ShenzhenTellusHoldingCo.,Ltd.

2025Semi-AnnualReport

August2025

SectionIImportantNotes,Contents,andInterpretationsTheBoardofDirectors,theBoardofSupervisors,anddirectors,supervisors,andseniorexecutivesoftheCompanyguaranteethatthepresentsemi-annualreportistrue,accurate,andcompletewithoutfalserecords,misleadingstatements,ormajoromissions,andundertakethejointandseverallegalliabilitiesarisingtherefrom.

FuChunlong,headoftheCompany,HuangTianyang,thepersoninchargeofaccountingandpersoninchargeoftheaccountingfirm(accountantincharge),declaretoguaranteethetruthfulness,accuracy,andcompletenessofthefinancialreportinthissemi-annualreport.

AlldirectorsoftheCompanyhaveattendedthemeetingoftheBoardofDirectorstoreviewthesemi-annualreport.

TheCompanyhasnoplanstodistributecashdividends,issuebonusshares,andconvertreservedfundsintosharecapital.

Contents

SectionIImportantNotes,Contents,andInterpretations ...... 2

SectionIICompanyProfileandMajorFinancialIndicators ...... 6

SectionIIIManagementDiscussionandAnalysis ...... 9

SectionIVCorporateGovernance,Environment,andSociety ...... 23

SectionVImportantMatters ...... 24

SectionVIChangesinSharesandShareholders ...... 36

SectionVIIBond-relatedInformation ...... 41

SectionVIIIFinancialReport ...... 42

SectionIXOtherSubmittedData ...... 177

DocumentsforInspection(I)FinancialstatementssignedandsealedbytheheadoftheCompany,thepersoninchargeofaccounting,andthepersoninchargeoftheaccountingfirm(accountantincharge).(II)Originalsofallcompanydocumentsandannouncementsthathavebeenpubliclydisclosedduringthereportingperiod.(III)TheabovedocumentsforfuturereferenceshallbekeptattheSecretariatOfficeoftheBoardofDirectorsoftheCompany.

InterpretationsTermRefer(s)toInterpretationCSRCRefer(s)toChinaSecuritiesRegulatoryCommissionSZSERefer(s)toShenzhenStockExchangeCSDCShenzhenBranchRefer(s)to

ShenzhenBranchofChinaSecuritiesDepositoryandClearingCorporationLimitedCompany,theCompany,andTellusHoldingRefer(s)toShenzhenTellusHoldingCo.,Ltd.Reportingperiod,this/thereportingperiodRefer(s)toThefirsthalfof2025ShenzhenSASACRefer(s)to

State-ownedAssetsSupervisionandManagementCommissionofShenzhenMunicipalPeople'sGovernmentSDGGroup,andcontrollingshareholderRefer(s)to

ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.SIHCRefer(s)toShenzhenInvestmentHoldingsCo.,Ltd.ShenzhenJewelry,SJISRefer(s)toShenzhenJewelryIndustryServiceCo.,Ltd.Guorun,GuorunGoldRefer(s)toGuorunGoldShenzhenCo.,Ltd.TellusTreasuryRefer(s)toShenzhenTellusTreasurySupplyChainTechCo.,Ltd.ShanghaiFanyueRefer(s)toShanghaiFanyueDiamondCo.,Ltd.ZhongtianCompanyRefer(s)toShenzhenZhongtianIndustryCo.,Ltd.TellusShuibeiJewelryRefer(s)toShenzhenTellusShuibeiJewelryCo.,Ltd.SDGHuariRefer(s)toShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.HuariCompanyRefer(s)toShenzhenHuariAutomobileSalesandServiceCo.,Ltd.TellusJewelryBuilding,JewelryBuildingRefer(s)toTellusShuibeiJewelryBuildingTellusGoldandDiamondBuilding,GoldandDiamondBuilding

Refer(s)toTellusGoldandDiamondTradingBuilding

SectionIICompanyProfileandMajorFinancialIndicatorsI.CompanyProfileStockabbreviationTellusA,TellusBStockcode000025,200025Stockabbreviationbeforechange(ifany)

N/AStockexchangeonwhichthesharesarelisted

ShenzhenStockExchangeChinesenameoftheCompany

ShenzhenTellusHoldingCo.,Ltd.Chineseabbreviation(ifany)TellusAEnglishnameoftheCompany(ifany)

ShenzhenTellusHoldingCo.,Ltd.AbbreviationofEnglishname(ifany)

N/ALegalrepresentativeoftheCompany

FuChunlongII.ContactPersonsandContactInformation

SecretaryoftheBoardofDirectorsSecuritiesaffairsrepresentativeNameQiPengLiuMengleiAddress

3F,TellusBuilding,No.56,2ndShuibei

Road,LuohuDistrict,Shenzhen

3F,TellusBuilding,No.56,2ndShuibeiRoad,LuohuDistrict,ShenzhenTel.(0755)83989390(0755)88394183Fax(0755)83989386(0755)83989386E-mailir@tellus.cnliuml@tellus.cnIII.OtherInformation

1.Contactinformation

WhethertheCompany'sregisteredaddress,officeaddress,andpostalcode,companywebsite,e-mail,etc.,changedduringthereportingperiod

□Applicable?Notapplicable

TherewerenochangestotheCompany'sregisteredaddress,officeaddress,postalcode,website,e-mail,etc.duringthereportingperiod.Pleaserefertothe2024AnnualReportfordetails.

2.Informationdisclosureanddesignatedlocation

Whethertheinformationdisclosureanddesignatedlocationchangedduringthereportingperiod

□Applicable?Notapplicable

ThenamesandwebsitesofthestockexchangewebsitesandmediaonwhichtheCompanydisclosedthesemi-annualreportandthedesignatedlocationoftheCompany'ssemi-annualreportremainedunchangedduringthereportingperiod.Formore

information,pleaserefertothe2024AnnualReport.

3.Otherrelevantinformation

Whetherotherrelevantinformationchangedduringthereportingperiod

□Applicable?Notapplicable

IV.MajorAccountingDataandFinancialIndicators

DoestheCompanyneedtoretrospectivelyadjustorrestatetheaccountingdataforpreviousyears?

□Yes?No

Reportingperiod

Sameperiodofthepreviousyear

Increase/decreaseinthereportingperiodoverthesameperiodofthepreviousyearOperatingrevenue(RMB)878,272,629.941,580,023,748.85-44.41%Netprofitattributabletoshareholdersofthelistedcompany(RMB)

84,013,429.3576,662,479.699.59%Netprofitattributabletoshareholdersofthelistedcompanyafterdeductingnon-recurringprofitorloss(RMB)

76,473,401.5470,454,786.318.54%Netcashflowsfromoperatingactivities(RMB)

154,806,331.67107,309,488.9244.26%Basicearningspershare(RMB/share)0.19490.17789.62%Dilutedearningspershare(RMB/share)0.19490.17789.62%Weightedaveragereturnonnetassets4.77%4.66%0.11%

Endofthereportingperiod

Endofthepreviousyear

Increase/decreaseattheendofthereportingperiodascomparedwiththeendofthepreviousyearTotalassets(RMB)2,725,442,964.282,594,459,237.895.05%Netassetsattributabletoshareholdersofthelistedcompany(RMB)

1,767,792,226.911,726,884,629.562.37%V.DiscrepancyofAccountingDataundertheDomesticandForeignAccountingStandards

1.DiscrepancyinnetprofitandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtoInternationalAccountingStandardsandChineseAccountingStandards

□Applicable?Notapplicable

TherewasnodiscrepancyinnetprofitandnetassetsinthefinancialreportsdisclosedbytheCompanyfollowingInternationalAccountingStandardsandChineseAccountingStandardsinthereportingperiod.

2.DiscrepancyinnetprofitandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtoforeignaccountingstandardsandChineseAccountingStandards

□Applicable?Notapplicable

TherewasnodiscrepancyinnetprofitandnetassetsinthefinancialreportsdisclosedbytheCompanyfollowingforeign

accountingstandardsandChineseAccountingStandardsinthereportingperiod.VI.Non-RecurringProfitorLossItemsandAmounts?Applicable□NotapplicableUnit:RMBItemAmountNoteProfitorlossofnon-currentassetsdisposal(includingthewrite-offpartoftheprovisionforimpairmentofassets)

-6,079.20Governmentsubsidiesincludedinthecurrentprofitorloss(excludingthosethatarecloselyrelatedtotheCompany'snormalbusinessoperations,inlinewithnationalpoliciesandregulations,andgrantedperdefinedcriteria,withacontinuousinfluenceontheCompany'sprofitsandlosses)

1,056,727.69ProfitorlossfromchangesinthefairvalueoffinancialassetsandfinancialliabilitiesheldbytheCompanyasanon-financialcompany,aswellasprofitorlossfromthedisposalofthefinancialassetsandfinancialliabilities,exceptineffectivehedgingactivitiesrelatedtothenormaloperatingactivitiesoftheCompany.

4,675,868.00Othernon-operatingrevenueandexpensesthantheaboveitems3,352,382.93Less:Effectonincometax2,218,656.63Effectonminorityinterests(after-tax)-679,785.02Total7,540,027.81Specificconditionsofotherprofitsorlossesconformingtothedefinitionofnon-recurringprofitorloss:

□Applicable?Notapplicable

TheCompanyhasnootherprofitsorlossesconformingtothedefinitionofnon-recurringprofitorloss.Explanationondefiningthenon-recurringprofitsorlossessetoutintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringProfitorLossasrecurringprofitsorlosses?Applicable□NotapplicableItem

Amountinvolved(RMB)

Reason

Effectivehedging

-14,224,744.55

Duetothepricefluctuationriskrelatedtogold,effectivehedgingofgoldfuturesisameansforGuorunGoldandTellusTreasury,subsidiariesoftheCompany,toavoidrelevantrisks.Thisactivityfallsundernormalproprietarybusinessoperations.Therefore,basedonthenatureandcharacteristicsofitsnormalbusinessoperations,theCompanyhasclassifiedthefollowingitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringProfitorLoss(2023Revision)asrecurringprofitorlossitems:effectivehedgingrelatedtothenormaloperationsofnon-financialenterprises;profitsorlossesfromchangesinthefairvalueoffinancialassetsandfinancialliabilitiesheld;andprofitsorlossesfromthedisposaloffinancialassetsandfinancialliabilities.Refundofhandlingfeesforindividualincometax

50,320.31

AccordingtotheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringProfitorLoss(2023Revision),therefundofhandlingfeesforindividualincometaxreceivedbytheCompanyanditssubsidiariesiscategorizedasincomerelatedtoroutineactivities.Asitisneitherofaspecialnaturenorincidental,itisclassifiedasarecurringprofitorlossitem.

SectionIIIManagementDiscussionandAnalysis

I.MainBusinessoftheCompanyDuringtheReportingPeriod(I)TheCompany'smainbusinessduringthereportingperiodincludedjewelrytrading,gold,andpropertyplatforms.

1.Jewelrytrading:TheCompanyundertooktheestablishmentoftheShenzhenInternationalJewelry&JadeExchange.Bybuildingajewelrytransactiondigitaltradingsystemthatcombinesonlineandofflineactivities,withcompletefunctionsandservicessuchasdisplay,trading,biddingauction,evaluation,financing,andinformationrelease,theCompanysetuptradechannelsfromoverseasupstreamresourcestodomesticwholesaleterminalmerchants,graduallybecominganinfluentialcomprehensiveserviceproviderintheinternationaljewelryandjadetradingindustryandhelpingShenzhenbuildaninternationaljewelryandjadeindustrycenter.

2.Gold:Withproductinnovationasthecore,theCompanybuiltanomnichanneloperationsystemforthecoordinateddevelopmentofB-endandC-endoperations.ForB-endactivities,theCompanyprovidedfast,low-cost,anddemand-orientedproductservicesthroughefficientoperation,supplychainintegration,andfinancialadvantages.ForC-endactivities,theCompanycreatedaninfluentialdifferentiatedbrandthroughIPco-branding,agiledevelopment,diversifiedmarketingpromotion,andproductqualitysystemconstruction.

3.Propertyplatforms:TheCompanyisthelargestownerofTellus-GmondGoldJewelryIndustrialParkintheShuibeiarea.TheTellusJewelryBuildingandTellusGoldandDiamondBuilding,investedbytheCompany,havebeenputintooperationsuccessively,maintainingahighoccupancyrate.Inaddition,theCompanyholdsasignificantamountofpropertyresourcesinareassuchasLuohuandFutianinShenzhen.Whilemaintainingthestabilityofitsexistingleasingbusiness,theCompanyactivelypromotestheimprovementofpropertyquality.Itwillpromotethetransitionofitsoldpropertiesfromtraditionalsimpleleasingtocommercialpropertyoperation,withafocusonenhancingandexploringtheaddedvalueofitspropertybrands.Thisinitiativeaimstoestablishinnovativeindustrialprojectsthatalignwiththeoverallstrategiclayoutofthecity,thedistrict,andtheCompany.

(II)Descriptionofthemainbusinessmodelsofthejewelrybusiness

1.Salesmodel

TheCompanyadoptsbothwholesaleandretailasthemainsalesmodelsforgoldandjewelry.Additionally,itprovidessupportingservicessuchascustomsclearanceagencyservices,andsafedepositboxleasing.ThesalesrevenuecompositionofthejewelrybusinessinH12025isasfollows:

Salesmodel

Amountofoperatingrevenue(RMB10,000)

Amountofoperatingcost(RMB10,000)

GrossprofitrateWholesale31,952.9330,747.713.77%Retailsales38,044.5837,628.721.09%Otherservices822.64241.6770.62%Total70,820.1568,618.103.11%

2.Productionmodel

Atpresent,theCompany'sgoldandrelatedproductsmainlyuseacommissionedprocessingmodel,whilediamonds,coloredgemstones,andotherproductsdonotinvolveprocessing.TheproductionmodelcompositioninH12025isasfollows:

ProductionmodelAmount(RMB10,000)ProportionFinishedproductsthroughthecommissionedprocessing57,296.52100.00%

3.Purchasemodel

Goldandrelatedproducts:TheCompanypurchasesgoldrawmaterialsfromShanghaiGoldExchangeorotherqualifiedorganizationsorleasesthemfrombanks.Otherjewelryandjade:TheCompanypurchasessuchproductsfromoverseasjewelryandjadesuppliersandhandlestax-payingimportproceduresthroughShenzhenJewelry.

ThepurchasemodelcompositioninH12025isasfollows:

PurchasemodelRawmaterials

PurchasequantityPurchaseamount(kg)(RMB10,000)SpottradingGold912.9460,047.08SpottradingSilver15.5010.29RentalbusinessGold83.005,376.06Total1,011.4365,433.43

4.Operationofphysicalstoresduringthereportingperiod

S/NName

Operatingrevenue(RMB10,000)

Operatingcost(RMB10,000)

Address

GuorunDirect-salesStore

768.22763.90

AtriumofTellusJewelryBuilding,2ndShuibeiRoad,Luohu

CounterandSideHallofGuorunDirect-salesStore(Tellus)onBasementLevel

5,122.365,086.56

B1-046andB1-023,BasementLevel1,AnnexBuildingofTellusJewelryBuilding,2ndShuibeiRoad,LuohuDistrict,ShenzhenCity

5.Onlinesalesduringthereportingperiod

S/NNameOperatingrevenue(RMB

Operatingcost(RMB

TaobaoandTmallplatformstores6192.246202.73

JDplatformstores5470.675401.43

Alibabaplatformstores4494.894345.99

Pinduoduoplatformstores5159.655103.75

Jingyaplatformstores10452.4610388.93

WeChatplatformstores521.38517.76

Dewuplatformstores0.190.12

Douyinplatformstores0.070.03

6.Inventoryofjewelrybusinessduringthereportingperiod

AsofJune30,2025,theinventorybalanceoftheCompany'sjewelrybusinesswasRMB65,098,057.50,ofwhichtheamountmeasuredatfairvaluewasRMB64,651,775.39,correspondingtohedgeditemswithcommodityfuturescontractsandT+Dcontractsashedginginstrumentsandthevalueofgoldleasedfrombanks.TheCompanyshallabidebythedisclosurerequirementsfor"jewelry-relatedbusiness"intheGuidelinesofShenzhenStockExchangeforSelf-RegulatorySupervisionofListedCompaniesNo.3—IndustryInformationDisclosure.II.AnalysisofCoreCompetitiveness

(I)Locationadvantage

TheCompany,locatedinShuibei,thecoreclusterareaofShenzhen'sjewelryindustry,isthelargestownerofTellus-GmondGoldJewelryIndustrialPark.Shuibeiaccountsformorethan75%ofChina'sgoldandjewelrymarketshare.Withintheone-square-kilometercoreareaoftheShuibeimarket,tensofthousandsofgoldandjewelryenterprisesaregathered.AccordingtothedatafromtheShenzhenGold&JewelryAssociation,theannualphysicalpick-upvolumeofgoldandplatinuminShenzhenaccountsforabout70%ofthephysicalsalesvolumeatShanghaiGoldExchange,andthephysicalconsumptionofdiamondsaccountsforabout80%oftheimportvalueatShanghaiDiamondExchange.Intermsofbrandconcentration,LuohuDistrictishometoover40leadingjewelryenterprisesand29"ChinaFamousTrademarks"inthejewelrysector,

accountingfor30%ofthenationaltotal.Thedistricthasalsosuccessfullysupportedthestockexchangelistingsofjewelrycompanies,includingChowTaiSengandDRGroup.Shuibeihasformedacompleteindustrialchain,coveringdesignandR&D,productionandmanufacturing,exhibitionandtrading,brandoperation,headquartersofficeoperation,inspectionandtesting,andtalenttraining.ThelocationadvantageoftheShuibeiareaissignificant.TheconcentrationofnumerousjewelrysuppliersandestablishedbusinessesfacilitatestheCompany'simport-exportoperationsandexhibitionandmarketingactivities.ThemarketinfluenceandcentralizedtradeinformationinShuibeiprovideafavorablebusinessenvironmentanddevelopmentplatform,enablingtheCompanytopromptlycapturemarketfeedbackandrespondquicklytomarketchanges.Shenzhen's"20+8"IndustrialClusterDevelopmentPlanemphasizesthefuturefocusondevelopingmodernfashionindustrialclusters.Thegovernment'sstrongsupportforthejewelryindustryprovidessubstantialbackingfortheCompany,helpingreduceoperatingcosts,enhanceprofitability,andachievesustainabledevelopment.

(II)ResourceadvantageByleveragingitsstate-ownedenterprisebackgroundandharnessingindustrialsynergies,theCompanydeeplyintegratesresourcesfromboththesupplyanddemandsidesofthejewelryindustry.ThisendowstheCompanywithacertainadvantageincoordinatingupstreamresources.TheCompanyhasestablisheddirectpartnershipswithdomesticandinternationalgoldandjewelrysuppliersandprocessors,engagingincollaborativediscussionswithorganizationssuchastheTurkishJewelleryExporters'Association,theRepublicofSakha(Yakutia)delegationfromRussia,andMyanmarGemsandPearlEnterprisetodevelopdomesticandinternationalexhibitionandtradingbusiness.

Throughyearsofdedicatedefforts,theCompanyhasaccumulatedsignificantindustryresourcesandinfluence.ItmaintainsclosecollaborationswithauthoritativetestingandappraisalinstitutionsintheindustrysuchastheNationalGemstoneTestingCenter,NationalCenterofQualitySupervisionandInspectiononGoldandSilverJewelry(Nanjing),NationalCenterofQualitySupervisionandInspectiononGoldandSilverJewelry(Tianjin),andHJTC,activelyparticipatesinandorganizesindustryactivities,andsetsindustrystandardstocontinuouslyexpanditsindustryreputationandimpact.Thegroupstandard—QualityEvaluationofSeawaterPearls—jointlydraftedbytheCompanypassedtheexpertreviewonMarch22,2025,andwasapprovedandreleasedbytheShenzhenStandardsPromotionCouncilinJune2025.TheCompanyhasdeeplyembeddeditselfinthesupplychainbusinesstoofferprofessionalfull-industrysupplychainservicesandhascooperatedwithrenownedjewelryenterprisesintheindustrytofurtherexpanditsbusinessscale.

TheCompany'spropertyplatformshavebroughtstablebusinessrevenueandcashflow,layingasolidfoundationfortheCompany'slong-termdevelopment.TheTellusJewelryBuildingandtheTellusGoldandDiamondBuildinghavebeenputintouseoneafteranother.Theymaintainahighoccupancyrate.Furthermore,

theCompanyplanstocontinuouslyunlockthecommercialvalueofitstraditionalpropertiesthroughqualityupgradesandoldpropertyrenewalinitiatives.(III)ManagementadvantageIntermsofdigitalization,theCompanyhasachievedsignificanttechnologicaladvancements.Ithasvigorouslypromotedthedigitaltransformationofitstradingplatform,organizedandprioritizedfunctionalmodules,andcontinuouslyadjusteditsconstructionstrategytorespondpromptlytochangesandmeetbusinessneeds.TheCompanyhasimprovedandenhancedtheplatform'scapabilitiesinonlinetransactions,dataanalysis,andintelligentsupervision,graduallyapplyingthesefeaturesinitssupplychainoperationstoeffectivelyservejewelryindustryclientsandsupportthegrowthofmicro-,small-,andmedium-sizedenterprises(MSMEs)withinthesector.Intermsofriskcontrol,theCompanyhasformulatedstrictinternalbusinesscontrolprocessessuchassupplieraccessstandards,acustomerevaluationsystem,andaprocurementpricecomparisonsystemtorealizemulti-levelriskcontrolovercapital,information,andlogistics.Atthesametime,ithascontinuouslyoptimizedbusinessprocessesandinternalcontrolsystemsduringbusinessoperations,andcarriedoutresearchandinnovationonnewcategoriesandnewbusinessmodelsunderthepremiseofcontrollablerisks.Byleveraginginformationsystemdevelopmentandsystemdataanalysis,theCompanyhasenhanceditsbusinessriskearlywarningcapabilities.

Intermsofinternalmanagement,theCompanytakesscientificmanagementasthedrivingforceandguaranteefordevelopment.Fromtheperspectiveofpromotingoperationviamanagement,itisbusiness-orientedandcombinesitsactualsituationtointroducealeadingbusinessmodel,improvethe4Scontrolsystem,consolidateaclosedloopofstrategicmanagement,andsmoothlyimplementitsplans.

Intermsoftalentdevelopment,theCompanyconductsanintegrated"testing-training-practice"trainingmodeformiddleandseniormanagement.Withthemodefocusingonaccuratediagnosis,systemempowerment,andpracticaltransformation,itassiststhemanagementteaminimprovingleadershipandexecution,therebycreatingastrongmanagementenginetosupportbusinessstrategies.III.AnalysisofMainBusiness

OverviewSee"I.MainBusinessoftheCompanyDuringtheReportingPeriod"forrelevantcontent.Year-on-year(YoY)changesinmainfinancialdataUnit:RMB

Reportingperiod

Sameperiodofthepreviousyear

YoYincrease/decrease

ReasonsforchangeOperatingrevenue878,272,629.941,580,023,748.85-44.41%

Decreaseingoldbusiness

volumethisyear

Operatingcost736,664,626.441,451,925,990.76-49.26%

DecreaseasgoldbusinessvolumedecreasesSellingexpenses6,551,375.7410,655,583.07-38.52%

DecreaseasgoldbusinessvolumedecreasesAdministrativeexpenses

25,702,432.6323,758,940.408.18%Financialexpenses2,287,888.063,685,893.43-37.93%

MainlyduetothedecreaseininterestexpensesongoldbusinessfinancingIncometaxexpenses25,372,160.8319,663,631.3029.03%

MainlyduetotheincreaseintotalprofitcomparedtothesameperiodlastyearR&Dinvestment2,045,320.231,353,032.8051.17%

MainlyduetotheincreaseinR&DinvestmentininformatizationdevelopmentofsubsidiariesNetcashflowsfromoperatingactivities

154,806,331.67107,309,488.9244.26%

MainlyduetothedecreaseingoldbusinessstocksNetcashflowsfrominvestingactivities

-233,644,957.72-136,462,605.64-71.22%

Mainlyduetothedecreaseinon-maturityredemptionsrelatedtomoneymanagementduringthisreportingperiod,comparedtothesameperiodlastyearNetcashflowsfromfinancingactivities

-13,048,507.3224,828,865.44-152.55%

MainlyduetotheincreaseindividenddistributionduringthisreportingperiodNetincreaseincashandcashequivalents

-91,887,133.37-4,323,672.93-2,025.21%

Mainlyduetotheincreaseindividenddistributionandthedecreaseinon-maturityredemptionsrelatedtomoneymanagementduringthisreportingperiodSignificantchangesintheCompany'sprofitcompositionorsourceduringthisreportingperiod

□Applicable?Notapplicable

NosignificantchangesintheCompany'sprofitcompositionorsourceduringthisreportingperiodOperatingrevenuecompositionUnit:RMB

ReportingperiodSameperiodofthepreviousyear

YoYincrease/decreaseAmount

Proportioninoperatingrevenue

Amount

ProportioninoperatingrevenueTotaloperatingrevenue

878,272,629.94100%1,580,023,748.85100%-44.41%

ByindustryWholesaleandretailofjewelry

708,201,538.2580.64%1,441,734,815.2591.25%-50.88%Propertyleaseandservice

170,071,091.6919.36%138,078,049.358.74%23.17%Others0.000.00%210,884.250.01%-100.00%

ByproductWholesaleandretailofjewelry

708,201,538.2580.64%1,441,734,815.2591.25%-50.88%Propertyleaseandservice

170,071,091.6919.36%138,078,049.358.74%23.17%

Others0.000.00%210,884.250.01%-100.00%

ByregionSouthChina577,029,206.4465.70%1,017,725,204.8164.41%-43.30%EastChina105,033,882.4311.96%89,258,835.535.65%17.67%NorthChina48,267,352.475.50%426,593,372.5327.00%-88.69%CentralChina134,032,831.6315.26%37,329,652.672.36%259.05%Otherregions13,909,356.971.58%9,116,683.310.58%52.57%Situationofindustries,products,orregionswithoperatingrevenuesoroperatingprofitsaccountingformorethan10%ofthatoftheCompany?Applicable□NotapplicableUnit:RMB

OperatingrevenueOperatingcost

Grossprofitrate

YoYincrease/decreaseinoperatingrevenue

YoYincrease/decreaseinoperatingcosts

YoYincrease/decreaseingrossmarginByindustryWholesaleandretailofjewelry

708,201,538.25686,181,047.023.11%-50.88%-51.35%0.94%Propertyleaseandservice

170,071,091.6950,483,579.4270.32%23.17%21.64%0.37%

ByproductWholesaleandretailofjewelry

708,201,538.25686,181,047.023.11%-50.88%-51.35%0.94%Propertyleaseandservice

170,071,091.6950,483,579.4270.32%23.17%21.64%0.37%

ByregionSouthChina577,029,206.44439,154,616.6823.89%-43.29%-51.06%12.08%EastChina105,033,882.43104,027,905.360.96%17.67%18.53%-0.71%NorthChina48,267,352.4746,598,537.673.46%-88.69%-88.94%2.20%CentralChina134,032,831.63133,101,093.390.70%259.05%262.84%-1.04%Otherregions13,909,356.9713,782,473.340.91%52.57%54.62%-1.31%ThemainbusinessdataadjustedattheendofthereportingperiodwillbetakenfortherecentoneperiodiftheCompany'sstatisticalcaliberofmainbusinessdataisadjustedduringthereportingperiod

□Applicable?Notapplicable

IV.AnalysisofNon-mainBusiness

?Applicable□NotapplicableUnit:RMB

AmountProportionintotalprofitExplanationSustainableornotIncomefrominvestment

6,028,215.735.63%

Wealthmanagementincomeandinvestmentincomewiththerecognitionoftheequitymethodofshareholdingenterprises

NoProfitsorlossesofchangesinfairvalue

-2,801,386.05-2.62%

Changesinfairvalueofunexpiredwealthmanagementproducts,goldleasingbusiness,andhedgingtools

NoNon-operatingrevenue

3,456,068.883.23%

Changefeesforbusinessestochangecontracts,andtheliquidateddamagesforearlycancellationofleases

No

Non-operatingexpenses

103,685.950.10%LiquidateddamagespaidNoV.AnalysisofAssetsandLiabilities

1.Majorchangesinassetcomposition

Unit:RMB

EndofthereportingperiodAsoftheendofthepreviousyear

Proportionincrease/decrease

ExplanationofmajorchangesAmount

Proportionintotalassets

Amount

ProportionintotalassetsCashatbankandonhand

277,967,745.5110.20%377,971,359.6914.57%-4.37%Accountsreceivable

96,524,408.173.54%46,564,067.141.79%1.75%Inventories65,098,057.502.39%127,432,191.554.91%-2.52%Investmentproperties

1,080,852,577.1539.66%1,099,772,133.1042.39%-2.73%Long-termequityinvestments

97,002,094.113.56%85,091,833.203.28%0.28%Fixedassets66,418,841.102.44%70,763,683.252.73%-0.29%Projectsunderconstruction

2,678,672.060.10%3,332,141.190.13%-0.03%Right-of-useassets

72,469,255.872.66%78,558,005.503.03%-0.37%Short-termborrowings

142,951,444.415.25%120,101,444.434.63%0.62%Contractliabilities

3,359,542.000.12%4,009,504.590.15%-0.03%Leaseliabilities72,273,602.702.65%76,541,985.552.95%-0.30%

2.Primaryoverseasassets

□Applicable?Notapplicable

3.Assetsandliabilitiesatfairvalue

?Applicable□NotapplicableUnit:RMBItem

Beginningbalance

Profitsorlossesfromchangesinfairvalueduringthisperiod

Accumulatedchangesinfairvalueincludedinequity

Impairmentaccruedinthisperiod

Purchaseamountinthisperiod

Salesamountinthisperiod

Otherchanges

EndingbalanceFinancialassets

1.Trading

financialassets(excludingderivativefinancialassets)

165,630,834.0

-604,036.00

293,000,00

0.00

261,000,00

0.00

197,026,79

8.06

2.Derivativefinancialassets

292,078.00-183,918.00108,160.00

3.Other

debtinvestments

84,724,128.762,284,998.60

137,250,28

2.42

224,259,40

9.78

Subtotaloffinancialassets

250,647,040.8

1,497,044.60

430,250,28

2.42

261,000,00

0.00

421,394,36

7.84

Hedgeditems

114,856,873.1

404,150.950.000.00

650,496,40

0.31

727,893,56

9.58

0.00

37,863,854.

Totaloftheabove

365,503,913.9

1,901,195.550.000.00

1,080,746,6

82.73

988,893,56

9.58

0.00

459,258,22

2.67

Financialliabilities

46,660.002,651,520.000.000.00

62,799,920.

2,050,410.0

24,561.57

63,472,251.

Otherchanges:InterestaccruedbytheCompany'sborrowingbusiness.WhethermajorchangesoccurredtothemeasurementattributesofthemainassetsoftheCompanywithinthereportingperiod

□Yes?No

4.Restrictiononassetrightsasoftheendofthereportingperiod

Unit:RMB

Futures

Total68,578,910.25

VI.AnalysisofInvestment

1.Overview

?Applicable□NotapplicableInvestmentinthereportingperiod(RMB)

Investmentinthesameperiodofthepreviousyear(RMB)

Changerate1,834,078.6513,519,694.27-86.43%

2.Significantequityinvestmentacquiredinthereportingperiod

□Applicable?Notapplicable

3.Significantnon-equityinvestmentongoinginthereportingperiod

□Applicable?Notapplicable

4.Financialassetsinvestment

(1)Securitiesinvestment

□Applicable?Notapplicable

TheCompanyhadnosecuritiesinvestmentduringthereportingperiod.

(2)Investmentinderivatives

?Applicable□Notapplicable

1)Investmentinderivativesforhedgingpurposesduringthereportingperiod?Applicable□NotapplicableUnit:RMB10,000

Typeofderivativeinvestment

Initialinvestmentamount

Beginningamount

Profitsorlossesfromchangesinfairvalueduringthisperiod

Accumulatedchangesinfairvalueincludedinequity

Purchasedamountduringthereportingperiod

Sellingamountduringthereportingperiod

Endingamount

ProportionoftheinvestmentamountinnetassetsoftheCompanyattheendofthereportingperiodFutures(Huataiaccount)1,0501,387.7810.8208,306.399,587.09107.080.06%Futures(CITICaccount)290.6429.86001,782.292,212.1500.00%YonganFutures(revenueswap)

000042.8942.8900.00%Futures(CITICaccount)57.2466.21000466.2100.00%Total1,397.82,283.8510.82010,131.5712,308.34107.080.06%Accountingpoliciesandspecificprinciplesofaccountingforhedgingbusinessduringthereportingperiodandwhethertherewasanysignificantchangeinthemcomparedtothepreviousreportingperiod

No

Explanationofactualprofitsandlossesduringthereportingperiod

Duringthereportingperiod,thespotpricerosebyRMB14.8868millionduetotheunderlyinggoldprice;thefuturesaccounthedgingandpositionclosinglosswasRMB17.5439million;thehedgingfeewasRMB163,200andtheactualhedginglosswasRMB2.8203million.Explanationofhedgingeffectiveness

Measurementmethodofhedgeeffectiveness:Hedgeeffectiveness=ChangeinFuturesPrice/ChangeinSpotPrice.Thecloserthisvalueisto100%,themoreeffectivethehedge.Ahedgeisconsideredhighlyeffectivewhenitseffectivenessrangesfrom80%to125%.TheCompany'shedgeeffectivenessconsistentlyexceeds85%,indicatingthatitshedgingstrategyishighlyeffective.

Sourceoffundsforinvestmentinderivatives

Ownedfunds

Riskanalysisandcontrolmeasuresforpositionsinderivativesduringthereportingperiod(includingbutnotlimitedtomarketrisks,liquidityrisks,creditrisks,operationalrisks,andlegalrisks)

TheCompany'shedgingtransactionsalignwiththefollowingbasicprinciples:Thevaluechangesofthefuturesvarietiesandcontractquantitiesareroughlyequivalenttothoseofthespotpositions;futurespositionsareintheoppositedirectiontospotpositions;andthetimeinwhichthefuturespositionisheldcorrespondstothetimeinwhichtheriskisbornebythespotmarket.Themainrisksofpositionsingoldfuturesincludebasisrisks,forcedliquidationrisks,andoperationalerrorrisks.Tomanagebasisrisks,whenthebasisnarrows,theCompanystrivestouseleasedgoldasinventoryandminimizeoravoidbuildingproprietaryinventory.Tomanageforcedliquidationrisks,ariskwarningsystemhasbeenestablished.Incaseofsignificantgoldpricefluctuations,capitalplanningisdoneinadvancetoensureadequatefundsinthemarginaccount.Ifforcedliquidationistriggeredbyemergencyevents,theincidentisreportedtotheCompany'sseniormanagementimmediately,andthehedgingpositionsthathaveundergoneforcedliquidationwillberestoredatanappropriatetime.Tomanageoperationalerrorrisks,theCompanyhasimplementedatradertrainingmechanism,strictlyadheredtointernalpoliciesandworkflowrequirementsforoperationandreview,andperformeddailyreporting.TheCompanyhasestablishedascientificandeffectivehedgingmanagementsystem,whichisimplementedthroughfourkeyaspects:organizationalstructuredesign,planningsystems,managementandevaluationprocedures,anddynamicriskmonitoring.Forchangesinmarketpricesorfairvalueofinvestedderivativesduringthereportingperiod,theanalysisofderivativefairvalueshalldisclosethespecificvaluationmethodsusedandrelatedhypothesesandparametersettings.

Duringthereportingperiod,thefairvaluechangeofthefuturescontractsheldforhedgingpurposeswasRMB108,200.TheCompanydeterminedthefairvalueusingtheclosingpriceonJune30,2025ofthefuturescontractsheldontheShanghaiGoldExchange,withthefloatinggainandlossrepresentingthechangeinfairvalue.

Involvementinlitigation(ifapplicable)

N/A

2)Investmentinderivativesforspeculativepurposesduringthereportingperiod

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnoinvestmentinderivativesforspeculativepurposes.

5.Usageofraisedfunds

□Applicable?Notapplicable

NoraisedfundswereusedwithinthereportingperiodoftheCompany.

VII.SalesofMajorAssetsandEquity

1.Salesofmajorassets

□Applicable?Notapplicable

TheCompanydidnotsellanymajorassetsduringthereportingperiod.

2.Salesofmajorequity

□Applicable?Notapplicable

VIII.AnalysisofMainHoldingCompaniesandJoint-stockCompanies?Applicable□NotapplicableMainsubsidiariesandjoint-stockcompaniescontributingover10%totheCompany'snetprofitUnit:RMBCompanyname

Companytype

Mainbusiness

Registeredcapital

TotalassetsNetassets

Operatingrevenue

Operatingprofit

Netprofit

ShenzhenJewelryIndustryServiceCo.,Ltd.

Subsidiary

Jewelryexhibitionandfairplanning,jewelryconsignmentsales,conferenceservices,andjewelrytransactionmatchmaking

100,000,0

61,941,420.

35,323,933.

1,798,206.7

-1,333,272.6

-1,333,329.8

GuorunGoldShenzhenCo.,Ltd.

Subsidiary

Salesofgoldbarsandjewelryforinvestment,goldrecycling,andgoldrefining/exchangeservices

200,000,0

463,434,95

1.36

191,552,85

8.08

703,347,72

7.65

-6,586,309.8

-6,510,402.2

ShenzhenTellusTreasurySupplyChainTechCo.,Ltd.

Subsidiary

Purchase,sales,andleasingofgoldornamentsandpreciousmetalproducts,andwarehousingservices

50,000,00

99,312,662.

49,068,552.

3,055,603.8

1,817,694.7

1,817,694.8

ShenzhenZhongtianIndustryCo.,Ltd.

Subsidiary

Propertyleasing,leasingofsafedepositboxes

366,221,9

578,144,87

7.23

482,839,73

2.34

76,360,175.

57,008,660.

43,921,879.

ShenzhenTellusShuibeiJewelryCo.,Ltd.

Subsidiary

Propertyleasing

18,960,00

196,666,15

9.76

165,699,24

0.43

21,731,531.

24,054,726.

19,722,076.

ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd.

Subsidiary

Propertyleasing9,607,800

15,582,496.

9,968,854.2

3,343,780.1

2,210,704.3

2,107,872.5

ShenzhenTellusXinyongtongAutomobileDevelopmentCo.,

Subsidiary

Propertyleasing

32,900,00

97,652,416.

78,802,082.

5,696,024.6

4,061,940.4

3,077,980.8

Ltd.ShenzhenTellusChuangyingTechnologyCo.,Ltd.

Subsidiary

Propertyleasing1,500,000

3,002,501.7

1,971,279.3

0.0011,739.5611,425.24

ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.

Subsidiary

Propertyleasing

USD5,000,000

23,395,402.

19,772,927.

3,680,164.1

2,048,191.2

2,465,381.4

ShenzhenTellus-GmondInvestmentCo.,Ltd.

Joint-stockcompany

Investmentinindustrialdevelopment,propertymanagement,andleasing

53,704,96

359,657,18

2.75

136,860,07

4.26

66,419,256.

32,688,421.

24,428,065.

Acquisitionanddisposalofsubsidiariesduringthereportingperiod

□Applicable?Notapplicable

IX.StructuredEntitiesControlledbytheCompany

□Applicable?Notapplicable

X.RisksFacedbytheCompanyandCountermeasures

Intheprocessofstrategyimplementationandprojectoperation,theCompanywillobjectivelyandclearlyrecognizethepossiblerisksandtakeactiveandeffectivemeasurestopreventthem.

1.Risk1:Marketpricefluctuations

TheCompany'sprimaryrawmaterialsaregoldandjewelry.Inrecentyears,fluctuationsininternationalanddomesticeconomicconditionsandchangesinconsumerdemandhaveledtopricefluctuationsingoldandotherrawmaterials,creatinguncertaintiesfortheCompany'soperations.

Countermeasures:First,theCompanywillcontinuouslystrengthenriskmanagementandestablishandimproveriskpreventionandcontrolmechanismstoensureitscomplianceoperation.Second,itwillfirmlyadvanceitsstrategictransformation,promotetheimplementationoftransformationprojectsthroughdigitaltechnologyempowermentandinnovativebusinessmodels,exploreincrementalmarkets,expandbusinessscale,andseeknewprofitgrowthpointstoenhancecompetitivenessandprovideasolidfoundationforlong-termstabledevelopment.

2.Risk2:Insufficienttalentteambuilding

Withtheimplementationoftransformationprojectsandbusinessexpansion,thecurrentpoolofprofessionalsinthejewelryindustrycannotmeettheCompany'srapiddevelopmentneeds.

Countermeasures:First,theCompanywillacceleratethetrainingofinternalprofessionalsthroughindustryresearchandlearningandbusinesspractice.Second,itwillemploymorebusinesspersonnelwithexperienceinthejewelryindustrytocomprehensivelyimprovetheteam'sbusinesscapabilitiesfrommarketdevelopmenttoriskcontrolmanagement.Third,itwillobtaininternalandexternalresources,organizeAIcoursesandauctioneertrainingexaminations,drivethestructuralupgradeofemployeeprofessionalcapabilities,andprovideaplatformforemployeegrowth.

XI.FormulationandImplementationofMarketValueManagementSystemandValuationEnhancementPlanWhethertheCompanyhasformulatedamarketvaluemanagementsystem

□Yes?No

WhethertheCompanyhasdisclosedavaluationenhancementplan

□Yes?No

XII.ImplementationoftheActionPlanfor"ImprovementinQualityandReturn"

WhethertheCompanyhasdisclosedanannouncementontheActionPlanfor"ImprovementinQualityandReturn"

□Yes?No

SectionIVCorporateGovernance,Environment,andSocietyI.ChangeoftheDirectors,Supervisors,andSeniorExecutivesoftheCompany

?Applicable□NotapplicableNamePositionTypeDateReasonGuoXiaodong

ChairmanofBoardofSupervisors

ResignedJanuary1,2025RetiredYangXiGeneralManagerAppointedApril24,2025JobtransferZhangZheng

DeputyGeneralManager

AppointedApril24,2025JobtransferYangHongEmployeeSupervisorElectedApril21,2025JobtransferII.ProfitDistributionandCapitalReservesConvertedtoShareCapitalintheReportingPeriod

□Applicable?Notapplicable

TheCompanyplansnottodistributecashdividends,issuebonusshares,ortransfersharecapitalfromcapitalreserveinthehalfyear.III.ImplementationoftheCompany'sEquityIncentivePlan,EmployeeStockOwnershipPlan,orOtherEmployeeIncentiveMeasures

□Applicable?Notapplicable

Duringthereportingperiod,therewasnoequityincentiveplan,employeestockownershipplan,orotheremployeeincentivemeasures,andtheirimplementationfortheCompany.IV.EnvironmentalInformationDisclosure

Whetherthelistedcompanyanditsmajorsubsidiariesareincludedinthelistofenterprisesthatdiscloseenvironmentalinformationaccordingtolaw

□Yes?No

V.SocialResponsibilities

TheCompanyactivelyfulfillsitssocialresponsibilitiesandrespondstothenationalpovertyalleviationpolicyandruralrevitalizationstrategy.Inthefirsthalfof2025,theCompanyhelpedconsolidatetheachievementsinpovertyalleviationandpromotethedevelopmentofruralindustriesbypurchasingpovertyalleviationproductsworthRMB62,890.Atthesametime,itcontinuedtocarryoutvolunteerservicesandpublicwelfareactivities,practicecorporateresponsibilitieswithpracticalactions,andcontributetopublicwelfare.

SectionVImportantMattersI.CommitmentsFulfilledandUnfulfilledbyActualControllers,Shareholders,RelatedParties,Purchasers,andOtherRelevantPartiesDuringandattheEndoftheReportingPeriod

?Applicable□NotapplicableCommitmentcause

Commitmentparty

Commitmenttype

Commitmentcontent

Commitmenttime

Commitmentperiod

Performance

Commitmentmadeinacquisitionreportorreportofequitychange

ShenzhenInvestmentHoldingsCo.,Ltd.

Ensuretheindependenceoflistedcompanies

TheCompanywillmaintaintheindependenceofthelistedcompanyandmaintainpersonnelindependence,institutionalindependence,financialindependenceandassetintegritywiththelistedcompany.Thelistedcompanywillstillhaveindependentoperationability,independentprocurement,productionandsalessystem,andindependentintellectualpropertyrights.Incaseofviolationoftheabovecommitments,theCompanywillbearcorrespondinglegalresponsibilities,includingbutnotlimitedtocompensationforalllossescausedtothelistedcompany.

December30,2022

DuringtheperiodofbeinganindirectcontrollingshareholderoftheCompany

Inperformance

ShenzhenInvestmentHoldingsCo.,Ltd.

Avoidhorizontalcompetition

1.Asofthesigningdateofthis

LetterofCommitment,theCompanyandotherenterprisescontrolledbytheCompanyhavenotengagedinbusinessandactivitiesthatareindirectcompetitionwithormayconstitutedirectcompetitionwithTellusandwillnotengageinbusinessandactivitiesthatareindirectcompetitionwithormayconstitutedirectcompetitionwithTellusinthefuture(exceptthosearrangedbasedonShenzhenSASACorsimilargovernmentagencies);

2.Duringtheperiodofbeingthe

indirectcontrollingshareholderofTellusandduringTellus'listingontheShenzhenStockExchange,theCompanywillfullyrespecttheindependentoperationautonomyofallsubsidiariescontrolledbytheCompanyandensurethatthelegitimaterightsandinterestsof

December30,2022

DuringtheperiodofbeinganindirectcontrollingshareholderoftheCompany

Inperformance

Tellusanditsminorityshareholderswillnotbeinfringed;

3.TheCompanypromisesnotto

seekillegitimateinterestswiththestatusofcontrollingshareholderofTellus,thusdamagingtherightsandinterestsofTellusanditsminorityshareholders;

4.TheCompanypromisesnotto

assistanypartytoengageinanybusinessactivitiesthatareinsubstantialcompetitionorpotentialcompetitionwiththemainbusinessofTellusbyusingtheinformationlearnedorknownfromTellus;

5.IftheCompanyorother

enterprisescontrolledbytheCompanyviolatetheabovecommitmentsandguarantees,theCompanyshallbeartheeconomiclossescausedtothelistedcompany.

ShenzhenInvestmentHoldingsCo.,Ltd.

Reduceandstandardizerelatedpartytransactions

1.TheCompanyandthe

companies,enterprises,andeconomicorganizationscontrolledoractuallycontrolledbytheCompany(excludingenterprisescontrolledbylistedcompanies,hereinaftercollectivelyreferredtoas"affiliatedcompanies")willexercisetherightsofshareholders,fulfilltheobligationsofshareholders,andmaintaintheindependenceoflistedcompaniesintermsofassets,finance,personnel,business,andinstitutionsinstrictaccordancewiththeprovisionsoflaws,regulations,andothernormativedocuments;

2.TheCompanypromisesnotto

useitspositionasacontrollingshareholdertourgetheGeneralMeetingofShareholdersortheBoardofDirectorsofthelistedcompanytomakeresolutionsthatinfringeuponthelegitimaterightsandinterestsofothershareholdersofthelistedcompany;

3.TheCompanyoritsaffiliated

companieswilltrytoavoidrelatedpartytransactionswithlistedcompanies.Ifitisinevitabletohaverelatedpartytransactionswithlistedcompanies,theCompanyoritsaffiliatedcompanieswillurgethecontrolledentitiestotradewithlistedcompaniesonanequaland

December30,2022

DuringtheperiodofbeinganindirectcontrollingshareholderoftheCompany

Inperformance

voluntarybasisperfair,reasonable,andnormalcommercialtransactionconditions;

4.TheCompanyoritsaffiliated

companieswillperformthedecision-makingproceduresofrelatedpartytransactionsandthecorrespondinginformationdisclosureobligationsinstrictaccordancewiththeArticlesofAssociationofthelistedcompanyandrelevantlawsandregulations;

5.TheCompanyoritsaffiliated

companieswillensurethattheywillnotseekspecialinterestsbeyondtheaboveprovisionsthroughrelatedpartytransactionswithlistedcompanies,illegallytransferthefundsandprofitsoflistedcompaniesthroughrelatedpartytransactions,andmaliciouslydamagethelegitimaterightsandinterestsoflistedcompaniesandtheirshareholdersthroughrelatedpartytransactions.Incaseofviolationoftheabovecommitments,theCompanywillbearcorrespondinglegalresponsibilities,includingbutnotlimitedtocompensationforalllossescausedtothelistedcompany.Commitmentmadeduringtheinitialpublicofferingorrefinancing

ShenzhenTellusHoldingCo.,Ltd.

Others

Inthefuture,theCompanywilldiscloserelevantinformationregardingtheprogressofitsnewbusinessinatimely,accurate,andsufficientmannerperrelevantrequirements.

October17,2014

Long-term

Inperformance

OthercommitmentsmadeforminorityshareholdersoftheCompany

ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.

Horizontalcompetition

ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,thecontrollingshareholderoftheCompany,issuedtheLetterofCommitmenttoAvoidingHorizontalCompetitiononMay26,2014.Thecommitmentsareasfollows:

1.TheCompanyandother

enterprisescontrolledbytheCompanyotherthanTellusHoldingarenotengagedinbusinessthatisinsubstantialcompetitionwiththemainbusinessofTellusHolding,andthereisnohorizontalcompetitionrelationshipwithTellusHolding;

2.TheCompanyandother

enterprisescontrolledbythe

May26,2014

Long-term

Inperformance

CompanyshallnotdirectlyorindirectlyengageinorparticipateinanybusinessthatconstitutesormayconstitutecompetitionwiththemainbusinessofTellusHoldinginanyform;

3.IftheCompanyandother

enterprisescontrolledbytheCompanycanengageinorparticipateinanybusinessopportunitythatmaycompetewiththemainbusinessofTellusHolding,theyshallnotifyTellusHoldingoftheabovebusinessopportunitybeforeimplementingorsigningrelevantagreements.IfTellusHoldingmakesapositivereplywithinareasonableperiodspecifiedinthenoticethatitiswillingtotakeadvantageofthebusinessopportunity,thebusinessopportunitywillbegivenprioritytoTellusHolding.

Othercommitments

ShenzhenTellusHoldingCo.,Ltd.

Dividendcommitment

From2023to2025,theCompany'sprofitswillbefirstusedtocoverthelossesofpreviousyears.Aftermakingupforthelossesofpreviousyears,onthepremisethattheCompany'sprofitsandcashflowmeetthenormaloperationandlong-termdevelopmentoftheCompany,theCompanywillimplementanactiveprofitdistributionmethodtorewardshareholders.Fordetails,pleaserefertotheShareholderReturnPlanfortheNextThreeYears(2023-2025)disclosedonwww.cninfo.com.cnonApril27,2023.

April27,2023

December31,2025

Inperformance

Whetherthecommitmentsaredulyperformed

YesExplanationofthesituationwherecommitmentsarenotfulfilledwithinthedeadline

N/A

II.ControllingShareholderandOtherRelatedParties'OccupationofNon-operatingFundsoftheListedCompany

□Applicable?Notapplicable

Non-operatingfundoccupiedbythecontrollingshareholderandotherrelatedpartiestowardthelistedcompanywasnotidentifiedwithinthereportingperiodoftheCompany.

III.IllegalExternalGuarantees

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnoillegalexternalguarantees.

IV.EmploymentandDismissalofAccountingFirmsWhethertheSemi-AnnualFinancialReporthasbeenaudited

□Yes?No

TheSemi-AnnualReportoftheCompanyhasnotbeenaudited.

V.DescriptionoftheBoardofDirectorsandtheBoardofSupervisorsonthe"Non-StandardAuditor'sReport"IssuedbytheAccountingFirmDuringtheReportingPeriod

□Applicable?Notapplicable

VI.DescriptionoftheBoardofDirectorsonthe"Non-StandardAuditor'sReport"ofthePreviousYear

□Applicable?Notapplicable

VII.MattersRelatedtoBankruptcyReorganization

□Applicable?Notapplicable

MattersconcerningbankruptcyreorganizationwerenotidentifiedwithinthereportingperiodoftheCompany.VIII.LawsuitProceedingsMajorlitigationandarbitrationmatters?Applicable□NotapplicableBasicinformationoflitigation(arbitration)

Amountinvolved(RMB10,000)

Whetherestimatedliabilitiesareformed

Progressoflitigation(arbitration)

Litigation(arbitration)trialresultsandimpacts

Executionoflitigation(arbitration)judgment

Disclosuredate

DisclosureindexLandleasecontractdispute(TellusShuibeiJewelryCompany,formerlyShenzhen

1,403.76NoClosed

Thesecond-instancejudgmentsupportedsomeoftheCompany'sclaims.

Theexecutionwascompleted.The

March28,2025

2024Annual

Reportof

SecuritiesTimes

andCNINFO

AutomobileIndustryandTradeCo.,Ltd.istheplaintiff)

executionpaymentwasRMB

7.294

million.Projectconstructioncontractdispute(ZhongtianIndustrialCompanyasthedefendantintheoriginalclaimandtheplaintiffinthecounterclaim)

670.44No

Inprogress

Thefirstinstancesupportedsomeoftheplaintiff'sclaimsinthislawsuit.Thecaseiscurrentlyinthesecondinstanceandhasnotyetbeenjudged.

N/A

March28,2025

2024AnnualReportofSecuritiesTimesandCNINFO

Unjustenrichmentdispute(TellusHoldingastheplaintiff)

175.94No

Retrialhasbeenappliedfor

TheCompanyappealedandthesecond-instancejudgmentupheldthefirst-instancejudgment.

N/A

March28,2025

2024AnnualReportofSecuritiesTimesandCNINFOOthercontentiousmatters

□Applicable?Notapplicable

IX.PunishmentandRectification

□Applicable?Notapplicable

NopunishmentorrectificationwasidentifiedwithinthereportingperiodoftheCompany.

X.IntegritySituationoftheCompanyandItsControllingShareholdersandActualControllers

□Applicable?Notapplicable

XI.MajorRelatedPartyTransactions

1.Relatedpartytransactionsconcerningdailyoperations

?Applicable□Notapplicable

Relatedtransactionparty

Related-partyrelationship

Typeofrelatedpartytransaction

Contentofrelatedpartytransaction

Pricingprincipleofrelatedpartytransaction

Priceofrelatedpartytransaction(RMB10,000)

Amountofrelatedpartytransaction(RMB10,000)

Proportiontotransactionamountofthesamekind

Approvedtransactionamount(RMB10,000)

Exceedtheapprovedamountornot

Settlementmethodofrelatedpartytransaction

Marketpriceofavailablesimilartransaction(RMB10,000)

Disclosuredate

Disclosureindex

ShenzhenSDGTellus

Subsidiaryof

Dailyrelated

Providepropert

Marketpricin

23.1823.180.09%35No

Accordingtothe

23.18

March28,2025

Announcementon

PropertyManagementCo.,Ltd.

controllingshareholder

partytransaction

yleasingservices

gcontr

actamountoragreement

DailyRelatedPartyTransactionsin2025(AnnouncementNo.:

2025-010)ofSecuritiesTimesandCNINFO

ShenzhenSDGMicrofinanceCo.,Ltd.

Subsidiaryofcontrollingshareholder

Dailyrelatedpartytransaction

Providepropertyleasingandmanagementservices

Marketpricing

0.000.000.00%150No

Accordingtothecontractamountoragreement

0.00

March28,2025

ShenzhenSDGServiceCo.,Ltd.anditsbranches

Subsidiaryofcontrollingshareholder

Dailyrelatedpartytransaction

Providepropertyleasingandparkingservices

Marketpricing

0.000.000.00%400No

Accordingtothecontractamountoragreement

0.00

March28,2025

ShenzhenTelixingInvestmentCo.,Ltd.

TheCompany'srelatednaturalpersonservesasadirectorofthejoint-stockcompany

Dailyrelatedpartytransaction

Providebrokerageandagencyservices

Marketpricing

0.0000.00%60No

Accordingtothecontractamountoragreement

0.00

March28,2025

ShenzhenSDGEngineeringManagementCo.,Ltd.

Subsidiaryofcontrollingshareholder

Dailyrelatedpartytransaction

Acceptengineeringsupervisionservices

Marketpricing

0.000.000.00%160No

Accordingtothecontractamountoragreement

0.00

March28,2025ShenzhSubsDailyAcceptMark1.891.89100.001,050NoAcco1.89Marc

enSDGServiceCo.,Ltd.anditsbranches

idiaryofcontrollingshareholder

relatedpartytransaction

propertymanagementandsecurityservices

etpricing

%rding

tothecontractamountoragreement

h28,2025

ShenzhenSDGTellusPropertyManagementCo.,Ltd.

Subsidiaryofcontrollingshareholder

Dailyrelatedpartytransaction

Acceptpropertymanagementservices

Marketpricing

0.000.000.00%690No

Accordingtothecontractamountoragreement

0.00

March28,2025

ShenzhenSDGBuildingTechnologyCo.,Ltd.

Subsidiaryofcontrollingshareholder

Dailyrelatedpartytransaction

Acceptpropertymanagementservices

Marketpricing

0.000.000.00%50No

Accordingtothecontractamountoragreement

0.00

March28,2025

GuorenProperty&CasualtyInsuranceCo.,Ltd.

Enterprisecontrolledbyindirectcontrollingshareholders

Dailyrelatedpartytransaction

Acceptinsuranceservices

Marketpricing

2.172.1762.56%100No

Accordingtothecontractamountoragreement

2.17

March28,2025

ShenzhenSDGEasternServiceCo.,Ltd.

Subsidiaryofcontrollingshareholder

Dailyrelatedpartytransaction

Acceptpropertymanagementservices

Marketpricing

0.0000.00%50No

Accordingtothecontractamountoragreement

0.00

March28,2025

Total----27.24--2,745----------Detailsoflarge-sumsalesreturnN/ATheactualperformanceduringthereportingperiod(ifany),ifthetotalamountofdailyrelatedpartytransactionsoccurringinthecurrentperiodisestimatedby

Normalperformance

categoryReasonsforthegreatdifferencebetweentransactionpriceandmarketreferenceprice(ifapplicable)

N/A

2.Relatedpartytransactionsfromtheacquisitionandsaleofassetsorequity

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnorelatedpartytransactionsfromtheacquisitionandsaleofassetsorequity.

3.Relatedpartytransactionsofjointoutboundinvestment

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnorelatedpartytransactionsofjointoutboundinvestment.

4.Transactionsrelatedtocreditanddebt

?Applicable□NotapplicableWhethertherearetransactionsofnon-operatingrelatedcreditanddebt

□Yes?No

Duringthereportingperiod,theCompanyhadnotransactionsofnon-operatingrelatedcreditanddebt.

5.Transactionswithrelatedfinancecompanies

□Applicable?Notapplicable

Thereisnodeposit,loan,credit,orotherfinancialbusinessbetweentheCompanyandrelatedfinancecompaniesandrelatedparties.

6.TransactionsbetweenfinancecompaniescontrolledbytheCompanyandrelatedparties

□Applicable?Notapplicable

Thereisnodeposit,loan,credit,orotherfinancialbusinessbetweenthefinancecompaniescontrolledbytheCompanyandrelatedparties.

7.Othermajorrelatedpartytransactions

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnoothermajorrelatedpartytransactions.

XII.MajorContractsandPerformance

1.Trusteeship,contracting,andleasingmatters

(1)Trusteeship

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnotrusteeship.

(2)Contracting

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnocontracting.

(3)Leasing

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhasnoleasing.

2.Significantguarantees

?Applicable□NotapplicableUnit:RMB10,000ExternalguaranteesoftheCompanyanditssubsidiaries(excludingtheguaranteestosubsidiaries)

Nameofguaranteedparty

Disclosuredateoftherelevantannouncementoftheguaranteeamount

Guaranteeamount

Actualdateofoccurrence

Actualguaranteeamount

Typeofguarantee

Collateral(ifany)

Counter-guarantee(ifany)

Guaranteeperiod

Whetheritisfulfilled

WhetheritisprovidedtorelatedpartiesShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.

September30,2014

3,5000PledgeNoNo

UntiltheexpirydateoftheJointVentureContract

YesYesTotalexternalguaranteeamountapprovedduringthereportingperiod(A1)

Totalactualexternalguaranteeamountduringthereportingperiod(A2)

Totalexternalguaranteeamountapprovedattheendofthereportingperiod(A3)

3,500

Totalactualexternalguaranteebalanceattheendofreportingperiod(A4)

TheCompany'sguaranteetosubsidiaries

Nameofguaranteedparty

Disclosuredateoftherelevantannouncementoftheguaranteeamount

Guaranteeamount

Actualdateofoccurrence

Actualguaranteeamount

Typeofguarantee

Collateral(ifany)

Counter-guarantee(ifany)

Guaranteeperiod

Whethe

ritis

fulfille

d

WhetheritisprovidedtorelatedpartiesGuaranteebetweensubsidiaries

Nameofguaranteedparty

Disclosuredateoftherelevantannouncementoftheguaranteeamount

Guaranteeamount

Actualdateofoccurrence

Actualguaranteeamount

Typeofguarantee

Collateral(ifany)

Counter-guarantee(ifany)

Guaranteeperiod

Whetheritisfulfilled

WhetheritisprovidedtorelatedpartiesTotalamountoftheCompany'sguarantee(i.e.totalofthefirstthreeitems)Totalguaranteeamountapprovedduringthereportingperiod(A1+B1+C1)

Totalactualguaranteeamountduringthereportingperiod(A2+B2+C2)

Totalguaranteeamountapprovedattheendofthereportingperiod(A3+B3+C3)

3,500

Totalactualguaranteebalanceattheendofthereportingperiod(A4+B4+C4)

Proportionoftotalactualguaranteeamount(i.e.A4+B4+C4)totheCompany'snetassets

0.00%

Including:

Specificdescriptionofthecompositeguarantee

3.Entrustedfinancialmanagement

?Applicable□NotapplicableUnit:RMB10,000

Category

Capitalsourceofentrustedfinancialmanagement

Amountofentrustedfinancialmanagement

Unexpiredbalance

Overdueunrecoveredamount

TheamountofimpairmentaccruedforoverdueunrecoveredfinancialmanagementproductsBankfinancialproducts

Ownedfunds57,00044,00000Total57,00044,00000Detailsofhigh-riskentrustedfinancialmanagementwithalargeindividualamountorlowsecurityandpoorliquidity

□Applicable?Notapplicable

Principalunabletoberecoveredorotherconditionscausingimpairmentforentrustedfinancialmanagement

□Applicable?Notapplicable

4.Othermajorcontracts

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnomajorcontracts.

XIII.ClarificationonOtherMajorMatters

□Applicable?Notapplicable

TheCompanyhadnoothermajormattersthatneededtobestatedduringthereportingperiod.

XIV.MajorMattersoftheCompany'sSubsidiaries

□Applicable?Notapplicable

SectionVIChangesinSharesandShareholdersI.ChangesinShares

1.Changesinshares

Unit:share

BeforethechangeIncrease(+)/decrease(-)inthischangeAfterthechangeQuantityProportion

Issuanceofnewshares

Bonusshares

Conversionofcapitalreserveintosharecapital

OthersSubtotalQuantityProportionI.Restrictedshares

00.00%0000000.00%

1.State

shareholding

00.00%0000000.00%

2.State-

ownedlegalpersonshareholding

00.00%0000000.00%

3.Other

domesticshareholding

00.00%0000000.00%Including:

Sharesheldbydomesticlegalperson

00.00%0000000.00%Domesticnaturalpersonshareholding

00.00%0000000.00%

4.Foreign

shareholding

00.00%0000000.00%Including:

Foreignlegalpersonshareholding

00.00%0000000.00%Foreignnaturalpersonshareholding

00.00%0000000.00%II.Unrestrictedshares

431,058,320100.00%00000431,058,320100.00%

1.RMB-

denominatedordinaryshares

392,778,32091.12%00000392,778,32091.12%

2.Domestic

listedforeignshares

38,280,0008.88%0000038,280,0008.88%

3.Foreign

listedforeign

00.00%0000000.00%

shares

4.Others00.00%0000000.00%III.Totalamountofshares

431,058,320100.00%00000431,058,320100.00%Reasonsforchangesinshares

□Applicable?Notapplicable

Statusofauthorizationforchangesinshares

□Applicable?Notapplicable

Statusoftransferforchangesinshares

□Applicable?Notapplicable

Progressintheimplementationofsharerepurchase

□Applicable?Notapplicable

Progressintheimplementationofsharerepurchasereductionthroughcentralizedbidding

□Applicable?Notapplicable

Effectofchangesinsharesonthefinancialindicators,includingbasicearningspershareanddilutedearningspershareinthemostrecentyearandinthemostrecentperiod,aswellasnetassetpershareattributabletotheCompany'sshareholdersofordinaryshares

□Applicable?Notapplicable

OtherinformationdisclosedastheCompanydeemsnecessaryorrequiredbysecuritiesregulatoryauthorities

□Applicable?Notapplicable

2.Changesinshareswithrestrictionsonsale

□Applicable?Notapplicable

II.ConditionsonIssuanceandListingofSecurities

□Applicable?Notapplicable

III.NumberofShareholdersoftheCompanyandTheirShareholdingConditions

Unit:shareTotalnumberofordinaryshareholdersattheendofthereportingperiod

50,855

Totalnumberofpreferredshareholders(ifany)withrestoredvotingrightsattheendofthereportingperiod(seeNote8)

Shareholdersholdingmorethan5%sharesorshareholdingofthetop10shareholders(excludingshareslentthroughrefinancing)Nameofshareholder

Natureofshareholder

Shareholdingproportion

Numberofsharesheldattheendofthereportingperiod

Increase/decreaseduringthereportingperiod

Numberofrestrictedsharesheld

Numberofunrestrictedsharesheld

Pledged,markedorfrozensharesStatusofshares

QuantityShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.

State-ownedlegalperson

49.09%211,591,62100211,591,621N/A0

ShenzhenCapitalFortuneJewelryIndustryInvestmentEnterprise(LimitedPartnership)

Domesticnon-state-ownedlegalperson

3.96%17,052,853

-4,866,300

017,052,853N/A0LiXiaoming

Domesticnaturalperson

0.75%3,229,100159,60003,229,100N/A0IndustrialandCommercialBankofChinaLimited-ChinaSouthernCSIAllShareRealEstateETF

Others0.58%2,507,975975,50002,507,975N/A0ChinaMerchantsBankCo.,Ltd.-ChinaSouthernCSI1000ETF

Others0.42%1,796,570169,50001,796,570N/A0GUOTAIJUNANSECURITIES(HONGKONG)LIMITED

Overseas

legalperson

0.39%1,691,956-91,53501,691,956N/A0HongKongSecuritiesClearingCompanyLimited

Overseaslegalperson

0.39%1,690,055-887,18401,690,055N/A0LiDaoqing

Domesticnaturalperson

0.30%1,283,900661,80001,283,900N/A0AgriculturalBankofChinaLimited-MaxWealthCSISH-SZ-HKGoldIndustryEquityETF

Others0.29%1,241,875873,50001,241,875N/A0MaYongcheng

Domestic

natural

person

0.26%1,139,28010001,139,280N/A0Statusofthestrategicinvestororgenerallegalpersonbecomingoneofthetop10shareholdersduetorightsissue(ifany)(seeNote3)

N/AExplanationsoftherelatedrelationshiporconcertedactionoftheaboveshareholders

Amongthetop10shareholders,ShenzhenSpecialEconomicZoneDevelopment

GroupCo.,Ltd.wasnotrelatedtoothershareholdersandwasnotapersonactingin

concertasstipulatedintheMeasuresfortheAdministrationoftheTakeoverofListed

Companies.Itwasunknownwhetherothershareholdersoftradableshareswere

personsactinginconcert.Descriptionoftheabove-mentionedshareholders'involvementinentrusting/beingentrustedwiththerighttovoteandgivinguptheright

N/ASpecialdescriptionofrepurchasespecialaccountamongthetop10shareholders(ifany)(seeNote11)

N/AShareholdingsofthetop10shareholderswithoutrestrictionsonsale(excludingshareslentthroughrefinancingandlockedsharesofseniorexecutives)Nameofshareholder

Numberofunrestrictedsharesheldattheendofreportingperiod

SharetypeSharetypeQuantityShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.

211,591,621

RMB-denominatedordinaryshares

211,591,621ShenzhenCapitalFortuneJewelryIndustryInvestmentEnterprise(LimitedPartnership)

17,052,853

RMB-denominatedordinaryshares

17,052,853

LiXiaoming3,229,100

RMB-denominatedordinaryshares

3,229,100IndustrialandCommercialBankofChinaLimited-ChinaSouthernCSIAllShareRealEstateETF

2,507,975

RMB-denominatedordinaryshares

2,507,975ChinaMerchantsBankCo.,Ltd.-ChinaSouthernCSI1000ETF

1,796,570

RMB-denominatedordinaryshares

1,796,570GUOTAIJUNANSECURITIES(HONGKONG)LIMITED

1,691,956

Domesticlistedforeignshares

1,691,956HongKongSecuritiesClearingCompanyLimited1,690,055

RMB-denominatedordinaryshares

1,690,055LiDaoqing1,283,900

RMB-denominatedordinaryshares

1,283,900AgriculturalBankofChinaLimited-MaxWealthCSISH-SZ-HKGoldIndustryEquityETF

1,241,875

RMB-denominatedordinaryshares

1,241,875MaYongcheng1,139,280

RMB-denominatedordinaryshares

1,139,280Descriptionoftherelatedrelationshiporconcertedactionamongthetop10shareholderswithoutrestrictionsonsale,andbetweenthetop10shareholderswithoutrestrictionsonsaleandthetop10shareholders

Amongthetop10shareholders,ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.,astate-ownedlegal-personshareholder,wasnotrelatedtoothershareholdersandwasnotapersonactinginconcertasstipulatedintheMeasuresfortheAdministrationoftheTakeoverofListedCompanies.Itwasunknownwhetherothershareholdersoftradableshareswerepersonsactinginconcert.Descriptionofparticipationofthetop10shareholdersofordinarysharesinsecuritiesmargintrading(ifany)(seeNote4)

N/AThesituationofshareholdersholdingmorethan5%ofshares,thetop10shareholders,andthetop10shareholderswithunrestrictedtradablesharesparticipatinginthelendingofsharesintherefinancingbusiness

□Applicable?Notapplicable

Changesfromthepreviousperiodcausedbythetop10shareholdersandthetop10shareholderswithunrestrictedtradablesharesduetorefinancing-basedlending/returning

□Applicable?Notapplicable

WhethertheCompany'stop10shareholdersofordinarysharesandthetop10shareholdersofordinaryshareswithoutrestrictionsonsaleperformedtheagreedrepurchasetransactionsduringthereportingperiod

□Yes?No

TheCompany'stop10shareholdersofordinarysharesandthetop10shareholdersofordinaryshareswithoutrestrictionsonsaledidnotperformtheagreedrepurchasetransactionsduringthereportingperiod.IV.ChangesinShareholdingsofDirectors,Supervisors,andSeniorExecutives

□Applicable?Notapplicable

Therewasnochangeintheshareholdingofdirectors,supervisors,andseniorexecutivesduringthereportingperiod.Pleaserefertothe2024AnnualReportfordetails.

V.ChangesintheControllingShareholderorActualControllerChangesinthecontrollingshareholderduringthereportingperiod

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnochangeinthecontrollingshareholder.Changesintheactualcontrollerduringthereportingperiod

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnochangeintheactualcontroller.

VI.PreferredShares

□Applicable?Notapplicable

Duringthereportingperiod,theCompanyhadnopreferredshares.

SectionVIIBond-relatedInformation

□Applicable?Notapplicable

SectionVIIIFinancialReportI.Auditor'sReport

WhethertheSemi-AnnualReporthasbeenaudited

□Yes?No

TheSemi-AnnualFinancialReportoftheCompanyhasnotbeenaudited.

II.FinancialStatementsTheunitofmeasurementforthestatementsinthefinancialnotesis:RMB

1.ConsolidatedBalanceSheet

Preparedby:ShenzhenTellusHoldingCo.,Ltd.June30,2025Unit:RMBItemEndingbalanceBeginningbalanceCurrentassets:

Cashatbankandonhand277,967,745.51377,971,359.69SettlementreservefundLendingtobanksandotherfinancialinstitutionsTradingfinancialassets197,026,798.06165,630,834.06Derivativefinancialassets108,160.00292,078.00NotesreceivableAccountsreceivable96,524,408.1746,564,067.14ReceivablesfinancingPrepayments1,465,429.39797,409.91PremiumsreceivableReinsurancepremiumreceivableReinsurancecontractreservesreceivableOtherreceivables14,105,222.018,081,783.33Including:Interestreceivable

DividendsreceivableFinancialassetspurchasedunderresaleagreementsInventories65,098,057.50127,432,191.55Including:DataresourcesContractassetsHeld-for-saleassetsCurrentportionofnon-currentassets142,271,146.5591,587,627.94

Othercurrentassets87,339,849.8496,743,827.38Totalcurrentassets881,906,817.03915,101,179.00Non-currentassets:

Loansandadvancesissued

Debtinvestment

Otherdebtinvestments224,259,409.7884,724,128.76

Long-termreceivables

Long-termequityinvestments97,002,094.1185,091,833.20

Otherequityinstrumentinvestments

Othernon-currentfinancialassets

Investmentproperties1,080,852,577.151,099,772,133.10

Fixedassets66,418,841.1070,763,683.25

Projectsunderconstruction2,678,672.063,332,141.19

Productivebiologicalassets

Oilandgasassets

Right-of-useassets72,469,255.8778,558,005.50

Intangibleassets6,458,986.613,775,834.45

Including:Dataresources

Developmentexpenditures

Including:Dataresources

Goodwill

Long-termdeferredexpenses43,186,431.1748,095,409.37

Deferredincometaxassets5,487,009.505,496,778.78

Othernon-currentassets244,722,869.90199,748,111.29Totalnon-currentassets1,843,536,147.251,679,358,058.89Totalassets2,725,442,964.282,594,459,237.89Currentliabilities:

Short-termborrowings142,951,444.41120,101,444.43

Borrowingsfromthecentralbank

Loansfromotherbanksandotherfinancialinstitutions

Financialliabilitiesheldfortrading63,472,251.57

Derivativefinancialliabilities46,660.00

Notespayable120,000,000.00110,000,000.00

Accountspayable115,261,800.96125,555,693.13

Advancesfromcustomers4,301,247.009,469,503.75

Contractliabilities3,359,542.004,009,504.59

Financialassetssoldunderrepurchaseagreements

Depositsfrombanksandotherfinancialinstitutions

Actingtradingsecurities

Actingunderwritingsecurities

Employeecompensationpayable39,624,881.9236,835,623.94Taxespayable47,350,155.7036,109,740.02Otherpayables133,005,148.65126,312,280.55Including:InterestpayableDividendspayableHandlingchargesandcommissionpayable

ReinsuranceaccountspayableHeld-for-saleliabilitiesCurrentportionofnon-currentliabilities

6,319,333.618,674,869.40Othercurrentliabilities6,104,471.896,142,814.36Totalcurrentliabilities681,750,277.71583,258,134.17Non-currentliabilities:

InsurancecontractreservesLong-termborrowingsBondspayableIncluding:PreferredsharesPerpetualbondsLeaseliabilities72,273,602.7076,541,985.55Long-termpayables3,920,160.363,920,160.36Long-termemployeecompensationpayableEstimatedliabilitiesDeferredincome6,957,331.787,837,477.60Deferredincometaxliabilities24,290,793.0625,175,508.48Othernon-currentliabilitiesTotalnon-currentliabilities107,441,887.90113,475,131.99Totalliabilities789,192,165.61696,733,266.16Owners'equity:

Sharecapital431,058,320.00431,058,320.00Otherequityinstruments

Including:PreferredsharesPerpetualbondsCapitalreserves430,866,408.50430,866,408.50Less:TreasurysharesOthercomprehensiveincomes-7,606,040.90-7,606,040.90SpecialreservesSurplusreserves74,222,656.9974,222,656.99GeneralriskprovisionsUndistributedprofit839,250,882.32798,343,284.97Totalequityattributabletoownersoftheparentcompany

1,767,792,226.911,726,884,629.56Minorityshareholders'equity168,458,571.76170,841,342.17Totalowners'equity1,936,250,798.671,897,725,971.73Totalliabilitiesandowner'sequity2,725,442,964.282,594,459,237.89Legalrepresentative:FuChunlongPersoninchargeofaccounting:HuangTianyangPersoninchargeoftheaccountingfirm:

HuangTianyang

2.ParentCompany'sBalanceSheet

Unit:RMBItemEndingbalanceBeginningbalanceCurrentassets:

Cashatbankandonhand9,091,978.6225,182,064.77Tradingfinancialassets10,258,165.52121,340,400.00DerivativefinancialassetsNotesreceivableAccountsreceivable19,042,900.6819,714,030.82ReceivablesfinancingPrepayments254,330.3296,692.05Otherreceivables4,316,161.822,839,370.67Including:Interestreceivable

DividendsreceivableInventoriesIncluding:DataresourcesContractassetsHeld-for-saleassetsCurrentportionofnon-currentassets121,943,858.8891,587,627.94Othercurrentassets1,479,107.2451,886,807.24Totalcurrentassets166,386,503.08312,646,993.49Non-currentassets:

DebtinvestmentOtherdebtinvestments205,894,859.9963,517,795.43Long-termreceivablesLong-termequityinvestments810,612,868.52798,702,607.61OtherequityinstrumentinvestmentsOthernon-currentfinancialassetsInvestmentproperties522,597,609.18530,187,087.36Fixedassets12,781,924.0813,330,517.88Projectsunderconstruction1,986,361.941,986,361.94ProductivebiologicalassetsOilandgasassetsRight-of-useassets77,081,238.6081,973,406.34Intangibleassets2,055,032.122,203,851.20

Including:DataresourcesDevelopmentexpendituresIncluding:DataresourcesGoodwillLong-termdeferredexpenses20,084,616.4320,931,913.29

DeferredincometaxassetsOthernon-currentassets70,410,021.5526,969,339.66Totalnon-currentassets1,723,504,532.411,539,802,880.71Totalassets1,889,891,035.491,852,449,874.20Currentliabilities:

Short-termborrowingsFinancialliabilitiesheldfortradingDerivativefinancialliabilitiesNotespayableAccountspayable56,318,929.2859,250,518.21Advancesfromcustomers1,524,027.991,118,873.69ContractliabilitiesEmployeecompensationpayable34,642,272.9730,927,714.69Taxespayable23,833,888.2621,432,181.88Otherpayables104,317,062.85120,275,555.64

Including:Interestpayable

DividendspayableHeld-for-saleliabilitiesCurrentportionofnon-currentliabilities

7,643,543.048,212,093.33Othercurrentliabilities1,609,232.421,609,232.42Totalcurrentliabilities229,888,956.81242,826,169.86Non-currentliabilities:

Long-termborrowingsBondspayableIncluding:PreferredsharesPerpetualbondsLeaseliabilities77,363,968.3180,617,189.54Long-termpayablesLong-termemployeecompensationpayableEstimatedliabilitiesDeferredincomeDeferredincometaxliabilities7,188,936.097,188,936.09Othernon-currentliabilitiesTotalnon-currentliabilities84,552,904.4087,806,125.63Totalliabilities314,441,861.21330,632,295.49Owners'equity:

Sharecapital431,058,320.00431,058,320.00Otherequityinstruments

Including:PreferredsharesPerpetualbondsCapitalreserves428,256,131.23428,256,131.23Less:TreasurysharesOthercomprehensiveincomes-7,632,462.90-7,632,462.90

SpecialreservesSurplusreserves74,222,656.9974,222,656.99Undistributedprofit649,544,528.96595,912,933.39Totalowners'equity1,575,449,174.281,521,817,578.71Totalliabilitiesandowner'sequity1,889,891,035.491,852,449,874.20

3.ConsolidatedIncomeStatement

Unit:RMBItemThefirsthalfof2025Thefirsthalfof2024I.Totaloperatingrevenue878,272,629.941,580,023,748.85

Including:Operatingrevenue878,272,629.941,580,023,748.85

InterestincomePremiumsearnedHandlingchargesandcommissionincomeII.Totaloperatingcost778,520,084.041,498,402,354.66Including:Operatingcost736,664,626.441,451,925,990.76InterestexpensesHandlingchargesandcommissionexpenditure

SurrendervalueNetpaymentsforinsuranceclaims

Netprovisionforinsuranceliabilityreserves

Policydividendexpenses

Reinsuranceexpenses

Taxesandsurcharges5,268,440.947,022,914.20

Sellingexpenses6,551,375.7410,655,583.07

Administrativeexpenses25,702,432.6323,758,940.40

R&Dexpenses2,045,320.231,353,032.80

Financialexpenses2,287,888.063,685,893.43Including:Interestexpenses3,643,266.255,197,620.36

Interestincome1,583,374.442,112,971.50Add:Otherincomes1,107,048.005,680,047.59

Investmentincome(losstobelistedwith"-")

6,028,215.7314,706,604.25Including:Incomefrominvestmentinassociatesandjointventures

12,775,706.2320,511,753.40IncomefromderecognitionoffinancialassetsatamortizedcostExchangeincome(losstobelistedwith"-")Netexposurehedgingincome

(losstobelistedwith"-")

Incomefromfairvaluechanges(losstobelistedwith"-")

-2,801,386.05-2,981,593.36

Creditimpairmentloss(losstobelistedwith"-")

-312,882.35-857,544.91

Assetimpairmentloss(losstobelistedwith"-")

Incomefromassetsdisposal(losstobelistedwith"-")

-123,104.39-227.20III.Operatingprofit(losstobelistedwith"-")

103,650,436.8498,168,680.56Add:Non-operatingrevenue3,456,068.881,112,033.25Less:Non-operatingexpenses103,685.95107,338.47IV.Totalprofit(totallosstobelistedwith"-")

107,002,819.7799,173,375.34Less:Incometaxexpenses25,372,160.8319,663,631.30V.Netprofit(netlosstobelistedwith"-")

81,630,658.9479,509,744.04(I)Classifiedbyoperatingcontinuity

1.Netprofitfromcontinuing

operations(netlosstobelistedwith"-")

81,630,658.9479,509,744.04

2.Netprofitfromdiscontinued

operations(netlosstobelistedwith"-")(II)Classifiedbyattributionofownership

1.Netprofitattributableto

shareholdersoftheparentcompany(netlosstobelistedwith"-")

84,013,429.3576,662,479.69

2.Minorityinterestincome(netloss

tobelistedwith"-")

-2,382,770.412,847,264.35VI.Netafter-taxamountofothercomprehensiveincomeNetafter-taxamountsofothercomprehensiveincomeattributabletotheowneroftheparentcompany

(I)Othercomprehensiveincomethatcannotbereclassifiedintoprofitorloss

1.Changesarisingfrom

remeasurementofthedefinedbenefitplan

2.Othercomprehensiveincome

thatcannotbereclassifiedintoprofitorlossundertheequitymethod

3.Changesinfairvalueof

investmentsbyotherequityinstruments

4.Changesinfairvalueofthe

Company'sowncreditrisk

5.Others

(II)Othercomprehensiveincometobereclassifiedintoprofitorloss

1.Othercomprehensiveincome

thatcanbereclassifiedintoprofitorlossundertheequitymethod

2.Changesinfairvalueofother

debtinvestments

3.Amountoffinancialassets

reclassifiedandincludedinothercomprehensiveincome

4.Provisionforcreditimpairment

ofotherdebtinvestments

5.Reservesforcashflowhedge

6.Translationdifferencesarising

fromthefinancialstatementsofforeigncurrency

7.Others

Netafter-taxamountofothercomprehensiveincomeattributabletominorityshareholdersVII.Totalcomprehensiveincome81,630,658.9479,509,744.04Totalcomprehensiveincomeattributabletotheowneroftheparentcompany

84,013,429.3576,662,479.69

Totalcomprehensiveincomeattributabletominorityshareholders

-2,382,770.412,847,264.35VIII.Earningspershare:

(I)Basicearningspershare0.19490.1778(II)Dilutedearningspershare0.19490.1778Incaseofabusinessmergerundercommoncontrolinthecurrentperiod,thenetprofitrealizedbythemergedpartybeforethemergerisRMBandthenetprofitrealizedbythemergedpartyinthepreviousperiodisRMB.Legalrepresentative:FuChunlongPersoninchargeofaccounting:HuangTianyangPersoninchargeoftheaccountingfirm:

HuangTianyang

4.ParentCompany'sIncomeStatement

Unit:RMBItemThefirsthalfof2025Thefirsthalfof2024I.Operatingrevenue58,621,053.9255,668,957.83

Less:Operatingcost23,987,855.3321,857,801.26

Taxesandsurcharges830,387.15666,504.17Sellingexpenses518,115.281,613,067.79Administrativeexpenses21,204,645.2919,676,080.08R&DexpensesFinancialexpenses1,456,770.51314,066.15Including:Interestexpenses1,574,505.311,410,977.14

Interestincome132,113.061,152,266.18Add:Otherincomes214,922.0960,704.40

Investmentincome(losstobelistedwith"-")

91,814,280.8594,855,787.41Including:Incomefrominvestmentinassociatesandjointventures

11,910,260.9119,879,117.40Incomefromderecognitionoffinancialassetsmeasuredatamortizedcost(losstobe

listedwith"-")

Netexposurehedgingincome(losstobelistedwith"-")Incomefromfairvaluechanges(losstobelistedwith"-")

-1,082,234.48129,101.37

Creditimpairmentloss(losstobelistedwith"-")

35,396.25

Assetimpairmentloss(losstobelistedwith"-")

Incomefromassetsdisposal(losstobelistedwith"-")

-32,362.39II.Operatingprofit(losstobelistedwith"-")

101,573,282.68106,587,031.56Add:Non-operatingrevenue1,050,299.68167,555.00Less:Non-operatingexpenses35,396.25III.Totalprofit(totallosstobelistedwith"-")

102,588,186.11106,754,586.56Less:Incometaxexpenses5,850,758.543,911,367.29IV.Netprofit(netlosstobelistedwith"-")

96,737,427.57102,843,219.27(I)Netprofitfromcontinuingoperations(netlosstobelistedwith"-")

96,737,427.57102,843,219.27(II)Netprofitfromdiscontinuedoperations(netlosstobelistedwith"-")V.Netafter-taxamountofothercomprehensiveincome(I)Othercomprehensiveincomethatcannotbereclassifiedintoprofitorloss

1.Changesarisingfrom

remeasurementofthedefinedbenefitplan

2.Othercomprehensiveincome

thatcannotbereclassifiedintoprofitorlossundertheequitymethod

3.Changesinfairvalueof

investmentsbyotherequityinstruments

4.Changesinfairvalueofthe

Company'sowncreditrisk

5.Others

(II)Othercomprehensiveincometobereclassifiedintoprofitorloss

1.Othercomprehensiveincome

thatcanbereclassifiedintoprofitorlossundertheequitymethod

2.Changesinfairvalueofother

debtinvestments

3.Amountoffinancialassets

reclassifiedandincludedinothercomprehensiveincome

4.Provisionforcreditimpairment

ofotherdebtinvestments

5.Reservesforcashflowhedge

6.Translationdifferencesarising

fromthefinancialstatementsofforeigncurrency

7.Others

VI.Totalcomprehensiveincome96,737,427.57102,843,219.27VII.Earningspershare:

(I)Basicearningspershare(II)Dilutedearningspershare

5.ConsolidatedCashFlowStatement

Unit:RMBItemThefirsthalfof2025Thefirsthalfof2024I.Cashflowsfromoperatingactivities:

Cashreceivedfromsalesofgoodsorrenderingofservices

1,007,896,076.002,365,424,815.77

Netincreaseindepositsfromcustomersandplacementsfrombanksandotherfinancialinstitutions

Netincreaseinborrowingsfromthecentralbank

Netincreaseinborrowingsfromotherfinancialinstitutions

Cashreceivedfrompremiumsoforiginalinsurancecontracts

Netamountofcashreceivedfromreinsurancebusiness

Netincreaseindepositsoftheinsuredandinvestments

Cashreceivedfrominterest,handlingcharges,andcommissions

Netincreaseinborrowingsfrombanksandotherfinancialinstitutions

Netincreaseofrepurchasingbusinessfunds

Netamountofcashreceivedfromactingtradingsecurities

Taxrefundsreceived37,295.3837,746.08

Othercashreceivedrelatedtooperatingactivities

87,779,185.34110,631,913.79Subtotalofcashinflowsfromoperatingactivities

1,095,712,556.722,476,094,475.64Cashpaidforpurchaseofgoodsandreceiptoflaborservices

787,104,493.072,196,783,671.76NetincreaseinloansandadvancestocustomersNetincreaseindepositsinthecentralbankandotherfinancialinstitutionsCashpaidforclaimsonoriginalinsurancecontractsNetincreaseinlendingstobanksandotherfinancialinstitutionsCashpaidforinterest,handlingcharges,andcommissions

CashpaidforpolicydividendsCashpaidtoandforemployees26,278,872.8524,123,668.90Taxesandfeespaid33,435,410.9041,216,137.40Othercashpaidrelatedtooperatingactivities

94,087,448.23106,661,508.66Subtotalofcashoutflowsfromoperatingactivities

940,906,225.052,368,784,986.72Netcashflowsfromoperatingactivities154,806,331.67107,309,488.92II.Cashflowfrominvestingactivities:

Cashreceivedfromdisposalofinvestments

341,019,153.51418,023,375.56

Cashreceivedfromacquirementofinvestmentincome

1,355,298.3921,365,841.08

Netcashreceivedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets

30,583.151,974.82

Netcashreceivedfromdisposalofsubsidiariesandotherbusinessunits

Cashreceivedrelatedtootherinvestingactivities

669,327.72Subtotalofcashinflowsfrominvestingactivities

342,405,035.05440,060,519.18Cashpaidtoacquirefixedassets,intangibleassets,andotherlong-termassets

5,475,969.2314,170,382.92Cashpaidforinvestments570,171,410.96554,236,930.32NetincreaseinpledgeloansNetcashpaidforacquisitionofsubsidiariesandotherbusinessunitsOthercashpaidrelatedtoinvestingactivities

402,612.588,115,811.58Subtotalofcashoutflowsfrominvestingactivities

576,049,992.77576,523,124.82Netcashflowsfrominvestingactivities-233,644,957.72-136,462,605.64III.Cashflowsfromfinancingactivities:

CashreceivedfromabsorbinginvestmentIncluding:Cashreceivedbysubsidiariesfromabsorbinginvestmentsofminorityshareholders

Cashreceivedfromborrowings184,500,000.00263,000,000.00

OthercashreceivedrelatedtofinancingactivitiesSubtotalofcashinflowsfromfinancingactivities

184,500,000.00263,000,000.00

Cashpaidforrepaymentofdebts151,600,000.00220,000,000.00

Cashpaidfordistributionofdividends,profits,orinterestrepayment

45,218,183.6917,416,675.48

Including:Dividendsandprofitspaidbysubsidiariestominorityshareholders

Othercashpaidrelatedtofinancingactivities

730,323.63754,459.08Sub-totalofcashoutflowsfromfinancingactivities

197,548,507.32238,171,134.56Netcashflowsfromfinancingactivities-13,048,507.3224,828,865.44IV.Effectofexchangeratechangeson578.35

cashandcashequivalentsV.Netincreaseincashandcashequivalents

-91,887,133.37-4,323,672.93Add:Beginningbalanceofcashandcashequivalents

301,275,968.63160,223,387.69VI.Endingbalanceofcashandcashequivalents

209,388,835.26155,899,714.76

6.ParentCompany'sCashFlowStatement

Unit:RMBItemThefirsthalfof2025Thefirsthalfof2024I.Cashflowsfromoperatingactivities:

Cashreceivedfromsalesofgoodsorrenderingofservices

68,270,922.8862,729,612.62

Taxrefundsreceived

Othercashreceivedrelatedtooperatingactivities

3,838,443.1495,110,233.33Subtotalofcashinflowsfromoperatingactivities

72,109,366.02157,839,845.95Cashpaidforpurchaseofgoodsandreceiptoflaborservices

19,371,209.7416,964,957.26Cashpaidtoandforemployees17,881,365.6916,012,236.59Taxesandfeespaid8,571,789.074,315,386.13Othercashpaidrelatedtooperatingactivities

18,381,714.6097,680,119.77Subtotalofcashoutflowsfromoperatingactivities

64,206,079.10134,972,699.75Netcashflowsfromoperatingactivities7,903,286.9222,867,146.20II.Cashflowfrominvestingactivities:

Cashreceivedfromdisposalofinvestments

240,019,153.51330,497,067.04

Cashreceivedfromacquirementofinvestmentincome

74,290,000.0015,058,727.78

Netcashreceivedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets

Netcashreceivedfromdisposalofsubsidiariesandotherbusinessunits

CashreceivedrelatedtootherinvestingactivitiesSubtotalofcashinflowsfrominvestingactivities

314,309,153.51345,555,794.82

Cashpaidtoacquirefixedassets,intangibleassets,andotherlong-termassets

5,172,800.2913,583,673.72

Cashpaidforinvestments290,171,410.96342,236,930.32

Netcashpaidforacquisitionofsubsidiariesandotherbusinessunits

OthercashpaidrelatedtoinvestingactivitiesSubtotalofcashoutflowsfrominvestingactivities

295,344,211.25355,820,604.04Netcashflowsfrominvestingactivities18,964,942.26-10,264,809.22III.Cashflowsfromfinancingactivities:

Cashreceivedfromabsorbing

investmentCashreceivedfromborrowingsOthercashreceivedrelatedtofinancingactivitiesSubtotalofcashinflowsfromfinancingactivities

CashpaidforrepaymentofdebtsCashpaidfordistributionofdividends,profits,orinterestrepayment

43,097,999.3313,408,159.80OthercashpaidrelatedtofinancingactivitiesSub-totalofcashoutflowsfromfinancingactivities

43,097,999.3313,408,159.80Netcashflowsfromfinancingactivities-43,097,999.33-13,408,159.80IV.EffectofexchangeratechangesoncashandcashequivalentsV.Netincreaseincashandcashequivalents

-16,229,770.15-805,822.82Add:Beginningbalanceofcashandcashequivalents

25,182,064.778,805,213.07VI.Endingbalanceofcashandcashequivalents

8,952,294.627,999,390.25

7.ConsolidatedStatementofChangesinOwners'Equity

AmountinthecurrentperiodUnit:RMB

Item

Thefirsthalfof2025Owners'equityattributabletotheparentcompany

Minorityshareholders'equity

Totalowners'equitySharecapital

Otherequityinstruments

Capitalreserves

Less:

Treasuryshares

Othercomprehensiveincomes

Spe

cial

rese

rves

Surplusreserves

Generalriskprovisions

Undistributedprofit

Others

SubtotalPreferredshares

Perpetualbonds

OthersI.Endingbalanceofthepreviousyear

431,058,320.

430,866,408.

-7,606,04

0.90

74,222,6

56.9

798,343,284.

1,726,884,62

9.56

170,841,342.

1,897,725,97

1.73

Add:

Changesinaccountingpolicies

Correctionofpriorerrors

OthersII.Beginningbalanceofthecurrent

431,058,320.

430,866,408.

-7,606,04

74,222,6

56.9

798,343,284.

1,726,884,62

170,841,342.

1,897,725,97

year00500.909979.56171.73III.Increase/Decreaseinthecurrentperiod(decreasetobelistedwith"-")

40,907,5

97.3

40,907,5

97.3

-2,382,77

0.41

38,524,8

26.9

(I)Totalcomprehensiveincome

84,013,4

29.3

84,013,4

29.3

-2,382,77

0.41

81,630,6

58.9

(II)Capitalinvestedanddecreasedbyowners

1.Ordinary

sharescontributedbyowners

2.Capital

contributedbytheholdersofotherequityinstruments

3.Amountof

share-basedpaymentsincludedinowners'equity

4.Others

(III)Profitdistribution

-43,105,8

32.0

-43,105,8

32.0

-43,105,8

32.0

1.Appropriationtosurplusreserve2.Appropriationtogeneralriskprovision3.Distributiontoowners(orshareholders)

-43,105,8

32.0

-43,105,8

32.0

-43,105,8

32.0

4.Others

(IV)Internaltransfersofowner'sequity

1.Capital

reservesconvertedtocapital(orsharecapital)

2.Surplus

reservesconvertedtocapital(orsharecapital)

3.Surplus

reservestorecoverloss

4.Retained

earningscarriedforwardfromchangesinthedefinedbenefitplan

5.Retained

earningscarriedforwardfromothercomprehensiveincome

6.Others

(V)Specialreserve1.Appropriationinthecurrentperiod

2.Utilization

inthecurrentperiod(VI)OthersIV.Endingbalanceofthecurrentperiod

431,058,320.

430,866,408.

-7,606,04

0.90

74,222,6

56.9

839,250,882.

1,767,792,22

6.91

168,458,571.

1,936,250,79

8.67

AmountofthepreviousyearUnit:RMBItem

Thefirsthalfof2024Owners'equityattributabletotheparentcompanyMinTota

orityshareholders'equity

lowners'equitySharecapital

Otherequityinstruments

Capitalreserves

Less:

Treasuryshares

Othercomprehensiveincomes

Specialreserves

Surplusreserves

Generalriskprovisions

Undistributedprofit

Others

SubtotalPreferredshares

Perpetualbonds

OthersI.Endingbalanceofthepreviousyear

431,058,320.

430,866,408.

-7,318,55

2.65

63,956,2

86.4

685,342,592.

1,603,905,05

4.93

127,166,863.

1,731,071,91

8.02

Add:

Changesinaccountingpolicies

Correctionofpriorerrors

OthersII.Beginningbalanceofthecurrentyear

431,058,320.

430,866,408.

-7,318,55

2.65

63,956,2

86.4

685,342,592.

1,603,905,05

4.93

127,166,863.

1,731,071,91

8.02

III.Increase/Decreaseinthecurrentperiod(decreasetobelistedwith"-")

63,299,6

71.7

63,299,6

71.7

2,847,26

4.35

66,146,9

36.1

(I)Totalcomprehensiveincome

76,662,4

79.6

76,662,4

79.6

2,847,26

4.35

79,509,7

44.0

(II)Capitalinvestedanddecreasedbyowners

1.Ordinary

sharescontributedbyowners

2.Capital

contributedbytheholdersofotherequityinstruments

3.Amountof

share-basedpayments

includedinowners'equity

4.Others

(III)Profitdistribution

-13,362,8

07.9

-13,362,8

07.9

-13,362,8

07.9

1.Appropriationtosurplusreserve2.Appropriationtogeneralriskprovision3.Distributiontoowners(orshareholders)

-13,362,8

07.9

-13,362,8

07.9

-13,362,8

07.9

4.Others

(IV)Internaltransfersofowner'sequity

1.Capital

reservesconvertedtocapital(orsharecapital)

2.Surplus

reservesconvertedtocapital(orsharecapital)

3.Surplus

reservestorecoverloss

4.Retained

earningscarriedforwardfromchangesinthedefinedbenefitplan

5.Retained

earningscarriedforwardfromothercomprehensi

veincome

6.Others

(V)Specialreserve1.Appropriationinthecurrentperiod

2.Utilization

inthecurrentperiod(VI)OthersIV.Endingbalanceofthecurrentperiod

431,058,320.

430,866,408.

-7,318,55

2.65

63,956,2

86.4

748,642,264.

1,667,204,72

6.70

130,014,127.

1,797,218,85

4.14

8.StatementofChangesinOwners'EquityofParentCompanyAmountinthecurrentperiodUnit:RMB

Item

Thefirsthalfof2025Sharecapital

Otherequityinstruments

Capitalreserves

Less:

Treasuryshares

Othercomprehensiveincomes

Specialreserves

Surplusreserves

Undistributedprofit

Others

Totalowners'equityPreferredshares

Perpetualbonds

OthersI.Endingbalanceofthepreviousyear

431,058,32

0.00

428,256,13

1.23

-7,632,

462.9

74,222,656.

595,912,93

3.39

1,521,817,5

78.71

Add:

Changesinaccountingpolicies

Correctionofpriorerrors

OthersII.Beginningbalanceofthecurrentyear

431,058,32

0.00

428,256,13

1.23

-7,632,

462.9

74,222,656.

595,912,93

3.39

1,521,817,5

78.71

III.Increase/Decreaseinthecurrentperiod

53,631,595.

53,631,595.

(decreasetobelistedwith"-")(I)Totalcomprehensiveincome

96,737,427.

96,737,427.

(II)Capitalinvestedanddecreasedbyowners

1.Ordinary

sharescontributedbyowners

2.Capital

contributedbytheholdersofotherequityinstruments

3.Amountof

share-basedpaymentsincludedinowners'equity

4.Others

(III)Profitdistribution

-43,105,832.

-43,105,832.

1.Appropriationtosurplusreserve2.Distributiontoowners(orshareholders)

-43,105,832.

-43,105,832.

3.Others

(IV)Internaltransfersofowner'sequity

1.Capital

reservesconvertedtocapital(orsharecapital)

2.Surplus

reservesconvertedtocapital(or

sharecapital)

3.Surplus

reservestorecoverloss

4.Retained

earningscarriedforwardfromchangesinthedefinedbenefitplan

5.Retained

earningscarriedforwardfromothercomprehensiveincome

6.Others

(V)Specialreserve1.Appropriationinthecurrentperiod

2.Utilization

inthecurrentperiod(VI)OthersIV.Endingbalanceofthecurrentperiod

431,058,32

0.00

428,256,13

1.23

-7,632,

462.9

74,222,656.

649,544,52

8.96

1,575,449,1

74.28

AmountofthepreviousyearUnit:RMB

Item

Thefirsthalfof2024Sharecapital

Otherequityinstruments

Capitalreserves

Less:

Treasuryshares

Othercomprehensiveincomes

Specialreserves

Surplusreserves

Undistributedprofit

Others

Totalowners'equityPreferredshares

Perpetualbonds

OthersI.Endingbalanceofthepreviousyear

431,058,32

0.00

428,256,13

1.23

-7,344,

974.6

63,956,286.

516,878,40

6.57

1,432,804,1

69.61

Add:

Changesinaccountingpolicies

Correctionofpriorerrors

OthersII.Beginningbalanceofthecurrentyear

431,058,32

0.00

428,256,13

1.23

-7,344,

974.6

63,956,286.

516,878,40

6.57

1,432,804,1

69.61

III.Increase/Decreaseinthecurrentperiod(decreasetobelistedwith"-")

89,480,411.

89,480,411.

(I)Totalcomprehensiveincome

102,843,21

9.27

102,843,21

9.27

(II)Capitalinvestedanddecreasedbyowners

1.Ordinary

sharescontributedbyowners

2.Capital

contributedbytheholdersofotherequityinstruments

3.Amountof

share-basedpaymentsincludedinowners'equity

4.Others

(III)Profitdistribution

-13,362,807.

-13,362,807.

1.Appropriationtosurplusreserve2.Distributiontoowners(orshareholders)

-13,362,807.

-13,362,807.

3.Others

(IV)Internaltransfersofowner'sequity

1.Capital

reservesconvertedtocapital(orsharecapital)

2.Surplus

reservesconvertedtocapital(orsharecapital)

3.Surplus

reservestorecoverloss

4.Retained

earningscarriedforwardfromchangesinthedefinedbenefitplan

5.Retained

earningscarriedforwardfromothercomprehensiveincome

6.Others

(V)Specialreserve1.Appropriationinthecurrentperiod

2.Utilization

inthecurrentperiod(VI)OthersIV.Endingbalanceofthecurrentperiod

431,058,32

0.00

428,256,13

1.23

-7,344,

974.6

63,956,286.

606,358,81

7.92

1,522,284,5

80.96

III.BasicInformationoftheCompanyShenzhenTellusHoldingCo.,Ltd.(hereinafterreferredtoas"theCompany")isalimitedliabilitycompanyregisteredintheShenzhenAdministrationforIndustryandCommerceonNovember10,1986.TheCompanywasreorganizedandestablishedfromtheformerShenzhenMachineryIndustryCompanywiththeapprovalthroughtheReplyontheReorganizationofShenzhenMachineryIndustryCompanyintoShenzhenTellusMachineryCo.,Ltd.(SFBF[1991]No.1012)issuedbytheGeneralOfficeofShenzhenMunicipalPeople'sGovernment.TheCompanycurrentlyholdsabusinesslicensewithaunifiedsocialcreditcodeof91440300192192210U,witharegisteredcapitalofRMB431,058,320.00andatotalof431,058,320shares,including392,778,320Asharesand38,280,000Bshareswithouttradingrestrictionsonsale.ThebusinessaddressoftheCompany'sheadquartersis3-4/F,TellusBuilding,2ndShuibeiRoad,LuohuDistrict,Shenzhen.ThelegalrepresentativeisFuChunlong.In1993,withtheapprovalfromtheReplyontheReorganizationofShenzhenTellusMachineryCo.,Ltd.intoaPublicLimitedLiabilityCompany(SFBF[1992]No.1850)issuedbytheGeneralOfficeofShenzhenMunicipalPeople'sGovernmentandtheReplyontheIssuanceofSharesbyShenzhenTellusMachineryElectricCo.,Ltd.(SRYFZ[1993]No.092)issuedbyShenzhenSpecialEconomicZoneBranchofthePeople'sBankofChina,theCompanywasreorganizedintoapubliclimitedliabilitycompanythroughaninitialpublicoffering,witharegisteredcapitalofRMB166,880,000.00andatotalsharecapitalof166,880,000shares.120,900,000shareswereconvertedfromformerassets,25,980,000wereissuedasAshares,and20,000,000wereissuedasBshares.SharesissuedbytheCompanyhadaparvalueofRMB1pershare.OnJune21,1993,theCompany'sshareswerelistedandtradedontheShenzhenStockExchange.AccordingtotheresolutionoftheCompany's1993AnnualGeneralMeetingofShareholders,basedonthesharecapitalof166,880,000sharesasofDecember31ofthatyear,theCompanydistributedacashdividendofRMB0.5andissued2bonussharestoallshareholdersforevery10sharesheld,totaling33,376,000shares,whichwasimplementedin1994.Afterthebonusissueofshares,theregisteredcapitalwasincreasedtoRMB200,256,000.00.AccordingtotheresolutionoftheCompany's1994AnnualGeneralMeetingofShareholders,basedonthesharecapitalof200,256,000sharesasofDecember31ofthatyear,theCompanydistributedacashdividendofRMB0.5andissued0.5bonussharestoallshareholdersforevery10sharesheld,with0.5additionalshares,totaling20,025,600shares,whichwasimplementedin1995.TheregisteredcapitalwasincreasedtoRMB220,281,600.00afterthebonusissueofsharesandtransfer.AccordingtotheresolutionoftheCompany's1994AnnualGeneralMeetingofShareholders,basedonthesharecapitalof200,256,000sharesasofDecember31ofthatyear,theCompanydistributedacashdividendofRMB0.5andissued0.5bonussharestoallshareholdersforevery10sharesheld,with0.5additionalshares,totaling20,025,600shares,whichwasimplementedin1995.TheregisteredcapitalwasincreasedtoRMB220,281,600.00afterthebonusissueofsharesandtransfer.Accordingtotheresolutionofthe4thExtraordinaryGeneralMeetingofShareholdersoftheCompanyin2014,upontheapprovalfromtheReplytotheApprovalofNon-publicOfferingofSharesbyShenzhenTellusHoldingCo.,Ltd.(ZJXK[2015]No.173)issuedbytheChinaSecuritiesRegulatoryCommission,theCompanyissued77,000,000ordinaryAsharestoShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.andShenzhenCapitalFortuneJewelryIndustry

InvestmentEnterprise(LimitedPartnership)in2015.Aftertheissuance,theregisteredcapitalwasincreasedtoRMB297,281,600.00.AccordingtotheresolutionoftheCompany's2018AnnualGeneralMeetingofShareholders,basedonthesharecapitalof297,281,600sharesasofDecember31ofthatyear,theCompanyincreased4.5sharesforevery10sharestoallshareholdersthroughcapitalreserves,totaling133,776,720shares,whichwasimplementedin2019.Afterthetransfer,theregisteredcapitalwasincreasedtoRMB431,058,320.00.Mainbusinessactivities:Propertyleasingandservices,goldandjewelryoperations,etc.ThefinancialstatementsandnotestothefinancialstatementswereapprovedbytheSixteenthFormalMeetingoftheTenthBoardofDirectorsoftheCompanyonAugust20,2025.IV.PreparationFundamentalsforFinancialStatements

1.Preparationfundamentals

TheCompanypreparedthefinancialstatementsaccordingtoAccountingStandardsforBusinessEnterprisesissuedbytheMinistryofFinanceaswellasrelevantapplicationguidelines,interpretations,andotherprovisions(hereinaftercollectivelyreferredtoas"ASBE").Inaddition,theCompanyalsodisclosedrelevantfinancialinformationpertheRulesforthePreparationofInformationDisclosureofCompaniesIssuingSecuritiestothePublicNo.15—GeneralProvisionsonFinancialReports(2023Revision)issuedbytheChinaSecuritiesRegulatoryCommission(CSRC).

2.Continuingoperations

Thefinancialstatementshavebeenpreparedbasedoncontinuingoperations.

V.SignificantAccountingPoliciesandAccountingEstimatesNotestospecificaccountingpoliciesandaccountingestimates:

TheCompanyhasdetermineditscriteriafordepreciationofinvestmentproperties,depreciationoffixedassets,capitalizationofR&Dexpenses,andrevenuerecognitionpoliciesbasedonitsownproductionandoperationcharacteristics.Forspecificaccountingpolicies,pleaserefertoNoteV.14,NoteV.15,andNote23.

1.DeclarationoncompliancewithASBE

ThefinancialstatementscomplywiththerequirementsofASBEandtrulyandfullyreflecttheCompany'smergerandfinancialsituationasofJune30,2025,aswellasthemergerinthefirsthalfof2025andtheCompany'soperatingresults,merger,cashflows,andotherinformation.

2.Accountingperiod

TheCompanyusesthecalendaryearastheaccountingyear,namely,fromJanuary1toJune30.

3.Businesscycle

ThebusinesscycleoftheCompanyissixmonths.

4.Bookkeepingbasecurrency

TheCompanyanditsdomesticsubsidiariestakeRMBasthebookkeepingbasecurrency.TheCompanyusesRMBtopreparethefinancialstatements.

5.Methodofdeterminingsignificancecriteriaandbasisofselection?Applicable□NotapplicableItemSignificancecriteriaSignificantreceivableswithprovisionforbaddebtsdrawnonasinglebasis

Amount≥RMB1,000,000.00oraccountsformorethan1%ofvariousreceivablesSignificantconstructioninprogressThebudgetamountforasingleprojectis≥20,000,000.00Significantaccountspayableandotherpayables

Accountspayablewithasingleaccountreceivableageofmorethanoneyear/otherpayablesaccountingformorethan1%ofthetotalaccountspayable,withanamount≥RMB1,000,000.00Significantnon-wholly-ownedsubsidiaries

Thetotalrevenuefromrelatedpartiesaccountsformorethan10%ofthetotalrevenueintheconsolidatedfinancialstatements,ortheabsolutevalueofnetprofitaccountsformorethan10%ofthenetprofitintheconsolidatedfinancialstatements.Significantinvestingactivitiesandprojects

Singleinvestingactivityaccountsformorethan10%ofthetotalcashinflowsoroutflowsrelatedtoinvestingactivities,ortheoutflowsamountto≥RMB100,000,000.00.Significantreceivableswithprovisionforbaddebtsdrawnonasinglebasis

Amount≥RMB1,000,000.00oraccountsformorethan1%ofvariousreceivablesSignificantjointventuresorassociates

Thebookvalueoflong-termequityinvestmentinasingleinvesteeismorethanRMB15million,ortheprofitorlossonthelong-termequityinvestmentundertheequitymethodaccountsforover3%oftheCompany'sconsolidatednetprofit.Significanteventsafterthebalancesheetdate

TheCompanyrecognizestheprofitdistributionafterthebalancesheetdateasasignificantevent

6.Accountingtreatmentmethodforbusinessmergersundercommoncontrolandnotundercommoncontrol

(1)Businessmergersundercommoncontrol

Forabusinessmergerundercommoncontrol,themergingpartyshallmeasuretheassetsandliabilitiesacquiredfromthemergedpartyattheirbookvalueonthemergerdateintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Thedifferencebetweenthebookvalueofthenetassetsobtainedinthebusinessmergerandthebookvalueofthemergerisusedtoadjustthecapitalreserve.Wherethecapitalreserveisinsufficientforoffset,retainedearningsshallbeadjusted.Businessmergersundercommoncontrolrealizedstep-by-stepthroughmultipletransactions

Theassetsandliabilitiesacquiredbythemergingpartyfromthemergedpartyshallbemeasuredbasedontheirbookvalueonthemergerdateintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Accordingtothedifferencebetweenthesumofthebookvalueofholdinginvestmentbeforemergerandthebookvalueofnewlypaidconsiderationonthemergerdateandthebookvalueofnetassetsobtainedbymerging,thecapitalreserveshallbeadjusted;ifthecapitalreserveisinsufficientforoffset,retainedearningsmaybeadjusted.Thelong-termequityinvestmentheldbeforetheacquisitionofthemergedparty'scontrolbythemergingpartyandtheprofitorloss,othercomprehensiveincome,andchangesinotherowners'equitiesthathavebeenrecognizedduringtheperiodfromthedateofacquisitionoftheoriginalequity,orthedateofcommoncontrolofthemergingpartyandthemergedentity(whichislater)tothemergingdateshalloffsetagainsttheretainedbeginningearningsorcurrentprofitsandlossesrespectivelyduringtheperiodofthecomparativestatement.

(2)Businessmergersnotundercommoncontrol

Forabusinessmergernotundercommoncontrol,themergercostsarethefairvalueofassetspaid,liabilitiesincurredorassumed,andequitysecuritiesissuedbytheCompanyontheacquisitiondatetoobtaincontrolovertheacquiree.Theassets,liabilities,andcontingentliabilitiesoftheacquireearerecognizedasperfairvalueontheacquisitiondate.Thedifferencebetweenthemergingcostandthefairvalueofidentifiablenetassetsobtainedfromtheacquireeshallberecognizedasgoodwill,andsuccessivelymeasuredbydeductingtheaccumulativedepreciationprovisionbycost;thedifferencebetweenthemergingcostandthefairvalueofidentifiablenetassetsobtainedfromtheacquireeshallbeincludedinthecurrentprofitsandlossesafterreview.Businessmergersnotundercommoncontrolrealizedstep-by-stepthroughmultipletransactionsThemergingcostshallbeequaltothesumoftheconsiderationpaidontheacquisitiondateandthefairvalueoftheacquiree'sequity,whichhasbeenheldbeforetheacquisitiondate,ontheacquisitiondate.Theacquiree'sequityheldbeforetheacquisitiondateshallbere-measuredatitsfairvalueontheacquisitiondate,andthedifferencebetweenthefairvalueanditsbookvalueshallbeincludedinthecurrentinvestmentincome;iftheacquiree'sequityheldbeforethedateofacquisitioninvolvesothercomprehensiveincome,changesinotherowners'equityshallbetransformedintothecurrentprofitontheacquisitiondate,exceptcomprehensiveincomegeneratedduetoremeasuringthechangeinnetliabilitiesornewassetsofdefinedbenefitplanbytheinvesteeandothercomprehensiveincomerelatedtonon-tradingequityinstrumentinvestmentoriginallymeasuredatfairvaluethroughothercomprehensiveincome.

(3)DisposalofrelatedhandlingchargesforbusinessmergersIntermediationcostsforaudit,legalservices,assessment,andconsultation,andotheradministrativeexpensesincurredshallbeincludedinthecurrentprofitorlosswhenincurredduringthebusinessmergers.Thetransactionexpensesofequitysecuritiesordebtsecuritiesissuedasmergerconsiderationshallbeincludedintheinitiallyrecognizedamountofequitysecuritiesordebtsecurities.

7.Judgmentstandardforcontrolandpreparationofconsolidatedfinancialstatements

(1)Judgmentstandardforcontrol

Theconsolidationscopeofconsolidatedfinancialstatementsisdeterminedbasedoncontrol.ControlmeansthepoweroftheCompanyovertheinvestee,withwhichtheCompanyenjoysvariablereturnsthroughparticipatinginrelatedactivitiesoftheinvesteeandcaninfluenceitsamountofreturnbyusingitspowerovertheinvestees.Oncechangesinrelevantfactsandcircumstancesleadtochangesinrelevantelementsinvolvedintheabovedefinitionofcontrol,theCompanywillconductareassessment.Whenjudgingwhethertoincludeastructuredentityinthescopeofconsolidation,theCompanyevaluateswhethertocontrolthestructuredentitybasedonallfactsandcircumstances,includingevaluatingthepurposeanddesignoftheestablishmentofthestructuredentity,identifyingthetypesofvariablereturns,andbearingpartorallofthereturnvariabilitybyparticipatinginitsrelatedactivities.

(2)Preparationofconsolidatedfinancialstatements

ConsolidatedfinancialstatementsarepreparedbytheCompanybasedonthefinancialstatementsoftheCompanyanditssubsidiaries,aswellasotherrelateddata.Inthepreparationofconsolidatedfinancialstatements,theaccountingpoliciesandaccountingperiodsoftheCompanyanditssubsidiariesarerequiredtobeconsistent,andsignificanttransactionsandcurrentbalancesbetweencompaniesareoffset.Whereasubsidiaryorbusinesshasbeenacquiredthroughabusinessmergerinvolvingenterprisesundercommoncontrolinthereportingperiod,thesubsidiaryorbusinessisdeemedtobeincludedintheconsolidatedfinancialstatementsfromthedatetheyarecontrolledbytheultimatecontrollingparty.Theiroperatingresultsandcashflowsarerespectivelyincludedintheconsolidatedincomestatementandconsolidatedcashflowstatementfromthedatetheyarecontrolledbytheultimatecontrollingparty.Forsubsidiariesandbusinessesthatincreasedduetoabusinessmergerunderdifferentcontrolduringthereportingperiod,therevenues,expenses,andprofitsofsuchsubsidiariesandbusinessesfromthepurchasedatetotheendofthereportingperiodshallbeincludedintheconsolidatedincomestatement,andtheircashflowsshallbeincludedintheconsolidatedcashflowstatement.Theportionofshareholders'equityofsubsidiariesnotbelongingtotheCompanyshallbelistedseparatelyundertheitem"Shareholders'Equity"intheconsolidatedbalancesheetasminorityshareholders'equity.Theportionofnetprofitorlossofsubsidiariesinthecurrentperiodbelongingtominorityshareholders'equityshallbelistedseparatelyundertheitem"MinorityShareholders'ProfitorLoss"intheconsolidatedincomestatement.Ifthelossofasubsidiarybornebyminorityshareholdersexceedsitsshareintheowner'sequityofthesubsidiaryatthebeginningoftheperiod,thebalanceshallstilloffsettheminorityequity.

(3)AcquisitionofequityfromminorityshareholdersofsubsidiariesThecapitalreserveintheconsolidatedbalancesheetshallbeadjustedduetothebalancebetweenthelong-termequityinvestmentcostnewlyobtainedfromminorityequityandthenetassetshareofsubsidiariescalculatedcontinuouslystartingfromthepurchasedateorconsolidationasperthenewshareholdingratioandthebalancebetweendisposingmoneyobtainedfrompartialdisposalofsubsidiaries'equityinvestmentwithoutlossofcontrolandthenetassetshareofsubsidiariescalculatedcontinuouslystartingfromthepurchasedateorconsolidationcorrespondingtothedisposaloflong-termequityinvestment.Ifthecapitalreserveisinsufficientforoffset,retainedearningsmaybeadjusted.

(4)Disposalofthelossofcontroloversubsidiaries

IftheCompany'scontrolovertheoriginalsubsidiariesislostduetothedisposalofpartofanequityinvestmentorotherreasons,theremainingequityshallberecalculatedatfairvalueonthedaywhenthecontrolislost.Thedifferencebetweenthesumofconsiderationacquiredfromthedisposalofequityandthefairvalueoftheremainingequityminusthesumoftheshareofnetassetsandthegoodwilloftheoriginalsubsidiariescalculatedconstantlybasedontheoriginalshareholdingproportionfromtheacquisitiondate,shallbeincludedincurrentinvestmentincomeatthetimeoflossofcontrol.WhentheCompanylosescontrolovertheoriginalsubsidiaries,othercomprehensiveincomeinconnectionwithequityinvestmentoftheoriginalsubsidiariesshallbesubjecttoaccountingtreatmentusingthesamebasisonwhichtheoriginalsubsidiariesdirectlydisposeofrelevantassetsorliabilities,andotherchangesinowners'equityrelatedtotheoriginalsubsidiariesundertheequitymethodshallbetransferredintocurrentprofitorlossatthetimeoflossofcontrol.

8.ClassificationofjointarrangementsandaccountingtreatmentmethodsforjointoperationsAjointarrangementreferstoanarrangementjointlycontrolledbytwoormoreparticipants.ThejointarrangementoftheCompanycanbeclassifiedintojointoperationandjointventure.

(1)Jointoperation

JointoperationsrefertojointarrangementsinwhichtheCompanyenjoysassetsrelatedtothearrangementsandbearsliabilitiesrelatedtothearrangements.TheCompanyrecognizesthefollowingitemsrelatedtothequantumofinterestinjointoperationsandcarriesoutaccountingtreatmentpertherelevantprovisionsofASBE:

A.Recognizetheassetsheldsolelyandtheassetsheldjointlyidentifiedasperitsshares;B.Recognizetheliabilitiesbornesolelyandtheliabilitiesbornejointlyidentifiedasperitsshares;C.Recognizetherevenuegeneratedfromthesaleofsharesenjoyedinthejointoperation;D.Recognizetherevenuegeneratedfromthesaleofsharesenjoyedinthejointoperationasperitsshares;E.Recognizetheexpensesincurredseparatelyandtheexpensesincurredfromthejointoperationaspertheirshares.

(2)Jointventure

JointventuresrefertojointarrangementsinwhichtheCompanyonlyhasrightsoverthenetassetsofthearrangements.TheCompanycarriesoutaccountingtreatmentforinvestmentinjointventuresaccordingtotheprovisionsonequitymethodaccountingoflong-termequityinvestments.

9.Standardsfordefiningcashandcashequivalents

Cashreferstocashonhandanddepositsthatarereadilyavailableforpayment.Cashequivalentsrefertoshort-term,highlyliquidinvestmentsheldbytheCompanythatarereadilyconvertibleintoknownamountsofcashandhaveaninsignificantriskofchangeinvalue.

10.ForeigncurrencytransactionsandforeigncurrencystatementtranslationForeigncurrencytransactionsoftheCompanyaretranslatedintothebookkeepingbasecurrencyaccordingtothespotexchangerateonthetransactiondate.Onthebalancesheetdate,monetaryitemsdenominatedinforeigncurrenciesaretranslatedatthespotexchangerateonthatdate.Exchangedifferencesarisingfromthedifferencebetweenthespotexchangerateonthebalancesheetdateandthatatinitialrecognitionoronthepreviousbalancesheetdateshallbeincludedincurrentprofitorloss;foreigncurrencynon-monetaryitemsmeasuredathistoricalcostarestilltranslatedatthespotexchangerateonthetransactiondate;foreigncurrencynon-monetaryitemsmeasuredatfairvalueshallbetranslatedatthespotexchangerateonthedatewhenthefairvalueisdetermined.Thedifferencebetweenthetranslatedamountinrecordingcurrencyandtheoriginalamountinrecordingcurrencyshallbeincludedinthecurrentprofitorlossorothercomprehensiveincomeaccordingtothenatureofthenon-monetaryitems.

11.Financialinstruments

Financialinstrumentsrefertocontractsthatformthefinancialassetsofapartyandformfinancialliabilitiesorequityinstrumentsofotherparties.

(1)Recognitionandderecognitionoffinancialinstruments

TheCompanywillrecognizeanitemoffinancialassetorfinancialliabilityatthetimewhenitbecomesapartytothecontractofthefinancialinstruments.Thefinancialassetsshallbederecognizedifoneofthefollowingconditionsismet:

①Thecontractualrighttocollectcashflowofthefinancialassetsisterminated;

②Thisfinancialassethasbeentransferredandmeetsthefollowingderecognitionconditionsforthetransferoffinancialassets.Ifthecurrentobligationofafinancialliabilityhasbeendischargedinwholeorinpart,suchfinancialliabilityorpartthereofshallbederecognized.TheCompany(thedebtor)andthecreditorsignanagreementtoreplacetheexistingfinancialliabilitiesbyassumingnewfinancialliabilities,andifthecontractualtermsofthenewfinancialliabilitiesaresubstantiallydifferentfromthoseoftheexistingfinancialliabilities,theexistingfinancialliabilitiesshallbederecognizedandthenewfinancialliabilitiesshallberecognizedatthesametime.Financialassetstransactedconventionallyaresubjecttoaccountingrecognitionandderecognitiononthetransactionday.

(2)Classificationandmeasurementoffinancialassets

Accordingtothebusinessmodeloffinancialassetsmanagementandthecontractualcashflowcharacteristicsoffinancialassets,uponinitialrecognition,theCompanyclassifiesfinancialassetsintofinancialassetsmeasuredatamortizedcost,financialassetsatfairvaluewithchangesintoothercomprehensiveincome,andfinancialassetsatfairvaluethroughprofitorloss.Financialassetsaremeasuredatfairvalueatinitialrecognition.Forfinancialassetsatfairvaluethroughprofitorloss,therelatedtransactionfeesaredirectlyincludedinthecurrentprofitorloss;forotherfinancialassets,therelatedtransactionfeesareincludedintheinitiallyrecognizedamount.Foraccountsreceivablearisingfromthesaleofproductsortheprovisionoflaborservices,whichdonotincludeordonotconsidersignificantfinancingcomponents,theamountofconsiderationtheCompanyisexpectedtobeentitledtoreceiveistakenastheinitialrecognitionamount.FinancialassetsmeasuredatamortizedcostTheCompanyclassifiesthefinancialassetsthatmeetallofthefollowingconditionsandarenotdesignatedtobemeasuredatfairvaluethroughprofitorlossasthosemeasuredatamortizedcost:

ThebusinessmodeloftheCompanytomanagesuchfinancialassetsisaimedatcollectingcontractualcashflows;Thecontracttermsofthefinancialassetsstipulatethatcashflowsgeneratedonaspecificdateareonlypaymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaremeasuredatamortizedcostusingtheeffectiveinterestmethod.Anygainsorlossesonfinancialassetsatamortizedcostthatarenotpartofthehedgingrelationshiparechargedtothecurrentprofitorlossatderecognition,amortizationusingtheeffectiveinterestmethod,orrecognitionofimpairment.FinancialassetsatfairvaluewithchangesintoothercomprehensiveincomeTheCompanyclassifiesfinancialassetsthatmeetthefollowingconditionsandarenotdesignatedtobefinancialassetsatfairvaluethroughprofitorlossasfinancialassetsatfairvaluethroughothercomprehensiveincome:

?TheCompanymanagesthefinancialassetinabusinessmodelthataimsatbothcollectingcontractual

cashflowsandsellingthefinancialasset;?Thecontracttermsofthefinancialassetsstipulatethatcashflowsgeneratedonaspecificdateareonly

paymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaresubsequentlymeasuredatfairvalue.Interest,impairmentlossesorgains,andexchangegainsandlossescalculatedbytheeffectiveinterestmethodareincludedinthecurrentprofitorloss,andothergainsorlossesareincludedinothercomprehensiveincome.Atthetimeof

derecognition,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomeshallbetransferredoutfromothercomprehensiveincomeandincludedinthecurrentprofitorloss.FinancialassetsatfairvaluethroughprofitorlossExceptfortheabove-mentionedfinancialassetsmeasuredatamortizedcostandfairvaluethroughothercomprehensiveincome,theCompanyclassifiesallremainingfinancialassetsasfinancialassetsatfairvaluethroughprofitorloss.Attheinitialrecognition,toeliminateorsignificantlyreduceaccountingmismatches,theCompanyirrevocablydesignatessomefinancialassetsthatshouldhavebeenmeasuredatamortizedcostsorfairvaluewithchangesintoothercomprehensiveincomeasthefinancialassetsatfairvaluethroughprofitorloss.Suchfinancialassetsaresubsequentlymeasuredatfairvalueafterinitialrecognition,andtheresultinggainsorlosses(includinginterestanddividendrevenue)areincludedinthecurrentprofitorlossunlessthefinancialassetsarepartofthehedgingrelationship.However,fornon-tradingequityinstrumentinvestments,theCompanyirrevocablydesignatesthemasfinancialassetsatfairvaluewithchangesintoothercomprehensiveincomeuponinitialrecognition.Thedesignationismadeonasingleinvestmentbasisandtherelatedinvestmentsmeetthedefinitionofequityinstrumentsfromtheperspectiveoftheissuer.Afterinitialrecognition,suchfinancialassetsaresubsequentlymeasuredatfairvalue.Dividendincomethatmeetstheconditionsisincludedinprofitorloss,andothergainsorlossesandchangesinfairvalueareincludedinothercomprehensiveincome.Uponderecognition,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomearetransferredoutofothercomprehensiveincomeandincludedinretainedearnings.ThebusinessmodelofmanagingfinancialassetsreferstohowtheCompanymanagesfinancialassetstogeneratecashflows.ThebusinessmodeldeterminesthecashflowsourceofthefinancialassetsmanagedbytheCompany,whichmaybethecollectionofcontractcashflow,thesaleoffinancialassets,orboth.TheCompanydeterminesthebusinessmodelformanagingfinancialassetsbasedonobjectivefactsandspecificbusinessobjectivesformanagingfinancialassetsdecidedbykeymanagementpersonnel.TheCompanyevaluatesthecontractualcashflowcharacteristicsoffinancialassetstodeterminewhetherthecontractualcashflowgeneratedbytherelevantfinancialassetsonthespecificdateisonlythepaymentofprincipalandinterestbasedontheprincipalamountoutstanding.Inthiscontext,principalreferstothefairvalueoffinancialassetsatinitialrecognition;interestincludesconsiderationforthetimevalueofmoney,creditriskassociatedwiththeamountofprincipaloutstandingoveraspecificperiod,andotherfundamentalborrowingrisks,costs,andprofits.Inaddition,theCompanyevaluatesthecontracttermsthatmaycausechangesinthetimedistributionoramountofcontractualcashflowsoffinancialassetstodeterminewhethertheymeettherequirementsfortheabove-mentionedcontractualcashflowcharacteristics.OnlywhentheCompanychangesthebusinessmodelofmanagingfinancialassetswillallaffectedrelatedfinancialassetsbereclassifiedonthefirstdayofthefirstreportingperiodafterthebusinessmodelchanges;otherwise,financialassetscannotbereclassifiedafterinitialrecognition.

(3)Classificationandmeasurementoffinancialliabilities

FinancialliabilitiesoftheCompanyareclassifiedintofinancialliabilitiesmeasuredatfairvaluethroughprofitorlossandfinancialliabilitiesmeasuredatamortizedcostuponinitialrecognition.Forfinancialliabilitiesnotclassifiedasfinancialliabilitiesatfairvaluethroughprofitorloss,thetransactioncostsarerecognizedintheinitiallyrecognizedamount.FinancialliabilitiesatfairvaluethroughprofitorlossFinancialliabilitiesmeasuredatfairvaluethroughprofitorlossincludefinancialliabilitiesheldfortradingandthosedesignatedtobemeasuredatfairvaluethroughprofitorlossuponinitialrecognition.Suchfinancialliabilitiesshallbesubsequentlymeasuredatfairvalue,andtheprofitsorlossesarisingfromchangesinfairvalue,aswellasdividendsandinterestexpensesrelatedtosuchfinancialliabilities,shallbeincludedinthecurrentprofitorloss.FinancialliabilitiesmeasuredatamortizedcostOtherfinancialliabilitiesaresubsequentlymeasuredatamortizedcostusingtheeffectiveinterestmethod,andgainsorlossesarisingfromderecognitionoramortizationareincludedinthecurrentprofitorloss.DifferencebetweenfinancialliabilitiesandequityinstrumentsFinancialliabilitiesrefertothosethatmeetoneofthefollowingconditions:

①Contractualobligationstodelivercashorotherfinancialassetstootherparties.

②Acontractualobligationtoexchangefinancialassetsorfinancialliabilitieswithanotherentityunderpotentiallyunfavorableconditions.

③Non-derivativecontractsthatmustorcanbesettledwiththeenterprise'sequityinstrumentsinthefuture,andaccordingtowhichtheenterprisewilldeliveravariablenumberofitsequityinstruments.

④Derivativecontractsthatmustorcanbesettledwiththeenterprise'sequityinstrumentsinthefuture,exceptforderivativecontractswhereafixedamountofitsequityinstrumentsisexchangedforafixedamountofcashorotherfinancialassets.Equityinstrumentsrefertocontractsthatcanprovetheownershipofresidualequityinanenterprise'sassetsafterallliabilitiesarededucted.IftheCompanycannotunconditionallyavoidperformingacontractualobligationbydeliveringcashorotherfinancialassets,thecontractualobligationmeetsthedefinitionoffinancialliabilities.IfafinancialinstrumentmustorcanbesettledwiththeCompany'sequityinstrument,itisnecessarytoconsiderwhethertheCompany'sequityinstrumentsusedforthesettlementofsuchinstrumentsareusedassubstitutesforcashorotherfinancialassetsortoenabletheinstrumentholdertoenjoyresidualequityintheassetsofthe

issuerafterallliabilitiesarededucted.Ifthesituationistheformer,theinstrumentisafinancialliabilityoftheCompany;ifitisthelatter,theinstrumentisanequityinstrumentoftheCompany.

(4)DerivativefinancialinstrumentsandembeddedderivativeinstrumentsTheCompany'sderivativefinancialinstrumentsincludeoptioncontracts,amongothers.Itisinitiallymeasuredatthefairvalueonthedateofsigningthederivativetransactioncontract,andsubsequentlymeasuredatitsfairvalue.Derivativefinancialinstrumentswithpositivefairvaluesarerecognizedasanassetandthosewithnegativefairvaluesasaliability.Anygainorlossarisingfromchangesinfairvaluethatdoesnotcomplywiththeprovisionsofhedgeaccountingisdirectlyincludedinthecurrentprofitorloss.Forhybridinstrumentscontainingembeddedderivativeinstruments,ifthemaincontractisafinancialasset,therelevantprovisionsoffinancialassetclassificationshallapplytothehybridinstrumentsasawhole.Ifthemaincontractisnotafinancialassetandthehybridinstrumentisnotmeasuredatfairvaluethroughprofitorlossforaccountingtreatment,theembeddedderivativeinstrumentsarenotcloselyrelatedtothemaincontractintermsofeconomiccharacteristicsandrisksandhavethesameconditionsastheembeddedderivativeinstruments.Iftheseparatelyexistinginstrumentsmeetthedefinitionofderivativeinstruments,theembeddedderivativeinstrumentsshallbeseparatedfromthehybridinstrumentsandtreatedasseparatederivativefinancialinstruments.Iftheembeddedderivativeinstrumentscannotbemeasuredseparatelyatthetimeofacquisitionoronthesubsequentbalancesheetdate,thehybridinstrumentsaredesignatedasfinancialassetsorfinancialliabilitiesatfairvaluethroughprofitorlossasawhole.

(5)Fairvalueoffinancialinstruments

PleaserefertoNoteV.11fordeterminationmethodsforfairvaluesoffinancialassetsandfinancialliabilities.

(6)Impairmentoffinancialassets

TheCompanycarriesoutimpairmentaccountingtreatmentandrecognizesthelossprovisionforthefollowingitemsbasedonexpectedcreditlosses:

?Financialassetsmeasuredatamortizedcost;?Receivablesanddebtinstrumentinvestmentsatfairvaluewithchangesintoothercomprehensive

income;

?ContractassetsasdefinedintheAccountingStandardsforBusinessEnterprisesNo.14—Revenue;?Leasereceivables;?Financialguaranteecontracts(exceptforthosemeasuredatfairvaluethroughprofitorloss,wherethetransferoffinancialassetsdoesnotmeetderecognitionconditionsorcontinuestobeinvolvedinthetransferredfinancialassets).MeasurementofexpectedcreditlossTheexpectedcreditlossreferstotheweightedaverageofthecreditlossesoffinancialinstruments,withtheriskofdefaultasweight.CreditlossreferstothedifferencebetweenallcontractcashflowthattheCompany

discountsattheoriginaleffectiveinterestrateandisreceivableperthecontractandallcashflowexpectedtobereceived,thatis,thepresentvalueofallcashshortages.TheCompanyconsidersreasonableandreliableinformationaboutpastevents,currentsituation,andforecastofthefutureeconomicsituationandtakestheriskofdefaultastheweighttocalculatetheprobability-weightedamountofthepresentvalueofthedifferencebetweenthecashflowreceivablefromthecontractandthecashflowexpectedtobereceivedandrecognizetheexpectedcreditloss.TheCompanymeasurestheexpectedcreditlossesoffinancialinstrumentsatdifferentstages.Ifthecreditriskoffinancialinstrumentshasnotincreasedsignificantlysinceinitialrecognition,itisinthefirststage.TheCompanymeasuresthelossprovisionaccordingtotheexpectedcreditlossinthenext12months;ifthecreditriskofafinancialinstrumenthasincreasedsignificantlysinceinitialrecognitionbutnocreditimpairmenthasoccurred,itisinthesecondstage.TheCompanymeasuresthelossprovisionaccordingtotheexpectedcreditlossoftheinstrumentthroughoutitsduration;ifafinancialinstrumenthasbeencredit-impairedsinceinitialrecognition,itisinthethirdstage.TheCompanymeasuresthelossprovisionaccordingtotheexpectedcreditlossoftheinstrumentthroughoutitsduration.Forfinancialinstrumentswithlowcreditriskonthebalancesheetdate,theCompanyassumesthattheircreditriskshavenotincreasedsignificantlysinceinitialrecognitionandmeasuresthelossprovisionaccordingtotheexpectedcreditlossinthenext12months.Theexpectedcreditlossofthewholedurationreferstotheexpectedcreditlosscausedbyallpossibledefaulteventsoffinancialinstrumentsthroughouttheestimatedduration.Theexpectedcreditlossinthenext12monthsreferstotheexpectedcreditlosscausedbythepossibledefaulteventsoffinancialinstrumentswithin12months(or,theexpectedduration,iftheexpecteddurationoffinancialinstrumentsislessthan12months)afterthebalancesheetdate,whichispartoftheexpectedcreditlossinthewholeduration.Whentheexpectedcreditlossismeasured,thelongesttermthattheCompanyneedstoconsideristhelongestcontracttermthattheenterprisefacescreditrisk(includingtheoptiontorenewthecontract).Forfinancialinstrumentsinthefirstandsecondstagesandwithlowcreditrisk,theCompanycalculatesinterestincomeaccordingtothebookbalancebeforedeductingtheprovisionforimpairmentandtheactualinterestrate.Forfinancialinstrumentsinthethirdstage,theCompanycalculatesinterestincomeaccordingtotheamortizedcost(thatis,thebookbalancelesstheimpairmentprovision)andtheeffectiveinterestrate.Forreceivablessuchasnotesreceivable,accountsreceivable,financingofaccountsreceivable,otherreceivables,andcontractassets,ifthecreditriskcharacteristicsofacustomeraresignificantlydifferentfromthoseofothercustomersintheportfolio,orthecreditriskcharacteristicsofthecustomerhavechangedsignificantly,theCompanyshallmakeprovisionforbaddebtsonthereceivableitem.Exceptforreceivableswithprovisionforbaddebtsdrawnonasinglebasis,theCompanydividesreceivablesintoportfoliosaccordingtocreditriskcharacteristicsandcalculatesprovisionforbaddebtsbasedonportfolios.Notesreceivableandaccountsreceivable

Fornotesreceivableandaccountsreceivable,regardlessofwhetherthereisasignificantfinancingcomponent,theCompanyalwaysmeasuresthelossprovisionaccordingtotheamountequivalenttotheexpectedcreditlossoverthewholeduration.Whentheinformationofexpectedcreditlosscannotbeevaluatedatareasonablecostforasinglefinancialassetorcontractasset,theCompanydividesthenotesreceivable,accountsreceivable,andcontractassetsintoportfoliosaccordingtothecreditriskcharacteristics,calculatestheexpectedcreditlossbasedontheportfolio,anddeterminestheportfoliobasedonthefollowing:

A.Notesreceivable?Notesreceivableportfolio1:Bankacceptancebill?Notesreceivableportfolio2:Commercialacceptancebills

B.Accountsreceivable

?Accountsreceivableportfolio1:Leasingandotherportfolio?Accountsreceivableportfolio2:Jewelrysalesbusinessportfolio

Fornotesreceivableandcontractassetsdividedintoportfolios,theCompanyreferstothehistoricalcreditlossexperience,combinesthecurrentsituationwiththeforecastofthefutureeconomicsituation,andcalculatestheexpectedcreditlossthroughdefaultriskexposureandtheexpectedcreditlossrateforthewholeduration.Fortheaccountsreceivabledividedintoportfolios,theCompanyreferstothehistoricalcreditlossexperience,combinesthecurrentsituationwiththeforecastofthefutureeconomicsituation,formulatesthecomparisontableofagingofaccountsreceivableandtheexpectedcreditlossrateintheentireduration,andcalculatestheexpectedcreditloss.Theageofaccountsreceivableshallbecalculatedfromthedateofrecognition.OtherreceivablesTheCompanydividesotherreceivablesintoseveralportfoliosbasedoncreditriskcharacteristics,calculatestheexpectedcreditlossbasedontheportfolio,anddeterminestheportfoliobasedonthefollowing:

?Otherreceivablesportfolio1:Agingportfolio?Otherreceivablesportfolio1:Portfolioofdepositsandsecuritydepositsreceivable?Otherreceivablesportfolio3:Portfolioofrelatedpartytransactionswithintheconsolidationscope

Forotherreceivablesthataredividedintoportfolios,theCompanycalculatestheexpectedcreditlossbasedonthedefaultriskexposureandtheexpectedcreditlossratewithinthenext12monthsorthewholeduration.Theageofotherreceivablesdividedintoportfoliosbyagingshallbecalculatedfromthedateofrecognition.Creditor'srightsinvestments,othercreditor'srightsinvestmentsForcreditor'srightsinvestmentsandothercreditor'srightsinvestments,theCompanycalculatestheexpectedcreditlossaccordingtothenatureoftheinvestmentaswellasvarioustypesofcounterpartyandriskexposurethroughdefaultriskexposureandtheexpectedcreditlossrateinthenext12monthsortheentireduration.

AssessmentofsignificantincreaseincreditriskTodeterminetherelativechangesinthedefaultrisksoffinancialinstrumentsinthedurationandassesswhetherthecreditriskoffinancialinstrumentshasincreasedsignificantlysinceinitialrecognition,theCompanycomparesthedefaultriskoffinancialinstrumentsonthebalancesheetdatewiththedefaultriskontheinitialrecognitiondate.Whendeterminingwhetherthecreditriskhassignificantlyincreasedsincetheinitialrecognition,theCompanyconsidersreasonableandwell-foundedinformationobtainedwithoutunnecessaryadditionalcostoreffort,includingforward-lookinginformation.TheinformationconsideredbytheCompanyincludes:

?Thedebtorfailstopaytheprincipalandinterestbythecontractexpirationdate;?Asignificantdeterioration(ifany)intheexternalorinternalcreditratingsofafinancialinstrument,

whetherithasoccurredorisanticipated;

?Asignificantdeteriorationintheoperatingperformanceofthedebtor,whetherithasoccurredoris

anticipated;

?Changesintheexistingorexpectedtechnical,market,economic,orlegalenvironmentthatwillhavea

significantadverseimpactonthedebtor'sabilitytorepaytheCompany.Accordingtothenatureoffinancialinstruments,theCompanyevaluateswhetherthecreditriskhasincreasedsignificantlybasedonindividualfinancialinstrumentsorportfoliosoffinancialinstruments.Whenevaluatingbasedonportfoliosoffinancialinstruments,theCompanymayclassifyfinancialinstrumentsbasedoncommoncreditriskcharacteristics,suchasoverdueinformationandcreditriskrating.Ifthefinancialinstrumentisoverdueformorethan30days,theCompanydeterminesthatitscreditriskhassignificantlyincreased.TheCompanyconsidersthatadefaultofafinancialassetoccurswhen:

?TheborrowerisunlikelytopayinfullwhatisowedtotheCompany.Theassessmentdoesnotcover

therealizationofthecollateral(ifheld)orotherrecourseactionsbytheCompany;

?Financialassetsareoverdueformorethan90days.Credit-impairedfinancialassetsOnthebalancesheetdate,theCompanyevaluateswhetherthecreditimpairmenthasoccurredtofinancialassetsmeasuredbyamortizedcostandatfairvaluewithchangesintoothercomprehensiveincome.Whenoneormoreeventsthathaveanadverseeffectontheexpectedfuturecashflowofafinancialassetoccur,thefinancialassetbecomesacredit-impairedfinancialasset.Evidenceforcredit-impairedfinancialassetsincludesthefollowingobservableinformation:

?Theissuerordebtoriscaughtinaseriousfinancialdifficulty;

?Thedebtorbreachestheagreementofcontract,suchasdefaultoroverduepaymentofinterestor

principal;

?TheCompanygrantsconcessionstothedebtorduetoeconomicorcontractualconsiderationsrelatedtothedebtor'sfinancialdifficulties,whichwouldnotbemadeunderanyothercircumstances;?Thereliesagreatprobabilityofbankruptcyorotherfinancialrestructuringforthedebtor;?Theissuerordebtoriscaughtinfinancialdifficulties,whichleadstothedisappearanceoftheactive

marketofthefinancialasset;PresentationofprovisionforexpectedcreditlossToreflectthechangesinthecreditriskoffinancialinstrumentssincetheinitialrecognition,theCompanyre-measurestheexpectedcreditlossoneachbalancesheetdate.Theincreaseorreversalamountofprovisionforlosstherefromshallberegardedasimpairmentlossorgainandincludedinthecurrentprofitorloss.Forthefinancialassetsmeasuredatamortizedcost,theprovisionforlossshallbeusedtooffsetagainstthebookvalueoffinancialassetspresentedinthebalancesheet;forthedebtinvestmentsmeasuredatfairvaluewithchangesintoothercomprehensiveincome,theCompanyrecognizestheprovisionforlossinothercomprehensiveincome,andthebookvalueoffinancialassetswillnotbededucted.Write-offWhentheCompanynolongerreasonablyexpectsthatthecontractualcashflowofthefinancialassetcanberecoveredinwholeorinpart,thebookbalanceofthefinancialassetisdirectlywrittendown.Suchwrite-downsmayconstitutethederecognitionofrelatedfinancialassets.ThisusuallyhappenswhentheCompanydeterminesthatthedebtorhasnoassetsorsourcesofrevenuetogeneratesufficientcashflowtorepaytheamounttobewrittendown.However,accordingtotheCompany'sproceduresforrecoveringdueamounts,write-downfinancialassetsmaystillbeaffectedbyimplementationactivities.Ifthewrite-downfinancialassetsarerecoveredlater,theyshallberegardedasthereversalofimpairmentlossandincludedinthecurrentprofitorloss.

(7)Transferoffinancialassets

Transferoffinancialassetsreferstotheassignmentordeliveryoffinancialassetstotheotherpartyotherthantheissuerofsuchfinancialassets(transferee).IftheCompanyhastransferredsubstantiallyallrisksandrewardsofownershipofafinancialassettothetransferee,thefinancialassetshallbederecognized;ifitretainssubstantiallyallrisksandrewardsofownershipofthefinancialasset,thefinancialassetshallnotbederecognized.IftheCompanyneithertransfersnorretainsalmostallrisksandrewardsofownershipofafinancialasset,itshalldealwiththemasfollows:Ifthecontroloverthefinancialassetiswaived,thefinancialassetshallbederecognizedandtheassetsandliabilitiesincurredshallberecognized;ifthecontroloverthefinancialassetisnotwaived,therelevantfinancialassetshallberecognizedtotheextentthatitcontinuestobeinvolvedinthetransferredfinancialasset,andtherelevantliabilitiesshallberecognizedaccordingly.

(8)Offsetoffinancialassetsandfinancialliabilities

WhentheCompanyhasalegalrighttooffsettherecognizedfinancialassetsandfinancialliabilities,andsuchlegalrightiscurrentlyenforceable,andtheCompanyplanstosettleonanetbasisorrealizethefinancialassetsandpayoffthefinancialliabilitiessimultaneously,thefinancialassetsandfinancialliabilitiesarepresentedinthebalancesheetattheamountafteroffsettingeachother.Inaddition,financialassetsandfinancialliabilitiesarepresentedseparatelyinthebalancesheetandarenotmutuallyoffset.TheCompanyshallabidebythedisclosurerequirementsfor"jewelry-relatedbusiness"intheGuidelinesofShenzhenStockExchangeforSelf-RegulatorySupervisionofListedCompaniesNo.3—IndustryInformationDisclosure.

12.Inventories

TheCompanyshallabidebythedisclosurerequirementsfor"jewelry-relatedbusiness"intheGuidelinesofShenzhenStockExchangeforSelf-RegulatorySupervisionofListedCompaniesNo.3—IndustryInformationDisclosure.

(1)Classificationofinventories

TheCompany'sinventoriesincluderawmaterials,finishedgoods,hedgeditems,materialsprocessedonacommissionbasis,andgoodssoldonacommissionbasis.

(2)Valuationmethodfordispatchedinventories

InventoriesoftheCompanyarepricedbyactualcostwhenacquired.Rawmaterialsandgoodsinstockshallbesentoutbyfirst-infirst-outmethod.

(3)RecognitionandwithdrawalofprovisionfordeclineinthevalueofinventoriesOnthebalancesheetdate,inventoriesarevaluedbycostornetrealizablevalue,whicheverislower.Ifthenetrealizablevalueislowerthanthecost,theprovisionfordeclineinthevalueofinventoriesisaccrued.Netrealizablevalueistheestimatedsellingpricelessestimatedcoststobeincurreduponcompletion,estimatedsellingexpenses,andrelatedtaxes.Whenthenetrealizablevalueofinventoriesisdetermined,theobtainedconcreteevidenceistakenasabasis,andthepurposeofholdinginventoriesandtheimpactofmattersafterthebalancesheetdatearetakenintoconsideration.TheCompanyusuallyconductstheprovisionfordeclineinthevalueofinventoriesonanindividualinventoryitembasis.Fortheinventorieswithhighquantityandlowunitprice,theprovisionfordeclineinthevalueofinventorieswillbemadebyinventorytype.Onthebalancesheetdate,ifthefactorsaffectingthepreviouswrite-downofinventoryvaluehavedisappeared,theprovisionfordeclineinthevalueofinventoriesshallbereversedwithintheamountoriginalprovision.

(4)Inventorysystem

TheCompanyadoptstheperpetualinventorysystem.

(5)Amortisationmethodsforlow-valueconsumablesandpackagingmaterials

TheCompanyadoptstheone-offamortizationmethodforlow-valueconsumablescollected.

13.Long-termequityinvestments

Long-termequityinvestmentsincludeequityinvestmentsinsubsidiaries,jointventures,andassociates.WhentheCompanycanexercisesignificantinfluenceovertheinvestee,theinvesteeisanassociate.

(1)Recognitionofinitialinvestmentcost

Long-termequityinvestmentsformingbusinessmergers:Forlong-termequityinvestmentsacquiredthroughbusinessmergersundercommoncontrol,thebookvalueshareoftheowner'sequityofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyshallberecognizedastheinvestmentcostonthecombinationdate;forlong-termequityinvestmentacquiredthroughbusinessmergersunderdifferentcontrol,thecombinationcostshallberecognizedastheinvestmentcostoflong-termequityinvestment.Forlong-termequityinvestmentsacquiredbyothermethods:Forthoseacquiredbycashpayment,theactualpurchasepriceshallbetakenastheinitialinvestmentcost;forthoseacquiredbyissuingequitysecurities,thefairvalueofissuedequitysecuritiesshallbetakenastheinitialinvestmentcost.

(2)SubsequentmeasurementandrecognitionofrelatedprofitorlossInvestmentsinsubsidiariesareaccountedforusingthecostmethodunlesstheymeettheconditionsofbeingheldforsale;investmentsinassociatesandjointventuresarecalculatedthroughtheequitymethod.Forlong-termequityinvestmentscalculatedbythecostmethod,exceptforthedeclaredbutnotyetreleasedcashdividendsorprofitsincludedintheactualpriceorconsiderationpaidwhenacquiringtheinvestment,thedistributedcashdividendsorprofitsdeclaredbytheinvesteeshallberecognizedasinvestmentincomeandincludedinthecurrentprofitorloss.Forlong-termequityinvestmentscalculatedthroughtheequitymethod,iftheinitialinvestmentcostisgreaterthantheshareoffairvalueofnetidentifiableassetsoftheinvesteeatthetimeofinvestment,theinvestmentcostofthelong-termequityinvestmentshallnotbeadjusted;iftheinitialinvestmentcostislessthantheshareoffairvalueofnetidentifiableassetsoftheinvesteeatthetimeofinvestment,thebookvalueofthelong-termequityinvestmentshallbeadjustedandthedifferenceshallbeincludedinthecurrentprofitorloss.Forequitymethod-basedcalculation,theinvestmentincomeandothercomprehensiveincomeshallberecognizedrespectivelyaccordingtotheshareofthenetprofitsandlossesandothercomprehensiveincomerealizedbytheinvesteethatshallbeenjoyedorshared.Meanwhile,thebookvalueofthelong-termequityinvestmentshallbeadjusted.Thepartofthedueshareshallbecalculatedaccordingtothedistributedprofitorcashdividenddeclaredbytheinvestee,andthebookvalueofthelong-termequityinvestmentshallbereducedaccordingly.Forotherchangesofowners'equityoftheinvesteeapartfromnetprofitandloss,othercomprehensiveincome,andprofitdistribution,thebookvalueoflong-termequityinvestmentshallbeadjustedandincludedincapitalreserve(othercapitalreserves).Therecognitionoftheshareoftheinvestee'snetprofitsandlossesthatshouldbeenjoyedisbasedonthefairvalueoftheidentifiableassetsoftheinvesteeatthetime

ofinvestmentacquisition.Theinvestee'snetprofitisthenadjustedbeforerecognitionpertheCompany'saccountingpoliciesandtheaccountingperiod.Ifitcanexertasignificantinfluenceorimplementjointcontrolovertheinvesteebutnotconstitutethecontrolduetotheadditionalinvestmentandothercauses,onthedateoftransition,thesumofthefairvalueofequityoriginallyheldandthenewinvestmentcostshallberegardedastheinitialinvestmentcostaccountedthroughtheequitymethod.Iftheoriginalequityisclassifiedasanon-tradingequityinstrumentinvestmentmeasuredatfairvaluewithchangesintoothercomprehensiveincome,therelatedaccumulatedchangesinfairvalueoriginallyincludedinothercomprehensiveincomeshallbetransferredtoretainedearningsinaccountingusingtheequitymethod.SupposetheCompanylosesjointcontroloverorsignificantinfluenceontheinvesteeduetothedisposalofpartialequityinvestmentandotherreasons.Inthatcase,theremainingequityafterdisposalshallbesubjecttoaccountingtreatmentaccordingtotheAccountingStandardsforBusinessEnterprisesNo.22—RecognitionandMeasurementofFinancialInstrumentsonthedateoflosingjointcontrolorsignificantinfluence,andthedifferencebetweenfairvalueandbookvalueshallbeincludedinthecurrentprofitorloss.Othercomprehensiveincomerecognizedfromtheoriginalequityinvestmentduetoaccountingthroughtheequitymethodshallbesubjecttoaccountingtreatmentusingthesamebasisonwhichtheinvesteedirectlydisposesofrelevantassetsorliabilitieswhentheaccountingwiththeequitymethodisterminated;otherchangesinowner'sequityrelatedtotheoriginalequityinvestmentshallbetransferredintothecurrentprofitorloss.IftheCompanylosescontrolovertheinvesteeduetothedisposalofpartialequityinvestmentorotherreasons,andtheresidualequityafterdisposalcanexercisejointcontroloverorsignificantinfluenceontheinvestee,itshallbeaccountedforthroughtheequitymethodinstead,andadjustedasifithadbeencalculatedthroughtheequitymethodsinceitwasacquired;iftheresidualequityafterdisposalcannotexercisejointcontroloverorsignificantinfluenceontheinvestee,itshallbesubjecttoaccountingtreatmentaccordingtorelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22—RecognitionandMeasurementofFinancialInstruments,andthedifferencebetweenitsfairvalueandbookvaluesincethedateoflosingcontrolshallbeincludedinthecurrentprofitorloss.IftheshareholdingproportionoftheCompanydecreasesduetocapitalincreasebyotherinvestors,resultinginlossofcontrolbutcommoncontroloverorsignificantinfluenceontheinvestee,theCompany'sshareofnetassetsincreasedduetocapitalincreaseandshareexpansionoftheinvesteeshallberecognizedaccordingtothenewshareholdingproportion.Thedifferencebetweentheoriginalbookvalueoflong-termequityinvestmentcorrespondingtothedecreaseintheshareholdingproportionthatshallbecarriedforwardshallbeincludedinthecurrentprofitorloss;thenewshareholdingproportionisthenadjustedasifithadbeenaccountedforusingtheequitymethodsincetheacquisitionoftheinvestment.UnrealizedinternaltransactiongainsandlossesbetweentheCompanyandassociatesandjointventuresshallbecalculatedaccordingtotheshareholdingproportion,andtheinvestmentgainsandlossesshallberecognizedbasedontheoffset.However,theunrealizedinternaltransactionlossesincurredbetweentheCompanyandtheinvesteethatbelongtotheimpairmentlossoftransferredassetsshallnotbeoffset.

(3)Basisfordeterminingjointcontrolandsignificantinfluenceontheinvestee

Jointcontrolreferstothesharingofcontrolovercertainarrangementsunderrelatedagreements,andassociatedactivitiesofthearrangementcanbedeterminedonlywhentheunanimousconsentofthepartiessharingthecontrolrightisobtained.Whendeterminingtheexistenceofjointcontrol,thefirststepistoassesswhetherthearrangementiscollectivelycontrolledbyallpartiesinvolvedoracombinationoftheparties.Thenextstepistoevaluatewhetherdecisionsabouttherelevantactivitiesofthearrangementrequiretheunanimousconsentofthosepartieswhocollectivelycontrolthearrangement.Ifallparticipantsoragroupofparticipantsmustactinconcerttodecidetherelevantactivitiesofanarrangement,itisconsideredthatallparticipantsoragroupofparticipantscollectivelycontrolthearrangement;iftwoormoreparticipantscancollectivelycontrolanarrangement,itdoesnotconstitutejointcontrol.Protectiverightsarenotconsideredindeterminingwhetherornotthereisjointcontrol.Significantinfluencemeansthepoweroftheinvestortoparticipateinmakingdecisionsonthefinancialandoperatingpoliciesofaninvestee,buttheinvestorcannotcontrolorjointlycontrolwithotherpartiesovertheformulationofthesepolicies.Whendeterminingwhethersignificantinfluencecanbeexertedontheinvestee,weshallconsidertheimpactofvotingsharesdirectlyorindirectlyheldbytheinvestorandcurrentexecutablepotentialvotingrightsheldbytheinvestorandotherpartiesaftertheyareassumedtobeconvertedintoequityintheinvestee,includingtheimpactofcurrentconvertiblewarrantsandshareoptionsandconvertiblecorporatebondsissuedbytheinvestee.IftheCompanydirectlyownsorindirectlyowns,viaitssubsidiaries,morethan20%(including)butlessthan50%ofvotingsharesoftheinvestee,theconditionshallberecognizedasexertingsignificantinfluenceontheinvesteeunlessconcreteevidenceshowsthatparticipationintheproductionandbusinessdecisionsoftheinvesteeisnotallowedwithoutconstitutingsignificantinfluence.IfthevotingsharesoftheinvesteeownedbytheCompanyarelessthan20%(notincluding),theconditionshallnotbeconsideredasbeingofsignificantinfluenceontheinvesteeingeneralunlessconcreteevidenceshowsthattheCompanycanparticipateintheproductionandbusinessdecisionsoftheinvesteeunderthiscondition,constitutingsignificantinfluence.

(4)ImpairmenttestmethodandaccrualmethodforimpairmentprovisionForinvestmentsinsubsidiaries,associates,andjointventures,pleaseseeNoteV.19fortheaccrualmethodforimpairmentprovision.

14.Investmentproperties

MeasurementmodelofinvestmentpropertiesCostmethodDepreciationoramortizationmethodInvestmentpropertiesarepropertiesheldforrentearnings,capitalappreciation,orboth.InvestmentpropertiesoftheCompanyincludethelandrightsofusethathavealreadybeenrented,thelandrightsofuseheldfortransferafterappreciation,andbuildingsthathavebeenrented.InvestmentpropertiesoftheCompanyshallbeinitiallymeasuredasperthepriceuponacquisitionanddepreciatedoramortizedonscheduleasperrelevantprovisionsonfixedassetsorintangibleassets.

Investmentpropertiesaremeasuredsubsequentlyasperthecostmodel.SeeNoteV.19fortheprovisionmethodofassetimpairment.Thedisposalincomefromthesale,transfer,discard,ordestructionoftheinvestmentpropertiesshallbeincludedinthecurrentprofitorlossaftertheirbookvalueandrelevanttaxesarededucted.

15.Fixedassets

(1)Recognitionconditions

FixedassetsoftheCompanyrefertothetangibleassetsheldforproducinggoods,renderinglaborservices,renting,orbusinessmanagementwithaservicelifeofoveronefiscalyear.Thefixedassetscanberecognizedonlywhentheeconomicbenefitsrelatedtosuchfixedassetsarelikelytoflowintoanenterpriseandthecostofsuchfixedassetscanbemeasuredreliably.FixedassetsoftheCompanyshallbeinitiallymeasuredattheactualcostwhenacquired.Forthesubsequentexpensesrelatedtofixedassets,iftheeconomicbenefitsoftheassetsarelikelytoflowintotheCompanyandthecostcanbereliablymeasured,theyareincludedinthecostoffixedassets;dailyrepaircostsoffixedassetsthatdonotmeettheconditionsforsubsequentexpensesforcapitalizationoffixedassetsareincludedinthecurrentprofitorlossorthecostofrelevantassetsaccordingtothebeneficiariesuponoccurrence.Thebookvalueofthepartbeingreplacedwillbederecognized.

(2)Depreciationmethod

CategoryDepreciationmethodDepreciationperiodResidualratio

AnnualdepreciationratePremisesandbuildingsStraight-linemethod10,35-400,310,2.43-2.77Including:Decorationofself-ownedhouses

Straight-linemethod10010Machineryandequipment

Straight-linemethod1039.70ElectronicequipmentStraight-linemethod3332.33Transportationequipment

Straight-linemethod7313.86Officeandotherequipment

Straight-linemethod5319.40Thedepreciationrateoffixedassetswithprovisionforimpairmentshallbecalculatedanddeterminedbydeductingtheaccumulatedamountofprovisionforimpairmentoffixedassets.

16.Constructioninprogress

TheCompany'scostofconstructioninprogressisdeterminedaccordingtotheactualconstructionexpenditures,includingvariousnecessaryconstructionexpendituresincurredduringtheconstructionperiod,borrowingcoststhatshallbecapitalizedbeforetheprojectreachestheexpectedserviceablecondition,andotherrelevantexpenses.

Constructioninprogressistransferredtofixedassetswhenitisreadyforitsintendeduse.SeeNoteV.19fortheprovisionmethodofassetimpairmentoftheconstructioninprogress.

17.Borrowingcosts

(1)RecognitionprincipleforcapitalizationofborrowingcostsBorrowingcostsincurredbytheCompanythataredirectlyattributabletotheacquisition,construction,orproductionofassetseligibleforcapitalizationshallbecapitalizedandincludedinrelevantassetcosts;otherborrowingcostsshallberecognizedasexpensesaccordingtotheiramountwhenincurredandincludedinthecurrentprofitorloss.Borrowingcostsshallbecapitalizedwhenallofthefollowingconditionsaresatisfied:

①Expendituresonanassethavebeenincurred,andexpendituresontheassetcomprisepaymentsincash,transferofnon-cashassets,orassumptionofdebtswithinterestsforacquisition,construction,orproductionoftheassetqualifyingforcapitalization;

②Borrowingcostshavebeenoccurred;

③Theacquisition,construction,orproductionactivitiesnecessarytobringtheassetstotheirintendeduseorsalehavestarted.

(2)Periodofborrowingcostscapitalization

Thecapitalizationofborrowingcostsshallceasewhentheassetseligibleforcapitalizationacquired,constructed,orproducedbytheCompanyarereadyfortheirintendeduseorsale.Whentheborrowingcostsoccurringaftertheassetseligibleforcapitalizationareavailableforintendeduseorsale,theyarerecognizedasexpensesbasedontheamountincurredupontheoccurrenceandincludedinthecurrentprofitorloss.Iftheacquisition,construction,orproductionofassetseligibleforcapitalizationisinterruptedabnormallyandtheinterruptionperiodexceedsthreeconsecutivemonths,thecapitalizationofborrowingcostsshallbesuspended;theborrowingcostsduringthenormalinterruptionperiodshallcontinuetobecapitalized.

(3)CapitalizationrateandcalculationmethodofcapitalizationamountofborrowingcostsThebalanceoftheinterestfromspecialborrowingsthatoccurredinthecurrentperiod,deductingtheinterestincomeacquiredfromunusedborrowingsdepositedinbanksordeductinginvestmentincomefromtemporaryinvestmentoftheborrowings,shallbecapitalized.Thecapitalizedamountofgeneralborrowingshallbedeterminedbymultiplyingtheweightedaverageoftheassetexpendituresfromtheaccumulativeassetexpendituresexceedingthespecialborrowingbythecapitalizationrateofgeneralborrowingoccupied.Thecapitalizationrateisdeterminedbasedontheweightedaverageinterestrateofgeneralborrowings.Duringthecapitalizationperiod,thebalanceofexchangeforspecialforeign-currencyborrowingsshallbecapitalizedinfullamount,whilethatofgeneralforeign-currencyborrowingsshallbeincludedinthecurrentprofitorloss.

18.Intangibleassets

(1)Servicelifeanditsdeterminationbasis,estimation,amortizationmethod,orreviewprocedureTheCompany'sintangibleassetsincludelanduserights,computersoftware,andtrademarks.Intangibleassetsareinitiallymeasuredatcostandtheirservicelifeisdetermineduponacquisition.Iftheservicelifeofanintangibleassetislimited,itshallbeamortizedwithintheestimatedservicelifewithanamortizationmethodthatcanreflecttheexpectedrealizationmodeofeconomicbenefitsrelatedtotheassetsincetheassetisavailableforuse;iftheexpectedrealizationmodecannotbereliablydetermined,theassetshallbeamortizedwiththestraight-linemethod;intangibleassetswithuncertainservicelifeshallnotbeamortized.Theamortizationmethodforintangibleassetswithlimitedservicelifeisasfollows:

Category

Service

Determinationbasisofservicelife

Amortization

RemarksLanduseright50yearsLegalrighttouse

Straight-line

Computer

methodsoftware

5years

Determinetheserviceliferegardingthetermthatcan

Straight-line

Trademark10years

DeterminetheserviceliferegardingthetermthatcanbringeconomicbenefitstotheCompany

Straight-linemethodAttheendofeachyear,theCompanyshallrechecktheservicelifeandamortizationmethodofintangibleassetswithlimitedservicelife.Iftherearechangesfrompreviousestimates,theoriginalestimatesshallbeadjusted,andthechangesshallbeaccountedforaschangesinaccountingestimates.IfanintangibleassetisexpectednolongertogeneratefutureeconomicbenefitsfortheCompanyatthebalancesheetdate,thebookvalueoftheassetistransferredtothecurrentprofitorloss.SeeNoteV.19fortheprovisionmethodofassetimpairmentoftheintangibleassets.

(2)CollectionscopeofR&DexpendituresandrelevantaccountingtreatmentmethodsTheR&DexpendituresoftheCompanyrefertoexpendituresdirectlyrelatedtotheR&DactivitiesoftheCompany,includingsalariesofR&Dpersonnel,directR&Dinvestments,depreciationexpensesandlong-termdeferredexpenses,designexpenses,equipmentcommissioningexpenses,amortizationexpensesofintangibleassets,expensesincurredfromcommissionedexternalR&D,andotherexpenses.ThesalariesofR&DpersonnelareincludedinR&Dexpendituresaccordingtotheprojectworkinghours.Equipment,productionlines,andsitessharedforR&DactivitiesandotherproductionandoperationactivitiesareincludedinR&Dexpendituresaccordingtotheproportionofworkinghoursandarea.TheCompanydividestheexpenditureofinternalR&Dprojectsintoresearchstageexpenditureanddevelopmentstageexpenditure.

Expendituresattheresearchstageshallbeincludedinthecurrentprofitorlosswhenincurred.Expendituresatthedevelopmentstagecanbecapitalizedonlywhenallofthefollowingconditionsaremet,namely:Itistechnicallyfeasibletocompletetheintangibleassetssothattheycanbeusedorsold;thereisanintentiontocompletetheintangibleassetanduseorsellit;waysforintangibleassetstogenerateeconomicbenefitsincludeprovingthatthereisamarketfortheproductsproducedbyusingtheintangibleassetsortheintangibleassetsthemselves,aswellasprovingtheirusefulnessifintangibleassetsaretobeusedinternally;therearesufficienttechnical,financial,andotherresourcestocompletethedevelopmentoftheintangibleassetsandhavetheabilitytouseorsellthem;theexpendituresattributabletothedevelopmentstageofintangibleassetscanbemeasuredreliably.Developmentexpendituresthatdonotmeettheaboveconditionsareincludedinthecurrentprofitorloss.TheR&DprojectsoftheCompanywillenterthedevelopmentstageaftermeetingtheaboveconditionsandpassingthetechnicalfeasibilitystudyandeconomicfeasibilitystudytogainprojectapproval.Thecapitalizedexpendituresinthedevelopmentstageshallbepresentedasdevelopmentcostsonthebalancesheetandshallbetransferredintointangibleassetsfromthedatewhentheprojectmeetstheexpectedusage.

19.Impairmentoflong-termassets

Theimpairmentofthelong-termequityinvestmentsinsubsidiaries,associates,andjointventures,aswellasofinvestmentproperties,fixedassets,constructioninprogress,right-of-useassets,andintangibleassets,subsequentlymeasuredbythecostmodel(exceptforinventoriesandinvestmentproperties,deferredincometaxassets,andfinancialassetsmeasuredbyfairvaluemodel)shallbedeterminedbytheCompanyaccordingtothefollowingmethods:

TheCompanyjudgeswhetherthereisasignofimpairmenttoassetsonthebalancesheetdate.Ifsuchasignexists,theCompanyestimatestherecoverableamountandconductstheimpairmenttest.Thegoodwillformedduetothebusinessmerger,intangibleassetswithuncertainservicelife,andintangibleassetsthathavenotyetreachedtheirintendeduseshallbetestedforimpairmenteveryyear,regardlessofwhetherthereisanysignofimpairment.Therecoverableamountisthenetamountgainedafterthefairvalueofassetsdeductsthedisposalfees,orthepresentvalueoftheestimatedfuturecashflowoftheassets,whicheverishigher.TheCompanyestimatestherecoverableamountonasingle-assetbasis.Ifitisdifficulttoestimatetherecoverableamountofasingleasset,therecoverableamountoftheassetgroupshallbedeterminedbasedontheassetgrouptowhichtheassetbelongs.Theassetgroupisdeterminedbywhetherthemaincashflowgeneratedbytheassetgroupisindependentofthosegeneratedbyotherassetsorassetgroups.Whentheassetorassetgroup'srecoverableamountislowerthanitsbookvalue,theCompanyreducesitsbookvaluetoitsrecoverableamount,thereducedamountisrecordedinthecurrentprofitorloss,andtheprovisionforimpairmentofassetsisrecognized.Fortheimpairmenttestofgoodwill,thebookvalueofgoodwillformedbythebusinessmergershallbeamortizedtorelevantassetgroupswithareasonablemethodsincetheacquisitiondate;ifitisdifficultto

amortizetorelevantassetgroups,itshallbeamortizedtorelevantassetgroupportfolios.TherelevantassetgrouporportfolioofassetgroupisanassetgrouporportfolioofassetgroupthatcanbenefitfromsynergiesofabusinesscombinationandisnotgreaterthanthereportablesegmentoftheCompany.Duringtheimpairmenttest,ifthereisanysignofimpairmentintheassetgroupsorportfoliosofassetgroupsrelatedtogoodwill,firstconductanimpairmenttestforassetgroupsorportfoliosofassetgroupsthatdonotcontaingoodwill,calculatetherecoverableamount,andrecognizethecorrespondingimpairmentloss.Then,animpairmenttestshallbeconductedontheassetgroupsorportfoliosofassetgroupsthatincludegoodwill.Thebookvalueshouldbecomparedwiththerecoverableamount;iftherecoverableamountisfoundtobelowerthanthebookvalue,animpairmentlossforgoodwillshallberecognized.Oncerecognized,theimpairmentlossofassetsshallnotbereversedinfutureaccountingperiods.

20.Long-termdeferredexpenses

Long-termdeferredexpensesoftheCompanyshallbevaluedasperactualcostandaveragelyamortizedaspertheexpectedbenefitperiod.Ifthelong-termdeferredexpenseprojectcannotbenefitthefutureaccountingperiod,theamortizedvalueoftheprojectshallbeincludedinthecurrentprofitorlossinfullamount.

21.Employeecompensation

(1)Accountingtreatmentforshort-termcompensation

Long-termdeferredexpensesoftheCompanyshallbevaluedasperactualcostandaveragelyamortizedaspertheexpectedbenefitperiod.Ifthelong-termdeferredexpenseprojectcannotbenefitthefutureaccountingperiod,theamortizedvalueoftheprojectshallbeincludedinthecurrentprofitorlossinfullamount.

(2)Accountingtreatmentforpost-employmentbenefits

Post-employmentbenefitplansincludedefinedcontributionplansanddefinedbenefitplans.Amongthem,thedefinedcontributionplanreferstoapost-employmentbenefitplaninwhichtheenterprisehasnofurtherpaymentobligationafterpayingfixedexpensestoanindependentfund;thedefinedbenefitplanreferstoapost-employmentbenefitplanotherthanadefinedcontributionplan.DefinedcontributionplanThedefinedcontributionplanincludesbasicendowmentinsurance,unemploymentinsurance,etc.Duringtheaccountingperiod,whenemployeesprovideservices,theamountpayablecalculatedaccordingtothedefinedcontributionplanisrecognizedasaliabilityandincludedinthecurrentprofitorlossorrelatedassetcosts.DefinedbenefitplanFordefinedbenefitplans,anindependentactuaryshallcarryoutanactuarialvaluationontheannualbalancesheetdateanddeterminethecostofprovidingbenefitswiththeexpectedcumulativewelfareunitmethod.

EmployeecompensationcostsarisingfromthedefinedbenefitplanoftheCompanyshallincludethefollowingcomponents:

①Servicecosts,includingcurrentservicecosts,pastservicecosts,andsettlementgainsorlosses.Currentservicecostsrefertotheincreasedamountinthepresentvalueofdefinedbenefitplanobligationscausedwhenemployeesprovideservicesinthecurrentperiod;pastservicecostsrefertotheincreaseordecreaseinthepresentvalueofdefinedbenefitplanobligationsrelatedtoemployeeservicesinpreviousperiodscausedbymodificationsfordefinedbenefitplans.

②Netinterestonthedefinedbenefitplannetliabilitiesorassets,includinginterestincomeonplanassets,interestcostonthedefinedbenefitplanobligation,andinterestontheeffectoftheassetceiling.

③Changesasaresultofremeasurementofthedefinedbenefitplan'snetliabilitiesorassets.Unlessotheraccountingstandardsrequireorallowemployee'sbenefitcoststobeincludedinassetscosts,theaboveitems①and②shallbeincludedbytheCompanyincurrentprofitorloss;item③shallbeincludedinothercomprehensiveincomeandbenotreversedtoprofitorloss;whentheoriginaldefinedbenefitplanisterminated,theamountincludedinothercomprehensiveincomebeforeshallbecompletelytransferredtotheundistributedprofit.

(3)Accountingtreatmentforterminationbenefits

IftheCompanyprovidesterminationbenefitstoemployees,theemployeecompensationliabilitiesarisingfromtheterminationbenefitsshallberecognizedattheearliestofthefollowingtwodatesandincludedinthecurrentprofitorloss:TheCompanycannotunilaterallywithdrawtheterminationbenefitsprovidedduetothelaborrelationshipterminationplanorlayoffproposal;theCompanyrecognizesthecostsorexpensesrelatedtotherestructuringinvolvingthepaymentofterminationbenefits.Ifanemployee'sinternalretirementplanisimplemented,theeconomiccompensationbeforetheofficialretirementdatebelongstotheterminationbenefits.Duringtheperiodfromthedatewhentheemployeestopsprovidingservicestothenormalretirementdate,thewagestobepaidtotheearlyretiredemployeesandthesocialinsurancepremiumstobepaidareincludedinthecurrentprofitorlossinalumpsum.Economiccompensationaftertheofficialretirementdate(suchasthepension)istreatedaspost-employmentbenefits.

(4)Accountingtreatmentforotherlong-termemployeebenefitsOtherlong-termemployeebenefitsprovidedbytheCompanytoitsemployees,whichmeetthecriteriaforadefinedcontributionplan,shallbehandledpertheregulationsrelevanttothedefinedcontributionplanmentionedabove.Ifthebenefitsmeetthedefinedbenefitplan,theyshallbehandledpertherelevantprovisionsonthedefinedbenefitplanabove,butthepartof"changesarisingfromre-measuringthenetliabilitiesornetassetsofthedefinedbenefitplan"intherelevantemployeecompensationcostsshallbeincludedinthecurrentprofitorlossortherelevantassetcosts.

22.Estimatedliabilities

Anobligationrelatedtocontingencies,ifsatisfyingthefollowingconditionsatthesametime,willberecognizedasanestimatedliabilitybytheCompany:

(1)TheobligationisthecurrentobligationoftheCompany;

(2)PerformanceofthisobligationwillprobablycauseoutflowofeconomicinterestoftheCompany;

(3)Theamountofsuchobligationcanbemeasuredreliably.

Estimatedliabilitiesareinitiallymeasuredattheoptimalestimaterequiredtoperformtherelevantcurrentobligation,incomprehensiveconsiderationoftherisks,uncertainty,timevalueofmoney,andotherfactorspertinenttothecontingencies.Wherethetimevalueofmoneyisofsignificantinfluence,theoptimalestimateisrecognizedthroughthediscountofrelevantfuturecashoutflows.Onthebalancesheetdate,thebookvalueoftheestimatedliabilitiesisreviewedandadjustedbytheCompanytoreflectthecurrentbestestimate.Ifallorpartoftheexpendituresnecessaryforclearingofftherecognizedestimatedliabilitiesareexpectedtobecompensatedbyathirdpartyoranyotherparty,theamountofcompensationshallberecognizedasassetsseparatelyonlywhenitisbasicallysurethattheamountcanbeobtained.Therecognizedamountofcompensationshallnotexceedthebookvalueofrecognizedliabilities.

23.Revenue

Accountingpoliciesofrevenuedisclosurerecognitionandmeasurementbybusinesstypes

(1)Generalprinciple

TheCompanyhasfulfilleditsperformanceobligationsofthecontract,whichmeansitrecognizestherevenuewhenthecustomerhasacquiredthecontrolrightsofrelevantgoodsorservices.Ifthecontractcontainstwoormoreperformanceobligations,theCompanyshall,atthebeginningdateofthecontract,apportionthetransactionpricetoeachperformanceobligationaccordingtotherelativeproportionoftheindividualsellingpriceofthecommoditiesorservicespromisedbyeachperformanceobligation,andmeasuretherevenueaccordingtothetransactionpriceapportionedtoeachperformanceobligation.Whenoneofthefollowingconditionsismet,itisconsideredthefulfillmentofperformanceobligationsoveraperiodoftime;otherwise,itisregardedasthefulfillmentofperformanceobligationsataspecificpointintime:

①ThecustomersimultaneouslyobtainsandconsumestheeconomicbenefitsarisingfromthecontractperformanceoftheCompany.

②ThecustomercancontrolthegoodsunderconstructionduringtheperformanceoftheCompany.

③ThegoodsproducedduringtheperformanceoftheCompanyhaveirreplaceableuses,andtheCompanyhastherighttocollectpaymentsfortheaccumulatedperformanceportiontodatethroughoutthecontractperiod.Fortheperformanceobligationsperformedwithinacertainperiodoftime,theCompanyshallrecognizetherevenuewithinthatperiodaccordingtotheperformanceprogress.Iftheperformanceprogresscannotbereasonablyconfirmed,andthecostsincurredbytheCompanycanbeexpectedtobecompensated,therevenuesshallberecognizedaccordingtotheamountofcostsincurreduntiltheperformanceprogresscanbereasonablyrecognized.Forperformanceobligationsperformedatacertaintimepoint,theCompanyshallconfirmtherevenueatthetimepointwhenthecustomergainscontrolrightsoftherelevantcommoditiesorservices.Indeterminingwhetheracustomerhasobtainedthecontrolrightsofthegoodsorservices,theCompanyshallconsiderthefollowingsigns:

①TheCompanyenjoysthecurrentcollectionrightconcerningsuchgoodsorservices,i.e.,customershavetheobligationtopayimmediatelyconcerningthegoods.

②TheCompanyhastransferredthelegalownershipofthegoodstocustomers,i.e.,customershaveownedthelegalownershipofthegoods.

③TheCompanyhastransferredthegoodstocustomersinkind,i.e.,customershavepossessedthegoods.

④TheCompanyhastransferredthemajorrisksandrewardsfromtheownershipofthegoodstocustomers,i.e.,customershaveobtainedthemajorrisksandremunerationontheownershipofthegoods.

⑤Customershaveacceptedsuchgoodsorservices.

⑥Othersignsindicatethatcustomershaveobtainedtherighttocontrolthegoods.

(2)Specificmethod

TheCompany'srevenueismainlyderivedfromthefollowingbusinesses:Propertyleasingandservicesandjewelrysalesandservices.

①Propertyleasingandservices

SeeNoteV.26forthespecificmethodfortherecognitionofrevenuefrompropertyleasingandservices.

②Salesandservicesofgoldandjewelry

TheCompanydetermineswhetheritisthemainresponsiblepersonortheagentduringtransactionsaccordingtoitscontrolovergoodsorservicesbeforetransferringthemtocustomers.IftheCompanyhascontroloverthegoodsorservicesbeforetransferringthemtocustomers,theCompanyisthemainresponsiblepersonandrecognizestherevenueaccordingtothetotalconsiderationreceivedorreceivable;otherwise,theCompanyacts

asanagent,andrecognizestherevenueaccordingtotheamountofcommissionorhandlingchargeexpectedtobeentitled,whichisdeterminedaccordingtothenetamountofthetotalconsiderationreceivedorreceivableafterdeductingthepricepayabletootherrelatedparties,oraccordingtotheestablishedcommissionamountorproportion.Thespecificrecognitionmethodofrevenuesgeneratedfromgoldandjewelrysalesisasfollows:

Ingoldandjewelrysales,theCompanymainlytakesadirect-salesmodel,withthesalesagencymodelasasupplement.Forthedirect-salesmodel,thesaleschannelsincludewholesalers,e-commerce,andretailindirect-salesstores.Thetimepointsforrevenuerecognitionunderthesalesmodelswithsuchchannelsaswholesalers,e-commerce,andretailareasfollows:

①Inwholesalersales,purchaserscooperatewiththeCompanydirectly.Thetimepointiswhenthegoods-relatedcontrolrightshavebeentransferredtothepurchasers,whichsignifiesthattheperformanceobligationiscompletedaccordingtothesalescontract.Therevenuewillthenberecognizedaftercustomersacceptthegoodsandissuereceipts.Thisisaperformanceobligationperformedatacertaintimepoint.

②Ine-commercesales,theCompanysellsgoodsone-commerceplatforms.ThesalesrevenuewillberecognizedwhencustomershavesignedforthegoodsandtheCompanyhasreceivedpaymentsorobtainedtherighttoclaimpayments.Thisisaperformanceobligationperformedatacertaintimepoint.

③Inretailthroughdirect-salesstores,theCompanysellsitsgoodsinitsself-ownedrealestate.ThesalesrevenuewillberecognizedwhentheCompanyhassoldgoodstocustomersandreceivedpaymentsorobtainedtherighttoclaimpayments.Thisisaperformanceobligationperformedatacertaintimepoint.

④Inthesalesagencymodel,theCompanysendsproductstostoresofentrustedsellers.Thesalesrevenuewillberecognizedwhenthesellershavesoldgoodstoendconsumers,endconsumershavesignedforgoods,andthecontrolrighthasbeentransferredtoendconsumers.Thisisalsothetimepointsignifyingthattheobligationperformanceforthecontractisdone.Thisisaperformanceobligationperformedatacertaintimepoint.ThespecificmethodsforrecognizingotherrevenuesfortheCompanyareasfollows:

Intheindependentgoldrepurchasebusiness,theCompanyobtainsoldgoldfromthemarketandentrustsrefineriestoprocessitintostandardgoldbars.ThestandardgoldbarswillthenbesoldtotheShanghaiGoldExchange.AccordingtothesetpricebytheShanghaiGoldExchangeatspecifictimepoints,theCompanyconfirmstheselling(counting)inthetradingsystemandrecognizestherevenueafterobtainingthesettlementdocumentoftheShanghaiGoldExchange.Inthegoldandjewelrysalesagencybusiness,theCompanyactsasanagentandprovidesagencyservicesforprincipalsaccordingtotheagencypurchaseagreementtoearnagencycommissionfees.TheCompanyrecognizestheagencycommissionrevenuewhencustomerspayandsignforgoods.Intheagencygoldrepurchasebusiness,theCompanyactsasasupplieragenttorepurchasegoldandcollectservicefees.Revenueiscalculatedandrecognizedbasedonthedurationoftheagencygoldrepurchaseandaccordingtothecontract.

RecognitionmethodsandmeasurementmethodsforthesamekindofbusinesswithdifferentbusinessmodelsanddifferentrevenuesTheCompanyshallabidebythedisclosurerequirementsfor"jewelry-relatedbusiness"intheGuidelinesofShenzhenStockExchangeforSelf-RegulatorySupervisionofListedCompaniesNo.3—IndustryInformationDisclosure.

24.Governmentsubsidies

Thegovernmentsubsidiesshallberecognizedwhenalltheattachedconditionscanbesatisfiedandthegovernmentsubsidiescanbereceived.Thegovernmentsubsidiesconsideredmonetaryassetsshallbemeasuredattheamountreceivedorreceivable.Thegovernmentsubsidiesconsiderednon-monetaryassetsaremeasuredbasedonthefairvalue,orthenominalamountofRMB1ifthefairvaluecannotbeacquiredreliably.Asset-relatedgovernmentsubsidiesrefertothosethatareacquiredbytheCompanyandusedforacquiring,constructing,orforminglong-termassetsinotherways.Othergovernmentsubsidiesareconsideredrevenue-relatedgovernmentsubsidies.Forthegovernmentsubsidieswiththegrantobjectsnotexpresslystipulatedinthegovernmentdocuments,iftheycanbeusedtoformlong-termassets,thegovernmentsubsidiescorrespondingtothevalueoftheassetsareregardedasasset-relatedgovernmentsubsidies,whiletherestareregardedasrevenue-relatedgovernmentsubsidies.Forthegovernmentsubsidiesthataredifficulttodifferentiate,thegovernmentsubsidiesasawholeareregardedasrevenue-relatedgovernmentsubsidies.Theasset-relatedgovernmentsubsidiesshallberecognizedasdeferredincome,whichshallbeincludedinprofitsandlossesininstallmentsreasonablyandsystematicallywithintheservicelifeoftherelevantassets.Forrevenue-relatedgovernmentsubsidies,theyshallbeincludedinthecurrentprofitorlossifusedtocompensatefortheincurredrelatedcostsorlosses;ifusedtocompensatefortherelatedcostsorlossesduringfutureperiods,theyshallbeincludedinthedeferredincome,andincludedinthecurrentprofitorlossduringtheperiodwhentherelatedcostsorlossesarerecognized.Governmentsubsidiesmeasuredatthenominalamountshallbedirectlyincludedinthecurrentprofitorloss.TheCompanyadoptsthesametreatmentforthosetransactionsofsimilargovernmentsubsidies.Thegovernmentsubsidiesrelatedtodailyactivitiesshallbeincludedinotherincomesaccordingtotheessenceofeconomicbusiness.Governmentsubsidiesirrelevanttodailyactivitiesareincludedinnon-operatingrevenue.Forthegovernmentsubsidiesrecognizedtoberefunded,ifthegovernmentsubsidiesareusedtooffsetthebookvalueoftherelatedassetswhentheyareinitiallyrecognized,thebookvalueoftheassetsshallbeadjusted.Ifthereisdeferredincomeconcerned,thegovernmentsubsidiesshallbeoffsetagainstthebookbalanceofthedeferredincome,andtheexcessshallbeincludedinthecurrentprofitorloss.Inothercases,theyshallbedirectlyincludedinthecurrentprofitorloss.

25.Deferredincometaxassets/deferredincometaxliabilities

Incometaxincludescurrentincometaxanddeferredincometax.Theincometaxshallbeincludedinthecurrentprofitorlossasincometaxexpenses,exceptthatthedeferredincometaxesrelatedtotheadjustmentofgoodwillduetobusinessmergersorthetransactionsandmattersdirectlyincludedintheowner'sequityareincludedintheowner'sequity.TheCompanyshallrecognizedeferredincometaxwiththebalancesheetliabilitymethodaccordingtothetemporarydifferencesbetweenthebookvalueofassetsandliabilitiesandtheirtaxbasesatthebalancesheetdate.Relevantdeferredincometaxliabilitiesshallberecognizedforeachtaxabletemporarydifferenceunlessthetaxabletemporarydifferencearisesfromthefollowingtransactions:

(1)Theinitialrecognitionofgoodwillortheinitialrecognitionofassetsorliabilitiesincurredinatransactionwiththefollowingfeatures:Thetransactionshouldnotbeabusinessmergeranddoesnotimpactaccountingprofitortaxableincomeatthetimeofthetransaction(exceptforindividualtransactionswithequaltaxabletemporarydifferencesanddeductibletemporarydifferencesresultingfromtheinitialrecognitionofassetsandliabilities);

(2)Fortaxabletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,jointventures,andassociates,thetimeofreversalofthetemporarydifferencecanbecontrolledand,likely,thetemporarydifferencewillnotbereversedintheforeseeablefuture.Fordeductibletemporarydifferencesaswellasthedeductiblelossesandtaxdeductionsthatcanbecarriedforwardtothenextyear,exceptforthedeductibletemporarydifferencesincurredinfollowingtransactions,theCompanyrecognizesthedeferredincometaxassetstotheextentthatitislikelythatfuturetaxableincomewillbeavailablefordeductingthedeductibletemporarydifferences,deductiblelosses,andtaxdeductions:

(1)Thetransactionshouldnotbeabusinessmergeranddoesnotimpactaccountingprofitortaxableincomeatthetimeofthetransaction(exceptforindividualtransactionswithequaltaxabletemporarydifferencesanddeductibletemporarydifferencesresultingfromtheinitialrecognitionofassetsandliabilities);

(2)Fordeductibletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,jointventures,andassociates,ifthefollowingconditionsaresatisfiedatthesametime,correspondingdeferredincometaxassetsarerecognized:Thetemporarydifferencewilllikelybereversedintheforeseeablefutureandtaxableincomewilllikelybeavailableinthefuturefordeductingthedeductibletemporarydifferences.Onthebalancesheetdate,deferredincometaxassetsanddeferredtaxliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrecoveredortheliabilityissettledandreflecttheincometaxeffectofthemethodoftheexpectedrecoveryofassetsandsettlementofliabilitiesonthebalancesheetdate.Onthebalancesheetdate,theCompanyreviewsthebookvalueofdeferredincometaxassets.Ifitislikelythatsufficienttaxableprofitswillnotbeavailableinfutureperiodstodeductthebenefitofthedeferredincometax

assets,thebookvalueofthedeferredincometaxassetswillbereduced.Anysuchreductioninamountisreversedtotheextentthatitbecomesprobablethatsufficienttaxableincomewillbeavailable.Onabalancesheetdate,thedeferredincometaxassetsandliabilitiesarepresentedinthenetvalueafteroffsettingwhenthefollowingconditionsaremetatthesametime:

(1)Thetaxpayerhasthelegalrightofincometaxassetsandliabilitiesinthecurrentperiodsettledatthenetamount;

(2)DeferredincometaxassetsanddeferredincometaxliabilitiesarerelatedtotheincometaxesleviedbythesametaxcollectionagencyonthesametaxpayerwithintheCompany.

26.Lease

(1)Accountingtreatmentmethodforleaseasthelessee

Onthecommencementdateoftheleaseterm,theCompanyshallrecognizetheright-of-useassetsandtheleaseliabilitiesforallleases,exceptfortheshort-termleasesandlow-valueassetleasesthataresubjecttosimplifiedtreatment.Leaseliabilitiesshallbeinitiallymeasuredatthepresentvaluecalculatedbytheinterestrateimplicitinleaseaccordingtotheunpaidleasepaymentonthecommencementdateoftheleaseterm.Iftheinterestrateimplicitinleasecannotbedetermined,theincrementalborrowingrateshallbeusedasthediscountrate.Leasepaymentsincludefixedpaymentsandsubstantiallyfixedpayments;theamountrelatedtoleaseincentive(ifany)shallbededucted;variableleasepaymentsthatdependonanindexorrate;theexercisepriceofapurchaseoption,providedthatthelesseereasonablydeterminesthattheoptionwillbeexercised;paymentsrequiredtoexercisetheleaseterminationoption,providedthattheleasetermreflectsthatthelesseewillexercisetheleaseterminationoption;paymentsexpectedtobemadebasedontheguaranteedresidualvalueprovidedbythelessee.Theinterestexpensesoftheleaseliabilitieswithineachleasetermshallbecalculatedsubsequentlyaccordingtothefixedperiodicrateandincludedinthecurrentprofitorloss.Thevariableleasepaymentthatisnotincludedinthemeasurementofleaseliabilitiesisincludedinthecurrentprofitorlosswhenitoccurs.Short-termleaseShort-termleasereferstoaleasewithaleasetermofnotmorethan12monthsonthecommencementdateoftheleaseterm,exceptfortheleasecontainingthepurchasingright.TheCompanyincludesthepaymentamountofshort-termleasesintorelevantassetcostsorcurrentprofitsandlossesbythestraight-linemethodateachperiodwithintheleaseterm.Forshort-termleases,theCompanyselectstheabove-simplifiedtreatmentmethodfortheitemsmeetingtheshort-termleaseconditionsinthefollowingassettypesaccordingtothecategoryofleasedassets.Low-valueassetlease

Alow-valueassetleasereferstoaleasewithavaluelowerthanRMB40,000whenanindividualleasedassetisbrandnew.TheCompanyincludesthepaymentamountoflow-valueassetleasesintorelevantassetcostsorthecurrentprofitorlossbythestraight-linemethodateachperiodwithintheleaseterm.Forlow-valueassetleases,theCompanyselectstheabovesimplifiedtreatmentmethodaccordingtothespecificconditionsofeachlease.LeasechangeIftheleasechangesandmeetsthefollowingconditionsatthesametime,theCompanywilltaketheleasechangeasaseparateleasefortheaccountingtreatment:①Theleasechangeexpandstheleasescopebyincreasingtherighttouseoneormoreleasedassets,and②Theincreasedconsiderationisequivalenttotheamountbyadjustingtheseparatepriceoftheexpandedleasescopeaccordingtothecontract.Iftheleasechangeisnottakenasaseparateleaseforaccountingtreatment,theCompanyshall,ontheeffectivedateoftheleasechange,reallocatetheconsiderationofthechangedcontract,redeterminetheleaseterm,andremeasuretheleaseliabilitiesaccordingtothechangedleasepaymentandthepresentvaluecalculatedbythereviseddiscountrate.Iftheleasescopeisreducedortheleasetermisshortenedduetotheleasechange,theCompanywillcorrespondinglyreducethebookvalueofright-of-useassetsandincluderelevantprofitsorlossesfrompartialorcompleteterminationoftheleaseinthecurrentprofitorloss.Iftheleaseliabilitiesareremeasuredduetootherleasechanges,theCompanywilladjustthecarryingamountofright-of-useassetsaccordingly.

(2)Accountingtreatmentmethodforleaseasthelessor

WhentheCompanyisthelessor,theleasethatsubstantiallytransfersallrisksandrewardsrelatedtotheownershipoftheassetsisrecognizedasafinancelease,andleasesotherthanfinanceleasesarerecognizedasoperatingleases.FinancialleaseInafinancelease,atthecommencementoftheleaseterm,theCompanytakesthenetinvestmentinaleaseastheentryvalueofthefinanceleasereceivables,andthenetinvestmentinaleaseisthesumoftheunguaranteedresidualvalueandthepresentvalueoftheleasereceiptsnotyetreceivedatthecommencementoftheleasetermdiscountedattheinterestrateimplicitinthelease.TheCompany,asthelessor,calculatesandrecognizesinterestincomeineachleasetermatafixedperiodicrate.VariableleasepaymentsobtainedbytheCompanyasthelessorbutnotconsideredinthemeasurementofnetinvestmentinleasesarerecognizedinthecurrentprofitorlosswhenincurred.ThederecognitionandimpairmentoffinanceleasereceivablesshallbesubjecttoaccountingtreatmentaccordingtotheAccountingStandardsforBusinessEnterprisesNo.22—RecognitionandMeasurementof

FinancialInstrumentsandtheAccountingStandardsforBusinessEnterprisesNo.23—TransferofFinancialAssets.OperatingleasingLeaseincomefromoperatingleasesisincludedinthecurrentprofitorlossbytheCompanyasperthestraight-linemethodindifferentstagesovertheleaseterm.Theinitialdirectcostincurredrelatedtotheoperatingleaseshallbecapitalized,amortizedwithintheleasetermaccordingtothesamebasewiththerecognitionofrentrevenue,andincludedinthecurrentprofitorlossbystages.ThevariableleasereceiptsobtainedbytheCompanyrelatedtooperatingleasesandnotchargedtotheleasereceiptsshallbeincludedinthecurrentprofitorlosswhenincurred.LeasechangeIfthereisachangeintheoperatinglease,theCompanywilltakeitasanewleasefromtheeffectivedateofthechangetocarryoutaccountingtreatment,andtheleasereceiptsreceivedinadvanceorreceivablerelatedtotheleasebeforethechangewillberegardedasthecollectedamountforthenewlease.Ifthefinanceleasechangesandmeetsthefollowingconditions,theCompanywilltakethechangeasaseparateleaseforaccountingtreatment:①Thechangeexpandstheleasescopebyincreasingtherighttouseoneormoreleasedassets;and②Theincreasedconsiderationisequivalenttotheamountbyadjustingtheseparatepriceoftheexpandedleasescopeaccordingtothecontract.Ifthechangeoffinanceleaseisnotaccountedforasaseparatelease,theCompanyshalldealwiththechangedleasebasedonthefollowingcircumstances:①Ifthechangetakeseffectonthecommencementdateoftheleaseandtheleaseisclassifiedasanoperatinglease,theCompanyshalltakeitasanewleasefortheaccountingtreatmentfromtheeffectivedateofleasechangeandtakethenetleaseinvestmentmadebeforetheeffectivedateoftheleasechangeasthebookvalueoftheleasedasset;②Ifthechangetakeseffectonthecommencementdateoftheleaseandtheleaseisclassifiedasafinancelease,theCompanyshallcarryoutaccountingtreatmentaccordingtotheregulationsonmodifyingorrenegotiatingcontractsdescribedinAccountingStandardsforBusinessEnterprisesNo.22—RecognitionandMeasurementofFinancialInstruments.

27.Othersignificantaccountingpoliciesandaccountingestimates

TheCompanycontinuouslyevaluatesthesignificantaccountingestimatesandkeyassumptionsadoptedbasedonhistoricalexperienceandotherfactors,includingreasonableexpectationsforfutureevents.Significantaccountingestimatesandcriticalassumptionsthatmayleadtoamajoradjustmentofthebookvalueofassetsandliabilitiesinthenextaccountingyeararelistedasfollows:

ClassificationoffinancialassetsSignificantjudgmentsinvolvedindeterminingtheclassificationoffinancialassetsoftheCompanyincludetheanalysisofbusinessmodelsandcontractcashflowcharacteristics.

TheCompanydeterminesthebusinessmodelformanagingfinancialassetsattheleveloffinancialassetportfolios,consideringthemethodofevaluatingandreportingfinancialassetperformancetokeyexecutives,therisksaffectingfinancialassetperformanceandtheirmanagementmethods,andtheprocessbywhichrelevantbusinessmanagementpersonnelobtainremuneration.Whenassessingwhetherthecontractcashflowoffinancialassetsisconsistentwiththebasicloanarrangement,theCompanyhasthefollowingmainjudgments:Whethertheprincipalmaychangeinthetimedistributionoramountinthedurationduetoprepaymentandotherreasons;whethertheinterestincludesonlythetimevalueofmoney,creditrisks,otherbasicborrowingrisks,andconsiderationwithcostsandprofits.Forexample,whethertheamountpaidinadvanceonlyreflectstheunpaidprincipalandtheinterestbasedontheunpaidprincipal,andthereasonablecompensationpaidduetotheearlyterminationofthecontract.MeasurementofexpectedcreditlossofaccountsreceivableTheCompanycalculatestheexpectedcreditlossofaccountsreceivablethroughthedefaultriskexposureandtheexpectedcreditlossrateofaccountsreceivable,anddeterminestheexpectedcreditlossratebasedondefaultprobabilityandthelossgivendefault.Indeterminingtheexpectedcreditlossrate,theCompanyusestheinternalhistoricalcreditlossexperienceandotherdataandadjuststhehistoricaldataaccordingtothecurrentsituationandforward-lookinginformation.Whenconsideringforward-lookinginformation,theCompanyusesindicatorsthatincluderisksofeconomicdownturnsaswellaschangesintheexternalmarketenvironment,technologicalenvironment,andcustomerconditions.TheCompanyregularlymonitorsandreviewstheassumptionsrelatedtothecalculationoftheexpectedcreditloss.DeferredincometaxassetsTotheextentthattherewillprobablybesufficienttaxableprofitstooffsetthelosses,deferredincometaxassetsshallberecognizedbasedonallunusedtaxlosses.Thisrequiresthemanagementtousealargenumberofjudgmentstoestimatethetimeandamountoffuturetaxableprofitsanddeterminetheamountofdeferredincometaxassetsthatshouldberecognizedincombinationwithtaxplanningstrategies.DeterminationofthefairvalueofunlistedequityinvestmentThefairvalueofunlistedequityinvestmentsistheestimatedfuturecashflowsdiscountedusingcurrentdiscountratesforprojectswithsimilartermsandriskcharacteristics.ThisvaluationinvolvesuncertaintybecauseitrequirestheCompanytoestimateexpectedfuturecashflowsanddiscountrates.Underlimitedcircumstances,iftheinformationfordeterminingthefairvalueisinsufficientortherangeofpossibleestimatesoffairvalueiswide,andthecostrepresentsthebestestimateforthefairvaluewithinthisrange,suchcostcouldrepresentitsappropriateestimateforthefairvaluewithinthisdistributionrange.

28.Changesinsignificantaccountingpoliciesandaccountingestimates

(1)Changesinsignificantaccountingpolicies

□Applicable?Notapplicable

(2)Changesinmaterialaccountingestimates

□Applicable?Notapplicable

(3)Conditionsofthefirstimplementationofnewaccountingstandardsfrom2025toadjusttherelevantitemsinfinancialstatementsatthebeginningofthefirstimplementationyear

□Applicable?Notapplicable

VI.Taxes

1.Maintaxesandtaxrates

TaxcategoryTaxbasisTaxrateValue-addedtax

Taxablevalue-addedamount(Taxpayableiscalculatedusingthetaxablesalesamountmultipliedbytheapplicabletaxratelessdeductibleinputtaxofthecurrentperiod)

13%,9%,5%,6%,and3%UrbanmaintenanceandconstructiontaxActuallypaidturnovertax7%CorporateincometaxTaxableincome25%,20%

Propertytax

Fortaxationaccordingtoprice,thetaxespayableshallbecalculatedbasedon

1.2%oftheremainingpriceafter

deducting30%oftheoriginalvalueofhouseproperties;fortaxationaccordingtolease,thetaxespayableshallbecalculatedbasedon12%oftherentrevenue.

1.2%,12%

EducationalsurchargeActuallypaidturnovertax3%LocaleducationalsurchargeActuallypaidturnovertax2%DisclosurestatementoftaxableentitieswithdifferentcorporateincometaxratesNameoftaxableentityIncometaxrateShenzhenTellusChuangyingTechnologyCo.,Ltd.20%ShenzhenBao'anShiquanIndustryCo.,Ltd.20%ShenzhenSDGTellusRealEstateCo.,Ltd.20%ShenzhenAutomobileIndustrySupplyandMarketingCompany

20%ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd.

20%ShanghaiFanyueDiamondCo.,Ltd.20%ShenzhenHuariAnxinAutomobileInspectionCo.,Ltd.20%Othertaxableentitiesotherthantheabove25%

2.Taxpreference

①Corporateincometax

AccordingtotheAnnouncementonFurtherImplementingPreferentialIncomeTaxPoliciesforSmallandMicroEnterprises(Announcement[2022]No.13oftheMinistryofFinanceandtheStateTaxationAdministration),fromJanuary1,2022toDecember31,2024,forsmallmicro-profitenterprises,theportionof

theirannualtaxableincomeexceedingRMB1millionbutnotexceedingRMB3millionshallbecalculatedatareducedrateof25%intheirtaxableincome,andtheyshallpaycorporateincometaxatarateof20%.AccordingtotheAnnouncementonImplementingPreferentialIncomeTaxPoliciesforSmallandMicroEnterprisesandIndividualBusinesses(Announcement[2023]No.6oftheMinistryofFinanceandtheStateTaxationAdministration),fromJanuary1,2023toDecember31,2024,theportionoftheirannualtaxableincomebutnotexceedingRMB1millionshallbecalculatedatareducedrateof25%intheirtaxableincome,andtheyshallpaycorporateincometaxatarateof20%.AccordingtotheAnnouncementonTaxPoliciesforFurtherSupportingtheDevelopmentofSmallandMicroEnterprisesandIndividualBusinesses(Announcement[2023]No.12oftheMinistryofFinanceandtheStateTaxationAdministration),thetaxableincomeofsmallmicro-profitenterprisesshallbecalculatedatareducedrateof25%andthecorporateincometaxshallbepaidatarateof20%untilDecember31,2027.ThesubsidiariesoftheCompany,includingTellusChuangying,Bao'anShiquan,TellusRealEstateCompany,AutomobileSupplyandMarketingCompany,ShanghaiFanyue,XinyongtongTesting,andHuariAnxin,enjoytheabovetaxpreferences.

②Value-addedtax

AccordingtotheNoticeoftheStateTaxationAdministrationonAdjustingtheRelevantTaxPoliciesofDiamondsandShanghaiDiamondExchange(CS[2006]No.65),taxpayersareexemptedfromimportvalue-addedtax(VAT)forroughdiamondssoldthroughShanghaiDiamondExchangetothedomesticmarket;forfinisheddiamondssoldbytaxpayersthroughShanghaiDiamondExchangetothedomesticmarket,thepartwithanactualimportVATburdenexceeding4%shallberefundeduponcollectionbythecustoms.Inthedomesticlink,taxpayersshalldeducttheinputtaxbasedontheVATamountindicatedonthetaxpaymentreceiptissuedbythecustoms.AftertaxpayersfollowthepolicyofVATexemptionandrefund-upon-collectionfordiamondssoldtothedomesticmarketthroughtheShanghaiDiamondExchange,diamondssoldtothedomesticmarketwillbemanagedbythecustomspercurrentregulationswhentheyleavetheShanghaiDiamondExchange.ShanghaiFanyueDiamondCo.,Ltd.,theCompany'ssubsidiary,isamemberoftheShanghaiDiamondExchangeandenjoystheabovetaxpreferenceswhenimportingfinisheddiamondsthroughtheShanghaiDiamondExchange.

③Educationalsurcharge

AccordingtotheNoticeoftheStateTaxationAdministrationonExpandingtheScopeofExemptionsforCertainGovernmentFunds(CS[2016]No.12),theexemptionthresholdfortheEducationalSurcharge,LocalEducationalSurcharge,andWaterConservancyConstructionFundhasbeenraised.Specifically,theexemptionnowappliestotaxpayerswithmonthlysalesorturnovernotexceedingRMB100,000(orquarterlysalesorturnovernotexceedingRMB300,000forthosepayingtaxesquarterly),anincreasefromthepreviousthresholdofRMB30,000permonth(orRMB90,000perquarter).ShenzhenHuariAutomobileSalesandServiceCo.,Ltd.,asubsidiaryoftheCompany,enjoystheabovetaxpreferenceifitsmonthlysales(turnover)donotexceedRMB100,000.

VII.NotestoConsolidatedFinancialStatements

1.Cashatbankandonhand

Unit:RMB

ItemEndingbalanceBeginningbalanceCashonhand9,592.7920,879.87Cashatbank179,793,143.41280,040,887.67Othercashatbankandonhand98,165,009.3197,909,592.15Total277,967,745.51377,971,359.69OthernotesThecashatthebankandonhandwithlimiteduserightsbytheCompanymainlyincludesnotemargins,goldleasing,andfuturesandoptionsmargins.Thedetailsofrestrictedcashatbankandonhandareasfollows:

Unit:RMBItemEndingbalance

Endingbalanceofthepreviousyear

Total68,578,910.2576,695,391.06

2.Tradingfinancialassets

Unit:RMBItemEndingbalanceBeginningbalanceFinancialassetsatfairvaluethroughprofitorloss

197,026,798.06165,630,834.06Including:

Structureddepositsandfinanceproducts197,026,798.06165,630,834.06Including:

Total197,026,798.06165,630,834.06

3.Derivativefinancialassets

Unit:RMBItemEndingbalanceBeginningbalanceHedginginstruments—derivativefinancialassetsindesignatedhedgingrelationship

108,160.00292,078.00Total108,160.00292,078.00

4.Accountsreceivable

(1)Disclosurebyaccountreceivableage

Unit:RMBAccountreceivableagePeriod-endbookbalancePeriod-beginningbookbalanceWithin1year(inclusive)94,720,887.9144,225,898.09

1-2years2,520,681.032,520,681.032-3years508,387.31508,387.31Over3years48,296,682.0848,781,485.16Over5years48,296,682.0848,781,485.16Total146,046,638.3396,036,451.59

(2)Disclosurebybaddebtaccrualmethod

Unit:RMBCategory

EndingbalanceBeginningbalanceBookbalance

Provisionforbaddebts

Bookvalue

Bookbalance

Provisionforbaddebts

BookvalueAmount

Proportion

Amount

Provisionproportion

Amount

Proportion

Amount

ProvisionproportionAccountsreceivablewithprovisionforbaddebtsonasinglebasis

48,296,6

82.08

0.33%

48,296,6

82.08

100.00%

48,781,4

85.16

32.63%

48,781,4

85.16

100.00%

Including:

Accountsreceivablewithprovisionforbaddebtsonaportfoliobasis

97,749,9

56.25

66.93%

1,225,54

8.08

1.25%

96,524,4

08.17

47,254,9

66.43

67.37%

690,899.

1.02%

46,564,0

67.14

Including:

Including:

Portfolioofleasingandotherbusinesses

32,942,0

56.91

22.56%

573,331.

1.74%

32,368,7

25.89

35,498,1

39.36

27.64%

573,331.

1.06%

34,924,8

08.34

Jewelrysalesbusinessportfolio

64,807,8

99.34

44.37%

652,217.

1.01%

64,155,6

82.28

11,756,8

27.07

39.73%

117,568.

1.00%

11,639,2

58.80

Total

146,046,

638.33

100.00%

49,522,2

30.16

33.91%

96，524，

408.17

96,036,4

51.59

100.00%

49,472,3

84.45

51.51%

46,564,0

67.14

Categorynameofbaddebtprovisionmadeonasinglebasis:

Unit:RMBName

BeginningbalanceEndingbalanceBookbalance

Provisionforbaddebts

Bookbalance

Provisionforbaddebts

Provisionproportion

ReasonsforprovisionShenzhenJinluIndustry&TradeCo.,Ltd.

9,846,607.009,846,607.009,846,607.009,846,607.00100.00%

Longaccountreceivableage,andexpectedtobeunrecoverableGuangdongZhanjiangSamsungAutomobileCo.,Ltd.

4,060,329.444,060,329.444,060,329.444,060,329.44100.00%

Longaccountreceivableage,andexpectedtobeunrecoverableWangChanglong

2,370,760.402,370,760.402,370,760.402,370,760.40100.00%

Longaccountreceivableage,andexpectedtobeunrecoverableHuizhouJiandachengRoadandBridgeEngineeringCo.,Ltd.

2,021,657.702,021,657.702,021,657.702,021,657.70100.00%

Longaccountreceivableage,andexpectedtobeunrecoverableGuangdongGWHoldingsGroupCo.,Ltd.

1,862,000.001,862,000.001,862,000.001,862,000.00100.00%

Longaccountreceivableage,andexpectedtobeunrecoverableJianglingMotorsFactory

1,191,059.981,191,059.981,191,059.981,191,059.98100.00%

Longaccountreceivableage,andexpectedtobeunrecoverableYangjiangAutomobileTradingCo.,Ltd.

1,150,000.001,150,000.001,150,000.001,150,000.00100.00%

Longaccountreceivableage,andexpectedtobeunrecoverableOthers26,279,070.6426,279,070.6425,794,267.5625,794,267.56100.00%

Longaccountreceivableage,andexpectedtobeunrecoverableTotal48,781,485.1648,781,485.1648,296,682.0848,296,682.08Categorynameofbaddebtprovisionmadeonaportfoliobasis:LeasingandotherportfolioUnit:RMBNameEndingbalance

BookbalanceProvisionforbaddebtsProvisionproportionWithin1year29,912,988.57322,296.931.08%1-2years2,520,681.03126,034.065.00%2-3years508,387.31125,000.0324.59%Total32,942,056.91573,331.02Explanationofthebasisfordeterminingtheportfolio:

Categorynameofbaddebtprovisionmadeonaportfoliobasis:JewelrysalesbusinessportfolioUnit:RMBName

Endingbalance

BookbalanceProvisionforbaddebtsProvisionproportionWithin1year(inclusive)64,807,899.34652,217.061.01%Total64,807,899.34652,217.06Explanationofthebasisfordeterminingtheportfolio:

Whethertoaccruebaddebtprovisionofaccountsreceivableaccordingtoexpectedcreditloss:

?Applicable□NotapplicableUnit:RMBProvisionforbaddebts

Stage1Stage2Stage3

TotalExpectedcreditlossinthenext12months

Expectedcreditlossthroughouttheduration(nocreditimpairmentoccurs)

Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred)BalanceonJanuary1,2025

690,899.2948,781,485.1649,472,384.45BalanceasofJanuary1,2025inthecurrentperiodProvisioninthecurrentperiod

534,648.79534,648.79Write-offinthecurrentperiod

484,803.08484,803.08BalanceasofJune30,2025

1,225,548.0848,296,682.0849,522,230.16

(3)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiod

Baddebtprovisioninthecurrentperiod:

Unit:RMBCategory

Beginningbalance

Amountofchangeduringthecurrentperiod

EndingbalanceProvision

Recoveryorreversal

Write-offOthersProvisionforbaddebtsmadeonasinglebasis

48,781,485.16484,803.0848,296,682.08Provisionforbaddebtsmadeonaportfolio

690,899.29534,648.791,225,548.08

basisTotal49,472,384.45534,648.790.00484,803.080.0049,522,230.16

4.AccountsreceivablethathavebeenwrittenoffinthecurrentperiodUnit:RMBItemWrite-offamountAccountsreceivableactuallywrittenoff484,803.08

(5)AccountsreceivableandcontractualassetswiththetopfiveendingbalancescollectedaspertheborrowersUnit:RMB

Companyname

Endingbalanceofaccountsreceivable

Endingbalanceofcontractassets

Endingbalanceofaccountsreceivableandcontractassets

Proportionintotalendingbalanceofaccountsreceivableandcontractualassets

EndingbalanceofbaddebtproportionofaccountsreceivableandimpairmentprovisionofcontractassetsIBELOVE(Guangdong)JewelryIndustryCo.,Ltd.

36,923,649.3936,923,649.3925.28%369,236.49HenanPostandTelecommunicationsTechnologyCo.,Ltd.

16,880,037.9116,880,037.9111.56%168,800.38ShenzhenJinluIndustry&TradeCo.,Ltd.

9,846,607.009,846,607.006.74%9,846,607.00ShenzhenShishijinJewelryCo.,Ltd.

4,597,479.194,597,479.193.15%45,974.79GuangdongZhanjiangSamsungAutomobileCo.,Ltd.

4,060,329.444,060,329.442.78%4,060,329.44Total72,308,102.9372,308,102.9349.51%14,490,948.10

5.Otherreceivables

Unit:RMBItemEndingbalanceBeginningbalanceOtherreceivables14,105,222.018,081,783.33Total14,105,222.018,081,783.33

(1)Dividendsreceivable

1)Categoryofdividendsreceivable

Unit:RMBProject(ortheinvestee)EndingbalanceBeginningbalanceChinaPufaMachineryIndustryCo.,Ltd.0.000.00

2)Dividendsreceivableofimportantaccountreceivableageofover1yearUnit:RMBProject(ortheinvestee)

Period-endoriginalvalue

Accountreceivableage

Reasonsfornon-recovery

WhetherimpairmenthasoccurredandthebasisfordeterminingimpairmentChinaPufaMachineryIndustryCo.,Ltd.

1,305,581.862-3yearsNotpaidyet

Thecompanyhashugelossesinitsfinancialpositionsandoperatingconditions,andthedividendsreceivablemaynotberecovered,sofullimpairmentisaccrued.Total1,305,581.86

3)Disclosurebybaddebtaccrualmethod

?Applicable□NotapplicableUnit:RMBCategory

EndingbalanceBeginningbalanceBookbalance

Provisionforbaddebts

Bookvalue

Bookbalance

Provisionforbaddebts

BookvalueAmount

Proportion

Amount

Provisionproportion

Amount

Proportion

Amount

ProvisionproportionProvisionforbaddebtsmadeonasinglebasis

1,305,58

1.86

100.00%

1,305,58

1.86

100.00%0.00

1,305,58

1.86

100.00%

1,305,58

1.86

100.00%0.00

Including:

Including:

Total

1,305,58

1.86

100.00%

1,305,58

1.86

100.00%0.00

1,305,58

1.86

100.00%

1,305,58

1.86

100.00%0.00

Categorynameofbaddebtprovisionmadeonasinglebasis:

Unit:RMBName

BeginningbalanceEndingbalanceOriginalbookProvisionforOriginalbookProvisionforProvisionReasonsfor

valuebaddebtsvaluebaddebtsproportionprovisionChinaPufaMachineryIndustryCo.,Ltd.

1,305,581.861,305,581.861,305,581.861,305,581.86100.00%

Thecompany'sfinancialpositionispoorTotal1,305,581.861,305,581.861,305,581.861,305,581.86Baddebtprovisionmadeaccordingtothegeneralmodelofexpectedcreditloss:

Unit:RMBProvisionforbaddebts

Stage1Stage2Stage3

TotalExpectedcreditlossinthenext12months

Expectedcreditlossthroughouttheduration(nocreditimpairmentoccurs)

Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred)BalanceonJanuary1,2025

1,305,581.861,305,581.86BalanceasofJanuary1,2025inthecurrentperiodBalanceasofJune30,2025

1,305,581.861,305,581.86Changesinbookbalancewithsignificantamountchangedoflossprovisioninthereportingperiod

□Applicable?Notapplicable

4)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiodUnit:RMBCategory

Beginningbalance

Amountofchangeduringthecurrentperiod

EndingbalanceProvision

Recoveryorreversal

Charge-offorwrite-off

OtherchangesProvisionforbaddebts

1,305,581.861,305,581.86Total1,305,581.861,305,581.86

(2)Otherreceivables

1)Classificationofotherreceivablesbynature

Unit:RMBPaymentnaturePeriod-endbookbalancePeriod-beginningbookbalanceTemporarypaymentsreceivable56,892,425.2857,088,093.88Depositsandsecuritydeposits4,044,125.343,195,494.08Total60,936,550.6260,283,587.96

2)Disclosurebyaccountreceivableage

Unit:RMBAccountreceivableagePeriod-endbookbalancePeriod-beginningbookbalanceWithin1year(inclusive)11,173,929.585,141,214.58

1-2years3,209,073.663,209,073.662-3years916,546.35916,546.35Over3years45,637,001.0351,016,753.37Over5years45,637,001.0351,016,753.37Total60,936,550.6260,283,587.96

3)Disclosurebybaddebtaccrualmethod

?Applicable□NotapplicableUnit:RMBCategory

EndingbalanceBeginningbalanceBookbalance

Provisionforbaddebts

Bookvalue

Bookbalance

Provisionforbaddebts

BookvalueAmount

Proportion

Amount

Provisionproportion

Amount

Proportion

Amount

ProvisionproportionProvisionforbaddebtsmadeonasinglebasis

48,448,0

45.45

79.51%

46,241,1

81.20

95.44%

2,206,86

4.25

53,819,5

47.79

89.28%

51,612,6

83.54

95.90%

2,206,86

4.25

Including:

Provisionforbaddebtsmadeonaportfoliobasis

12,488,5

05.17

20.49%

590,147.

4.73%

11,898,3

57.76

6,464,04

0.17

10.72%

589,121.

9.11%

5,874,91

9.08

Including:

Accountreceivableageportfolio

8,444,37

9.83

13.86%

230,887.

2.73%

8,213,49

2.17

3,268,54

6.09

5.42%

230,887.

7.06%

3,037,65

8.43

Portfolioofdepositandsecuritydepositreceivable

4,044,12

5.34

6.64%

359,259.

8.88%

3,684,86

5.59

3,195,49

4.08

5.30%

358,233.

11.21%

2,837,26

0.65

Total

60,936,5

50.62

100.00%

46,831,3

28.61

76.85%

14,105,2

22.01

60,283,5

87.96

100.00%

52,201,8

04.63

86.59%

8,081,78

3.33

Categorynameofbaddebtprovisionmadeonaportfoliobasis:

Unit:RMBName

EndingbalanceBookbalanceProvisionforbaddebtsProvisionproportionAccountreceivableage8,444,379.83230,887.662.73%

portfolioPortfolioofdepositandsecuritydepositreceivable

4,044,125.34359,259.758.88%Total12,488,505.17590,147.41Baddebtprovisionmadeaccordingtothegeneralmodelofexpectedcreditloss:

Unit:RMBProvisionforbaddebts

Stage1Stage2Stage3

TotalExpectedcreditlossinthenext12months

Expectedcreditlossthroughouttheduration(nocreditimpairmentoccurs)

Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred)BalanceonJanuary1,2025

589,121.090.0051,612,683.5452,201,804.63BalanceasofJanuary1,2025inthecurrentperiodProvisioninthecurrentperiod

9,276.320.000.009,276.32Reversalinthecurrentperiod

3,530.000.0030,000.0033,530.00Write-offinthecurrentperiod

0.000.005,306,106.095,306,106.09Otherchanges4,720.0035,396.2540,116.25BalanceasofJune30,2025

590,147.410.0046,241,181.2046,831,328.61Changesinbookbalancewithsignificantamountchangedoflossprovisioninthereportingperiod

□Applicable?Notapplicable

4)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiodBaddebtprovisioninthecurrentperiod:

Unit:RMBCategory

Beginningbalance

Amountofchangeduringthecurrentperiod

EndingbalanceProvision

Recoveryorreversal

Charge-offorwrite-off

OthersProvisionforbaddebts

52,201,804.639,276.3233,530.005,306,106.0940,116.2546,831,328.61Total52,201,804.639,276.3233,530.005,306,106.0940,116.2546,831,328.61

5)Otherreceivablesactuallywrittenoffinthecurrentperiod

Unit:RMBItemWrite-offamountOtherreceivablesactuallywrittenoff5,306,106.09

6)Otherreceivablesofthetopfiveperiod-endbalancesbytheowingpartyUnit:RMBCompanynamePaymentnatureEndingbalance

Accountreceivableage

Proportiontoendingbalanceofotherreceivables

EndingbalanceofprovisionforbaddebtsChinaAutomobileSouthChinaAutomobileSalesCo.,Ltd.

Intercoursefunds9,832,956.37Over3years16.13%9,832,956.37ShenzhenNanfangIndustryandTradeIndustrialCo.,Ltd.

Intercoursefunds7,359,060.75Over3years12.07%7,359,060.75ShenzhenZhonghao(Group)Co.,Ltd.

Intercoursefunds5,000,000.00Over3years8.20%5,000,000.00ShenzhenKaifengSpecialAutomobileIndustryCo.,Ltd.

Intercoursefunds4,413,728.50Over3years7.24%2,206,864.25ShenzhenXinxingtaiTradingCo.,Ltd.

Intercoursefunds2,418,512.90Over3years3.97%2,418,512.90Total29,024,258.5247.61%26,817,394.27

6.Prepayments

(1)Prepaymentslistedbyaccountreceivableage

Unit:RMBAccountreceivableage

EndingbalanceBeginningbalanceAmountProportionAmountProportionWithin1year1,463,564.4599.87%795,544.9799.77%1-2years261.000.02%261.000.03%Over3years1,603.940.11%1,603.940.20%Total1,465,429.39797,409.91Explanationofreasonsfordelayedsettlementofimportantprepaymentswithaccountreceivableageover1year:

N/A

(2)Prepaymentswiththetopfiveendingbalancescollectedaspertheobjectofprepayment

Unit:RMBCompanynameBalanceasofJune30,2025

Proportionintotalendingbalance

BeijingFENZCultureCommunicationCo.,Ltd.

ShenzhenGasCorporationLtd.

HangzhouEossoftCo.,Ltd.

ShenzhenWuhuaTianbaoSoftwareCo.,Ltd.

ShenzhenPowerSupplyBureauCo.,Ltd.

Total905,399.8661.78%

7.Inventories

WhethertheCompanyneedstocomplywiththedisclosurerequirementsfortherealestateindustryNo

(1)Inventoryclassification

Unit:RMB

Item

EndingbalanceBeginningbalance

Bookbalance

Provisionfordeclineinthevalueofinventoriesorimpairmentprovisionsofcontractperformancecost

BookvalueBookbalance

Provisionfordeclineinthevalueofinventoriesorimpairmentprovisionsofcontractperformancecost

Bookvalue

Rawmaterials22,881,656.4822,881,656.488,281,211.638,281,211.63Goodsinstocks29,429,618.0829,094,882.38334,735.7029,558,580.9729,094,882.38463,698.59Hedgeditems37,863,854.8337,863,854.83114,856,873.15114,856,873.15Goodssoldonacommissionbasis

4,017,810.494,017,810.493,830,408.183,830,408.18Total94,192,939.8829,094,882.3865,098,057.50156,527,073.9329,094,882.38127,432,191.55TheCompanyshallabidebythedisclosurerequirementsfor"jewelry-relatedbusiness"intheGuidelinesofShenzhenStockExchangeforSelf-RegulatorySupervisionofListedCompaniesNo.3—IndustryInformationDisclosure.

(2)ProvisionfordeclineinthevalueofinventoriesandimpairmentprovisionsofcontractperformancecostUnit:RMBItem

Beginningbalance

IncreaseinthecurrentperiodDecreaseinthecurrentperiod

EndingbalanceProvisionOthers

Reversalorwrite-off

OthersGoodsinstocks29,094,882.3829,094,882.38Total29,094,882.3829,094,882.38ProvisionfordeclineinthevalueofinventoriesmadeonaportfoliobasisUnit:RMBPortfolioname

PeriodendPeriodbeginningEndingbalance

Provisionfordeclineinvalue

Proportionofprovisionfordeclineinvalue

Beginningbalance

Provisionfor

declineinvalue

ProportionofprovisionfordeclineinvalueStandardsforprovisionfordeclineinthevalueofinventoriesmadeonaportfoliobasis

8.Non-currentassetsduewithinoneyear

Unit:RMB

ItemEndingbalanceBeginningbalanceLarge-denominationcertificatesofdeposit,timedeposits,andinterestduewithinoneyear

142,271,146.5591,587,627.94Total142,271,146.5591,587,627.94

(1)Creditors'investmentduewithinoneyear

□Applicable?Notapplicable

(2)Otherdebtinvestmentsduewithinoneyear

□Applicable?Notapplicable

9.Othercurrentassets

Unit:RMBItemEndingbalanceBeginningbalanceInputtaxtobededucted15,701,967.9825,711,444.95Taxespre-paid167,517.52167,748.29Large-denominationcertificatesofdeposit,timedeposits,andinterest

26,755,104.9854,969,057.53Unamortizedexpenses313,322.22Advancesforagencybusiness44,715,259.3615,582,254.39Total87,339,849.8496,743,827.38

10.Otherdebtinvestments

(1)Informationonotherdebtinvestments

Unit:RMB

Item

Beginningbalance

Accruedinterest

Interestadjustment

Changesinfairvalueinthecurrentperiod

Endingbalance

Costs

Accumulatedchangesinfairvalue

Accumulatedimpairmentprovisionrecognizedinothercomprehensiveincome

Remarks

Transferablelarge-sumcertificateofdeposit

84,724,12

8.76

224,259,4

09.78

203,193,8

41.27

Total

84,724,12

8.76

224,259,4

09.78

203,193,8

41.27

11.Long-termreceivables

(1)Long-termreceivables

Unit:RMBItem

EndingbalanceBeginningbalance

DiscountraterangeBookbalance

Provisionforbaddebts

BookvalueBookbalance

Provisionforbaddebts

BookvalueTransactionswithrelatedparties

6,146,228.916,146,228.916,146,228.916,146,228.91Total6,146,228.916,146,228.916,146,228.916,146,228.91

(2)Disclosurebybaddebtaccrualmethod

Unit:RMB

Category

EndingbalanceBeginningbalanceBookbalance

Provisionforbaddebts

Bookvalue

Bookbalance

Provisionforbaddebts

BookvalueAmount

Proportion

Amount

Provisionproportion

Amount

Proportion

Amount

ProvisionproportionProvisionforbaddebtsmadeonasinglebasis

6,146,22

8.91

100.00%

6,146,22

8.91

100.00%

6,146,22

8.91

100.00%

6,146,22

8.91

100.00%

Including:

Including:

Total

6,146,22

8.91

100.00%

6,146,22

8.91

100.00%

6,146,22

8.91

100.00%

6,146,22

8.91

100.00%

12.Long-termequityinvestments

Unit:RMB

Investee

Beginningbalance(bookvalue)

Beginningbalanceofimpairmentprovision

Increase/decreaseinthecurrentperiod

Endingbalance(bookvalue)

EndingbalanceofimpairmentprovisionAdditionalinvestment

Reducedinvestment

Investmentprofitorlossrecognizedbyequitymethod

Adjustmenttoothercomprehensiveincome

Changesinotherequity

Cashdividendorprofitdeclaredtobedistributed

Provisionforimpairment

Others

I.JointventureShenz56,21612,21468,430

henTellus-GmondInvestmentCo.,Ltd.

,004.2

,032.8

,037.1

ShenzhenTelixingInvestmentCo.,Ltd.

13,686,903.3

324,12

7.30

14,011,030.6

Subtotal

69,902,907.6

12,538,160.1

82,441,067.8

II.AssociateShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.

15,188,925.5

-627,89

9.26

14,561,026.3

ShenzhenTellusAutomobileServiceChainCo.,Ltd.ShenzhenYongtongXindaTestingEquipmentCo.,Ltd.HunanChangyangIndustrialCo.,Ltd.

1,810,

540.70

0.00

Shenz3,225,3,225,

henJiechengElectronicsCo.,Ltd.

000.00000.00

ShenzhenXiandaoNewMaterialsCo.,Ltd.

4,751,

621.62

0.00

ChinaAutomotiveIndustryShenzhenTradingCo.,Ltd.

400,00

0.00

400,00

0.00

ShenzhenUniversalStandardPartsCo.,Ltd.

500,00

0.00

500,00

0.00

ShenzhenChinaAutomobileSouthChinaAutomobileSalesCo.,Ltd.

2,250,

000.00

2,250,

000.00

ShenzhenBailiyuanPowerSupplyCo.,Ltd.

1,320,

000.00

1,320,

000.00

ShenzhenYiminAuto

200,00

1.10

200,00

1.10

TradingCo.,Ltd.ShenzhenTorchSparkPlugIndustryCo.,Ltd.

17,849.20

865,44

5.32

865,44

5.32

17,849.20ShenzhenHanliHighTechCeramicsCo.,Ltd.

1,956,

000.00

0.00

ShenzhenNanfangAutomobileRepairCenter

6,700,

000.00

6,700,

000.00

Subtotal

15,188,925.5

23,131,012.6

865,44

5.32

865,44

5.32

14,561,026.3

14,612,850.3

Total

85,091,833.2

23,131,012.6

12,775,706.2

865,44

5.32

97,002,094.1

14,612,850.3

Whethertherecoverableamountisdeterminedaccordingtothenetamountwithfairvaluedeductingdisposalexpenses

□Applicable?Notapplicable

Whethertherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow

□Applicable?Notapplicable

ReasonsfortheapparentinconsistencybetweentheaforementionedinformationandtheinformationusedintheimpairmenttestofpreviousyearsorexternalinformationReasonsfortheapparentinconsistencybetweentheinformationadoptedbytheCompany'simpairmenttestinpreviousyearsandtheactualsituationinthatyear

13.Investmentproperties

(1)Investmentpropertiesmeasuredatcost

?Applicable□NotapplicableUnit:RMBItemHousesandbuildingsLanduseright

Projectsunderconstruction

TotalI.Originalbookvalue

1.Beginning

balance

1,282,555,873.4895,667,082.861,378,222,956.34

2.Increaseinthe

currentperiod

(1)Outsourcing

(2)Transfer

frominventories/fixedassets/constructioninprogress

(3)Increase

frombusinessmerger

3.Decreaseinthe

currentperiod

(1)Disposal

(2)Other

transfer-out

4.Endingbalance1,282,555,873.4895,667,082.860.001,378,222,956.34II.Accumulateddepreciationandaccumulatedamortization

1.Beginning

balance

271,005,582.027,445,241.22278,450,823.24

2.Increaseinthe

currentperiod

18,361,831.77557,724.1818,919,555.95

(1)Provision

oramortization

18,361,831.77557,724.1818,919,555.95

3.Decreaseinthe

currentperiod

(1)Disposal

(2)Other

transfer-out

4.Endingbalance289,367,413.798,002,965.40297,370,379.19III.Impairmentprovision

1.Beginning

balance

2.Increaseinthe

currentperiod

(1)Provision

3.Decreaseinthe

currentperiod

(1)Disposal

(2)Other

transfer-out

4.Endingbalance

IV.Bookvalue

1.Endingbook

value

993,188,459.6987,664,117.461,080,852,577.15

2.Beginningbook

value

1,011,550,291.4688,221,841.641,099,772,133.10Whethertherecoverableamountisdeterminedaccordingtothenetamountwithfairvaluedeductingdisposalexpenses

□Applicable?Notapplicable

Whethertherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow

□Applicable?Notapplicable

ReasonsfortheapparentinconsistencybetweentheaforementionedinformationandtheinformationusedintheimpairmenttestofpreviousyearsorexternalinformationReasonsfortheapparentinconsistencybetweentheinformationadoptedbytheCompany'simpairmenttestinpreviousyearsandtheactualsituationinthatyear

(2)Investmentpropertiesmeasuredatfairvalue

□Applicable?Notapplicable

(3)Investmentpropertieswithoutpropertycertificates

Unit:RMBItemBookvalue

ReasonsforfailuretoobtainthepropertycertificateCNNCofficebuilding3,608,463.03

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.Building12,Sungang3,088.41

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.ShopsinBuilding12,Sungang11,348.91

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.Total3,622,900.35

14.Fixedassets

Unit:RMBItemEndingbalanceBeginningbalanceFixedassets66,076,535.9570,699,928.84Disposaloffixedassets342,305.1563,754.41Total66,418,841.1070,763,683.25

(1)Fixedassets

Unit:RMBItem

Premisesandbuildings

Machineryandequipment

Transportationequipment

Electronicequipment

Fixedassetdecoration

Officeandotherequipment

TotalI.Originalbookvalue:

1.Beginningbalance

218,469,493.

21,437,166.9

3,203,004.388,981,644.201,569,294.597,376,181.84

261,036,785.

2.Increaseinthecurrentperiod

239,989.98157,643.41397,633.39(1)Purchase

239,989.98157,643.41397,633.39(2)Transferfromconstructioninprogress

(3)Increasefrombusinessmerger3.Decreaseinthecurrentperiod

2,880,351.53640,883.58596,042.23475,480.044,592,757.38

(1)Disposalorscrapping

2,880,351.53640,883.58596,042.23475,480.044,592,757.384.Endingbalance

218,469,493.

18,556,815.4

2,562,120.808,625,591.951,569,294.597,058,345.21

256,841,661.

II.Accumulateddepreciation1.Beginningbalance

155,407,884.

12,464,244.7

2,650,168.447,317,598.281,103,942.475,361,813.66

184,305,652.

2.Increaseinthecurrentperiod

2,942,064.68551,155.1833,183.54380,996.59836,178.044,743,578.03(1)Provision

2,942,064.68551,155.1833,183.54380,996.59836,178.044,743,578.03

3.Decreaseinthecurrentperiod

2,288,758.37409,587.22707,565.26290,740.933,696,651.78(1)Disposalorscrapping

2,288,758.37409,587.22707,565.260.00290,740.933,696,651.784.Endingbalance

158,349,949.

10,726,641.5

2,273,764.766,991,029.611,103,942.475,907,250.77

185,352,578.

III.Impairmentprovision1.Beginningbalance

3,555,385.701,400,149.6061,984.82387,935.44465,352.12160,396.396,031,204.072.Increaseinthecurrentperiod

(1)Provision3.Decreaseinthecurrentperiod

424,115.78114,510.0180,031.56618,657.35

(1)Disposalorscrapping

424,115.78114,510.0180,031.56618,657.354.Endingbalance

3,555,385.70976,033.8261,984.82273,425.43465,352.1280,364.835,412,546.72IV.Bookvalue

1.Endingbookvalue

56,564,158.1

6,854,140.08226,371.221,361,136.910.001,070,729.61

66,076,535.9

2.Beginningbookvalue

59,506,222.8

7,572,772.64490,851.121,276,110.480.001,853,971.79

70,699,928.8

(2)Fixedassetsleasedoutbyoperatinglease

Unit:RMBItemEndingbookvaluePremisesandbuildings47,404,603.29

(3)Fixedassetswithoutpropertycertificates

Unit:RMBItemBookvalue

ReasonsforfailuretoobtainthepropertycertificateYongtongBuilding18,127,156.45

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.AutomobileBuilding18,801,078.04

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.UndergroundparkinglotofTellusBuilding

6,680,945.72

Thepropertyownershipcertificateoftheparkinglotcannotbehandled.3-5F,Plant1#,2#and3#,TaoyuanRoad2,367,938.17

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.Transferfloor(s)ofTellusBuilding1,034,749.52

UnabletoapplyforpropertyownershipcertificateBuilding16,Taohuayuan823,134.90

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.Warehouse641,161.93

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.1F,Bao'anCommercialandResidentialBuilding

578,859.56

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.ShuibeiZhongtianBuilding557,868.82

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.WarehouseoftheTradeDepartment38,148.37

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.Shops,PlantsNo.5-7,Buxin19,632.62

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.SongquanApartment(mixed)10,086.79

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.BuxinGeneratorRoom5,994.58

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.GuestHouseonRenminNorthRoad5,902.41

Thepropertyownershipcertificatehasnotbeenhandledduetohistoricalreasons.Total49,692,657.88

(4)Impairmenttestoffixedassets

□Applicable?Notapplicable

(5)Disposaloffixedassets

Unit:RMBItemEndingbalanceBeginningbalance

Fixedassetstobedisposed342,305.1563,754.41Total342,305.1563,754.41

15.Constructioninprogress

Unit:RMBItemEndingbalanceBeginningbalanceProjectsunderconstruction2,678,672.063,332,141.19Total2,678,672.063,332,141.19

(1)Constructioninprogress

Unit:RMBItem

EndingbalanceBeginningbalanceBookbalance

Impairmentprovision

BookvalueBookbalance

Impairmentprovision

BookvalueRestorationProjectafterReinforcementofBuildingNo.5,Buxin

1,885,589.691,885,589.691,885,589.691,885,589.69Otherprojects793,082.37793,082.371,446,551.501,446,551.50Total2,678,672.062,678,672.063,332,141.193,332,141.19

(2)Impairmenttestofconstructioninprogress

□Applicable?Notapplicable

16.Right-of-useassets

(1)Right-of-useassets

Unit:RMBItemPremisesandbuildingsTotalI.Originalbookvalue

1.Beginningbalance96,383,601.1796,383,601.17

2.Increaseinthecurrentperiod

3.Decreaseinthecurrentperiod

4.Endingbalance96,383,601.1796,383,601.17II.Accumulateddepreciation

1.Beginningbalance17,825,595.6717,825,595.67

2.Increaseinthecurrentperiod6,088,749.636,088,749.63

(1)Provision6,088,749.636,088,749.63

3.Decreaseinthecurrentperiod

(1)Disposal

4.Endingbalance23,914,345.3023,914,345.30III.Impairmentprovision

1.Beginningbalance

2.Increaseinthecurrentperiod

(1)Provision

3.Decreaseinthecurrentperiod

(1)Disposal

4.Endingbalance

IV.Bookvalue

1.Endingbookvalue72,469,255.8772,469,255.87

2.Beginningbookvalue78,558,005.5078,558,005.50

(2)Impairmenttestofright-of-useassets

□Applicable?Notapplicable

17.Intangibleassets

(1)Intangibleassets

Unit:RMBItemLanduserightPatentright

Non-patentedtechnology

Trademark

Computersoftware

TotalI.Originalbookvalue

1.Beginningbalance

1,967,851.00128,500.007,789,468.209,885,819.20

2.Increase

inthecurrentperiod

3,122,261.323,122,261.32(1)Purchase

3,122,261.323,122,261.32(2)InternalR&D

(3)Increasefrombusinessmerger3.Decreaseinthecurrentperiod

(1)

Disposal

4.Ending

balance

1,967,851.000.000.00128,500.0010,911,729.5213,008,080.52II.Accumulatedamortization

1.Beginningbalance

906,247.54114,780.565,088,956.656,109,984.75

2.Increase

inthecurrentperiod

51,785.521,360.14385,963.50439,109.16(1)Provision

51,785.521,360.14385,963.50439,109.163.Decreaseinthecurrentperiod

(1)Disposal

4.Ending

balance

958,033.060.000.00116,140.705,474,920.156,549,093.91III.Impairmentprovision1.Beginningbalance

2.Increase

inthecurrentperiod

(1)Provision3.Decreaseinthecurrentperiod

(1)Disposal

4.Ending

balanceIV.Bookvalue

1.Ending

bookvalue

1,009,817.940.000.0012,359.305,436,809.376,458,986.612.Beginningbookvalue

1,061,603.460.000.0013,719.442,700,511.553,775,834.45TheproportionofintangibleassetsformedthroughinternalR&Dinthebalanceofintangibleassetsattheendofthecurrentperiod

(2)Impairmenttestofintangibleassets

□Applicable?Notapplicable

18.Long-termunamortizedexpenses

Unit:RMBItemBeginningbalance

Increaseinthecurrentperiod

Amortizationamountinthecurrentperiod

Otherdecreasedamount

EndingbalanceDecorationengineering

48,065,483.012,089,914.396,989,914.6743,165,482.73Informationizationsystemservicefee

29,926.368,977.9220,948.44Total48,095,409.372,089,914.396,998,892.5943,186,431.17

19.Deferredincometaxassets/deferredincometaxliabilities

(1)Deferredincometaxassetsnotoffset

Unit:RMBItem

EndingbalanceBeginningbalanceDeductibletemporarydifference

Deferredincometaxassets

Deductibletemporarydifference

DeferredincometaxassetsProvisionforimpairmentofassets

34,949,558.208,737,389.5534,988,635.308,747,158.83Deferredincome556,473.76139,118.44556,473.76139,118.44Changesinthefairvalueoftradingfinancialassets

398,515.2499,628.81398,515.2499,628.81Changesinthefairvalueofotherequityinstrumentinvestments

10,176,617.202,544,154.3010,176,617.202,544,154.30Leaseliabilities84,443,765.6421,110,941.4184,443,765.6621,110,941.41Total130,524,930.0432,631,232.51130,564,007.1632,641,001.79

(2)Deferredincometaxliabilitiesnotoffset

Unit:RMBItem

EndingbalanceBeginningbalanceTaxabletemporarydifference

Deferredincometaxliabilities

Taxabletemporarydifference

DeferredincometaxliabilitiesIncreaseinassessedvaluefromabusinessmergerunderdifferentcontrol

110,826,495.4427,706,623.86114,326,295.4728,581,570.00Accelerateddepreciationoffixedassets

87,499.8721,874.97126,577.0031,644.25Timedifferenceofincometaxdueto

17,094,258.404,273,564.6017,094,258.404,273,564.60

allocationofrent-freeperiodincomeRight-of-useassets77,731,810.5619,432,952.6477,731,810.5619,432,952.64Total205,740,064.2751,435,016.07209,278,941.4352,319,731.49

(3)DeferredincometaxassetsorliabilitiespresentedinnetamountafterbeingoffsetUnit:RMBItem

Amountofoffsettingofdeferredincometaxassetsagainstliabilitiesattheendoftheperiod

Endingbalanceofdeferredtaxassetsorliabilitiesafteroffset

Amountofoffsettingofdeferredincometaxassetsagainstliabilitiesatthebeginningoftheperiod

BeginningbalanceofdeferredincometaxassetsorliabilitiesafteroffsetDeferredincometaxassets

27,144,223.015,487,009.5027,144,223.015,496,778.78Deferredincometaxliabilities

27,144,223.0124,290,793.0627,144,223.0125,175,508.48

(4)Breakdownofunrecognizeddeferredincometaxassets

Unit:RMBItemEndingbalanceBeginningbalanceDeductibletemporarydifference149,654,149.86149,654,149.86Deductiblelosses43,563,199.3044,519,904.21Total193,217,349.16194,174,054.07

(5)DeductiblelossesofunrecognizeddeferredincometaxassetswillbecomematureanddueinthefollowingyearsUnit:RMBYearEndingamountBeginningamountRemarks202520266,073,904.168,589,171.3520272,693,238.232,693,238.23202824,987,453.6724,987,453.6720291,964,871.151,964,871.1520307,843,732.09Total43,563,199.3038,234,734.40

20.Othernon-currentassets

Unit:RMBItem

EndingbalanceBeginningbalanceBookbalance

Impairmentprovision

BookvalueBookbalance

Impairmentprovision

BookvaluePrepaidprojectpayment

19,732,181.2119,732,181.2147,062,569.0047,062,569.00ReclassificationofVATdebitbalance

7,100,032.347,100,032.347,237,158.457,237,158.45

Large-denominationcertificatesofdepositandinterestdueoveroneyear

217,890,656.35217,890,656.35145,315,608.13145,315,608.13Prepaymentsforsoftware

132,775.71132,775.71Total244,722,869.90244,722,869.90199,748,111.29199,748,111.29

21.Assetswithrestrictedownershiporright-of-use

Unit:RMBItem

PeriodendPeriodbeginningBookbalance

Bookvalue

Restrictiontype

Restriction

Bookbalance

Bookvalue

Restrictiontype

RestrictionCashatbankandonhand

68,578,910.

68,578,910.

Securitydeposit

Securitydepositsandfuturesmarginforbankgoldleasing

76,695,391.

76,695,391.

Securitydeposit

Security

deposits

andfutures

marginfor

bankgold

leasingTotal

68,578,910.

68,578,910.

76,695,391.

76,695,391.

22.Short-termborrowings

(1)Classificationofshort-termborrowings

Unit:RMBItemEndingbalanceBeginningbalanceCreditborrowings142,951,444.41120,101,444.43Total142,951,444.41120,101,444.43

23.Financialliabilitiesheldfortrading

Unit:RMBItemEndingbalanceBeginningbalanceFinancialliabilitiesheldfortrading63,472,251.57Including:

Goldleasing63,472,251.57Including:

Total63,472,251.57

24.Derivativefinancialliabilities

Unit:RMBItemEndingbalanceBeginningbalanceDerivativefinancialliabilitieswith46,660.00

designatedhedgingrelationshipTotal46,660.00

25.Notespayable

Unit:RMBCategoryEndingbalanceBeginningbalanceBankacceptancebills120,000,000.00110,000,000.00Total120,000,000.00110,000,000.00

26.Accountspayable

(1)Presentationofaccountspayable

Unit:RMBItemEndingbalanceBeginningbalancePurchasepaymentforgoodsandservices6,964,045.107,874,360.75Paymentforengineeringequipment108,297,755.86117,681,332.38Total115,261,800.96125,555,693.13

(2)SignificantaccountspayablewithanaccountreceivableageofoveroneyearoroverdueUnit:RMBItemEndingbalance

ReasonsfornotrepayingorcarryingforwardShenzhenYinglongJian'an(Group)Co.,Ltd.

28,298,954.80Project(s)unsettledChinaConstructionFirstGroupCorporationLimited

6,558,657.35Project(s)unsettledShenzhenYinuoConstructionEngineeringCo.,Ltd.

3,555,095.22Project(s)unsettledShenzhenShuibeiYihaoInvestmentDevelopmentCo.,Ltd.

1,120,000.00Project(s)unsettledBeijingFugonglideTechnologyDevelopmentCo.,Ltd.

1,038,109.61Project(s)unsettledTotal40,570,816.98

27.Otherpayables

Unit:RMBItemEndingbalanceBeginningbalanceOtherpayables133,005,148.65126,312,280.55Total133,005,148.65126,312,280.55

(1)Otherpayables

1)Otherpayablespresentedbythenatureofpayment

Unit:RMB

ItemEndingbalanceBeginningbalanceDepositsandsecuritydeposits75,360,737.1873,630,322.35Associatedintercoursefunds6,472,637.757,845,985.83Withdrawalinadvance10,962,316.8314,104,886.38Temporaryreceiptspayable40,209,456.8930,731,085.99Total133,005,148.65126,312,280.55

2)OthersignificantaccountspayablewithanaccountreceivableageofoveroneyearoroverdueUnit:RMBItemEndingbalance

ReasonsfornotrepayingorcarryingforwardHongkongYujiaInvestmentLimited2,146,404.58

Amountowedtorelatedpartycompanies,notyetrepaidShenzhenFuluxinJewelryCo.,Ltd.1,441,083.45SecuritydepositsnotyetdueShenzhenLonggangTellusRealEstateCo.,Ltd.

1,095,742.50OutstandingbyrelatedcompaniesTotal4,683,230.53

28.Advancesfromcustomers

(1)Presentationofadvancesfromcustomers

Unit:RMBItemEndingbalanceBeginningbalanceRent4,301,247.009,469,503.75Total4,301,247.009,469,503.75

29.Contractliabilities

Unit:RMBItemEndingbalanceBeginningbalanceGoodsfeesreceivableinadvance2,396,041.092,404,815.58Servicesfeesreceivableinadvance963,500.911,604,689.01Total3,359,542.004,009,504.59

30.Employeecompensationpayable

(1)Presentationofemployeecompensationpayable

Unit:RMBItemBeginningbalance

Increaseinthecurrentperiod

Decreaseinthecurrentperiod

EndingbalanceI.Short-termcompensation

36,774,351.1926,085,644.0823,235,113.3539,624,881.92II.Post-employmentbenefits-definedcontributionplan

29,272.752,613,522.882,642,795.630.00III.Dismissalbenefits32,000.00493,974.13525,974.130.00

Total36,835,623.9429,193,141.0926,403,883.1139,624,881.92

(2)Presentationofshort-termcompensation

Unit:RMBItemBeginningbalance

Increaseinthecurrentperiod

Decreaseinthecurrentperiod

Endingbalance

1.Wages,bonuses,

allowances,andsubsidies

36,144,993.2522,482,904.2419,581,506.6739,046,390.82

2.Employeebenefits518,171.62472,876.52472,511.52518,536.62

3.Socialinsurance

premium

10,591.21907,069.46917,660.670.00Including:

Medicalinsurancepremium

8,898.48745,133.74754,032.220.00Work-relatedinjuryinsurancepremium

764.3984,745.6585,510.040.00Maternityinsurancepremium

928.3477,190.0778,118.410.00

4.Housingprovident

fund

1,012.801,761,425.261,762,438.060.00

5.Laborunionfunds

andstaffeducationfunds

99,582.31460,224.60499,852.4359,954.48

8.Others1,144.001,144.00Total36,774,351.1926,085,644.0823,235,113.3539,624,881.92

(3)Presentationofdefinedcontributionplan

Unit:RMBItemBeginningbalance

Increaseinthecurrentperiod

Decreaseinthecurrentperiod

Endingbalance

1.Basicendowment

insurance

27,743.972,486,409.982,514,153.950.00

2.Unemployment

insurancepremium

1,528.78127,112.90128,641.680.00Total29,272.752,613,522.882,642,795.630.00

31.Taxespayable

Unit:RMBItemEndingbalanceBeginningbalanceValue-addedtax9,314,464.235,266,527.71Consumptiontax647.79964.82Corporateincometax16,066,703.3311,454,335.79Individualincometax302,871.021,297,785.08

Urbanmaintenanceandconstructiontax101,245.40105,007.68Educationalsurcharge86,439.0074,959.48Landusetax217,454.9326,460.00LandVAT17,360,372.4617,360,372.46Stampduty237,235.91518,448.66Propertytax3,648,226.88Othertaxes14,494.754,878.34Total47,350,155.7036,109,740.02

32.Non-currentliabilitiesduewithinoneyear

Unit:RMBItemEndingbalanceBeginningbalanceLeaseliabilitiesduewithinoneyear6,319,333.618,674,869.40Total6,319,333.618,674,869.40

33.Othercurrentliabilities

Unit:RMBItemEndingbalanceBeginningbalanceTaxesofitemstobewrittenoff6,104,471.896,142,814.36Total6,104,471.896,142,814.36

34.Leaseliabilities

Unit:RMBItemEndingbalanceBeginningbalanceLeaseliabilities72,273,602.7076,541,985.55Total72,273,602.7076,541,985.55

35.Long-termpayables

Unit:RMBItemEndingbalanceBeginningbalanceLong-termpayables3,920,160.363,920,160.36Total3,920,160.363,920,160.36

(1)Long-termpayablespresentedbythenatureofpayment

Unit:RMBItemEndingbalanceBeginningbalanceEmployeehousingdeposit3,908,848.403,908,848.40Grantfortechinnovationprojects11,311.9611,311.96Subtotal3,920,160.363,920,160.36

36.Deferredincome

Unit:RMB

ItemBeginningbalance

Increaseinthecurrentperiod

Decreaseinthecurrentperiod

EndingbalanceCauseGovernmentsubsidy

7,837,477.60880,145.826,957,331.78Asset-relatedTotal7,837,477.60880,145.826,957,331.78

37.Sharecapital

Unit:RMB

Beginningbalance

Increase/decreaseinthisperiod(+,-)

EndingbalanceIssuanceofnewshares

Bonusshares

Conversionofcapitalreserveintosharecapital

OthersSubtotalTotalshares

431,058,320.

431,058,320.

38.Capitalreserves

Unit:RMBItemBeginningbalance

Increaseinthecurrentperiod

Decreaseinthecurrentperiod

EndingbalanceCapitalpremium(sharepremium)

425,184,907.34425,184,907.34Othercapitalreserves5,681,501.165,681,501.16Total430,866,408.50430,866,408.50

39.Othercomprehensiveincome

Unit:RMB

Item

Beginningbalance

AmountIncurredinthecurrentperiod

EndingbalanceAmountincurredbeforeincometaxinthecurrentperiod

Less:

Amountincludedinothercomprehensiveincomeinthepreviousperiodandtransferredtoprofitandlossinthecurrentperiod

Less:

Amountincludedinothercomprehensiveincomeinthepreviousperiodandtransferredtoretainedearningsinthecurrentperiod

Less:

Incometaxexpenses

Attributabletotheparentcompanyaftertax

Attributabletominorityshareholdersaftertax

I.Othercomprehensiveincomeitemsnotto

-7,632,462.9

-7,632,462.9

bereclassifiedintoprofitorloss

Changesinthefairvalueofotherequityinstrumentinvestments

-7,632,462.9

-7,632,462.9

II.Othercomprehensiveincomeitemstobereclassifiedintoprofitorloss

26,422.0026,422.00

Including:

Othercomprehensiveincomeitemstobereclassifiedintoprofitorlossthroughtheequitymethod

26,422.0026,422.00

Totalothercomprehensiveincome

-7,606,040.9

-7,606,040.9

40.Surplusreserves

Unit:RMBItemBeginningbalance

Increaseinthecurrentperiod

Decreaseinthecurrentperiod

EndingbalanceStatutorysurplusreserves

74,222,656.9974,222,656.99Total74,222,656.9974,222,656.99

41.Undistributedprofits

Unit:RMBItemCurrentperiodPreviousperiodUndistributedprofitsattheendofthepreviousperiodbeforeadjustment

798,343,284.97685,342,592.62

Undistributedprofitsattheendoftheperiodafteradjustment

798,343,284.97685,342,592.62Add:Netprofitattributabletoownersoftheparentcompanyinthecurrentperiod

84,013,429.3576,662,479.69Ordinarysharedividendspayable43,105,832.0013,362,807.92Undistributedprofitsattheendoftheperiod

839,250,882.32748,642,264.39Detailsofadjustmentstoundistributedprofitsatthebeginningoftheperiod:

1)TheaffectedundistributedprofitatthebeginningoftheperiodduetotheretroactiveadjustmentofASBEanditsrelevantnewregulationsisRMB0.00.

2)Duetochangesinaccountingpolicies,theaffectedundistributedprofitatthebeginningoftheperiodisRMB0.00.

3)Duetothecorrectionofmajoraccountingerrors,theundistributedprofitofRMB0.00atthebeginningoftheperiodisaffected.

4)Duetothechangeintheconsolidationscopecausedbythesamecontrol,theundistributedprofitofRMB0.00atthebeginningoftheperiodisaffected.

5)TheamountofundistributedprofitsatthebeginningoftheperiodthatisaffectedduetothetotalofotheradjustmentsisRMB

0.00.

42.Operatingrevenueandoperatingcost

Unit:RMBItem

AmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodRevenueCostsRevenueCostsMainbusiness878,272,629.94736,664,626.441,580,023,748.851,451,925,990.76Total878,272,629.94736,664,626.441,580,023,748.851,451,925,990.76Breakdowninformationofoperatingrevenueandoperatingcost:

Unit:RMBClassificationofcontract

Segment1Segment2TotalOperatingrevenue

Operatingcost

Operatingrevenue

Operatingcost

Operatingrevenue

Operatingcost

Operatingrevenue

OperatingcostBusinesstypeIncluding:

Jewelrysalesandservices

708,201,53

8.25

686,181,04

7.02

708,201,53

8.25

686,181,04

7.02

Leasingandservices

170,071,09

1.69

50,483,579.

170,071,09

1.69

50,483,579.

ByoperatingregionsIncluding:

SouthChina

577,029,20

6.44

439,154,61

6.68

577,029,20

6.44

439,154,61

6.68

EastChina

105,033,88

2.43

104,027,90

5.36

105,033,88

2.43

104,027,90

5.36

NorthChina

48,267,352.

46,598,537.

48,267,352.

46,598,537.

Central134,032,83133,101,09134,032,83133,101,09

China1.633.391.633.39Otherregions

13,909,356.

13,782,473.

13,909,356.

13,782,473.

BymarketorcustomertypeIncluding:

BycontracttypeIncluding:

BytimeoftransferofgoodsIncluding:

BycontracttermIncluding:

BysaleschannelIncluding:

Total

878,272,62

9.94

736,664,62

6.44

878,272,62

9.94

736,664,62

6.44

43.Taxesandsurcharges

Unit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodUrbanmaintenanceandconstructiontax554,972.101,233,347.07Educationalsurcharge396,408.64893,173.74Propertytax3,656,626.883,530,269.75Landusetax190,994.93197,577.76Stampduty465,496.451,164,004.73Othertaxes3,941.944,541.15Total5,268,440.947,022,914.20Othernotes:

44.Administrativeexpenses

Unit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodEmployeecompensation21,447,273.6319,829,421.54Officeexpenses106,651.37110,795.99Transportandtravelexpenses39,058.5444,514.01Businessentertainmentexpenses31,442.4348,702.75

Depreciationandamortization2,088,771.932,224,953.37Intermediaryagencyservicefees226,628.89269,351.37Others1,762,605.841,231,201.37Total25,702,432.6323,758,940.40

45.Sellingexpenses

Unit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodEmployeecompensation2,974,011.673,521,903.27Advertisingmarketingexpenses1,741,521.324,453,697.92Depreciationandamortization967,223.361,361,625.33Officeexpenses27,482.06173,640.67Propertymanagement,water,andelectricityfees

48,045.0765,294.90Transportandtravelexpenses50,558.09134,013.99Insuranceandsupervisorycharges236,612.73273,533.86Others505,921.44671,873.13Total6,551,375.7410,655,583.07

46.R&Dexpenses

Unit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodEmployeecompensation1,854,234.241,203,314.39Informationtechnologyserviceexpenses126,979.9320,222.89Depreciationandamortization43,652.3624,087.95Others20,453.70105,407.57Total2,045,320.231,353,032.80

47.Financialexpenses

Unit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodNetinterestexpenses3,643,266.255,197,620.36Interestincome1,583,374.442,112,971.50Exchangeprofitorloss31,299.59409,047.03Handlingexpensesandothers196,696.66192,197.54Total2,287,888.063,685,893.43

48.Otherincomes

Unit:RMBSourcesofotherincomesAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodI.Governmentsubsidiesincludedinotherincomes

1,056,727.695,606,545.82Including:Governmentsubsidiesrelatedtodeferredincome

880,145.82880,145.82Governmentsubsidiesdirectlyincludedincurrentprofitorloss

176,581.874,726,400.00II.Otheritemsrelatedtodailyactivities50,320.3173,501.77

andincludedinotherincomesIncluding:Individualincometaxwithholdingfees

50,320.3173,501.77Total1,107,048.005,680,047.59

49.Incomefromchangesinfairvalue

Unit:RMBSourcesofincomesfromchangesinfairvalue

AmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodTradingfinancialassets-604,036.00219,551.09Financialliabilitiesheldfortrading-2,698,180.00-1,908,400.00Derivativeinstrumentsofeffectivehedges

500,829.95-1,292,744.45Total-2,801,386.05-2,981,593.36

50.Investmentincomes

Unit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodIncomesfromlong-termequityinvestmentscalculatedthroughtheequitymethod

12,775,706.2320,511,753.40Investmentincomesfromtradingfinancialassetsduringtheholdingperiod

7,978,084.004,062,385.40ClosingincomefromcommodityfuturescontractsandT+Dcontracts(hedging)

-14,725,574.50-9,867,534.55Total6,028,215.7314,706,604.25

51.Creditimpairmentloss

Unit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodLossonbaddebtsofaccountsreceivable-534,648.79-751,209.02Lossonbaddebtsofotherreceivables64,369.93-106,335.89Impairmentlossofothercurrentassets157,396.51Total-312,882.35-857,544.91

52.Incomesfromassetdisposal

Unit:RMBSourcesofincomesfromassetdisposalAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodGainsfromdisposaloffixedassets(losstobelistedwith"-")

-123,104.39-227.20

53.Non-operatingrevenue

Unit:RMB

Item

AmountIncurredinthecurrentperiod

AmountIncurredinthepreviousperiod

Amountincludedincurrentnon-recurringprofitorlossGainsfromunpayablepayments

468,058.51468,058.51Revenuefromliquidateddamages

2,901,437.721,085,508.332,901,437.72Others86,572.6526,524.9286,572.65Total3,456,068.881,112,033.253,456,068.88

54.Non-operatingexpenses

Unit:RMBItem

AmountIncurredinthecurrentperiod

AmountIncurredinthepreviousperiod

Amountincludedincurrentnon-recurringprofitorlossLossfromscrappingofnon-currentassets

3,135.433,135.43Overduepaymentsandliquidateddamageexpenditure

59,834.27107,338.4759,834.27Others40,716.2540,716.25Total103,685.95107,338.47103,685.95

55.Incometaxexpenses

(1)Listofincometaxexpenses

Unit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodCurrentincometaxexpenses26,247,106.9717,857,884.67Deferredincometaxexpenses-874,946.141,805,746.63Total25,372,160.8319,663,631.30

(2)AccountingprofitandincometaxexpenseadjustmentprocessUnit:RMBItemAmountIncurredinthecurrentperiodTotalprofit107,002,819.77Incometaxexpensesbasedonstatutory/applicabletaxrate26,750,704.94Effectofdifferenttaxratesappliedtosubsidiaries-446,906.47Effectofincometaxduringtheperiodbeforeadjustment1,945,489.25Effectofnon-taxableincomes-3,193,926.56Effectofnon-deductiblecosts,expenses,andlosses778,567.10Effectofusingdeductiblelossesofunrecognizeddeferredtaxassetsinthepreviousperiod

-1,083,240.51Effectofdeductibletemporarydifferencesordeductiblelossesofunrecognizeddeferredincometaxassetsduringthecurrentperiod

621,473.07Incometaxexpenses25,372,160.83

56.Othercomprehensiveincome

SeeNoteVII.39fordetails.

57.Itemsinthecashflowstatement

(1)Cashrelatedtooperatingactivities

OthercashreceivedrelatedtooperatingactivitiesUnit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodDepositsandsecuritydeposits44,623,431.0632,184,951.83Interestincome1,020,520.75597,641.87Currentaccountsandothers42,135,233.5377,849,320.09Total87,779,185.34110,631,913.79OthercashpaidrelatedtooperatingactivitiesUnit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodOut-of-pocketexpenses11,696,851.1420,185,486.98Depositsandsecuritydeposits43,181,818.1618,341,700.56Penaltyforbreachofcontract59,834.27107,338.47Currentaccountsandothers39,148,944.6668,026,982.65Total94,087,448.23106,661,508.66

(2)Cashrelatedtoinvestingactivities

OthercashreceivedrelatedtoinvestingactivitiesUnit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodIncomefromfuturesliquidation0.00669,327.72Total669,327.72OthercashpaidrelatedtoinvestingactivitiesUnit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodFuturestradingfeesandliquidationlosses

402,612.588,115,811.58Total402,612.588,115,811.58

(3)Cashrelatedtofinancingactivities

OthercashpaidrelatedtofinancingactivitiesUnit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodPrincipalandinterestonleaseliabilitiespaid

730,323.63754,459.08Total730,323.63754,459.08Notesforotherpaidcashrelatedtofinancingactivities:

Changesinliabilitiesarisingfromfinancingactivities

□Applicable?Notapplicable

58.Supplementaryinformationtothecashflowstatement

(1)Supplementaryinformationtothecashflowstatement

Unit:RMBSupplementaryinformationAmountinthecurrentperiodAmountinthepreviousperiod

1.Reconciliationofnetprofittocash

flowsfromoperatingactivities:

Netprofit81,630,658.9479,509,744.04Add:Provisionforimpairmentofassets

312,882.35857,544.91Depreciationoffixedassets,depletionofoilandgasassets,anddepreciationofproductivebiologicalassets

23,663,133.9820,210,193.63Depreciationofright-of-useassets

6,088,749.634,726,718.58Amortizationofintangibleassets439,109.16280,390.51Amortizationoflong-termdeferredexpenses

6,998,892.593,448,584.09Lossfromdisposaloffixedassets,intangibleassets,andotherlong-termassets(gaintobelistedwith"-")

123,104.39227.20Lossfromthescrappingoffixedassets(gaintobelistedwith"-")Lossfromchangesinfairvalue(gaintobelistedwith"-")

2,801,386.052,981,593.36Financialexpense(gaintobelistedwith"-")

2,287,888.063,685,893.43Investmentloss(gaintobelistedwith"-")

-6,028,215.73-14,706,604.25Decreaseofdeferredincometaxassets(increasetobelistedwith"-")

9,769.281,895,046.72Increaseofdeferredincometaxliabilities(decreasetobelistedwith"-")

-884,715.42-89,300.07Decreaseofinventories(increasetobelistedwith"-")

62,334,134.0586,288,295.78Decreaseofoperationalreceivables(increasetobelistedwith"-")

-101,367,058.55-95,752,549.66Increaseinoperatingitemspayable(decreasetobelistedwith"-")

76,396,612.8913,973,710.65OthersNetcashflowsfromoperatingactivities

154,806,331.67107,309,488.92

2.Majorinvestingandfinancing

activitiesnotinvolvingcashreceiptsandpayments:

TransferofdebtintocapitalCurrentportionofconvertiblecorporatebondsFixedassetsacquiredthroughfinanciallease

3.Netchangesincashandcash

equivalents:

Endingbalanceofcash209,388,835.26155,899,714.76Less:Beginningbalanceofcash301,275,968.63160,223,387.69Add:EndingbalanceofcashequivalentsLess:BeginningbalanceofcashequivalentsNetincreaseincashandcashequivalents

-91,887,133.37-4,323,672.93

(2)Compositionofcashandcashequivalents

Unit:RMBItemEndingbalanceBeginningbalanceI.Cash209,388,835.26301,275,968.63Including:Cashonhand9,592.7920,879.87

Cashatbankavailableforpaymentatanytime

179,793,143.41241,190,505.42

Othercashatbankandonhandavailableforpaymentatanytime

29,586,099.0660,064,583.34III.Endingbalanceofcashandcashequivalents

209,388,835.26301,275,968.63

(3)MonetaryfundsnotbelongingtocashandcashequivalentsUnit:RMBItemAmountinthecurrentperiod

Amountinthepreviousperiod

ReasonsfornotbelongingtocashandcashequivalentsGoldleasingsecuritydepositsandinterest

30,350,972.2340,477,138.89Futuresandoptionsaccountmargin

1,080,805.014,104,642.60Amountunderjudicialcontrol1,066,174.00Marginpayablesecuritydepositsandinterest

36,080,959.0128,123,726.04Total68,578,910.2572,705,507.53

59.Monetaryitemsinforeigncurrency

(1)Monetaryitemsinforeigncurrency

Unit:RMBItem

Endingbalanceofforeigncurrency

Conversionexchangerate

EndingbalanceofconvertedRMBCashatbankandonhandIncluding:USD861.567.196,193.24EURHKD73,961.030.9268,220.58AccountsreceivableIncluding:USDEURHKDLong-termborrowingsIncluding:USDEURHKDOtherreceivablesIncluding:USD122,890.497.19883,386.30OtherpayablesIncluding:HKD3,376,679.370.923,114,600.01

(2)Descriptionofoverseasoperatingentities,includingthedisclosureoftheprimaryplacesofbusinessabroad,bookkeepingbasecurrency,andthebasisforitsselectionforsignificantoverseasoperatingentities.Ifthereisachangeinthebookkeepingbasecurrency,thereasonforthechangeshallalsobedisclosed.

□Applicable?Notapplicable

60.Lease

(1)TheCompanyastheleasee

?Applicable□NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilities

□Applicable?Notapplicable

Leaseexpensesforshort-termleasesorlow-valueassetsthataresimplified

□Applicable?Notapplicable

Situationsinvolvingsaleandleasebacktransactions

(2)TheCompanyasthelessor

OperatingleaseswiththeCompanyasthelessor

?Applicable□NotapplicableUnit:RMBItemLeaseincome

Including:IncomesrelatedtovariableleasepaymentsthatarenotincludedinthemeasurementofleasereceiptsLease170,071,091.69Total170,071,091.69FinanceleasewiththeCompanyasthelessor

□Applicable?Notapplicable

Annualundiscountedleasereceiptsinthenextfiveyears

□Applicable?Notapplicable

Reconciliationofundiscountedleasepaymentstonetleaseinvestment

(3)Recognitionofsellingprofitorlossonafinanceleaseasaproducerordistributor

□Applicable?Notapplicable

VIII.R&DExpendituresUnit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodLaborcosts1,854,234.241,203,314.39Depreciationexpenses43,652.3624,087.95Otherexpenses147,433.63125,630.46Total2,045,320.231,353,032.80Including:Expenseaccount-basedR&Dexpenses

2,045,320.231,353,032.80IX.EquityinOtherEntities

1.Equityinsubsidiaries

(1)Compositionofenterprisegroup

Unit:RMBSubsidiaryname

Registeredcapital

Principalplaceofbusiness

Placeofregistration

Businessnature

Shareholdingproportion

AcquisitionmethodDirectIndirectShenzhenTellusXinyongtongAutomobileDevelopmentCo.,Ltd.

32,900,000.0

ShenzhenShenzhenCommerce5.00%95.00%

EstablishmentShenzhenBao'anShiquanIndustryCo.,Ltd.

2,000,000.00ShenzhenShenzhenCommerce0.00%100.00%

Establishment

ShenzhenSDGTellusRealEstateCo.,Ltd.

31,150,000.0

ShenzhenShenzhenCommerce100.00%0.00%

EstablishmentShenzhenTellusChuangyingTechnologyCo.,Ltd.

1,500,000.00ShenzhenShenzhenCommerce100.00%0.00%

EstablishmentShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd.

9,607,800.00ShenzhenShenzhenCommerce51.00%0.00%

EstablishmentShenzhenTellusShuibeiJewelryCo.,Ltd.

18,960,000.0

ShenzhenShenzhenCommerce100.00%0.00%

EstablishmentShenzhenAutomobileIndustrySupplyandMarketingCompany

11,110,000.0

ShenzhenShenzhenCommerce0.00%100.00%

EstablishmentShenzhenZhongtianIndustryCo.,Ltd.

366,221,900.

ShenzhenShenzhenCommerce100.00%0.00%

EstablishmentShenzhenHuariAutomobileSalesandServiceCo.,Ltd.

2,000,000.00ShenzhenShenzhenCommerce60.00%0.00%

EstablishmentShenzhenTellusTreasurySupplyChainTechCo.,Ltd.

50,000,000.0

ShenzhenShenzhenCommerce100.00%0.00%

EstablishmentShenzhenJewelryIndustryServiceCo.,Ltd.

100,000,000.

ShenzhenShenzhenCommerce65.00%0.00%

EstablishmentShanghaiFanyueDiamondCo.,Ltd.

3,500,000.00ShanghaiShanghaiCommerce0.00%100.00%

EstablishmentGuorunGoldShenzhenCo.,Ltd.

200,000,000.

ShenzhenShenzhenCommerce36.00%3.25%

EstablishmentShenzhenSDGHuari

35,712,710.5

ShenzhenShenzhenCommerce60.00%0.00%

Establishment

AutomobileEnterpriseCo.,Ltd.ShenzhenHuariAnxinAutomobileInspectionCo.,Ltd.

1,500,000.00ShenzhenShenzhenCommerce0.00%100.00%

EstablishmentExplanationofthefactthattheshareholdingpercentageisdifferentfromproportionofvotesinsubsidiaries:

TheshareholdingproportioninGuorunGoldShenzhenCo.,Ltd.isdifferentfromtheproportionofvotingrights,andthebasisforholdinghalforlessofthevotingrightsbutstillcontrollingtheinvestee:

InJune2022,theCompanycooperatedwithitssubsidiariesShenzhenJewelryIndustryServiceCo.,Ltd.,ShenzhenHTIGroupCo.,Ltd.,ChowTaiFookJewelleryPark(Wuhan)Co.,Ltd.,ChowTaiSengJewelryCo.,Ltd.,BeijingCaishikouDepartmentStoreCo.,Ltd.,andShenzhenZHLIndustrialCo.,Ltd.tojointlyinvestintheestablishmentofGuorunGoldShenzhenCo.,Ltd.Amongthem,theCompanycontributedRMB72million,withashareholdingratioof36%;ShenzhenJewelryIndustryServiceCo.,Ltd.,asubsidiaryoftheCompany,contributedRMB10million,withashareholdingratioof5%;ShenzhenHTIGroupCo.,Ltd.held10%,andothershareholdersheld49%intotal.TheCompanysignedaconcertedactionagreementwithShenzhenHTIGroupCo.,Ltd.,stipulatingthatShenzhenHTIGroupCo.,Ltd.shallmaintainaconsensuswiththeCompanywhenvotingattheshareholders'meetingandtheboardofdirectorsofGuorunGoldShenzhenCo.,Ltd.Therefore,theCompanyanditssubsidiariesactuallyhold51%ofthevotingrightsofGuorunGoldShenzhenCo.,Ltd.,andhavecontroloverGuorunGoldShenzhenCo.,Ltd.ThebasisfortheCompany'scontrolovertheinvesteewhenholdinghalforlessofthevotingrightsandtheCompany'scontrolovertheinvesteewhenholdingmorethanhalfofthevotingrights:

Thebasisforcontrolovertheimportantstructuredentitiesincorporatedintheconsolidatedscope:

Thebasistodeterminewhethercompanyistheagentortheprincipal:

(2)Importantnon-wholly-ownedsubsidiaries

Unit:RMBSubsidiaryname

Shareholdingproportionofminorityshareholders

Profitorlossattributabletominorityshareholdersinthecurrentperiod

Dividendsdeclaredtominorityshareholdersinthecurrentperiod

BalanceofminorityinterestattheendoftheperiodGuorunGoldShenzhenCo.,Ltd.

60.75%-3,955,069.39116,863,519.44Notesonthedifferencebetweentheshareholdingpercentageofminorityshareholdersofsubsidiariesandthevotingrightsratio:

Othernotes:

(3)Mainfinancialinformationofimportantnon-wholly-ownedsubsidiariesUnit:RMBSubsidiaryname

EndingbalanceBeginningbalanceCurrentassets

Non-currentassets

Totalassets

Currentliabilities

Non-currentliabilities

Totalliabilities

Currentassets

Non-currentassets

Totalassets

Currentliabilities

Non-currentliabilities

TotalliabilitiesGuoru456,846,588,463,43268,273,606,271,88389,617,015,396,62194,653,912,198,56

nGoldShenzhenCo.,Ltd.

6,257.

693.854,951.

5,240.

852.962,093.

3,130.

684.808,815.

3,052.

502.845,555.

Unit:RMBSubsidiaryname

AmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodOperatingrevenue

Netprofit

Totalcomprehensiveincome

Cashflowsfromoperatingactivities

Operatingrevenue

Netprofit

Totalcomprehensiveincome

CashflowsfromoperatingactivitiesGuorunGoldShenzhenCo.,Ltd.

703,347,72

7.65

-6,510,402.2

-6,510,402.2

58,673,219.

1,427,534,5

81.98

670,179.30670,179.30

90,487,735.

2.Equityinjointventuresorassociates

(1)Importantjointventuresorassociates

Nameofjointventureorassociate

Principalplaceofbusiness

Placeofregistration

Businessnature

ShareholdingproportionAccounting

methodsfortheinvestmentinjointventuresorassociatesDirectIndirectJointventures:

ShenzhenTellus-GmondInvestmentCo.,Ltd.

ShenzhenShenzhen

Investingintheestablishmentofindustries

50.00%EquitymethodAssociates:

ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.

ShenzhenShenzhen

Mercedes-BenzAutoSales

35.00%EquitymethodExplanationoftheshareholdingpercentagebeingdifferentfromtheproportionofvotingrightsinjointventuresorassociates:

Thebasisforholdinglessthan20%ofthevotingrightsbutenjoyingasignificantinfluence,orholding20%ormoreofthevotingrightsbutnotenjoyingasignificantinfluence:

(2)Mainfinancialinformationofimportantjointventures

Unit:RMB

Endingbalance/amountincurredinthecurrentperiod

Beginningbalance/amountincurredinthepreviousperiodShenzhenTellus-GmondInvestmentCo.,Ltd.

ShenzhenTellus-GmondInvestmentCo.,Ltd.Currentassets69,841,154.8964,308,170.72Including:Cashandcashequivalents69,362,514.2363,261,490.89Non-currentassets289,816,027.86301,569,595.17Totalassets359,657,182.75365,877,765.89

Currentliabilities51,333,108.4946,770,664.57Non-currentliabilities171,464,000.00206,675,092.80Totalliabilities222,797,108.49253,445,757.37Minorityshareholders'equityEquityattributabletoshareholdersoftheparentcompany

136,860,074.26112,432,008.52Sharesofnetassetscalculatedaspertheshareholdingproportion

68,430,037.1356,216,004.26Adjustments--Goodwill--Unrealizedprofitofinternaltransactions--OthersBookvalueofequityinvestmentstojointventures

68,430,037.1356,216,004.26FairvalueofequityinvestmentinjointventureswithpublicofferOperatingrevenue66,419,256.8268,891,890.69Financialexpenses3,516,403.354,854,802.36Incometaxexpenses8,142,688.585,728,222.17Netprofit24,428,065.7414,559,666.49NetprofitfromdiscontinuedoperationsOthercomprehensiveincomesTotalcomprehensiveincome24,428,065.7414,559,666.49Dividendsreceivedfromjointventuresinthecurrentyear

15,000,000.00

(3)Majorfinancialinformationofimportantassociates

Unit:RMB

Endingbalance/amountincurredinthecurrentperiod

Beginningbalance/amountincurredinthepreviousperiodShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.

ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.Currentassets47,723,590.63142,897,387.81Non-currentassets18,029,405.3523,459,468.10Totalassets65,752,995.98166,356,855.91Currentliabilities24,150,063.67122,597,583.76Non-currentliabilities362,341.96Totalliabilities24,150,063.67122,959,925.72Minorityshareholders'equityEquityattributabletoshareholdersoftheparentcompany

41,602,932.3143,396,930.19Sharesofnetassetscalculatedasperthe14,561,026.3115,188,925.57

shareholdingproportionAdjustments--Goodwill--Unrealizedprofitofinternaltransactions--OthersBookvalueofequityinvestmentsinassociates

14,561,026.3115,188,925.57FairvalueofequityinvestmentinassociateswithpublicofferOperatingrevenue297,931,059.04385,757,907.13Netprofit-1,793,997.8935,552,134.52NetprofitfromdiscontinuedoperationsOthercomprehensiveincomesTotalcomprehensiveincome-1,793,997.8935,552,134.52Dividendsreceivedfromassociatesinthecurrentyear

(4)SummaryoffinancialinformationofunimportantjointventuresandassociatesUnit:RMB

Endingbalance/amountincurredinthecurrentperiod

Beginningbalance/amountincurredinthepreviousperiodJointventures:

Totalbookvalueofinvestments14,011,030.6713,686,903.37Totalamountofthefollowingitemsattheshareholdingpercentage--Netprofit324,127.30156,037.06--Othercomprehensiveincome324,127.30156,037.06Associates:

Totalamountofthefollowingitemsattheshareholdingpercentage

(5)Excesslossesincurredtojointventuresorassociates

Unit:RMBNameofjointventureorassociate

Unrecognizedlossaccumulatedinthepreviousperiod

Unrecognizedlossinthecurrentperiod(ornetprofitsharedinthecurrentperiod)

UnrecognizedlossaccumulatedattheendofthecurrentperiodShenzhenTellusAutomobileServiceChainCo.,Ltd.

98,865.2698,865.26ShenzhenYongtongXindaTestingEquipmentCo.,Ltd.

1,176,212.731,176,212.73

X.GovernmentSubsidies

1.Governmentsubsidiesrecognizedasreceivableamountsattheendofthereportingperiod

□Applicable?Notapplicable

Reasonsfornotreceivingtheestimatedamountofgovernmentsubsidiesattheexpectedtimepoint

□Applicable?Notapplicable

2.Liability-relatedprojectswithgovernmentsubsidies

?Applicable□NotapplicableUnit:RMBAccountingitem

Beginningbalance

Newgrantedamountinthecurrentperiod

Amountincludedinnon-operatingrevenueinthecurrentperiod

Amounttransferredtootherincomesinthecurrentperiod

Otherchangesinthecurrentperiod

Endingbalance

Asset/income-relatedDeferredincome

7,837,477.60880,145.826,957,331.78Asset-related

3.Governmentsubsidiesincludedinthecurrentprofitorloss

?Applicable□NotapplicableUnit:RMBAccountingitemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodOtherincomes1,107,048.005,680,047.59Othernotes:

XI.RisksRelatedtoFinancialInstruments

1.Variousrisksarisingfromfinancialinstruments

ThemainfinancialinstrumentsoftheCompanyincludecashatbankandonhand,accountsreceivableandotherreceivables,non-currentassetsduewithinoneyear,othercurrentassets,tradingfinancialassets,debtinvestments,otherdebtinvestments,otherequityinstrumentinvestments,othernon-currentfinancialassets,long-termreceivables,notespayable,accountspayable,otherpayables,short-termborrowings,tradingfinancialliabilities,non-currentliabilitiesduewithinoneyear,leaseliabilitiesandlong-termpayables.DetailsofeachfinancialinstrumentoftheCompanyaredisclosedintherelatednotes.RisksassociatedwiththesefinancialinstrumentsandtheriskmanagementpoliciesadoptedbytheCompanytomitigatetheserisksaredescribedasfollows.ThemanagementoftheCompanymanagesandmonitorstheseriskexposurestoensurethattheaboverisksarecontrolledinalimitedscope.

Objectivesandpoliciesofriskmanagement

ThemajorrisksthatmaybecausedbytheCompany’sfinancialinstrumentsincludecreditrisks,liquidityrisks,andmarketrisks(includingexchangeraterisk,interestraterisk,andcommoditypricerisk).TheCompany'soverallriskmanagementplanaimstomitigatethepotentialadverseeffectsontheCompany'sfinancialperformancecausedbytheunpredictabilityofthefinancialmarket.TheCompanyhasformulatedriskmanagementpoliciestoidentifyandanalyzealltherisksfacedbytheCompany,setuptheacceptablerisklevel,anddesigncorrespondinginternalcontrolprocedurestomonitortheCompany'srisklevel.TheseriskmanagementpoliciesandrelatedinternalcontrolsystemswillbereviewedregularlytoaccommodatemarketconditionsorchangesintheCompany'soperatingactivities.Theinternalauditdepartmentwillalsoregularlyorirregularlycheckwhethertheimplementationofsuchinternalcontrolsystemscomplieswithriskmanagementpolicies.TheCompanydisseminatesrisksinfinancialinstrumentsthroughappropriatediversifiedinvestmentsandbusinessportfoliosandformulatescorrespondingriskmanagementpoliciestoreducerisksconcentratedinasingleindustry,specificregions,orspecificcounterparties.

(1)Creditrisks

CreditriskistheriskoffinanciallossoftheCompanycausedbyacounterparty'sfailuretomeetitsobligationsinacontract.TheCompanymanagescreditrisksthroughportfolioclassification.Creditriskmainlyarisesfrombankdeposits,accountsreceivable,otherreceivables,long-termreceivables,debtinvestments,etc.Forexpectedbankdeposits,nomajorcreditriskisgeneratedastheCompany’sbankdepositsaremainlykeptinstate-ownedbanksandotherlargeandmedium-sizedlistedbanks.Fornotesreceivable,accountsreceivable,otherreceivables,andlong-termreceivables,relevantpoliciesareestablishedbytheCompanytocontrolcreditriskexposure.TheCompanyevaluatescustomers'creditqualificationsbasedontheirfinancialstatus,creditrecords,andotherfactorssuchascurrentmarketconditions,andsetscorrespondingcreditperiods.TheCompanywillmonitorthecreditrecordsofcustomersregularly.Forcustomerswithpoorcreditrecords,measuressuchaswrittenpaymentdemand,shorteningthecreditperiod,orcancelingthecreditperiodwillbeadoptedbytheCompany,toensuretheoverallcreditriskisinthecontrollablescope.TheCompany'sdebtorsofaccountsreceivablearecustomersdistributedindifferentindustriesandareas.TheCompanycontinuouslyconductscreditassessmentsonthefinancialstatusofaccountsreceivableand,whenappropriate,purchasescreditguaranteeinsurance.ThemaximumcreditriskexposuretolerablebytheCompanyisthebookamountofeachofthefinancialassetitemsinthebalancesheet.TheCompanyhasnotprovidedanyotherguaranteethatmaycausetheCompanytobearcreditrisks.AmongtheaccountsreceivableoftheCompany,theaccountsreceivablefromthetopfivecustomersaccountfor49.51%ofthetotalaccountsreceivable(2024:28.78%).Additionally,amongtheotherreceivables,theamountsowedbythetopfivecompaniesinamountinarrearrepresent47.64%oftheCompany'stotalotherreceivables(2024:48.62%).

(2)Liquidityrisks

LiquidityriskreferstotheriskofashortageoffundsarisingfromtheperformanceoftheCompany'sobligationstosettlethroughthedeliveryofcashorotherfinancialassets.Inmanagingliquidityrisk,theCompanymaintainssufficientcashandcashequivalentsasdeemednecessarybymanagementandmonitorsthemtomeetoperationalneedsandmitigatetheimpactofcashflowvolatility.ThemanagementoftheCompanymonitorstheutilizationofbankloansandensurescompliancewithborrowingagreements.Meanwhile,theCompanyhasobtainedcommitmentsfrommajorfinancialinstitutionsregardingtheprovisionofadequatereservefundstomeettheCompany'sfundrequirementsintheshortandlongterms.SourcesoftheCompany'sworkingcapitalincludefundsgeneratedfromoperatingactivities,bankloans,andotherborrowings.Attheendoftheperiod,theunusedbankborrowinglimitoftheCompanyisRMB1.32billion(RMB20millionattheendofthepreviousyear).Attheendoftheperiod,financialliabilitiesandoff-balancesheetguaranteeditemsheldbytheCompanyareanalyzedasfollowsbasedontheexpirationdateofundiscountedremainingcontractcashflow(unit:RMB10,000):

Projectname

June30,2025Within1year1-2years2-3yearsOver3yearsTotalFinancial

Short-term

liabilities:

borrowings

14,295.1414,295.14Financialliabilitiesheldfor

borrowingstrading

6,347.236,347.23Derivativefinancial

tradingliabilities

--

Otherpayables4,814.402,375.50364.185,746.4313,300.51Currentportion

non-current

ofliabilities

631.93631.93Leaseliabilities589.781,149.106,471.988,210.86Long-term

liabilitiespayables

392.02392.02

Total28,683.436,791.221,513.9917,715.2354,703.87Attheendofthepreviousyear,financialliabilitiesandoff-balancesheetguaranteeditemsheldbytheCompanywereanalyzedasfollowsbasedontheexpirationdateofundiscountedremainingcontractcashflow(unit:RMB10,000):

Projectname

December31,2024

Within1year1-2years2-3yearsOver3yearsTotal

payablesFinancial

12,010.14---

Financialliabilitiesheldfor

12,010.14trading

----

0.00

4.67---

Accountspayable3,624.123,825.940.715,104.80

Otherpayables4,145.112,375.50364.185,746.43

Currentportionofnon-current

12,631.22liabilities

867.49---

867.49

Leaseliabilities-1,129.411,149.106,471.98

liabilities8,750.49

Long-termpayables---392.02

Total20,651.537,330.851,513.9917,715.2347,211.61Theamountoffinancialliabilitiesdisclosedintheabovetableisundiscountedcontractualcashflowsandmaythereforedifferfromtheircarryingamountinthebalancesheet.Themaximumguaranteeamountofthesignedguaranteecontractdoesnotrepresenttheamounttobepaid.

(3)Marketrisks

Marketriskoffinancialinstrumentsreferstotheriskoffluctuationinfairvalueorfuturecashflowoffinancialinstrumentsduetomarketpricedevelopment.Marketrisksincludeinterestraterisk,exchangeraterisk,andotherpricerisks.InterestrateriskInterestrateriskreferstotheriskthatthefairvalueorfuturecashflowoffinancialinstrumentswillfluctuateduetochangesinthemarketinterestrate.Interestrateriskcancomefromrecognizedinterest-bearingfinancialinstrumentsandunrecognizedfinancialinstruments(suchascertainloancommitments).TheinterestrateriskoftheCompanymainlyarisesfromlong-termborrowingsfrombanks,bondspayable,andotherlong-termdebtswithinterest.FinancialliabilitieswithafloatinginterestrateexposetheCompanytocashflowinterestraterisk,andfinancialliabilitieswithafixedinterestrateexposeittoafairvalueinterestraterisk.TheCompanydeterminestheratiooffixed-rateandfloating-ratecontractsbasedonthemarketenvironmentandmaintainsanappropriatecombinationoffixed-rateandfloating-rateinstrumentsthroughregularreviewandmonitoring.TheCompanykeepsaneyeontheeffectofchangesininterestratesontheCompany'sinterestraterisk.Atpresent,theCompanydoesnottakeanyinterestratehedgingpolicy.However,themanagementisresponsibleformonitoringinterestrateriskandwillconsiderhedgingsignificantinterestrateriskswhennecessary.Theincreaseininterestrateswillincreasethecostofnewinterest-bearingdebtsandtheCompany'sunpaidinterestexpenseoninterest-bearingdebtsaccruedatfloatinginterestrates,whichwillhaveasignificantadverseeffectontheCompany'sfinancialresults.Themanagementwilldulymakeadjustmentsaccordingtothelatestmarketconditions.Theseadjustmentsmayreduceinterestraterisksviainterestrateswaps.ForfinancialinstrumentsheldonthebalancesheetdatethatexposetheCompanytofairvalueinterestraterisk,theimpactofnetprofitandshareholders'equityintheabovesensitivityanalysisistheimpactafterre-measurementoftheabovefinancialinstrumentsaccordingtothenewinterestrateassumingthattheinterestrateonthebalancesheetdatechanges.Forfloatingratenon-derivativeinstrumentsheldonthebalancesheetdatethatexposetheCompanytocashflowinterestraterisk,theimpactofnetprofitandshareholders'equityintheabovesensitivityanalysisistheimpactoftheaboveinterestratechangesontheestimatedannualinterestexpensesorrevenue.Thepreviousyear'sanalysiswasbasedonthesameassumptionandmethodology.

ExchangerateriskExchangerateriskistheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwillfluctuateduetochangesinforeignexchangerates.Exchangerateriskmaycomefromfinancialinstrumentsvaluedinaforeigncurrencyotherthanthebookkeepingbasecurrency.ThemainbusinessoftheCompanyisconductedinChinaandsettledinRMB.Therefore,theCompanybelievesthattheexchangerateriskfacedisnotsignificant.TheCompanykeepsaneyeontheeffectofthefluctuationinexchangeratesonitsexchangeraterisk.Atpresent,theCompanydoesnottakeanyactiontoavoidexchangeraterisks.However,themanagementisresponsibleformonitoringexchangeraterisksandwillconsiderhedgingsignificantinterestrateriskswhennecessary.

Capitalmanagement

TheobjectiveoftheCompany'scapitalmanagementpolicyistoensurethesustainabilityofoperations,therebyprovidingreturnstoshareholdersandbenefitingotherstakeholders,whilemaintaininganoptimalcapitalstructuretoreducethecostofcapital.Tomaintainoradjustthecapitalstructure,theCompanymayadjustfinancingmethodsandtheamountofdividendspaidtoshareholders,returncapitaltoshareholders,issuenewsharesandotherequityinstruments,orsellassetstoreduceliabilities.TheCompanymonitorscapitalstructurebasedontheasset-liabilityratio(i.e.totalliabilitiesdividedbytotalassets).Attheendoftheperiod,theCompany'sasset-liabilityratiois28.96%(26.85%attheendofthepreviousyear).

2.Hedging

(1)TheCompanyconductshedgingbusinessforriskmanagement

?Applicable□NotapplicableToavoidtheriskofchangesinthefairvalueofgoldrawmaterialsheldbythem(i.e.thehedgedrisk),thesubsidiariesoftheCompany,GuorunGoldShenzhenCo.,Ltd.andShenzhenTellusTreasurySupplyChainTechCo.,Ltd.,analyzedtheexpectedpurchasetransactionsofgoldrawmaterialsbasedonthenumberofgoldbarsbookedandinvestedbycustomersand,onthisbasis,usedhedginginstrumentssuchasdeferreddeliverycontractsforspotgoldofShanghaiGoldExchange,goldfuturescontractsofShanghaiFuturesExchange,andexchangegoldoptions.Inthisway,theriskofgoldproductpricedeclinecausedbythesharpdropingoldpricecanbeavoided.GuorunGold,asubsidiaryoftheCompany,formulatedtheHedgingTransactionManagementGuidelines,whichclearlystipulatestheapprovalauthority,operationprocess,andriskcontrolfortheCompanytocarryouthedgingbusiness.Thehedgeisafairvaluehedge.TheaccountingperiodspecifiedforthehedgingrelationshipisfromJanuary1,2025,toJune30,2025.TheapprovalproceduresfortheCompanytouseitsfundstocarryouthedgingbusinesscomplywithrelevantnationallaws,regulations,andtheArticlesofAssociation.Thegolddeferredtransactionhedgingbusiness

carriedouttoavoidfluctuationsingoldpricesisconducivetocontrollingoperationalrisksandimprovingtheCompany'sabilitytoresistmarketfluctuations.

(2)TheCompanycarriesouteligiblehedgingbusinessandapplieshedgeaccountingUnit:RMBThebookvalueofthehedgeditemsandrelatedadjustmentsareasfollows:

H12025

Item

Bookvalueofhedgeditems

Accumulatedamount

hedgingadjustmentforfairvalueofhedgeditems(includedinthebookvalueofhedgeditems)

Listeditemsofthebalancesheetincludinghedgeditems

Changesinthefairvalue

hedgeditemsusedasabasisforrecognizinganinvalidportion

hedgesin2025(note)AssetsLiabilitiesAssetsLiabilitiesCommoditypricerisk-inventory

37,863,854.83--269,754.86Inventories-2024

Item

Bookvalueofhedgeditems

Accumulatedamount

ofof

hedgingadjustmentforfairvalueofhedgeditems(includedinthebookvalueofhedgeditems)

Listeditemsofthebalancesheetincludinghedgeditems

Changesinthefairvalue

hedgeditemsusedasabasisforrecognizinganinvalidportion

hedgesin2024(note)AssetsLiabilitiesAssetsLiabilitiesCommoditypricerisk-inventory

115,731,218.89--874,345.74-Inventories-Changesinthebookvalueandfairvalueofhedginginstrumentsareasfollows:

H12025

Item

Hedginginstruments'Bookvalueofhedginginstruments

Listeditemsofthebalancesheetincludinghedginginstruments

Changesinthefairvalue

ofof

hedginginstrumentsusedasabasisforrecognizinganinvalidportion

ofof

hedgesin2025(note)NominalamountAssetsLiabilities

Commoditypricerisk-inventory

37,863,854.83108,160.00-

Derivativefinancialasset/liability

-

2024

Item

Hedginginstruments'Bookvalueofhedginginstruments

Listeditemsofthebalancesheetincludinghedginginstruments

Changesinthefairvalue

hedginginstrumentsusedasabasisforrecognizinganinvalidportion

ofof

hedgesin2024(note)NominalamountAssetsLiabilities

Commoditypricerisk-inventory

115,731,218.89292,078.0046,660.00

Derivativefinancialasset/liability

-Note:Theinvalidportionofhedgingmainlycomesfrombasisrisk,supplyanddemandchangerisksinthespotorfuturesmarket,anduncertaintyrisksinotherspotorfuturesmarkets.Theinvalidportionsofhedgingrecognizedinthecurrentandpreviousyearsarenotsignificant.

(3)TheCompanycarriesouthedgingbusinessforriskmanagementandexpectstoachievetheriskmanagementobjectives,butdoesnotapplyhedgeaccounting

□Applicable?Notapplicable

3.Financialassets

(1)Classificationoftransfermethods

□Applicable?Notapplicable

(2)Financialassetsderecognizedduetotransfers

□Applicable?Notapplicable

(3)Continuinginvolvementinthetransferoffinancialassets

□Applicable?Notapplicable

Othernotes

XII.DisclosureofFairValue

1.EndingfairvalueoftheassetsandliabilitiesmeasuredatfairvalueUnit:RMBItem

EndingfairvalueLevel1fairvaluemeasurement

Level2fairvaluemeasurement

Level3fairvaluemeasurement

TotalI.Continuousfairvaluemeasurement

--------

(I)Tradingfinancialassets

197,026,798.06197,026,798.06

1.Financialassetsat

fairvaluethroughprofitorloss

197,026,798.06197,026,798.06

(4)Structureddeposits

andfinancialproducts

197,026,798.06197,026,798.06(II)Derivativefinancialassets

108,160.00108,160.00

1.Hedginginstruments108,160.00108,160.00(III)Otherdebtinvestments

224,259,409.78224,259,409.78

1.Large-denomination

certificateofdeposit

224,259,409.78224,259,409.78(IV)Hedgeditems37,863,854.8337,863,854.83Totalassetscontinuouslymeasuredatfairvalue

37,972,014.83421,286,207.84459,258,222.67(VII)Specifiedasfinancialliabilitiesatfairvaluewithchangesintocurrentprofitorloss

63,472,251.5763,472,251.57

(1)Goldleasing63,472,251.5763,472,251.57Totalamountofliabilitiescontinuouslymeasuredatfairvalue

63,472,251.5763,472,251.57II.Non-continuousfairvaluemeasurement

--------

2.Thebasisfordeterminingthemarketpriceofitemssubjecttocontinuousandnon-continuouslevel1fairvaluemeasurementLevel1:Quotationsforthesameassetsorliabilitiesinactivemarkets(unadjusted).TheCompanydesignatesthefinancialliabilitiesmeasuredatfairvaluethroughprofitorlossasthephysicalgoldleasingbusinessfrombanksbytheCompany.Thereisanactivemarketforgold(ShanghaiGoldExchange),andtheShanghaiGoldExchangepublishestheclosingpriceofgoldcontracttransactionsoneachtradingday.Attheendoftheperiod,theCompanyusestheclosingpricepublishedbytheShanghaiGoldExchangeonthelasttradingdayasthebasisfordeterminingthemarketprice.ThehedgeditemsoftheCompanyaregoldproductinventories.Thehedginginstrumentsareassets/liabilitiesarisingfromchangesinthefairvalueofgoldfuturescontractsandgoldspotdeferredsettlementcontractsheldbytheCompany.TheCompanydeterminesthefairvaluebasedonthepublicquotationsofgoldspottransactionsandfuturestransactionsofShanghaiGoldExchangeandShanghaiFuturesExchange.

3.Qualitativeandquantitativeinformationaboutvaluationtechniquesandkeyparametersofitemsconcerningcontinuousandnon-continuouslevel2fairvaluemeasurementLevel2:Observableinputvaluesotherthanmarketquotationsforassetsorliabilitiesinlevel1areuseddirectly(i.e.price)orindirectly(i.e.derivedfromprice).ThetradingfinancialassetsheldbytheCompanyarebankfinancialproductswithone-yearprincipalguaranteedfloatingincome,andtheirfairvalueisdeterminedbasedondiscountedfuturecashflowscalculatedatanagreedexpectedrateofreturn.Thereisnomaterialdifferencebetweenthefairvalueandbookcostofothernon-currentfinancialassetsheldbytheCompany.Informationonlevel2fairvaluemeasurement

ContentEndingfairvalueValuationtechniqueInputvalueDerivative

Derivativefinancial

instruments:

assets

--Discountedcashflow

ExpectedinterestrateDerivativefinancialliabilities

--Discountedcashflowmethod

Expectedinterestrate

4.Qualitativeandquantitativeinformationaboutvaluationtechniquesandkeyparametersofitemsconcerningcontinuousandnon-continuouslevel3fairvaluemeasurement

5.Informationontheadjustmentbetweenthebeginningbookvalueandtheendingbookvalueofitemssubjecttocontinuouslevel3fairvaluemeasurementandsensitivityanalysisofunobservableparametersLevel3:Anyinputvalue(unobservableinputvalue)thatisnotbasedonobservablemarketdataisusedforassetsorliabilities.EquityinstrumentinvestmentsaremeasuredbytheCompanybasedontheinvestmentcostasareasonableestimateofthefairvalue,becausetheoperatingenvironment,operatingconditions,andfinancialconditionsoftheinvestee,ChinaPUFAMachineryIndustryCo.,Ltd.,havenotchangedsignificantly.Quantitativeinformationofsignificantunobservableinputvaluesusedinlevel3fairvaluemeasurementContent

Endingfair

Valuation

Unobservableinput

Range(weighted

Equityinstrument

Unlistedequityinvestment

NetassetsN/AN/A

6.ReasonsfortransferandthepoliciesapplicableatthetimeoftransferforitemssubjecttocontinuousfairvaluemeasurementandhavingtransferredbetweenlevelsinthecurrentperiodInthisyear,thefairvaluemeasurementoffinancialassetsandfinancialliabilitiesoftheCompanydidnottransferbetweenLevel1andLevel2,ortransferintooroutofLevel3.

Forfinancialinstrumentstradedinactivemarkets,theCompanydeterminestheirfairvaluebasedonactivemarketquotes.Forfinancialinstrumentsnottradedinactivemarkets,theCompanyusesvaluationtechniquestoestablishtheirfairvalue.Theusedvaluationmodelmainlyincludesthediscountedcashflowmodelandthemarketcomparablecompanymodel.Theinputvaluesofvaluationtechniquesmainlyincludetherisk-freeinterestrate,benchmarkinterestrate,exchangerate,creditpointdifference,liquiditypremium,anddiscountforlackofmarketability(DLOM).

XIII.RelatedPartiesandRelatedTransactions

1.Informationoftheparentcompany

Nameofparentcompany

Placeofregistration

BusinessnatureRegisteredcapital

ShareholdingproportionoftheparentcompanytotheCompany

VoteproportionoftheparentcompanytotheCompanyShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.

Shenzhen

Realestatedevelopmentandoperation,domesticcommerce

RMB6,179,406,000

49.09%49.09%

InformationoftheparentcompanySDGGroup,establishedonJune20,1982,wasinvestedbytheShenzhenSASAC.Thecompanycurrentlyholdsabusinesslicensewithaunifiedsocialcreditcodeof91440300192194195CandaregisteredcapitalofRMB6,179,406,000.TheultimatecontrollingpartyoftheCompanyistheState-ownedAssetsSupervisionandManagementCommissionofShenzhenMunicipalPeople’sGovernment.

2.InformationofthesubsidiariesoftheCompany

FordetailsoftheCompany'ssubsidiaries,pleaserefertoNoteIX.1.

3.InformationofthejointventuresandassociatesoftheCompanyTheimportantjointventuresorassociatesoftheCompanyaredetailedinNoteIX.2.Theinformationonotherjointventuresorassociatesthatproducedbalancebyconductingrelated-partytransactionswiththeCompanyinthecurrentperiodorintheearlierperiodisshownasfollows:

NameofjointventureorassociateRelationshipwiththeCompanyShenzhenTellusXinyongtongAutomobileServiceCo.,Ltd.AssociateoftheCompanyShenzhenTellusAutomobileServiceChainCo.,Ltd.AssociateoftheCompanyShenzhenYongtongXindaTestingEquipmentCo.,Ltd.AssociateoftheCompanyShenzhenTorchSparkPlugIndustryCo.,Ltd.AssociateoftheCompanyShenzhenXiandaoNewMaterialsCo.,Ltd.AssociateoftheCompanyShenzhenTelixingInvestmentCo.,Ltd.JointventureoftheCompany

4.Informationofotherrelatedparties

NameofotherrelatedpartiesRelationshipbetweenotherrelatedpartiesandtheCompany

ShenzhenSDGMicrofinanceCo.,Ltd.ControlledsubsidiaryoftheCompany'sparentcompanyShenzhenSDGUrbanRenewalInvestmentCo.,Ltd.ControlledsubsidiaryoftheCompany'sparentcompanyShenzhenMachinery&EquipmentImport&ExportCo.,Ltd.ControlledsubsidiaryoftheCompany'sparentcompanyHongkongYujiaInvestmentLimitedControlledsubsidiaryoftheCompany'sparentcompanyShenzhenSDGEngineeringManagementCo.,Ltd.ControlledsubsidiaryoftheCompany'sparentcompanyShenzhenTellusYangchunCompanyControlledsubsidiaryoftheCompany'sparentcompanyShenzhenSDGRealEstateCo.,Ltd.ControlledsubsidiaryoftheCompany'sparentcompanyShenzhenLonggangTellusRealEstateCo.,Ltd.ControlledsubsidiaryoftheCompany'sparentcompanyShenzhenSDGTellusPropertyManagementCo.,Ltd.ControlledsubsidiaryoftheCompany'sparentcompanyShenzhenSDGServiceCo.,Ltd.ControlledsubsidiaryoftheCompany'sparentcompanyShenzhenSDGLimingOptoelectronics(Group)Co.,Ltd.ControlledsubsidiaryoftheCompany'sparentcompanyShenzhenSDGBuildingTechnologyCo.,Ltd.ControlledsubsidiaryoftheCompany'sparentcompanyShenzhenSDGEasternServiceCo.,Ltd.ControlledsubsidiaryoftheCompany'sparentcompanyISSTechInformationTechnologyCo.,Ltd.

SubsidiarycontrolledbytheparentcompanyoftheCompanywithin12monthsShenzhenWahlaiDecoration&FurnitureCo.,Ltd.AssociateoftheCompany'sparentcompanyShenzhenZHLIndustrialCo.,Ltd.MinorityshareholderofimportantsubsidiaryBeijingCaishikouDepartmentStoreCo.,Ltd.MinorityshareholderofimportantsubsidiaryShenzhenShuntianElectricVehicleTechnologyDevelopmentCo.,Ltd.

InvestmentcompanyoftheCompanyShenzhenZhongminglongInvestmentCo.,Ltd.

Enterpriseinwhichtheformerpresidentofanimportant

subsidiaryholdssharesShenzhenJinliantongDigitalTechnologyCo.,Ltd.

Enterprisecontrolledbyminorityshareholdersofimportant

subsidiaryShenzhenYuepengjinJewelryCo.,Ltd.

Enterprisecontrolledbyminorityshareholdersofimportant

subsidiaryShenzhenYuepengjinE-commerceCo.,Ltd.

Enterprisecontrolledbyminorityshareholdersofimportant

subsidiaryGuorenProperty&CasualtyInsuranceCo.,Ltd.

HoldingsubsidiaryoftheparentcompanyoftheCompany's

parentcompany

5.Informationofrelatedtransactions

(1)Relatedtransactionsofpurchase/salesofcommoditiesandrendering/receivingoflaborservices

Informationonpurchaseofcommodities/receiptoflaborservicesUnit:RMBRelatedparty

Contentofrelatedpartytransaction

AmountIncurredinthecurrentperiod

Approved

transactionamount

Exceedingthetransactionamountornot

AmountIncurredinthepreviousperiodShenzhenSDGServiceCo.,Ltd.

Receivingservices11,005,695.2510,500,000.00No10,111,049.17ShenzhenSDGTellusPropertyManagementCo.,Ltd.

Receivingservices1,687,429.326,900,000.00No872,337.13ShenzhenSDGBuildingTechnologyCo.,Ltd.

Receivingservices135,849.06500,000.00No135,849.06ShenzhenZHLIndustrialCo.,Ltd.

Receivingservices7,156.32No412,229.08ShenzhenYuepengjinJewelryCo.,Ltd.

Receivingservices61,686.73No40,625.67

ShenzhenSDGEngineeringManagementCo.,Ltd.

Receivingservices207,497.861,600,000.00No120,000.00GuorenProperty&CasualtyInsuranceCo.,Ltd.

Purchasing

services

102,641.521,000,000.00No232,830.19ShenzhenWahlaiDecoration&FurnitureCo.,Ltd.

Receivingservices6,087,971.24No7,474,168.85ShenzhenSDGEasternServiceCo.,Ltd.

Receivingservices0.00500,000.00NoISSTechInformationTechnologyCo.,Ltd.

Purchasing

software

1,776,482.07NoInformationonsellinggoods/renderinglaborservicesUnit:RMBRelatedparty

Contentofrelatedpartytransaction

AmountIncurredinthecurrentperiod

AmountIncurredinthepreviousperiodBeijingCaishikouDepartmentStoreCo.,Ltd.

Salesofgoods6,149,180.283,391,541.93ShenzhenZHLIndustrialCo.,Ltd.

Provisionofservices18,848.52339,874.20ShenzhenYuepengjinE-commerceCo.,Ltd.

Salesofgoods0.0066,320,646.02ShenzhenTelixingInvestmentCo.,Ltd.

Provisionofservices0.00283,018.88Notesforrelatedtransactionsofpurchase/salesofcommoditiesandrendering/receivingoflaborservices

(2)Informationofrelatedlease

TheCompanyasthelessor:

Unit:RMBNameofthelesseeTypeofassetsleased

Leaseincomerecognizedinthecurrentperiod

LeaseincomerecognizedinthepreviousperiodShenzhenSDGServiceCo.,Ltd.

Leaseofhouses2,097,741.011,309,654.02ShenzhenSDGTellusPropertyManagementCo.,Ltd.

Leaseofhouses84,045.6682,730.47ShenzhenSDGMicrofinanceCo.,Ltd.

Leaseofhouses636,925.89610,182.85ShenzhenYongtongXindaTestingEquipmentCo.,Ltd.

Leaseofhouses0.008,400.00ShenzhenYuepengjinJewelryCo.,Ltd.

Leaseofhouses865,740.461,116,635.87ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.

Leaseofhouses0.002,595,238.09

(3)Remunerationofkeymanagementpersonnel

Unit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodRemunerationofkeymanagementpersonnel

1,734,900.002,201,400.00

6.Receivablesandpayablesbyrelatedparties

(1)Receivables

Unit:RMBProjectnameRelatedparty

EndingbalanceBeginningbalanceBookbalance

Provisionforbaddebts

Bookbalance

ProvisionforbaddebtsAccountsreceivable

ShenzhenZHLIndustrialCo.,Ltd.

16,322.36163.22Accountsreceivable

BeijingCaishikouDepartmentStoreCo.,Ltd.

985,795.209,857.95544,715.305,447.15Accountsreceivable

ShenzhenSDGServiceCo.,Ltd.

346,925.541,043,536.0310,435.36Accountsreceivable

ShenzhenSDGMicrofinanceCo.,Ltd.

12,708.97Accountsreceivable

ShenzhenYuepengjinJewelryCo.,Ltd.

144,922.40Prepayments

GuorenProperty&CasualtyInsuranceCo.,Ltd.

60,062.85162,704.37Prepayments

ShenzhenSDGServiceCo.,Ltd.

7,200.00Otherreceivables

ShenzhenTellusAutomobileServiceChainCo.,Ltd.

1,360,390.001,360,390.001,360,390.001,360,390.00Otherreceivables

ShenzhenXiandaoNewMaterialsCo.,Ltd.

660,790.09660,790.09Otherreceivables

ShenzhenTellusXinyongtongAutomobileServiceCo.,Ltd.

114,776.33114,776.33114,776.33114,776.33Otherreceivables

ShenzhenSDGLimingOptoelectronics(Group)Co.,Ltd.

2,886.002,886.002,886.002,886.00Otherreceivables

ShenzhenSDGTellusPropertyManagementCo.,Ltd.

34,155.0018,834.773,641.74Otherreceivables

ShenzhenYongtongXinda

531,882.24531,882.24531,882.24531,882.24

TestingEquipmentCo.,Ltd.Otherreceivables

ShenzhenTelixingInvestmentCo.,Ltd.

738,682.1536,057.45733,103.5536,057.45Otherreceivables

ShenzhenZHLIndustrialCo.,Ltd.

1,154,654.1711,546.54633,580.656,335.81Long-termreceivables

ShenzhenTellusAutomobileServiceChainCo.,Ltd.

6,146,228.916,146,228.916,146,228.916,146,228.91

(2)Payables

Unit:RMBProjectnameRelatedpartyPeriod-endbookbalance

Period-beginningbookbalanceAccountspayable

ShenzhenMachinery&EquipmentImport&ExportCo.,Ltd.

45,300.0045,300.00Accountspayable

ShenzhenZHLIndustrialCo.,Ltd.

834.89669.57Accountspayable

ShenzhenYuepengjinJewelryCo.,Ltd.

9,506.0028,000.00Accountspayable

ShenzhenWahlaiDecoration&FurnitureCo.,Ltd.

738,955.785,371,011.83Accountspayable

ShenzhenSDGServiceCo.,Ltd.

3,042,053.103,865,062.67Accountspayable

ShenzhenSDGEngineeringManagementCo.,Ltd.

108,038.461,365,692.04Accountspayable

ShenzhenTellus-GmondInvestmentCo.,Ltd.

200,000.00Advancesfromcustomers

ShenzhenSDGMicrofinanceCo.,Ltd.

42,625.39Advancesfromcustomers

ShenzhenSDGTellusPropertyManagementCo.,Ltd.

1,243.341,243.34Advancesfromcustomers

ShenzhenYongtongXindaTestingEquipmentCo.,Ltd.

68.0068.00Otherpayables

ShenzhenSDGMicrofinanceCo.,Ltd.

237,804.66237,804.66Otherpayables

ShenzhenSDGServiceCo.,Ltd.

40,992.0050,506.00Otherpayables

ShenzhenYuepengjinJewelryCo.,Ltd.

388,102.00388,102.00Otherpayables

ShenzhenTorchSparkPlugIndustryCo.,Ltd.

143,746.10Otherpayables

ShenzhenTellusAutomobileServiceChainCo.,Ltd.

800.00800.00Otherpayables

ShenzhenSDGTellusPropertyManagementCo.,Ltd.

183,069.59441,842.84Otherpayables

ShenzhenSpecialEconomicZoneDevelopmentGroupCo.,Ltd.

3,000.003,000.00OtherpayablesShenzhenTellusYangchun476,217.49476,217.49

RealEstateCo.,Ltd.Otherpayables

ShenzhenMachinery&

EquipmentImport&Export

Co.,Ltd.

1,554,196.801,575,452.52Otherpayables

ShenzhenWahlaiDecoration&FurnitureCo.,Ltd.

206,607.08150,929.85Otherpayables

ShenzhenSDGEngineeringManagementCo.,Ltd.

148,302.24Otherpayables

HongkongYujiaInvestmentLimited

2,255,339.582,255,339.58Otherpayables

ShenzhenSDGUrbanRenewalInvestmentCo.,Ltd.

28,766.0528,766.05Otherpayables

ShenzhenZhongminglongInvestmentCo.,Ltd.

14,100.00Otherpayables

ShenzhenShuntianElectricVehicleTechnologyDevelopmentCo.,Ltd.

2,000.002,000.00Otherpayables

ShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.

833,334.00Otherpayables

ShenzhenLonggangTellusRealEstateCo.,Ltd.

1,095,742.501,095,742.50XIV.CommitmentsandContingencies

1.Importantcommitments

ImportantcommitmentsexistingonthebalancesheetdateAsofJune30,2025,theCompanyhadnosignificantcommitments.

2.Contingencies

(1)ImportantcontingenciesexistingonthebalancesheetdateAsofJune30,2025,theCompanyhadnopendinglitigation,externalguarantees,orothercontingenciesthatshouldbedisclosed.

(2)Incaseofnoimportantcontingenciestobedisclosed,adescriptionshallbegiven

TheCompanyhasnoimportantcontingenciestobedisclosed.XV.MattersaftertheBalanceSheetDate

1.Descriptionofothermattersafterthebalancesheetdate

None.

XVI.OtherSignificantMatters

1.Segmentedinformation

(1)DeterminationbasisandaccountingpolicyofreportingsegmentsAccordingtotheCompany'sinternalorganizationalstructure,managementrequirements,andinternalreportingsystem,thebusinessoftheCompanyisdividedintofourreportingsegments.ThesereportingsegmentsaredeterminedbasedonthefinancialinformationrequiredbytheCompany'sdailyinternalmanagement.TheGroup'smanagementregularlyevaluatestheoperatingresultsofthesereportingsegmentstodeterminetheallocationofresourcestothemandevaluatetheirperformance.ThereportingsegmentsoftheCompanyinclude:

(1)Jewelrysalesandservices,andwholesaleandretailofgoldandjewelry;

(2)Leasingandservices,realestate,andcommercialrealestateleasing;Thesegmentreportinginformationisdisclosedaccordingtotheaccountingpolicyandmeasurementstandardadoptedwheneachsegmentreportstothemanagement,andtheaccountingpolicyandmeasurementbasisareincorrespondencewiththoseofformulatingfinancialstatements.

(2)Financialinformationofreportingsegments

Unit:RMBItem

Wholesaleandretailofjewelry

LeasingandservicesInter-segmentoffsetTotalRevenuefrommainbusiness

708,201,538.25171,981,312.06-1,910,220.37878,272,629.94Costsofmainbusiness686,181,047.0248,786,699.931,696,879.49736,664,626.44Totalassets628,889,666.662,843,473,827.15-746,920,529.532,725,442,964.28Totalliabilities349,451,926.17499,022,295.36-59,282,055.92789,192,165.61XVII.NotesforMajorItemsoftheParentCompany'sFinancialStatement

1.Accountsreceivable

(1)Disclosurebyaccountreceivableage

Unit:RMBAccountreceivableagePeriod-endbookbalancePeriod-beginningbookbalanceWithin1year(inclusive)16,943,582.4217,614,712.561-2years2,352,446.332,352,446.332-3years77,741.8777,741.87Over3years484,803.08Over5years484,803.08Total19,373,770.6220,529,703.84

(2)Disclosurebybaddebtaccrualmethod

Unit:RMB

Category

EndingbalanceBeginningbalanceBookbalance

Provisionforbaddebts

Bookvalue

Bookbalance

Provisionforbaddebts

BookvalueAmount

Proportion

Amount

Provisionproportion

Amount

Proportion

Amount

ProvisionproportionAccountsreceivablewithprovisionforbaddebtsonasinglebasis

484,803.

2.36%

484,803.

100.00%

Including:

Accountsreceivablewithprovisionforbaddebtsonaportfoliobasis

19,373,7

70.62

100.00%

330,869.

1.71%

19,042,9

00.68

20,044,9

00.76

97.64%

330,869.

1.65%

19,714,0

30.82

Including:

1.Accountreceivableageportfolio

19,373,7

70.62

100.00%

330,869.

1.71%

19,042,9

00.68

20,044,9

00.76

97.64%

330,869.

1.65%

19,714,0

30.82

Total

19,373,7

70.62

100.00%

330,869.

1.71%

19,042,9

00.68

20,529,7

03.84

100.00%

815,673.

3.97%

19,714,0

30.82

Categorynameofbaddebtprovisionmadeonaportfoliobasis:AccountreceivableageportfolioUnit:RMBName

EndingbalanceBookbalanceProvisionforbaddebtsProvisionproportionAccountreceivableageportfolio

19,373,770.62330,869.941.71%Total19,373,770.62330,869.94Whethertoaccruebaddebtprovisionofaccountsreceivableaccordingtoexpectedcreditloss:

?Applicable□NotapplicableUnit:RMB

Provisionforbaddebts

Stage1Stage2Stage3

TotalExpectedcreditlossinthenext12months

Expectedcreditlossthroughouttheduration(nocreditimpairmentoccurs)

Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred)BalanceonJanuary1,2025

330,869.94484,803.08815,673.02BalanceasofJanuary1,2025inthecurrentperiodWrite-offinthecurrentperiod

484,803.08484,803.08BalanceasofJune30,2025

330,869.94330,869.94

(3)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiodBaddebtprovisioninthecurrentperiod:

Unit:RMBCategory

Beginningbalance

Amountofchangeduringthecurrentperiod

EndingbalanceProvision

Recoveryorreversal

Write-offOthersProvisionforbaddebtsmadeonasinglebasis

484,803.08484,803.080.00Provisionforbaddebtsmadeonaportfoliobasis

330,869.94330,869.94Total815,673.020.000.00484,803.080.00330,869.94

4.Accountsreceivablethathavebeenwrittenoffinthecurrentperiod

Unit:RMBItemWrite-offamountAccountsreceivableactuallywrittenoff484,803.08

(5)AccountsreceivableandcontractualassetswiththetopfiveendingbalancescollectedaspertheborrowersUnit:RMB

Companyname

Endingbalanceofaccountsreceivable

Endingbalanceofcontractassets

Endingbalanceofaccountsreceivableandcontractassets

Proportionintotalendingbalanceofaccountsreceivableandcontractualassets

Endingbalanceofbaddebtproportionofaccountsreceivableandimpairmentprovisionofcontractassets

ChowSangSang(China)Co.,Ltd.

1,549,351.741,549,351.748.00%132,000.05ShenzhenHelinJewelryCo.,Ltd.

1,102,940.651,102,940.655.69%119,263.93ZhongbaoJinyuan(Shenzhen)IndustrialDevelopmentCo.,Ltd.

983,098.71983,098.715.07%146,148.47ShenzhenLeEnAiJewelryCo.,Ltd.

520,147.37520,147.372.68%17,626.37ShenzhenXinyufuJewelryCo.,Ltd.

473,715.46473,715.462.45%52,630.50Total4,629,253.934,629,253.9323.89%467,669.32

2.Otherreceivables

Unit:RMBItemEndingbalanceBeginningbalanceOtherreceivables4,316,161.822,839,370.67Total4,316,161.822,839,370.67

(1)Dividendsreceivable

1)Categoryofdividendsreceivable

Unit:RMBItem(orInvestee)EndingbalanceBeginningbalanceChinaPufaMachineryIndustryCo.,Ltd.0.000.00

2)Dividendsreceivableofimportantaccountreceivableageofover1yearUnit:RMBItem(orInvestee)

Period-endoriginalvalue

Accountreceivableage

Reasonsfornon-recovery

WhetherimpairmenthasoccurredandthebasisfordeterminingimpairmentChinaPufaMachineryIndustryCo.,Ltd.

1,305,581.862-3yearsNotpaidyet

Thefinancialandoperatingconditionsofthecompanyarenormal,andthedividendsreceivablearenotimpaired.Total1,305,581.86

3)Disclosurebybaddebtaccrualmethod

?Applicable□NotapplicableUnit:RMB

Category

EndingbalanceBeginningbalanceBookbalance

Provisionforbaddebts

Bookvalue

Bookbalance

Provisionforbaddebts

BookvalueAmount

Proportion

Amount

Provisionproportion

Amount

Proportion

Amount

ProvisionproportionProvisionforbaddebtsmadeonasinglebasis

1,305,58

1.86

100.00%

1,305,58

1.86

100.00%0.00

1,305,58

1.86

100.00%

1,305,58

1.86

100.00%0.00

Including:

Including:

Total

1,305,58

1.86

100.00%

1,305,58

1.86

100.00%0.00

1,305,58

1.86

100.00%

1,305,58

1.86

100.00%0.00

Categorynameofbaddebtprovisionmadeonasinglebasis:

Unit:RMBName

BeginningbalanceEndingbalanceOriginalbookvalue

Provisionforbaddebts

Originalbookvalue

Provisionforbaddebts

Provisionproportion

ReasonsforprovisionChinaPufaMachineryIndustryCo.,Ltd.

1,305,581.861,305,581.861,305,581.861,305,581.86100.00%

Thefinancialandoperatingconditionsofthecompanyarenormal,andthedividendsreceivablearenotimpaired.Total1,305,581.861,305,581.861,305,581.861,305,581.86Baddebtprovisionmadeaccordingtothegeneralmodelofexpectedcreditloss:

Unit:RMBProvisionforbaddebts

Stage1Stage2Stage3

TotalExpectedcreditlossinthenext12months

Expectedcreditlossthroughouttheduration(nocreditimpairmentoccurs)

Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred)BalanceonJanuary1,2025

1,305,581.861,305,581.86BalanceasofJanuary1,2025inthecurrentperiodBalanceasofJune30,2025

1,305,581.861,305,581.86Changesinbookbalancewithsignificantamountchangedoflossprovisioninthereportingperiod

□Applicable?Notapplicable

4)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiodUnit:RMBCategory

Beginningbalance

Amountofchangeduringthecurrentperiod

EndingbalanceProvision

Recoveryorreversal

Charge-offorwrite-off

OtherchangesProvisionforbaddebts

1,305,581.861,305,581.86Total1,305,581.861,305,581.86

(2)Otherreceivables

1)Classificationofotherreceivablesbynature

Unit:RMBPaymentnaturePeriod-endbookbalancePeriod-beginningbookbalanceOthertemporarypaymentsreceivable8,765,779.1313,967,525.96Depositsandsecuritydeposits1,679,641.621,556,456.36Concernedintercoursefundswithintheconsolidationscopeofreceivables

1,213,911.2961.00Total11,659,332.0415,524,043.32

2)Disclosurebyaccountreceivableage

Unit:RMBAccountreceivableagePeriod-endbookbalancePeriod-beginningbookbalanceWithin1year(inclusive)1,881,258.78404,467.631-2years2,557,254.642,557,254.642-3years1,091.611,091.61Over3years7,219,727.0112,561,229.35Over5years7,219,727.0112,561,229.35Total11,659,332.0415,524,043.23

3)Disclosurebybaddebtaccrualmethod

Unit:RMBCategory

EndingbalanceBeginningbalanceBookbalance

Provisionforbaddebts

Bookvalue

Bookbalance

Provisionforbaddebts

BookvalueAmount

Proportion

Amount

Provisionproportion

Amount

Proportion

Amount

ProvisionproportionProvisionforbaddebtsmadeonasingle

7,170,02

2.49

68.64%

7,170,02

2.49

100.00%0.00

12,511,5

24.83

22.77%

12,511,5

24.83

100.00%0.00

basisIncluding:

Provisionforbaddebtsmadeonaportfoliobasis

3,275,39

8.26

31.36%

173,147.

5.29%

3,102,25

0.53

3,012,51

8.40

77.23%

173,147.

0.30%

2,839,37

0.67

Including:

Accountreceivableageportfolio

1,595,75

6.64

15.28%

63,267.3

3.96%

1,532,48

9.28

1,456,06

2.04

3.49%

63,267.3

3.47%

1,392,79

4.68

Portfolioofdepositandsecuritydepositreceivable

1,679,64

1.62

16.08%

109,880.

6.54%

1,569,76

1.25

1,556,45

6.36

2.96%

109,880.

3.86%

1,446,57

5.99

Total

10,445,4

20.75

100.00%

7,343,17

0.22

70.30%

3,102,25

0.53

15,524,0

43.23

100.00%

12,684,6

72.56

23.01%

2,839,37

0.67

Categorynameofbaddebtprovisionmadeonaportfoliobasis:

Unit:RMBName

EndingbalanceBookbalanceProvisionforbaddebtsProvisionproportionAccountreceivableageportfolio

1,595,756.6463,267.363.96%Portfolioofdepositandsecuritydepositreceivable

1,679,641.62109,880.376.54%Total3,275,398.26173,147.73Baddebtprovisionmadeaccordingtothegeneralmodelofexpectedcreditloss:

Unit:RMBProvisionforbaddebts

Stage1Stage2Stage3

TotalExpectedcreditlossinthenext12months

Expectedcreditlossthroughouttheduration(nocreditimpairmentoccurs)

Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred)BalanceonJanuary1,2025

173,147.7312,511,524.8312,684,672.56BalanceasofJanuary1,2025inthecurrentperiodWrite-offinthecurrentperiod

5,306,106.095,306,106.09Otherchanges35,396.2535,396.25BalanceasofJune30,173,147.737,170,022.497,343,170.22

2025Changesinbookbalancewithsignificantamountchangedoflossprovisioninthereportingperiod

□Applicable?Notapplicable

4)Baddebtprovisionprovided,recovered,orreversedinthecurrentperiodBaddebtprovisioninthecurrentperiod:

Unit:RMBCategory

Beginningbalance

Amountofchangeduringthecurrentperiod

EndingbalanceProvision

Recoveryorreversal

Charge-offorwrite-off

OthersProvisionforbaddebtsmadeonasinglebasis

12,511,524.835,306,106.0935,396.257,170,022.49Provisionforbaddebtsmadeonaportfoliobasis

173,147.73173,147.73Total12,684,672.560.000.005,306,106.0935,396.257,343,170.22

5)Otherreceivablesactuallywrittenoffinthecurrentperiod

Unit:RMBItemWrite-offamountOtherreceivablesactuallywrittenoff5,306,106.09

6)Otherreceivablesofthetopfiveperiod-endbalancesbytheowingpartyUnit:RMBCompanynamePaymentnatureEndingbalance

Accountreceivableage

Proportiontoendingbalanceofotherreceivables

EndingbalanceofprovisionforbaddebtsShenzhenZhonghao(Group)Co.,Ltd.

Intercoursefunds5,000,000.00Over3years42.88%5,000,000.00ShenzhenPetrochemicalGroupCo.,Ltd.

Intercoursefunds1,927,833.34Over3years16.53%1,927,833.34ShenzhenJinzhouPrecisionTechnologyCorp.

Securitydeposit1,515,467.96Over3years13.00%75,773.40ShenzhenTelixingInvestmentCo.,Ltd.

Intercoursefunds738,682.151-2years6.34%36,057.45ChinaConstructionFirstGroupCorporationLimited

Intercoursefunds583,978.931-2years5.01%29,198.95Total9,765,962.3883.76%7,068,863.14

3.Long-termequityinvestment

Unit:RMBItem

EndingbalanceBeginningbalanceBookbalance

Impairmentprovision

BookvalueBookbalance

Impairmentprovision

BookvalueInvestmentinsubsidiaries

713,610,774.41713,610,774.41715,566,774.411,956,000.00713,610,774.41Investmentinassociatesandjointventures

100,227,094.113,225,000.0097,002,094.1194,878,995.529,787,162.3285,091,833.20Total813,837,868.523,225,000.00810,612,868.52810,445,769.9311,743,162.32798,702,607.61

(1)Investmentinsubsidiaries

Unit:RMBInvestee

Beginningbalance(bookvalue)

Beginningbalanceofimpairmentprovision

Increase/decreaseinthecurrentperiod

Endingbalance(bookvalue)

EndingbalanceofimpairmentprovisionAdditionalinvestment

Reducedinvestment

Provisionforimpairment

OthersShenzhenSDGTellusRealEstateCo.,Ltd.

31,152,888.

31,152,888.

ShenzhenTellusChuangyingTechnologyCo.,Ltd.

526,308.52526,308.52ShenzhenTellusXinyongtongAutomobileDevelopmentCo.,Ltd.

2,883,644.2

2,883,644.2

ShenzhenZhongtianIndustryCo.,Ltd.

369,680,52

2.90

369,680,52

2.90

ShenzhenTellusShuibeiJewelryCo.,Ltd.

86,251,071.

86,251,071.

ShenzhenSDGHuariAutomobileEnterpriseCo.,Ltd.

61,908,926.

61,908,926.

Shenzhen1,807,411.51,807,411.5

HuariAutomobileSalesandServiceCo.,Ltd.

ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd.

4,900,000.0

4,900,000.0

ShenzhenTellusTreasurySupplyChainTechCo.,Ltd.

50,000,000.

50,000,000.

ShenzhenHanliHighTechCeramicsCo.,Ltd.

1,956,000.0

0.00

ShenzhenJewelryIndustryServiceCo.,Ltd.

32,500,000.

32,500,000.

GuorunGoldShenzhenCo.,Ltd.

72,000,000.

72,000,000.

Total

713,610,77

4.41

1,956,000.0

713,610,77

4.41

(2)Investmentinassociatesandjointventures

Unit:RMB

Investor

Beginningbalance(bookvalue)

Beginningbalanceofimpairmentprovision

Increase/decreaseinthecurrentperiod

Endingbalance(bookvalue)

EndingbalanceofimpairmentprovisionAdditionalinvestment

Reducedinvestment

Investmentprofitorlossrecognizedbyequitymethod

Adjustmenttoothercomprehensiveincome

Changesinotherequity

Cashdividendorprofitdeclaredtobedistributed

Provisionforimpairment

Others

I.JointventureShenzhenTellus-GmondInvestment

56,216,004.2

12,214,032.8

68,430,037.1

Co.,Ltd.ShenzhenTelixingInvestmentCo.,Ltd.

13,686,903.3

324,12

7.30

14,011,030.6

Subtotal

69,902,907.6

12,538,160.1

82,441,067.8

II.AssociateShenzhenRenfuTellusAutomobilesServiceCo.,Ltd.

15,188,925.5

-627,89

9.26

14,561,026.3

HunanChangyangIndustrialCo.,Ltd.

1,810,

540.70

ShenzhenJiechengElectronicsCo.,Ltd.

3,225,

000.00

3,225,

000.00

ShenzhenXiandaoNewMaterialsCo.,Ltd.

4,751,

621.62

Subtotal

15,188,925.5

9,787,

162.32

-627,89

9.26

14,561,026.3

3,225,

000.00

Total

85,091,833.2

9,787,

162.32

11,910,260.9

97,002,094.1

3,225,

000.00

Whethertherecoverableamountisdeterminedaccordingtothenetamountwithfairvaluedeductingdisposalexpenses

□Applicable?Notapplicable

Whethertherecoverableamountisdeterminedaccordingtothepresentvalueoftheexpectedfuturecashflow

□Applicable?Notapplicable

ReasonsfortheapparentinconsistencybetweentheaforementionedinformationandtheinformationusedintheimpairmenttestofpreviousyearsorexternalinformationReasonsfortheapparentinconsistencybetweentheinformationadoptedbytheCompany'simpairmenttestinpreviousyearsandtheactualsituationinthatyear

4.Operatingrevenueandoperatingcost

Unit:RMBItem

AmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodRevenueCostsRevenueCostsMainbusiness58,621,053.9223,987,855.3355,668,957.8321,857,801.26Total58,621,053.9223,987,855.3355,668,957.8321,857,801.26

5.Investmentincome

Unit:RMBItemAmountIncurredinthecurrentperiodAmountIncurredinthepreviousperiodLong-termequityinvestmentincomecalculatedbythecostmethod

74,290,000.0071,225,000.00Incomesfromlong-termequityinvestmentscalculatedthroughtheequitymethod

11,910,260.9119,879,117.40Investmentincomesfromtradingfinancialassetsduringtheholdingperiod

2,583,913.182,162,425.56Interestincomefromlarge-sumcertificatesofdeposit

3,030,106.761,589,244.45Total91,814,280.8594,855,787.41XVIII.SupplementaryInformation

1.Breakdownofnon-recurringprofitorlossofthecurrentperiod?Applicable□NotapplicableUnit:RMBItemAmountNoteProfitsandlossesfromdisposalofnon-currentassets

-6,079.20Governmentsubsidiesincludedinthecurrentprofitorloss(excludingthosethatarecloselyrelatedtotheCompany'snormalbusinessoperations,inlinewithnationalpoliciesandregulations,andgrantedperdefinedcriteria,withacontinuousinfluenceontheCompany'sprofitsandlosses)

1,056,727.69

ProfitorlossfromchangesinthefairvalueoffinancialassetsandfinancialliabilitiesheldbytheCompanyasanon-financialcompany,aswellasprofitor

4,675,868.00

lossfromthedisposalofthefinancialassetsandfinancialliabilities,exceptineffectivehedgingactivitiesrelatedtothenormaloperatingactivitiesoftheCompany.Othernon-operatingrevenueandexpensesthantheaboveitems

3,352,382.93Less:Effectonincometax2,218,656.63Effectonminorityinterests(after-tax)

-679,785.02Total7,540,027.81--Specificconditionsofotherprofitsorlossesconformingtothedefinitionofnon-recurringprofitorloss:

□Applicable?Notapplicable

TheCompanyhasnootherprofitsorlossesconformingtothedefinitionofnon-recurringprofitorloss.Explanationondefiningthenon-recurringprofitsorlossessetoutintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringProfitorLossasrecurringprofitsorlosses?Applicable□NotapplicableItem

Amountinvolved(RMB)

Reason

Effectivehedging

-14,224,744.55

Duetothepricefluctuationriskrelatedtogold,effectivehedgingofgoldfuturesisameansforGuorunGoldandTellusTreasury,subsidiariesoftheCompany,toavoidrelevantrisks.Thisactivityfallsundernormalproprietarybusinessoperations.Therefore,basedonthenatureandcharacteristicsofitsnormalbusinessoperations,theCompanyhasclassifiedthefollowingitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringProfitorLoss(2023Revision)asrecurringprofitorlossitems:effectivehedgingrelatedtothenormaloperationsofnon-financialenterprises;profitsorlossesfromchangesinthefairvalueoffinancialassetsandfinancialliabilitiesheld;andprofitsorlossesfromthedisposaloffinancialassetsandfinancialliabilities.Refundofhandlingfeesforindividualincometax

50,320.31

AccordingtotheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingSecuritiestothePublic—Non-RecurringProfitorLoss(2023Revision),therefundofhandlingfeesforindividualincometaxreceivedbytheCompanyanditssubsidiariesiscategorizedasincomerelatedtoroutineactivities.Asitisneitherofaspecialnaturenorincidental,itisclassifiedasarecurringprofitorlossitem.

2.Returnonnetassetsandearningspershare

Profitduringthereportingperiod

Weightedaveragereturnonnetassets

EarningspershareBasicearningspershare(RMB/share)

Dilutedearningspershare(RMB/share)NetprofitattributabletoordinaryshareholdersoftheCompany

4.77%0.19490.1949NetprofitattributabletoordinaryshareholdersoftheCompanyafterdeductionofnon-recurringprofitorloss

4.34%0.17740.1774

3.Differenceinaccountingdataunderdomesticandforeignaccountingrules

(1)DifferencesinnetprofitsandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtotheinternationalaccountingstandardsandChineseaccountingstandards

□Applicable?Notapplicable

(2)DifferencesinnetprofitsandnetassetsinthefinancialreportsdisclosedsimultaneouslyaccordingtotheforeignaccountingstandardsandChineseaccountingstandards

□Applicable?Notapplicable

(3)Specifythereasonsfordifferencesinaccountingdataunderdomesticandforeignaccountingstandards;iftheadjustmentismadetodataauditedbyanoverseasauditfirm,specifythenameoftheauditfirm

SectionIXOtherSubmittedDataI.OtherMajorSocialSecurityIssues

Whetherthelistedcompanyanditssubsidiarieshaveothermajorsocialsecurityissues

□Yes?No□Notapplicable

Whetheradministrativepenaltieswereimposedduringthereportingperiod

□Yes?No□Notapplicable

II.RegistrationFormforReceptionofInvestigation,Communication,Interviews,andOtherActivitiesDuringtheReportingPeriod?Applicable□NotapplicableReceptiondate

Receptionplace

Wayofreception

Typeofvisitor

Visitor

Mainpointstalkedaboutandinformationprovided

IndexofgeneralinvestigationinformationJanuary16,2025Company

Telephonecommunication

IndividualInvestor

InquiryaboutwhethertheCompanyissuesaperformanceforecast

N/AFebruary19,2025Company

Telephonecommunication

IndividualInvestor

InquiryabouttheCompany'sbusinessoperations

N/AFebruary24,2025Company

Telephonecommunication

IndividualInvestor

InquiryabouttheCompany'sESGreportingprogress

N/AMarch19,2025Company

Telephonecommunication

IndividualInvestor

InquiryabouttheCompany'sannualreportdisclosuretimeline

N/AApril14,2025Company

Telephonecommunication

IndividualInvestor

InquiryabouttheCompany'sQ1businessperformance

N/AMay16,2025Company

Telephonecommunication

IndividualInvestor

InquiryabouttheCompany'sbusinesssituation

N/AMay22,2025Company

Telephonecommunication

IndividualInvestor

InquiryabouttheCompany'sbusinessoperationsandshareprices

N/AJune24,2025Company

Telephonecommunication

IndividualInvestor

InquiryabouttheCompany'sbusinesssituation

N/A

III.CapitalTransactionsBetweentheListedCompanyandItsControllingShareholdersandOtherRelatedParties?Applicable□NotapplicableUnit:RMB10,000Nameofthetransaction

Natureoftransaction

Beginningbalance

Amountincurredin

Amountrepaidinthe

Endingbalance

Interestincome

Interest

expenses

partythereporting

period

reportingperiodShenzhenSDGMicrofinanceCo.,Ltd.

Operatingtransaction

7472.731.27ShenzhenSDGTellusPropertyManagementCo.,Ltd.

Operatingtransaction

8.828.82

ShenzhenSDGTellusPropertyManagementCo.,Ltd.

Operatingtransaction

1.881.5403.42ISSTechInformationTechnologyCo.,Ltd.

Operatingtransaction

188.65188.65

ShenzhenSDGServiceCo.,Ltd.

Operatingtransaction

104.35224.75294.4134.69ShenzhenSDGServiceCo.,Ltd.

Operatingtransaction

0.720.72GuorenProperty&CasualtyInsuranceCo.,Ltd.

Operatingtransaction

16.2710.8821.146.01ShenzhenJewelryIndustryServiceCo.,Ltd.

Non-operatingtransaction

40.441.8538.59GuorunGoldShenzhenCo.,Ltd.

Non-operatingtransaction

19.0311.047.99ShenzhenXinyongtongMotorVehicleInspectionEquipmentCo.,Ltd.

Non-operatingtransaction

25.5425.540ShenzhenTellusXinyongtongAutomobileServiceCo.,Ltd.

Non-operatingtransaction

11.48011.48ShenzhenXiandaoNewMaterialsCo.,Ltd.

Non-operatingtransaction

66.080

ShenzhenTellusAutomobileServiceChainCo.,Ltd.

Non-operatingtransaction

136.040136.04ShenzhenTellusAutomobileServiceChainCo.,Ltd.

Non-operatingtransaction

614.620614.62ShenzhenZHLIndustrialCo.,Ltd.

Operatingtransaction

63.36110.7358.62115.47BeijingCaishikouDepartmentStoreCo.,Ltd.

Operatingtransaction

54.47694.86650.7598.58ShenzhenZHLIndustrialCo.,Ltd.

Operatingtransaction

20.371.63ShenzhenTelixingInvestmentCo.,Ltd.

Operatingtransaction

73.320.5573.87ShenzhenYongtongXindaTestingEquipmentCo.,Ltd.

Non-operatingtransaction

53.1953.19ShenzhenSDGLimingOptoelectronics(Group)Co.,Ltd.

Operatingtransaction

0.290.29ShenzhenYuepengjinJewelryCo.,Ltd.

Operatingtransaction

90.976.4114.49Total--1,196.071,492.691,411.051,211.6300