabilitiesornetassetsofotherlong-termemployeebenefits,andchangesarisingfromremeasurementofnetliabilitiesornetassetsofotherlong-termemployeebenefits,withthetotalnetamountofthesecomponentsrecognizedincurrentperiodprofitorlossorthecostofrelatedassets.
31.Estimatedliabilities
√Applicable□Notapplicable
Obligationsarisingfromexternalguarantees,litigationmatters,productqualityguarantees,loss-makingcontractsandothercontingencieshavebecomethecurrentobligationsoftheCompany.TheperformanceofsuchobligationsislikelytocauseeconomicbenefitstoflowoutoftheCompany,andtheamountofsuchobligationscanbereliable.Whenmeasuring,theCompanyrecognizestheobligationasanestimatedliability.
TheCompanyinitiallymeasurestheestimatedliabilitiesaccordingtothebestestimateoftheexpendituresrequiredtoperformtherelevantcurrentobligations,andreviewsthebookvalueoftheestimatedliabilitiesonthebalancesheetdate.
32.Share-basedpayment
√Applicable□Notapplicable
TypesofShare-basedPayments
Includingequity-settledandcash-settledshare-basedpayments.
Accountingtreatmentrelatedtotheimplementation,modification,andterminationofshare-basedpaymentplans
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(1)Share-basedpaymentssettledinequityEquity-settledshare-basedpaymentsforemployeeservicesthatareexercisableimmediatelyaftergrantarerecognizedatthefairvalueoftheequityinstrumentsonthegrantdateasrelatedcostsorexpenses,withcorrespondingadjustmentstocapitalreserves.Equity-settledshare-basedpaymentsforemployeeservicesthatvestuponcompletionoftheserviceperiodormeetingspecifiedperformanceconditionsarerecognizedateachbalancesheetdateduringthevestingperiodbasedonthebestestimateofthenumberofvestedequityinstruments,usingthefairvalueatthegrantdate,withtheservicesobtainedinthecurrentperiodrecordedasrelatedcostsorexpensesandcorrespondingadjustmentstocapitalreserves.Forequity-settledshare-basedpaymentsforservicesfromotherparties,ifthefairvalueoftheservicescanbereliablymeasured,theyaremeasuredatthefairvalueoftheservicesontheacquisitiondate;ifthefairvalueoftheservicescannotbereliablymeasuredbutthefairvalueoftheequityinstrumentscan,theyaremeasuredatthefairvalueoftheequityinstrumentsontheserviceacquisitiondate,recordedasrelatedcostsorexpenses,withacorrespondingincreaseinowners'equity.
(2)Share-basedpaymentssettledincashEquity-settledshare-basedpaymentsthatareexercisableimmediatelyaftergrantforemployeeservicesarerecordedatthefairvalueoftheliabilityassumedbytheCompanyonthegrantdateasrelatedcostsorexpenses,withacorrespondingincreaseinliabilities.Cash-settledshare-basedpaymentsforemployeeservicesthatvestuponcompletionoftheserviceperiodormeetingspecifiedperformanceconditionsarerecognizedateachbalancesheetdateduringthevestingperiodbasedonthebestestimateofthevestingsituation,usingthefairvalueoftheliabilityassumedbytheCompany,withtheservicesobtainedinthecurrentperiodrecordedasrelatedcostsorexpensesandthecorrespondingliability.
(3)Modificationandterminationofshare-basedpaymentplansIfamodificationincreasesthefairvalueoftheequityinstrumentsgranted,theCompanyrecognizesacorrespondingincreaseinservicesreceivedbasedontheincreaseinfairvalue.Ifamodificationincreasesthenumberofequityinstrumentsgranted,theCompanyrecognizesthefairvalueoftheadditionalinstrumentsasanincreaseinservicesreceived.IftheCompanymodifiesvestingconditionsinamannerfavorabletoemployees,itconsidersthemodifiedvestingconditionswhenapplyingthevestingconditions.
Ifamodificationreducesthefairvalueofthegrantedequityinstruments,theCompanycontinuestorecognizetheamountofservicesobtainedbasedonthefairvalueoftheequityinstrumentsonthegrantdate,withoutconsideringthereductioninfairvalue;ifamodificationreducesthenumberofgrantedequityinstruments,theCompanytreatsthereducedportionasacancellationofthegrantedequityinstruments;ifthevestingconditionsaremodifiedinamannerunfavorabletoemployees,themodifiedvestingconditionsarenotconsideredwhenprocessingthevestingconditions.
IftheCompanycancelsorsettlesthegrantedequityinstrumentsduringthevestingperiod(exceptforcancellationsduetofailuretomeetvestingconditions),thecancellationorsettlementistreatedasanaccelerationofvesting,andtheamountthatwouldhavebeenrecognizedovertheremainingvestingperiodisimmediatelyrecognized.However,ifanewequityinstrumentisgrantedandifitisdeterminedthatthenewequityinstrumentgrantedisusedtoreplacethecanceledequityinstrumentonthegrantdateofthenewequityinstrument,thereplacementequityinstrumentsgrantedinthesamewayshallbetreatedinthesamewayasthatforthemodificationofthetermsandconditionsfortheoriginalequityinstrument.
33.Preferredshares,perpetualbondsandotherfinancialinstruments
□Applicable√Notapplicable
34.Revenue
(1).Disclosureofaccountingpoliciesadoptedforrevenuerecognitionand
measurementbybusinesstype
√Applicable□Notapplicable
RevenueRecognitionPrinciple
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Onthecontractcommencementdate,theCompanyevaluatesthecontract,identifieseachindividualperformanceobligationincludedinthecontract,anddetermineswhethereachindividualperformanceobligationistobefulfilledoveraperiodoftimeoratapointintime.
Whenoneofthefollowingconditionsismet,theperformanceobligationisfulfilledwithinacertainperiodoftime;otherwise,theperformanceobligationisfulfilledatacertainpointintime:
(1)thecustomerobtainsandconsumestheeconomicbenefitsbroughtbytheCompany'sperformancewhentheCompanyperformsthecontract;(2)thecustomercancontrolthecommoditiesunderconstructionintheprocessoftheCompany'sperformance;(3)thecommoditiesproducedbytheCompanyduringtheperformanceofthecontracthaveirreplaceablepurposes,andtheCompanyisentitledtocollectpaymentfortheperformancepartthathasbeencompletedtodatethroughoutthetermoftheContract.
Inviewofperformanceobligationsfulfilledwithinacertainperiodoftime,theCompanyrecognizesrevenueaccordingtotheprogressofperformancewithinthatperiod.Whentheperformanceprogresscannotbereasonablydetermined,ifthecostincurredbytheCompanyisexpectedtobecompensated,theincomeshallberecognizedaccordingtotheamountofthecostincurreduntiltheperformanceprogresscanbereasonablydetermined.Inviewofperformanceobligationsfulfilledatacertainpointintime,theCompanyrecognizesrevenueatthepointintimewhenthecustomerobtainscontrolovertherelevantcommodities.Whenjudgingwhetherthecustomerhasobtainedtherighttocontrolthegoods,theCompanytakesintoaccountthefollowingsigns:theenterprisehastherighttoreceivethecurrentpaymentforthegoods,thatis,thecustomerhastheobligationtomakethecurrentpaymentforthegoods;Theenterprisehastransferredthelegalownershipofthegoodstothecustomer,thatis,thecustomerhasthelegalownershipofthegoods;Theenterprisehastransferredthephysicalgoodstothecustomer,thatis,thecustomerhasphysicallyoccupiedthegoods;Theenterprisehastransferredthemainrisksandrewardsoftheownershipofthegoodstothecustomer,thatis,thecustomerhasobtainedthemainrisksandrewardsoftheownershipofthegoods;Thecustomerhasacceptedthegoods;Othersignsindicatingthatthecustomerhasobtainedcontrolofthegoods.
RevenueRecognitionPrinciples
(1)TheCompanyshallmeasurerevenueatthetransactionpriceallocatedtoeachindividualperformanceobligation.ThetransactionpriceistheamountofconsiderationtowhichtheCompanyexpectstobeentitledinexchangefortransferringgoodsorservicestoacustomer,excludingamountscollectedonbehalfofthirdpartiesandamountsexpectedtoberefundedtothecustomer.
(2)TheCompanydeterminesthebestestimateofthevariableconsiderationbasedontheexpectedvalueorthemostlikelyamount,butthetransactionpriceincludingthevariableconsiderationshouldnotexceedtheaccumulatedrecognizedrevenuewhentherelevantuncertaintyiseliminated.Itishighlyunlikelythatasignificantreversalwilloccuramount.
(3)Ifthereisasignificantfinancingcomponentinthecontract,theCompanyshalldeterminethetransactionpricebasedontheamountpayableincashassumingthecustomerobtainscontroloverthecommodityorservice.Thedifferencebetweenthetransactionpriceandthecontractconsiderationshallbeamortizedusingtheeffectiveinterestmethodduringthecontractperiod.
(4)Forcontractscontainingtwoormoreperformanceobligations,theCompanyallocatesthetransactionpricetoeachperformanceobligationatthecontractinceptiondatebasedontherelativeproportionofthestandalonesellingpricesofthegoodspromisedundereachperformanceobligation.
Specificmethodsforrevenuerecognition
(1)Goodssalescontract
SalescontractsbetweentheCompanyandcustomerstypicallyincludecommitmentstotransfergoods,whichmayvarydependingonthecustomer'sagreement.Ascustomersareabletobenefitseparatelyfromtheaforementionedgoodsorservicesorusethemtogetherwithotherreadilyavailableresources,andthereisnosignificantintegration,modification,customization,orhighcorrelationbetweentheaforementionedgoodsorservices,theCompanyconsidersthemasclearlydistinguishablegoodsandconstitutesseparateperformanceobligations.
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Onthebasisofcomprehensiveconsiderationofthefollowingfactors,theCompanyrecognizesrevenueatthetimewhenthecustomerobtainscontrolovertherelevantgoods:thecurrentrighttoreceivepaymentforthegoods,thetransferofthemainrisksandrewardsofownershipofthegoods,thetransferoflegalownershipofthegoods,thetransferofphysicalassetsofthegoods,andthecustomer'sacceptanceofthegoods.
(2)Serviceprovisioncontract
TheservicecontractsbetweentheCompanyandcustomersusuallyincludeperformanceobligationssuchasprovidingtheuseofshopsintheChinaCommoditiesCitymarketsandthesupportingservicesforoperation,providinghotelaccommodationandcateringservices,providingpaiduseservicesforfundstoexternalpartiesoftheGroup,andprovidingcollectionandpaymentservices.
1)TheuseofshopsinChinaCommoditiesCitymarketsanditssupportingservices
AsthecustomersimultaneouslyobtainsandconsumestheeconomicbenefitsbroughtbytheCompany'sperformance,theCompanyrecognizesitasaperformanceobligationfulfilledoveraperiodoftimeandrecognizesrevenuebasedontheprogressofperformance,exceptwhentheprogresscannotbereasonablydetermined.Undertheoutputmethod,theCompanydeterminestheperformanceprogressoftheprovisionoftheuseofshopsintheChinaCommoditiesCitymarketsandthesupportingservicesforoperationbasedonthenumberofusingdaysoftheshopsWhentheperformanceprogresscannotbereasonablydetermined,ifthecostincurredbytheGroupisexpectedtobecompensated,theincomeshallberecognizedaccordingtotheamountofthecostincurreduntiltheperformanceprogresscanbereasonablydetermined.
2)Hotelaccommodationbusiness
AsthecustomersimultaneouslyobtainsandconsumestheeconomicbenefitsbroughtbytheCompany'sperformance,theCompanyrecognizesitasaperformanceobligationfulfilledoveraperiodoftimeandrecognizesrevenuebasedontheprogressofperformance,exceptwhentheprogresscannotbereasonablydetermined.TheCompanydeterminestheprogressofperformanceobligationsforhotelaccommodationservicesbasedontheoutputmethod,usingthenumberofaccommodationdays.Whentheperformanceprogresscannotbereasonablydetermined,ifthecostincurredbytheGroupisexpectedtobecompensated,theincomeshallberecognizedaccordingtotheamountofthecostincurreduntiltheperformanceprogresscanbereasonablydetermined.
3)Hotelcateringbusiness
Fortheseparateperformanceobligationofprovidinghotelcateringservices,theCompanyseparatelypricesthehotelcateringservicesandrecognizesrevenueuponcompletionoftheservices.
4)Terminablepaiduseoffundsservices
AsthecustomersimultaneouslyobtainsandconsumestheeconomicbenefitsbroughtbytheCompany'sperformance,theCompanyrecognizesitasaperformanceobligationfulfilledoveraperiodoftimeandrecognizesrevenuebasedontheprogressofperformance,exceptwhentheprogresscannotbereasonablydetermined.TheCompanydeterminestheperformanceprogressofprovidingfundsforterm-basedpaiduseservicesbasedonthenumberofdaysthefundsareused,followingtheoutputmethod.Whentheperformanceprogresscannotbereasonablydetermined,ifthecostincurredbytheGroupisexpectedtobecompensated,theincomeshallberecognizedaccordingtotheamountofthecostincurreduntiltheperformanceprogresscanbereasonablydetermined.
(2).Adoptingdifferentbusinessmodelsforsimilarbusinessesinvolvesdifferent
revenuerecognitionmethodsandmeasurementmethods
□Applicable√Notapplicable
35.Contractcost
√Applicable□Notapplicable
TheincrementalcostsincurredbytheCompanytoobtaincontractsthatareexpectedtoberecoveredarerecognizedascontractacquisitioncostsandrecognizedasanasset.Ifthe
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amortizationperiodforthecostsincurredinobtainingacontractdoesnotexceedoneyear,theyshouldbedirectlyrecognizedasanexpenseinthecurrentperiod.IfthecostincurredbytheCompanyfortheperformanceofthecontractdoesnotapplytothescopeoftherelevantstandardssuchasinventory,fixedassetsorintangibleassets,andmeetsthefollowingconditionsatthesametime,itisrecognizedasanassetasthecostofcontractperformance:
(1)Thecostisdirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabor,directmaterials,manufacturingexpenses(orsimilarexpenses),costsclearlybornebythecustomer,andothercostsincurredonlybecauseofthecontract;
(2)ThiscostincreasestheresourcesthattheCompanywilluseinthefuturetofulfillitscontractualobligations;
(3)Thecostisexpectedtoberecoverable.
TheCompanyamortizesassetsrelatedtocontractcostsusingthesamebasisastherecognitionofrevenuefromtherelatedgoodsorservices,andrecognizestheamortizationasanexpenseinthecurrentperiod.
Ifthecarryingamountofanassetrelatedtocontractcostsexceedstheremainingconsiderationexpectedtobereceivedfromtransferringthegoodsorservicesassociatedwiththeassetminustheestimatedcoststobeincurred,theCompanyrecognizesanimpairmentprovisionfortheexcessamountandrecordsitasanassetimpairmentloss.Ifchangesinfactorsthatpreviouslycausedimpairmentresultintheremainingconsiderationexpectedtobereceivedfromtransferringgoodsorservicesrelatedtotheasset,minusestimatedcoststobeincurred,exceedingtheasset'scarryingamount,thepreviouslyrecognizedimpairmentlossisreversedandincludedincurrentprofitorloss,providedthatthereversedcarryingamountdoesnotexceedwhatthecarryingamountwouldhavebeenhadnoimpairmentbeenrecognized.
36.Governmentgrants
√Applicable□Notapplicable
Governmentgrantsarerecognizedwhenthefollowingconditionsaresimultaneouslymet:
(1)theCompanycanfulfilltheconditionsattachedtothegovernmentgrant;(2)theCompanycanreceivethegovernmentgrant.Ifagovernmentgrantfallsinmonetaryassets,itwillbemeasuredbytheamountreceivedorreceivable.Ifagovernmentgrantdoesnotfallinmonetaryassets,itwillbemeasuredbyfairvalue.Ifthefairvalueofagrantcannotbedeterminedreliably,itwillbemeasuredbyitsnominalamount.
Basisforjudgmentandaccountingtreatmentofgovernmentgrantsrelatedtoassets
Governmentdocumentsstipulatethatgrantsusedtopurchase,construct,orotherwiseformlong-termassetsareclassifiedasasset-relatedgovernmentgrants.Ifgovernmentdocumentsareunclear,thebasicconditionsrequiredtoobtainthesubsidyareusedasthebasisforjudgment.Subsidieswherethebasicconditionistheacquisitionorconstructionoflong-termassetsareclassifiedasasset-relatedgovernmentgrants.Governmentgrantsrelatedtoassetsaredeductedfromthecarryingamountoftherelevantassetsorrecognizedasdeferredincome.Asset-relatedgovernmentgrantsarerecognizedasdeferredincomesandincludedinthecurrentprofitandlossintermswithintheservicelifeoftherelevantassetsinareasonableandsystematicway.Governmentsubsidiesmeasuredinnominalamountsaredirectlyrecognizedinthecurrentperiod'sprofitorloss.Iftherelevantassetsaresold,transferred,scrappedordamagedbeforetheendoftheirusefullife,theundistributedbalanceofrelevantdeferredincomeshallbetransferredtotheprofitandlossofthecurrentperiodofassetdisposal.
Basisforjudgmentandaccountingtreatmentmethodsofgovernmentgrantsrelatedtorevenue
Governmentgrantsotherthanthoserelatedtoassetsareclassifiedasgovernmentgrantsrelatedtoincome.Governmentsubsidiescontainingthepartrelatedtoassetsandthepartrelatedtoincomeareaccountedforseparatelyaccordingtodifferentparts;ifitisdifficulttodistinguish,thewholeshallbeclassifiedasgovernmentsubsidiesrelatedtoincome.Governmentgrantsrelatedtoincome,whichareintendedtocompensateforrelatedcosts,expenses,orlossesincurredinfutureperiods,shouldberecognizedasdeferredincome.Theyarerecognizedintheprofitorlossfortheperiodinwhichtherelatedcosts,expenses,orlosses
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arerecognized,ortheyoffsettherelatedcosts.Forgovernmentgrantsthatcompensateforrelatedcosts,expenses,orlossesthathavealreadybeenincurred,theyshouldbedirectlyrecognizedintheprofitorlossforthecurrentperiodoroffsettherelatedcosts.
GovernmentsubsidiesrelatedtotheCompany’sdailyoperatingactivitiesarerecordedinotherincomeoroffsetrelatedcostexpensesaccordingtotheessenceoftheeconomicbusiness.GovernmentsubsidiesnotrelatedtotheCompany’sdailyactivitiesarerecordedinnon-operatingincomeandexpenditure.AccountingTreatmentMethodsforPolicy-BasedPreferentialLoanInterestSubsidies
(1)Whenthefiscalauthorityallocatesinterestsubsidyfundstothelendingbank,andthelendingbankprovidesloanstotheCompanyatapolicy-basedpreferentialinterestrate,theactualamountoftheloanreceivedshallberecordedastheloan’sbookvalue.Therelatedborrowingcostsshallbecalculatedbasedontheprincipaloftheloanandthepolicy-basedpreferentialinterestrate.
(2)IfthefinancedirectlytransfersthediscountedfundstotheCompany,theCompanywilloffsettherelevantborrowingcostswiththecorrespondingdiscountedinterest.
37.Deferredincometaxassets/deferredincometaxliabilities
√Applicable□Notapplicable
Basedonthedifferencebetweenthebookvalueofassetsandliabilitiesandtheirtaxbase(ifthetaxbasecanbedeterminedforitemsnotrecognizedasassetsandliabilitiesinaccordancewiththetaxlaw,thedifferencebetweenthetaxbaseanditsbookvalue),Deferredincometaxassetsordeferredincometaxliabilitiesarecalculatedandrecognizedaccordingtotheapplicabletaxrateduringtheperiodwhentheassetisexpectedtoberecoveredortheliabilityissettled.
Therecognitionofdeferredincometaxassetsislimitedtotheamountoftaxableincomethatislikelytobeobtainedtooffsettemporarydifferences.Onthebalancesheetdate,ifthereisconclusiveevidencethatsufficienttaxableincomeislikelytobeobtainedinthefutureperiodtooffsetdeductibletemporarydifferences,thedeferredincometaxassetsthathavenotbeenrecognizedinthepreviousaccountingperiodshallberecognized.Onthebalancesheetdate,theCompanyreviewsthebookvalueofdeferredincometaxassets.Ifitislikelytoobtainsufficienttaxableincomeinthefuturetooffsetthebenefitsofdeferredincometaxassets,theGroupwillwritedownthebookvalueofdeferredincometaxassets.Whenitislikelytoobtainsufficienttaxableincome,theGroupwillreversethereducedamount.
ThecurrentincometaxanddeferredincometaxoftheCompanyareincludedinthecurrentprofitandlossasincometaxexpensesorincome,buttheincometaxarisingfromthefollowingsituationsisnotincluded:(1)Businesscombination;(2)Transactionsoreventsdirectlyrecognizedintheowner'sequity.
TheCompanypresentsdeferredtaxassetsanddeferredtaxliabilitiesasanetamountwhenthefollowingconditionsaresimultaneouslymet:(1)ithasthelegalrighttosettlecurrenttaxassetsandcurrenttaxliabilitiesonanetbasis;(2)thedeferredtaxassetsanddeferredtaxliabilitiesrelatetoincometaxesleviedbythesametaxauthorityonthesametaxableentityordifferenttaxableentities,butineachfutureperiodwhensignificantdeferredtaxassetsanddeferredtaxliabilitiesareexpectedtoreverse,therelevanttaxableentitiesintendtosettlecurrenttaxassetsandcurrenttaxliabilitiesonanetbasisorsimultaneouslyacquireassetsandsettleliabilities.
38.Lease
√Applicable□NotapplicableJudgmentbasisandaccountingtreatmentmethodsforsimplifyingshort-termleasesandlow-valueassetleasesasalessee
√Applicable□Notapplicable
TheCompanyrecognizesleaseswithaleasetermnotexceeding12monthsandexcludingpurchaseoptionsasshort-termleasesonthecommencementdateoftheleaseterm;Leaseswithlowervaluewhenasingleleasedassetisconsideredabrandnewassetarerecognizedaslow-valueassetleases.
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Forallshort-termleasesandleasesoflow-valueassets,theCompanyrecognizesleasepaymentsineachperiodoftheleasetermonastraight-linebasisasrelatedassetcostsorcurrentperiodprofitandloss.Exceptforshort-termleasesandleasesoflow-valueassetsaccountedforusingthesimplifiedapproachmentionedabove,theCompanyrecognizesright-of-useassetsandleaseliabilitiesatthecommencementdateofthelease.
(1)Right-of-useassets
Theright-of-useassetisinitiallymeasuredatcost,whichincludes:1)theinitialmeasurementoftheleaseliability;2)leasepaymentsmadeonorbeforethecommencementdateofthelease,lessanyleaseincentivesreceived;3)initialdirectcostsincurredbythelessee;
4)anestimateofthecoststobeincurredbythelesseefordismantlingandremovingtheleasedasset,restoringthesiteonwhichitislocated,orrestoringtheassettotheconditionrequiredbytheleaseterms.
TheCompanydepreciatestheright-of-useassetsusingthestraight-linemethod.Wheretheownershipoftheleasedassetcanbereasonablydeterminedattheendoftheleaseterm,theCompanyasthelesseeshalltakedepreciationduringtheremainingusefullifeoftheleasedasset.Whereitisnotreasonablycertainthatownershipoftheleasedassetwillbeacquiredattheendoftheleaseterm,theCompanyshallmakedepreciationwithintheshorterperiodoftheleasetermortheremainingusefullifeoftheleasedasset.
(2)Leaseliabilities
Atthecommencementdateofthelease,theCompanyrecognizesthepresentvalueoftheunpaidleasepaymentsasaleaseliability.Incalculatingthepresentvalueoftheleasepayments,theGroupusestheleaseembeddedinterestrateasthediscountrate;Iftheinherentinterestrateoftheleasecannotbedetermined,theCompany'sincrementalborrowingrateshallbeusedasthediscountrate.Thedifferencebetweenleasepaymentsandtheirpresentvalueisrecognizedasunearnedfinancecharges,withinterestexpensesrecognizedduringeachleaseperiodatthediscountrateusedtodeterminethepresentvalueofleasepayments,andrecordedincurrentprofitorloss.Variableleasepaymentsthatarenotincludedinthemeasurementofleaseliabilitiesarerecognizedinthecurrentperiod'sincomestatementwhentheyactuallyoccur.
Afterthecommencementoftheleaseterm,whentherearechangesinthesubstantivefixedpayments,estimatedpayableamountsoftheguaranteedresidualvalue,indicesorratiosusedtodetermineleasepayments,orchangesintheassessmentresultsoractualexerciseofpurchaseoptions,renewaloptions,orterminationoptions,theCompanyremeasurestheleaseliabilitybasedonthepresentvalueoftherevisedleasepaymentsandadjuststhecarryingamountoftheright-of-useassetaccordingly.Ifthecarryingamountoftheright-of-useassethasbeenreducedtozerobutfurtherreductionoftheleaseliabilityisstillrequired,theremainingamountisrecognizedincurrentperiodprofitorloss.
(3)After-saleleasebacktransactions
TheCompanyevaluatesanddetermineswhethertheassettransferinasale-and-leasebacktransactionconstitutesasaleinaccordancewithAccountingStandardsforBusinessEnterprisesNo.14—Revenue.
Iftheassettransferinasaleandleasebacktransactionqualifiesasasale,theCompanymeasurestheright-of-useassetarisingfromtheleasebackbasedontheportionoftheoriginalasset'scarryingamountrelatedtotherightofuseobtained,andrecognizesonlythegainorlossrelatedtotherightstransferredtothelessor.
Ifthetransferofassetsinasaleleasebacktransactionisnotconsideredasale,theCompanyshallcontinuetorecognizethetransferredassetsandrecognizeafinancialliabilityequaltothetransferincome.ThefinancialliabilityshallbeaccountedforinaccordancewiththeAccountingStandardsforEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments.Classificationcriteriaandaccountingtreatmentmethodsforleasingasalessor
√Applicable□Notapplicable
Theleasethattransfersvirtuallyalltherisksandrewardsrelatedtotheownershipoftheleasedassetontheleasecommencementdateisafinancelease,andotherleasesareoperatingleases.
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(1)OperatingLeaseTheCompanyrecognizesleasereceiptsasrentalincomeonastraight-linebasisovertheleaseterm.Initialdirectcostsincurredarecapitalizedandamortizedonthesamebasisastherecognitionofrentalincome,andareincludedinthecurrentperiod'sprofitorlossininstallments.Variableleasepaymentsrelatedtooperatingleasesthatarenotincludedinleasereceiptsareincludedinprofitorlossforthecurrentperiodwhentheyareactuallyincurred.
(2)FinancialLeaseAtthecommencementdateofthelease,theCompanyrecognizesfinanceleasereceivablesatthenetinvestmentinthelease(thesumofthepresentvalueoftheunguaranteedresidualvalueandleasepaymentsnotyetreceivedatthecommencementdate,discountedusingtheinterestrateimplicitinthelease)andderecognizesthefinanceleaseassets.Duringeachperiodoftheleaseterm,theCompanycalculatesandrecognizesinterestincomeusingtheinterestrateimplicitinthelease.
ThevariableleasepaymentsobtainedbytheCompanyasthelessorwhicharenotrecordedinthenetleaseinvestmentmeasurementarerecordedinthecurrentprofitorlosswhentheyareactuallyincurred.
(3)After-saleleasebacktransactions
TheCompanyevaluatesanddetermineswhethertheassettransferinasale-and-leasebacktransactionconstitutesasaleinaccordancewithAccountingStandardsforBusinessEnterprisesNo.14—Revenue.
Iftheassettransferinasaleandleasebacktransactionqualifiesasasale,theCompanyaccountsfortheassetpurchaseinaccordancewithotherapplicableaccountingstandardsforenterprisesandaccountsfortheassetleaseinaccordancewithAccountingStandardsforBusinessEnterprisesNo.21—Leases.
Iftheassettransferinasaleandleasebacktransactiondoesnotqualifyasasale,theCompanydoesnotrecognizethetransferredassetbutrecognizesafinancialassetequaltothetransferproceedsandaccountsforthisfinancialassetinaccordancewithAccountingStandardsforBusinessEnterprisesNo.22—RecognitionandMeasurementofFinancialInstruments.
39.Otherimportantaccountingpoliciesandaccountingestimates
√Applicable□Notapplicable
Measurementoffairvalue
TheCompanymeasuresequityinstrumentinvestmentsatfairvalueateachbalancesheetdate.Fairvaluereferstothepricereceivedfromthesaleofanassetorpaidforthetransferofaliabilitybyamarketplayerintheorderlytransactionsonthemeasurementdate.Fortheassetsandliabilitieswhicharemeasuredordisclosedbyfairvalueinthefinancialstatements,thelevelsoffairvaluearedeterminedbasedonthelowest-levelinputofimportantsignificancefortheoverallmeasurementoffairvalues:Level1inputistheunadjustedofferpriceforanidenticalassetorliabilitythatcanbeobtainedinanactivemarketonthemeasurementdate;Level2inputsaretheinputsthataredirectlyorindirectlyobservableforrelatedassetsorliabilitiesotherthanLevel1inputs;Level3inputsaretheinputsthatareobservableforrelatedassetsorliabilities.Oneachbalancedate,theGroupre-evaluatestheassetsandliabilitiesthatarerecognizedinthefinancialstatementsandkeepbeingmeasuredbyfairvaluesoastodeterminewhethertochangethemeasurementlevelsoffairvalue.
Significantaccountingjudgmentsandestimates
Inthepreparationoffinancialstatements,themanagementneedtomakejudgments,estimatesandassumptions,whichwillaffectthepresentedamountsanddisclosureofrevenue,expenses,assetsandliabilitiesandthedisclosureofcontingentliabilitiesonthebalancesheetdate.However,theuncertaintyoftheseassumptionsandestimatesmayresultinsignificantadjustmentstothebookvalueoffutureaffectedassetsorliabilities.
Judgments
InapplyingtheCompany'saccountingpolicies,managementhasmadethefollowingjudgmentsthathaveasignificantimpactontheamountsrecognizedinthefinancialstatements:
(1)Operatinglease-asalessor
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TheCompanyhassignedleasecontractsforinvestmentproperties.TheCompanyconsidersthat,basedonthetermsoftheleasecontracts,itretainsallsignificantrisksandrewardsofownershipofthesepropertiesandthereforetreatsthemasoperatingleases.
(2)Classificationofinvestmentpropertiesandfixedassets
TheCompanyclassifiesthebuildingsandstructuresleasedoutotherthanforthemainbusinessessuchasmarketandhotelservicesaswellastheauxiliarylanduserightsthereofasinvestmentproperties,includingbutnotlimitedtotheauxiliarybankingandcateringoutletsformarketoperationandtheauxiliaryserviceoutletsforhotels.Otherbuildingsandstructuresleasedoutareclassifiedasfixedassets.
(3)Businessmodel
TheclassificationoffinancialassetsatinitialrecognitiondependsontheCompany'sbusinessmodelformanagingtheseassets.Whendeterminingthebusinessmodel,theCompanyconsidersfactorsincludingcorporateevaluationmethodsandthewayfinancialassetperformanceisreportedtokeymanagementpersonnel,therisksaffectingfinancialassetperformanceandtheirmanagementapproaches,aswellasthemethodsbywhichrelevantbusinessmanagersarecompensated.Whenassessingwhethertheobjectiveistocollectcontractualcashflows,theCompanyneedstoanalyzeandevaluatethereasons,timing,frequency,andvalueofthesaleoffinancialassetsbeforetheirmaturitydate.
(4)Contractcashflowcharacteristics
Theclassificationoffinancialassetsatinitialrecognitiondependsonthecharacteristicsofthecontractualcashflowofthefinancialassets.Forthejudgmentonwhetherthecontractualcashflowistherepaymentofprincipalandthepaymentofinterestonoutstandingprincipal,includingtheevaluationoftheadjustmenttothetimevalueofmoney,itshouldbejudgedwhetheritissignificantlydifferentfromthebenchmarkcashflow;forthefinancialassetswiththeearlyrepaymentcharacteristic,itshouldbejudgedwhetherthefairvalueoftheearlyrepaymentcharacteristicisextremelylow.
Uncertaintiesofestimates
Thefollowingarekeyassumptionsregardingthefutureatthebalancesheetdateandotherkeysourcesofestimationuncertaintythatmayresultinsignificantadjustmentstothebookvalueofassetsandliabilitiesinfutureaccountingperiods.
(1)Impairmentoffinancialinstruments
TheCompanyevaluatestheimpairmentoffinancialinstrumentswiththeexpectedcreditlossmodel.Toapplythemodel,theCompanyneedstomakesignificantjudgmentsandestimatesandtakeintoaccountallreasonableandevidencedinformation,includingforward-lookinginformation.Inmakingthesejudgmentsandestimates,theCompanyinfersexpectedchangesindebtorcreditriskbasedonhistoricalrepaymentdatacombinedwitheconomicpolicies,macroeconomicindicators,industryrisks,andotherfactors.Differentestimatesmayaffecttheprovisionsforimpairmentandtheprovisionthathasbeenmadeforimpairmentmaynotnecessarilybeequaltotheactualamountofimpairmentlossinthefuture.
(2)Netrealizablevalueofpropertyinventory
TheCompany'srealestateinventoryismeasuredatthelowerofcostandnetrealizablevalue,withthecalculationofnetrealizablevaluerequiringtheuseofassumptionsandestimates.Ifthemanagementadjusttheestimatedpriceandthecostsandexpensestobeincurreduntilthecompletion,itwillaffecttheestimateofthenetrealizablevalueoftheinventoryandthedifferencewillaffecttheprovisionforinventorydepreciation.
(3)Impairmentofnon-currentassetsotherthanfinancialassets(excludinggoodwill)
TheCompanydetermines,onthebalancesheetdate,whetherthenon-currentassetsotherthanfinancialassetshaveasignofbeingimpaired.Non-currentassetsotherthanfinancialassetsaresubjecttoimpairmenttestingwhenthereareindicationsthattheirbookvalueisirrecoverable.Whenthebookvalueofanassetoragroupofassetsishigherthanitsrecoverablevalue,i.e.fairvaluelessthedisposalexpensesorthepresentvalueofexpectedfuturecashflow,whicheverishigher,theassetorgrouphasbeenimpaired.Forthefairvaluelessthedisposalexpenses,theGroupreferstotheagreedsellingpriceorobservablemarketpriceofthesimilarassetinafairtransaction,lessthecostincreasedirectlyattributabletothedisposaloftheasset.Whenpredictingthepresentvalueoffuturecashflows,themanagementmustestimatetheexpectedfuturecashflowsoftheassetorgroupofassetsandselectanappropriatediscountrate.Whenidentifyingagroupofassets,themanagementconsider
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whetherthesmallestidentifiablegroupofassetscangenerateincomeandcashflowsindependentlyfromotherdepartmentsorunits,ortheincomeandcashinflowsgeneratedtherebyaremostlyindependentfromotherdepartmentsorunits,andalsotakeintoaccountthewayofmanagingormonitoringproductionandoperatingactivitiesandthewayofmakingdecisionsonthecontinueduseordisposaloftheasset.PleaserefertoNoteV.27fordetails.
(4)ImpairmentofgoodwillOurcompanytestsgoodwillforimpairmentatleastannually.Thisrequiresestimatingthepresentvalueofthefuturecashflowsoftheassetgrouporcombinationofassetgroupstowhichthegoodwillisallocated.Whenestimatingthepresentvalueoffuturecashflows,theCompanyneedstoestimatethecashflowsgeneratedbyfutureassetgroupsorcombinationsofassetgroups,andatthesametimeselectanappropriatediscountratetodeterminethepresentvalueoffuturecashflows.PleaserefertoNoteV.27fordetails.
(5)Fairvalueofnon-listedequityinvestmentsTheCompanydeterminesthefairvalueofnon-listedequityinvestmentsbasedontheexpectedfuturecashflowsdiscountedatthecurrentdiscountrateofotherfinancialinstrumentswithsimilarcontractualtermsandriskcharacteristics.ThisrequirestheCompanytoestimateexpectedfuturecashflows,creditrisks,volatility,anddiscountrates,whichintroducesuncertainty.
(6)DevelopmentexpendituresWhendeterminingtheamountofcapitalization,managementmustmakeassumptionsontheexpectedfuturecashflow,theapplicablediscountrate,andtheexpectedbenefitperiodoftheasset.
(7)DeferredTaxAssetsTotheextentthatitisverylikelyfortheGrouptohaveenoughtaxableincometobeoffsetagainstthedeductiblelosses,theGroupshallrecognizedeferredincometaxassetsinconnectionwiththeoutstandingdeductiblelosses.Thisrequiresthemanagementtouselotsofjudgmentstoestimatetheacquisitiontimeandamountofthetaxableincometobeacquiredinthefuturetodeterminetheamountofdeferredincometaxassetstoberecognized,inconsiderationofthetaxpaymentplanningstrategy.
(8)LesseeincrementalborrowinginterestrateForleaseswheretheinterestrateimplicitintheleasecannotbedetermined,theCompanyusesthelessee'sincrementalborrowingrateasthediscountratetocalculatethepresentvalueoftheleasepayments.Whendeterminingtheincrementalborrowingrate,theCompanytakestheobservableinterestrateasthereferencebasisfordeterminingtheincrementalborrowingrateaccordingtotheeconomicenvironmentitisin.Onthisbasis,theCompanyadjuststhereferenceinterestrateaccordingtoitsownsituation,theunderlyingassetsituation,theleaseterm,theamountofleaseliabilitiesandotherspecificconditionsoftheleasebusinesstoobtaintheapplicableincrementalborrowingrate.
40.Changesinimportantaccountingpoliciesandaccountingestimates
(1).Changesinimportantaccountingpolicies
□Applicable√Notapplicable
(2).Changesinimportantaccountingestimates
□Applicable√Notapplicable
(3).Startingfrom2025,thefirstimplementationofnewaccountingstandardsor
standardinterpretationswillinvolveadjustmentstothefinancialstatementsatthebeginningofthefirstyearofimplementation
□Applicable√Notapplicable
41.Other
□Applicable√Notapplicable
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VI.Taxes
1.MajortaxesandtaxratesMajortaxesandtaxrates
√Applicable□Notapplicable
| Tax | Baseoftaxation | Rate |
| VAT | Outputtaxiscalculatedbasedonthesalesrevenueofgoodsandtaxableservicescomputedinaccordancewithtaxlaws,andafterdeductingtheinputtaxallowedtobecreditedinthecurrentperiod,thebalanceisthepayableVAT. | TheCompanyisageneraltaxpayer,andthetaxableincomeiscalculatedforoutputtaxatthetaxratesof13%,9%,and6%.Valueaddedtaxiscalculatedandpaidbasedonthedifferenceafterdeductingtheinputtaxallowedfordeductioninthisperiod.Inaddition,forthesaleofself-developedoldrealestateprojects(thecontractcommencementdatespecifiedintheConstructionEngineeringConstructionPermitisbeforeApril30,2016)andtherentalofrealestateacquiredbytheGroupbeforeApril30,2016,thesimplifiedtaxcalculationmethodisapplicable,andthepayabletaxamountiscalculatedandpaidata5%taxrate |
| Landappreciationtax | Theappreciationarisingfromthecompensatedtransferofstate-ownedlanduserightsandthepropertyrightsofabove-groundbuildingsandotherattachments. | Accordingtotheratioofvalue-addedtodeductionitems,afour-levelprogressivetaxrate(30%to60%)willbeimplementedforexceedingtherate. |
| Realestatetax | Ifthetaxisleviedaccordingtoprice,theamountiscalculatedandpaidat1.2%ofthebalanceoftheoriginalvalueofthepropertyaftera30%deduction;ifthetaxisleviedaccordingtorental,theamountiscalculatedandpaidat12%oftherentalincome. | 1.2%/12% |
| Urbanmaintenanceandconstructiontax | Actualamountofturnovertaxpaid. | Paidat5%or7%oftheactualturnovertaxpaid. |
| Educationsurcharge | Actualamountofturnovertaxpaid. | Paidat3%oftheactualturnovertaxpaid. |
| Localeducationsurcharge | Actualamountofturnovertaxpaid. | Paidat2%oftheactualturnovertaxpaid. |
| Corporateincometax | Taxableincome. | ExceptforthetaxincentiveslistedinNoteVI.1andthesubsidiariesregisteredinPrague,CzechRepublic,HongKongSpecialAdministrativeRegion,Germany,Kenya,Rwanda,andDubai,thecorporateincometaxoftheCompanyanditssubsidiarieswithintheGroupiscalculatedandpaidat25%ofthetaxableincome. |
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Disclosureoftaxpayerssubjecttodifferentincometaxrates
√Applicable□Notapplicable
| Taxpayer | Incometaxrate(%) |
| Huafrica(Kenya)InvestmentDevelopmentCo.,Limited | 30.00 |
| BETTERSILKROADRWANDALtd | 30.00 |
| EuropeanHuajieInvestmentDevelopmentCo.,Ltd. | 19.00 |
| YiwuChinaCommoditiesCity(HongKong)InternationalTradeCo.,Ltd. | 16.50 |
| HongKongBetterSilkRoadCo.,Ltd. | 16.50 |
| YiwuChinaCommoditiesCity(Germany)Co.,Ltd. | 15.00 |
| YiwuChinaCommoditiesCityBigDataCo.,Ltd. | 15.00 |
| Kuaijietong | 15.00 |
| ZhejiangYiwugouE-commerceCo.,Ltd. | 15.00 |
| BETTERSILKROADFZE | Notsubjecttocorporateincometax |
2.Taxpreference
√Applicable□Notapplicable
(1)AccordingtotheAnnouncementonFilingofHigh-techEnterprisesRecognizedbyZhejiangProvincialAccreditationInstitutionsin2022issuedbytheOfficeoftheLeadingGroupfortheManagementofNationalHigh-techEnterpriseRecognition,YiwuChinaCommoditiesCityBigDataCo.,Ltd.(hereafterreferredtoas“BigDataCompany”)hasbeenincludedinthelistofhigh-techenterprisesrecognizedbyZhejiangProvincialAccreditationInstitutionsin2022.Afterpassingtherecognitionofhigh-techenterprises,itwillreceivethe"High-techEnterpriseCertificate"withcertificatenumberGR202233004297,issuedonDecember24,2022,andvalidforthreeyears.YiwuChinaCommoditiesCityBigDataCo.,Ltd.willbesubjecttoareducedcorporateincometaxrateof15%fromJanuary1,2022toDecember31,2024.Accordingtorelevantregulations,thecorporateincometaxwillbetemporarilyprepaidatarateof15%untilthequalificationperiodisreevaluatedandre-recognized.
(2)AccordingtotheannouncementreleasedbytheOfficeoftheLeadingGroupfortheManagementofNationalHigh-techEnterpriseRecognition,KuaijietongPaymentServiceCo.,Ltd.hasbeenincludedinthelistofhigh-techenterprisesrecognizedbyZhejiangProvincein2024.Afterpassingtherecognitionofhigh-techenterprises,itwillreceivethe"High-techEnterpriseCertificate"withthecertificatenumberGR202433009630,issuedonDecember6,2024,andvalidforthreeyears.KuaijietongPaymentServiceCo.,Ltd.willbesubjecttoareducedenterpriseincometaxrateof15%fromJanuary1,2024toDecember31,2026.
(3)AccordingtotheOfficeoftheLeadingGroupfortheManagementofNationalHigh-techEnterpriseRecognition,ZhejiangYiwugouE-commerceCo.,Ltd.hasbeenincludedinthesupplementaryfilinglistofhigh-techenterprisesrecognizedbytheZhejiangProvincialRecognitionAgencyin2023.Afterpassingtherecognitionofhigh-techenterprises,itwillreceivethe"High-techEnterpriseCertificate"withthecertificatenumberGR202333013352,issuedonDecember8,2023,andvalidforthreeyears.ZhejiangYiwugouE-commerceCo.,Ltd.willbesubjecttoareducedcorporateincometaxrateof15%fromJanuary1,2023toDecember31,2025.
3.Other
□Applicable√NotapplicableVII.Notestoitemsinconsolidatedfinancialstatements
1.Monetaryfunds
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Cashonhand | 79,550.98 | 154,348.20 |
/
| Bankdeposits | 4,679,188,526.71 | 5,531,674,543.29 |
| Othermonetaryfunds | 5,787,378.80 | 7,362,725.57 |
| Total | 4,685,055,456.49 | 5,539,191,617.06 |
| Inwhich:amountdepositedabroad | 14,158,568.37 | 101,894,941.73 |
Otherstatements
MonetaryfundswithrestrictedusagerightsaredetailedinNoteVII.31.Assetswithrestrictedownershiporusagerights.
2.Held-for-tradingfinancialassets
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | Reasonsandbasisfordetermination |
| Financialassetsmeasuredatfairvaluethroughprofitorloss | - | 400,316,994.86 | / |
| Amongthem: | |||
| Wealthmanagementproducts | - | 400,316,994.86 | / |
| Total | - | 400,316,994.86 | / |
Othernotes:
□Applicable√Notapplicable
3.Derivativefinancialassets
□Applicable√Notapplicable
4.Notesreceivable
(1).Categorizedpresentationofnotesreceivable
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Commercialacceptancebill | - | 11,170,000.00 |
| Total | - | 11,170,000.00 |
(2).NotesreceivablehavingbeenpledgedbytheCompanyasofthecloseofthe
reportingperiod
□Applicable√Notapplicable
(3).NotesreceivablehavingbeenendorsedordiscountedbytheCompanyasofthe
closeofthereportingperiodandhavingnotbeendueasofthebalancesheetdate
□Applicable√Notapplicable
(4).Categorizeddisclosurebasedonthebaddebtprovisionmethod
√Applicable□Notapplicable
Unit:RMB
| Category | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Baddebtprovision | Bookvalue | Bookbalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Provisionratio(%) | Amount | Proportion(%) | Amount | Provisionratio(%) | |||
| Provision | - | - | - | - | - | 11,170,000.00 | 100.00 | - | - | 11,170,000.00 |
/
| forbaddebtsonagroupingbasis | ||||||||||
| Amongthem: | ||||||||||
| Commercialacceptancebill | - | - | - | - | - | 11,170,000.00 | 100.00 | - | - | 11,170,000.00 |
| Total | - | / | - | / | - | 11,170,000.00 | / | - | / | 11,170,000.00 |
Provisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableProvisionforbaddebtsonagroupingbasis:
□Applicable√NotapplicableProvisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses
□Applicable√NotapplicableClassificationbasisandbaddebtprovisionratioforeachstageNoExplanationofsignificantchangesinthebookbalanceofaccountsreceivablewithchangesinlossprovisionsinthisperiod:
□Applicable√Notapplicable
(5).Provisionsforbaddebts
□Applicable√NotapplicableInwhichtherecoveredorreversedamountisimportant:
□Applicable√NotapplicableOthernotes:
No
(6).Notesreceivableactuallywrittenoffduringthecurrentperiod
□Applicable√NotapplicableImportantnotesreceivablewrittenoff:
□Applicable√NotapplicableDescriptionofnoteswrittenoff:
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
5.Accountsreceivable
(1).Disclosurebasedonaccountage
√Applicable□Notapplicable
Unit:RMB
| Accountage | Closingbookbalance | Openingbookbalance |
| Within1year(including1 | 348,405,875.18 | 410,915,880.67 |
/
| year) | ||
| Subtotalwithin1year | 348,405,875.18 | 410,915,880.67 |
| 1to2years | 24,910,277.71 | 85,736,768.66 |
| 2to3years | 7,157,285.02 | 8,464,829.79 |
| Over3years | 1,091,527.96 | 1,115,719.38 |
| Total | 381,564,965.87 | 506,233,198.50 |
/
(2).Categorizeddisclosurebasedonthebaddebtprovisionmethod
√Applicable□Notapplicable
Unit:RMB
| Category | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Baddebtprovision | Bookvalue | Bookbalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Provisionratio(%) | Amount | Proportion(%) | Amount | Provisionratio(%) | |||
| Provisionforbaddebtsonanindividualbasis | 18,921,603.33 | 4.96 | 18,921,603.33 | 100.00 | - | 18,921,603.33 | 3.74 | 18,921,603.33 | 100.00 | - |
| Amongthem: | ||||||||||
| Leasereceivables | 6,261,907.10 | 1.64 | 6,261,907.10 | 100.00 | - | 6,261,907.10 | 1.24 | 6,261,907.10 | 100.00 | - |
| Tradereceivables | 12,659,696.23 | 3.32 | 12,659,696.23 | 100.00 | - | 12,659,696.23 | 2.50 | 12,659,696.23 | 100.00 | - |
| Provisionforbaddebtsonagroupingbasis | 362,643,362.54 | 95.04 | 1,171,223.69 | 0.32 | 361,472,138.85 | 487,311,595.17 | 96.26 | 1,161,122.23 | 0.24 | 486,150,472.94 |
| Amongthem: | ||||||||||
| Accountsreceivablewithprovisionforbaddebtsbygroupingofcreditriskcharacteristics | 362,643,362.54 | 95.04 | 1,171,223.69 | 0.32 | 361,472,138.85 | 487,311,595.17 | 96.26 | 1,161,122.23 | 0.24 | 486,150,472.94 |
| Total | 381,564,965.87 | / | 20,092,827.02 | / | 361,472,138.85 | 506,233,198.50 | / | 20,082,725.56 | / | 486,150,472.94 |
Provisionforbaddebtsonanindividualbasis:
√Applicable□Notapplicable
Unit:RMB
| Name | Closingbalance | |||
| Bookbalance | Baddebtprovision | Provisionratio(%) | Reasonforprovision | |
| DalianGuanglongZhongbangInternationalTradeCo.,Ltd. | 12,659,696.23 | 12,659,696.23 | 100.00 | Duetodeteriorationofoperatingconditions,expectednottoberecovered |
| ZhejiangJielianNetworkTechnologyCo.,Ltd. | 6,261,907.10 | 6,261,907.10 | 100.00 | Duetodeteriorationofoperatingconditions,expectednottoberecovered |
| Total | 18,921,603.33 | 18,921,603.33 | 100.00 | / |
/
Explanationforprovisionforbaddebtsonanindividualbasis:
□Applicable√Notapplicable
/
Provisionforbaddebtsonagroupingbasis:
√Applicable□NotapplicableProvisionitemsonagroupingbasis:bygroupingofcreditriskcharacteristics
Unit:RMB
| Name | Closingbalance | ||
| Bookbalance | Baddebtprovision | Provisionratio(%) | |
| Within1year | 348,405,875.18 | 41,704.32 | 0.01 |
| 1-2years | 12,250,581.48 | 17,090.15 | 0.14 |
| 2-3years | 895,377.92 | 20,901.26 | 2.33 |
| Over3years | 1,091,527.96 | 1,091,527.96 | 100.00 |
| Total | 362,643,362.54 | 1,171,223.69 | 0.32 |
Explanationforprovisionforbaddebtsonagroupingbasis:
□Applicable√NotapplicableProvisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses
□Applicable√NotapplicableClassificationbasisandbaddebtprovisionratioforeachstageNoExplanationofsignificantchangesinthebookbalanceofaccountsreceivablewithchangesinlossprovisionsinthisperiod:
□Applicable√Notapplicable
(3).Provisionsforbaddebts
√Applicable□Notapplicable
Unit:RMB
| Category | Openingbalance | Amountofchangeduringthecurrentperiod | Closingbalance | |
| Provision | Otherchanges | |||
| Provisionforbaddebtsonanindividualbasis | 18,921,603.33 | - | - | 18,921,603.33 |
| Provisionforbaddebtsonagroupingbasis | 1,161,122.23 | 10,101.46 | - | 1,171,223.69 |
| Total | 20,082,725.56 | 10,101.46 | - | 20,092,827.02 |
Inwhichtherecoveredorreversedamountisimportant:
□Applicable√NotapplicableOthernotes:
No
(4).Accountsreceivableactuallywrittenoffduringthecurrentperiod
□Applicable√NotapplicableInformationofwrite-offofimportantaccountsreceivable
□Applicable√NotapplicableDescriptionofaccountsreceivablewrittenoff:
□Applicable√Notapplicable
/
(5).Fivedebtorswiththehighestclosingbalancesofaccountsreceivableandcontract
assets
√Applicable□Notapplicable
Unit:RMB
| Debtor | Closingbalanceofaccountsreceivable | Closingbalanceofcontractassets | Closingbalanceofaccountsreceivableandcontractassets | Proportioninthetotalclosingbalanceofaccountsreceivableandcontractassets(%) | Closingbalanceofbaddebtprovision |
| DalianGuanglongZhongbangInternationalTradeCo.,Ltd. | 12,659,696.23 | - | 12,659,696.23 | 3.32 | 12,659,696.23 |
| ZhejiangYunyueSupplyChainManagementCo.,Ltd. | 10,359,233.33 | - | 10,359,233.33 | 2.72 | 103,592.33 |
| YijianChuhai(Yiwu)ImportandExportCo.,Ltd. | 8,217,525.56 | - | 8,217,525.56 | 2.15 | 82,175.26 |
| ZhejiangJielianNetworkTechnologyCo.,Ltd. | 6,261,907.10 | - | 6,261,907.10 | 1.64 | 6,261,907.10 |
| LPSCOMPANYLTDA | 3,403,389.76 | - | 3,403,389.76 | 0.89 | 34,033.90 |
| Total | 40,901,751.98 | - | 40,901,751.98 | 10.72 | 19,141,404.82 |
OtherstatementsNoOthernotes:
□Applicable√Notapplicable
6.Contractassets
(1).Overviewofcontractassets
□Applicable√Notapplicable
(2).Amountofandreasonsformaterialchangestobookvalueduringthereportingperiod
□Applicable√Notapplicable
(3).Categorizeddisclosurebasedonthebaddebtprovisionmethod
□Applicable√NotapplicableProvisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableExplanationforprovisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableProvisionforbaddebtsonagroupingbasis:
□Applicable√NotapplicableProvisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses
/
□Applicable√NotapplicableClassificationbasisandbaddebtprovisionratioforeachstageNoExplanationofsignificantchangesinthebookbalanceofcontractassetswithchangesinlossprovisionsinthisperiod:
□Applicable√Notapplicable
(4).Provisionforbaddebtsofcontractassetsinthisperiod
□Applicable√NotapplicableInwhichtherecoveredorreversedamountisimportant:
□Applicable√NotapplicableOthernotes:
No
(5).Actualwritten-offcontractassetsinthisperiod
□Applicable√NotapplicableAmongthem,importantcontractassetswriteoff
□Applicable√NotapplicableDescriptionofcontractassetswrittenoff:
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
7.Accountsreceivablefinancing
(1).Accountsreceivablefinancinglistedbyclassification
□Applicable√Notapplicable
(2).AccountsreceivablefinancingpledgedbytheCompanyattheendoftheperiod
□Applicable√Notapplicable
(3).AccountsreceivablefinancingthathasbeenendorsedordiscountedbytheCompanyattheendoftheperiodandhasnotyetmaturedonthebalancesheetdate
□Applicable√Notapplicable
(4).Categorizeddisclosurebasedonthebaddebtprovisionmethod
□Applicable√NotapplicableProvisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableExplanationforprovisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableProvisionforbaddebtsonagroupingbasis:
□Applicable√Notapplicable
/
Provisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses
□Applicable√NotapplicableClassificationbasisandbaddebtprovisionratioforeachstageNoExplanationofsignificantchangesinthefinancingbookbalanceofaccountsreceivablewithchangesinlossprovisionsinthisperiod:
□Applicable√Notapplicable
(5).Provisionsforbaddebts
□Applicable√NotapplicableInwhichtherecoveredorreversedamountisimportant:
□Applicable√NotapplicableOthernotes:
No
(6).Accountsreceivablefinancingactuallywrittenoffinthisperiod
□Applicable√NotapplicableAmongthem,importantaccountsreceivablefinancingwrittenoff
□Applicable√NotapplicableExplanationofwriting-off:
□Applicable√Notapplicable
(7).Changesinaccountsreceivablefinancingandchangesinfairvalueinthisperiod:
□Applicable√Notapplicable
(8).Othernotes:
□Applicable√Notapplicable
8.Prepayments
(1).Presentationofprepaymentbyage
√Applicable□Notapplicable
Unit:RMB
| Accountage | Closingbalance | Openingbalance | ||
| Amount | Proportion(%) | Amount | Proportion(%) | |
| Within1year | 1,936,887,062.53 | 97.92 | 1,060,568,922.09 | 96.58 |
| 1to2years | 13,573,149.87 | 0.69 | 5,720,094.80 | 0.52 |
| 2to3years | 24,036,390.93 | 1.22 | 27,922,447.83 | 2.54 |
| Over3years | 3,270,132.55 | 0.17 | 3,882,325.12 | 0.35 |
| Total | 1,977,766,735.88 | 100.00 | 1,098,093,789.84 | 100.00 |
Explanationforfailuretosettletheprepaymentswithanaccountagelongerthanoneyearandinimportantamounts:
No
(2).Prepaymentstothefivesupplierswiththehighestclosingbalance
√Applicable□Notapplicable
Unit:RMB
/
| Debtor | Closingbalance | Proportionintotalclosingbalanceofprepayments(%) |
| BinzhouYellowRiverOasisAgriculturalDevelopmentCo.,Ltd. | 291,750,960.00 | 14.75 |
| INDUSTRIALPESQUERASANTAPRISCILAS.A. | 123,738,686.54 | 6.26 |
| HeilongjiangQianjirongAgriculturalDevelopmentCo.,Ltd. | 113,441,553.06 | 5.74 |
| OPERADORAYPROCESADORADEPRODUCTOSMARINOSOMARSAS.A. | 94,856,780.09 | 4.80 |
| PACIFICSEAFOODTRADERSA | 93,596,290.67 | 4.73 |
| Total | 717,384,270.36 | 36.28 |
Othernotes:
NoOtherstatements
□Applicable√Notapplicable
9.OtherreceivablesPresentationofitems
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Otherreceivables | 164,707,139.80 | 116,264,431.44 |
| Total | 164,707,139.80 | 116,264,431.44 |
Othernotes:
□Applicable√NotapplicableInterestreceivable
(1).Classificationofinterestreceivable
□Applicable√Notapplicable
(2).Significantoverdueinterest
□Applicable√Notapplicable
(3).Categorizeddisclosurebasedonthebaddebtprovisionmethod
□Applicable√NotapplicableProvisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableExplanationforprovisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableProvisionforbaddebtsonagroupingbasis:
□Applicable√Notapplicable
/
(4).Provisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses
□Applicable√Notapplicable
(5).Provisionsforbaddebts
□Applicable√NotapplicableInwhichtherecoveredorreversedamountisimportant:
□Applicable√NotapplicableOthernotes:
No
(6).Interestreceivableactuallywrittenoffinthisperiod
□Applicable√NotapplicableImportantinterestreceivablewrittenoffamongthem
□Applicable√NotapplicableExplanationofwriting-off:
□Applicable√NotapplicableOthernotes:
□Applicable√NotapplicableDividendreceivable
(1).Dividendreceivable
□Applicable√Notapplicable
(2).Importantdividendreceivablewithanaccountagelongerthan1year
□Applicable√Notapplicable
(3).Categorizeddisclosurebasedonthebaddebtprovisionmethod
□Applicable√NotapplicableProvisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableExplanationforprovisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableProvisionforbaddebtsonagroupingbasis:
□Applicable√Notapplicable
(4).Provisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses
□Applicable√Notapplicable
(5).Provisionsforbaddebts
□Applicable√Notapplicable
/
Inwhichtherecoveredorreversedamountisimportant:
□Applicable√NotapplicableOthernotes:
No
(6).Dividendsreceivableactuallywrittenoffinthisperiod
□Applicable√NotapplicableImportantdividendreceivableswrittenoffamongthem
□Applicable√NotapplicableExplanationofwriting-off:
□Applicable√NotapplicableOthernotes:
□Applicable√NotapplicableOtherreceivables
(1).Disclosurebasedonaccountage
√Applicable□Notapplicable
Unit:RMB
| Accountage | Closingbookbalance | Openingbookbalance |
| Within1year(including1year) | 120,385,009.95 | 97,361,721.43 |
| Subtotalwithin1year | 120,385,009.95 | 97,361,721.43 |
| 1to2years | 6,179,782.14 | 4,350,772.19 |
| 2to3years | 8,142,326.56 | 777,827.01 |
| Over3years | 33,237,279.10 | 17,048,894.00 |
| Baddebtprovisionforotherreceivables | -3,237,257.95 | -3,274,783.19 |
| Total | 164,707,139.80 | 116,264,431.44 |
(2).Classificationbasedonthenatureofaccounts
√Applicable□Notapplicable
Unit:RMB
| Natureofreceivable | Closingbookbalance | Openingbookbalance |
| Withholdings,depositandmargin | 119,863,468.29 | 106,113,304.56 |
| Interestfromtimedeposits | 23,807,786.69 | - |
| Receivablesfromexporttaxrebate | 23,187,945.07 | 12,326,425.92 |
| Reserve | 1,085,197.70 | 1,099,484.15 |
| Total | 167,944,397.75 | 119,539,214.63 |
(3).Baddebtprovision
√Applicable□Notapplicable
Unit:RMB
| Baddebtprovision | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossinthecoming12months | Expectedcreditlossintheentireduration(credithasnotbeen | Expectedcreditlossintheentireduration |
/
| impaired) | (credithasbeenimpaired) | |||
| BalanceasofJanuary1,2025 | 3,274,783.19 | 3,274,783.19 | ||
| Movementsforthecurrentperiod: | ||||
| Provisionmadeinthecurrentperiod | 2,121.08 | 2,121.08 | ||
| Currentreversal | 39,646.32 | 39,646.32 | ||
| BalanceasofJune30,2025 | 3,237,257.95 | 3,237,257.95 |
ClassificationbasisandbaddebtprovisionratioforeachstageNoSignificantchangesinthebookbalanceofotherreceivableswithchangesinlossprovisions:
□Applicable√NotapplicableBasisforthebaddebtprovisionmadeinthecurrentperiodandforassessingwhetherthecreditriskoffinancialinstrumentshasincreasedsignificantly:
□Applicable√Notapplicable
(4).Provisionsforbaddebts
√Applicable□Notapplicable
Unit:RMB
| Category | Openingbalance | Amountofchangeduringthecurrentperiod | Closingbalance | |
| Provision | Recoveryorreversal | |||
| Baddebtprovisionforotherreceivables | 3,274,783.19 | 2,121.08 | 39,646.32 | 3,237,257.95 |
| Total | 3,274,783.19 | 2,121.08 | 39,646.32 | 3,237,257.95 |
Amongthem,importantrecoveredorreversedamounts:
□Applicable√NotapplicableOtherstatementsNo
(5).Otherreceivablesactuallywrittenoffduringthecurrentperiod
□Applicable√NotapplicableOfwhich,importantwrite-offsofotherreceivables:
□Applicable√NotapplicableNotesonthewrite-offofotherreceivables:
□Applicable√Notapplicable
(6).Otherreceivablesfromthefivedebtorswithhighestclosingbalance
√Applicable□Notapplicable
Unit:RMB
/
| Debtor | Closingbalance | Weightinthetotalclosingbalanceofotherreceivables(%) | Natureofreceivable | Accountage | Closingbalanceofbaddebtprovision |
| YiwuTaxationBureau,StateAdministrationofTaxation | 23,187,945.07 | 13.81 | Receivablesfromexporttaxrebate | Within1year | - |
| YiwuBranchofJinhuaBank | 13,109,574.30 | 7.81 | Interestfromtimedeposits | Within1year | - |
| FUNDACIONPARAELINTERCAMBIOENTREYIWUYESPANA | 6,095,738.47 | 3.63 | Withholdings,depositandmargin | 1-2years | - |
| YiwuWeiniukeTradingCo.,Ltd | 4,493,000.00 | 2.68 | Withholdings,depositandmargin | Within1year | - |
| YiwuShengranTradingCo.,Ltd. | 4,184,800.00 | 2.49 | Withholdings,depositandmargin | Within1year | - |
| Total | 51,071,057.84 | 30.42 | / | / | - |
(7).Reportedasotherreceivablesduetocentralizedfundmanagement
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
10.Inventory
(1).Classificationofinventory
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Bookbalance | Provisionforinventorydepreciation/provisionforimpairmentofcontractperformancecost | Bookvalue | Bookbalance | Provisionforinventorydepreciation/provisionforimpairmentofcontractperformancecost | Bookvalue | |
| Rawmaterials | 73,287.78 | - | 73,287.78 | 156,913.04 | - | 156,913.04 |
| Finishedgoods | 227,998,494.97 | - | 227,998,494.97 | 542,329,479.17 | - | 542,329,479.17 |
| Work-in-progressmaterials | 3,195,351.39 | - | 3,195,351.39 | 755,481.40 | - | 755,481.40 |
| Developmentcost | 1,176,056,179.70 | - | 1,176,056,179.70 | 814,544,976.81 | - | 814,544,976.81 |
| Total | 1,407,323,313.84 | - | 1,407,323,313.84 | 1,357,786,850.42 | - | 1,357,786,850.42 |
(2).Dataresourcesconfirmedasinventory
□Applicable√Notapplicable
(3).Provisionforinventorydepreciation/provisionforimpairmentofcontract
performancecost
□Applicable√NotapplicableThereasonforthereversingorchargingoffprovisionforinventorydepreciationinthisperiod
□Applicable√NotapplicableProvisionforinventorydepreciationonagroupingbasis
□Applicable√Notapplicable
/
Theprovisionstandardsforprovisionforinventorydepreciationonagroupingbasis
□Applicable√Notapplicable
(4).Thecapitalizedamountofborrowingcostscontainedintheclosingbalanceofinventoryanditscalculationcriteriaandbasis
√Applicable□Notapplicable
Unit:RMB
| Item | Amountofborrowingcostscapitalizedincludedintheclosingbalance | Calculationstandardsandbasisforcapitalizedamount |
| YiwuGlobalDigitalTradeCenterSalesProject | 31,264,713.40 | Thecapitalizationamountisrecognizedbasedontheborrowinginterestrateandthetimingwhencapitalizationcriteriaaremet. |
| Sub-total | 31,264,713.40 | / |
(5).Amortizationofcontractperformancecostduringthecurrentperiod
□Applicable√NotapplicableOthernotes:
√Applicable□NotapplicableInventory-DevelopmentCostUnit:RMB-yuanCurrency:RMB
| Item | Openingbalance | Increaseinthecurrentperiod | Closingbalance |
| YiwuGlobalDigitalTradeCenterSalesProject | 814,544,976.81 | 361,511,202.89 | 1,176,056,179.70 |
| Total | 814,544,976.81 | 361,511,202.89 | 1,176,056,179.70 |
11.Held-for-saleassets
□Applicable√Notapplicable
12.Non-currentassetsduewithinoneyear
□Applicable√NotapplicableDebtinvestmentsduewithinoneyear
□Applicable√NotapplicableOtherdebtinvestmentsduewithinoneyear
□Applicable√NotapplicableOtherstatementfornon-currentassetsduewithinoneyearNo
13.Othercurrentassets
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Paymentbusinessreserve | 388,041,773.39 | 377,164,678.50 |
| To-be-deductedinputtax | 216,347,986.89 | 190,908,784.87 |
| To-be-certifiedinputtax | 121,977,743.23 | 108,403,328.84 |
| Prepaidvalue-addedtax | 60,098,983.47 | 21,695,563.78 |
| Advanceincometax | 11,768,942.42 | 23,939,739.20 |
| Entrustedloanstothemarkettraders | 1,574,401.27 | 1,574,401.27 |
/
| Less:baddebtprovisionforentrustedloans | -185,500.00 | -185,500.00 |
| Prepaymentofothertaxes | 1,501,876.31 | 1,501,876.31 |
| Total | 801,126,206.98 | 725,002,872.77 |
Othernotes:
No
14.Debtinvestments
(1).Overviewofdebtinvestment
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Bookbalance | Impairmentprovision | Bookvalue | Bookbalance | Impairmentprovision | Bookvalue | |
| EntrustedLoans | 48,073,333.33 | - | 48,073,333.33 | - | - | - |
| Total | 48,073,333.33 | - | 48,073,333.33 | - | - | - |
Changesinprovisionforimpairmentofdebtinvestmentsinthisperiod
□Applicable√Notapplicable
(2).Importantdebtinvestmentasofthecloseofthereportingperiod
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||||||
| Facevalue | Couponrate | Actualinterestrate | Maturitydate | Overdueprincipal | Facevalue | Couponrate | Actualinterestrate | Maturitydate | Overdueprincipal | |
| ChengduTradeCityentrustedloan | 48,000,000.00 | 5.5% | 5.5% | 2026-12-25 | - | - | - | - | - | - |
| Total | 48,000,000.00 | / | / | / | - | - | / | / | / | - |
(3).Provisionforimpairment
□Applicable√NotapplicableSegmentationbasisandprovisionratioforimpairmentineachstage:
NoExplanationofsignificantchangesinthebookbalanceofdebtinvestmentswithchangesinlossprovisionsinthisperiod:
□Applicable√NotapplicableAmountofimpairmentprovisionforthecurrentperiodandthebasisforassessingwhetherthereissignificantincreaseinthecreditriskoffinancialinstruments:
□Applicable√Notapplicable
(4).Debtinvestmentsactuallywrittenoffinthisperiod
□Applicable√NotapplicableImportantdebtinvestmentswrittenoffamongthem
□Applicable√Notapplicable
/
Descriptionofdebtinvestmentswrittenoff:
□Applicable√NotapplicableOthernotes:
No
15.Otherdebtinvestments
(1).Overviewofotherdebtinvestment
□Applicable√NotapplicableChangesinprovisionforimpairmentofotherdebtinvestmentsinthisperiod
□Applicable√Notapplicable
(2).Importantotherdebtinvestmentasofthecloseofthereportingperiod
□Applicable√Notapplicable
(3).Provisionforimpairment
□Applicable√Notapplicable
(4).Otherdebtinvestmentsactuallywrittenoffinthisperiod
□Applicable√NotapplicableImportantotherdebtinvestmentswrittenoffamongthem
□Applicable√NotapplicableDescriptionofotherdebtinvestmentswrittenoff:
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
16.Long-termreceivables
(1).Overviewoflong-termreceivables
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | Rangeofdiscountrate | ||||
| Bookbalance | Baddebtprovision | Bookvalue | Bookbalance | Baddebtprovision | Bookvalue | ||
| Financialassistancereceivablefromjointventures | 278,379,382.90 | - | 278,379,382.90 | 285,840,496.50 | - | 285,840,496.50 | |
| Guaranteedeposit | 8,475,705.22 | - | 8,475,705.22 | 7,367,466.76 | - | 7,367,466.76 | |
| Total | 286,855,088.12 | - | 286,855,088.12 | 293,207,963.26 | - | 293,207,963.26 | / |
(2).Categorizeddisclosurebasedonthebaddebtprovisionmethod
□Applicable√Notapplicable
/
Provisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableExplanationforprovisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableProvisionforbaddebtsonagroupingbasis:
□Applicable√NotapplicableProvisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses
□Applicable√Notapplicable
(3).Provisionsforbaddebts
□Applicable√NotapplicableInwhichtherecoveredorreversedamountisimportant:
□Applicable√NotapplicableOthernotes:
No
(4).Actuallong-termaccountsreceivablewrittenoffinthisperiod
□Applicable√NotapplicableImportantlong-termaccountsreceivablewrittenoffamongthem
□Applicable√NotapplicableExplanationofwriting-off:
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
/
17.Long-termequityinvestment
(1).Longtermequityinvestmentsituation
√Applicable□Notapplicable
Unit:RMB
| Investee | Openingbalance(Bookvalue) | Openingbalanceofprovision | Changeinthecurrentperiod | Closingbalance(Bookvalue) | Closingbalanceofimpairmentprovision |
Decreaseininvestment
| Decreaseininvestment | Investmentgainsorlossesrecognizedwiththeequitymethod | Adjustmentofothercomprehensiveincome | Declareddistributionofcashdividendsorprofits | |||||
| 1.Jointventures | ||||||||
| YiwuShanglv | 478,903,324.97 | - | - | 25,209,369.16 | - | - | 504,112,694.13 | - |
| YiwuRongshangPropertyCo.,Ltd. | 65,650,243.74 | - | - | -643.67 | - | - | 65,649,600.07 | - |
| YiwuChuangchengProperty | 22,432,461.55 | - | - | -27.12 | - | - | 22,432,434.43 | - |
| YiwuGuoshenShangboPropertyCo.,Ltd. | 882,314,580.93 | - | - | -653,236.04 | - | 720,588,200.00 | 161,073,144.89 | - |
| Other | 37,249,043.86 | 3,327,216.16 | - | -862,392.99 | - | - | 36,386,650.87 | 3,327,216.16 |
| Sub-total | 1,486,549,655.05 | 3,327,216.16 | - | 23,693,069.34 | - | 720,588,200.00 | 789,654,524.39 | 3,327,216.16 |
| 2.Associates | ||||||||
| YiwuHuishangMicro-financeCo.,Ltd. | 78,705,104.38 | - | - | 92,954.07 | - | - | 78,798,058.45 | - |
| HuishangZijing | 29,256,425.27 | - | - | 143,935.07 | - | - | 29,400,360.34 | - |
| ChouzhouFinancialLease | 590,724,657.46 | - | - | 65,174,631.13 | - | - | 655,899,288.59 | - |
| YiwuChinaCommoditiesCityInvestmentManagementCo.,Ltd. | 9,508,049.22 | - | - | - | - | - | 9,508,049.22 | 9,508,049.22 |
| YiwuChinaCommoditiesCityFuxingInvestmentCenter(LimitedPartnership) | 102,918,559.00 | - | - | - | - | 102,918,559.00 | - | |
| PujiangLvguPropertyCo.,Ltd. | 409,526,095.68 | - | - | -6,171,129.34 | - | - | 403,354,966.34 | - |
| CCCP | 3,058,866,923.86 | - | - | 35,954,483.78 | - | - | 3,094,821,407.64 | - |
| YiwuHongyiEquity | 763,849,552.35 | - | - | 1,072,228.65 | - | - | 764,921,781.00 | - |
/
| InvestmentFundPartnership(LimitedPartnership) | ||||||||
| ZhijieYuangang | 119,889,908.19 | - | - | -2,110,065.70 | - | - | 117,779,842.49 | - |
| YiwuHuishangRedbudPhaseIIInvestmentPartnership(limitedpartnership) | 143,791,110.89 | - | 1,873,048.91 | -447,747.21 | - | - | 141,470,314.77 | - |
| Other | 166,365,870.82 | - | - | -8,682,662.40 | -25,284.91 | - | 157,657,923.51 | - |
| Sub-total | 5,473,402,257.12 | - | 1,873,048.91 | 85,026,628.05 | -25,284.91 | - | 5,556,530,551.35 | 9,508,049.22 |
| Total | 6,959,951,912.17 | 3,327,216.16 | 1,873,048.91 | 108,719,697.39 | -25,284.91 | 720,588,200.00 | 6,346,185,075.74 | 12,835,265.38 |
(2).Impairmenttestingoflong-termequityinvestments
□Applicable√NotapplicableOtherstatements
Unit:RMB
| Investee | Openingbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Closingbalance |
| YiwuChinaCommoditiesCityInvestmentManagementCo.,Ltd.[Note1] | 9,508,049.22 | - | - | 9,508,049.22 |
| Other | 3,327,216.16 | - | - | 3,327,216.16 |
| Total | 12,835,265.38 | - | - | 12,835,265.38 |
Note1:In2017,theGroup’swholly-ownedsubsidiaryYiwuChinaCommoditiesCityFinancialHoldingsCo.,Ltd.(“CCCF”)andShanghaiFuxingIndustryGroupCo.,Ltd.(“FuxingGroup”)jointlyestablishedanindustryfundYiwuChinaCommoditiesCityFuxingInvestmentCenter(LimitedPartnership)(hereinafterreferredtoasthe“FOF”).TheFOFasalimitedpartnerinvestedin12sub-fundsincludingYiwuShangfuChuangzhiInvestmentCenter(LimitedPartnership)(“ShangfuChuangzhiFund”).CCCF,asalimitedpartner,subscribedRMB998millionintheFOF,accountingfor49.9%ofthesubscribedcapital.Thepaid-incapitalwasRMB102.92million,andthereisnodeadlineforthepaymentfortheunpaidcapital
/
contribution.TheotherlimitedpartneroftheFOFisFuxing.CCCFalsocontributedRMB9.8million,49%oftotalshares,tojointlyestablishYiwuChinaCommoditiesCityInvestmentManagementCo.,Ltd.(hereinafterreferredtoas“CCCIM”)withFuxingasthegeneralpartneroftheabove-mentionedFOFandsub-funds.TheFOFandCCCIMarebothunderthecontrolofFuxingandareassociatesofCCCF.
AsalimitedpartnerofShangfuChuangzhiFund,CCCFhassubscribedandpaidinacapitalcontributionofRMB617.51million.SincethecapitalcontributionwasguaranteedbyFuxing'sfixedincome,itwasrecognizedasothernon-currentfinancialassets.Theabovepaid-incapitalcontributionmadebyCCCFtotheFOFhasbeencontributedtoShangfuChuangzhiFundtogetherwiththecapitalcontributionofFuxingtotheFoFthroughtheFOFasalimitedpartner.WiththecapitalcontributionfromtheFOFasalimitedpartnerandCCCF’scapitalcontributiontoShangfuChuangzhiFundasalimitedpartner,ShangfuChuangzhiFundmadecapitalcontributionofRMB820.54milliontosubscribefortheincreaseintheregisteredcapitalofHubeiProvincialAssetManagementCo.,Ltd.toacquire22.667%equitytherein.In2018,CCCFlearnedduringitsafter-investmentfollow-upmanagementthatFuxingGroupanditsactualcontrollerZHUYidongweresuspectedofhavingcommittedacriminaloffenseandthe22.667%equityheldbyShangfuChuangzhiFundinHubeiProvincialAssetManagementCo.,Ltd.wasfrozenbytheSecondIntermediatePeople'sCourtofShanghaiduetoFuxingGroup’scontributiontothesourcesofthecapitalcontribution.AsofJune30,2025,theCompanyconsidersitscapitalcontributionstoFOFandtheShangfuChuangzhiFundtobeunrelatedtotheFuxingGroup’sinvestmentandthereforenotimpaired.However,fortheCompany’sequityinvestmentinCCCIM,afullimpairmentprovisionhasbeenrecognizedsince2018.
18.Otherequityinstrumentsinvestment
(1).Overviewofotherequityinstrumentsinvestment
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Changeinthecurrentperiod | Closingbalance | Accumulatedgainsrecognizedinothercomprehensiveincome | Reasonfordesigningitasmeasuredatfairvaluethroughothercomprehensiveincome | |
| Lossesrecognizedinothercomprehensiveincomeforthecurrentperiod | Other | |||||
| ShenwanHongyuanGroup | 671,036,258.30 | -30,102,561.12 | -10,034,187.04 | 630,899,510.14 | 57,955,559.35 | Non-trading |
/
| Co.,Ltd. | ||||||
| Total | 671,036,258.30 | -30,102,561.12 | -10,034,187.04 | 630,899,510.14 | 57,955,559.35 | / |
(2).Descriptionofterminationofrecognitioninthisperiod
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
/
19.Othernon-currentfinancialassets
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| PEinvestment | 1,282,031,552.39 | 1,242,031,552.39 |
| Unlistedequityinvestment | 206,867,786.32 | 207,119,282.31 |
| NEEQequityinvestment | 32,731,474.57 | 32,731,474.57 |
| Total | 1,521,630,813.28 | 1,481,882,309.27 |
Othernotes:
No
20.PropertyinvestmentMeasurementmodels
(1).Propertyinvestmentmeasuredbycost
Unit:RMB
| Item | Buildingsandstructures | Landuseright | Total |
| I.Originalbookvalue | |||
| 1.Openingbalance | 5,754,392,176.98 | 1,425,746,014.62 | 7,180,138,191.60 |
| 2.Increaseinthecurrentperiod | 6,413,422.13 | 2,574,067.47 | 8,987,489.60 |
| (4)Exchangeratefluctuations | 6,413,422.13 | 2,574,067.47 | 8,987,489.60 |
| 3.Decreaseinthecurrentperiod | 25,079,269.21 | 273,866,700.00 | 298,945,969.21 |
| (1)Disposal | 24,406,033.43 | - | 24,406,033.43 |
| (2)Othertransfer-out | 673,235.78 | 273,866,700.00 | 274,539,935.78 |
| 4.Closingbalance | 5,735,726,329.90 | 1,154,453,382.09 | 6,890,179,711.99 |
| II.Accumulateddepreciationandaccumulatedamortization | |||
| 1.Openingbalance | 864,483,773.64 | 200,421,683.58 | 1,064,905,457.22 |
| 2.Increaseinthecurrentperiod | 102,301,015.74 | 12,802,660.50 | 115,103,676.24 |
| (1)Provisionoramortization | 102,301,015.74 | 12,802,660.50 | 115,103,676.24 |
| 3.Decreaseinthecurrentperiod | 3,427,908.48 | 31,049,759.55 | 34,477,668.03 |
| (1)Disposal | 3,427,908.48 | - | 3,427,908.48 |
| (2)Othertransfer-out | - | 31,049,759.55 | 31,049,759.55 |
| 4.Closingbalance | 963,356,880.90 | 182,174,584.53 | 1,145,531,465.43 |
| III.Depreciationprovision | |||
| 1.Openingbalance | - | - | - |
| 4.Closingbalance | - | - | - |
| IV.Bookvalue | |||
| 1.Closingbookvalue | 4,772,369,449.00 | 972,278,797.56 | 5,744,648,246.56 |
| 2.Openingbookvalue | 4,889,908,403.34 | 1,225,324,331.04 | 6,115,232,734.38 |
(2).Investmentpropertiesforwhichpropertyownershipcertificateshavenotbeen
obtained:
□Applicable√Notapplicable
(3).Impairmenttestingofinvestmentrealestateusingcostmeasurementmodel
□Applicable√Notapplicable
/
Otherstatements
□Applicable√Notapplicable
21.FixedassetsPresentationofitems
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Fixedassets | 5,326,418,802.23 | 5,504,023,254.08 |
| Total | 5,326,418,802.23 | 5,504,023,254.08 |
Othernotes:
NoFixedassets
(1).Overviewoffixedassets
√Applicable□Notapplicable
Unit:RMB
| Item | Buildingsandstructures | Machineryequipment | Transportationequipment | Total |
| I.Originalbookvalue: | ||||
| 1.Openingbalance | 7,956,386,085.29 | 3,903,542,567.48 | 10,483,080.18 | 11,870,411,732.95 |
| 2.Increaseinthecurrentperiod | - | 5,092,994.79 | 276,366.73 | 5,369,361.52 |
| (1)Purchase | - | 5,092,994.79 | 276,366.73 | 5,369,361.52 |
| 3.Decreaseinthecurrentperiod | 2,127,333.03 | 3,243,046.31 | - | 5,370,379.34 |
| (1)Disposalorretirement | - | 3,243,046.31 | - | 3,243,046.31 |
| (2)Othertransfer-out | 2,127,333.03 | - | - | 2,127,333.03 |
| 4.Closingbalance | 7,954,258,752.26 | 3,905,392,515.96 | 10,759,446.91 | 11,870,410,715.13 |
| II.Accumulateddepreciation | ||||
| 1.Openingbalance | 3,061,548,640.56 | 3,296,416,573.42 | 8,423,264.89 | 6,366,388,478.87 |
| 2.Increaseinthecurrentperiod | 133,973,754.38 | 46,386,162.38 | 332,120.54 | 180,692,037.30 |
| (1)Provision | 133,973,754.38 | 46,386,162.38 | 332,120.54 | 180,692,037.30 |
| 3.Decreaseinthecurrentperiod | - | 3,088,603.27 | - | 3,088,603.27 |
| (1)Disposalorretirement | - | 3,088,603.27 | - | 3,088,603.27 |
| 4.Closingbalance | 3,195,522,394.94 | 3,339,714,132.53 | 8,755,385.43 | 6,543,991,912.90 |
| III.Depreciationprovision | ||||
| 1.Openingbalance | - | - | - | - |
| 4.Closingbalance | - | - | - | - |
| IV.Bookvalue | ||||
| 1.Closingbookvalue | 4,758,736,357.32 | 565,678,383.43 | 2,004,061.48 | 5,326,418,802.23 |
/
| 2.Openingbookvalue | 4,894,837,444.73 | 607,125,994.06 | 2,059,815.29 | 5,504,023,254.08 |
(2).Temporarilyidlefixedassets
□Applicable√Notapplicable
(3).Fixedassetsleasedoutthroughoperatinglease
□Applicable√Notapplicable
(4).Fixedassetsforwhichtheownershipcertificateshavenotbeenobtained
√Applicable□Notapplicable
Unit:RMB
| Item | Bookvalue | Reasonsforhavingnotobtainedtheownershipcertificate |
| HuangyuanClothingMarket | 209,764,130.07 | Thepropertyrightsapplicationprocesshasnotyetbeencompleted. |
| CCCHotel | 44,904,721.15 | Thepropertyrightsapplicationprocesshasnotyetbeencompleted. |
| Sub-total | 254,668,851.22 | / |
(5).Impairmenttestingoffixedassets
□Applicable√NotapplicableOthernotes:
□Applicable√NotapplicableDisposaloffixedassets
□Applicable√Notapplicable
22.ConstructioninprogressPresentationofitems
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Constructioninprogress | 2,775,433,302.98 | 2,300,662,833.69 |
| Total | 2,775,433,302.98 | 2,300,662,833.69 |
Othernotes:
None
/
Constructioninprogress
(1).Overviewofconstructioninprogress
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Bookbalance | Impairmentprovision | Bookvalue | Bookbalance | Impairmentprovision | Bookvalue | |
| GlobalDigitalTradeCenter | 1,818,130,223.28 | - | 1,818,130,223.28 | 1,456,999,609.71 | - | 1,456,999,609.71 |
| LogisticsParkS3 | 724,794,319.46 | - | 724,794,319.46 | 796,564,139.50 | - | 796,564,139.50 |
| GlobalDigitalTradeCenterandFive-districtConnectivityandSupportingProjects | 93,165,381.96 | - | 93,165,381.96 | - | - | - |
| TheYiwuComprehensiveBondedZoneProject | 46,388,676.46 | - | 46,388,676.46 | 29,681,438.79 | - | 29,681,438.79 |
| "BeltandRoad"InnovationCenter | 37,893,313.05 | - | 37,893,313.05 | 3,023,146.40 | - | 3,023,146.40 |
| Otherprojects | 55,061,388.77 | - | 55,061,388.77 | 14,394,499.29 | - | 14,394,499.29 |
| Total | 2,775,433,302.98 | - | 2,775,433,302.98 | 2,300,662,833.69 | - | 2,300,662,833.69 |
(2).Changestoimportantconstructioninprogressduringthecurrentperiod
√Applicable□Notapplicable
Unit:RMB10,000
| Item | Budget | Openingbalance | Increaseinthecurrentperiod | Otherreductionamountforthecurrentperiod | Closingbalance | Ratioofaccumulatedinvestmenttobudget(%) | Progressofproject | Accumulatedcapitalizedinterest | Inwhich:capitalizedinterestinthecurrentperiod | Interestcapitalizationratioforthecurrentperiod(%) | Sourceoffunds |
| GlobalDigitalTradeCenter | 464,866.00 | 145,699.96 | 36,113.06 | - | 181,813.02 | 72.06 | 72.06% | 4,737.92 | 1,809.73 | 2.36 | Self-owned/financing |
| LogisticsParkS3 | 132,000.00 | 79,656.41 | 4,648.39 | 11,825.37 | 72,479.43 | 89.16 | 89.16% | 3,674.72 | 897.73 | 2.36 | Self-owned/financing |
| GlobalDigitalTradeCenterandFive-district | 33,528.02 | - | 9,316.54 | - | 9,316.54 | 27.79 | 27.79% | 54.97 | 54.97 | 2.36 | Self-owned/financing |
/
| ConnectivityandSupportingProjects | |||||||||||
| TheYiwuComprehensiveBondedZoneProject | 624,250.00 | 2,968.15 | 1,670.72 | - | 4,638.87 | 99.79 | 99.79% | 7,584.05 | 44.34 | 2.36 | Self-owned/financing |
| "BeltandRoad"InnovationCenter | 40,000.00 | 302.31 | 3,487.02 | - | 3,789.33 | 9.47 | 9.47% | 19.69 | 19.69 | 2.36 | Self-owned/financing |
| Total | 1,294,644.02 | 228,626.83 | 55,235.73 | 11,825.37 | 272,037.19 | / | / | 16,071.35 | 2,826.46 | / | / |
(3).Provisionmadefortheimpairmentofconstructioninprogressinthecurrentperiod
□Applicable√Notapplicable
(4).Impairmenttestingofconstructioninprogress
□Applicable√NotapplicableOtherstatements
□Applicable√NotapplicableConstructionmaterials
□Applicable√Notapplicable
/
23.Bearerbiologicalasset
(1).Bearerbiologicalassetmeasuredbycost
□Applicable√Notapplicable
(2).Impairmenttestingofproductivebiologicalassetsusingcostmeasurementmodel
□Applicable√Notapplicable
(3).Bearerbiologicalassetmeasuredbyfairvalue
□Applicable√NotapplicableOtherstatements
□Applicable√Notapplicable
24.Oilandgasassets
(1).Situationofoilandgasassets
□Applicable√Notapplicable
(2).Impairmenttestingofoilandgasassets
□Applicable√NotapplicableOthernotes:
No
25.Right-of-useassets
(1).Situationofright-of-useassets
√Applicable□Notapplicable
Unit:RMB
| Item | Buildingsandstructures | Land | Total |
| I.Originalbookvalue | |||
| 1.Openingbalance | 139,327,873.52 | 120,503,884.69 | 259,831,758.21 |
| 2.Increaseinthecurrentperiod | 15,355,348.04 | - | 15,355,348.04 |
| (1)Leasein | 15,355,348.04 | - | 15,355,348.04 |
| 3.Decreaseinthecurrentperiod | 5,292,422.80 | - | 5,292,422.80 |
| (1)Due | 5,292,422.80 | - | 5,292,422.80 |
| 4.Closingbalance | 149,390,798.76 | 120,503,884.69 | 269,894,683.45 |
| II.Accumulateddepreciation | |||
| 1.Openingbalance | 90,754,088.21 | 18,151,212.50 | 108,905,300.71 |
| 2.Increaseinthecurrentperiod | 19,610,804.06 | 2,268,901.54 | 21,879,705.60 |
| (1)Provision | 19,610,804.06 | 2,268,901.54 | 21,879,705.60 |
| 3.Decreaseinthecurrentperiod | 5,292,422.80 | - | 5,292,422.80 |
| (2)Due | 5,292,422.80 | - | 5,292,422.80 |
| 4.Closingbalance | 105,072,469.47 | 20,420,114.04 | 125,492,583.51 |
| III.Depreciationprovision | |||
| 1.Openingbalance | - | - | - |
| 4.Closingbalance | - | - | - |
| IV.Bookvalue | |||
| 1.Closingbookvalue | 44,318,329.29 | 100,083,770.65 | 144,402,099.94 |
/
| 2.Openingbookvalue | 48,573,785.31 | 102,352,672.19 | 150,926,457.50 |
(2).Impairmenttestingofright-of-useassets
□Applicable√NotapplicableOthernotes:
No
26.Intangibleassets
(1).Overviewofintangibleassets
√Applicable□Notapplicable
Unit:RMB
| Item | Landuseright | Softwareandsoftwarecopyright | Dataresources | Total |
| I.Originalbookvalue | ||||
| 1.Openingbalance | 7,074,991,154.62 | 234,069,365.81 | 25,094,319.94 | 7,334,154,840.37 |
| 2.Increaseinthecurrentperiod | 273,866,700.00 | 6,937,504.91 | - | 280,804,204.91 |
| (1)Purchase | - | 19,327.73 | - | 19,327.73 |
| (2)InternalR&D | - | 6,918,177.18 | - | 6,918,177.18 |
| (3)Transferfrominvestmentproperty | 273,866,700.00 | - | - | 273,866,700.00 |
| 3.Decreaseinthecurrentperiod | - | - | - | - |
| 4.Closingbalance | 7,348,857,854.62 | 241,006,870.72 | 25,094,319.94 | 7,614,959,045.28 |
| II.Accumulatedamortization | ||||
| 1.Openingbalance | 2,082,291,168.10 | 69,514,096.63 | 1,069,103.63 | 2,152,874,368.36 |
| 2.Increaseinthecurrentperiod | 123,750,642.15 | 11,829,398.87 | 1,237,267.53 | 136,817,308.55 |
| (1)Provision | 123,750,642.15 | 11,829,398.87 | 1,237,267.53 | 136,817,308.55 |
| 3.Decreaseinthecurrentperiod | - | - | - | - |
| 4.Closingbalance | 2,206,041,810.25 | 81,343,495.50 | 2,306,371.16 | 2,289,691,676.91 |
| III.Depreciationprovision | ||||
| 1.Openingbalance | - | - | - | - |
| 4.Closingbalance | - | - | - | - |
| IV.Bookvalue | ||||
| 1.Closingbookvalue | 5,142,816,044.37 | 159,663,375.22 | 22,787,948.78 | 5,325,267,368.37 |
| 2.Opening | 4,992,699,986.52 | 164,555,269.18 | 24,025,216.31 | 5,181,280,472.01 |
/
Attheendofthecurrentperiod,theproportionofintangibleassetsformedthroughinternalresearchanddevelopmentoftheCompanytothebalanceofintangibleassetswas1.83%
(2).Dataresourcesconfirmedasintangibleassets
√Applicable□Notapplicable
Unit:RMB
bookvalue
Item
| Item | Self-developeddataresourcesasintangibleassets | Total |
| I.Originalbookvalue | ||
| 1.Openingbalance | 25,094,319.94 | 25,094,319.94 |
| 2.Increaseinthecurrentperiod | - | - |
| 3.Decreaseinthecurrentperiod | - | - |
| 4.Closingbalance | 25,094,319.94 | 25,094,319.94 |
| II.Accumulatedamortization | ||
| 1.Openingbalance | 1,069,103.63 | 1,069,103.63 |
| 2.Increaseinthecurrentperiod | 1,237,267.53 | 1,237,267.53 |
| 3.Decreaseinthecurrentperiod | - | - |
| 4.Closingbalance | 2,306,371.16 | 2,306,371.16 |
| III.Depreciationprovision | ||
| 1.Openingbalance | - | - |
| 4.Closingbalance | - | - |
| IV.Bookvalue | ||
| 1.Closingbookvalue | 22,787,948.78 | 22,787,948.78 |
| 2.Openingbookvalue | 24,025,216.31 | 24,025,216.31 |
Othernotes:
ImportantSingleDataResourceStatus
Unit:RMB
| DataResourceContent | Closingbookvalue | RemainingAmortizationPeriod |
| The"AIIndependentWebsite"projectbasedonAI-generatedrelatedtechnologies | 9,352,246.15 | 113months |
| The"AIIntelligentTranslator"projectbasedonWEBSOCKETtechnologyandSSMframework | 5,631,686.15 | 104months |
| The"XiaoshangYingke"projectbasedonSPRINGCLOUDmicroserviceframeworktechnology | 3,196,505.86 | 110months |
| The"XiaoshangZhaohuo"projectbasedonSPRINGCLOUDmicroserviceframeworktechnology | 2,631,660.54 | 107months |
| The"BenBenZhaohuo"projectbasedonSPRINGCLOUDmicroserviceframeworktechnology | 1,975,850.08 | 104months |
| Sub-total | 22,787,948.78 | / |
(3).Landuserightforwhichtheownershipcertificatehasnotbeenobtained
□Applicable√Notapplicable
/
(4).Impairmenttestingofintangibleassets
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
27.Goodwill
(1).Originalbookvalueofgoodwill
√Applicable□Notapplicable
Unit:RMB
| Thenameoftheinvestedunitormattersforminggoodwill | Openingbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Closingbalance |
| Formedbyabusinesscombination | Disposal | |||
| ZhejiangXunchiDigitalTechnologyCo.,Ltd. | 284,916,367.87 | - | - | 284,916,367.87 |
| Total | 284,916,367.87 | - | - | 284,916,367.87 |
(2).Provisionforgoodwillimpairment
□Applicable√Notapplicable
(3).Informationontheassetsgrouporcombinationofassetsgroupstowhichthegoodwillbelongs
√Applicable□Notapplicable
| Name | Thecompositionoftheassetgrouporcombinationtowhichitbelongsandbasis | Businessdivisionanddeterminationbasis | Whetheritwasconsistentwiththepreviousyear |
| Kuaijietongassetgroup | ItiscomposedofKuaijietongPaymentServicesCo.,Ltd.,asubsidiaryofZhejiangXunchiDigitalTechnologyCo.,Ltd.SincethesynergisticeffectoftheacquisitionofXunchiGroupisreflectedintheKuaijietong'ssubsidiaries,themaincashflowgeneratedbytheKuaijietong'ssubsidiariesisindependentofothersubsidiariesoftheGroup,andtheGroupmanagestheproductionactivitiesoftheKuaijietong'ssubsidiariesindependently,sothegoodwillisallocatedtotheKuaijietongassetgroup. | Forinternalmanagementpurposes,thisassetgroupcombinationbelongstoothersegment. | Yes |
Changesinassetgroupsorassetgroupcombinations
□Applicable√NotapplicableOtherstatements
√Applicable□Notapplicable
InJuly2022,theCompanyacquired100%equityofZhejiangXunchiDigitalTechnologyCo.,Ltd.andKuaijietongPaymentServicesCo.,Ltd.,awholly-ownedsubsidiaryofZhejiangXunchiDigitalTechnologyCo.,Ltd.,resultinginagoodwillofRMB284,916,367.87.
/
(4).ThespecificmethodfordeterminingtherecoverableamountTherecoverableamountisdeterminedbasedonthenetamountafterdeductingdisposalexpensesfromfairvalue
□Applicable√NotapplicableTherecoverableamountisdeterminedbasedonthepresentvalueofexpectedfuturecashflows
□Applicable√NotapplicableReasonsforsignificantdiscrepanciesbetweentheaforementionedinformationandtheinformationusedinpreviousyear'simpairmenttestingorexternalinformation
□Applicable√NotapplicableReasonsforsignificantdiscrepanciesbetweentheinformationusedintheCompany'spreviousyear’simpairmenttestingandtheactualsituationofthatyear
□Applicable√Notapplicable
(5).PerformancecommitmentsandcorrespondingimpairmentofgoodwillWhengoodwillisformed,thereisaperformancecommitmentandthereportingperiodorthepreviousperiodinthereportingperiodiswithintheperformancecommitmentperiod
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
28.Long-termprepaidexpenses
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseinthecurrentperiod | Amortizedamountinthecurrentperiod | Closingbalance |
| Decorationofbuildingsandstructures | 392,430,658.73 | 4,349,986.68 | 67,916,834.14 | 328,863,811.27 |
| Advertisingfacilities | 14,105,259.92 | - | 2,221,910.66 | 11,883,349.26 |
| Total | 406,535,918.65 | 4,349,986.68 | 70,138,744.80 | 340,747,160.53 |
Othernotes:
No
29.Deferredincometaxassets/deferredincometaxliabilities
(1).Deferredincometaxassetshavingnotbeenoffset
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Provisionforimpairmentofassets | 18,744,389.67 | 4,686,097.42 | 18,716,965.89 | 4,346,519.87 |
| Recognizedbutunpaidliabilities | 82,565,519.48 | 20,641,379.87 | 126,469,963.69 | 31,617,490.93 |
/
| Leaseliabilitytemporarydifference | 111,955,291.62 | 27,988,822.91 | 108,753,189.40 | 27,188,297.35 |
| Asset-relatedgovernmentgrants | 70,338,601.67 | 17,584,650.42 | 71,669,931.67 | 17,917,482.92 |
| Changesinfairvalueofothernon-currentfinancialassets | 122,460,588.71 | 30,615,147.18 | 122,460,588.71 | 30,615,147.18 |
| Theportionwheretheend-of-periodmarketpriceofrestrictedequityexceedsthefairvalueatthegrantdate | 71,447,140.40 | 17,861,785.10 | 71,447,140.40 | 17,861,785.11 |
| Prepaidincometaxforpre-salehouses | 130,263,359.72 | 32,565,839.93 | - | - |
| Total | 607,774,891.27 | 151,943,722.83 | 519,517,779.76 | 129,546,723.36 |
(2).Deferredincometaxliabilitieshavingnotbeenoffset
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||
| Taxabletemporarydifference | Deferredincometaxliabilities | Taxabletemporarydifference | Deferredincometaxliabilities | |
| Assetevaluationappreciationforbusinesscombinationsnotundercommoncontrol | 7,890,687.56 | 1,972,671.89 | 12,767,524.60 | 3,191,881.13 |
| Changeinfairvalueofotherequityinstrumentsinvestment | 77,274,079.16 | 19,318,519.79 | 117,410,827.30 | 29,352,706.83 |
| Changesinfairvalueofothernon-currentfinancialassets | 327,605,031.16 | 81,901,257.79 | 327,605,031.16 | 81,901,257.79 |
| Right-of-useassettemporarydifference | 92,875,094.28 | 23,218,773.57 | 85,790,718.35 | 21,447,679.59 |
| Total | 505,644,892.16 | 126,411,223.04 | 543,574,101.41 | 135,893,525.34 |
(3).Deferredincometaxassetsorliabilitiespresentedinnetamountafteroffsetting
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||
| Amountofoffsetbetweendeferredtaxassetsanddeferredtaxliabilities | Balanceofdeferredincometaxassetsorliabilitiesafteroffsetting | Amountofoffsetbetweendeferredtaxassetsanddeferredtaxliabilities | Balanceofdeferredincometaxassetsorliabilitiesafteroffsetting | |
| Deferredincometaxassets | 59,163,199.22 | 92,780,523.61 | 67,426,292.28 | 62,120,431.08 |
| Deferredincometaxliabilities | 59,163,199.22 | 67,248,023.82 | 67,426,292.28 | 68,467,233.06 |
/
(4).Breakdownofunrecognizeddeferredincometaxassets
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Deductibletemporarydifference | 30,589,843.60 | 27,051,402.68 |
| Deductiblelosses | 128,408,921.45 | 221,926,952.14 |
| Total | 158,998,765.05 | 248,978,354.82 |
(5).Thedeductiblelossinunrecognizeddeferredincometaxassetswillbedueinthe
followingyears
√Applicable□Notapplicable
Unit:RMB
| Year | Closingamount | Openingamount | Remarks |
| 2025 | / | 28,895,765.21 | |
| 2026 | 19,579,698.49 | 63,638,671.93 | |
| 2027 | 36,605,106.18 | 47,288,933.10 | |
| 2028 | 4,184,939.23 | 4,184,939.23 | |
| 2029 | 54,855,064.71 | 77,918,642.67 | |
| 2030 | 13,184,112.84 | - | |
| Total | 128,408,921.45 | 221,926,952.14 | / |
Othernotes:
√Applicable□NotapplicableTheGroupbelievesthattheabovetemporarydifferencesinfixedassetdepreciation,assetimpairmentprovisions,anddeductiblelossesofsomesubsidiariescanbeoffsetintheforeseeablefuture,anditisexpectedthattheGroupwillhavesufficientpre-taxprofitstooffsetduringthereversalperiod.Therefore,theGroupdeemeditnecessarytorecognizetheabovedeferredincometaxassets.
30.Othernon-currentassets
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Bookbalance | Impairmentprovision | Bookvalue | Bookbalance | Impairmentprovision | Bookvalue | |
| Prepaidlandtransferfees | 113,750,000.00 | - | 113,750,000.00 | - | - | - |
| Long-termassetprepayment | 5,433,748.58 | - | 5,433,748.58 | 28,032,980.89 | - | 28,032,980.89 |
| Total | 119,183,748.58 | - | 119,183,748.58 | 28,032,980.89 | - | 28,032,980.89 |
Othernotes:
OnMay29,2025,HangzhouShangboNanxingRealEstateCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany,successfullybidforthestate-ownedlanduserightsofHangzhouJingfangSanbaoUnitJG1203-28plotatapubliclandauctionheldbytheHangzhouPlanningandNaturalResourcesBureauattheHangzhouPublicResourcesTradingCenter,withawinningbidofRMB568.71million.
31.Assetswithrestrictedownershiporusagerights
√Applicable□Notapplicable
Unit:RMB
| Item | Closingamount | Openingamount | ||||||
| Book | Bookvalue | Restri | Restri | Book | Bookvalue | Restri | Restri | |
/
| balance | ctiontype | ctionsituation | balance | ctiontype | ctionsituation | |||
| Monetaryfunds | 6,413,148.55 | 6,413,148.55 | Frozen | [Note2] | 10,822,951.08 | 10,822,951.08 | Frozen | [Note2] |
| Long-termequityinvestment | 102,918,559.00 | 102,918,559.00 | Frozen | [Note3] | 102,918,559.00 | 102,918,559.00 | Frozen | [Note3] |
| Othernon-currentfinancialassets | 660,196,410.80 | 660,196,410.80 | Frozen | [Note3] | 660,196,410.80 | 660,196,410.80 | Frozen | [Note3] |
| Othercurrentassets | 388,041,773.39 | 388,041,773.39 | Pledged | [Note4] | 377,164,678.50 | 377,164,678.50 | Pledged | [Note4] |
| Total | 1,157,569,891.74 | 1,157,569,891.74 | / | / | 1,151,102,599.38 | 1,151,102,599.38 | / | / |
Othernotes:
Note2:AsofJune30,2025,theownershiporuserightsofbankdepositswithabookvalueofRMB6,413,148.55(December31,2024:RMB6,413,148.55)wererestrictedasariskmarginforexpresspaymentbusiness.Note3:AsofJune30,2025,long-termequityinvestmentswithabookvalueofRMB102,918,559.00(December31,2024:RMB102,918,559.00)andothernon-currentfinancialassetswithabookvalueofRMB660,196,410.80(December31,2024:RMB660,196,410.80)havebeenfrozenbytheSecondIntermediatePeople'sCourtofShanghai.PleaserefertoNoteVII.17fordetails.
Note4:AsofJune30,2025,thepaymentbusinessreservewithabookvalueofRMB388,041,773.39(December31,2024:RMB377,164,678.50)isabankspecialdepositaccountopenedbytheCompanyinaccordancewiththe"Non-FinancialInstitutionPaymentServiceManagementMeasures"andthe"PaymentInstitutionCustomerReserveDepositManagementMeasures".ThefundsstoredandreceivedbytheCompanythroughthecustomerreserveaccountincludecustomerreserveforonlinepaymentbusiness,cross-borderRMBbusiness,cross-borderforeignexchangebusiness,andcompanyhandlingfeeincome,aswellasself-ownedfundstransferredfromcompliancebusiness.
32.Short-termborrowings
(1).Classificationofshort-termborrowings
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Creditloans | - | 60,054,266.67 |
| Total | - | 60,054,266.67 |
/
Notetotheclassificationofshort-termborrowings:
None
(2).Overdueshort-termborrowings
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
33.Held-for-tradingfinancialliabilities
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
34.Derivativefinancialliabilities
□Applicable√Notapplicable
35.Notespayable
□Applicable√Notapplicable
36.Accountspayable
(1).Presentationofaccountspayable
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Accountspayableformarketandauxiliaryworksprojects | 535,767,269.80 | 1,063,916,822.43 |
| Accountspayableforlogisticsparkprojects | 62,209,460.21 | 261,715,751.54 |
| Tradepayables | 33,379,287.66 | 107,377,777.11 |
| Accountspayableforprocurementforthehotelproject | 26,282,713.92 | 22,985,097.96 |
| Other | 32,703,130.10 | 13,722,938.91 |
| Total | 690,341,861.69 | 1,469,718,387.95 |
(2).Importantaccountspayablewithanagingofover1yearoroverdue
□Applicable√NotapplicableOthernotes:
√Applicable□NotapplicableTheaccountspayablearefreeofinterestandaregenerallypaidwithintwomonthsafterreceiptofthepaymentnoticeorbasedontheprojectcontractsandprogressofprojects.Thebalancepaymentsfortheprojectsaremadeaftercompletionofsettlement.
37.Advancesfromcustomers
(1).Presentationofadvancesfromcustomers
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
/
| Rentaladvances | 155,175,528.76 | 203,177,777.26 |
| Advancereceiptofmerchantpayment | 3,768,264.00 | 5,270,414.00 |
| Other | 5,092,825.74 | 8,829,926.15 |
| Total | 164,036,618.50 | 217,278,117.41 |
(2).Importantadvanceswiththeageover1year
□Applicable√Notapplicable
(3).Amountofandreasonsformaterialchangestobookvalueduringthereportingperiod
□Applicable√NotapplicableOthernotes:
√Applicable□NotapplicableDuetothefactthatprepaymentsmainlycomefromprepaidmerchantpaymentsandprepaidrent,withrelativelysmallindividualamounts,therewerenosinglelargeprepaymentswithanagingofmorethan1yearasofJune30,2025.
38.Contractliabilities
(1).Overviewofcontractliabilities
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Advancesfrommerchantsforusefeeofshops | 2,946,219,275.96 | 2,840,717,713.25 |
| Advancesfromcustomersforhousingpurchase | 1,693,218,185.30 | 1,508,678,454.12 |
| Advancesfromcustomersforgoods | 1,335,000,611.47 | 997,203,268.79 |
| Advancesfromcustomersforadvertisingfee | 393,095,354.63 | 502,644,682.89 |
| Advancesfromcustomersforusefeeofnetworkingcables | 22,354,230.18 | 21,117,984.07 |
| Other | 43,179,130.78 | 57,363,580.21 |
| Total | 6,433,066,788.32 | 5,927,725,683.33 |
(2).Significantcontractualliabilitieswithanagingofover1year
□Applicable√Notapplicable
(3).Amountofandreasonsformaterialchangestobookvalueduringthereporting
period
□Applicable√NotapplicableOthernotes:
√Applicable□Notapplicable
Collectionsonpre-soldproperties
Unit:RMB
| Item | Closingbalance | Openingbalance | Estimatedcompletiontime | Presaleratio(%) |
| YiwuGlobalDigital | 1,693,218,185.30 | 1,508,678,454.12 | December | 46.14 |
/
| TradeCenterSalesProject | 2027 | |||
| Total | 1,693,218,185.30 | 1,508,678,454.12 | / | / |
39.Payrollpayable
(1).Presentationofpayrollpayable
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Closingbalance |
| I.Short-termcompensation | 177,352,006.40 | 175,077,322.92 | 265,248,906.25 | 87,180,423.07 |
| II.Postemploymentbenefits–definedcontributionplan | 146,426.33 | 20,502,615.72 | 20,649,042.05 | - |
| III.Severancebenefits | - | 372,445.08 | 372,445.08 | - |
| Total | 177,498,432.73 | 195,952,383.72 | 286,270,393.38 | 87,180,423.07 |
(2).Presentationofshort-termcompensation
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Closingbalance |
| 1.Salary,bonus,allowanceandsubsidy | 177,168,992.16 | 133,321,170.90 | 223,724,298.87 | 86,765,864.19 |
| 2.Employeebenefits | - | 12,473,944.53 | 12,473,944.53 | - |
| 3.Socialsecuritycontribution | 88,442.24 | 11,783,237.60 | 11,871,679.84 | - |
| Inwhich:contributiontomedicalinsurancescheme | 82,774.35 | 11,193,237.26 | 11,276,011.61 | - |
| Contributiontowork-relatedinjuryinsurancescheme | 5,667.89 | 565,897.99 | 571,565.88 | - |
| Contributiontomaternityinsurancescheme | - | 24,102.35 | 24,102.35 | - |
| 4.Housingprovidentfund | 94,572.00 | 13,380,405.00 | 13,474,977.00 | - |
| 5.Contributiontotradeunionfundandemployeeeducationfund | - | 4,118,564.89 | 3,704,006.01 | 414,558.88 |
| Total | 177,352,006.40 | 175,077,322.92 | 265,248,906.25 | 87,180,423.07 |
(3).Presentationofdefinedcontributionplan
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Closingbalance |
| 1.Contributiontothebasicendowment | 141,702.90 | 19,872,661.46 | 20,014,364.36 | - |
/
| insurancescheme | ||||
| 2.Contributiontotheunemploymentinsurancescheme | 4,723.43 | 629,954.26 | 634,677.69 | - |
| Total | 146,426.33 | 20,502,615.72 | 20,649,042.05 | - |
Othernotes:
□Applicable√Notapplicable
40.Taxpayable
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| VAT | 7,229,954.06 | 20,547,910.48 |
| Corporateincometax | 221,940,192.16 | 430,072,450.23 |
| Individualincometax | 9,497,344.42 | 1,776,342.02 |
| Urbanmaintenanceandconstructiontax | 455,636.68 | 449,011.32 |
| Realestatetax | 48,085,128.34 | 102,443,373.11 |
| Landusetax | 16,238,674.65 | 66,410,619.93 |
| Other | 3,790,852.39 | 4,850,962.75 |
| Total | 307,237,782.70 | 626,550,669.84 |
Othernotes:
No
/
41.Otherpayables
(1).Presentationofitems
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Dividendpayable | 704,876,199.36 | - |
| Otherpayables | 1,143,666,763.75 | 1,685,334,535.04 |
| Total | 1,848,542,963.11 | 1,685,334,535.04 |
(2).Interestpayable
□Applicable√Notapplicable
(3).Dividendpayable
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Commonstockdividends | 704,876,199.36 | - |
| Total | 704,876,199.36 | - |
Otherexplanations,forimportantdividendspayablethathavenotbeenpaidformorethanoneyear,includedisclosureofthereasonsfornon-payment:
No
(4).OtherpayablesPresentationofotherpayablesbynature
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Withholdings,depositandmargin | 737,797,359.25 | 482,747,390.68 |
| Operatingexpensespayable | 217,625,085.20 | 235,460,116.25 |
| Pendinginvestmentrefunds | 181,929,297.41 | 925,168,469.09 |
| Restrictedstockincentiveplan | 1,641,934.80 | 38,201,284.54 |
| Other | 4,673,087.09 | 3,757,274.48 |
| Total | 1,143,666,763.75 | 1,685,334,535.04 |
Significantotherpayableswithanagingofover1yearoroverdue
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
42.Held-for-saleliabilities
□Applicable√Notapplicable
43.Non-currentliabilitiesduewithinoneyear
√Applicable□Notapplicable
Unit:RMB
/
| Item | Closingbalance | Openingbalance |
| Long-termborrowingswithinoneyear | 127,467,780.78 | 182,018,838.82 |
| Bondspayableduewithin1year | 2,048,941,205.67 | 3,561,297,671.56 |
| Leaseliabilitiesduewithin1year | 23,515,202.97 | 21,431,700.75 |
| Total | 2,199,924,189.42 | 3,764,748,211.13 |
Othernotes:
No
44.Othercurrentliabilities
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Short-termbondspayable | 3,027,051,569.57 | 3,009,492,562.93 |
| Paymentbusinesstransactions | 415,352,656.41 | 400,017,845.75 |
| Deferredoutputtaxliability | 264,815,858.76 | 225,376,663.71 |
| Dividendpayabletoto-be-recognizedaccounts | 4,314,386.90 | 3,280,188.02 |
| Dividendannouncedbutnotcollectedbeforelisting | 2,083,112.65 | 2,083,112.65 |
| Total | 3,713,617,584.29 | 3,640,250,373.06 |
/
Changesinshort-termbondspayable:
√Applicable□Notapplicable
Unit:RMB
| Nameofbond | Facevalue | Couponrate(%) | Issuedate | Bondterm | Amountissued | Openingbalance | Issuanceinthecurrentperiod | Interestaccruedbasedonfacevalue | Premium/discountamortization | Repaymentinthecurrentperiod | Closingbalance | Whetheritwasoverdue |
| 2024SuperShort-termFinancingBonds(Issue3) | 100 | 2.00 | Jul31,2024 | 269days | 1,000,000,000.00 | 1,008,164,889.58 | - | 6,269,630.96 | 250,410.97 | 1,014,684,931.51 | - | No |
| 2024SuperShort-termFinancingBonds(Issue4) | 100 | 1.90 | Dec4,2024 | 269days | 1,000,000,000.00 | 1,000,933,152.80 | - | 9,421,917.80 | 407,352.11 | - | 1,010,762,422.71 | No |
| 2024SuperShort-termFinancingBonds(Issue5) | 100 | 1.80 | Dec24,2024 | 269days | 1,000,000,000.00 | 1,000,394,520.55 | - | 8,572,757.82 | 255,815.90 | - | 1,009,223,094.27 | No |
| 2025SuperShort-termFinancingBonds(Issue1) | 100 | 2.05 | 2025-02-20 | 268days | 1,000,000,000.00 | - | 999,414,794.52 | 7,357,534.25 | 293,723.82 | - | 1,007,066,052.59 | No |
| Total | / | / | / | / | 4,000,000,000.00 | 3,009,492,562.93 | 999,414,794.52 | 31,621,840.83 | 1,207,302.80 | 1,014,684,931.51 | 3,027,051,569.57 | / |
Othernotes:
√Applicable□NotapplicableOnJune30,2025,theannualinterestrateoftheabove-mentionedshort-termfinancingbondswas1.80%-2.05%(December31,2024:1.80%-2.78%).
/
45.Long-termborrowings
(1).Classificationoflong-termborrowings
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Creditloans | 728,419,960.47 | 839,460,252.46 |
| Long-termborrowingsduewithinoneyear | -127,467,780.78 | -181,870,952.08 |
| Total | 600,952,179.69 | 657,589,300.38 |
Notesontheclassificationoflong-termborrowings:
NoOtherstatements
√Applicable□NotapplicableOnJune30,2025,theannualinterestratefortheabove-mentionedloanwas2.20%-2.75%(December31,2024:2.45%-3.00%).
46.Bondspayable
(1).Bondspayable
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Bondspayable | 3,555,090,292.56 | 3,561,297,671.56 |
| Bondspayableduewithinoneyear | -2,048,941,205.67 | -3,561,297,671.56 |
| Total | 1,506,149,086.89 | - |
/
(2).Specificsituationofpayablebonds:(excludingpreferredstocks,perpetualbonds,andotherfinancialinstrumentsclassifiedasfinancialliabilities)
√Applicable□Notapplicable
Unit:RMB
| Nameofbond | Facevalue(RMB) | Couponrate(%) | Issuedate | Bondterm | Amountissued | Openingbalance | CurrentperiodIssuing | Interestaccruedbasedonfacevalue | Premium/discountamortization | Repaymentinthecurrentperiod | Transfertobondsduewithinoneyear | Closingbalance | Whetheritwasoverdue |
| MTNNotes | 100 | 3.29 | Feb24,2022 | 3Y | 1,000,000,000.00 | - | - | 4,867,397.26 | 90,887.73 | 1,032,900,000.00 | - | - | No |
| MTNNotes | 100 | 3.57 | Mar29,2022 | 3Y | 500,000,000.00 | - | - | 4,254,657.53 | 63,341.12 | 517,850,000.00 | - | - | No |
| MTNNotes | 100 | 3.00 | Jul20,2022 | 3Y | 500,000,000.00 | - | - | 7,452,507.10 | 90,776.61 | - | 514,206,935.64 | - | No |
| MTNNotes | 100 | 2.10 | 2025-03-27 | 3Y | 500,000,000.00 | - | 499,850,000.00 | 2,732,876.71 | 12,406.31 | - | - | 502,595,283.02 | No |
| MTNNotes | 100 | 2.09 | 2025-04-24 | 3Y | 1,000,000,000.00 | - | 999,700,000.00 | 3,836,438.36 | 17,365.51 | - | - | 1,003,553,803.87 | No |
| Corporatebonds | 100 | 2.88 | September1,2022 | 3Y | 800,000,000.00 | - | - | 11,425,315.07 | 80,840.92 | - | 819,147,903.74 | - | No |
| Corporatebonds | 100 | 2.88 | September22,2022 | 3Y | 700,000,000.00 | - | - | 9,997,150.69 | 70,660.08 | - | 715,586,366.29 | - | No |
| Total | / | / | / | / | 5,000,000,000.00 | - | 1,499,550,000.00 | 44,566,342.72 | 426,278.28 | 1,550,750,000.00 | 2,048,941,205.67 | 1,506,149,086.89 | / |
(3).Descriptionofconvertiblecorporatebonds
□Applicable√NotapplicableAccountingtreatmentandjudgmentbasisforequityconversion
□Applicable√Notapplicable
(4).NotesonotherfinancialinstrumentsclassifiedasfinancialliabilitiesBasicinformationofotherfinancialinstrumentssuchaspreferredsharesandperpetualbondsoutstandingattheendofthereportingperiod
□Applicable√Notapplicable
/
Changesinotherfinancialinstrumentssuchaspreferredsharesandperpetualbondsoutstandingattheendofthereportingperiod
□Applicable√NotapplicableExplanationofthebasisforclassifyingotherfinancialinstrumentsasfinancialliabilities
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
47.Leaseliabilities
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Undiscountedamountoffinanceleasepayables | 256,468,839.17 | 259,253,047.51 |
| Unrecognizedfinancingcharges | -83,477,612.28 | -87,837,107.98 |
| Leaseliabilitiesduewithin1year | -23,515,202.97 | -21,431,700.75 |
| Total | 149,476,023.92 | 149,984,238.78 |
Othernotes:
Note:TheGroupusestheincrementalborrowingrateof2.78%-8.01%asthediscountratetocalculatebookvaluetodeterminetheleaseliabilityandmeasureright-of-useassets.
48.Long-termaccountspayablePresentationofitems
□Applicable√NotapplicableLong-termaccountspayable
□Applicable√NotapplicableSpecialaccountspayable
□Applicable√Notapplicable
49.Long-termpayrollpayable
□Applicable√Notapplicable
50.Estimatedliabilities
□Applicable√Notapplicable
51.DeferredincomeOverviewofdeferredincome
√Applicable□Notapplicable
Unit:RMB-yuanCurrency;RMB
| Item | Openingbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Closingbalance | Causeofformation |
| Asset-relatedgovernmentgrants | 150,801,314.25 | - | 2,042,066.84 | 148,759,247.41 | Commencementinvestmentrewards,etc. |
| Total | 150,801,314.25 | - | 2,042,066.84 | 148,759,247.41 | / |
/
Othernotes:
□Applicable√Notapplicable
52.Othernon-currentliabilities
□Applicable√Notapplicable
53.Capitalstock
√Applicable□Notapplicable
Unit:RMB
| Openingbalance | Increaseordecreaseinthecurrentperiod(+,-) | Closingbalance | |||
| Newsharesissued | Other | Sub-total | |||
| Totalnumberofshares | 5,483,645,926.00 | - | - | - | 5,483,645,926.00 |
Othernotes:
No
54.Otherequityinstruments
(1).Basicinformationofotherfinancialinstrumentssuchaspreferredsharesandperpetualbondsoutstandingattheendofthereportingperiod
□Applicable√Notapplicable
(2).Changesinotherfinancialinstrumentssuchaspreferredsharesandperpetual
bondsoutstandingattheendofthereportingperiod
□Applicable√NotapplicableChangesinotherequityinstrumentsinthecurrentperiod,thereasonsthereforandthebasisforrelevantaccountingtreatment:
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
55.Capitalreserve
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Closingbalance |
| Capitalsurplus(sharepremium) | 1,604,241,299.11 | - | - | 1,604,241,299.11 |
| Stockincentive | 51,704,673.03 | 303,042.85 | - | 52,007,715.88 |
| Other | 721,679,121.95 | - | - | 721,679,121.95 |
| Total | 2,377,625,094.09 | 303,042.85 | - | 2,377,928,136.94 |
Othernotesincludingthoseonthechangesinthecurrentperiodandthereasonstherefor:
Therecognizedshare-basedpaymentexpensesforthecurrentperiodareRMB303,042.85,whichisincludedinthecapitalreserve.
56.Treasuryshares
√Applicable□Notapplicable
/
Unit:RMB
| Item | Openingbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Closingbalance |
| Restrictedstockincentiveplan | 33,828,483.60 | - | 32,162,497.20 | 1,665,986.40 |
| Total | 33,828,483.60 | - | 32,162,497.20 | 1,665,986.40 |
Othernotesincludingthoseonthechangesinthecurrentperiodandthereasonstherefor:
Duringthecurrentperiod,theGrouphasunlockedsomerestrictedstocks.ThecorrespondingdecreaseintreasurysharesfortheunlockingofrestrictedshareswasRMB32,162,497.20.
57.Othercomprehensiveincome
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Amountinthecurrentperiod | Closingbalance | ||
| Amountbeforetaxincurredinthecurrentperiod | Less:incometax | Amountaftertaxattributabletoparentcompany | |||
| I.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorloss | 88,058,120.47 | -40,136,748.16 | -10,034,187.04 | -30,102,561.12 | 57,955,559.35 |
| Amongthem:Changesfromremeasurementofdefinedbenefitplans | - | - | - | - | - |
| Changeinfairvalueofotherequityinstrumentsinvestment | 88,058,120.47 | -40,136,748.16 | -10,034,187.04 | -30,102,561.12 | 57,955,559.35 |
| II.Othercomprehensiveincometobereclassifiedintoprofitorloss | 23,003,339.71 | 5,345,022.55 | - | 5,345,022.55 | 28,348,362.26 |
| Othercomprehensiveincomethatcanbetransferredintoprofitandlossunderequitymethod | 4,934,929.07 | - | - | - | 4,934,929.07 |
| Differencearisingfromthetranslationofforeigncurrencyfinancialstatements | 18,068,410.64 | 5,345,022.55 | - | 5,345,022.55 | 23,413,433.19 |
| Totalothercomprehensiveincome | 111,061,460.18 | -34,791,725.61 | -10,034,187.04 | -24,757,538.57 | 86,303,921.61 |
Othernotes,includingthoseontheadjustmentoftheinitiallyrecognizedamountofhedgeditemsconvertedfromtheeffectivepartofgainsorlossesfromcashflowhedging:
No
58.Specialreserve
□Applicable√Notapplicable
/
59.Surplusreserve
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Closingbalance |
| Statutorysurplusreserve | 2,109,917,569.50 | - | - | 2,109,917,569.50 |
| Discretionarysurplusreserve | 40,195,855.68 | - | - | 40,195,855.68 |
| Other | 11,688,840.91 | - | - | 11,688,840.91 |
| Total | 2,161,802,266.09 | - | - | 2,161,802,266.09 |
Notesonsurplusreserves,includingthoseonthechangesinthecurrentperiodandthereasonstherefor:
No
/
60.Undistributedprofits
√Applicable□Notapplicable
Unit:RMB
| Item | Currentperiod | Previousyear |
| Undistributedprofitsattheendofthepreviousreportingperiodbeforeadjustment | 10,400,490,449.73 | 8,703,604,953.04 |
| Openingundistributedprofitsafteradjustment | 10,400,490,449.73 | 8,703,604,953.04 |
| Plus:netprofitsattributabletoshareholdersoftheparentcompanyinthecurrentperiod | 1,690,936,276.69 | 3,073,677,494.86 |
| Less:withdrawalofstatutorysurplusreserve | - | 282,150,835.07 |
| Generalriskreserve | - | -1,933,902.00 |
| Commonsharedividendpayable | 1,809,603,155.58 | 1,096,575,065.10 |
| Closingundistributedprofits | 10,281,823,570.84 | 10,400,490,449.73 |
Detailsoftheadjustmentofopeningundistributedprofits:
1.DuetotheretrospectiveadjustmentoftheEnterpriseAccountingStandardsandrelatednewregulations,theaffectedundistributedprofitatthebeginningoftheperiodwas0.
2.Duetochangesinaccountingpolicies,theaffectedundistributedprofitatthebeginningoftheperiodwas0.
3.Duetosignificantaccountingerrorcorrection,theaffectedundistributedprofitatthebeginningoftheperiodwas0.
4.Duetochangesinthescopeofconsolidationcausedbythesamecontrol,theaffectedundistributedprofitatthebeginningoftheperiodwas0.
5.TheopeningundistributedprofitsaffectedbyotheradjustmentstogetheramountedtoRMB0.
61.Operatingrevenueandoperatingcost
(1).Overviewofoperatingrevenueandoperatingcost
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod | ||
| Revenue | Costofsales | Revenue | Costofsales | |
| Mainbusiness | 7,457,579,779.36 | 5,189,148,320.44 | 6,596,681,432.31 | 4,485,665,686.10 |
| Otherbusinesses | 255,219,350.90 | 90,240,593.63 | 169,252,704.82 | 42,229,662.02 |
| Total | 7,712,799,130.26 | 5,279,388,914.07 | 6,765,934,137.13 | 4,527,895,348.12 |
(2).Breakdowninformationofoperatingrevenueandoperatingcosts
√Applicable□Notapplicable
Unit:RMB
| Classifiedbytypeofcontract | Total | |
| Operatingrevenue | Operatingcost | |
| Typesofgoods | ||
| Salesofgoods | 4,533,047,353.46 | 4,493,338,395.32 |
| TheuseofshopsintheChinaCommoditiesCitymarketsandthesupportingservicesforoperation | 2,292,520,268.77 | 363,584,770.80 |
| Lease | 250,008,669.86 | 127,933,725.96 |
| Hotelaccommodationandcateringservices | 154,794,701.80 | 139,879,219.79 |
| Usagefee | 12,661,713.00 | - |
| Otherservices | 469,766,423.37 | 154,652,802.20 |
| Classifiedbybusinessarea | ||
| Chinesemainland | 7,656,001,857.01 | 5,241,076,739.48 |
/
| Overseas | 56,797,273.25 | 38,312,174.59 |
| Classificationbytimeofgoodtransfer | ||
| Revenueconfirmedatcertaintimepoint | 4,819,528,730.21 | 4,629,060,073.61 |
| Revenueconfirmedduringcertaintimeperiod | 2,893,270,400.05 | 650,328,840.46 |
| Total | 7,712,799,130.26 | 5,279,388,914.07 |
Otherstatements
□Applicable√Notapplicable
(3).Contractperformanceobligations
√Applicable□Notapplicable
Unit:RMB
| Item | Timeforfulfillingperformanceobligations | Importantpaymentterms | NatureofthegoodsthattheCompanypromisestotransfer | WhethertheCompanyisthemainresponsibleperson | TheexpectedrefundstocustomersbornebytheCompany | ThetypesofqualityassuranceprovidedbytheCompanyandrelatedobligations |
| Salesofgoods | Whendeliveringgoods | Advancepaymentorrighttoreceivepaymentafterdeliveryofgoods | Traderetailgoods | Yes | - | No |
| TheuseofshopsintheChinaCommoditiesCitymarketsandthesupportingservicesforoperation | Whenprovidingservices | Aportionofthedepositiscollectedinadvance,andtheremainingamountiscollecteduponcompletionoftheobligations | Shopuseright/supportingservicesforoperation | Yes | - | No |
| Hotelaccommodationbusiness | Whenprovidingservices | Aportionofthedepositiscollectedinadvance,andtheremainingamountiscollecteduponcompletionoftheobligations | Hotelaccommodationservice | Yes | - | No |
| Hotelcateringbusiness | Uponcompletionoftheservice | Collectionuponcompletionofperformance | Cateringservices | Yes | - | No |
| Fixed-timepaidfundingservices | Whenprovidingservices | Regularcollection | Fundsources | Yes | - | No |
| Total | / | / | / | / | - | / |
(4).Amortizationtoremainingcontractperformanceobligations
□Applicable√Notapplicable
(5).Significantcontractchangesorsignificanttransactionpriceadjustments
□Applicable√NotapplicableOthernotes:
No
/
62.Taxesandsurcharges
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Realestatetax | 66,364,417.31 | 63,375,167.44 |
| Landusetax | 13,807,737.48 | 9,521,117.83 |
| Stampduty | 4,385,285.48 | 3,876,045.62 |
| Urbanmaintenanceandconstructiontax | 2,871,213.32 | 3,481,163.04 |
| Educationsurcharge | 1,230,437.44 | 1,431,100.14 |
| Localeducationsurcharge | 820,291.60 | 954,066.68 |
| Landappreciationtax | 343,806.24 | - |
| Culturalundertakingdevelopmentfee | 446,423.56 | 352,418.59 |
| Vehicleandvesselusetax | 1,680.00 | 2,040.00 |
| Total | 90,271,292.43 | 82,993,119.34 |
Othernotes:
No
63.Salesexpenses
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Marketingexpenses | 70,012,778.47 | 58,655,407.13 |
| Advertisingexpenses | 13,816,076.76 | 11,813,472.20 |
| Securityandinsuranceexpenses | 12,322,842.69 | 14,881,145.37 |
| Water,electricityandfuelexpenses | 4,793,494.29 | 3,714,266.39 |
| Depreciationandamortization | 705,001.90 | 456,351.72 |
| Other | 3,291,607.43 | 2,685,502.17 |
| Total | 104,941,801.54 | 92,206,144.98 |
Othernotes:
No
64.Administrativeexpenses
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Employeeanduniformexpenses | 131,826,414.59 | 131,154,974.85 |
| Depreciationandamortization | 42,696,628.31 | 67,190,228.01 |
| Officeexpenses | 8,319,489.00 | 5,094,467.96 |
| Intermediaryexpenses | 7,637,615.39 | 4,253,052.99 |
| Travelexpenses | 3,798,997.56 | 2,716,793.06 |
| Start-upfee | 17,957.01 | 22,094.75 |
| Promotionandmarkettradersintroductionexpenses | - | 122,347.60 |
| Other | 1,912,996.81 | 7,584,991.96 |
| Total | 196,210,098.67 | 218,138,951.18 |
Othernotes:
No
/
65.R&Dexpenses
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Laborcost | 8,533,039.14 | 9,080,982.23 |
| TechnologyR&Dexpenses | 1,243,375.70 | 2,517,921.67 |
| Depreciationandamortization | 31,519.88 | 41,306.12 |
| Other | 76,756.03 | 118,996.62 |
| Total | 9,884,690.75 | 11,759,206.64 |
Othernotes:
No
66.Financialexpenses
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Interestexpenses | 89,599,320.22 | 120,646,122.86 |
| Amortizationofdiscountonshort-termcommercialpapers | 1,591,826.10 | 1,860,172.07 |
| Less:interestincome | 38,102,947.69 | 23,637,669.49 |
| Less:capitalizedamountofinterest | 38,634,581.13 | 51,962,221.53 |
| Foreignexchangegainsorlosses | 941,669.16 | -555,504.48 |
| Amortizationofunrecognizedfinancingexpenses | -2,720.35 | 5,402,522.51 |
| Other | 1,760,607.45 | 1,817,809.40 |
| Total | 17,153,173.76 | 53,571,231.34 |
Othernotes:
No
67.Otherincome
√Applicable□Notapplicable
Unit:RMB
| Classifiedbynature | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Governmentsubsidiesrelatedtoincome | 2,565,819.95 | 3,056,345.55 |
| Asset-relatedgovernmentgrants | 2,042,066.84 | 7,589,275.14 |
| Refundofwithheldhandlingfeeofpersonalincometax | 553,627.98 | 533,324.12 |
| Total | 5,161,514.77 | 11,178,944.81 |
Othernotes:
No
68.Investmentincome
√Applicable□Notapplicable
Unit:RMB
/
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Incomefromlong-termequityinvestmentcalculatedwiththeequitymethod | 108,719,697.39 | 98,348,751.52 |
| Interestincomefromdebtinvestmentduringholdingperiod | 1,249,433.96 | 1,258,704.40 |
| Investmentincomefromdisposalofheld-for-tradingfinancialassets | 3,431,649.81 | - |
| Incomeacquiredfromothernon-currentfinancialassetsduringtheholdingperiod | 9,500,000.00 | 9,368,068.09 |
| Investmentincomefromdisposalofothernon-currentfinancialassets | - | -978,877.07 |
| Total | 122,900,781.16 | 107,996,646.94 |
Othernotes:
No
69.Incomefromnetexposurehedging
□Applicable√Notapplicable
70.Incomefromchangesinfairvalue
√Applicable□Notapplicable
Unit:RMB
| Sourcesofincomefromchangesinfairvalue | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Othernon-currentfinancialassets | -251,495.99 | - |
| Held-for-tradingfinancialassets | - | -3,490,077.50 |
| Total | -251,495.99 | -3,490,077.50 |
Othernotes:
No
71.Lossofimpairmentofcredit
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Baddebtlossofaccountsreceivable | -10,101.46 | 43,838.62 |
| Lossforbaddebtsofotherreceivables | 37,525.24 | 15,566.09 |
| Total | 27,423.78 | 59,404.71 |
Othernotes:
No
72.Lossofimpairmentofassets
□Applicable√Notapplicable
73.Incomefromdisposalofassets
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Profitandlossondisposalof | - | 84.36 |
/
| fixedassets | ||
| Total | - | 84.36 |
Othernotes:
□Applicable√Notapplicable
74.Revenuefromnon-operatingactivities
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod | Amountrecognizedinprofitorlossofnonrecurringitemsforthecurrentperiod |
| Incomesfromliquidateddamages | 3,484,633.02 | 14,453,216.26 | 3,484,633.02 |
| Other | 1,505,144.13 | 1,803,253.72 | 1,505,144.13 |
| Total | 4,989,777.15 | 16,256,469.98 | 4,989,777.15 |
Othernotes:
□Applicable√Notapplicable
75.Expensesfromnon-operatingactivities
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod | Amountrecognizedinprofitorlossofnonrecurringitemsforthecurrentperiod |
| Totallossfordisposalofnon-currentassets | 8,650.50 | 111,979.20 | 8,650.50 |
| Including:lossfordisposalofproperty,plantandequipment | 8,650.50 | 111,979.20 | 8,650.50 |
| Other | 34,745.13 | 1,288,784.77 | 34,745.13 |
| Total | 43,395.63 | 1,400,763.97 | 43,395.63 |
Othernotes:
No
76.Incometaxexpenses
(1).Overviewofincometaxexpenses
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Currentincometaxexpenses | 439,948,859.51 | 446,616,915.76 |
| Deferredincometaxexpenses | 10,720,725.20 | 12,935,751.21 |
| Total | 450,669,584.71 | 459,552,666.97 |
(2).Adjustmentprocessofaccountingprofitsandincometaxexpenses
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod |
| Profitsbeforetax | 2,147,733,764.28 |
| Incometaxexpensescalculatedatthestatutory/applicabletaxrate | 536,933,441.07 |
/
| Impactofdifferenttaxratesappliedbysubsidiaries | -33,602,122.30 |
| Effectofadjustingincometaxofpreviousperiod | 3,020,051.85 |
| Effectofnon-taxableincome | -27,179,924.35 |
| Effectofnon-deductiblecosts,expensesandlosses | 291,646.06 |
| Effectofusingdeductiblelossesofunrecognizeddeferredincometaxassetsinpreviousperiod | -29,714,535.83 |
| Effectofdeductibletemporarydifferencesordeductiblelossesofunrecognizeddeferredincometaxassetsinthecurrentperiod | 921,028.21 |
| Incometaxexpenses | 450,669,584.71 |
Othernotes:
□Applicable√Notapplicable
77.Othercomprehensiveincome
√Applicable□NotapplicableFordetails,pleaserefertoNote57.Othercomprehensiveincome
78.Itemsofcashflowstatement
(1).CashrelatedtooperatingactivitiesOthercashreceiptsrelatingtooperatingactivities
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| GlobalDigitalTradeCenterRentalIntentionDepositReceived | 136,200,000.00 | - |
| Depositandmarginreceived | 100,093,000.00 | 99,768,071.94 |
| Bankdepositinterestincomereceived | 12,165,222.06 | 23,637,669.49 |
| Bankreservereceived | 4,633,558.46 | - |
| Governmentgrantsreceived | 1,938,543.60 | 3,128,471.15 |
| Other | 2,157,534.06 | 775,086.85 |
| Total | 257,187,858.18 | 127,309,299.43 |
Notesonothercashreceiptsrelatingtooperatingactivities:
NoOthercashpaymentsrelatingtooperatingactivities
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Majorexpensespaid | 180,925,813.87 | 143,069,845.45 |
| Depositandsecuritypaid | 118,137,600.65 | 68,812,485.01 |
| Repaircostsandexpensespaid | 13,940,877.55 | 6,270,543.34 |
| Paymentsforexpensespaidoradvancedonbehalfofothers | 10,943,015.18 | 14,727,454.30 |
| Bankreservefundspaid | - | 9,828,318.72 |
| Other | 1,005,926.04 | 1,476,286.55 |
| Total | 324,953,233.29 | 244,184,933.37 |
Notesonothercashpaymentsrelatingtooperatingactivities:
No
/
(2).CashrelatedtoinvestmentactivitiesCashreceivedrelatedtoimportantinvestmentactivities
□Applicable√NotapplicableCashpaidrelatedtoimportantinvestmentactivities
□Applicable√NotapplicableOthercashreceiptsrelatingtoinvestingactivities
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Recoveredpendinginvestmentrefunds | 5,562,422.74 | 6,842,944.87 |
| Total | 5,562,422.74 | 6,842,944.87 |
Notesonothercashreceiptsrelatingtoinvestingactivities:
NoOthercashpaymentsrelatingtoinvestingactivities
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Paymentsforunconfirmedinvestmentreturns | 17,036,269.50 | - |
| Total | 17,036,269.50 | - |
Othercashpaidrelatedtoinvestmentactivities:
No
(3).CashrelatedtofinancingactivitiesOthercashreceiptsrelatingtofinancingactivities
□Applicable√NotapplicableOthercashpaymentsrelatingtofinancingactivities
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Leasepaymentspaid | 11,290,804.49 | 8,350,298.44 |
| Total | 11,290,804.49 | 8,350,298.44 |
Othercashpaidrelatedtofinancingactivities:
No
/
Changesinliabilitiesarisingfromfinancingactivities
√Applicable□Notapplicable
Unit:RMB
| Item | Openingbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Closingbalance | ||
| Cashchanges | Non-cashchanges | Cashchanges | Non-cashchanges | |||
| Short-termborrowings | 60,054,266.67 | - | 450,588.91 | 60,504,855.58 | - | - |
| Long-termborrowings(includinglong-termborrowingsduewithinoneyear) | 839,460,252.46 | - | 10,071,768.73 | 121,112,060.72 | - | 728,419,960.47 |
| Othercurrentliabilities(short-termfinancingbonds) | 3,009,492,562.93 | 999,061,524.94 | 33,182,413.21 | 1,014,684,931.51 | - | 3,027,051,569.57 |
| Bondspayable(includingbondspayableduewithinoneyear) | 3,561,297,671.56 | 1,499,564,150.94 | 44,978,470.06 | 1,550,750,000.00 | - | 3,555,090,292.56 |
| Leaseliabilities(includingleaseliabilitiesduewithinoneyear) | 171,415,939.53 | - | 12,754,777.04 | 10,351,624.15 | 827,865.53 | 172,991,226.89 |
| Total | 7,641,720,693.15 | 2,498,625,675.88 | 101,438,017.95 | 2,757,403,471.96 | 827,865.53 | 7,483,553,049.49 |
(4).Descriptionofcashflowsreportedonanetbasis
□Applicable√Notapplicable
(5).Significantactivitiesandfinancialimpactsthatdonotinvolvecurrentcashinflowsandoutflowsbutaffectthefinancialconditionoftheenterpriseormayaffectthecashflowoftheenterpriseinthefuture
□Applicable√Notapplicable
/
79.Supplementstocashflowstatement
(1).Supplementstocashflowstatement
√Applicable□Notapplicable
Unit:RMB
| Supplements | Amountinthecurrentperiod | Amountinthepreviousperiod |
| 1.Adjustnetprofitstocashflowfromoperatingactivities: | ||
| Netprofits | 1,697,064,179.57 | 1,450,418,177.89 |
| Plus:provisionforimpairmentofassets | - | - |
| Lossofimpairmentofcredit | -27,423.78 | -59,404.71 |
| Depreciationoffixedassets,depletionofoilandgasassetsanddepreciationofbearerbiologicalassets | 180,692,037.30 | 187,680,876.93 |
| Amortizationofright-of-useassets | 21,879,705.60 | 11,527,583.24 |
| Amortizationofintangibleassets | 136,817,308.55 | 109,207,569.54 |
| Depreciationandamortizationofinvestmentproperties | 115,103,676.24 | 88,915,728.05 |
| Amortizationoflong-termprepaidexpenses | 70,138,744.80 | 58,302,692.34 |
| Lossfromdisposaloffixedassets,intangibleassetsandotherlong-termassets(gainsindicatedby“-”) | - | -84.36 |
| Lossfromfixedassetsretirement(gainsindicatedby“-”) | 8,650.50 | 111,979.20 |
| Lossfromchangesinfairvalue(gainsindicatedby“-”) | 251,495.99 | 3,490,077.50 |
| Financialexpenses(gainsindicatedby“-”) | 17,153,173.76 | 75,946,595.91 |
| Investmentloss(gainsindicatedby“-”) | -122,900,781.16 | -107,996,646.94 |
| Decreaseindeferredincometaxassets(increaseindicatedby“-”) | -30,660,092.53 | 13,827,748.52 |
| Increaseindeferredincometaxliabilities(decreaseindicatedby“-”) | -1,219,209.24 | -1,205,565.66 |
| Decreaseininventory(increaseindicatedby“-”) | -49,536,463.42 | -649,783,571.62 |
| Decreaseinoperatingreceivables(increaseindicatedby“-”) | -849,399,992.69 | 1,005,589,280.38 |
| Increaseinoperatingpayables(decreaseindicatedby“-”) | 197,489,477.98 | -2,131,609,535.38 |
| Netcashflowfromoperatingactivities | 1,382,854,487.47 | 114,363,500.83 |
| 2.Significantinvestingandfinancingactivitiesnotinvolvingcashreceiptandpayment: | ||
| 3.Netchangesincashandcashequivalents: | ||
| Closingbalanceofcash | 4,678,642,307.94 | 963,102,575.65 |
| Less:openingbalanceofcash | 5,528,368,665.98 | 2,910,178,939.19 |
| Add:closingbalanceofcashequivalents | - | - |
| Less:openingbalanceofcashequivalents | - | - |
| Netincreaseincashandcashequivalents | -849,726,358.04 | -1,947,076,363.54 |
(2).Netcashpaidforacquisitionofsubsidiariesinthecurrentperiod
□Applicable√Notapplicable
(3).Netcashreceivedfromdisposalofsubsidiariesinthecurrentperiod
□Applicable√Notapplicable
/
(4).Compositionofcashandcashequivalents
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| I.Cash | 4,678,642,307.94 | 5,528,368,665.98 |
| Inwhich:cashonhand | 79,550.98 | 154,348.20 |
| Bankdepositthatcanbeusedforpaymentatanytime | 4,672,775,378.16 | 5,520,851,592.21 |
| Othermonetaryfundsthatcanbeusedforpaymentatanytime | 5,787,378.80 | 7,362,725.57 |
| II.Cashequivalents | - | - |
| Including:bondinvestmentsduewithinthreemonths | - | - |
| III.Closingbalanceofcashandcashequivalents | 4,678,642,307.94 | 5,528,368,665.98 |
| Including:cashandcashequivalentswithrestrictedusebytheparentcompanyoritssubsidiaries |
(5).Situationswherethescopeofuseislimitedbutstilllistedascashandcashequivalents
□Applicable√Notapplicable
(6).Monetaryfundsthatdonotbelongtocashandcashequivalents
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | Reason |
| Quickpaymentbusinessriskmargin | 6,413,148.55 | 6,413,148.55 | Notavailableforwithdrawalatanytime |
| Fundsfrozenjudicially | - | 4,409,802.53 | |
| Total | 6,413,148.55 | 10,822,951.08 | / |
Othernotes:
□Applicable√Notapplicable
80.Notestoitemsinstatementofchangesinowners’equityNamesof“others”itemswhoseclosingbalancesinthepreviousyearareadjustedandtheamountsofadjustments:
□Applicable√Notapplicable
/
81.Foreigncurrencymonetaryitems
(1).Foreigncurrencymonetaryitems
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalanceinforeigncurrency | Exchangerate | ClosingbalanceafterconversationintoRMB |
| Monetaryfunds | |||
| Inwhich:USD | 11,166,907.81 | 7.1586 | 79,939,426.24 |
| EURO | 632,495.45 | 8.4024 | 5,314,479.77 |
| RwandanFranc | 21,321,094.00 | 0.0050 | 106,605.47 |
| Dirham | 35,160.25 | 1.9509 | 68,594.13 |
| Koruna | 228,012.87 | 0.3391 | 77,319.17 |
| Accountsreceivable | |||
| Amongthem:Euro | 307,889.21 | 8.4024 | 2,587,008.30 |
| Koruna | 24,245,503.51 | 0.3391 | 8,221,650.24 |
| Otherreceivables | |||
| Inwhich:USD | 367,676.34 | 7.1586 | 2,632,047.85 |
| EURO | 149,637.90 | 8.4024 | 1,257,317.49 |
| Koruna | 18,891,472.35 | 0.3391 | 6,406,098.27 |
| Accountspayable | |||
| Inwhich:USD | 658,698.33 | 7.1586 | 4,715,357.86 |
| Otherpayables | |||
| Inwhich:USD | 193,512.04 | 7.1586 | 1,385,275.29 |
| EURO | 11,725.33 | 8.4024 | 98,520.91 |
| Koruna | 184,818,818.41 | 0.3391 | 62,672,061.32 |
Othernotes:
No
(2).Descriptionofoverseasoperations,forimportantoverseasoperations,alsoincludesthedisclosureofprincipaloverseasplaceofbusiness,bookkeepingcurrencyandthebasisforselection,andthereasonforthechangeinbookkeepingcurrency.
□Applicable√Notapplicable
82.Lease
(1).Asatenant
√Applicable□NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilities
□Applicable√NotapplicableSimplifiedshort-termleaseorlow-valueassetsleasingexpenses
√Applicable□Notapplicable
Simplifiedshort-termleaseexpensesofRMB10,197,233.73areincludedinprofitorlossforthecurrentperiod.Simplifiedlow-valueassetsleaseexpensesofRMB644,493.68areincludedinprofitorlossforthecurrentperiod.Leasebacktransactionsandjudgmentbasis
□Applicable√Notapplicable
/
ThetotalcashoutflowrelatedtoleasingisRMB15,644,375.55.
(2).AsalessorOperatingleaseaslessor
□Applicable√NotapplicableFinancingleaseaslessor
□Applicable√NotapplicableAdjustmenttableforundiscountedleasereceiptsandnetleaseinvestments
□Applicable√NotapplicableUndiscountedleasereceiptsforthenextfiveyears
□Applicable√Notapplicable
(3).Confirmedgainsandlossesoffinancingleasesalesasamanufacturerordistributor
□Applicable√NotapplicableOtherstatements
TheleasedassetsoftheGroupincludehouses,buildings,landuserights,andotherequipmentusedintheoperatingprocess.Theleasetermforhousesandbuildingsisusually2-5years,andtheleasetermforlanduserightsis10years.Forright-of-useassets,seeNoteVII.25;forleaseliabilities,pleaserefertoNoteVII.47.
83.Dataresources
√Applicable□Notapplicable
RefertoNoteVII.26IntangibleAssets.
84.Other
□Applicable√NotapplicableVIII.R&Dexpenditure
1.Listedbynatureofexpenses
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Laborcost | 11,727,017.48 | 19,706,355.70 |
| Depreciationandamortization | 2,677,519.75 | 4,737,153.26 |
| Technologydevelopmentfee | 263,133.11 | 193,408.81 |
| Other | 6,667.36 | 163,773.60 |
| Total | 14,674,337.70 | 24,800,691.37 |
| Amongthem:ExpensedR&Dexpenditure | 3,502,808.81 | 11,759,206.64 |
| CapitalizedR&Dexpenditure | 11,171,528.89 | 13,041,484.73 |
Othernotes:
No
2.R&Dprojectdevelopmentexpenditurethatmeetcapitalizationcriteria
√Applicable□Notapplicable
/
Unit:RMB
| Item | Openingbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Closingbalance | |
| Internaldevelopmentexpenditure | Recognizedasintangibleassets | Transfertoprofitorlossforthecurrentperiod | |||
| KuaijietongCorePaymentSystem | 4,741,065.58 | 3,729,966.04 | 5,003,222.81 | 3,467,808.81 | - |
| DevelopmentofChinagoodsplatformItem | 2,767,924.53 | 10,944,371.66 | 1,656,199.00 | - | 12,056,097.19 |
| Total | 7,508,990.11 | 14,674,337.70 | 6,659,421.81 | 3,467,808.81 | 12,056,097.19 |
Importantcapitalizedresearchanddevelopmentprojects
□Applicable√NotapplicableProvisionforimpairmentofdevelopmentexpenditure
□Applicable√NotapplicableOtherstatementsNo
3.Importantoutsourcedprojectsunderresearch
□Applicable√NotapplicableIX.Changesinconsolidationscope
1.Businesscombinationsnotundercommoncontrol
□Applicable√Notapplicable
2.Businesscombinationsundercommoncontrol
□Applicable√Notapplicable
/
3.Reverseacquisition
□Applicable√Notapplicable
4.DisposalofsubsidiariesWhethertherewereanytransactionsoreventsthatresultedinthelossofcontroloverasubsidiaryinthisperiod
□Applicable√NotapplicableOthernotes:
□Applicable√NotapplicableDidtheGroupdisposeofsubsidiariesthroughmultipletransactionsandlosecontrolinthecurrentperiod?
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
5.ChangesinconsolidationscopeforotherreasonsChangesintheconsolidationscopeforotherreasons(e.g.newestablishmentofsubsidiaries,liquidationofsubsidiaries,etc.)andtherelatedinformation:
√Applicable□Notapplicable
Unit:RMB10,000
| companyname | Equitydisposalmode | Pointofequitydisposal | Netassetsonthedisposaldate | Netprofitfromthebeginningoftheperiodtothedisposaldate |
| YiwuShangboShuzhiEnterpriseManagementCo.,Ltd. | Cancellation | April2025 | 26,888.96 | -1,082.43 |
6.Other
□Applicable√Notapplicable
/
X.EquityinOtherEntities
1.Equityinsubsidiaries
(1).CompositionoftheGroup
√Applicable□Notapplicable
Unit:RMB10,000
| Nameofsubsidiary | Mainplaceofbusiness | Registeredcapital | Placeofregistration | Business | Shareholdingratio(%) | Acquisitionmethod | |
| Direct | Indirect | ||||||
| YiwuChinaCommoditiesCityImportandExportCo.,Ltd. | Yiwu,Zhejiang | 10,000.00 | Yiwu,Zhejiang | Wholesale | 100.00 | Establishment | |
| YiwuChinaCommoditiesCitySupplyChainManagementCo.,Ltd. | Yiwu,Zhejiang | 10,000.00 | Yiwu,Zhejiang | Wholesale | 100.00 | Establishment | |
| YiwuComprehensiveBondedZoneOperationandManagementCo.,Ltd. | Yiwu,Zhejiang | 10,000.00 | Yiwu,Zhejiang | Businessservice | 100.00 | Establishment | |
| YiwuChinaCommoditiesCityOverseasInvestmentandDevelopmentCo.,Ltd. | Yiwu,Zhejiang | 10,000.00 | Yiwu,Zhejiang | Businessservice | 100.00 | Establishment | |
| YiwuChinaCommoditiesCityTourismDevelopmentCo.,Ltd. | Yiwu,Zhejiang | 10,000.00 | Yiwu,Zhejiang | Businessservice | 100.00 | Establishment | |
| YiwuChinaCommoditiesCityAssetsOperationandManagementCo.,Ltd. | Yiwu,Zhejiang | 1,000.00 | Yiwu,Zhejiang | Businessservice | 100.00 | Establishment | |
| ZhejiangYinduHotelManagementCo.,Ltd. | Yiwu,Zhejiang | 1,000.00 | Yiwu,Zhejiang | Businessservice | 100.00 | Establishment | |
| YiwuYandooShangtuCateringCo.,Ltd | Yiwu,Zhejiang | 500.00 | Yiwu,Zhejiang | Businessservice | 100.00 | Establishment | |
| YiwuChinaCommoditiesCityResearchInstituteCo.,Ltd. | Yiwu,Zhejiang | 1,000.00 | Yiwu,Zhejiang | Businessservice | 100.00 | Establishment | |
| YiwuChinaCommoditiesCityBigDataCo.,Ltd. | Yiwu,Zhejiang | 10,000.00 | Yiwu,Zhejiang | SoftwareandInformationTechnologyServiceIndustry | 100.00 | Establishment | |
| YiwuXinlianTechnologyServiceCo.,Ltd. | Yiwu,Zhejiang | 1,000.00 | Yiwu,Zhejiang | Professionaltechnicalserviceindustry | 51.00 | Establishment | |
| YiwuShangchengGonglianEnterprise | Yiwu, | 20,000.00 | Yiwu, | Businessservice | 100.00 | Establish | |
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| ManagementCo.,Ltd. | Zhejiang | Zhejiang | ment | ||||
| YiwuShangboYuncangEnterpriseManagementCo.,Ltd. | Yiwu,Zhejiang | 30,000.00 | Yiwu,Zhejiang | Businessservice | 100.00 | Establishment | |
| YiwuChinaCommoditiesCityInformationTechnologyCo.,Ltd. | Yiwu,Zhejiang | 5,000.00 | Yiwu,Zhejiang | IT | 100.00 | Establishment | |
| YiwuChinaCommoditiesCityFinancialHoldingsCo.,Ltd. | Yiwu,Zhejiang | 400,000.00 | Yiwu,Zhejiang | Financialindustry | 100.00 | Establishment | |
| YiwuChinaCommoditiesCityLogisticsandWarehousingCo.,Ltd. | Yiwu,Zhejiang | 40,000.00 | Yiwu,Zhejiang | Multimodaltransportandtransportationagency | 100.00 | Establishment | |
| YiwuChinaCommoditiesCityExhibitionCo.,Ltd. | Yiwu,Zhejiang | 3,000.00 | Yiwu,Zhejiang | Businessservice | 98.00 | 2.00 | Establishment |
| YiwuYundailuDataTechnologyCo.,Ltd. | Yiwu,Zhejiang | 50,000.00 | Yiwu,Zhejiang | Internetandrelatedservices | 100.00 | Establishment | |
| ZhejiangHuajieInvestmentandDevelopmentCo.,Ltd. | Yiwu,Zhejiang | 50,000.00 | Yiwu,Zhejiang | Businessservice | 96.40 | Incorporation+acquisition | |
| EuropeHuajieInvestmentandDevelopmentCo.,Ltd. | Prague,CzechRepublic | CZK1,580.00 | Prague,CzechRepublic | Businessservice | 96.40 | Incorporation+acquisition | |
| ZhejiangChinaCommoditiesCityGroupCommercialFactoringCo.,Ltd. | Yiwu,Zhejiang | 20,000.00 | Yiwu,Zhejiang | Financialindustry | 60.00 | 40.00 | Establishment |
| ZhejiangYiwugouE-commerceCo.,Ltd. | Yiwu,Zhejiang | 10,000.00 | Yiwu,Zhejiang | IT | 51.00 | Establishment | |
| YiwuChinaCommoditiesCityAdvertisingCo.,Ltd. | Yiwu,Zhejiang | 1,000.00 | Yiwu,Zhejiang | Advertising | 100.00 | Establishment | |
| YiwuChinaCommoditiesCityCreditInvestigationCo.,Ltd. | Yiwu,Zhejiang | 1,000.00 | Yiwu,Zhejiang | Service | 85.00 | Establishment | |
| YiwuAiximaoSupplyChainManagementCo.,Ltd. | Yiwu,Zhejiang | 500.00 | Yiwu,Zhejiang | Service | 100.00 | Establishment | |
| YiwuChinaCommoditiesCityInternetFinancialInformationServiceCo.,Ltd. | Yiwu,Zhejiang | 1,000.00 | Yiwu,Zhejiang | Financialindustry | 100.00 | Incorporation+acquisition | |
| YiwuChinaCommoditiesCityRMBandForeignCurrencyExchangeCo.,Ltd. | Yiwu,Zhejiang | 1,000.00 | Yiwu,Zhejiang | Financialindustry | 100.00 | Establishment |
/
| HangzhouShangboNanxingPropertyCo.,Ltd. | Hangzhou,Zhejiang | 5,000.00 | Hangzhou,Zhejiang | Realestate | 100.00 | Establishment | |
| NingxiaYiwuChinaCommoditiesCitySupplyChainManagementCo.,Ltd. | Shizuishan,Ningxia | 2,000.00 | Shizuishan,Ningxia | Service | 100.00 | Establishment | |
| YiwuChinaCommoditiesCity(HongKong)InternationalTradeCo.,Ltd. | HongKong,China | HKD1.00 | HongKong,China | Wholesale | 100.00 | Establishment | |
| HongKongBetterSilkRoadCo.,Ltd. | HongKong,China | HKD10800.00 | HongKong,China | Service | 100.00 | Establishment | |
| Huafrica(Kenya)InvestmentDevelopmentCo.,Limited | Nairobi,Kenya | KES3000.00 | Nairobi,Kenya | Service | 100.00 | Establishment | |
| BETTERSILKROADFZE | Dubai,UAE | AED5040.00 | Dubai,UAE | Service | 100.00 | Establishment | |
| BETTERSILKROADRWANDALtd | Kigali,Rwanda | RWF27000.00 | Kigali,Rwanda | Service | 100.00 | Establishment | |
| YiwuZheqingTradingCo.,Ltd. | Yiwu,Zhejiang | 2,200.00 | Yiwu,Zhejiang | Wholesale | 100.00 | Establishment | |
| BrightWayTechDevelopmentLimited | TortolaIsland,BritishVirginIslands | USD0.0005 | TortolaIsland,BritishVirginIslands | Financialindustry | 100.00 | Establishment | |
| YiwuChinaCommoditiesCity(Germany)Co.,Ltd. | Frankfurt,Germany | EUR100.00 | Frankfurt,Germany | Service | 100.00 | Establishment | |
| YiwuChinaCommoditiesCity(Spain)Co.,Ltd. | Madrid,Spain | EUR100.00 | Madrid,Spain | Service | 100.00 | Establishment | |
| ZhejiangXunchiDigitalTechnologyCo.,Ltd. | Hangzhou,Zhejiang | 19,000.00 | Hangzhou,Zhejiang | IT | 100.00 | Acquisition | |
| KuaijietongPaymentServiceCo.,Ltd. | Hangzhou,Zhejiang | 20,000.00 | Hangzhou,Zhejiang | IT | 100.00 | Acquisition | |
| ZhejiangThinkTankCo.,Ltd. | Yiwu,Zhejiang | 10,000.00 | Hangzhou,Zhejiang | Service | 100.00 | Incorporation+acquisition |
Explanationforthedifferencebetweentheshareholdingratioandvotingrightratioinasubsidiary:
No
/
Basisforholdinghalforlessvotingrightsinbutstillcontrollinganinvestee,andholdingmorethanhalfofthevotingrightsinbutnotcontrollinganinvestee:
NoBasisforcontrollingimportantstructuredentitiesincludedintheconsolidationscope:
NoBasisfordeterminingwhetheracompanyisanagentoraprincipal:
NoOthernotes:
No
(2).Importantnon-wholly-ownedsubsidiaries
√Applicable□Notapplicable
Unit:RMB
| Nameofsubsidiary | Shareholdingratioofminorityshareholders(%) | Profitsorlossesattributabletominorityshareholdersinthecurrentperiod | Dividendsdeclaredtobedistributedtominorityshareholdersforthecurrentperiod | Closingbalanceofminorityinterest |
| ZhejiangYiwugouE-commerceCo.,Ltd. | 49 | 5,776,674.91 | - | 74,317,101.83 |
Explanationforthedifferencebetweentheshareholdingratioandvotingrightratioofminorityshareholdersinasubsidiary:
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
(3).Majorfinancialinformationofimportantnon-wholly-ownedsubsidiaries
√Applicable□Notapplicable
Unit:RMB10,000
/
| Nameofsubsidiary | Closingbalance | Openingbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | |
| ZhejiangYiwugouE-commerceCo.,Ltd. | 13,249.40 | 5,069.46 | 18,318.86 | 3,152.11 | - | 3,152.11 | 16,441.34 | 254.09 | 16,695.43 | 2,707.59 | - | 2,707.59 |
Nameofsubsidiary
| Nameofsubsidiary | Amountinthecurrentperiod | Amountinthepreviousperiod | ||||||
| Operatingrevenue | Netprofits | Totalcomprehensiveincome | Cashflowfromoperatingactivities | Operatingrevenue | Netprofits | Totalcomprehensiveincome | Cashflowfromoperatingactivities | |
| ZhejiangYiwugouE-commerceCo.,Ltd. | 3,294.44 | 1,178.91 | 1,178.91 | -3,328.51 | 3,173.27 | 1,119.34 | 1,119.34 | 195.82 |
Othernotes:
No
/
(4).MajorrestrictionsontheuseoftheGroup’sassetsandrepaymentoftheGroup’sdebts:
□Applicable√Notapplicable
(5).Financialorothersupportprovidedtostructuredentitiesincludedinthescopeofconsolidatedfinancialstatements:
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
2.TransactionsinwhichtheGroup’sshareofowners’equityinasubsidiarychangesandtheGroupstillcontrolsthesubsidiary
□Applicable√Notapplicable
3.Equityinjointventuresorassociates
√Applicable□Notapplicable
(1).Importantjointventuresorassociates
√Applicable□Notapplicable
Unit:RMB
| Nameofjointventureorassociate | Mainplaceofbusiness | Placeofregistration | Business | Shareholdingratio(%) | Accountingtreatmentmethodofinvestmentinthejointventureorassociate | |
| Direct | Indirect | |||||
| Jointventure | ||||||
| YiwuShanglv | Yiwu,Zhejiang | Yiwu,Zhejiang | Leaseandbusinessservice | 49 | Equitymethod | |
| YiwuHuishangRedbudCapitalManagementCo.,Ltd. | Yiwu,Zhejiang | Yiwu,Zhejiang | Financialindustry | 20 | Equitymethod | |
| YiwuRongshangPropertyCo.,Ltd. | Yiwu,Zhejiang | Yiwu,Zhejiang | Realestate | 49 | Equitymethod | |
| YiwuChuangchengPropertyCo.,Ltd. | Yiwu,Zhejiang | Yiwu,Zhejiang | Realestate | 24 | Equitymethod | |
| YiwuGuoshenShangboPropertyCo.,Ltd. | Yiwu,Zhejiang | Yiwu,Zhejiang | Realestate | 49 | Equitymethod | |
| YiwuDigitalPortTechnologyCo.,Ltd.[Note5] | Yiwu,Zhejiang | Yiwu,Zhejiang | Wholesale | 51 | Equitymethod | |
| Associate | ||||||
| YiwuHuishangRedbudEquityInvestmentCo.,Ltd.(Note6) | Yiwu,Zhejiang | Yiwu,Zhejiang | Commercialservices | 10.42 | Equitymethod | |
| ChouzhouFinancialLease | Hangzhou,Zhejiang | Yiwu,Zhejiang | Financialindustry | 26 | Equitymethod | |
| YiwuHuishangRedbudPhaseIIInvestmentPartnership(limitedpartnership)[Note7] | Yiwu,Zhejiang | Yiwu,Zhejiang | Leaseandbusinessservice | 10.41 | Equitymethod | |
/
| YiwuHongyiEquityInvestmentFundPartnership(LimitedPartnership) | Yiwu,Zhejiang | Yiwu,Zhejiang | Financialindustry | 49.98 | Equitymethod | |
| PujiangLvguPropertyCo.,Ltd. | Pujiang,Zhejiang | Pujiang,Zhejiang | Realestate | 49 | Equitymethod | |
| CCCP | Yiwu,Zhejiang | Yiwu,Zhejiang | Realestate | 49 | Equitymethod | |
| ZhijieYuangang | Yiwu,Zhejiang | Yiwu,Zhejiang | Technologypromotionandapplicationserviceindustry | 27 | Equitymethod | |
| YiwuChinaCommoditiesCity(Chongqing)DigitalIntelligenceIndustrialParkCo.,Ltd.[Note8] | Chongqing | Chongqing | Service | 10.00 | Equitymethod |
Explanationforthedifferencebetweentheshareholdingratioandvotingrightratioinajointventureorassociate:
NoBasesforholdinglessthan20%ofthevotingrightsbuthavingsignificantinfluence,orholding20%ormoreofthevotingrightsbutnothavingsignificantinfluence:
Note5:TheCompanyholdsastakeofover50%inYiwuDigitalPortTechnologyCo.,Ltd.AccordingtotherelevantmechanismsestablishedbytheCompany'sboardofdirectorsorsimilargoverningbodyformakingmajorbusinessdecisions,approvalmustbeobtainedunanimouslybyallinvestorsbeforeimplementation.TheCompanydoesnothavesubstantivecontroloverYiwuDigitalPortTechnologyCo.,Ltd.,andthereforeaccountsforYiwuDigitalPortTechnologyCo.,Ltd.asajointventure.
Note6:TheCompanyholds10.42%(2024:10.42%)oftheequityofHuishangRedbudbuttreatsitasanassociateoftheCompany.AccordingtoRedbudInvestment’sarticlesofassociation,itisengagedininvestinganditsimportantfinancialandoperatingdecision-makingactivitiesaretopickandmanageinvestmentprojects,whichhavebeenfullyentrustedtotheCompany’sjointventureYiwuHuishangRedbudCapitalManagementCo.,Ltd.(“RedbudCapital”).RedbudCapitalpicksandmanagesinvestmentprojectsviaitsinvestmentdecision-makingcommittee.Exceptforspecialinvestmentmatters,whicharesubjecttotheresolutionofRedbudInvestment’sboardofdirectors,otherimportantfinancialandoperatingdecision-makingactivitiesareconductedbyRedbudCapitalonthebehalfofRedbudInvestment.Therefore,theCompanywasabletoexercisesignificantinfluenceonRedbudInvestmentinwhichtheCompanyheld10.42%oftotalequity.
Note7:TheCompanyholds10.41%(2024:10.41%)oftheequityofYiwuHuishangRedbudPhaseIIInvestmentPartnership(LimitedPartnership)(hereinafterreferredtoas"RedbudPhaseII")buttreatsitasanassociateoftheCompany.AccordingtoRedbudPhaseII’sarticlesofassociation,itisengagedininvestinganditsimportantfinancialandoperatingdecision-makingactivitiesaretopickandmanageinvestmentprojects,whichhavebeenfully
/
entrustedtotheCompany’sjointventureRedbudCapital.RedbudCapitalpicksandmanagesinvestmentprojectsviaitsinvestmentdecision-makingcommittee.Exceptforspecialinvestmentmatters,whicharesubjecttotheresolutionofRedbudPhaseII’sboardofdirectors,otherimportantfinancialandoperatingdecision-makingactivitiesareconductedbyRedbudCapitalonthebehalfofRedbudPhaseII.Therefore,theCompanycouldexertsignificantinfluenceonRedbudPhaseIIofwhichitheld10.41%equity.Note8:TheCompanyholdsastakeoflessthan20%inYiwuChinaCommoditiesCity(Chongqing)DigitalIntelligenceIndustrialParkCo.,Ltd.AccordingtotherelevantmechanismestablishedbytheCompany'sboardofdirectorsorsimilargoverningbodyformakingmajorbusinessdecisions,thiscompanyhastherighttonominate1directorandcanexertsignificantinfluenceoverYiwuChinaCommoditiesCity(Chongqing)DigitalIntelligenceIndustrialParkCo.,Ltd.Therefore,YiwuChinaCommoditiesCity(Chongqing)DigitalIntelligenceIndustrialParkCo.,Ltd.isaccountedforasanassociate.
/
(2).Mainfinancialinformationofimportantjointventures
√Applicable□Notapplicable
Unit:RMB10,000
| Closingbalance/amountinthecurrentperiod | Openingbalance/amountinthepreviousperiod | |||||||
| YiwuShanglv | YiwuRongshangProperty | YiwuChuangchengProperty | GuoshenShangbo | YiwuShanglv | YiwuRongshangProperty | YiwuChuangchengProperty | GuoshenShangbo | |
| Currentassets | 5,293.58 | 13,398.08 | 30,969.86 | 28,011.83 | 4,457.30 | 13,395.79 | 30,967.46 | 177,235.13 |
| Inwhich:cashandcashequivalents | 2,727.59 | 49.05 | 10.87 | 18,985.30 | 3,162.45 | 49.18 | 18.29 | 13,840.91 |
| Non-currentassets | 129,425.84 | - | - | 11,538.24 | 131,615.60 | - | 0.72 | 9,740.52 |
| Totalassets | 134,719.42 | 13,398.08 | 30,969.86 | 39,550.07 | 136,072.90 | 13,395.79 | 30,968.18 | 186,975.65 |
| Currentliabilities | 19,172.56 | 0.06 | 21,625.95 | 5,769.45 | 25,730.91 | -2.22 | 21,621.33 | 6,911.45 |
| Non-currentliabilities | 9,765.73 | - | - | - | 9,657.40 | - | - | - |
| Totalliabilities | 28,938.29 | 0.06 | 21,625.95 | 5,769.45 | 35,388.31 | -2.22 | 21,621.33 | 6,911.45 |
Shareholders’equityattributabletoparentcompany
| Shareholders’equityattributabletoparentcompany | 105,781.13 | 13,398.02 | 9,343.91 | 33,780.62 | 100,684.59 | 13,398.01 | 9,346.86 | 180,064.20 |
Shareofnetassetscalculatedbasedonshareholdingratio
| Shareofnetassetscalculatedbasedonshareholdingratio | 51,832.75 | 6,565.03 | 2,242.54 | 16,552.50 | 49,335.45 | 6,565.02 | 2,243.25 | 88,231.46 |
| Adjustments | -1,421.49 | - | - | - | -1,445.11 | - | - | - |
| --Unrealizedprofitsofinternaltransactions | -1,421.49 | - | - | - | -1,445.11 | - | - | - |
| Bookvalueofequityinvestmentinjointventures | 50,411.27 | 6,564.96 | 2,243.24 | 16,107.31 | 47,890.33 | 6,565.02 | 2,243.25 | 88,231.46 |
Operatingrevenue
| Operatingrevenue | 13,401.88 | - | - | 1,111.52 | 13,002.45 | - | - | 11,596.00 |
| Financialexpenses | 210.37 | -0.01 | 0.01 | -37.14 | 271.00 | 0.10 | 0.23 | -37.14 |
| Netprofits | 5,096.55 | -0.01 | -0.01 | -1,030.19 | 4,791.51 | -0.10 | -126.64 | 774.37 |
| Totalcomprehensiveincome | 5,096.55 | -0.01 | -0.01 | -1,030.19 | 4,791.51 | -0.10 | -126.64 | 774.37 |
| Dividendsreceivedfromjointventuresthisyear | - | - | - | 72,058.82 | - | - | - | - |
/
OtherstatementsNo
(3).Mainfinancialinformationofimportantassociates
√Applicable□Notapplicable
Unit:RMB10,000
| Closingbalance/amountinthecurrentperiod | Openingbalance/amountinthepreviousperiod | |||||||||
| ChouzhouFinancialLease | HongyiFund | CCCP | PujiangLvgu | ZhijieYuangang | ChouzhouFinancialLease | HongyiFund | CCCP | PujiangLvgu | ZhijieYuangang | |
| Currentassets | 2,132,083.04 | 13,053.40 | 2,328,673.84 | 95,843.10 | 62,528.30 | 2,098,767.89 | 6,185.53 | 2,322,856.48 | 99,712.15 | 62,315.57 |
| Non-currentassets | 16,232.07 | 135,465.22 | 55,411.18 | 105.40 | 2,815.46 | 16,307.02 | 146,648.75 | 56,156.63 | 110.61 | 3,072.52 |
| Totalassets | 2,148,315.11 | 148,518.62 | 2,384,085.02 | 95,948.50 | 65,343.76 | 2,115,074.91 | 152,834.28 | 2,379,013.11 | 99,822.76 | 65,388.09 |
| Currentliabilities | 1,192,762.33 | -23.31 | 1,574,510.24 | 13,576.04 | 29,741.96 | 1,273,463.96 | -12.02 | 1,605,151.15 | 16,246.01 | 29,783.88 |
| Non-currentliabilities | 703,283.83 | - | 164,563.17 | - | - | 614,409.16 | - | 135,022.06 | - | 89.09 |
| Totalliabilities | 1,896,046.16 | -23.31 | 1,739,073.41 | 13,576.04 | 29,741.96 | 1,887,873.12 | -12.02 | 1,740,173.21 | 16,246.01 | 29,872.97 |
| Shareholders’equityattributabletoparentcompany | 252,268.95 | 148,541.93 | 632,479.42 | 82,372.46 | 35,601.80 | 227,201.79 | 152,846.30 | 623,928.39 | 83,576.75 | 35,515.11 |
Shareofnetassetscalculatedbasedonshareholdingratio
| Shareofnetassetscalculatedbasedonshareholdingratio | 65,589.93 | 74,226.40 | 309,914.92 | 40,362.51 | 9,612.41 | 59,072.47 | 76,384.96 | 305,724.91 | 40,952.61 | 9,589.08 |
| Adjustments | - | 2,265.78 | -432.78 | -27.01 | 2,165.57 | - | 4,811.54 | 161.78 | - | 2,399.91 |
| --Unrealizedprofitsofinternaltransactions | - | 2,265.78 | -432.78 | -27.01 | 2,165.57 | - | 4,811.54 | 161.78 | - | 2,399.91 |
| Bookvalueofequityinvestmentinjointventures | 65,589.93 | 76,492.18 | 309,482.14 | 40,335.50 | 11,777.98 | 59,072.47 | 76,384.96 | 305,886.69 | 40,952.61 | 11,988.99 |
Operatingrevenue
| Operatingrevenue | 39,180.57 | - | 159,071.25 | 4,336.90 | 19,073.02 | 36,795.59 | - | 20,104.29 | 39,338.44 | 64,164.40 |
| Netprofits | 25,067.17 | 214.55 | 8,429.38 | -1,259.41 | 72.00 | 20,777.69 | 271.23 | -1,594.92 | 9,453.00 | -2,518.95 |
| Totalcomprehensiveincome | 25,067.17 | 214.55 | 8,429.38 | -1,259.41 | 72.00 | 20,777.69 | 271.23 | -1,594.92 | 9,453.00 | -2,518.95 |
/
| Dividendonassociatesreceivedinthecurrentyear | - | - | - | - | - | - | 3,475.00 | - | - | - |
OtherstatementsNo
/
(4).Summaryfinancialinformationofunimportantjointventuresandassociates
√Applicable□Notapplicable
Unit:RMB
| Closingbalance/amountinthecurrentperiod | Openingbalance/amountinthepreviousperiod | |
| Jointventures: | ||
| Totalbookvalueofinvestments | 33,059,434.71 | 33,921,828.39 |
| Totalamountsofthefollowingitemscalculatedbasedonshareholdingratio | ||
| --Netprofits | -862,392.99 | -811,605.27 |
| --Othercomprehensiveincome | - | - |
| --Totalcomprehensiveincome | -862,392.99 | -811,605.27 |
Associates:
| Associates: | ||
| Totalbookvalueofinvestments | 510,245,216.07 | 521,037,069.70 |
| Totalamountsofthefollowingitemscalculatedbasedonshareholdingratio | ||
| --Netprofits | -8,893,520.47 | -27,478,238.34 |
| --Othercomprehensiveincome | -25,284.91 | 217,103.05 |
| --Totalcomprehensiveincome | -8,918,805.38 | -27,261,135.29 |
OtherstatementsNo
(5).RestrictionsontheabilityofjointventuresorassociatestotransfermoneytotheCompany
□Applicable√Notapplicable
(6).Excesslossesofjointventuresorassociates
□Applicable√Notapplicable
(7).Unrecognizedcommitmentsrelatingtoinvestmentinjointventures
□Applicable√Notapplicable
(8).Contingentliabilitiesrelatingtoinvestmentinjointventuresorassociates
□Applicable√Notapplicable
4.Importantjointoperations
□Applicable√Notapplicable
5.EquityinstructuredentitiesnotincludedintheconsolidatedfinancialstatementsNotesonstructuredentitiesnotincludedintheconsolidatedfinancialstatements:
□Applicable√Notapplicable
6.Other
□Applicable√Notapplicable
/
XI.Governmentgrants
1.Governmentsubsidiesrecognizedbyaccountsreceivableattheendofthereportingperiod
□Applicable√NotapplicableReasonsfornotreceivingtheexpectedamountofgovernmentsubsidiesattheexpectedtimepoint
□Applicable√Notapplicable
2.Liabilitiesitemsinvolvinggovernmentsubsidies
√Applicable□Notapplicable
Unit:RMB
| Financialstatementitems | Openingbalance | Transferredtootherincomeinthisperiod | Closingbalance | Relatedtoassets/income |
| Deferredincome | 150,801,314.25 | 2,042,066.84 | 148,759,247.41 | |
| Total | 150,801,314.25 | 2,042,066.84 | 148,759,247.41 | / |
3.Governmentgrantsrecognizedintheprofitorlossforthecurrentperiod
√Applicable□Notapplicable
Unit:RMB
| Type | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Income-related | 2,565,819.95 | 3,056,345.55 |
| Asset-related | 2,042,066.84 | 7,589,275.14 |
| Total | 4,607,886.79 | 10,645,620.69 |
Othernotes:
NoXII.Risksassociatedwithfinancialinstruments
1.Riskoffinancialinstruments
√Applicable□NotapplicableTheCompany'sgoalinriskmanagementistoachieveabalancebetweenrisksandbenefits,minimizethenegativeimpactofrisksontheCompany'soperatingperformance,andmaximizetheinterestsofshareholdersandotherequityinvestors.Basedonthisriskmanagementobjective,thebasicstrategyoftheCompany'sriskmanagementistoidentifyandanalyzevariousrisksfacedbytheCompany,establishanappropriaterisktolerancebottomlineandcarryoutriskmanagement,andsupervisevariousrisksinatimelyandreliablemanner,andcontrolrisks.withinalimitedrange.Initsdailyoperations,theCompanyfacesvariousrisksrelatedtofinancialinstruments,primarilyincludingcreditrisk,liquidityrisk,andmarketrisk.Themanagementhasreviewedandapprovedpoliciestomanagetheserisks.CreditriskCreditriskreferstotheriskthatonepartytoafinancialinstrumentcannotfulfillitsobligations,resultinginfinanciallossesfortheotherparty.
1.CreditRiskManagementPractices
(1)CreditRiskAssessmentMethodsTheCompanyevaluates,oneachbalancesheetdate,whetherthecreditriskofrelatedfinancialinstrumentshasincreasedsignificantlysincetheinitialrecognitionthereof.Indeterminingwhetherthecreditriskofafinancialinstrumenthasincreasedsignificantlysincethe
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initialrecognitionthereof,theCompanytakesintoaccountthereasonableandwell-groundedinformationthatisaccessiblewithoutunnecessaryextracostsorefforts,includingthequalitativeandquantitativeanalysesbasedonthehistoricaldata,externalcreditriskratingandforward-lookinginformation.TheCompanycomparestheriskoffinancialinstrumentsdefaultingonthebalancesheetdateandtheriskofthemdefaultingonthedateofinitialrecognitionbasedonanindividualfinancialinstrumentoragroupoffinancialinstrumentswithsimilarcreditriskcharacteristicstodeterminethechangesinanticipateddefaultriskofthefinancialinstrument(s)withinthedurationthereof.Ifafinancialinstrumentmeetsoneormoreofthefollowingquantitativeorqualitativecriteria,theCompanywilldeterminethatitscreditriskhasincreasedsignificantly:
1)Themainquantitativecriterionisthatitsprobabilityofdefaultwithintheremainingdurationonthebalancesheetdaterisesbyacertainmarginfromthatatitsinitialrecognition;
2)Qualitativecriteriamainlyincludesignificantadversechangesinthedebtor'soperationalorfinancialconditions,existingoranticipatedchangesintechnological,market,economic,orlegalenvironmentsthatwillhaveamaterialadverseimpactonthedebtor'sabilitytorepaytheCompany,etc.
(2)DefinitionofDefaultedandCredit-ImpairedAssets
Whenafinancialinstrumentmeetsoneormoreofthefollowingconditions,theCompanyclassifiesthefinancialassetasindefault,withcriteriaconsistentwiththedefinitionofincurredcreditimpairment:
1)Thedebtorisexperiencingsignificantfinancialdifficulties;
2)Thedebtorviolatestherestrictivetermsofthecontractapplicabletothedebtor;
3)Thedebtorisverylikelytogobankruptorenterintootherfinancialreorganizations;
4)Thecreditormakesacompromisetothedebtorwhichitwouldinnocasemake,basedontheeconomicorcontractconsiderationsinconnectionwiththedebtor’sfinancialdifficulty;
2.MeasurementofExpectedCreditLosses
Thekeyparametersformeasuringexpectedcreditlossesincludetheprobabilityofdefault,lossgivendefault,andexposureatdefault.TheCompanyhasbuiltthemodelsofprobabilityofdefault,lossgivendefaultanddefaultriskexposurebasedonthequantitativeanalysisofhistoricaldata(e.g.ratingofcounterparties,formofguaranteeandcategoryofcollateralsorpledges,formofrepayment)andforward-lookinginformation.
3.AreconciliationoftheopeningandclosingbalancesoflossprovisionsforfinancialinstrumentsisdetailedinNotesVII.4,VII.5,VII.9,VII.13,VII.16,andVII.30tothesefinancialstatements.
4.CreditRiskExposureandCreditRiskConcentration
ThecreditriskoftheCompanymainlycomesfrommonetaryfundsandreceivables.Tocontroltheaforementionedrisks,theCompanyhastakenthefollowingmeasuresrespectively.
(1)Monetaryfunds
TheCompanydepositsbankbalancesandothermonetaryfundsinfinancialinstitutionswithhighcreditratings,resultinginrelativelylowcreditrisk.
(2)AccountsReceivable
TheCompanycontinuouslyconductscreditassessmentsforcustomersengagedincredit-basedtransactions.Basedonthecreditassessmentresults,theCompanychoosestoconducttransactionswithaccreditedandcreditworthycustomersandmonitorstheiraccountsreceivablebalancestoensurethattheCompanyisnotexposedtosignificantbaddebtrisks.
AstheCompany’saccountsreceivablerisksaredistributedacrossmultiplepartnersandclients,andasofJune30,2025,thetopfivecustomersaccountedfor10.72%(December31,2024:10.88%)ofthetotalaccountsreceivable,theCompanydoesnothavesignificantcreditconcentrationrisk.
ThemaximumcreditriskexposureassumedbytheCompanyisthecarryingvalueofeachfinancialassetinthebalancesheet.
Liquidityrisk
LiquidityriskreferstotheriskofashortageoffundswhentheCompanyperformsitsobligationstosettlebycashorotherfinancialassets.Liquidityriskmayarisefromtheinabilitytosellfinancialassetsatfairvaluequickly;orfromthecounterparty'sfailuretorepayitscontractualobligations;orfromearly-maturitydebt;orfromtheinabilitytogenerateexpectedcashflows.
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Tocontrolthisrisk,theCompanyemploysacomprehensiveapproachbyutilizingvariousfinancingmethodssuchasbillsettlementsandbankloans,whileappropriatelycombininglong-termandshort-termfinancingtooptimizethefinancingstructure,therebymaintainingabalancebetweenfinancingcontinuityandflexibility.TheCompanyhasobtainedcreditlinesfrommultiplecommercialbankstomeetworkingcapitalrequirementsandcapitalexpenditures.FinancialliabilitiesclassifiedbyremainingmaturityJune30,2025
| Item | Closingbalance | ||||
| Bookvalue | Undiscountedcontractamount | Within1year | 1-3years | Over3years | |
| Short-termborrowings | - | - | - | - | - |
| Accountspayable | 690,341,861.69 | 690,341,861.69 | 690,341,861.69 | - | - |
| Otherpayables | 1,848,542,963.11 | 1,848,542,963.11 | 1,498,709,522.66 | - | 349,833,440.45 |
| Othercurrentliabilities | 3,420,569,047.76 | 3,435,332,061.46 | 3,435,332,061.46 | - | - |
| Non-currentliabilitiesduewithinoneyear | 2,199,924,189.42 | 2,228,575,100.05 | 2,228,575,100.05 | - | - |
| Long-termborrowings | 600,952,179.69 | 888,801,126.51 | 10,563,708.33 | 199,189,568.55 | 679,047,849.63 |
| Leaseliabilities | 149,476,023.92 | 232,953,636.20 | - | 39,805,626.23 | 193,148,009.97 |
| Bondspayable | 1,506,149,086.89 | 1,593,865,799.22 | 31,400,000.00 | 1,562,465,799.22 | - |
| Total | 11,427,679,313.01 | 3,536,599,106.39 | 3,262,780,541.20 | 488,081,977.93 | 396,802,604.41 |
2024
| Item | Closingbalance | ||||
| Bookvalue | Undiscountedcontractamount | Within1year | 1-3years | Over3years | |
| Short-termborrowings | 60,054,266.67 | 60,896,107.77 | 60,896,107.77 | - | - |
| Accountspayable | 1,469,718,387.95 | 1,469,718,387.95 | 1,469,718,387.95 | - | - |
| Otherpayables | 1,685,334,535.04 | 1,685,334,535.04 | 1,335,501,094.59 | - | 349,833,440.45 |
| Othercurrentliabilities | 3,414,873,709.35 | 3,442,001,642.16 | 3,442,001,642.16 | - | - |
| Non-currentliabilitiesduewithinoneyear | 3,764,748,211.13 | 3,822,915,645.13 | 3,822,915,645.13 | - | - |
| Long-termborrowings | 657,589,300.38 | 804,006,293.28 | 17,078,642.23 | 171,063,232.91 | 615,864,418.14 |
| Leaseliabilities | 149,984,238.78 | 226,560,267.24 | - | 73,977,007.75 | 152,583,259.49 |
| Bondspayable | - | - | - | - | - |
| Total | 11,202,302,649.30 | 11,511,432,878.57 | 10,148,111,519.83 | 245,040,240.66 | 1,118,281,118.08 |
Marketrisks
Marketriskreferstotheriskthatthefairvalueoffinancialinstrumentsorfuturecashflowsmayfluctuateduetochangesinmarketprices.Marketrisksmainlyincludeinterestrateriskandforeignexchangerisk.
Interestraterisk
Interestrateriskreferstotheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwillfluctuateduetochangesinmarketinterestrates.Fixed-rateinterest-bearingfinancialinstrumentsexposetheCompanytofairvalueinterestraterisk,whilefloating-rateinterest-bearingfinancialinstrumentsexposetheCompanytocashflowinterestraterisk.TheCompanydeterminestheproportionoffixed-rateandfloating-ratefinancialinstrumentsbasedonmarketconditionsandmaintainsanappropriateportfoliooffinancialinstrumentsthroughregularreviewsandmonitoring.TheinterestrateriskoncashflowsfacedbytheCompanyismainlyrelatedtothebankloanswithfloatinginterestratesthattheCompanybears.
AsofJune30,2025,theCompanyhadbankborrowingsofRMB728,419,960.47(December31,2024:RMB839,460,252.46)bearingfloatinginterestrates.Assumingallothervariablesremainconstant,ahypotheticalchangeininterestratesof50basispointswouldnothaveasignificantimpactontheCompany'stotalprofitorshareholders'equity.
Foreignexchangeraterisk
Foreignexchangeriskreferstotheriskthatthefairvalueoffinancialinstrumentsorfuturecashflowsmayfluctuateduetochangesinforeignexchangerates.TheexchangeratefluctuationrisksfacedbytheCompanyaremainlyrelatedtotheCompany‘sforeign
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currencymonetaryassetsandliabilities.Forforeigncurrencyassetsandliabilities,ifshort-termimbalancesoccur,theCompanywillbuyorsellforeigncurrenciesatmarketexchangerateswhennecessarytomaintainnetriskexposureatanacceptablelevel.FordetailsoftheCompany'sforeigncurrencymonetaryassetsandliabilitiesattheendoftheperiod,pleaserefertoNoteVII.81ForeignCurrencyMonetaryItemsinthenotestothesefinancialstatements.
2.Hedging
(1).TheCompanyconductshedgingbusinessforriskmanagement
□Applicable√NotapplicableOtherstatements
□Applicable√Notapplicable
(2).TheCompanyconductseligiblehedgingbusinessandapplieshedgingaccounting
□Applicable√NotapplicableOtherstatements
□Applicable√Notapplicable
(3).TheCompanyconductshedgingbusinessforriskmanagementandexpectstoachieveriskmanagementgoals,buthasnotappliedhedgingaccounting
□Applicable√NotapplicableOtherstatements
□Applicable√Notapplicable
3.Financialassettransfer
(1).Classificationoftransfermethods
□Applicable√Notapplicable
(2).Financialassetsderecognizedduetotransfer
□Applicable√Notapplicable
(3).TransferredfinancialassetsinwhichtheGroupcontinuedtobeinvolved
□Applicable√NotapplicableOtherstatements
□Applicable√Notapplicable
XIII.Disclosureoffairvalue
1.Closingfairvalueoftheassetsandliabilitiesmeasuredbyfairvalue
√Applicable□Notapplicable
Unit:RMB
| Item | Closingfairvalue |
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| Level1fairvaluemeasurement | Level2fairvaluemeasurement | Level3fairvaluemeasurement | Total | |
| I.Continuousfairvaluemeasurement | ||||
| (1)Held-for-tradingfinancialassets | - | - | - | - |
| 1.Financialassetsthataremeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitandloss | - | - | - | - |
| (2)Investmentinequityinstruments | - | - | - | - |
| (3)Otherequityinstrumentsinvestment | 630,899,510.14 | - | - | 630,899,510.14 |
| (vi)Othernon-currentfinancialassets | - | - | 1,521,630,813.28 | 1,521,630,813.28 |
| Totalassetscontinuouslymeasuredbyfairvalue | 630,899,510.14 | - | 1,521,630,813.28 | 2,152,530,323.42 |
2.Basisfordeterminingthemarketpricesoftheitemscontinuouslyand
non-continuouslymeasuredbyLevel1fairvalue
√Applicable□NotapplicableTheLevel1fairvaluemeasuredtradingfinancialassetsheldbytheCompanyincludestocks,bonds,andwealthmanagementproductstradedinactivemarkets.TheCompanydeterminestheirfairvaluebasedontheiractivemarketquotations.
3.Valuationtechniquesandqualitativeandquantitativeinformationofimportant
parametersfortheitemscontinuouslyandnon-continuouslymeasuredbyLevel2fairvalue
□Applicable√Notapplicable
4.Valuationtechniquesandqualitativeandquantitativeinformationofimportantparametersfortheitemscontinuouslyandnon-continuouslymeasuredbyLevel3fairvalue
√Applicable□Notapplicable
TheotherequityinstrumentinvestmentsmeasuredatfairvalueunderLevel3heldbytheCompanyareequityinterestsinnon-listedcompanies.Fornon-listedequityinstrumentinvestments,theCompanycomprehensivelyconsidersandappliesmethodssuchasthemarketapproachanddiscountedcashflowtoestimatefairvalue.Forinvesteeswhoseoperatingenvironment,businessconditions,andfinancialpositionhavenotundergonesignificantchanges,theCompanymeasuresfairvalueusingtheinvestmentcostasareasonableestimate.
5.Adjustmentinformationbetweentheopeningbookvalueandclosingbookvalue,
andthesensitivityanalysisofunobservableparametersforitemscontinuously
measuredbyLevel3fairvalue
□Applicable√Notapplicable
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6.Foritemscontinuouslymeasuredbyfairvalue,ifthereisconversionbetween
differentlevelsinthecurrentperiod,thereasonsfortheconversionandthepolicyfordeterminingthetimeofconversion
□Applicable√Notapplicable
7.Changesinvaluationtechniquesinthecurrentperiodandreasonsforchanges
□Applicable√Notapplicable
8.Fairvalueoffinancialassetsandfinancialliabilitiesnotmeasuredbyfairvalue
□Applicable√Notapplicable
9.Other
□Applicable√NotapplicableXIV.Relatedpartiesandrelated-partytransactions
1.ParentcompanyoftheCompany
√Applicable□Notapplicable
Unit:RMB10,000
| Nameofparentcompany | Placeofregistration | Business | Registeredcapital | ShareholdingratiointheCompany(%) | VotingrightratiointheCompany(%) |
| YiwuChinaCommoditiesCityHoldingsGroupCo.,Ltd.(formerlyknownas"YiwuChinaCommoditiesCityHoldingsLimited") | Yiwu,Zhejiang | Assetmanagement | 100,000.00 | 56.37 | 56.37 |
NotesontheparentcompanyoftheCompanyNoTheultimatecontrollingpartyofthisenterpriseistheState-ownedAssetsSupervisionandAdministrationOfficeofYiwuMunicipalPeople'sGovernment.Othernotes:
No
2.SubsidiariesoftheCompanyFordetailsoftheCompany’ssubsidiaries,pleaserefertotheNotes
√Applicable□NotapplicablePleaserefertoNoteX.1.EquityinSubsidiaries
3.JointventuresandassociatesoftheCompanyFordetailsoftheCompany’simportantjointventuresorassociates,pleaserefertotheNotes
√Applicable□NotapplicablePleaserefertoNoteX.3EquityinJointVenturesorAssociates
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Otherjointventuresorassociatesthathaverelated-partytransactionswiththeCompanyinthecurrentperiodorhadrelated-partytransactionswiththeCompanyintheprioryearwhichresultedinanoutstandingamountareasfollows
√Applicable□Notapplicable
| Nameofjointventureorassociate | RelationshipwiththeCompany |
| YiwuShanglv | Jointventure |
| YiwuHuishangRedbudCapitalManagementCo.,Ltd. | Jointventure |
| YiwuChinaCommoditiesCityCreativeDesignandDevelopmentServicesCo.,Ltd. | Jointventure |
| YiwuGuoshenShangboPropertyCo.,Ltd. | Jointventure |
| YiwuRongshangPropertyCo.,Ltd. | Jointventure |
| YiwuHuishangMicro-financeCo.,Ltd. | Associate |
| ZhejiangYemaiDataTechnologyCo.,Ltd. | Associate |
| YiwuMeipinshuSupplyChainManagementCo.,Ltd. | Associate |
| JEBELALIFREEZONETRADERMARKETDEVELOPMENTANDOPERATIONFZCO | Associate |
| YiwuDigitalPortTechnologyCo.,Ltd. | Associate |
| CCCP | Associate |
| HangzhouMicroAntsCo.,Ltd. | Associate |
| HuishangZijing | Associate |
| ZhijieYuangang | Associate |
| YiwuHeimahuiEnterpriseServiceCo.,Ltd. | Associate |
| YiwuShangfuChuangzhiInvestmentCenter(limitedpartnership) | Associate |
| ZhejiangYXESupplyChainManagementCo.,Ltd. | Associate |
Otherstatements
□Applicable√Notapplicable
4.Otherrelatedparties
√Applicable□Notapplicable
| Nameofotherrelatedparty | RelationshipwiththeCompany |
| MDG | ControllingshareholderoftheCompany’slargestshareholder |
| YiwuMarketDevelopmentServiceCenterCo.,Ltd. | SubsidiaryofcontrollingshareholderoftheCompany’slargestshareholder |
| YourworldInternationalConferenceCenterCompanyofYiwuMarketDevelopmentGroupCo.,Ltd. | BranchofControllingshareholderoftheCompany’slargestshareholder |
| ZhejiangXingfuhuSportsDevelopmentCo.,Ltd. | SubsidiaryofcontrollingshareholderoftheCompany’slargestshareholder |
| YiwuAgricultureDevelopmentCo.,Ltd. | SubsidiaryofcontrollingshareholderoftheCompany’slargestshareholder |
| YiwuSecurityServiceCo.,Ltd. | SubsidiaryofcontrollingshareholderoftheCompany’slargestshareholder |
| YiwuShangduInternationalTravelAgencyCo.,Ltd. | SubsidiaryofcontrollingshareholderoftheCompany’slargestshareholder |
| ZhejiangYiwuBaixianWanpinAgriculturalSupplyChainCo.,Ltd. | SubsidiaryofcontrollingshareholderoftheCompany’slargestshareholder |
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| ShangboYungu | Enterprisescontrolledbythelargestshareholder |
| CCCPropertyService | Enterprisescontrolledbythelargestshareholder |
| YiwuJinlongShangboPropertyCo.,Ltd. | Enterprisescontrolledbythelargestshareholder |
| YiwuJinhongShangboEnterpriseManagementCo.,Ltd. | Enterprisescontrolledbythelargestshareholder |
| YiwuGongchenShangboPropertyCo.,Ltd. | AsubsidiaryofajointventureoftheCompany |
| YiwuChengzhenPropertyCo.,Ltd. | AsubsidiaryofajointventureoftheCompany |
| YishaChengduInternationalTradeCityCo.,Ltd. | Minorityshareholderofmajorsubsidiaries |
OtherstatementsNo
5.Related-partytransactions
(1).Related-partytransactionsofpurchasingandsellinggoodsandrenderingandacceptingservicePurchasinggoods/acceptingservice
√Applicable□Notapplicable
Unit:RMB
| Relatedparty | Contentsofrelated-partytransaction | Amountinthecurrentperiod | Approvedtransactionamount(ifapplicable) | Whetherthetransactionlimitisexceeded(ifapplicable) | Amountinthepreviousperiod |
| CCCPropertyService | Propertyservicefeeandgreeningmaintenancefee | 112,328,185.22 | NA | NA | 110,312,803.36 |
| ShangboYungu | Securityservicefee | 8,752,841.39 | NA | NA | 9,059,886.19 |
| YiwuShangboYunguEnterpriseManagementCo.,Ltd. | Constructionfee | 4,576,200.00 | NA | NA | 5,203,100.00 |
| YiwuDigitalPortTechnologyCo.,Ltd. | Platformoperationandmaintenancefees | 1,320,754.72 | NA | NA | - |
| YiwuChinaCommoditiesCityCreativeDesignandDevelopmentServicesCo.,Ltd. | Designfee | 560,673.27 | NA | NA | 651,089.11 |
| YiwuShangduInternationalTravelAgencyCo.,Ltd. | Eventorganizationfees | 79,200.00 | NA | NA | - |
| YourworldInternationalConferenceCenterCompanyofYiwuMarketDevelopmentGroupCo.,Ltd. | Procurementandmeetingaffairexpenses | 1,620.00 | NA | NA | 34,982.00 |
| ZhejiangYemaiDataTechnologyCo.,Ltd. | Procurementandsystemdevelopment | 1,592.92 | NA | NA | 1,167,985.85 |
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| fees | |||||
| HangzhouMicroAntsCo.,Ltd. | Informationservicefee | - | NA | NA | 413,850.00 |
Sellinggoods/renderingservice
√Applicable□Notapplicable
Unit:RMB
| Relatedparty | Contentsofrelated-partytransaction | Amountinthecurrentperiod | Amountinthepreviousperiod |
| YourworldInternationalConferenceCenterCompanyofYiwuMarketDevelopmentGroupCo.,Ltd. | Productsalesandwashingfees | 1,877,848.97 | - |
| CCCPropertyService | Productsalesandsystemdevelopment | 328,877.36 | 6,178,159.43 |
| CCCP | Informationservicefee | 20,000.00 | - |
| YiwuDigitalPortTechnologyCo.,Ltd. | Advertisingproductioncosts | 5,158.49 | - |
| ZhejiangXingfuhuSportsDevelopmentCo.,Ltd. | Launderingfees | 1,530.20 | - |
| MDG | Softwareservicefee | - | 292,500.00 |
| ZhijieYuangang | Warehousingcost | - | 978,113.21 |
| YiwuHeimahuiEnterpriseServiceCo.,Ltd. | Informationservicefee | - | 345,800.00 |
Notesonrelated-partytransactionsofpurchasingandsellinggoodsandrenderingandacceptingservice
□Applicable√Notapplicable
(2).Entrustment/contractingfromandtorelatedpartiesEntrustment/contractingtotheCompany:
√Applicable□Notapplicable
Unit:RMB
| Nameofconsignor/employer | Nameofconsignee/contractor | Typeofentrusted/contractedassets | Startingdateofentrustment/contracting | Endingdateofentrustment/contracting | Pricingofentrustmentincome/contractingincome | Entrustmentincome/contractingincomerecognizedinthecurrentperiod |
| MDG | TheCompany | Entrustmentofotherassets | Feb1,2025 | Jan31,2030 | Negotiatedprice | 371,726.38 |
Notesonentrustment/contractingfromrelatedparties
□Applicable√NotapplicableEntrustment/contractingfromtheCompany:
□Applicable√NotapplicableNotesonrelated-partymanagement/contracting
□Applicable√Notapplicable
/
(3).Related-partyleaseTheCompanyasthelessor:
√Applicable□Notapplicable
Unit:RMB
| Nameoflessee | Typeofleasedasset | Rentalincomerecognizedinthecurrentperiod | Rentalincomerecognizedinthepreviousperiod |
| ZhijieYuangang | Officespace | 523,239.45 | 72,672.18 |
| CCCPropertyService | Officespace | 469,929.36 | 234,964.68 |
| CCCP | Officespace | 367,373.34 | 367,373.40 |
| YiwuMarketDevelopmentServiceCenterCo.,Ltd. | Parkinglot | 308,009.66 | 300,962.77 |
| YiwuShanglv | Warehouseandparkinglot | 191,131.49 | 229,357.80 |
| YiwuDigitalPortTechnologyCo.,Ltd. | Officespace | 108,509.64 | 106,579.08 |
| YiwuMeipinshuSupplyChainManagementCo.,Ltd. | Officespace | 107,716.98 | 107,716.98 |
| YiwuHuishangMicro-financeCo.,Ltd. | Auxiliarybuildings | 78,360.00 | 81,909.41 |
| ShangboYungu | Officespace | - | 485,524.71 |
| YiwuHuishangRedbudCapitalManagementCo.,Ltd. | Officespace | - | 143,977.85 |
| HangzhouMicroAntsCo.,Ltd. | Officespace | - | 29,524.76 |
TheCompanyasthelessee
√Applicable□Notapplicable
Unit:RMB
| lessorname | Typeofleasedasset | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Simplifiedtreatmentofrentalexpensesforshort-termleasesandleasesoflow-valueassets(ifapplicable) | Simplifiedtreatmentofrentalexpensesforshort-termleasesandleasesoflow-valueassets(ifapplicable) | ||
| CCCH | Warehouses | 7,512,968.82 | 7,512,968.82 |
Notesonrelated-partylease
√Applicable□NotapplicableTheGrouprentofficespacesfromaboverelatedpartiesatmarketprices
/
(4).Related-partyguaranteesTheCompanyastheguarantor
□Applicable√NotapplicableTheCompanyastheguaranteedparty
□Applicable√NotapplicableNotesonrelated-partyguarantees
□Applicable√Notapplicable
(5).Related-partylendingandborrowing
√Applicable□Notapplicable
Unit:RMB
| Relatedparty | Amount | Startingdate | Maturitydate | Remarks |
| Borrowings | ||||
| YiwuChengzhenPropertyCo.,Ltd. | 20,182,421.25 | Jan18,2022 | In2022,theGrouptransferredatotalofRMB20,182,421.25fromYiwuChengzhenPropertyCo.,Ltd.,accordingtotheshareholdingratio,attheannualinterestrateof0%.ThefundrepaymentdatewouldbedeterminedbasedonthefundingneedsofYiwuChengzhenPropertyCo.,Ltd.'sprojects. | |
| YiwuGuoshenShangboPropertyCo.,Ltd. | 230,600,000.00 | Oct31,2022 | TheGrouptransferredatotalofRMB230,600,000.00ofsurplusfundsfromGuoshenShangboin2022,accordingtotheshareholdingratio,attheannualinterestrateof0%.TheGrouptransferredatotalofRMB489,988,200.00ofsurplusfundsfromGuoshenShangboin2023,andtransferredatotalofRMB17,036,269.50ofsurplusfundsfromGuoshenShangboin2024.AsofJune30,2025,adividenddistributionofRMB720,588,200.00hasbeenconfirmed,andtheremainingfundofRMB17,036,269.50hasbeenreturned. | |
| YiwuGuoshenShangboPropertyCo.,Ltd. | 294,000,000.00 | 2023-06-29 | ||
| YiwuGuoshenShangboPropertyCo.,Ltd. | 98,000,000.00 | Oct30,2023 | ||
| YiwuGuoshenShangboPropertyCo.,Ltd. | 97,988,200.00 | Nov1,2023 | ||
| YiwuGuoshenShangboPropertyCo.,Ltd. | 17,036,269.50 | Sep2,2024 | ||
| YiwuRongshangPropertyCo.,Ltd. | 64,418,683.00 | 2022-06-30 | TheGroupreceivedapre-dividendofRMB64,418,683.00fromYiwuRongshangPropertyin2022.AsofJune30,2025,RMB10,281,390.77hasbeenreturned,andtherepaymentdateoftheremainingfundswouldbedeterminedaccordingtoprojects'fundingneeds. | |
Relatedparty
| Relatedparty | Amount | Startingdate | Maturitydate | Remarks |
| Lendingto | ||||
| JEBELALIFREEZONETRADERMARKET | 63,465,484.42 | Mar9,2020 | In2020,theGroupprovidedJEBELALIFREEZONETRADERMARKETDEVELOPMENTANDOPERATION | |
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| DEVELOPMENTANDOPERATIONFZCO | FZCOfinancialassistancetotalingRMB63,465,484.42;in2021,theGroupprovideditwithfinancialassistancetotalingRMB109,636,517.09;in2022,theGroupprovideditwithfinancialassistancetotalingRMB41,772,885.00,allatanannualinterestrateof6-monthaverageEIBORplus5%.Therepaymenttermofthefinancialassistancewouldbedeterminedbasedontheprogressoftheproject. | |||
| JEBELALIFREEZONETRADERMARKETDEVELOPMENTANDOPERATIONFZCO | 109,636,517.09 | Mar31,2021 | ||
| JEBELALIFREEZONETRADERMARKETDEVELOPMENTANDOPERATIONFZCO | 41,772,885.00 | May12,2022 |
(6).Related-partytransferofassetsandrestructuringofdebts
□Applicable√Notapplicable
(7).Remunerationsofkeyofficers
√Applicable□Notapplicable
Unit:RMB10,000
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Remunerationsofkeyofficers | 717.34 | 1,231.90 |
(8).Otherrelated-partytransactions
√Applicable□Notapplicable
Unit:RMB
| Unit | June30,2025 | 2024 |
| YishaChengduInternationalTradeCityCo.,Ltd. | 48,000,000.00 | - |
Afterthedeliberationandapprovalofthe25thmeetingofthe9thBoardofDirectorsheldbytheGrouponJanuary7,2025,theCompany’sindirectly-controlledsubsidiaryYiwugouprovidedaentrustedloanofRMB48millionintheformofmonetaryfundstotheminorityshareholderofYiwugou,YixiaChengduInternationalTradeCityCo.,Ltd.,throughtheAgriculturalBankofChinaYiwuBranch,withaloantermof2yearsandanannualinterestrateof5.5%.
6.Unsettleditemssuchasaccountsreceivableandrelatedpartiespayable
(1).Receivables
√Applicable□Notapplicable
Unit:RMB
| Item | Relatedparty | Closingbalance | Openingbalance | ||
| Bookbalance | Baddebtprovision | Bookbalance | Baddebtprovision | ||
| Accountsreceivable | YiwuMeipinshuSupplyChainManagementCo.,Ltd. | 1,599,048.89 | 191.41 | - | - |
| Accountsreceivable | YiwuShangduInternationalTravelAgencyCo.,Ltd. | 696,000.00 | 83.31 | - | - |
| Accountsreceivable | YourworldInternationalConferenceCenterCompanyofYiwuMarketDevelopmentGroupCo.,Ltd. | 849,754.95 | 101.72 | 24,622.26 | 0.38 |
| Accountsreceivable | CCCP | 20,000.00 | 2.39 | - | - |
/
| Accountsreceivable | ZhejiangYXESupplyChainManagementCo.,Ltd. | 474.00 | 0.06 | - | - |
| Total | 3,224,429.29 | 385.97 | 24,622.26 | 0.38 | |
| Prepayments | ShangboYungu | 2,679,191.52 | - | 5,983,066.50 | - |
| Prepayments | CCCH | 2,504,322.92 | - | 10,017,291.74 | - |
| Prepayments | YiwuShanglvInvestmentDevelopmentCo.,Ltd. | 1,894.65 | - | 5,600.00 | - |
| Prepayments | YourworldInternationalConferenceCenterCompanyofYiwuMarketDevelopmentGroupCo.,Ltd. | - | - | - | - |
| Total | 5,185,409.09 | - | 16,005,958.24 | - | |
| Otherreceivables | MDG | 252,929.51 | - | 492,423.20 | - |
| Otherreceivables | YiwuMarketDevelopmentServiceCenterCo.,Ltd. | 134,769.60 | - | - | - |
| Otherreceivables | CCCPropertyService | 61,962.96 | - | 228,250.00 | - |
| Otherreceivables | JEBELALIFREEZONETRADERMARKETDEVELOPMENTANDOPERATIONFZCO | 19,212.00 | - | - | - |
| Otherreceivables | YiwuShanglv | 2,405.67 | - | 2,405.67 | - |
| Otherreceivables | ZhejiangXingfuhuSportsDevelopmentCo.,Ltd. | 967.00 | - | 359.50 | - |
| Total | 472,246.74 | - | 723,438.37 | - | |
| Long-termreceivables | JEBELALIFREEZONETRADERMARKETDEVELOPMENTANDOPERATIONFZCO | 278,379,382.90 | - | 268,690,496.50 | - |
| Long-termreceivables | YiwuShanglv | - | 17,150,000.00 | - | |
| Total | 278,379,382.90 | - | 285,840,496.50 | - |
(2).Payables
√Applicable□Notapplicable
Unit:RMB
| Item | Relatedparty | Closingbookbalance | Openingbookbalance |
| Accountspayable | ShangboYungu | 2,104,411.81 | - |
| Accountspayable | CCCPropertyService | 1,373,103.81 | 279,544.83 |
| Accountspayable | ZhejiangYemaiDataTechnologyCo.,Ltd. | 301,549.82 | 314,651.52 |
| Accountspayable | ZhejiangYiwuBaixianWanpinAgriculturalSupplyChainCo.,Ltd. | 28,504.56 | - |
| Accountspayable | YiwuAgricultureDevelopmentCo.,Ltd. | 307.00 | 467.00 |
| Accountspayable | YiwuDigitalPortTechnologyCo.,Ltd. | - | 6,500,000.00 |
| Accountspayable | ZhijieYuangang | - | 1,926,727.86 |
| Accountspayable | HangzhouMicroAntsCo.,Ltd. | - | 66,768.80 |
| Total | 3,807,877.00 | 9,088,160.01 | |
| Advance | ZhijieYuangang | 540,653.80 | 145,344.31 |
/
| fromcustomers | |||
| Advancefromcustomers | CCCP | 329,641.67 | 612,289.01 |
| Advancefromcustomers | CCCPropertyService | 325,041.93 | 204,943.60 |
| Advancefromcustomers | YiwuMeipinshuSupplyChainManagementCo.,Ltd. | 69,201.22 | 303,796.59 |
| Advancefromcustomers | YiwuDigitalPortTechnologyCo.,Ltd. | 50,539.92 | 144,679.51 |
| Advancefromcustomers | YiwuJinhongShangboEnterpriseManagementCo.,Ltd. | - | 753,968.24 |
| Advancefromcustomers | YiwuShanglv | - | 191,131.49 |
| Advancefromcustomers | YiwuJinlongShangboPropertyCo.,Ltd. | - | 15,000.00 |
| Advancefromcustomers | YiwuGongchenShangboPropertyCo.,Ltd. | - | 12,830.00 |
| Total | 1,315,078.54 | 2,383,982.75 | |
| Contractliabilities | CCCPropertyService | 105,694.19 | 137,862.93 |
| Contractliabilities | YiwuDigitalPortTechnologyCo.,Ltd. | 49,363.93 | 61,322.36 |
| Contractliabilities | YiwuHuishangMicro-financeCo.,Ltd. | 43,238.91 | - |
| Total | 198,297.03 | 199,185.29 | |
| Otherpayables | YiwuRongshangPropertyCo.,Ltd. | 54,137,292.23 | 64,418,683.00 |
| Otherpayables | YiwuChengzhenPropertyCo.,Ltd. | 20,182,421.25 | 20,182,421.25 |
| Otherpayables | ZhijieYuangang | 2,900,000.00 | 471,600.00 |
| Otherpayables | CCCP | 240,000.00 | 240,000.00 |
| Otherpayables | ZhejiangYemaiDataTechnologyCo.,Ltd. | 167,591.89 | 235,601.89 |
| Otherpayables | YiwuHeimahuiEnterpriseServiceCo.,Ltd. | 111,080.00 | 100,000.00 |
| Otherpayables | YiwuDigitalPortTechnologyCo.,Ltd. | 32,000.00 | 32,000.00 |
| Otherpayables | YiwuMeipinshuSupplyChainManagementCo.,Ltd. | 57,000.00 | 57,000.00 |
| Otherpayables | HangzhouMicroAntsCo.,Ltd. | 11,080.00 | 11,080.00 |
| Otherpayables | YourworldInternationalConferenceCenterCompanyofYiwuMarketDevelopmentGroupCo.,Ltd. | 50,232.55 | 93,571.47 |
| Otherpayables | CCCPropertyService | 6,720.22 | - |
/
| Otherpayables | YiwuGuoshenShangboPropertyCo.,Ltd. | - | 737,624,469.50 |
| Otherpayables | YiwuHuishangRedbudEquityInvestmentCo.,Ltd. | - | 26,550,000.00 |
| Otherpayables | YiwuSecurityServiceCo.,Ltd. | - | 529,366.13 |
| Total | 77,895,418.14 | 850,545,793.24 |
/
(3).Otherprojects
√Applicable□Notapplicable
Unit:RMB
| Item | Relatedparty | Closingbookbalance | Openingbookbalance |
| Debtinvestments | YishaChengduInternationalTradeCityCo.,Ltd. | 48,073,333.33 | - |
7.Related-partycommitments
□Applicable√Notapplicable
8.Other
□Applicable√NotapplicableXV.Share-basedpayment
1.Variousequityinstruments
(1).Details
√Applicable□Notapplicable
Quantityunit:shareAmountunit:RMB
| Grantobjectcategory | Grantinthisperiod | Optionexercisedforthecurrentperiod | Unlockedinthisperiod | Expiredinthisperiod | ||||
| Quantity | Amount | Quantity | Amount | Quantity | Amount | Quantity | Amount | |
| Managementpersonnel | - | - | - | - | 12,457,600.00 | 36,625,344.00 | - | - |
| R&Dpersonnel | - | - | - | - | 170,000.00 | 499,800.00 | - | - |
| Total | - | - | - | - | 12,627,600.00 | 37,125,144.00 | - | - |
(2).Stockoptionsorotherequityinstrumentsissuedtothepublicasoftheendofthe
period
□Applicable√Notapplicable
2.Share-basedpaymentsettledwithequity
√Applicable□Notapplicable
Unit:RMB
| Recipientsofequity-settledshare-basedpayments | Directors,seniormanagement,coretechnicalpersonnel,andotherpersonneldeemednecessarybytheBoardofDirectorsoftheCompany(includingitssubsidiaries)tobeincentivized |
| Methodfordeterminingthefairvalueofequityinstrumentsonthegrantdate | Marketpriceongrantday |
| Importantparametersoffairvalueofequityinstrumentsongrantdate | / |
| Basisfordeterminingthenumberofexercisableequityinstruments | TheassessmentoftheCompany'sfinancialperformanceindicatorsandindividualperformanceindicatorsisconductedannually,andthequantityheldbytheincentivetargetswhomeettheassessmentobjectivesisdetermined. |
| Reasonforthesignificantdifferencebetweentheestimatesinthecurrent | No |
/
| periodandinthepreviousperiod | |
| Cumulativeamountofequity-settledshare-basedpaymentsincludedinthecapitalreserve | 87,753,036.78 |
Otherstatements
Accordingtothe"Proposalonthe<2020RestrictedStockIncentivePlan(Draft)>andItsSummary"(hereinafterreferredtoas"thisPlan")approvedatthefifthextraordinarygeneralmeetingofshareholdersin2020,thenumberofincentiverecipientsforthefirstgrantunderthisPlanis405individuals.TherestrictedstockincentiveisdesignatedfortheCompany's(includingitssubsidiaries)directors,seniormanagement,coretechnicalpersonnel,andotherindividualswhomtheboarddeemsnecessarytoincentivize.Thetotalnumberofrestrictedsharesgrantedamountsto50,480,000,whichisapproximately0.927%oftheCompany'stotalsharecapitalof5,443,214,176shares.Ofthistotal,47,920,000sharesaregrantedforthefirsttime,with2,560,000sharesreserved.ThegrantpricefortherestrictedsharesinthefirstgrantpartunderthisPlanisRMB2.94pershare,withafairvalueofRMB5.11pershareonthegrantdate,confirmingatotalequity-basedcompensationofRMB101,339,000.00;forthereservedgrantpartoftherestrictedshares,thegrantpriceisRMB2.39pershare,withafairvalueofRMB4.80pershareonthegrantdate,confirmingatotalequity-basedcompensationofRMB5,639,400.00.Duringthecurrentperiod,RMB303,042.85wasrecognizedasshare-basedpaymentexpenses,amortizedoverthevestingperiodofrestrictedshares.Thecumulativeamortizedshare-basedpaymentexpensesrecognizedunderthisvestingperiodbasisamountedtoRMB87,753,036.78.
3.Share-basedpaymentsettledwithcash
□Applicable√Notapplicable
4.Share-basedpaymentexpensesinthisperiod
√Applicable□Notapplicable
Unit:RMB
| Grantobjectcategory | Equity-settledshare-basedpaymentexpenses | Cash-settledshare-basedpaymentexpenses |
| Administrativeexpenses | 249,292.89 | / |
| R&Dexpenses | - | / |
| Total | 249,292.89 | / |
OtherstatementsNo
5.Modificationandterminationofshare-basedpayment
□Applicable√Notapplicable
6.Other
□Applicable√NotapplicableXVI.Commitmentsandcontingencies
1.Importantcommitments
√Applicable□NotapplicableImportantexternalcommitments,natureandamountthereofasofthebalancesheetdates
Unit:RMB
| Capitalcommitments | June30,2025 | 2024 |
| Signedbutnotprovided | 2,719,465,027.18 | 3,533,111,353.67 |
(1)InvestmentCommitmenttoShangfuChuangzhiFund
/
In2017,theCompany’swholly-ownedsubsidiaryYiwuChinaCommoditiesCityFinancialHoldingsCo.,Ltd.(“CCCF”)andShanghaiFuxingIndustryGroupCo.,Ltd.(“FuxingGroup”)jointlyestablishedanindustryfundYiwuChinaCommoditiesCityFuxingInvestmentCenter(LimitedPartnership)(hereinafterreferredtoasthe“FOF”).TheFOFasalimitedpartnerinvestedin12sub-fundsincludingYiwuShangfuChuangzhiInvestmentCenter(LimitedPartnership)(“ShangfuChuangzhiFund”).CCCFsubscribedforcapitalcontributionofRMB998millionintheFOFasalimitedpartner,accountingfor49.9%ofthetotalcapitalcontribution,andhaspaidinRMB102.92million.TheunpaidportionofitssubscribedcapitalcontributionwaspromisedtobeRMB895.08millionandwasnotsubjecttoaterm.CCCFalsomadecapitalcontributionofRMB9.8million(49%equity)toYiwuChinaCommoditiesCityInvestmentandManagementCo.,Ltd.(hereinafterreferredtoasthe“CCCIM”),whichwasageneralpartneroftheaboveFOFandsub-funds.Fuxingmadecapitalcontributionof51%toandhadcontroloverCCCIM.ShangfuChuangzhiFundraisedfundsofRMB823.36millionintotal.TheFOFhassubscribedforandpaidincapitalcontributionofRMB205.84millionasalimitedpartner(includingtheaboveRMB102.92millionfromCCCIMandtherestwascontributedbyFuxing,theotherlimitedpartneroftheFOF).AstheotherlimitedpartnerofShangfuChuangzhiFund,CCCFhasseparatelysubscribedforandpaidincapitalcontributionofRMB617.51million.Inaddition,neithertheGroupnorCCCFdidnotinvestinothersub-fundsoftheFOF.ShangfuChuangzhiFundsubsequentlysubscribedtotheincreasedregisteredcapitalofHubeiAssetManagementCo.,Ltd.forRMB820.54million,holding22.6667%ofitsequity.In2019,9outofthe12sub-fundsmentionedabovewerecancelled.
In2018,CCCFlearnedduringitsafter-investmentfollow-upmanagementthatFuxinganditsactualcontrollerZHUYidongweresuspectedofhavingcommittedacriminaloffenseandthe
22.667%equityheldbyShangfuChuangzhiFundinHubeiProvincialAssetManagementCo.,Ltd.wasfrozenbythePublicSecurityBureauofShanghaiduetoFuxing’scontributiontothesourcesofthecapitalcontribution.Asofthedateofapprovalforthefinancialstatements,therelevantequitywasstillfrozen.
Asoftheapprovaldateofthefinancialstatements,theGrouphadnotreceivedanynoticeofcapitalcontributionotherthantheabovecontributionsthathadbeenmadeoranynoticeofactioninvolvingtheGroup,CCCF,FoFanditssub-funds.
(2)OtherInvestmentCommitments
AsapprovedbytheCompany’s9thBoardofDirectorsatits24thmeetingheldonDecember31,2024,theCompanyintendstocontributeRMB300milliontotheestablishmentofFumaoFundPhaseII.ThisfundwasinitiatedbytheMinistryofFinance,theMinistryofCommerce,andChinaMerchantsGroupCo.,Ltd.,raisesfundsfromstronglocalgovernments,financialinstitutions,leadingcompaniesintheservicetradesector,andothers.FumaoFundPhaseIIisestablishedasalimitedpartnership,withascaleofnolessthanRMB10billion.Asofthedateofapprovalofthefinancialstatements,theCompanyhasnotyetmadeanycontributions.
Inaddition,asofJune30,2025,theGrouphasotherinvestmentcommitmentstotalingRMB286.767million(December31,2024:RMB326.767million).
2.Contingencies
(1).Importantcontingenciesonthebalancesheetdates
√Applicable□Notapplicable
Unit:RMB
| Item | June30,2025 | 2024 |
| Contingentliabilitiesresultingfromtheguaranteeprovidedexternally | 4,303,832.54 | 4,412,333.72 |
Accordingtorelevantregulations,theGroupisrequiredtoprovidemortgageloanguaranteetothebankforthesaleofcommercialhousingbeforethepurchaserhasgainedthepropertyownershipcertificate.TheoutstandingguaranteeamountasofJune30,2025isRMB4,303,832.54(December31,2024:RMB4,412,333.72).Thoseguaranteeswouldbereleasedaftertheissuanceofthepropertyownershipcertificatesandarethuslittlelikelytoincurlosses.
/
Therefore,themanagementbelievedthatitwasnotnecessarytomakeprovisionfortheguarantees.
(2).NotesshallalsobemadeeveniftheCompanyhasnoimportantcontingenciestobedisclosed:
□Applicable√Notapplicable
3.Other
□Applicable√NotapplicableXVII.Post-balancesheetdateevents
1.Importantnon-adjustingevents
□Applicable√Notapplicable
2.Profitdistribution
□Applicable√Notapplicable
3.Salesreturn
□Applicable√Notapplicable
4.Otherpost-balancesheetdateevents
□Applicable√NotapplicableXVIII.Otherimportantevents
1.Correctionofpreviousaccountingerrors
(1).Retrospectiverestatement
□Applicable√Notapplicable
(2).Prospectiveapplication
□Applicable√Notapplicable
2.Significantdebtrestructuring
□Applicable√Notapplicable
3.Exchangeofassets
(1).Exchangeofnon-monetaryassets
□Applicable√Notapplicable
(2).Exchangeofotherassets
□Applicable√Notapplicable
4.Annuityplan
□Applicable√Notapplicable
5.Terminationofoperations
□Applicable√Notapplicable
/
6.Informationofdivisions
(1).Determinationbasisandaccountingpolicyofreportingdivisions
√Applicable□NotapplicableTheCompanydeterminesitsreportingsegmentsbasedoninternalorganizationalstructure,managementrequirements,internalreportingsystems,andotherrelevantfactors,withthebusinesssegmentsservingasthefoundationforthedeterminationofreportingsegments.Everysegment'soperatingperformanceinmarketoperations,tradeservices,supportingservices,andcommoditysalesservices,amongothers,shallbeevaluatedseparately.Assetsandliabilitiesthatarejointlyusedbyvarioussegmentsshallbeallocatedamongthedifferentsegmentsaccordingtotheirscaleproportions.
(2).Financialinformationofreportingdivisions
√Applicable□Notapplicable
Unit:RMBmillion
| Item | Marketoperation | Tradeservices | Supportingservices | Salesofgoods | Set-offsamongdivisions | Total |
| Revenuefromexternaltransactions | 2,379.00 | 531.11 | 269.64 | 4,533.05 | - | 7,712.80 |
| Amongwhich:Revenuegeneratedfromcontractswithcustomers | 2,328.19 | 515.13 | 255.43 | 4,532.53 | - | 7,631.28 |
| Revenuefrominter-divisiontransactions | 29.45 | 62.50 | 22.19 | 41.01 | 155.15 | - |
| Profitsbeforetax | 1,848.12 | 301.57 | 3.34 | -5.30 | -0.27 | 2,148.00 |
| Totalassets | 46,389.46 | 9,728.31 | 1,521.76 | 2,607.17 | 21,862.70 | 38,384.00 |
| Totalliabilities | 25,043.88 | 3,754.99 | 1,354.44 | 2,422.66 | 14,658.97 | 17,917.00 |
| Capitalexpenditures | 500.88 | 61.60 | 0.24 | 0.02 | - | 562.74 |
| Long-termequityinvestmentinjointventuresandassociates | 5,400.52 | 930.94 | - | 1.54 | - | 6,333.00 |
(3).IftheCompanydoesnothavereportingdivisionsorisunabletodisclosethetotal
assetsandtotalliabilitiesofeachdivision,pleaseexplain
□Applicable√Notapplicable
(4).Otherstatements
□Applicable√Notapplicable
7.Otherimportanttransactionsandeventsthathaveinfluenceoninvestors’decisions
□Applicable√Notapplicable
8.Other
□Applicable√Notapplicable
/
XIX.Notestomainitemsinfinancialstatementsofparentcompany
1.Accountsreceivable
(1).Disclosurebasedonaccountage
√Applicable□Notapplicable
Unit:RMB
| Accountage | Closingbookbalance | Openingbookbalance |
| Within1year(including1year) | 3,894,631.17 | 5,602,778.43 |
| Subtotalwithin1year | 3,894,631.17 | 5,602,778.43 |
| 1to2years | 41,650.46 | 64,281.00 |
| 2to3years | 602,900.16 | 601,829.93 |
| Over3years | 1,091,527.96 | 1,115,719.38 |
| Total | 5,630,709.75 | 7,384,608.74 |
/
(2).Categorizeddisclosurebasedonthebaddebtprovisionmethod
√Applicable□Notapplicable
Unit:RMB
| Category | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Baddebtprovision | Bookvalue | Bookbalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Provisionratio(%) | Amount | Proportion(%) | Amount | Provisionratio(%) | |||
| Provisionforbaddebtsonagroupingbasis | 5,630,709.75 | 100.00 | 1,128,435.19 | 20.04 | 4,502,274.56 | 7,384,608.74 | 100.00 | 1,149,456.22 | 15.57 | 6,235,152.52 |
| Amongthem: | ||||||||||
| Provisionforbaddebtsbygroupingofcreditriskcharacteristics | 5,630,709.75 | 100.00 | 1,128,435.19 | 20.04 | 4,502,274.56 | 7,384,608.74 | 100.00 | 1,149,456.22 | 15.57 | 6,235,152.52 |
| Total | 5,630,709.75 | / | 1,128,435.19 | / | 4,502,274.56 | 7,384,608.74 | / | 1,149,456.22 | / | 6,235,152.52 |
Provisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableProvisionforbaddebtsonagroupingbasis:
√Applicable□NotapplicableProvisionitemsonagroupingbasis:bygroupingofcreditriskcharacteristics
Unit:RMB
| Name | Closingbalance | ||
| Bookbalance | Baddebtprovision | Provisionratio(%) | |
| Provisionforbaddebtsbygroupingofcreditriskcharacteristics | 5,630,709.75 | 1,128,435.19 | 20.04 |
| Total | 5,630,709.75 | 1,128,435.19 | 20.04 |
Explanationforprovisionforbaddebtsonagroupingbasis:
□Applicable√Notapplicable
/
Provisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses
√Applicable□Notapplicable
Unit:RMB
| Baddebtprovision | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossinthecoming12months | Expectedcreditlossintheentireduration(credithasnotbeenimpaired) | Expectedcreditlossintheentireduration(credithasbeenimpaired) | ||
| BalanceasofJanuary1,2025 | 1,149,456.22 | 1,149,456.22 | ||
| Movementsforthecurrentperiod: | 1,149,456.22 | 1,149,456.22 | ||
| Provisionmadeinthecurrentperiod | 164,809.58 | 164,809.58 | ||
| Currentreversal | 185,830.61 | 185,830.61 | ||
| BalanceasofJune30,2025 | 1,128,435.19 | 1,128,435.19 |
ClassificationbasisandbaddebtprovisionratioforeachstageNoExplanationofsignificantchangesinthebookbalanceofaccountsreceivablewithchangesinlossprovisionsinthisperiod:
□Applicable√Notapplicable
(3).Provisionsforbaddebts
√Applicable□Notapplicable
Unit:RMB
| Category | Openingbalance | Amountofchangeduringthecurrentperiod | Closingbalance | |
| Provision | Recoveryorreversal | |||
| Baddebtprovisionforaccountsreceivable | 1,149,456.22 | 164,809.58 | 185,830.61 | 1,128,435.19 |
| Total | 1,149,456.22 | 164,809.58 | 185,830.61 | 1,128,435.19 |
Inwhichtherecoveredorreversedamountisimportant:
□Applicable√NotapplicableOtherstatementsNo
(4).Accountsreceivableactuallywrittenoffduringthecurrentperiod
□Applicable√NotapplicableInformationofwrite-offofimportantaccountsreceivable
□Applicable√NotapplicableDescriptionofaccountsreceivablewrittenoff:
□Applicable√Notapplicable
(5).Fivedebtorswiththehighestclosingbalancesofaccountsreceivableandcontractassets
√Applicable□Notapplicable
/
Unit:RMB
| Debtor | Closingbalanceofaccountsreceivable | Closingbalanceofcontractassets | Closingbalanceofaccountsreceivableandcontractassets | Proportioninthetotalclosingbalanceofaccountsreceivableandcontractassets(%) | Closingbalanceofbaddebtprovision |
| ZhejiangMengnaSocksCo.,Ltd. | 672,209.54 | - | 672,209.54 | 11.94 | 1,075.54 |
| WANGJunjie | 324,125.82 | - | 324,125.82 | 5.76 | 518.60 |
| CHENJingfang | 99,788.09 | - | 99,788.09 | 1.77 | 159.66 |
| YiwuZhengpaiEducationTechnologyCo.,Ltd. | 97,483.00 | - | 97,483.00 | 1.73 | 155.97 |
| WANGHui | 85,676.00 | - | 85,676.00 | 1.52 | 137.08 |
| Total | 1,279,282.45 | - | 1,279,282.45 | 22.72 | 2,046.85 |
Othernotes:
√Applicable□Notapplicable
TheCompanyismainlyengagedinmarketoperationandhotelservicesanditsrevenuefromanindividualclientisverylow.Therefore,thecombinedaccountsreceivablefromthetopfiveclientsoccupiedaverysmallshareinitstotalbalanceofaccountsreceivable.
2.OtherreceivablesPresentationofitems
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Otherreceivables | 46,864,592.20 | 33,119,467.87 |
| Total | 46,864,592.20 | 33,119,467.87 |
Othernotes:
□Applicable√NotapplicableInterestreceivable
(1).Classificationofinterestreceivable
□Applicable√Notapplicable
(2).Significantoverdueinterest
□Applicable√Notapplicable
(3).Categorizeddisclosurebasedonthebaddebtprovisionmethod
□Applicable√NotapplicableProvisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableExplanationforprovisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableProvisionforbaddebtsonagroupingbasis:
□Applicable√Notapplicable
/
(4).Provisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses
□Applicable√Notapplicable
(5).Provisionsforbaddebts
□Applicable√NotapplicableInwhichtherecoveredorreversedamountisimportant:
□Applicable√NotapplicableOthernotes:
No
(6).Interestreceivableactuallywrittenoffinthisperiod
□Applicable√NotapplicableImportantinterestreceivablewrittenoffamongthem
□Applicable√NotapplicableExplanationofwriting-off:
□Applicable√NotapplicableOthernotes:
□Applicable√NotapplicableDividendreceivable
(1).Dividendreceivable
□Applicable√Notapplicable
(2).Importantdividendreceivablewithanaccountagelongerthan1year
□Applicable√Notapplicable
(3).Categorizeddisclosurebasedonthebaddebtprovisionmethod
□Applicable√NotapplicableProvisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableExplanationforprovisionforbaddebtsonanindividualbasis:
□Applicable√NotapplicableProvisionforbaddebtsonagroupingbasis:
□Applicable√Notapplicable
(4).Provisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses
□Applicable√Notapplicable
(5).Provisionsforbaddebts
□Applicable√Notapplicable
/
Inwhichtherecoveredorreversedamountisimportant:
□Applicable√NotapplicableOthernotes:
No
(6).Dividendsreceivableactuallywrittenoffinthisperiod
□Applicable√NotapplicableImportantdividendreceivableswrittenoffamongthem
□Applicable√NotapplicableExplanationofwriting-off:
□Applicable√NotapplicableOthernotes:
□Applicable√NotapplicableOtherreceivables
(1).Disclosurebasedonaccountage
√Applicable□Notapplicable
Unit:RMB
| Accountage | Closingbookbalance | Openingbookbalance |
| Within1year(including1year) | 45,557,281.79 | 32,771,596.43 |
| Subtotalwithin1year | 45,557,281.79 | 32,771,596.43 |
| 1to2years | 175,328.00 | 312,311.44 |
| 2to3years | 700,460.00 | 30,000.00 |
| Over3years | 475,204.71 | 53,925.19 |
| Baddebtprovisionforotherreceivables | -43,682.30 | -48,365.19 |
| Total | 46,864,592.20 | 33,119,467.87 |
(2).Classificationbasedonthenatureofaccounts
√Applicable□Notapplicable
Unit:RMB
| Natureofreceivable | Closingbookbalance | Openingbookbalance |
| Withholdings,depositandmargin | 46,605,674.50 | 32,730,727.88 |
| Reserve | 302,600.00 | 437,105.18 |
| Total | 46,908,274.50 | 33,167,833.06 |
(3).Baddebtprovision
√Applicable□Notapplicable
Unit:RMB
| Baddebtprovision | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossinthecoming12months | Expectedcreditlossintheentireduration(credithasnotbeenimpaired) | Expectedcreditlossintheentireduration(credithasbeenimpaired) | ||
| BalanceasofJanuary1,2025 | 48,365.19 | 48,365.19 | ||
| Provisionmadeinthecurrentperiod | - | - | ||
| Currentreversal | 4,682.89 | 4,682.89 | ||
| BalanceasofJune30,2025 | 43,682.30 | 43,682.30 |
Classificationbasisandbaddebtprovisionratioforeachstage
/
NoSignificantchangesinthebookbalanceofotherreceivableswithchangesinlossprovisions:
□Applicable√NotapplicableBasisforthebaddebtprovisionmadeinthecurrentperiodandforassessingwhetherthecreditriskoffinancialinstrumentshasincreasedsignificantly:
□Applicable√Notapplicable
(4).Provisionsforbaddebts
√Applicable□Notapplicable
Unit:RMB
| Category | Openingbalance | Amountofchangeduringthecurrentperiod | Closingbalance | |
| Provision | Recoveryorreversal | |||
| Baddebtprovisionforotherreceivables | 48,365.19 | - | 4,682.89 | 43,682.30 |
| Total | 48,365.19 | - | 4,682.89 | 43,682.30 |
Amongthem,importantrecoveredorreversedamounts:
□Applicable√NotapplicableOtherstatementsNo
(5).Otherreceivablesactuallywrittenoffduringthecurrentperiod
□Applicable√NotapplicableOfwhich,importantwrite-offsofotherreceivables:
□Applicable√NotapplicableNotesonthewrite-offofotherreceivables:
□Applicable√Notapplicable
(6).Otherreceivablesfromthefivedebtorswithhighestclosingbalance
√Applicable□Notapplicable
Unit:RMB
| Debtor | Closingbalance | Weightinthetotalclosingbalanceofotherreceivables(%) | Natureofreceivable | Accountage | Closingbalanceofbaddebtprovision |
| YiwuChinaCommoditiesCityInformationTechnologyCo.,Ltd. | 16,703,327.12 | 35.61 | Withholdings,depositandmargin | Within1year | - |
| JiangdongSub-districtOffice,YiwuCity | 2,631,845.00 | 5.61 | Within1year | - | |
| YiwuPowerTransmissionandTransformationEngineeringCo.,Ltd. | 1,020,466.00 | 2.18 | Within1year | - | |
| ZhejiangExpresswayIntelligentTollOperationServiceCo.,Ltd | 263,081.75 | 0.56 | Within1year | - | |
| MDG | 230,429.51 | 0.49 | Within1year | - | |
| Total | 20,849,149.38 | 44.45 | / | / | - |
/
(7).Reportedasotherreceivablesduetocentralizedfundmanagement
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
/
3.Long-termequityinvestment
√Applicable□Notapplicable
Unit:RMB
| Item | Closingbalance | Openingbalance | ||||
| Bookbalance | Impairmentprovision | Bookvalue | Bookbalance | Impairmentprovision | Bookvalue | |
| Investmentinsubsidiaries | 4,865,433,580.86 | - | 4,865,433,580.86 | 4,843,157,006.60 | - | 4,843,157,006.60 |
| Investmentinassociatesandjointventures | 5,404,888,004.99 | - | 5,404,888,004.99 | 6,011,638,681.73 | - | 6,011,638,681.73 |
| Total | 10,270,321,585.85 | - | 10,270,321,585.85 | 10,854,795,688.33 | - | 10,854,795,688.33 |
(1).Investmentinsubsidiaries
√Applicable□Notapplicable
Unit:RMB
| Investee | Openingbalance(Bookvalue) | Openingbalanceofprovision | Changeinthecurrentperiod | Closingbalance(Bookvalue) | Closingbalanceofimpairmentprovision | ||
| Additionalinvestment | Decreaseininvestment | Other | |||||
| YiwuChinaCommoditiesCityFinancialHoldingsCo.,Ltd. | 2,239,868,159.79 | - | - | - | 3,033.07 | 2,239,871,192.86 | - |
| YiwuShangboYuncangEnterpriseManagementCo.,Ltd. | 500,000,000.00 | - | - | - | - | 500,000,000.00 | - |
| ZhejiangXunchiDigitalTechnologyCo.,Ltd. | 444,550,701.85 | - | - | - | - | 444,550,701.85 | - |
| YiwuShangboShuzhiEnterpriseManagementCo.,Ltd. | 300,000,000.00 | - | - | 300,000,000.00 | - | - | - |
| YiwuShangchengGonglianEnterpriseManagementCo.,Ltd. | 200,000,000.00 | - | - | - | - | 200,000,000.00 | - |
| ZhejiangChinaCommoditiesCityGroupCommercialFactoringCo.,Ltd. | 120,224,877.43 | - | - | - | - | 120,224,877.43 | - |
| YiwuChinaCommoditiesCityBigDataCo.,Ltd. | 106,035,773.20 | - | - | - | 12,362.70 | 106,048,135.90 | - |
/
| YiwuChinaCommoditiesCityImportandExportCo.,Ltd. | 102,669,142.57 | - | - | - | 9,403.61 | 102,678,546.18 | - |
| YiwuChinaCommoditiesCityLogisticsandWarehousingCo.,Ltd. | 102,746,870.29 | - | 300,000,000.00 | - | 40,037.79 | 402,786,908.08 | - |
| YiwuChinaCommoditiesCityOverseasInvestmentandDevelopmentCo.,Ltd. | 102,062,943.90 | - | - | - | 2,663.18 | 102,065,607.08 | - |
| YiwuChinaCommoditiesCitySupplyChainManagementCo.,Ltd. | 101,978,245.63 | - | - | - | 7,850.08 | 101,986,095.71 | - |
| YiwuChinaCommoditiesCityTourismDevelopmentCo.,Ltd. | 101,332,529.91 | - | - | - | 1,479.55 | 101,334,009.46 | - |
| ZhejiangHuajieInvestmentandDevelopmentCo.,Ltd. | 97,031,150.17 | - | 1,120,000.00 | - | 17,043.08 | 98,168,193.25 | - |
| YiwuComprehensiveBondedZoneOperationandManagementCo.,Ltd. | 60,947,795.33 | - | - | - | 34,137.48 | 60,981,932.81 | - |
| YiwuChinaCommoditiesCityInformationTechnologyCo.,Ltd. | 51,157,789.56 | - | - | - | 1,849.43 | 51,159,638.99 | - |
| HangzhouShangboNanxingPropertyCo.,Ltd. | 50,000,000.00 | - | - | - | - | 50,000,000.00 | - |
| YiwuChinaCommoditiesCityExhibitionCo.,Ltd. | 21,295,366.20 | - | - | - | 3,698.86 | 21,299,065.06 | - |
| ZhejiangYinduHotelManagementCo.,Ltd. | 15,993,728.47 | - | - | - | 14,647.50 | 16,008,375.97 | - |
| YiwuChinaCommoditiesCityAssetsOperationandManagementCo.,Ltd. | 12,275,637.35 | - | - | - | 1,997.39 | 12,277,634.74 | - |
| YiwuChinaCommoditiesCityResearchInstituteCo.,Ltd. | 11,859,127.48 | - | - | - | 6,370.54 | 11,865,498.02 | - |
| YiwuYundailuDataTechnologyCo.,Ltd. | 100,000,000.00 | - | 20,000,000.00 | - | - | 120,000,000.00 | - |
| ZhejiangThinkTankCo.,Ltd. | 1,127,167.47 | - | 1,000,000.00 | - | - | 2,127,167.47 | - |
| Total | 4,843,157,006.60 | - | 322,120,000.00 | 300,000,000.00 | 156,574.26 | 4,865,433,580.86 | - |
/
(2).Investmentinassociatesandjointventures
√Applicable□Notapplicable
Unit:RMB
| InvestmentUnit | Openingbalance(Bookvalue) | Openingbalanceofprovision | Changeinthecurrentperiod | Closingbalance(Bookvalue) | Closingbalanceofimpairmentprovision | ||
| Decreaseininvestment | Investmentgainsorlossesrecognizedwiththeequitymethod | Declareddistributionofcashdividendsorprofits | |||||
| 1.Jointventures | |||||||
| YiwuShanglv | 478,903,324.97 | - | - | 25,209,369.16 | - | 504,112,694.13 | - |
| YiwuRongshangPropertyCo.,Ltd. | 65,650,243.74 | - | - | -643.67 | - | 65,649,600.07 | - |
| YiwuChuangchengPropertyCo.,Ltd. | 22,432,461.55 | - | - | -27.12 | - | 22,432,434.43 | - |
| YiwuGuoshenShangboPropertyCo.,Ltd. | 882,314,580.95 | - | - | -653,236.04 | 720,588,200.00 | 161,073,144.91 | - |
| Other | 26,738,917.75 | - | - | -1,172,027.68 | - | 25,566,890.07 | - |
| Sub-total | 1,476,039,528.96 | - | - | 23,383,434.65 | 720,588,200.00 | 778,834,763.61 | - |
| 2.Associates | |||||||
| YiwuHuishangRedbudPhaseIIInvestmentPartnership(limitedpartnership) | 143,791,110.89 | - | 1,873,048.91 | -447,747.21 | - | 141,470,314.77 | - |
| HuishangMicro-finance | 78,705,104.38 | - | - | 92,954.07 | - | 78,798,058.45 | - |
| ChouzhouFinancialLease | 590,724,657.46 | - | - | 65,174,631.13 | - | 655,899,288.59 | - |
| PujiangLvguPropertyCo.,Ltd. | 409,526,095.66 | - | - | -6,171,129.34 | - | 403,354,966.32 | - |
| CCCP | 3,063,618,429.75 | - | - | 35,954,483.78 | - | 3,099,572,913.53 | |
| ZhijieYuangang | 119,889,908.19 | - | - | -2,110,065.70 | - | 117,779,842.49 | - |
| Other | 129,343,846.44 | - | - | -165,989.21 | - | 129,177,857.23 | - |
| Sub-total | 4,535,599,152.77 | - | 1,873,048.91 | 92,327,137.52 | - | 4,626,053,241.38 | - |
| Total | 6,011,638,681.73 | - | 1,873,048.91 | 115,710,572.17 | 720,588,200.00 | 5,404,888,004.99 | - |
(3).Impairmenttestingoflong-termequityinvestments
□Applicable√NotapplicableOthernotes:
□Applicable√Notapplicable
/
4.Operatingrevenueandoperatingcost
(1).Overviewofoperatingrevenueandoperatingcost
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod | ||
| Revenue | Costofsales | Revenue | Costofsales | |
| Mainbusiness | 2,310,224,197.36 | 522,622,745.89 | 2,272,200,082.79 | 453,367,623.13 |
| Otherbusinesses | 237,995,132.23 | 78,519,451.56 | 156,341,744.49 | 36,812,987.68 |
| Total | 2,548,219,329.59 | 601,142,197.45 | 2,428,541,827.28 | 490,180,610.81 |
(2).Breakdowninformationofoperatingrevenueandoperatingcosts
√Applicable□Notapplicable
Unit:RMB
| Classifiedbytypeofcontract | Total | |
| Operatingrevenue | Operatingcost | |
| Typesofgoods | ||
| TheuseofshopsintheChinaCommoditiesCitymarketsandthesupportingservicesforoperation | 2,140,217,106.99 | 291,358,825.29 |
| Lease | 192,440,779.86 | 163,574,649.82 |
| Hotelaccommodationandcateringservices | 127,704,430.26 | 115,778,861.70 |
| Usagefee | 154,256.92 | - |
| Otherservices | 87,702,755.56 | 30,429,860.64 |
| Classifiedbybusinessarea | ||
| Chinesemainland | 2,548,219,329.59 | 601,142,197.45 |
| Revenuerecognitiontime | ||
| Revenueconfirmedatcertaintimepoint | 64,844,759.15 | 58,789,287.00 |
| Revenueconfirmedduringcertaintimeperiod | 2,483,374,570.44 | 542,352,910.45 |
| Total | 2,548,219,329.59 | 601,142,197.45 |
Otherstatements
□Applicable√Notapplicable
(3).Contractperformanceobligations
√Applicable□Notapplicable
Unit:RMB
| Item | Timeforfulfillingperformanceobligations | Importantpaymentterms | NatureofthegoodsthattheCompanypromisestotransfer | WhethertheCompanyisthemainresponsibleperson | PaymentsbornebytheCompanythatwillberefundedtoCustomers | ThetypesofqualityassuranceprovidedbytheCompanyandrelatedobligations |
| TheuseofshopsintheChinaCommoditiesCitymarketsandthesupportingservicesforoperation | Whenprovidingservices | Aportionofthedepositiscollectedinadvance,andtheremainingamountiscollecteduponcompletionofthe | Shopuseright/supportingservicesforoperation | Yes | - | No |
| Hotelaccommodation | Whenproviding | Hotelaccommodation | Yes | - | No |
/
| business | services | obligations | service | |||
| Hotelcateringbusiness | Uponcompletionoftheservice | Collectionuponcompletionofperformance | Cateringservices | Yes | - | No |
| Fundusagefee | Whenprovidingservices | Regularcollection | Fundsources | Yes | - | No |
| Total | / | / | / | / | - | / |
(4).Amortizationtoremainingcontractperformanceobligations
□Applicable√Notapplicable
(5).Significantcontractchangesorsignificanttransactionpriceadjustments
□Applicable√NotapplicableOthernotes:
No
5.Investmentincome
√Applicable□Notapplicable
Unit:RMB
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Long-termequityinvestmentincomeaccountedbycostmethod | 14,700,000.00 | - |
| Incomefromlong-termequityinvestmentcalculatedwiththeequitymethod | 115,710,572.17 | 114,978,264.95 |
| Investmentincomefromdisposalofheld-for-tradingfinancialassets | 3,431,649.80 | - |
| Returnoninvestmentduringinvestmentholdingperiodofothernon-currentfinancialassets | - | 2,475,000.00 |
| Total | 133,842,221.97 | 117,453,264.95 |
Othernotes:
No
6.Other
□Applicable√NotapplicableXX.Supplements
1.Detailedstatementofcurrentnon-recurringitems
√Applicable□Notapplicable
Unit:RMB
/
| Item | Amount | Remarks |
| Non-currentassetdisposalgainsandlosses,includingtheoffsettingportionoftheprovisionforimpairmentofassets | -8,650.50 | |
| Governmentgrantsthatarerecognizedinthecurrentprofitorloss,excludingthegovernmentgrantsthatarecloselyrelatedtothenormaloperationoftheCompanyandprovidedinafixedamountorquantityandthathaveacontinuousimpactontheCompany'sgainsandlossesaccordingtothenationalpolicesandcertainstandards | 4,576,144.57 | |
| ExceptforeffectivehedgingbusinessrelatedtothenormaloperationoftheCompany,thefairvaluegainsandlossesarisingfromtheholdingoffinancialassetsandfinancialliabilitiesbynon-financialenterprises,aswellasthegainsandlossesarisingfromthedisposaloffinancialassetsandfinancialliabilities | 3,180,153.81 | |
| Cashoccupationfeeschargedfromnon-financialenterprisesthatarerecognizedinthecurrentprofitorloss | 12,661,713.00 | |
| Profitsandlossesarisingfromexternalentrustedloans | 1,249,433.96 | |
| Netincomefromothernon-operatingactivities | 4,955,032.02 | |
| Less:effectofincometax | 3271636.91 | |
| Effectofminorityinterest(after-tax) | 580,234.97 | |
| Total | 22,761,954.98 |
ForcompaniesthatrecognizeitemsnotlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureofCompaniesIssuingSecuritiestothePublic-NonrecurringProfitandLossasnonrecurringprofitandlossitemswithsignificantamounts,andforcompaniesthatdefinenonrecurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureofCompaniesIssuingSecuritiestothePublic-NonrecurringProfitandLossitemsasrecurringprofitandlossitems,thereasonsshouldbeexplained.
□Applicable√NotapplicableOtherstatements
□Applicable√Notapplicable
2.ROEandEPS
√Applicable□Notapplicable
| Profitsinthereportingperiod | WeightedaverageROE(%) | EPS | |
| BasicEPS | DilutedEPS | ||
| NetprofitsattributabletocommonshareholdersoftheCompany | 8.03 | 0.31 | 0.31 |
| NetprofitsattributabletocommonshareholdersoftheCompanyafterdeductingnon-recurringgainsandlosses | 7.92 | 0.30 | 0.30 |
3.DifferencesinaccountingdatabetweenforeignandChineseaccountingstandards
□Applicable√Notapplicable
4.Other
□Applicable√Notapplicable
/
ChairmanoftheBoardofDirectors:CHENDezhanDateofapprovingbytheBoardofDirectorsforrelease:August18,2025
Amendment
□Applicable√Notapplicable