Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Stock code: 600415 Stock short name: 小商品城
Zhejiang China Commodities City Group
Co., Ltd.
Semi-annual Report for 2025
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Important Statements
I. The Board of Directors, the supervisory committee and the directors, supervisors
and senior management of the Company hereby warrant the truthfulness, accuracy and
completeness of the contents of the semi-annual report, guarantee that there are no false
representations, misleading statements or material omissions contained in this
semi-annual report, and are jointly and severally responsible for the liabilities of the
Company.
II. All directors of the Company were present at the board meeting.
III. This semi-annual report has not been audited.
IV. CHEN Dezhan, Head of the Company, BAO Hua, Principal in charge of accounting,
and ZHAO Difang, Head of the accounting department (Accounting Manager), declare
that they warrant the truthfulness, accuracy and completeness of the financial report in
the semi-annual report.
V. The profit distribution plan for the reporting period or the plan for public reserve
funds into share capital that was approved by the board of directors
No
VI. Risk statement with forward-looking representations
√Applicable □Not applicable
The forward-looking representations involved in this Report such as future plans and
development strategies do not constitute the Company’s substantial commitments to investors.
Investors should pay attention to investment risks.
VII. Is the Company’s cash occupied by its controlling shareholder or any of other
affiliates for non-operational purposes?
No
VIII. Has the Company provided external guarantee in violation of the prescribed
decision-making procedures?
No
IX. Whether there is circumstance that more than half of the directors cannot
guarantee the authenticity, accuracy and completeness of the semi-annual report
disclosed by the Company
No
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
X. Reminder of major risks
During the reporting period, the Company did not have any significant risks that would
affect its continued operations. The Company has provided a detailed description of the
potential risks it may face in the "Potential Risks" part in Section III " Discussion and Analysis of
Managers" of this report.
XI. Other
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Table of Contents
Accounting statements with the signatures and stamps of head of the
Company, principal in charge of accounting, and head of the
Documents for accounting department (Accounting Manager).
Inspection
The originals of all company documents and announcements publicly
disclosed during the reporting period
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Section I. Definitions
For the purpose of this Report, unless otherwise stated in the context, the following terms shall
have the following meanings:
Definitions
MDG means Yiwu Market Development Group Co., Ltd.
Yiwu China Commodities City Holdings Group
CCCH means Co., Ltd. (formerly known as " Yiwu China
Commodities City Holdings Limited ")
Zhejiang Zhijie Yuangang International Supply
Zhijie Yuangang means
Chain Technology Co., Ltd.
Yiwu China Commodities City Property
CCCP means
Development Co., Ltd.
Yiwu China Commodities City Property Service
CCC Property Service means
Co., Ltd.
Yiwu China Commodities City Financial Holdings
CCCF means
Co., Ltd.
Yiwu China Commodities City Credit
CCC Credit means
Investigation Co., Ltd.
Yiwu Shanglv means Yiwu Shanglv Investment Development Co., Ltd.
Chouzhou Financial Lease means Zhejiang Chouzhou Financial Lease Co., Ltd.
Yiwu Shangbo Yungu Enterprise Management
Shangbo Yungu means
Co., Ltd.
Kuaijietong Payment Service Co., Ltd. and its
Kuaijietong, Yiwu Pay means
payment brand
The Company, the Listed
Zhejiang China Commodities City Group Co.,
Company, the Group, the Group means
Ltd.
Company
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Section II. Company Profile and Financial Highlights
I. Company profile
Chinese name 浙江中国小商品城集团股份有限公司
Chinese short name 小商品城
English name Zhejiang China Commodities City Group Co., Ltd.
English short name YIWU CCC
Legal representative CHEN Dezhan
II. Contact information
Board Secretary Securities Affairs Representative
Name XU Hang HE Zhichao
YIWU CCC Group Building, No. 567 YIWU CCC Group Building, No.
Address
Yinhai Road, Yiwu City 567 Yinhai Road, Yiwu City
Telephone 0579-85182812 0579-85182812
Fax 0579-85197755 0579-85197755
Email Hxu@cccgroup.com.cn hezhichao@chinagoods.com
III. Introduction to changes in basic information
Registered address
Zhejiang Province
The registered address at the time of company establishment
was "No. 51, Huangyuan Road, Yiwu City"; in May 1997, it was
Historical changes in the
changed to "No. 158, Binwang Road, Yiwu City, Zhejiang
registered address of the
Province"; in May 2006, it was changed to "Haiyang Business
Company
Building, No. 105 Futian Road, Yiwu City, Zhejiang Province"; in
January 2024, it was changed to the current registered address.
Office address YIWU CCC Group Building, No. 567 Yinhai Road, Yiwu City
Postal code at the office
address
Corporate website www.cccgroup.com.cn
Email 600415@cccgroup.com.cn
IV. Changes in information disclosure and filing place
Newspaper selected by the Company for China Securities Journal, Shanghai Securities News
information disclosure and Securities Times
Website for publishing the Semi-annual
www.sse.com.cn
Report
Place for access to the Company’s
Securities Department of the Company
Semi-annual Report
V. Stock profile
Stock short name
Type of stock Exchange Stock short name Stock code
before change
Shanghai Stock
A share 小商品城 600415 No
Exchange
VI. Other relevant information
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
VII. Main accounting data and financial indicators of the Company
(i) Major accounting data
Unit: RMB
YoY change
Major accounting data Jan-Jun 2025 Jan-Jun 2024
(%)
Operating revenue 7,712,799,130.26 6,765,934,137.13 13.99
Profits before tax 2,147,733,764.28 1,909,970,844.86 12.45
Net profits attributable to
shareholders of the Listed 1,690,936,276.69 1,447,982,745.49 16.78
Company
Net profits attributable to
shareholders of the Listed
Company with non-recurring items
excluded
Net cash flow from operating
activities
Change of Jun
Jun 30, 2025 Dec 31, 2024
Dec 31, 2024
(%)
Net assets attributable to
shareholders of the Listed 20,392,797,580.05 20,503,756,457.46 -0.54
Company
Total assets 38,384,113,264.93 39,168,460,647.21 -2.00
(ii) Major financial indicators
Jan-Jun Jan-Jun
Major financial indicators YoY change (%)
Basic EPS (RMB) 0.31 0.27 14.81
Diluted EPS (RMB) 0.31 0.27 14.81
Basic EPS after deducting non-recurring
gains and losses (RMB/share)
Weighted average ROE (%) 8.03 7.86 Up 0.17 ppt
Weighted average ROE after deducting
non-recurring gains and losses (%)
Illustration on major accounting data and financial indicators
√Applicable □Not applicable
services and commodity sales, which increased by RMB 160 million and RMB 638 million
respectively, with growth rates of 43.16% and 16.38%.
million YoY, mainly due to the continuous improvement of profits of market operation and trade
fulfillment service.
mainly due to a YoY increase of RMB 1.592 billion in net cash received from sales of goods and
provision of services, mainly attributable to pre-opening rent prepaid by the fashion & jewelry
tenants at the Yiwu Global Digital Trade Center (Market Division), partially offset by a YoY
increase of RMB 410 million in taxes paid.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
VIII. Differences in accounting data between foreign and Chinese accounting standards
□Applicable √Not applicable
IX. Non-recurring items and amounts thereof
√Applicable □Not applicable
Unit: RMB
Non-recurring items Amount Remark (if applicable)
Non-current asset disposal gains and losses, including
the offsetting portion of the provision for impairment of -8,650.50
assets
Government grants that are recognized in the current
profit or loss, excluding the government grants that are
closely related to the normal operation of the Company
and provided in a fixed amount or quantity and that have
a continuous impact on the Company's gains and losses
according to the national polices and certain standards
Except for effective hedging business related to the Due to gains and losses
normal operation of the Company, the fair value gains arising from the disposal of
and losses arising from the holding of financial assets held-for-sale financial
and financial liabilities by non-financial enterprises, as assets and gains and
well as the gains and losses arising from the disposal of losses from changes in fair
financial assets and financial liabilities value held
Cash occupation fees charged from non-financial
enterprises that are recognized in the current profit or 12,661,713.00
loss
Profits and losses arising from external entrusted loans 1,249,433.96
Net income from other non-operating activities 4,955,032.02
Less: effect of income tax 3,271,636.91
Effect of minority interest (after-tax) 580,234.97
Total 22,761,954.98
For companies that recognize items not listed in the Explanatory Announcement No. 1 on
Information Disclosure of Companies Issuing Securities to the Public - Non recurring Profit and
Loss as non recurring profit and loss items with significant amounts, and for companies that
define non recurring profit and loss items listed in the Explanatory Announcement No. 1 on
Information Disclosure of Companies Issuing Securities to the Public - Non recurring Profit and
Loss items as recurring profit and loss items, the reasons should be explained.
□Applicable √Not applicable
X. Companies with equity incentives and employee stock ownership plans may choose
to disclose their net profit after deducting the impact of share-based payments
√Applicable □Not applicable
Unit: RMB
Major accounting data Jan-Jun 2025 Jan-Jun 2025 YoY change (%)
Net profit after deducting the impact
of share-based payments
XI. Other
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Section III. Discussion and Analysis of Managers
I. Description of the industry and the Company’s main business during the reporting
period
(i) Industry situation of the Company
According to the definitions in the Guidelines for Industry Classification of Listed
Companies (revised in 2012) released by the CSRC, the Company is engaged in “Business
Service” (L72) in “Lease and Business Service” (L).
As a globally renowned small commodity trading center, Yiwu International Trade City has
maintained a leading position in the comprehensive market in China for many years due to its
huge market transaction volume and wide variety of goods. The Yiwu market has not only
formed a strong industrial cluster support in the field of small commodity circulation, but also
driven the development of 2.1 million small and medium-sized enterprises and employment of
The significant characteristics of the Yiwu market can be summarized from the following
aspects:
not only drives the development of more than 20 industrial clusters and 2.1 million small and
medium-sized enterprises across China, but also attracts over 20,000 resident foreign
merchants and more than 10,000 foreign entities, making Yiwu an important gathering place for
global merchants and known as the "World Supermarket". At present, there are over 200,000
market practitioners, 75,000 operating shops, and a total of over 1.2 million market entities.
market gathers 26 major categories and 2.1 million types of products, forming an "ocean of
small commodities and paradise for shoppers ". The Yiwu market launches tens of thousands of
new products daily, exporting not only small commodities but also their quality, brands, and
standards worldwide. It has emerged as a flagship hub for “China Chic Trend” and a “Source for
Hit Products.”
trade business scenarios. The pioneering market procurement trade method (customs
supervision code: 1039) has driven a 6.6-fold increase in Yiwu's foreign trade exports in the
past decade, and has been promoted to 39 pilot units across China. New business forms such
as import transshipment, internet celebrity live streaming, and cross-border e-commerce are
constantly emerging, forming an e-commerce ecosystem for the full industry chain. The
integration and development of the real economy and digital economy have enabled Yiwu to
continue to lead the new trend of global trade.
enterprises to engage in small commodity trade. Since the pilot program of comprehensive
reform in international trade, Yiwu has formed multiple national-level open platforms, including
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
the Free Trade Zone, Comprehensive Bonded Area, Cross-border E-commerce
Comprehensive Pilot Area, and Import Trade Promotion Innovation Demonstration Area. In
December 2024, Yiwu was approved for a new round of pilot reforms in international trade. The
logistics network has covered over 1,500 counties and cities across China and over 700 hub
cities worldwide. Government, business, and life services are in line with international standards,
providing comprehensive "customs, taxation, currency exchange, transportation, warehousing
and financing" services, with continuously optimized the business environment.
The Yiwu market, as a key platform connecting domestic and international trade supply
chains, occupies a core position in the global small commodity supply chain and plays a crucial
role in promoting internal circulation, enhancing external circulation, and serving the new
development pattern of "dual circulation". As a leader and demonstration site in the national
market procurement and trade mode, Yiwu has maintained high-speed growth for many years,
effectively stimulating the vitality of market entities and further improving the level of trade
facilitation.
In the first half of 2025, the total import and export value of Yiwu City reached RMB 405.83
billion, a YoY increase of 25.0%; Among them, exports amounted to RMB 358.63 billion, a YoY
increase of 24.6%, with a contribution rate of 41% to Zhejiang Province's incremental growth;
Imports amounted to RMB 47.2 billion, a YoY increase of 28.3%. The import-export, export, and
import values accounted for 14.9%, 17.3%, and 7.2% of the province’s total respectively,
representing increases of 2.2, 2.2, and 1.6 percentage points in their respective shares. Yiwu's
imports continued to grow with an ongoing optimization of product structure. From January to
June, Yiwu imported consumer goods worth RMB 25.93 billion, an increase of 17.9%,
accounting for 54.9% of the city's total import value. Among them, imports of beauty cosmetics
and hygiene products reached RMB 4.51 billion, up 7.5%, while imports of machinery and
electrical products reached RMB 2.5 billion, surging 57.9%.
Yiwu continuously gathers new momentum in foreign trade by exploring emerging markets,
building high-level open platforms, and cultivating and strengthening advantageous industries.
From the perspective of trade regions, from January to June, Yiwu City's imports and exports
with Africa, Latin America, ASEAN, and the European Union were RMB 71.95 billion, RMB
and 21.3% YoY, respectively. RMB 273.82 billion in total import and export volume was
recorded with countries jointly building the Belt and Road Initiative (BRI), reflecting a 26.9%
increase and accounting for 67.5% of Yiwu’s total trade during the same period.
This year, bolstered by the comprehensive reform of international trade, Yiwu has
innovated measures such as "market procurement + consolidated shipping" and "cross-border
e-commerce + industrial clusters." Exports through the market procurement trade model
reached RMB 298.4 billion, a year-on-year increase of 28.2%, accounting for 83.2% of Yiwu's
total export value, with a contribution rate of 92.6% to the city's exports.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
The Company integrates market resources through digital means, connects various links in
the supply chain, improves the efficiency of commodity circulation, and promotes the iterative
upgrade of market procurement trade method to Version 2.0. Market procurement trade method
has become the main force driving the growth of Yiwu's exports. In regional trade, Southeast
Asia, the Middle East, and Latin America continue to hold a high market share in trade with
Yiwu, while trade with Africa and ASEAN is growing rapidly. Countries along the "Belt and
Road" and in the "RCEP" region are continuously bringing new opportunities to the Yiwu market,
and the Company's Yiwu Market project has become a new highlight of the Yiwu market.
The prosperous development of Yiwu market not only demonstrates the vitality and
resilience of the economy, but also reflects the innovation and transformation of market entities.
Relying on the unique advantage of being the world's largest commodity distribution center, the
Company collaborates with Yiwu Culture and Tourism Bureau to innovate and build a dual
wheel driven ecosystem of "commerce and trade + culture and tourism", promoting
"procurement-based tourism" as a new driving force for regional consumption. Therefore, new
sale formats such as "walking live-streaming" have emerged. Through the luggage of travelers
and the lenses of bloggers and streamers, “shopping tourism” has transcended mere shopping.
It now delivers deeper cultural and experiential significance. Leveraging this tourism model, a
cultural and tourism integrated experience scene where visitors can perceive, participate in, and
shop has been created within this vast marketplace, home to 2.1 million SKUs of small
commodities, allowing visitors to immerse themselves fully.
Thanks to favorable policies such as the "240-hour visa-free transit" and measures like
"immediate tax refund upon purchase" for departing tourists, an increasing number of
international visitors are listing Yiwu as a core destination for "China travel." After entering
China, they made a special trip to Yiwu to enjoy one-stop procurement services. According to
statistics, from January to June, Yiwu received a total of 299,000 inbound foreign business
travelers, representing a YoY increase of 19.6%. Based on "shopping + food", the Company
has jointly created the hit cultural tourism IP, "So Much to Explore in Yiwu", and the popularity of
"tasting global food, buying global goods, and making global friends" continues to increase.
During this year's May Day holiday, the city received a total of 2.776 million tourists, up 29.99%
YoY, achieving a comprehensive tourism revenue of over RMB 1.1 billion.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(ii) Business situation of the Company
The Company is committed to building a shared trade service platform for small and
medium-sized enterprises in China, with a strategic positioning of a "Famous Trade Service
Platform ", continuously enriching and improving the three major ecosystems: commodity
display and trading ecosystem, supporting services ecosystem, and trade services ecosystem,
in order to reduce trade costs, shorten trade chains, improve trade efficiency, continuously
create value for the circulation of small commodities, strengthen and consolidate the
advantageous position of China's daily consumer goods supply chain in global trade, and serve
the new development pattern of domestic-international dual circulation.
The commodity display and trading ecosystem includes on-site market operation and
self-operated trade product sales, supporting service ecosystem includes exhibition and hotel
sectors, and trade service ecosystem includes Chinagoods online service platform,
warehousing logistics and payment, credit reporting, factoring and other businesses.
(1) Product display and trading ecosystem
The market operation business is mainly operated and managed by the subordinate market
operation companies of the Company. The market operation segment’s primary revenue comes
from shop rental fees and operational service fees. The Company adopts a shop rental model,
where ownership of the shops remains with the Company, while merchants only hold the right to
use the shops during the contract period. The Company and market traders sign a contract to
clearly stipulate the use period, usage fee and business purpose of the shops. The merchant
shall not change the agreed business purpose, and shall not sublet without the Company’s
consent. The payment for the usage fee shall be made annually or biennially as stipulated in the
contract. The Company currently operates a diverse range of markets, which encompass the
First to Fifth District Markets, the First District East Expansion Market, the Second District East
Market within the International Trade City, in addition to the Huangyuan Market and the
International Production Goods Market.
ICMALL is the initials of international commodity mall, which is a subsidiary of the
well-known Chinese trademark "Yiwu China Small Commodities City". "爱喜猫" is the Chinese
transliteration of ICMALL. With the brand vision of "discovering the best products in the world",
ICMALL combines over 20,000 high-quality products from imported goods and trendy domestic
products, covering six categories: home life, beauty and skincare, mother and baby products,
snacks and beverages, entertainment and cultural creativity, and toy digital. ICMALL strives to
create a super supply chain channel brand in new fashion, new consumption, and new
experience application scenarios.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
The Company enters the upstream and downstream of market trade through self-operated
trade, fully leveraging its platform and brand advantages, linking trade with the market and
nurturing the market, and forming a virtuous and orderly cycle.
(2) Supporting service ecology
The Company's exhibition sector has developed into a professional exhibition enterprise
with one-stop service that integrates domestic exhibition organization, overseas exhibition,
exhibition hall management, and exhibition supporting services. The exhibition business mainly
undertakes self-operated exhibition projects both in China (China Yiwu International
Commodities Fair (UFI), China Yiwu Imported Commodities Fair (UFI), China Yiwu International
Forest Products Fair (UFI), etc.) and overseas (Korean Import Goods Exhibition, China
Consumer Goods (Russia) Brand Exhibition, Benin (West Africa) China Commodities Exhibition,
etc.), and also engages in exhibition hall operation, development, leasing and other exhibition
industry chain services. It also undertakes the operation and management of the Yiwu
International Expo Center.
The hotel service business is mainly operated and managed by the Company's subsidiary
Zhejiang Yandoo Hotel Management Company. There are currently 7 star-rated hotels, 1
high-end homestay, and two catering brands, Fingertip Canteen and Yandoo Cafe. The
Company's hotels mainly provide comprehensive services such as accommodation, catering,
leisure and entertainment, and conferences. The hotel's main revenue includes room sales,
catering sales, commodity sales, and venue leasing. Sales of guest rooms and catering mainly
rely on channels such as clients agreements, conferences, wedding banquets and
recommendation by operators of online booking platforms.
(3) Trade service ecology
The Chinagoods platform of the Company is a B2B digital trade comprehensive service
platform that relies on the Company's 75,000 physical shops in the market, serving 2.1 million
small and medium-sized enterprises in the upstream and downstream of the industrial chain. It
is driven by trade data integration and connects with the needs of both supply and demand
sides. The current revenue model of the platform is to collect service fees by providing basic
services and value-added services for members, digital advertising business services, digital
services for financial institutions, and fourth-party services.
The Company's warehousing sector is led by warehousing, strengthening the service
capacity of Yiwu freight warehouses, regional warehouses, and overseas warehouses, and
deeply entering various links of the trade chain. The Company currently has four parks:
Chinagoods Shared Cloud Warehouse, International Digital Logistics Market, Huanqiu Yida
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Supply Chain Industrial Park, and Cross-Border E-Commerce Logistics Park. Chinagoods
Shared Cloud Warehouse is market-oriented and uses digital means to form a fully visible
warehouse system. It combines public warehouses, express package distribution, and
international consolidation to provide convenient warehousing services for market operators,
domestic and foreign buyers, logistics and express delivery companies, as well as freight
forwarders and foreign trade companies. International Digital Logistics Market and Huanqiu
Yida Supply Chain Industrial Park are based on warehousing systems, providing efficient,
convenient, and three-dimensional warehousing service systems for market operators.
The Company's "Yiwu Pay" is a licensed third-party payment institution supervised by the
People's Bank of China, providing convenient and secure electronic payment solutions for
merchants through internet payment technology. Yiwu Pay was established in 2012. With its
professional global payment service capabilities, financial compliance capabilities, and security
risk control capabilities, Yiwu Pay provides a one-stop cross-border payment solution for
domestic and foreign customers, enabling them to receive payments in compliance, settle
foreign exchange easily, improve fund utilization efficiency, and ensure safe receipt of funds.
The Company’s business covers various scenarios such as online and on-site B2B payments,
cross-border payments, etc. Domestic payment business: As a licensed payment institution,
Yiwu Pay links major domestic banking institutions through clearing organizations such as
UnionPay and NetsUnion Clearing Corporation, providing merchants with collection services
such as bank card fast payment, QR code scanning payment, wallet payment, and e-CNY
payment, and obtains payment fee. Cross-border payment business: Yiwu Pay provides
one-stop cross-border fund services such as global collection and payment, foreign exchange
management, etc. for import and export enterprises, and obtains cross-border payment fee.
Payment service business: Yiwu Pay collaborates with CCC Credit, banks and other institutions
to provide merchants with a financing credit model based on payment data as the underlying
layer, and CCC Credit uniformly encapsulates and outputs it to financial institutions such as
banks, providing financing services and obtains corresponding service fees.
CCC Credit was established in July 2014, collaborating with government departments to
promote the construction of the city's social credit system. It has established a data system
centered on public data, commercial data, and e-commerce data. By constructing precise
enterprise portraits, it provides technical support in credit verification, joint rewards and
punishments, inclusive finance, and other fields of government and financial institutions, and
empowers trade ecological value with data elements. Currently, it covers 1.08 million legal
entities, with a total of over 164 million pieces of data. Through an enterprise credit information
inquiry platform, CCC Credit provides financial institutions with enterprise credit information
query services and supports data management for banks' inclusive finance initiatives. Currently,
it has provided credit lines for over 50,000 entities, with a total credit amount exceeding RMB
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
interface docking, and data support based on inclusive finance for banking and insurance
institutions.
Established in January 2022, Zhejiang China Commodities City Group Commercial
Factoring Co., Ltd. is a local financial institution approved by the Zhejiang Provincial Local
Financial Regulatory Administration. It primarily engages in trade finance activities by factoring
accounts receivable, including settlement, management, and collection of accounts receivable;
client credit investigation and assessment; and non-commercial bad debt guarantees. Zhejiang
China Commodities City Group Commercial Factoring Co., Ltd. mainly serves merchants at the
Yiwu International Trade City, with its primary revenue derived from interest income on factoring
financing and service fee income. After the expansion of business scale in the later stage,
China Commodities City Factoring can cooperate with banks and other funding parties to obtain
service fees.
Explanation of significant non-core business additions by the Company during the reporting
period
□Applicable √Not applicable
II. Discussion and analysis of operating status
it deepens its comprehensive international trade reforms. Aligned with the new development
phase, the Company is committed to its core mission of “pioneering systemic innovation for
China and forging new pathways for opening up.” By leveraging reform opportunities and
harnessing the momentum of “building new models and achieving greater glories,” it aims to
elevate its business development to new heights.
During the reporting period, facing many challenges such as intensified global trade
frictions, disruptions in the supply chain, and increased external uncertainty, the Company
steadfastly assumed the responsibility of stabilizing foreign trade and expanding markets,
withstood pressure, and forged ahead. Centered on the strategic goal of "Becoming a Famous
Trade Service Platform," the Company focuses on four core strategies: enhancing physical
markets, upgrading trade services, building a digital ecosystem, and deepening global
expansion, continuing to achieve comprehensive improvements in operating scale, quality,
profitability, and global brand influence. In the first half of 2025, the Company achieved a
revenue of RMB 7.713 billion, a YoY increase of 13.99%; The net profit attributable to
shareholders of the Listed Company reached RMB 1.691 billion, a YoY increase of 16.78%.
(i) The prosperous physical market demonstrates robust resilience, while
the construction of the Global Digital Trade Center accelerates with enhanced
efficiency
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
In the first half of 2025, Yiwu International Trade City received an average of over 230,000
customers per day, including over 3,800 foreign merchants per day. Major market indicators
such as traffic volume and Yiwu Index performed well, and the overall operational situation was
stable. In the face of the current complex and volatile international trade environment, Yiwu
market's strong development resilience and competitive advantages have become increasingly
evident.
The Company actively adapts to the development trend of new trade models and business
forms, and accelerates the construction of a new generation of market, the Global Digital Trade
Center, with digitalization as the core. The Global Digital Trade Center project integrates five
functional modules: markets, commercial office buildings, a digital command center, apartments,
and commercial districts. It incorporates digital infrastructure and services, integrating design,
manufacturing, exhibition, trading, trade fulfillment, and upstream/downstream links of the small
commodity industry chain to jointly form a new digital trade ecosystem.
During the reporting period, the construction of the Global Digital Trade Center progressed
steadily, with critical milestones consistently achieved. In terms of project implementation, the
construction of the market section has been successfully completed, creating favorable timing
opportunities for subsequent work. In shop leasing, market enthusiasm continues to rise. The
first batch of 389 fashion and jewelry shops attracted over 4,700 enterprises to actively apply,
achieving a 100% leasing completion rate with over 70% of new entities; the second batch,
comprising 1,308 shops for creative trendy toys, skincare, and medical beauty products,
combined with the first batch, has attracted more than 24,000 entities to apply in total. The third
batch covers industries such as drones and unmanned equipment, robots and artificial
intelligence equipment, AR/VR equipment, and fashion clothing fabrics. Registration officially
began on July 23, and the leasing campaign for all the industries is planned to be completed by
the end of August. In terms of platform ecosystem construction, the Company is collaborating
with leading robotics enterprises to explore innovative applications of intelligent robots in
commercial and trade scenarios; partnering with Tencent and Baidu to develop an integrated AI
navigation and shopping guidance system for both on-site and online environments; meanwhile,
have clearly expressed their intention to enter the market, making the agglomeration effect of
the Global Digital Trade Center increasingly prominent. In digital infrastructure, the Company
has formed a strategic partnership with Alibaba Cloud to jointly develop an AI large model
dedicated to the small commodities trade sector, the "YW" large language model in commerce
and trade, focusing on key functional modules such as dialogue, content creation, and
translation based on foreign trade scenarios. Meanwhile, the cross-border access infrastructure
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
network equipment supporting global business expansion has been fully installed and deployed,
and the framework of the digital infrastructure has been initially established.
(Figure 1. Merchants collect bidding documents at the bidding site of the Global Digital
Trade Center)
(ii) The full-chain empowerment with AI delivers remarkable results, while the open
ecosystem builds robust momentum
During the reporting period, the number of registered purchasers on the Chinagoods
platform exceeded 5.1 million, covering over 200 countries and regions. The Company
leveraged AI-generated content (AIGC) to empower small commodity trading applications,
covering key trade links such as product display, trade matching, and traffic marketing, helping
merchants reduce costs and increase efficiency while promoting deep integration of traditional
markets with foreign trade ecosystems.
The Chinagoods platform has consistently deepened its AI-powered capabilities. Since
October 2023, it has intensively launched the “Xiaoshang AI” application series, covering
diverse scenarios including video translation, AI translator, shop assistant, design, independent
website, digital business cards, and video creation. Cumulative usage and visits have
surpassed the 1 billion mark, demonstrating strong user retention and market recognition.
Among them, the "AI translator" function, which accurately responds to the needs of foreign
trade entities, has, through continuous iterations, fully supported the translation of 116
languages, and integrated AI simultaneous interpreting, voice translation, picture translation,
text translation, document translation and other comprehensive capabilities, becoming a core
tool to help merchants seamlessly connect to the global market. The AI-driven product matrix
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
has effectively enhanced the platform’s value. Its operating entity (the Big Data Company)
reported H1 2025 revenue of RMB 257 million and net profit of RMB 155 million, a YoY increase
of 109.69%.
Chinagoods platform is actively building an open and collaborative digital trade ecosystem,
extensively integrating resources from e-commerce platforms, trading entities and third-party
service providers. Through multi-dimensional models including platform settlement, business
cooperation and service collaboration, it creates diversified online growth channels for
merchants in Yiwu market. The Company has partnered with the Xiaohongshu platform to
launch an innovative cooperation project and established a "Merchant Growth Community Club"
in the First District of Yiwu International Trade City, accurately empowering the first batch of 100
market merchants to efficiently settle in. This project has created a new online traffic acquisition
channel through a "content seeding - commercial conversion" closed loop, significantly
increasing the average daily customer inquiry volume for merchants in sectors such as the
trendy toy industry, becoming an innovative model for the integration of the platform economy
and the real economy. On May 20, 2025, the Chinagoods platform launched its week-long
“Global Digital Trade Center E-Commerce Leasing Campaign,” attracting participation from 17
internationally renowned e-commerce platforms including Amazon and TikTok. The event
featured 14 intensive platform engagement activities, generating extensive coverage from over
campaign’s digital content achieved over 100 million cumulative views online, significantly
boosting the global appeal and influence of Yiwu’s e-commerce ecosystem.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(Figure 2. Launch Ceremony of Sandbox Testing for the "YW" Large Language Model in
Commerce and Trade)
(iii) Exhibition innovation achieves dual growth in scale and quality, while hotel
upgrades enable synergistic ecosystem empowerment
During the reporting period, CCC Exhibition continued to deepen its business philosophy of
"two-way empowerment and integrated exhibition", strengthen the linkage of domestic and
foreign resources and digital operation capabilities, and steadily improve the scale and quality
of exhibitions. From January to June 2025, Yiwu China Commodities City Exhibition Co., Ltd.
(hereafter referred to as "CCC Exhibition") achieved a revenue of RMB 75.9211 million and a
net profit of RMB 16.9504 million; A total of 34 domestic exhibitions and events were held
(including 8 new cultivation projects), with a total exhibition area of 605,400 square meters,
attracting over 993,800 purchasers and an intended transaction volume exceeding RMB 9.567
billion. Innovative business highlights shine through: Emerging exhibitions such as the China
Yiwu International Daily Consumer Goods Innovation Fair (Daily Consumer Goods Fair)
featured over 800 booths covering 15,000 square meters, attracting nearly 30,000 purchasers
and generating intended transaction value of RMB 337 million. Meanwhile, the Yiwu
International Door Industry Fair (Door Fair) spanned 10,000 square meters, gathering more
than 300 enterprises and welcoming close to 25,000 purchasers, with intended transactions
reaching RMB 130 million. The Company’s cultural and creative business is thriving.
Leveraging its market-driven R&D strengths, it has provided design services for clients such as
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Jinchuan Group, Lishui Shanfeng, and Yiwu Museum, successfully launching over 40 culturally
integrated products. The Company has also reached cooperation agreements with Shaanxi
History Museum, Gansu Wuwei Cultural Tourism Group, and Jingdezhen Cultural and Creative
Industry Base, and is actively advancing product selection and design. These efforts continue to
expand its business footprint and strengthen its competitive edge in the market. In April 2025,
CCC Exhibition successfully entered the Innovation Tier of the National Equities Exchange and
Quotations (NEEQ), marking a new level of enterprise development and providing strong
impetus for sustained high-quality development in the future.
During the reporting period, the Company's hotel sector focused on "platform
empowerment, ecological collaboration, and brand upgrading" as its business core, achieving a
revenue of RMB 234 million (including entrusted hotels) in the first half of 2025. The
construction of the member ecosystem has achieved significant results, upgrading the "Yandoo
Circle" member platform and driving a YoY growth of 23% in member channels; Collaborating
with Chinagoods, innovatively creating a three-level integrated system of "merchants,
purchasers, and Group VIP", and accumulating over 5,000 high net worth members; The smart
catering ecosystem continues to develop, and the "Fingertip Canteen" brand has been widely
recognized among the merchant community. Online consumption accounts for 55.41%, and the
contribution of orders from merchants and purchasers is close to 60%. The Company has
synchronized the hotel management data chain and increased the proportion of direct sales to
customer satisfaction to maintain a leading position in the industry.
In terms of expanding the brand matrix, the preparation work for the long-term rental
apartment of "CCC Dreamer" and mid- to high-end hotels at the Global Digital Trade Center is
steadily advancing, and breakthroughs have been made in the output of light asset
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
management. Green operations have become a core competitive advantage—rooftop
photovoltaic projects reduce 300 tons of carbon dioxide emissions annually and have received
provincial recognition; the "Happiness Banquet" green wedding model was featured in a special
report by Zhejiang TV. The number of wedding supplies buyers increased by 17% compared to
the same period last year, demonstrating how hotel ESG practices are gradually transforming
into drivers of business growth.
(Figure 3. Foreign merchants participating in the Chaoshan Food Festival held by the hotel)
(iv) Build a strong foundation for intelligent logistics network, and advance
cross-border financial services globally
During the reporting period, the International Digital Logistics Market was officially put into
operation. Together with the Cross-border E-commerce Logistics Park, the Huanqiu Yida
Supply Chain Industrial Park, and the Chinagoods Shared Cloud Warehouse, the total
operational area exceeded 900,000 square meters, with an overall occupancy rate surpassing
entities. Expand the digital supply chain platform, focus on the digital improvement of cargo
logistics, and globally expand the "two warehouses and one route" delivery system of domestic
warehouses, overseas warehouses, and international logistics dedicated routes. A FBC
warehouse in Chicago, USA has been put into trial operation. The Zhijie Yuangang Digital
Supply Chain Platform provided 65,000 TEUs of higher-quality and more stable international
logistics services to the Yiwu market from January to June 2025, a YoY increase of 77%. It has
served more than 1300 customers and covers 162 airlines, 159 countries, and 697 destination
ports worldwide.
Expanding import scale is the core mission of the new round of Yiwu international trade
comprehensive reform and a key initiative for Yiwu market to integrate domestic and foreign
trade, serving the domestic-international dual circulation. The Company is actively seizing new
development opportunities and engaging in the pilot work for innovative development of import
trade, accelerating the construction of import platforms such as Yiwu Comprehensive Bonded
Zone, Import Commodities City, and the Import Commodities Fair.
During the reporting period, as the only whitelisted enterprise in China’s import positive list,
the Company pioneered an innovative pilot program covering 28 categories of daily consumer
goods and 5 categories of parallel-imported home appliances, involving 193 SKUs. The pilot
achieved 2,600 sales orders, exceeding policy targets six months ahead of schedule.
Concurrently, the Company established a “bonded zone+” industrial cluster in the Yiwu
Comprehensive Bonded Zone, successfully attracting bonded projects such as cosmetics
repackaging and health food processing, injecting new momentum into import trade upgrading.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
During the reporting period, Yiwu Pay continued to deepen cross-border financial
innovation and service capacity building, achieving significant leaps in global layout and
business scale. From January to June 2025, the cross-border payment amount of Yiwu Pay
exceeded 2.5 billion US dollars, a YoY increase of over 47%. Its business covers more than 170
countries and regions worldwide, and has opened cross-border accounts for more than 20,000
merchants, supporting the exchange of 26 mainstream currencies. Yiwu Pay achieved steady
growth in operating performance, with a total profit exceeding RMB 40 million during the
reporting period, representing a YoY increase of over 50%. Powered by cutting-edge
technologies like big data and machine learning, Yiwu Pay has established an integrated “trinity”
intelligent payment ecosystem, encompassing end-to-end encrypted transmission, AI-driven
risk control, and round-the-clock expert emergency response. This robust framework ensures
secure, seamless, and high-efficiency operations for global cross-border transactions.
Yiwu Pay is deeply involved in the new round of the comprehensive reform of international
trade. The five tasks on the list related to Yiwu Pay in the "Implementation Plan for Deepening
the Comprehensive Reform of International Trade in Yiwu City, Zhejiang Province (2025-2027)"
are being efficiently advanced. Notably, the task of supporting the expansion of the direct
collection model's service scope to the entire province was completed ahead of schedule and
successfully implemented its first transaction in June. The Company has continued to optimize
the domestic payment ecosystem, closely providing technical services aligned with the Group's
business scenarios, completed the integration of CCC Credit data, and upgraded the CCC
E-Card functionality. The Company is accelerating its global expansion by actively pursuing key
financial licenses (e.g., Hong Kong MSO and TCSP), completing partner selection, customs
documentation submission, and system localization preparations. It has deepened collaboration
with banking institutions, launching USD direct collection and enhanced cross-border RMB
transfer capabilities, while successfully establishing Nigerian Naira settlement services. The
rollout of an English-language cross-border system marks continued improvements to its core
service capabilities. Facing a complex international trade and economic environment, Yiwu Pay
proactively introduced preferential policies for cross-border collections for enterprises exporting
to the US, and collaborated with banks to provide exchange rate risk hedging support,
continuously enhancing its brand influence. Leveraging the omnichannel coverage of its
multi-platform communication matrix and the in-depth operation of thematic campaigns,
coupled with its high-profile debut at the world’s premier fintech exhibition “Money 20/20
Europe,” the initiative showcased China’s emerging cross-border payment capabilities on the
global stage, marking a pivotal step in international brand building.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(Figure 4. Yiwu Pay debuts at Money20/20 European Summit)
(v) The Yiwu Market project expands into emerging markets, elevating global hub
capabilities through strategic network deployment
In 2025, the Company will vigorously advance the brand globalization strategy of “Yiwu
China Commodities City” (Yiwu Market project), closely aligning with international market trends
to expand its global small commodity distribution network and unlock new opportunities for
foreign trade growth. During the reporting period, the Company accelerated its strategic
expansion, focusing on high-potential emerging markets such as the Middle East, South
America, and Africa. A total of 13 new Yiwu Market projects were successfully launched,
significantly enhancing Yiwu Market’s global resource allocation efficiency and international
competitiveness. The globalization expansion has once again made a breakthrough, and the
landmark first overseas sub market in East Asia, the Osaka Yiwu Market, Japan, grandly
opened on June 26; Two FBC overseas warehouses in Chicago, USA and Lagos, Nigeria, have
been opened, with standard storage area of over 27,000 square meters; 8 new overseas
exhibition halls were established in countries including Kenya, Italy, and South Africa, to
strengthen localized display and communication capabilities; Two "Yiwu Fair" overseas brand
exhibitions were successfully held in Indonesia and Mexico, effectively radiating the regional
market; Overseas sub-market reserve projects in countries such as Mexico and Kyrgyzstan are
also accelerating their implementation process. The Company continues to deepen its global
presence.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(Figure 5. Opening of Osaka Yiwu Market, Japan)
Significant changes in the Company's operations during the reporting period, as well as
events that have a significant impact or are expected to have a significant impact in the
future on the Company's operations
□Applicable √Not applicable
III. Analysis of core competencies during the reporting period
√Applicable □Not applicable
(I) Advantages of first mover and continuous reform
In the early days of China's reform and opening-up, Yiwu took the lead in establishing its
small commodity market. Over the past four decades, the Yiwu market has undergone five
major upgrades and twelve expansions, consistently ranking among the top comprehensive
markets nationwide in transaction volumes, demonstrating its significant first-mover advantage.
As the largest commodities distribution center in the world, the Yiwu commodities market
provides more than 2.1 million products, which fall in 26 categories and supports one-stop
purchase. The market boasts enormous resources and huge business flow, goods flow, cash
flow and information flow.
(II) Advantages of brand
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
“Yiwu China Commodities City” is the first market identified by the SAIC as a well-known
trademark among the national commodities trading markets. The Company has taken multiple
measures to give play to the brand of “Yiwu China Commodities City” and is committed to
improving its influence and leading role in the industry. Its brand advantages and influence have
kept improving.
(III) Advantages of auxiliary services
The People’s Government of Yiwu has been providing policy support for the development
of the market for years, and the auxiliary industries are developing rapidly in Yiwu.
Yiwu has in place perfect commerce and trade auxiliary facilities and advantageous
logistics service. The logistics network has full coverage in Yiwu. A large number of large-sized
international and domestic express delivery and logistics companies have regional distribution
centers in Yiwu, and a world-oriented goods transport and distribution network has been
established. Yiwu has been listed among the “commerce and trade-oriented national logistics
hubs” by the National Development and Reform Commission and the Ministry of Transport.
According to data released by the State Post Bureau, in the first half of 2025, the volume of
express delivery services in Jinhua (Yiwu) exceeded 8.92 billion, ranking first in China.
During the recent years, thanks to the Yiwu China Commodities City, the Yiwu-centered
manufacturing industry cluster has been developing fast, a commodities industrial belt that is
centered in Yiwu and covers Jinhua, Lishui, Quzhou, Hangzhou, Jiaxing, Taihu, Shaoxing,
Ningbo, Wenzhou and Taizhou with an area of nearly 10,000 sq. km has been established, and
a benign mechanism under which the Yiwu wholesales market and the peripheral industry
cluster develop together has been formed.
The major international trade exhibitions held by the Company’s exhibition business
division such as China Yiwu International Commodities Fair, China Yiwu International Forest
Products Fair, China Yiwu International Imported Commodities Fair and China Yiwu Hardware
and Electrical Expo support and cultivate vertical exhibition in multiple industries such as
stationery and textiles, have developed multiple professional and international exhibition brands,
and are important national platforms for the China Commodities City to lead industry
development, develop the city economy and maintain the clusters of traders and commodities.
(IV) Advantages of diversified businesses
The Company has strengthened its presence in the related industries, made efforts on
financial investment, kept developing the exhibition business, created a new e-commerce
model, developed the hotel business and also run international trade, modern logistics,
advertising information, shopping and tourism businesses. It has created a group structure and
profit-making model of shared and interactive development of market resources.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(V) Advantages of management
In terms of personnel, management and technology, excellent operation and management
ability is one of the core competences of the Company as a professional market operating
company. The Company has developed a series of perfect management systems for market
operation and management, accumulated rich experience in operation and management, and
has cultivated a professional management team with reasonable knowledge and expertise
structures and strategic development insights.
(VI) Advantages of online and offline platform integration
The Company’s international trade city is the global leading commodity market. The
Company’s official Yiwu CCC website, chinagoods platform, relying on the Company’s 75,000
off-line shops, through integration of online and offline services, serves 2.1 million small,
medium and micro enterprises in the upper reaches of the industry chain. With trade data
integration as the core driver, it meets the needs of both supply and demand parties in
manufacturing, display transactions, warehousing and logistics, financial credit, market
management and other links.
(VII) Advantages of international logistics
The Company's Zhijie Yuangang international logistics business establishes a logistics
platform to replace the multi-layer freight forwarder system, thus shortening the level of freight
forwarder distribution, and improving logistics efficiency. In contrast, the traditional foreign trade
freight forwarders are divided into multiple levels, the logistics and transportation services are
not standardized, and the service prices vary widely and are usually not the lowest price.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
IV. Operating status during the reporting period
(i) Analysis of main business
Unit: RMB
Amount in the same
Amount in the YoY change
Subject report period of the
current report period (%)
previous year
Operating revenue 7,712,799,130.26 6,765,934,137.13 13.99
Operating cost 5,279,388,914.07 4,527,895,348.12 16.60
Sales expenses 104,941,801.54 92,206,144.98 13.81
Administrative expenses 196,210,098.67 218,138,951.18 -10.05
Financial expenses 17,153,173.76 53,571,231.34 -67.98
R&D expenses 9,884,690.75 11,759,206.64 -15.94
Net cash flow from operating
activities
Net cash flow from investing
-891,859,376.41 -1,323,845,089.70 NA
activities
Net cash flow from financing
-1,341,812,237.34 -738,900,347.95 NA
activities
Explanation for changes in financial expenses: mainly due to a YoY decrease of RMB 70 million
in interest expenses for the current period.
Explanation for the change in net cash flow generated from operating activities: mainly due to a
YoY increase of RMB 1.592 billion in net cash received from sales of goods and provision of
services, mainly attributable to pre-opening rent prepaid by the fashion & jewelry tenants at the
Yiwu Global Digital Trade Center (Market Section), partially offset by a YoY increase of RMB
profits of the Company in this reporting period
□Applicable √Not applicable
(ii) Material changes to profits caused by non-main businesses
□Applicable √Not applicable
(iii) Analysis of assets and liabilities
√Applicable □Not applicable
Unit: RMB10,000
As a As a
percentage Closing percentage of
Closing
of total balance of the total assets at
balance of YoY
Item assets at prior the end of the Reasons for change
the current the end of prior
change (%)
corresponding
period the current corresponding
period
period period (%)
Due to the redemption
Held-for-trading
- - 40,031.70 1.02 -100.00 of wealth management
financial assets
products
Mainly due to the
growth of the product
Prepayments 197,776.67 5.15 109,809.38 2.80 80.11
sales and the increase
in advance payment
Other 16,470.71 0.43 11,626.44 0.30 41.67 Mainly due to the
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
receivables accrual of interest
income from time
deposits
Due to the addition of
Debt
investments
the current period
Due to an increase in
Development research and
expenses development
investment
Deferred
income tax 9,278.05 0.24 6,212.04 0.16 49.36 Due to recalculation
assets
Due to the addition of
Other
prepaid land transfer
non-current 11,918.37 0.31 2,803.30 0.07 325.15
fees in the current
assets
period
Short-term Due to the repayment of
- - 6,005.43 0.15 -100.00
borrowings short-term loans
Mainly due to a
decrease in accounts
Accounts
payable
supporting construction
projects
Mainly due to the
payment of
Payroll payable 8,718.04 0.23 17,749.84 0.45 -50.88
performance-based
wages accrued in 2024
Mainly due to the
Tax payable 30,723.78 0.80 62,655.07 1.60 -50.96 payment of accrued
corporate income tax.
Non-current Due to the redemption
liabilities due 219,992.42 5.73 376,474.82 9.61 -41.57 of middle-term notes
within one year due
Due to the issuance of
Bonds payable 150,614.91 3.92 - - NA MTNs in the current
period
Other statements
No
√Applicable □Not applicable
(1). Scale of assets
Among them, overseas assets were RMB 578 million, accounting for 1.51% of the total assets.
(2). Explanation of the high proportion of offshore assets
□Applicable √Not applicable
Other statements
No
√Applicable □Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Unit: RMB
Item June 30, 2025 2024
Monetary funds 6,413,148.55 10,822,951.08
Long-term equity investment 102,918,559.00 102,918,559.00
Other non-current financial
assets
Other current assets 388,041,773.39 377,164,678.50
Total 1,157,569,891.74 1,151,102,599.38
The situation of restricted assets can be found in Financial Report Note VII. 31. Restricted
Assets of Ownership or Use Rights in Section VIII.
□Applicable √Not applicable
(iv) Analysis of investments
√Applicable □Not applicable
As of June 30, 2025, the total amount of external investments was RMB 8.4858801 billion
(including RMB 6.3333498 billion in long-term equity investments, RMB 630.8995 million in
other equity instrument investments, and RMB 1.5216308 billion in other non-current financial
assets), a decrease of RMB 1.0144721 billion, or 10.68%, from RMB 9.5003522 billion
(including RMB 6.9471166 billion in long-term equity investments, RMB 671.0363 million in
other equity instrument investments, and RMB 1.4818823 billion in other non-current financial
assets) at the end of the previous year. The main changes are as follows:
last year, due to the redemption of wealth management products during the current period.
(1) The investment cost decreased by RMB 1.873 million, which was due to the recovery of
RMB 1.873 million of investment funds from Yiwu Huishang Redbud Phase II Investment
Partnership (Limited Partnership);
(2) Accruals under the equity method decreased by RMB 611.8938 million, of which RMB
cash dividends, and other comprehensive income was adjusted by RMB -25,300 under the
equity method.
the end of the previous year, due to changes in the fair value of Shenwan Hongyuan's stock in
the current period.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
end of the previous year, due to an increase of RMB 40 million in investment funds from Suzhou
Xiangzhong Venture Capital Partnership (Limited Partnership) and gains and losses from
changes in fair value of RMB -251,500 in the current period.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(1).Major equity investments
□Applicable √Not applicable
(2).Major non-equity investments
√Applicable □Not applicable
Unit: RMB10,000
Cumulative
Investment
Project actual
Item Progress in the current
amount investment
period
amount
The first phase project's hotel section has completed approximately 98.5% of the total construction
volume and is preparing for preliminary completion acceptance; the second phase project has
Global Digital completed approximately 92% of the total construction volume, among which the market section has
Trade Center completed acceptance, the business section has completed approximately 83% of the total
construction volume, and the super high-rise business office building has completed approximately
(3).Financial assets measured with fair value
√Applicable □Not applicable
Unit: RMB 10,000
Profit and loss
Cumulative fair value Current Current Sale/redemption
Opening from changes in Other Closing
Category of assets changes included in provision for purchase amount in
balance fair value in the changes balance
equity impairment amount current period
current period
Held-for-trading
financial assets
Other equity
instruments 67,103.63 - 5,795.56 - - - -4,013.68 63,089.95
investment
Other non-current
financial assets
Total 255,323.56 -25.15 5,795.56 - 4,000.00 40,031.70 -4,013.68 215,253.03
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Securities Investment
√Applicable □Not applicable
Unit: RMB 10,000
Profit
and loss
from Cumulative Sales Profit and
Initial Opening changes fair value Current amount loss from Closing
Security Security Source of Accounting
Securities investment book in fair changes purchase in investment book
Code abbreviation funds item
cost value value in included in amount current in current value
the equity period period
current
period
Other
Shenwan Self-owned equity
Stocks 000166 55,362.54 67,103.63 - 5,795.56 - - - 63,089.95
Hongyuan funds instruments
investment
Other
Tiantu Self-owned non-current
Stocks 833979 15,519.21 3,273.15 - - - - - 3,273.15
Investment funds financial
assets
Total / / 70,881.75 / 70,376.78 - 5,795.56 - - - 66,363.10 /
Explanation of securities investment
□Applicable √Not applicable
PE investment
√Applicable □Not applicable
As of the end of the reporting period, the book value of private equity fund investments was RMB 1.2820316 billion, an increase of RMB 40 million
from RMB 1.242031 billion at the end of the previous year. This is due to the increase of RMB 40 million in investments in Suzhou Xiangzhong Venture
Capital Partnership (Limited Partnership).
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Derivatives investment
□Applicable √Not applicable
(v) Major sales of assets and equity
□Applicable √Not applicable
(vi) Analysis of major subsidiaries and associates
√Applicable □Not applicable
Major subsidiaries and associates with a net profit impact of over 10% on the Company
□Applicable √Not applicable
Acquisition and disposal of subsidiaries during the reporting period
□Applicable √Not applicable
Other statements
□Applicable √Not applicable
(vii) Structured entities controlled by the Company
□Applicable √Not applicable
V. Other disclosure matters
(i) Potential risks
√Applicable □Not applicable
commodity sales is significantly correlated with macroeconomic cycles. If global economic growth is weak and trade volume shrinks, it may lead to a
decrease in the overall prosperity of Yiwu's small commodity market, which in turn may have an adverse impact on shop rental and related
businesses.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
expansion of international trade, warehousing and logistics, supply chain, overseas development, information data, industrial investment, and
business operations, the Company may face the risk of insufficient reserves of professional talents and inter-disciplinary talents.
is more complicated and severe than before; new technologies are accelerating to breed new opportunities, and new trade models and new formats
are constantly emerging.
(ii) Other disclosure matters
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Section IV. Corporate Governance, Environment and Society
I. Changes in directors, supervisors and senior officers of the Company
√Applicable □Not applicable
Name Title Change
Chairman of the Board of Directors, Director, Chairman of
CHEN Dezhan Election
the Board Strategy and ESG Committee
Chairman of the Board of Directors, Director, Chairman of
WANG Dong Resignation
the Board Strategy and ESG Committee
BAO Hua Vice Chairman, Director, General Manager Election
Director, member of the Audit Committee of the Board of
WU Xiubin Election
Directors
Director, members of the Compensation and Evaluation
LI Chengqun Resignation
Committee of the Board of Directors
Director, member of the Audit Committee of the Board of
ZHANG Lang Resignation
Directors
HUANG Haiyang Vice general manager Resignation
LI Xiaobao Vice general manager Resignation
Statement on the changes in directors, supervisors and senior officers of the Company
√Applicable □Not applicable
Directors Mr. WANG Dong, Mr. LI Chengqun, and Mr. ZHANG Lang, as well as Deputy
General Managers Mr. HUANG Haiyang and Mr. LI Xiaobao, have submitted their resignations
from their respective positions due to organizational job transfers. Mr. CHEN Dezhan, Mr. BAO
Hua, and Mr. WU Xiubin have been elected as directors of the Company's Ninth Board of
Directors.
II. Plan for profit distribution or capital reserve into share capital
Plan for profit distribution or capital reserve into share capital made in the current period
Whether to distribute profits or capitalize the No
capital reserve
Number of bonus shares for every 10 shares NA
Dividend payout for every 10 shares (tax
NA
inclusive)
Number of shares converted from the
capitalization of capital reserve for every 10 NA
shares
Explanation of the plan for profit distribution or capital reserve into share capital
NA
III. Incentive stock option plans, employee stock ownership plans and other employee
incentives granted by the Company and the impact thereof
(i) Related equity incentive matters that have been disclosed in the provisional
announcement without progress or change in subsequent implementation
√Applicable □Not applicable
Overview of the matter Query website
On October 23, 2020, the twenty-third meeting of the eighth session of
For details,
the Company's board of directors passed the Proposal on the Company's
on the Measures for the Evaluation and Management of the Company's
Implementation of the Company's 2020 Restricted Stock Incentive Plan,
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Proposal on Requesting the General Meeting of Shareholders to Authorize announcement on
the Board of Directors to Handle Issues Related to Equity Incentives. The the website of the
independent directors of the Company issued relevant independent
Shanghai Stock
opinions.
On October 23, 2020, the sixth meeting of the eighth board of Exchange
supervisors of the Company deliberated and approved the Proposal on the (www.sse.com.cn)
Company's 2020 Restricted Stock Incentive Plan (Draft) and its Summary,
on October 24,
The Proposal on the Implementation Evaluation and Management
Measures for the Company's 2020 Restricted Stock Incentive Plan, 2020.
Proposal on Verification of the List of Incentive Objects of the Company's
relevant verification opinions. Independent financial consultants, lawyers
and other intermediary agencies issued corresponding opinions.
For details,
see the
On November 18, 2020, it received the Approval for Approving Company's
Zhejiang China Commodities City Group Co., Ltd. to implement the 2020 announcement on
restricted stock incentive plan issued by the State-owned Assets the website of the
Supervision and Administration Office of the People's Government of Yiwu Shanghai Stock
City, forwarded by Yiwu China Commodities City Holdings Ltd. (Yiwu Exchange
SASAOF〔2020〕51). (www.sse.com.cn)
on November 20,
For details,
From November 20, 2020 to November 29, 2020, the list of incentive
please refer to the
objects and positions of the 2020 restricted stock incentive plan were
Company's
internally publicized. Within the time limit of the publicity, the board of
announcement on
supervisors of the Company did not receive any objection from any
the website of the
organization or individual or bad feedback, without feedback record. On
Shanghai Stock
November 30, 2020, the Board of Supervisors of the Company issued the
Exchange
Examination Opinions and Public Statement of the Board of Supervisors
(www.sse.com.cn)
on the List of Incentive Objects of the Company's 2020 Restricted Stock
on December 1,
Incentive Plan.
On December 10, 2020, the Company's 2020 Fifth Provisional For details,
General Meeting of Shareholders deliberated and approved the “Proposal please refer to the
on the ‘Company's 2020 Restricted Stock Incentive Plan (Draft)’ and Company's
Summary”, the “Proposal on the “Measures of Assessment and announcement on
Management of Implementation of ‘Company’s 2020 Restricted Stock the website of the
Incentive Plan’”, and the “Proposal on Requesting the General Meeting of Shanghai Stock
Shareholders to Authorize the Board of Directors to Deal with Equity Exchange
Incentive Related Matters”, and disclosed the “Self-examination Report on (www.sse.com.cn)
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
the Trades of Company’s Stocks by Insiders of Company’s 2020 on December 11,
Restricted Stock Incentive Plan”. 2020.
On December 11, 2020, the twenty-sixth meeting of the eighth
session of the Company's board of directors passed the Proposal on For details,
Granting Restricted Shares to Incentive Objects for the First Time. The please refer to the
independent directors of the Company issued relevant independent Company's
opinions. announcement on
On December 11, 2020, the seventh meeting of the Company's eighth the website of the
board of supervisors passed the Proposal on Granting Restricted Stocks to Shanghai Stock
Incentive Objects for the First Time. The Board of Supervisors issued the Exchange
Verification Opinions of the Board of Supervisors on Matters Related to the (www.sse.com.cn)
First Grant of the Company's 2020 Restricted Stock Incentive Plan. on December 12,
Independent financial consultants, lawyers and other intermediary 2020.
agencies issued corresponding opinions.
For details,
please refer to the
Company's
On January 15, 2021, the Company received the Securities Change announcement on
Registration Certificate issued by the Shanghai Branch of China Securities the website of the
Depository and Clearing Co., Ltd., and the Company completed the Shanghai Stock
registration of the first grant of restricted stocks to incentive objects. Exchange
(www.sse.com.cn)
on January 19,
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
On August 9, 2021, the 35th meeting of the eighth board of directors
of the Company passed the "Proposal on Reserved Granting Restricted
For details,
Stocks to Incentive Objects", "On Adjusting the Repurchase Price of
please refer to the
Restricted Stocks and Repurchasing and Cancelling Some Restricted
Company's
Stocks" 's proposal". The independent directors of the Company issued
announcement on
relevant independent opinions.
the website of the
On August 9, 2021, the ninth meeting of the eighth Boarder of
Shanghai Stock
Supervisors of the Company passed the "Proposal on Reserved Granting
Exchange
Restricted Stocks to Incentive Objects", "Proposal on Adjusting the
(www.sse.com.cn)
Repurchase Price of Restricted Stocks and Repurchasing and Cancelling
on August 11,
Some Restricted Stocks" ". The Board of Supervisors issued the
Verification Opinions of the Board of Supervisors on Matters Related to the
Company's Reserved Grant of the Restricted Stock Incentive Plan in 2020.
For details,
see the
Company's
On November 4, 2021, the Company received the Securities Change announcement on
Registration Certificate issued by the Shanghai Branch of China Securities the website of the
Depository and Clearing Co., Ltd., and the Company completed the Shanghai Stock
registration of the reserved grant of restricted stocks to incentive objects. Exchange
(www.sse.com.cn)
on November 6,
For details,
On November 17, 2021, the Company applied to China Securities see the
Depository and Clearing Co., Ltd. Shanghai Branch for repurchase and Company's
cancellation of restricted stocks that have been granted but not yet lifted by announcement on
some resigned employees. On November 30, 2021, the Company the website of the
received the "Securities Change Registration Certificate" issued by China Shanghai Stock
Securities Depository and Clearing Co., Ltd. Shanghai Branch, and the Exchange
Company has completed the registration of the restricted stock repurchase (www.sse.com.cn)
and cancellation. on November 26,
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
On July 19, 2022, the fifty-first meeting of the eighth board of directors For details,
of the Company reviewed and approved the "Proposal on Adjusting the see the
Repurchase Price of Restricted Stocks and the Repurchase and Company's
Cancellation of Some Restricted Stocks", and the independent directors of announcement on
the Company issued a statement on this independent opinion expressing the website of the
consent. On July 19, 2022, the 14th meeting of the 8th Supervisory Shanghai Stock
Committee of the Company passed the "Proposal on Adjusting the Exchange
Repurchase Price of Restricted Shares and Repurchasing and Cancelling (www.sse.com.cn)
Some Restricted Shares". on July 20, 2022.
For details,
On October 18, 2022, the Company applied to China Securities see the
Depository and Clearing Co., Ltd. Shanghai Branch for repurchase and Company's
cancellation of restricted stocks that have been granted but not yet lifted by announcement on
some resigned employees. On October 21, 2022, the Company received the website of the
the "Securities Change Registration Certificate" issued by China Securities Shanghai Stock
Depository and Clearing Co., Ltd. Shanghai Branch, and the Company has Exchange
completed the registration of the restricted stock repurchase and (www.sse.com.cn)
cancellation. on October 19,
On December 28, 2022, the sixth meeting of the ninth session of the
board of directors of the Company passed the "Proposal on the For details,
Satisfaction of the Unlocking Conditions for the First Unlocking Period of see the
the First Grant Part of the 2020 Restricted Stock Incentive Plan". The Company's
independent directors of the Company have issued independent opinions announcement on
expressing agreement. On December 28, 2022, the second meeting of the the website of the
Company's ninth board of supervisors passed the "Proposal on the Shanghai Stock
Satisfaction of the Unlocking Conditions for the First Unlocking Period of Exchange
the First Grant of the 2020 Restricted Stock Incentive Plan". The Board of (www.sse.com.cn)
Supervisors issued the "Verification Opinion on the Satisfaction of the on December 29,
Unlocking Conditions for the First Unlocking Period of the First Grant Part 2022.
of the 2020 Restricted Stock Incentive Plan".
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
For specific
On August 17, 2023, the 12th meeting of the 9th Board of Directors of details, please
the Company approved the Proposal on Adjusting the Repurchase Price of refer to the
Restricted Stocks and Repurchasing and Cancelling Some Restricted announcement
Stocks. The independent directors of the Company expressed their disclosed by the
independent opinion of agreement on this. Company on the
On August 17, 2023, the 5th Meeting of the 9th Board of Supervisors Shanghai Stock
of the Company approved the Proposal on Adjusting the Repurchase Price Exchange website
of Restricted Stocks and Repurchasing and Cancelling Some Restricted (www.sse.com.cn)
Stocks. on August 18,
On October 19, 2023, the 13th Meeting of the 9th Board of Directors
of the Company approved the Proposal on the Satisfaction of the For specific
Unlocking Conditions for the First Unlocking Period of the Reserved Grant details, please
Part of the 2020 Restricted Stock Incentive Plan. The independent refer to the
directors of the Company have issued independent opinions expressing announcement
agreement. disclosed by the
On October 19, 2023, the 6th Meeting of the 9th Board of Supervisors Company on the
of the Company approved the Proposal on the Satisfaction of the Shanghai Stock
Unlocking Conditions for the First Unlocking Period of the Reserved Grant Exchange website
Part of the 2020 Restricted Stock Incentive Plan. The Board of Supervisors (www.sse.com.cn)
issued Verification Opinion on the Satisfaction of the Unlocking Conditions on October 20,
for the First Unlocking Period of the Reserved Grant Part of the 2020 2023.
Restricted Stock Incentive Plan.
For specific
details, please
On November 8, 2023, the Company applied to Shanghai Branch of
refer to the
China Securities Depository and Clearing Corporation for the repurchase
announcement
and cancellation of restricted stocks that had been granted to some
disclosed by the
resigned employees but still under lock-up. On November 20, 2023, the
Company on the
Company received a Securities Change Registration Certificate issued by
Shanghai Stock
Shanghai Branch of China Securities Depository and Clearing
Exchange website
Corporation, and completed the registration for the repurchase and
(www.sse.com.cn)
cancellation of restricted stocks.
on November 16,
On December 28, 2023, the 14th Meeting of the 9th Board of Directors For specific
of the Company approved the Proposal on the Satisfaction of the details, please
Unlocking Conditions for the Second Unlocking Period of the First Grant refer to the
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Part of the 2020 Restricted Stock Incentive Plan. On December 28, 2023, announcement
the 7th Meeting of the 9th Board of Supervisors of the Company approved disclosed by the
the Proposal on the Satisfaction of the Unlocking Conditions for the Company on the
Second Unlocking Period of the First Grant Part of the 2020 Restricted Shanghai Stock
Stock Incentive Plan. The Board of Supervisors issued Verification Opinion Exchange website
on the Satisfaction of the Unlocking Conditions for the Second Unlocking (www.sse.com.cn)
Period of the First Grant Part of the 2020 Restricted Stock Incentive Plan. on December 29,
For specific
On August 14, 2024, the 20th meeting of the 9th Board of Directors details, please
reviewed and passed the "Proposal on Adjusting the Repurchase Price of refer to the
Restricted Stocks and Repurchasing and Canceling Some Restricted announcement
Stocks," with the Supervisory Committee issuing an audit opinion and disclosed by the
lawyers providing legal opinions. Company on the
On August 14, 2024, the 9th Meeting of the 9th Board of Supervisors Shanghai Stock
of the Group approved the Proposal on Adjusting the Repurchase Price of Exchange website
Restricted Stocks and Repurchasing and Cancelling Some Restricted (www.sse.com.cn)
Stocks. on August 16,
For specific
details, please
On October 14, 2024, the 23rd meeting of the 9th Board of Directors
refer to the
reviewed and passed the "Proposal on the Fulfillment of Conditions for the
announcement
Second Release of Restricted Shares under the 2020 Restricted Stock
disclosed by the
Incentive Plan (Reserved Grant)," the Supervisory Committee issued the
Company on the
"Verification Opinion on the Fulfillment of Conditions for the Second
Shanghai Stock
Release of Restricted Shares under the 2020 Restricted Stock Incentive
Exchange website
Plan (Reserved Grant)," the legal counsel provided a legal opinion, and the
(www.sse.com.cn)
independent financial advisor issued a verification opinion.
on October 15,
On October 21, 2024, the Company applied to China Securities For specific
Depository and Clearing Co., Ltd. Shanghai Branch for repurchase and details, please
cancellation of restricted stocks that have been granted but not yet lifted by refer to the
some resigned employees. On October 28, 2024, the Company received announcement
the "Securities Change Registration Certificate" issued by China Securities disclosed by the
Depository and Clearing Co., Ltd. Shanghai Branch, and the Company has Company on the
completed the registration of the restricted stock repurchase and Shanghai Stock
cancellation. Exchange website
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(www.sse.com.cn)
on October 24,
For specific
On December 13, 2024, the 23rd meeting of the 9th Board of details, please
Directors reviewed and passed the "Proposal on the Satisfaction of the refer to the
Unlocking Conditions for the Third Unlocking Period of the First Grant Part announcement
of the 2020 Restricted Stock Incentive Plan," the Supervisory Committee disclosed by the
issued the "Verification Opinion on the Satisfaction of the Unlocking Company on the
Conditions for the Third Unlocking Period of the First Grant Part of the Shanghai Stock
opinion, and the independent financial advisor issued a verification (www.sse.com.cn)
opinion. on December 24,
(ii) Incentives that have not been disclosed in the temporary announcements or had
further progresses
Incentive stock option
□Applicable √Not applicable
Other statements
□Applicable √Not applicable
Employee stock ownership plans
□Applicable √Not applicable
Other incentives
□Applicable √Not applicable
IV. Environmental information status of listed companies and their major subsidiaries
included in the list of enterprises required to disclose environmental information by
law
□Applicable √Not applicable
Other statements
□Applicable √Not applicable
V. Status of consolidation and expansion of the results of poverty alleviation, rural
revitalization and other specific work
√Applicable □Not applicable
In the first half of 2025, the Company deeply implemented General Secretary Xi Jinping's
important instructions on cooperation between the central and western regions, actively
responded to the work deployment of the Yiwu Municipal Party Committee and Government,
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
and participated in the east-west cooperation between Yiwu and Bazhou. The Company
donated RMB 30,000 to support the economic development of Bazhou District, while
comprehensively identifying commercial resources in the Yiwu market. It paired up with
processing workshops in Bazhou District, facilitating consignment processing orders for
garments, underwear, Chinese knots, and electronic components. This initiative achieved an
annual total output value of RMB 230 million, created jobs for over 1,600 people, and increased
their average annual income by more than RMB 25,000.
In terms of rural revitalization, the Company focuses on Chi’an Town, Yiwu City, steadily
advancing common prosperity by concentrating on four key areas: industrial empowerment,
brand enhancement, project implementation, and increasing villagers' income.
(i) Dual-track drive of industrial capacity building and brand empowerment
During the reporting period, the Company facilitated a RMB 3 million increase in collective
village income through innovative support models, including the integration of primary,
secondary, and tertiary industries. We are focusing on building the agricultural specialty brand
"Puxu Nanhuo," promoting its entry into the "Fingertip Canteen" sales network at the
International Trade City and the Yiwu Accessories Fair, thus bridging the "last mile" for
agricultural products to reach urban markets. Simultaneously, in collaboration with the town
government, the Company hosted two "Chi’an Chinese Bayberry Season" events, attracting
over 100,000 visitors, boosting villagers' income, and establishing a sustainable model of
"government leadership, state-owned enterprise support, and benefits for villagers."
(ii) The integrated development of culture and tourism synergizes with resource
revitalization to drive innovative breakthroughs
Innovatively established Shentan Village's "eco-tourism + cultural experience + customized
team-building" product matrix, independently designed a promotional system for rural tourism,
and conducted 5 group activities during the reporting period, generating revenue of over RMB
and TikTok, and precisely inviting strategic investors for on-site inspections, the Company
systematically promotes its cultural tourism resources and development plans, facilitating the
realization of cooperation intentions for key projects.
(iii) Institutional innovation and sustainable development philosophy lays the foundation
The Company has established a three-level collaborative mechanism involving government,
enterprises, and villages to efficiently coordinate solutions for challenges related to cultural and
tourism projects such as the "Little Animal Paradise," while providing technical training and
policy interpretation to empower villagers' participation. Activating rural resources through
market-oriented approaches: Branding agricultural products to enhance premium value,
converting cultural-tourism traffic into diversified income streams, and channeling strategic
investments to drive sustainable development, thus creating a replicable “Chi’an Model” for
rural revitalization.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Section V. Significant Matters
I. Fulfillment of commitments
(i) Commitments made by the actual controller, shareholders, affiliates and acquirer of the Company, the Company itself and other related
parties during the reporting period or as of the reporting period
√Applicable □Not applicable
If the If not
performance fulfilled
Whether
is not in a
it has
Is there a completed on timely
Party been
Commitment Commitment Commitment deadline Commitment time, the manner,
making the Commitment content timely
background type time for period specific the next
commitment and
fulfillment reasons for plan
strictly
non-fulfillment should
fulfilled
shall be be
stated stated
Increasing its stake in
the Company through
the Shanghai Stock
Exchange using
methods such as
centralized bidding and
Within 12
block trading. The
Other months from
Other CCCH share increase will not April 9, 2025 Yes Yes NA NA
commitments April 9,
be subject to a price
range, and the total
amount of the increase
will be between RMB
and RMB 1 billion
(inclusive).
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
II. Non-operating capital occupation by controlling shareholders and other related parties during the reporting period
□Applicable √Not applicable
III. Illegal guarantees
□Applicable √Not applicable
IV. Information about audit on the semi-annual report
□Applicable √Not applicable
V. Changes and handling of matters involved in modified audit opinion in the previous year’s annual report
□Applicable √Not applicable
VI. Matters relating to bankruptcy and reorganization
□Applicable √Not applicable
VII. Material litigations and arbitrations
√ During the period, the Company had major litigations or arbitrations □ During the period, the Company did not have any major litigations or
arbitrations
(i) Litigations and arbitrations have been disclosed in the temporary announcements and have had no further progresses
□Applicable √Not applicable
(ii) Litigations and arbitrations that have not been disclosed in the temporary announcements or have had further progresses
√Applicable □Not applicable
Unit: RMB 10,000
During the reporting period:
Does the
Value
Litigation Basic information litigation Status of Results of litigation Enforcement
Plaintiff Defendant Party Bearing involved in (arbitration)
or of litigation litigation (arbitration) and effect of judgment
(claimant) (respondent) Joint Liabilities litigation cause estimated
arbitration (arbitration) liabilities and the (arbitration) thereof (award)
(arbitration) amount thereof
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Hearings
Beijing
Construction have been
Urban
project contract held but no
Construction the Group No Litigation 35,636.15 No / /
dispute [(2024) Z judgment
Group Co.,
Ltd.
made
Junhao Yiwu Small
Commodity City Co., Ltd.
shall pay the plaintiff Yiwu
CCC Group a total of RMB
An
damages for overdue
payment of brand usage application
Xinjiang
Xinjiang fees and consulting service for
Junhao Yiwu Contract Dispute Judgment
Junhao Real fees within ten days from enforcement
The Group Small Litigation [(2024) Z 0782 M 668.60 No has been
Estate Co., the effective date of this of the
Commodity C 21349] made judgment;
Ltd. judgment
City Co., Ltd. 2. The defendant Xinjiang
has been
Junhao Real Estate Co.,
Ltd. shall bear joint and filed
several liability for the
above-mentioned debts of
the defendant Xinjiang
Junhao Yiwu Small
Commodity City Co., Ltd.
Yiwu China Linzhou Jiahe
Hearings
Commodities Commercial
Franchise have been
City Supply Co., Ltd.,
Contract Dispute held but no
Chain Linzhou Jiahe No Litigation 545.11 No / /
[(2025) Z 0782 M judgment
Management Real Estate
C No. 23743] has been
Co., Ltd., the Development
made
Group Co., Ltd.
(iii) Other statements
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
VIII. Information of the listed company and its directors, supervisors, senior
management, controlling shareholder, and actual controller suspected of violations
of laws and regulations, penalties and rectification
□Applicable √Not applicable
IX. Credit standing of the Company and its controlling shareholder and actual controller
√Applicable □Not applicable
There was no outstanding court judgment or overdue debt of a large amount involving the
Company or its controlling shareholder or actual controller during the reporting period.
X. Material related-party transactions
(i) Related-party transactions relating to regular corporate operation
further progresses or changes
□Applicable √Not applicable
progresses or changes
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
√Applicable □Not applicable
Unit: RMB
Reasons for the
Percentage in large difference
Type of Contents of Price of Amount of the amount of between the
Related Pricing Settlement
Relationship related-party related-party related-party related-party similar Market price price of the
counterparty principle transactions method transaction and
transaction transaction transaction transaction
(%) reference
market price
Property
Wholly-owned
service fee
CCC Property subsidiary of Acceptance of Market Account
and greening 112,328,185.22 112,328,185.22 87.59 112,328,185.22 /
Service the parent labor service price transfer
maintenance
company
fee
Yiwu Security Other related Acceptance of Security Market Account
Service Co., Ltd. parties labor service service fee price transfer
Wholly-owned
subsidiary of Acceptance of Construction Market Account
Shangbo Yungu 4,576,200.00 4,576,200.00 3.57 4,576,200.00 /
the parent labor service fee price transfer
company
Yourworld
International
Product sales
Conference Center, Other related Providing Market Account
and washing 1,877,848.97 1,877,848.97 1.46 1,877,848.97 /
subordinated to parties services price transfer
fees
Yiwu Market
Development Group
Entrusted
Other related Negotiated Account
MDG Other inflows management 371,726.38 371,726.38 0.29 371,726.38 /
parties price transfer
fees
Wholly-owned
Product sales
CCC Property subsidiary of Providing Market Account
and system 328,877.36 328,877.36 0.26 328,877.36 /
Service the parent services price transfer
development
company
Total / / 128,235,679.32 100.00 / / /
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Return of large-value goods sales NA
The CCC Proper Service obtained the market property services and greening
Illustration on related-party transactions
maintenance contract through public bidding.
(ii) Related transactions arising from asset acquisitions or equity acquisitions and sales
□Applicable √Not applicable
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
□Applicable √Not applicable
results during the reporting period shall be disclosed
□Applicable √Not applicable
(iii) Related-party transactions arising from joint external investment
further progresses or changes
□Applicable √Not applicable
progresses or changes
□Applicable √Not applicable
□Applicable √Not applicable
(iv) Related-party credits and debts
further progresses or changes
□Applicable √Not applicable
progresses or changes
□Applicable √Not applicable
□Applicable √Not applicable
(v) Financial business between the Company and the associated financial companies,
the Company's holding financial company and the related parties
□Applicable √Not applicable
(vi) Other significant related transactions
□Applicable √Not applicable
(vii) Other
□Applicable √Not applicable
XI. Material contracts and performance thereof
(i) Trusteeship, contracting and leases
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(ii) Material guarantees fulfilled or not completely fulfilled in the reporting period
√Applicable □Not applicable
Unit: RMB 10,000
External guarantees provided by the Company (excluding those provided for the subsidiaries)
Date of
Relationshi
guarante Overdu
p between Starting Expiry Is the
Amount e Is the e Is it a
the The date of date of Type of Princip Collate guarant Counter
Guarant of (signing guarant amount related-pa Relations
guarantor guarante the the guarant al ral (if ee guarante
or guarant date of ee of the rty hip
and the ed guarant guarant ee debts any) fulfilled es
ee the overdue guarant guarantee
Listed ee ee in full
agreeme ee
Company
nt)
Hangzh Joint
ou and
Wholly-ow House
Shangb several
ned purchas 430.38 / / / / No No No NA No No NA
o liability
subsidiary er
Nanxin guarant
g ee
Amount of guarantees made during the reporting period (excluding
-10.85
the guarantees provided for subsidiaries)
Balance of guarantees at the end of the reporting period (A)
(excluding the guarantees provided for subsidiaries)
Guarantees provided by the Company for its subsidiaries
Amount of guarantees provided for subsidiaries during the
reporting period
Balance of guarantees provided for subsidiaries at the end of the
reporting period (B)
Total guarantees provided by the Company (including those provided for the subsidiaries)
Total amount of guarantees (A+B) 430.38
Ratio of the total amount of guarantees to the Company’s net
assets (%)
Among them:
Amount of guarantees provided for shareholders, actual controller
and their related parties (C)
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Amount of guarantees provided directly or indirectly for the debtors
whose debt-to-asset ratio exceed 70% (D)
Portion of total amount of guarantees in excess of 50% of net
assets (E)
Total (C+D+E) -
Statement on the joint and several liability that may be assumed
NA
due to outstanding guarantees
According to relevant regulations, the Group is required to provide mortgage
loan guarantee to the bank for the sale of commercial housing before the
purchaser has gained the property ownership certificate. The outstanding
guarantee amount as of June 30, 2025 is RMB 4,303,832.54 (December 31, 2024:
Statement on guarantees
RMB 4,412,333.72). Those guarantees would be released after the issuance of
the property ownership certificates and are thus little likely to incur losses.
Therefore, the management believed that it was not necessary to make provision
for the guarantees.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(iii) Other material contracts
√Applicable □Not applicable
Contract
price
No. Name of contract Contracting party (RMB Ten
thousand)
Construction contract for the southeast plot at
the intersection of Chunfeng Avenue and The Company, Zhejiang Provincial
Chengxin Avenue (Yiwu Global Digital Trade Yijian Construction Group Co., Ltd.
Center super high-rise project)
Contract for the Connection and Supporting
Works between the Global Digital Trade The Company, and Shenchuan
Center and the 5th District of the International Holding Group Co., Ltd
Trade City
The Company, and Zhejiang Mobile
Yiwu Global Digital Trade Center Phase II
Digital Procurement Contract
Ltd., etc
Yiwu Global Digital Trade Center Phase II
The Company, Zhejiang Tongyuan
Construction Group Co., Ltd.
Yiwu Global Digital Trade Center Phase II
The Company, Yiwu Shengli
Construction Engineering Co., Ltd.
XII. Description of progress in the use of raised funds
□Applicable √Not applicable
XIII. Other significant matters
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Section VI. Changes in Shares and Shareholders
I. Changes in equity
(i) Exhibition of changes in shares
Unit: share
Increase or decrease in the
Before this change After this change
current period (+, -)
Proportion Proportion
Quantity Other Sub-total Quantity
(%) (%)
I. Restricted shares 13,413,000 0.24 -12,627,600 -12,627,600 785,400 0.01
domestic investors
shares held by
domestic natural 13,413,000 0.24 -12,627,600 -12,627,600 785,400 0.01
persons
II. Unrestricted shares 5,470,232,926 99.76 12,627,600 12,627,600 5,482,860,526 99.99
common shares
III. Total number of
shares
√Applicable □Not applicable
On January 15, 2025, a total of 12,627,600 restricted shares for the third unlocking period
of the first grant part of the Company's 2020 Restricted Stock Incentive Plan were released for
circulation.
net assets per share during the period from the end of the reporting period to the
disclosure date of the semi-annual report (if any)
□Applicable √Not applicable
securities regulatory authority to be disclosed
□Applicable √Not applicable
(ii) Changes in non-tradable shares
√Applicable □Not applicable
Unit: share
Number
Number of Number of Number of
of
restricted restricted increased
restricted
shares at shares restricted Reasons for
shares at Unlocking
Shareholder the unlocked shares restriction
the end date
beginning during the during the on trade
of the
of the reporting reporting
reporting
period period period
period
Incentive recipients subject Restricted
to the first grant under the stock
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
incentive plan
Incentive recipients subject
Restricted
to the reserved grant under
the 2020 restricted stock
incentives
incentive plan
Total 13,413,000 12,627,600 - 785,400 / /
II. Information about shareholders
(i) Total number of shareholders:
Number of common shareholders as of the end of
the reporting period
As of the end of the reporting period, the total
number of preferred shareholders whose voting 0
rights have been restored
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(ii) Shareholdings of the top 10 shareholders and top 10 holders of tradable shares (or
shareholders not subject to trading restrictions)
Unit: share
Shareholdings of the top ten shareholders (excluding shares lent through refinancing)
Number of Pledge, mark or
Number
Change freezing Ownership
shares held at Propor of
Shareholder during the non-trad of
the end of the tion
(full name) reporting able shareholde
reporting (%) shares Status of Quant
period held shares ity r
period
Yiwu China Commodities City
Holdings Group Co., Ltd. (formerly State-own
known as " Yiwu China 52,885,300 3,091,064,692 56.37 - No - ed legal
Commodities City Holdings person
Limited ")
Hong Kong Central Clearing
Company Limited
State-own
Zhejiang Zhecai Capital
- 147,466,528 2.69 - No - ed legal
Management Co., Ltd.
person
State-own
Yiwu Urban Investment and
Construction Group Co., Ltd.
person
Industrial and Commercial
Bank of China Limited –
Huatai-PineBridge CSI 300
ETF
China Construction Bank
Corporation - E Fund CSI 300
Exchange-Traded Open-End 2,165,800 34,812,803 0.63 - No - Other
Index Initiated Securities
Investment Fund
Domestic
Gao Yaping 126,900 33,388,466 0.61 - No - natural
person
Domestic
Jiang Shibo 5,136,300 30,823,500 0.56 - No - natural
person
Southern Asset
Management-Agricultural
Bank of China-Southern - 26,675,000 0.49 - No - Other
China Securities Financial
Assets Management Scheme
Dacheng Fund-Agricultural
Bank of China-Dacheng
- 26,447,800 0.48 - No - Other
China Securities Financial
Assets Management Scheme
Shareholdings of the top ten shareholders not restricted for sale (excluding shares lent through refinancing)
Shareholder Number of tradable shares held Type and quantity of shares
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Type Quantity
RMB-denom
Yiwu China Commodities City Holdings
inated
Group Co., Ltd. (formerly known as " Yiwu 3,091,064,692 3,091,064,692
common
China Commodities City Holdings Limited ")
share
RMB-denom
Hong Kong Central Clearing Company inated
Limited common
share
RMB-denom
Zhejiang Zhecai Capital Management Co., inated
Ltd. common
share
RMB-denom
Yiwu Urban Investment and Construction inated
Group Co., Ltd. common
share
RMB-denom
Industrial and Commercial Bank of China inated
Limited – Huatai-PineBridge CSI 300 ETF common
share
RMB-denom
China Construction Bank Corporation - E
inated
Fund CSI 300 Exchange-Traded Open-End 34,812,803 34,812,803
common
Index Initiated Securities Investment Fund
share
RMB-denom
inated
GAO Yaping 33,388,466 33,388,466
common
share
RMB-denom
inated
JIANG Shibo 30,823,500 30,823,500
common
share
RMB-denom
Southern Asset Management-Agricultural Bank of
inated
China-Southern China Securities Financial Assets 26,675,000 26,675,000
Management Scheme common
share
RMB-denom
Dacheng Fund-Agricultural Bank of China-Dacheng
inated
China Securities Financial Assets Management 26,447,800 26,447,800
Scheme common
share
Explanation of the special account for
repurchased shares among the top ten NA
shareholders
Explain if any of the shareholders above were
involved in entrusting/being entrusted with voting NA
rights or waiving voting rights
Zhejiang Provincial Finance Development Co., Ltd., the
controlling shareholder of Zhejiang Zhecai Capital Management
Explanation on the relationship or concerted Co., Ltd., owns a 9.44% stake in Yiwu State-owned Capital
action between the above shareholders Operation Co., Ltd., which is the controlling shareholder of Yiwu
Market Development Group Co., Ltd., in turn, the controlling
shareholder of Yiwu China Commodities City Holdings Limited.
Explanation on the preferred shareholders
whose voting rights had been restituted and NA
the quantity of shares held thereby
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Participation of shareholders holding more than 5% of the shares, top ten shareholders, and top
ten shareholders with non-restricted tradable shares in the lending of shares through
refinancing
□Applicable √Not applicable
Changes in the top ten shareholders and the top ten shareholders with non-restricted tradable
shares compared to the prior corresponding period due to lending or return of shares through
refinancing
□Applicable √Not applicable
Number of shares held by the top 10 shareholders subject to trading restrictions and trading
restrictions
□Applicable √Not applicable
(iii) Strategic investors or general corporations becoming top ten shareholders due to
placing of new shares
□Applicable √Not applicable
III. Directors, supervisors and senior management
(i) Changes in shareholding of resigned directors, supervisors and senior management
during the reporting period
□Applicable √Not applicable
Statement on other matters
□Applicable √Not applicable
(ii) The equity incentives granted to directors, supervisors and senior management
during the reporting period
□Applicable √Not applicable
(iii) Other statements
□Applicable √Not applicable
IV. Changes in controlling shareholder or actual controller
□Applicable √Not applicable
V. Preferred Shares
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Section VII. Bonds
I. Corporate bonds (including enterprise bonds) and non-financial corporate debt financing instruments
√Applicable □Not applicable
(i) Corporate bonds (including enterprise bonds)
√Applicable □Not applicable
Unit: RMB 100 million
Whethe
Method r there
of is a risk
Investor
principa of
Inter Truste appropriat
Outstan l Tradin Lead Trade terminat
Name of Abbrevia Issue Value Maturity est e e
Code ding repaym g underwr mechani ing the
bond tion date date date rate manag arrangem
amount ent and venue iter sm transact
(%) er ents (if
interest ion in
any)
payme the
nt stock
market
Zhejiang
China Simple
interest
Commodi
is
ties City calculate
Group d, the
Co., Ltd. interest Shang Professio
publicly Septem Septem Septem payment hai CITIC CITIC nal
issued ber 1, ber 1, ber 1, 8 2.88 frequenc Stock Securiti Securit institution No
CCC 01 40 y is trading
corporate 2022 2022 2025 Excha es ies al
bonds to annual, nge investors
professio and the
principal
nal
is repaid
investors once
in 2022 due.
(Issue 1)
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Simple
Zhejiang interest
China is
Commodi calculat
ties City ed, the
Group interest
Co., Ltd. payme Shang Professio
publicly Septem Septem Septem nt hai CITIC CITIC nal
issued ber 22, ber 22, ber 22, 7 2.88 frequen Stock Securiti Securit institution No
CCC 02 15 trading
corporate 2022 2022 2025 cy is Excha es ies al
bonds to annual, nge investors
professio and the
nal principa
investors l is
in 2022 repaid
(Issue 2) once
due.
The Company's measures to deal with the risk of bond termination
□Applicable √Not applicable
□Applicable √Not applicable
□Applicable √Not applicable
Other statements
Shanghai New Century Credit Rating Investment Service Co., Ltd. issued the Zhejiang China Commodities City Group Co., Ltd. Credit Rating
Report [XSJQP (2025) 020245] on June 26, 2025. According to the report, the Company's main credit rating is AAA, and the rating outlook is stable.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
reporting period and their impacts
□Applicable √Not applicable
(ii) Fundraising through corporate bonds
□ The Company's bonds involved the use or rectification of the raised funds during the reporting period√ All corporate bonds of the Company did not
involve the use of raised funds or rectification during the reporting period
(iii) Other matters that should be disclosed for special bond varieties
□Applicable √Not applicable
(iv) Important matters related to corporate bonds during the reporting period
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(v) Non-financial corporate debt financing instruments in the inter-bank bond market
√Applicable □Not applicable
Unit: RMB 100 million
Whether
there is a
Method of
Investor risk of
Interest principal
terminating
Name of Issue Maturity Outstanding repayment Trading appropriate Trade
Abbreviation Code Value date rate the
bond date date amount and venue arrangements mechanism transaction
(%) interest (if any) in the
payment
stock
market
Zhejiang
Annual
China Mar 25,
Commodities
City Group Yiwu CCC 102581357 2025-3-27 2028-3-27 5 2.10 No No
Co., Ltd.’s Mar 26, principal market
MTN001 repayment
at maturity
(Issue 1)
Zhejiang
Annual
China
Commodities
payment, Interbank
City Group Yiwu CCC 102581826 2025-4-23 2025-4-24 2028-4-24 10 2.09 No No
Co., Ltd.’s
principal market
MTN002 repayment
at maturity
(Issue 2)
Zhejiang
Annual
China
Commodities
payment, Interbank
City Group Yiwu CCC 102582917 2025 - Jul 2025-07-17 2028-07-17 5 1.89 No No
Co., Ltd.’s
principal market
MTN003 16, 2025 repayment
at maturity
(Issue 3)
Zhejiang Dec 2, One-time
China 2024 to Dec 4, Aug 29, repayment Interbank
Yiwu CCC 012483797 10 1.90 No No
Commodities Dec 3, 2024 2025 of market
City Group SCP004 principal
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Co., Ltd.'s and
Short-term maturity.
Financing
Bonds (Issue
Zhejiang
China
One-time
Commodities
Dec 20, repayment
City Group 24 Zhejiang of
Co., Ltd. 2024 to Dec 24, Sep 18, Interbank
Yiwu CCC 012483999 10 1.80 principal No No
Short-term SCP005
Financing
maturity.
Bonds (Issue
Zhejiang
China
One-time
Commodities
Feb 18, repayment
City Group 25 Zhejiang of
Co., Ltd.’s 2025 - Interbank
Yiwu CCC 012580412 2025-02-20 2025-11-14 10 2.05 principal No No
Short-term SCP001
Financing
maturity.
Bonds (Issue
The Company's measures to deal with the risk of bond termination
□Applicable √Not applicable
Bonds overdue
□Applicable √Not applicable
Explanation on overdue debts
□Applicable √Not applicable
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
□Applicable √Not applicable
Other statements
Shanghai New Century Credit Rating Investment Service Co., Ltd. issued the Zhejiang China Commodities City Group Co., Ltd. Credit Rating
Report [XSJQP (2025) 020245] on June 26, 2025. According to the report, the Company's main credit rating is AAA, and the rating outlook is stable.
reporting period and their impacts
□Applicable √Not applicable
Other statements
No
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(vi) During the reporting period, the Company's loss in the scope of consolidated
statements exceeded 10% of its net assets as of the end of the previous year.
□Applicable √Not applicable
(vii) Main accounting data and financial indicators
√Applicable □Not applicable
Unit: RMB 10,000
Change of Jun 30,
Dec 31,
Major indicator Jun 30, 2025 2025 over Dec 31, Reasons for change
Current ratio 60.85% 55.40% Up 5.45 ppt
Quick ratio 51.74% 47.68% Up 4.06 ppt
Debt-to-asset ratio
(%)
Jan-Jun Jan-Jun
YoY change (%) Reasons for change
Net profit after
Mainly due to a YoY
deduction of
non-recurring gains
million in net profit.
and losses
Mainly due to the YoY
EBITDA to total increase in net profit
debt ratio and the YoY decrease
in total debt.
Interest coverage Mainly due to the YoY
ratio increase in net profit.
Mainly due to the YoY
Cash interest increase in net cash
protection multiple flow generated from
operating activities.
EBITDA-to-interest Mainly due to the YoY
coverage ratio increase in net profit.
Loan repayment
rate (%)
Interest payment
rate (%)
II. Convertible corporate bonds
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Section VIII. Financial Report
I. Auditor’s report
□Applicable √Not applicable
II. Financial statements
Consolidated Balance Sheet
June 30, 2025
Prepared by: Zhejiang China Commodities City Group Co., Ltd.
Unit: RMB
Item Note June 30, 2025 December 31, 2024
Current assets:
Monetary funds 4,685,055,456.49 5,539,191,617.06
Held-for-trading financial assets - 400,316,994.86
Notes receivable - 11,170,000.00
Accounts receivable 361,472,138.85 486,150,472.94
Prepayments 1,977,766,735.88 1,098,093,789.84
Other receivables 164,707,139.80 116,264,431.44
Inventory 1,407,323,313.84 1,357,786,850.42
Other current assets 801,126,206.98 725,002,872.77
Total current assets 9,397,450,991.84 9,733,977,029.33
Non-current assets:
Debt investments 48,073,333.33 -
Long-term receivables 286,855,088.12 293,207,963.26
Long-term equity investment 6,333,349,810.36 6,947,116,646.79
Other equity instruments investment 630,899,510.14 671,036,258.30
Other non-current financial assets 1,521,630,813.28 1,481,882,309.27
Property investment 5,744,648,246.56 6,115,232,734.38
Fixed assets 5,326,418,802.23 5,504,023,254.08
Construction in progress 2,775,433,302.98 2,300,662,833.69
Right-of-use assets 144,402,099.94 150,926,457.50
Intangible assets 5,325,267,368.37 5,181,280,472.01
Among them: data resources 22,787,948.78 24,025,216.31
Development expenses 12,056,097.19 7,508,990.11
Among them: data resources 4,307,838.83 2,767,924.53
Goodwill 284,916,367.87 284,916,367.87
Long-term prepaid expenses 340,747,160.53 406,535,918.65
Deferred income tax assets 92,780,523.61 62,120,431.08
Other non-current assets 119,183,748.58 28,032,980.89
Total non-current assets 28,986,662,273.09 29,434,483,617.88
Total assets 38,384,113,264.93 39,168,460,647.21
Current liabilities:
Short-term borrowings - 60,054,266.67
Accounts payable 690,341,861.69 1,469,718,387.95
Advances from customers 164,036,618.50 217,278,117.41
Contract liabilities 6,433,066,788.32 5,927,725,683.33
Payroll payable 87,180,423.07 177,498,432.73
Tax payable 307,237,782.70 626,550,669.84
Other payables 1,848,542,963.11 1,685,334,535.04
Including: Interest payable - -
Dividend payable 704,876,199.36 -
Non-current liabilities due within one
year
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Other current liabilities 3,713,617,584.29 3,640,250,373.06
Total current liabilities 15,443,948,211.10 17,569,158,677.16
Non-current liabilities:
Long-term borrowings 600,952,179.69 657,589,300.38
Bonds payable 1,506,149,086.89 -
Lease liabilities 149,476,023.92 149,984,238.78
Deferred income 148,759,247.41 150,801,314.25
Deferred income tax liabilities 67,248,023.82 68,467,233.06
Total non-current liabilities 2,472,584,561.73 1,026,842,086.47
Total liabilities 17,916,532,772.83 18,596,000,763.63
Owners’ equity (or shareholders’ equity)
Paid-in capital (share capital) 5,483,645,926.00 5,483,645,926.00
Capital reserve 2,377,928,136.94 2,377,625,094.09
Less: treasury stocks 1,665,986.40 33,828,483.60
Other comprehensive income 86,303,921.61 111,061,460.18
Surplus reserve 2,161,802,266.09 2,161,802,266.09
General risk reserve 2,959,744.97 2,959,744.97
Undistributed profits 10,281,823,570.84 10,400,490,449.73
Total equity attributable to owners
(shareholders) of the parent company 20,392,797,580.05 20,503,756,457.46
Minority interest 74,782,912.05 68,703,426.12
Total owners’ equity (or
shareholders’ equity)
Total liabilities and owners’ equity (or
shareholders’ equity)
Head of the Company: CHEN Dezhan, Principal in charge of accounting: BAO Hua, Head of the
accounting department: ZHAO Difang
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Balance Sheet of the Parent Company
June 30, 2025
Prepared by: Zhejiang China Commodities City Group Co., Ltd.
Unit: RMB
Item Note June 30, 2025 December 31, 2024
Current assets:
Monetary funds 3,961,298,595.68 4,995,008,550.93
Held-for-trading financial assets - 400,316,994.86
Accounts receivable 4,502,274.56 6,235,152.52
Prepayments 14,665,480.44 82,162,287.73
Other receivables 46,864,592.20 33,119,467.87
Inventory 1,180,711,049.08 819,197,389.99
Other current assets 2,564,672,175.53 2,130,465,724.76
Total current assets 7,772,714,167.49 8,466,505,568.66
Non-current assets:
Long-term receivables 14,673.61 17,164,452.57
Long-term equity investment 10,270,321,585.85 10,854,795,688.33
Other equity instruments investment 630,899,510.14 671,036,258.30
Other non-current financial assets 141,924,236.88 141,924,236.88
Property investment 4,762,398,808.71 5,140,046,283.26
Fixed assets 4,986,338,970.22 5,131,477,205.78
Construction in progress 1,951,324,348.46 1,501,105,179.87
Right-of-use assets 93,337,016.11 96,482,119.21
Intangible assets 4,822,264,183.06 4,671,689,345.74
Long-term prepaid expenses 332,000,578.72 395,450,817.71
Deferred income tax assets 85,337,562.92 54,677,470.39
Other non-current assets 5,092,223.87 25,926,003.78
Total non-current assets 28,081,253,698.55 28,701,775,061.82
Total assets 35,853,967,866.04 37,168,280,630.48
Current liabilities:
Short-term borrowings - 60,054,266.67
Accounts payable 625,832,910.52 1,075,127,665.94
Advances from customers 144,505,060.17 179,074,864.70
Contract liabilities 4,560,161,748.49 4,351,044,209.49
Payroll payable 85,508,468.51 126,419,780.05
Tax payable 276,548,568.75 577,851,259.14
Other payables 1,431,304,068.22 1,436,387,739.07
Including: Interest payable - -
Dividend payable 704,876,199.36 -
Non-current liabilities due within one
year
Other current liabilities 4,819,665,902.91 4,912,882,341.74
Total current liabilities 14,109,664,929.98 16,465,065,646.07
Non-current liabilities:
Long-term borrowings 441,049,416.66 474,950,437.35
Bonds payable 1,506,149,086.89 -
Lease liabilities 108,759,978.21 104,995,840.38
Deferred income 90,487,247.41 92,529,314.25
Total non-current liabilities 2,146,445,729.17 672,475,591.98
Total liabilities 16,256,110,659.15 17,137,541,238.05
Owners’ equity (or shareholders’ equity)
Paid-in capital (share capital) 5,483,645,926.00 5,483,645,926.00
Capital reserve 1,926,141,461.08 1,925,838,418.23
Less: treasury stocks 1,665,986.40 33,828,483.60
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Other comprehensive income 57,944,944.28 88,047,505.40
Surplus reserve 2,161,748,790.26 2,161,748,790.26
Undistributed profits 9,970,042,071.67 10,405,287,236.14
Total owners’ equity (or
shareholders’ equity)
Total liabilities and owners’ equity (or
shareholders’ equity)
Head of the Company: CHEN Dezhan, Principal in charge of accounting: BAO Hua, Head of the
accounting department: ZHAO Difang
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Consolidated Income Statement
January-June 2025
Unit: RMB
Item Note H1 2025 H1 2024
I. Gross revenue 7,712,799,130.26 6,765,934,137.13
In which: operating revenue 7,712,799,130.26 6,765,934,137.13
II. Gross cost 5,697,849,971.22 4,986,564,001.60
In which: Operating cost 5,279,388,914.07 4,527,895,348.12
Taxes and surcharges 90,271,292.43 82,993,119.34
Sales expenses 104,941,801.54 92,206,144.98
Administrative expenses 196,210,098.67 218,138,951.18
R&D expenses 9,884,690.75 11,759,206.64
Financial expenses 17,153,173.76 53,571,231.34
In which: interest expenses 50,964,708.06 120,646,122.86
Interest income 38,102,947.69 23,637,669.49
Plus: other income 5,161,514.77 11,178,944.81
Investment income (loss is indicated by
“-”)
In which: income from investment in
associates and joint ventures
Changes in fair value (loss is indicated by “-”) -251,495.99 -3,490,077.50
Credit impairment loss (loss is indicated
by “-”)
Income from disposal of assets (loss is
- 84.36
indicated by “-”)
III. Operating profit (loss is indicated by “-”) 2,142,787,382.76 1,895,115,138.85
Plus: income from non-operating activities 4,989,777.15 16,256,469.98
Less: expenses from non-operating activities 43,395.63 1,400,763.97
IV. Profits before tax (loss is indicated by “-”) 2,147,733,764.28 1,909,970,844.86
Less: income tax 450,669,584.71 459,552,666.97
V. Net profits (net loss is indicated by “-”) 1,697,064,179.57 1,450,418,177.89
(I) Categorized by continuity of operation
Net profits from continuing operation (net
loss is indicated by “-”)
(II) Categorized by ownership
Net profits attributable to shareholders of the parent
company (net loss is indicated by “-”) 1,690,936,276.69 1,447,982,745.49
Minority interest(net loss is indicated by “-”) 6,127,902.88 2,435,432.40
VI. Other comprehensive income net after tax -24,805,955.52 1,503,689.93
(I) Other comprehensive income net after tax
attributable to owners of the parent company
-24,757,538.57 1,482,793.00
-30,102,561.12 -940,705.04
cannot be reclassified as profits or loss
(3) Changes in fair value of investments in other
-30,102,561.12 -940,705.04
equity instruments
be reclassified as profits or loss
Other comprehensive income that can be
transferred into profit and loss under equity - 217,103.05
method
(6) Difference arising from the translation of
foreign currency financial statements
(II) Other comprehensive income net after tax
attributable to minority shareholders
-48,416.95 20,896.93
VII. Total comprehensive income 1,672,258,224.05 1,451,921,867.82
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(I) Total comprehensive income attributable
to owners of the parent company
(II) Total comprehensive income attributable
to minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share 0.31 0.27
(II) Diluted earnings per share 0.31 0.27
In this period, if a business combination under common control occurs, the net profit realized by
the transferred party before the combination was 0, and the net profit realized by the transferred
party in the previous period was 0.
Head of the Company: CHEN Dezhan, Principal in charge of accounting: BAO Hua, Head of the
accounting department: ZHAO Difang
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Income Statement of the Parent Company
January-June 2025
Unit: RMB
Item Note H1 2025 H1 2024
I. Operating revenue 2,548,219,329.59 2,428,541,827.28
Less: Operating cost 601,142,197.45 490,180,610.81
Taxes and surcharges 78,379,801.54 64,145,878.71
Sales expenses 114,514,217.20 35,521,657.02
Administrative expenses 93,509,662.00 95,524,740.97
Financial expenses 18,180,241.75 59,531,140.85
In which: interest expenses 50,092,903.10 120,646,122.86
Interest income 33,884,399.12 15,619,670.82
Plus: other income 3,038,560.90 7,944,882.13
Investment income (loss is indicated by
“-”)
In which: income from investment in
associates and joint ventures
Changes in fair value (loss is indicated
- -
by “-”)
Credit impairment loss (loss is
indicated by “-”)
Income from disposal of assets (loss is
- -
indicated by “-”)
II. Operating profits (loss is indicated by “-”) 1,779,399,696.44 1,809,060,193.94
Plus: income from non-operating activities 1,340,592.10 13,204,046.33
Less: expenses from non-operating
activities
III. Profits before tax (loss is indicated by “-”) 1,780,731,254.14 1,822,080,699.52
Less: income tax 406,373,263.03 405,483,345.45
IV. Net profits (net loss is indicated by “-”) 1,374,357,991.11 1,416,597,354.07
(I) Categorized by continuity of
operation(net loss is indicated by “-”)
V. Other comprehensive income net after tax -30,102,561.12 -940,705.04
(I) Other comprehensive income that cannot
-30,102,561.12 -940,705.04
be reclassified as profit or loss
-30,102,561.12 -940,705.04
other equity instruments
VI. Total comprehensive income 1,344,255,429.99 1,415,656,649.03
Head of the Company: CHEN Dezhan, Principal in charge of accounting: BAO Hua, Head of the
accounting department: ZHAO Difang
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Consolidated Cash Flow Statement
January-June 2025
Unit: RMB
Item Note H1 2025 H1 2024
I. Cash flow from operating activities:
Cash received from sale of goods and
rendering of services
Cash received for taxes and surcharges
refunded
Other cash receipts relating to operating
activities
Sub-total of cash inflow from operating
activities
Cash paid for goods and services 6,527,953,072.29 5,840,206,516.42
Cash paid to and on behalf of employees 319,845,111.92 335,050,513.33
Payments of taxes 972,201,028.54 562,136,323.31
Other cash payments relating to operating
activities
Sub-total of cash outflow from operating
activities
Net cash flow from operating activities 1,382,854,487.47 114,363,500.83
II. Cash flow from investing activities:
Cash received from recovery of investment 419,023,048.91 156,957,965.07
Cash received from investment income 24,080,119.33 4,507,839.58
Net cash received from disposal of
property, plant and equipment, intangible 163,092.36 109,332.43
assets and other long-term assets
Other cash receipts relating to investing
activities
Sub-total of cash inflow from investing
activities
Cash paid to acquire and construct fixed
assets, intangible assets and other long-term 1,235,651,790.25 1,388,085,871.65
assets
Cash paid to acquire investments 88,000,000.00 104,177,300.00
Other cash paid related to investing
activities
Sub-total of cash outflow from investing
activities
Net cash flow from investing activities -891,859,376.41 -1,323,845,089.70
III. Cash flow from financing activities:
Cash received from borrowings - 1,311,000,000.00
Cash received from bond issuance 2,498,964,794.52 1,998,540,487.07
Sub-total of cash inflow from financing
activities
Cash paid for debts repayment 2,661,610,000.00 3,422,600,000.00
Cash paid for distribution of dividends or
profits or payment of interest
Other cash paid related to financing
activities
Sub-total of cash outflow from financing
activities
Net cash flow from financing activities -1,341,812,237.34 -738,900,347.95
IV. Effect of foreign exchange rate changes
on cash and cash equivalents
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
V. Net increase in cash and cash
-849,726,358.04 -1,947,076,363.54
equivalents
Plus: opening balance of cash and cash
equivalents
VI. Closing balance of cash and cash
equivalents
Head of the Company: CHEN Dezhan, Principal in charge of accounting: BAO Hua, Head of the
accounting department: ZHAO Difang
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Cash Flow Statement of the Parent Company
January-June 2025
Unit: RMB
Item Note H1 2025 H1 2024
I. Cash flow from operating activities:
Cash received from sale of goods and
rendering of services
Other cash receipts relating to operating
activities
Sub-total of cash inflow from operating
activities
Cash paid for goods and services 687,394,953.38 286,262,561.44
Cash paid to and on behalf of employees 142,214,384.91 155,179,719.30
Payments of taxes 876,659,941.59 446,412,904.13
Other cash payments relating to operating
activities
Sub-total of cash outflow from operating
activities
Net cash flow from operating activities 1,436,379,279.72 672,127,810.54
II. Cash flow from investing activities:
Cash received from recovery of
investment
Cash received from investment income 28,033,452.66 3,165,839.58
Net cash received from disposal of
property, plant and equipment, intangible 146,812.16 54,659.85
assets and other long-term assets
Sub-total of cash inflow from investing
activities
Cash paid to acquire and construct fixed
assets, intangible assets and other 886,352,218.97 1,115,427,273.06
long-term assets
Cash paid to acquire investments 1,819,675,529.10 3,086,430,000.00
Other cash paid related to investing
activities
Sub-total of cash outflow from investing
activities
Net cash flow from investing activities -1,134,783,533.84 -1,968,564,767.21
III. Cash flow from financing activities:
Cash received from borrowings - 1,271,000,000.00
Cash received from bond issuance 2,498,964,794.52 1,998,540,487.07
Sub-total of cash inflow from financing
activities
Cash paid for debts repayment 2,661,610,000.00 3,422,600,000.00
Cash paid for distribution of dividends or
profits or payment of interest
Other cash paid related to financing
activities
Sub-total of cash outflow from financing
activities
Net cash flow from financing activities -1,330,895,898.60 -770,550,049.51
IV. Effect of foreign exchange rate
- -
changes on cash and cash equivalents
V. Net increase in cash and cash
-1,029,300,152.72 -2,066,987,006.18
equivalents
Plus: opening balance of cash and cash 4,990,598,748.40 2,258,308,812.87
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
equivalents
VI. Closing balance of cash and cash
equivalents
Head of the Company: CHEN Dezhan, Principal in charge of accounting: BAO Hua, Head of the
accounting department: ZHAO Difang
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Statement of Changes in Consolidated Owners’ Equity
January-June 2025
Unit: RMB
H1 2025
Equity attributable to owners of the parent company
Item
Minority Total owners’
Other
Paid-in capital Less: treasury General risk interest equity
Capital reserve comprehensive Surplus reserve Undistributed profits Sub-total
(or share capital) stocks reserve
income
I. Closing
balance of the 5,483,645,926.00 2,377,625,094.09 33,828,483.60 111,061,460.18 2,161,802,266.09 2,959,744.97 10,400,490,449.73 20,503,756,457.46 68,703,426.12 20,572,459,883.58
previous year
II. Opening
balance of the 5,483,645,926.00 2,377,625,094.09 33,828,483.60 111,061,460.18 2,161,802,266.09 2,959,744.97 10,400,490,449.73 20,503,756,457.46 68,703,426.12 20,572,459,883.58
current year
III. YoY change
(decrease is - 303,042.85 -32,162,497.20 -24,757,538.57 - - -118,666,878.89 -110,958,877.41 6,079,485.93 -104,879,391.48
indicated by “-”)
(I) Total
comprehensi - - - -24,757,538.57 - - 1,690,936,276.69 1,666,178,738.12 6,079,485.93 1,672,258,224.05
ve income
(II)Owners’
contribution to
and reduction in - 303,042.85 -32,162,497.20 - - - - 32,465,540.05 - 32,465,540.05
capital
share-based
payment into - 303,042.85 -32,162,497.20 - - - - 32,465,540.05 - 32,465,540.05
owner’s equity
(III) Profits
- - - - - - -1,809,603,155.58 -1,809,603,155.58 - -1,809,603,155.58
distribution
to owners (or - - - - - - -1,809,603,155.58 -1,809,603,155.58 - -1,809,603,155.58
shareholders)
IV. Closing
balance of
the current
period
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
H1 2024
Equity attributable to owners of the parent company
Item Minority Total owners’
Other
Paid-in capital Less: treasury General risk interest equity
Capital reserve comprehensive Surplus reserve Undistributed profits Sub-total
(or share capital) stocks reserve
income
I. Closing
balance of
the previous
year
II. Opening
balance of
the current
year
III. YoY
change
(decrease is - 3,769,054.85 -34,102,906.20 1,482,793.00 - - 351,115,910.29 390,470,664.34 2,456,329.33 392,926,993.67
indicated by
“-”)
(I) Total
comprehensi - - - 1,482,793.00 - - 1,447,982,745.49 1,449,465,538.49 2,456,329.33 1,451,921,867.82
ve income
(II)Owners’
contribution to
and reduction in - 3,769,054.85 -34,102,906.20 - - - - 37,871,961.05 - 37,871,961.05
capital
share-based
payment into - 3,769,054.85 -34,102,906.20 - - - - 37,871,961.05 - 37,871,961.05
owner’s equity
(III) Profits
- - - - - - -1,096,866,835.20 -1,096,866,835.20 - -1,096,866,835.20
distribution
to owners (or - - - - - - -1,096,866,835.20 -1,096,866,835.20 - -1,096,866,835.20
shareholders)
IV. Closing
balance of
the current
period
Head of the Company: CHEN Dezhan, Principal in charge of accounting: BAO Hua, Head of the accounting department: ZHAO Difang
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Statement of Changes in Owners’ Equity of the Parent Company
January-June 2025
Unit: RMB
H1 2025
Other
Item Paid-in capital Less: treasury
Capital reserve comprehensive Surplus reserve Undistributed profits Total owners’ equity
(share capital) stocks
income
I. Closing balance of the previous year 5,483,645,926.00 1,925,838,418.23 33,828,483.60 88,047,505.40 2,161,748,790.26 10,405,287,236.14 20,030,739,392.43
II. Opening balance of the current year 5,483,645,926.00 1,925,838,418.23 33,828,483.60 88,047,505.40 2,161,748,790.26 10,405,287,236.14 20,030,739,392.43
III. YoY change (decrease is indicated by “-”) - 303,042.85 -32,162,497.20 -30,102,561.12 - -435,245,164.47 -432,882,185.54
(I) Total comprehensive income - - - -30,102,561.12 - 1,374,357,991.11 1,344,255,429.99
(II)Owners’ contribution to and reduction
- 303,042.85 -32,162,497.20 - - - 32,465,540.05
in capital
- 303,042.85 -32,162,497.20 - - - 32,465,540.05
owner’s equity
(III) Profits distribution - - - - - -1,809,603,155.58 -1,809,603,155.58
IV. Closing balance of the current period 5,483,645,926.00 1,926,141,461.08 1,665,986.40 57,944,944.28 2,161,748,790.26 9,970,042,071.67 19,597,857,206.89
H1 2024
Other
Item Paid-in capital Less: treasury
Capital reserve comprehensive Surplus reserve Undistributed profits Total owners’ equity
(share capital) stocks
income
I. Closing balance of the previous year 5,484,334,176.00 1,898,950,817.41 74,367,173.75 2,453,961.13 1,879,597,955.19 8,962,504,785.64 18,153,474,521.62
II. Opening balance of the current year 5,484,334,176.00 1,898,950,817.41 74,367,173.75 2,453,961.13 1,879,597,955.19 8,962,504,785.64 18,153,474,521.62
III. YoY change (decrease is indicated by “-”) - 3,769,054.85 -34,102,906.20 -940,705.04 - 319,730,518.87 356,661,774.88
(I) Total comprehensive income - - - -940,705.04 - 1,416,597,354.07 1,415,656,649.03
(II)Owners’ contribution to and reduction
- 3,769,054.85 -34,102,906.20 - - - 37,871,961.05
in capital
- 3,769,054.85 -34,102,906.20 - - - 37,871,961.05
owner’s equity
(III) Profits distribution - - - - - -1,096,866,835.20 -1,096,866,835.20
IV. Closing balance of the current period 5,484,334,176.00 1,902,719,872.26 40,264,267.55 1,513,256.09 1,879,597,955.19 9,282,235,304.51 18,510,136,296.50
Head of the Company: CHEN Dezhan, Principal in charge of accounting: BAO Hua, Head of the accounting department: ZHAO Difang
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
III. Basic information of the Company
√Applicable □Not applicable
Zhejiang China Commodities City Group Co., Ltd. (hereinafter referred to as the
"Company") was approved by Document ZG [1993] No. 59 of the Zhejiang Provincial
Shareholding System Pilot Work Coordination Group and registered with the Yiwu Industrial
and Commercial Administration of Zhejiang Province on December 28, 1993, obtaining the
"Business License of Legal Entity" with registration number 14766708-8. The original registered
name was Zhejiang Yiwu China Commodities City Co., Ltd. On September 26, 1995, it was
renamed as Zhejiang China Commodities City Group Co., Ltd. The Company currently holds a
business license with the unified social credit code of 91330000147641689Y, with a registered
capital of RMB 5,483,645,926.00 and a total of 5,483,645,926 shares (par value of RMB 1 per
share). Among them, there are 785,400 A-shares with restricted circulation conditions and
been listed on the Shanghai Stock Exchange since May 9, 2002.
The Company belongs to the market management service industry. The main business
activities include industrial investment and development, investment management, market
development and operation, market supporting services, sales of metal materials, building
decoration materials, general merchandise, textiles, hardware, electrical and chemical products,
office equipment and communication equipment (excluding wireless), mechanical and electrical
equipment, provision of online trading platforms and services, online trading market
development and operation, and information consulting services. Import and export business of
goods within the scope of self-operated and domestically sold commodities. Engaged in
processing with supplied materials and "processing with supplied materials, processing with
supplied samples, assembling with supplied parts, and compensation trade" business,
conducting countertrade and entrepot trade, including the business scope of subordinate
branches.
IV. Basis of preparation of financial statements
The financial statements of the Company were prepared on a going-concern basis.
√Applicable □Not applicable
The Company had no events or conditions that casted a major doubt about the
going-concern ability of the Company within 12 months from the end of the reporting period.
V. Important Accounting Policies and Accounting Estimates
Reminders on specific accounting policies and accounting estimates:
√Applicable □Not applicable
The Company has formulated specific accounting policies and estimates based on the
actual production and operation characteristics, mainly reflected in bad debt provisions for
accounts receivable, inventory valuation methods, provision for inventory depreciation, fixed
asset depreciation, intangible asset amortization, revenue recognition and measurement,
classification of investment properties and fixed assets, and the useful life and residual value of
fixed assets.
The financial statements prepared by the Group comply with the requirements of the
Accounting Standards, and truly and completely reflect the Company’s financial conditions,
operating results, changes in shareholders’ equity, cash flows and other related information.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
The fiscal year of the Group starts from January 1 and ends on December 31 of the
Gregorian calendar.
√Applicable □Not applicable
The operating cycle of our company is relatively short, with 12 months as the liquidity
classification standard for assets and liabilities.
The Company’s functional currency is RMB.
√Applicable □Not applicable
Item Importance criteria
Significant construction projects in The total investment of a single project exceeds 0.5%
progress of the total assets
Significant prepayments aged over Individual amount exceeding 0.5% of total assets
Significant accounts payable with Individual amount exceeding 0.5% of total assets
an aging of over 1 year
Significant advance receipts with Individual amount exceeding 0.5% of total assets
aging over 1 year
Significant contractual liabilities with Individual amount exceeding 0.5% of total assets
an aging of over 1 year
Significant other payables with an Individual amount exceeding 0.5% of total assets
aging of over 1 year
Significant cash flows from Single amount exceeding 5% of total assets
investing activities
Total assets/total revenue/total profit exceeds 15% of
Significant foreign operating entities
the Group's total assets/total revenue/total profit
Significant subsidiaries, Total assets/total revenue/total profit exceeds 15% of
non-wholly-owned subsidiaries the Group's total assets/total revenue/total profit
The book value of a single long-term equity investment
exceeds 15% of the Group's net assets / The
Significant joint ventures or
investment income calculated under the equity method
associates
for a single item exceeds 15% of the Group's total
profit
business combinations not under common control
√Applicable □Not applicable
Business combinations are divided into business combinations under common control and
business combinations not under common control.
Accounting treatment method for business combination under common control
The assets and liabilities acquired by the Company in a business combination are
measured at their carrying amounts in the consolidated financial statements of the ultimate
controlling party as of the combination date. The Company adjusts capital reserve based on the
difference between the book value share of the owners' equity of the merged party in the
consolidated financial statements of the ultimate controlling party and the book value of the
combination consideration paid or the total par value of shares issued. If the capital reserve is
insufficient to offset the difference, retained earnings are adjusted.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Accounting treatment method for business combination not under common control
On the purchase date, the Company recognizes the difference between the cost of the
combination that is greater than the fair value share of the identifiable net assets of the acquiree
obtained in the combination as goodwill; if the cost of the combination is less than the share of
the fair value of the identifiable net assets of the acquiree acquired in the combination, First,
review the acquired fair value of the acquiree's identifiable assets, liabilities and contingent
liabilities and the measurement of the combination cost. After the review, the combination cost
is still less than the fair value share of the acquiree's identifiable net assets acquired in the
combination, the difference is included in the current profit and loss.
statements
√Applicable □Not applicable
Judgment criteria for control
Control refers to the Company’s power to the investee. The Company enjoys variable
returns by participating in the investee’s related activities, and is able to apply the power to the
investee to affect the amount of the returns.
Preparation method of the consolidated financial statements. The Parent Company
includes all subsidiaries under its control in the consolidation scope of the consolidated
financial statements. The consolidated financial statements are prepared by the parent
company based on the financial statements of the parent and its subsidiaries, in accordance
with other relevant information and Accounting Standards for Business Enterprises No.
√Applicable □Not applicable
Joint arrangements are divided into joint operations and joint ventures.
When the Company is a joint operator in a joint operation, it recognizes the following items
related to its share of interests in the joint operation:
(1) Confirm individually held assets and jointly held assets based on ownership shares;
(2) Recognize individually assumed liabilities and jointly assumed liabilities based on
ownership share
(3) Recognizing revenue generated from the sale of the Company's share in the output of
joint operations;
(4) Recognition of income from jointly controlled operations' asset sales based on the
Company's ownership share;
(5) Recognition of individually incurred expenses and expenses from jointly controlled
operations based on the Company's ownership share.
Cash presented in the cash flow statement refers to cash on hand and deposits that can be
used for payment at any time. Cash equivalents refer to investments held by a company with
short maturities, strong liquidity, easy conversion to known amounts of cash, and minimal risk of
value changes.
statements
√Applicable □Not applicable
Foreign currency business translation
In the initial recognition of a foreign currency transaction, the foreign currency amount is
translated to a functional currency amount according to the spot exchange rate on the date of
transaction. On the balance sheet date, foreign currency monetary items are translated using
the spot exchange rate on the balance sheet date. Exchange differences arising from changes
in exchange rates, except for those related to the principal and interest of foreign currency loans
specifically borrowed for the acquisition or construction of assets that meet capitalization criteria,
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
are recognized in the current period’s profit or loss. Foreign currency non-monetary items
measured at historical cost are still translated using the spot exchange rate on the transaction
date, and their RMB amounts remain unchanged. For foreign currency non-monetary items
measured at fair value, the spot exchange rate on the date of fair value determination is used
for translation, and the difference is recognized in the current period’s profit or loss or other
comprehensive income.
Foreign currency financial statement translation
Assets and liabilities items in the balance sheet are translated at the spot exchange
rate on the balance sheet date; owners' equity items except the "undistributed profit"
item, other items are translated at the spot exchange rate on the transaction date;
Income and expense items shall be converted at the spot exchange rate on the
transaction date. The translation differences arising from the above conversion of foreign
currency financial statements are recorded in other comprehensive income.
√Applicable □Not applicable
Classification of Financial Assets and Financial Liabilities
Financial assets are classified into the following three categories upon initial recognition: (1)
financial assets measured at amortized cost; (2) financial assets measured at fair value through
other comprehensive income; (3) financial assets measured at fair value through profit or loss.
Financial liabilities are classified into the following four categories upon initial recognition:
(1) financial liabilities measured at fair value through profit or loss; (2) financial liabilities arising
from transfers of financial assets that do not qualify for derecognition or continuing involvement
in transferred financial assets; (3) financial guarantee contracts not falling under (1) or (2) above,
and loan commitments not falling under (1) above that are made at below-market interest rates;
(4) financial liabilities measured at amortized cost.
Recognition Basis, Measurement Methods, and Derecognition Conditions for
Financial Assets and Financial Liabilities
(1) Recognition basis and initial measurement methods for financial assets and liabilities
The Company recognizes a financial asset or financial liability at the time of becoming a
party to a financial instrument contract. Financial assets and financial liabilities are measured at
fair value upon initial recognition: in view of financial assets and financial liabilities measured at
fair value through profit or loss, related transaction costs are directly recorded in the current
profit or loss; in view of financial assets and financial liabilities of other categories, related
transaction costs are recorded in the initially recognized amount. However, if the Company's
initially recognized accounts receivable do not contain significant financing components or the
Company does not consider financing components in contracts not exceeding one year, they
are initially measured at the transaction price as defined in Accounting Standards for Business
Enterprises No. 14 - Revenue.
(2) Subsequent measurement methods for financial assets
Subsequent measurement is carried out at amortized cost using the effective interest
method. Gains or losses arising from financial assets measured at amortized cost that are not
part of any hedging relationship are recognized in profit or loss upon derecognition,
reclassification, amortization using the effective interest method, or impairment recognition.
income
Subsequent measurement is carried out at fair value. Interest calculated using the effective
interest method, impairment losses or gains, and exchange differences are recognized in profit
or loss, while other gains or losses are recognized in other comprehensive income. Upon
derecognition, the cumulative profit or loss previously recorded in other comprehensive income
is transferred out from other comprehensive income and recorded in the current profit or loss.
income
Subsequent measurement is carried out at fair value. Dividends received (excluding those
representing recovery of investment cost) are recognized in current profit or loss, while other
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
gains or losses are recognized in other comprehensive income. Upon derecognition, the
cumulative profit or loss previously recorded in other comprehensive income is transferred out
from other comprehensive income and recorded in the retained income.
Subsequent measurement at fair value results in gains or losses (including interest and
dividend income) being recognized in current profit or loss, unless the financial asset is part of a
hedging relationship.
(3) Subsequent measurement methods for financial liabilities
Such financial liabilities include trading financial liabilities (including derivative instruments
that qualify as financial liabilities) and those designated as measured at fair value through profit
or loss. For such financial liabilities, fair value is used for subsequent measurement. Changes in
the fair value of financial liabilities designated as measured at fair value through profit or loss
due to changes in the Company's own credit risk are recognized in other comprehensive
income, unless such treatment would create or enlarge an accounting mismatch in profit or loss.
Other gains or losses arising from such financial liabilities (including interest expenses and fair
value changes not due to changes in the Company's own credit risk) are recognized in current
profit or loss, unless the financial liability is part of a hedging relationship. Upon derecognition,
the cumulative profit or loss previously recorded in other comprehensive income is transferred
out from other comprehensive income and recorded in the retained income.
(2) Financial liabilities arising from financial asset transfers that do not meet derecognition
criteria or involve continued involvement in the transferred financial assets
Measurement shall be conducted in accordance with the relevant provisions of Accounting
Standards for Business Enterprises No. 23—Transfer of Financial Assets.
not falling under 1) above that provide loans at below-market interest rates.
After initial recognition, subsequent measurement is based on the higher of the following
two amounts: ① the amount of loss allowance determined in accordance with the impairment
provisions for financial instruments; ② the initial recognition amount minus the cumulative
amortization determined in accordance with the relevant provisions of Accounting Standards for
Business Enterprises No. 14—Revenue.
Measured at amortized cost using the effective interest method. Gains or losses arising
from financial liabilities measured at amortized cost and not part of any hedging relationship are
recognized in current profit or loss upon derecognition or amortization using the effective
interest method.
(4) Derecognition of financial assets and financial liabilities
①Termination of contract rights to collect cash flows of the financial assets;
② The financial asset has been transferred, and the transfer meets the derecognition
criteria for financial assets under Accounting Standard for Business Enterprises No. 23 -
Transfer of Financial Assets.
Where the current obligations of the financial liabilities (or part of them) have been
dissolved, the Company derecognizes the financial liabilities (or the part of financial liabilities).
The recognition basis and measurement method for the financial assets transfer
If the Company transfers substantially all the risks and rewards of ownership of the
financial asset, it derecognizes the financial asset and separately recognizes any rights and
obligations created or retained in the transfer as assets or liabilities; if it retains substantially all
the risks and rewards of ownership, it continues to recognize the transferred financial asset. If a
company neither transfers nor retains substantially all the risks and rewards of ownership of a
financial asset, the following treatments should be applied according to different situations: (1) If
the Company does not retain control over the financial asset, it should derecognize the financial
asset and separately recognize the rights and obligations arising from or retained in the transfer
as assets or liabilities. (2) If the Company retains control over the financial asset, it should
recognize the relevant financial asset to the extent of its continued involvement in the
transferred financial asset, and accordingly recognize the relevant liability.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
If the entire transfer of a financial asset meets derecognition criteria, the difference
between the following two amounts is recognized in profit or loss: (1) the carrying amount of the
transferred financial asset on the derecognition date; (2) the sum of the consideration received
for transferring the financial asset and the cumulative amount of fair value changes originally
recognized in other comprehensive income attributable to the derecognized portion (for
financial assets measured at fair value through other comprehensive income, such as debt
instrument investments). If a portion of a financial asset is transferred and the transferred
portion as a whole meets the derecognition criteria, the carrying value of the financial asset
before the transfer is allocated between the derecognized portion and the continuing
recognized portion based on their relative fair values on the transfer date, and the difference
between the following two amounts is recognized in current profit or loss: (1) the carrying value
of the derecognized portion; (2) the sum of the consideration received for the derecognized
portion and the cumulative amount of fair value changes originally directly recognized in other
comprehensive income that corresponds to the derecognized portion (for financial assets
measured at fair value through other comprehensive income, such as debt instrument
investments).
Determination method for the fair value of financial assets and financial liabilities
The Company uses valuation techniques that are appropriate in the current circumstances
and for which sufficient data and other information are available to determine the fair value of
relevant financial assets and financial liabilities. The Company classifies input values used in
valuation techniques into the following hierarchy and applies them sequentially:
(1) The first-level inputs are unadjusted quoted prices in active markets for identical assets
or liabilities that can be obtained on the measurement date.
(2) Level 2 inputs are inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly or indirectly, including: quoted prices for
similar assets or liabilities in active markets; quoted prices for identical or similar assets or
liabilities in markets that are not active; other observable inputs such as interest rates and yield
curves observable at commonly quoted intervals; and market-corroborated inputs
(3) Level 3 inputs are unobservable inputs for the relevant asset or liability, including
interest rates, stock volatility, future cash flows of abandonment obligations assumed in
business combinations, and financial forecasts made using the Company's own data that
cannot be directly observed or verified by observable market data.
Impairment of financial instruments
The Company recognizes impairment and establishes loss allowances based on expected
credit losses for: financial assets measured at amortized cost, debt instrument investments
measured at fair value through other comprehensive income, contract assets, lease receivables,
loan commitments not classified as financial liabilities measured at fair value through profit or
loss, and financial guarantee contracts that are not financial liabilities measured at fair value
through profit or loss or do not meet the derecognition criteria for transferred financial assets or
continue to be involved with the transferred financial assets.
Expected credit losses refer to the weighted average value of the credit losses of financial
instruments weighted by the risk of default. Credit loss refers to the difference between all
contract cash flows receivable under the contract and all cash flows expected to be received,
discounted by the Company at the original effective interest rate, that is, the present value of all
cash shortages. Among them, the credit-impaired financial assets purchased or originated by
the Company shall be discounted at the credit-adjusted effective interest rate of the financial
assets.
For purchased or originated financial assets that have experienced credit impairment, the
Company recognizes only the cumulative changes in expected credit losses over the entire life
since initial recognition as loss provisions on the balance sheet date.
For lease receivables, receivables arising from transactions regulated by Accounting
Standards for Business Enterprises No. 14—Revenue, and contract assets, the Company
applies the simplified measurement method, measuring the loss allowance at an amount equal
to the expected credit losses over the entire lifetime.
For financial assets not measured using the above methods, the Company assesses at
each balance sheet date whether their credit risk has increased significantly since initial
recognition. If the credit risk has increased significantly since initial recognition, the Company
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
measures the loss allowance at the amount of expected credit losses over the entire lifetime; if
the credit risk has not increased significantly since initial recognition, the Company measures
the loss allowance at the amount of expected credit losses over the next 12 months for the
financial instrument.
The Company uses available reasonable and evidence-based forward-looking information
to determine whether the credit risk of financial instruments has been confirmed since initial
recognition by comparing the risk of default of financial instruments on the balance sheet date
with the risk of default on the date of initial recognition. has increased significantly.
At the balance sheet date, if the Company determines that a financial instrument has only
low credit risk, it is assumed that the instrument's credit risk has not increased significantly
since initial recognition.
The Company assesses expected credit risk and measures expected credit loss based on
individual financial instruments or portfolios of financial instruments. When based on financial
instrument portfolios, the Company classifies financial instruments into different portfolios
based on shared risk characteristics.
The Company remeasures expected credit losses at each balance sheet date, with
increases or reversals in loss allowances recognized as impairment losses or gains in current
period profit or loss. For financial assets measured at amortized cost, loss allowances reduce
the carrying amount of the financial asset presented in the balance sheet; for debt investments
measured at fair value through other comprehensive income, the Company recognizes loss
allowances in other comprehensive income without reducing the carrying amount of the
financial asset.
Offset of financial assets and financial liabilities
In addition, financial assets and financial liabilities are recognized separately in the balance
sheet and are not offset against each other. If the following conditions are met at the same time,
financial assets and financial liabilities are listed in the balance sheet as the net amount after
offsetting each other: (1) There is a legal right to offset the recognized amount, and the legal
right is currently executable; (2) Netting settlement, or realizing the financial asset and paying
off the financial liability at the same time.
For financial asset transfers that do not meet the derecognition criteria, the Company does
not offset the transferred financial assets and related liabilities.
√Applicable □Not applicable
Grouping classification and determination basis of provision for bad debt based on
grouping of credit risk characteristics
√Applicable □Not applicable
The Company assesses impairment and recognizes loss allowances for financial assets
measured at amortized cost based on expected credit losses.
For accounts receivable that do not contain significant financing components, the Company
measures loss reserves based on the expected credit loss amount equivalent to the entire
duration.
For the financial assets not measured with the simplified method, the Company evaluates
on each balance sheet date whether their credit risks have increased significantly since the
initial recognition. If the credit risk of a financial asset has not increased significantly since the
initial recognition, the asset is in the first stage and the Company will make provision for loss
based on the amount of expected credit loss within the coming 12 months and calculate interest
income based on the book balance and effective interest rate; if the credit risk has increased
significantly since the initial recognition, but credit has not been impaired, the asset is in the
second stage and the Company will make provision for loss equivalent to the amount of
expected credit loss during the entire term and calculate interest income based on the book
balance and effective interest rate; if credit has been impaired after the initial recognition, the
asset is in the third stage and the Company will make provision for loss equivalent to the
amount of expected credit loss during the entire term and calculate interest income based on
the amortized cost and effective interest rate.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
The Group evaluates the expected credit losses of financial instruments on the individual
and group bases. The Company considers the credit risk characteristics of different customers,
evaluates the expected credit losses of accounts receivable based on grouping by aging, and
determines the aging based on the invoicing date. Except for the aforementioned financial
instruments that are evaluated for expected credit losses on a grouping basis, the Company
assesses their expected credit losses on an individual basis.
The disclosure regarding the Company's criteria for determining a significant increase in
credit risk and the definition of credit-impaired assets is as follows:
The factors reflected in the Company's method of measuring expected credit losses of
financial instruments include: unbiased probability-weighted average amount determined by
evaluating a series of possible outcomes; time value of money; no unnecessary additional cost
or effort on the balance sheet date Reasonable and evidence-based information that is readily
available about past events, current conditions and forecasts of future economic conditions.
When the Company no longer reasonably expects to recover all or part of the contractual
cash flows of a financial asset, it directly writes down the carrying amount of the financial asset.
Account aging calculation method in which the credit risk characteristic grouping is
confirmed by account aging
□Applicable √Not applicable
Judgment criteria for individual provision for bad debt based on individual provision
√Applicable □Not applicable
For receivables and contract assets with credit risk significantly different from portfolio
credit risk, the Company calculates expected credit losses on an individual basis.
√Applicable □Not applicable
Grouping classification and determination basis of provision for bad debt based on
grouping of credit risk characteristics
√Applicable □Not applicable
Please refer to Note V - Important Accounting Policies and Accounting Estimates - 12.
Notes Receivable.
Account aging calculation method in which the credit risk characteristic grouping is
confirmed by account aging
□Applicable √Not applicable
Recognition criteria for individual provision of bad debt
√Applicable □Not applicable
Please refer to Note V - Important Accounting Policies and Accounting Estimates - 12.
Notes Receivable.
□Applicable √Not applicable
√Applicable □Not applicable
Grouping classification and determination basis of provision for bad debt based on
grouping of credit risk characteristics
√Applicable □Not applicable
Please refer to Note V - Important Accounting Policies and Accounting Estimates - 12.
Notes Receivable.
Account aging calculation method in which the credit risk characteristic grouping is
confirmed by account aging
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
□Applicable √Not applicable
Judgment criteria for individual provision for bad debt based on individual provision
√Applicable □Not applicable
Please refer to Note V - Important Accounting Policies and Accounting Estimates - 12.
Notes Receivable.
√Applicable □Not applicable
Inventory category, valuation method for issuance, inventory system, amortization
method for low-value consumables and packaging materials
√Applicable □Not applicable
Classification of inventory
Inventory includes raw materials, work-in-progress materials, finished goods, real estate
development costs and real estate development products.
Development costs refer to the properties that have not been completed and are developed
for the purpose of being sold. Development products refer to the properties that have been
completed and are ready for sale. The actual costs of real estate development costs and
development products include the land acquisition cost, expenditures on construction and
installation works, capitalized interest and other direct and indirect development expenses. The
use right of the land for development purpose at the development of a project is amortized and
recognized as the development cost of the project based on the site area of the development
product, and the development cost will be changed over to development product after being
completed.
If the public auxiliary facilities are completed earlier than the related development product,
the facilities will be allocated to and recognized in the development cost of related development
project based on the floor space of the project after final accounting of the facilities upon
completion; if the public auxiliary facilities are completed later than the related development
product, they will be recognized in the development cost of related development project based
on the predicted cost of the public auxiliary facilities.
Valuation method of issued inventory
Hotel, catering and fresh goods inventories are subject to onsite inventory, while other
inventories are subject to perpetual inventory.
Inventory system of inventory
The inventory system for inventory is the perpetual inventory system.
Amortization of low-value consumables and packaging materials
(1) Low-value consumables
Amortization is carried out according to the one-time write-off method.
(2) Packaging
Amortization is carried out according to the one-time write-off method.
Recognition criteria and provision methods for provision for inventory depreciation
√Applicable □Not applicable
On the balance sheet date, inventories are measured at the lower of cost and net realizable
value, and provision for inventory depreciation is made based on the difference between the
cost and the net realizable value. For inventories directly used for sale, in the normal production
and operation process, the net realizable value is determined by the estimated selling price of
the inventory minus the estimated sales expenses and related taxes; for inventories that need
to be processed, in the normal production and operation process, the net realizable value is
determined by the estimated selling price of the finished products produced after deducting the
estimated costs to be incurred upon completion, estimated sales expenses and relevant taxes
and fees; on the balance sheet date, for inventory items where a portion has a contracted price
and the remaining portion does not, the net realizable value is determined separately for each
part. This value is then compared with the corresponding cost to separately determine the
amount of provision for inventory write-down or the reversal thereof.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
In principle, provision is made for individual inventory items; for inventories with large
quantities and low unit prices, inventory write-downs are provided by category.
Combination classification and determination basis for combined provision for inventory
depreciation, and determination basis for net realizable value of inventory of different
categories
□Applicable √Not applicable
Calculation methods and determination basis for the net realizable value of each
inventory age combination based on inventory age confirmation
□Applicable √Not applicable
□Applicable √Not applicable
□Applicable √Not applicable
Recognition criteria and accounting treatment methods for non-current assets or
disposal groups classified as held for sale
□Applicable √Not applicable
Recognition criteria and reporting methods for termination of operations
□Applicable √Not applicable
√Applicable □Not applicable
Determination of joint control and significant influence
Joint control refers to the control jointly owned over some arrangement according to the
related provisions, and the related activities of the arrangements must be decided after agreed
by the participant sharing control. A major impact means that the investor has the power to
participate in decision-making of the investee’s finance and operation policies, but cannot
control or jointly control with other parties the formulation of these policies.
Determination of investment cost
(1) Business combination under common control: If the Company pays cash, transfers
non-cash assets or assumes debts, and issues equity securities as the combination
consideration, it shall treat its share in the book value of the owner’s equity of the acquiree listed
in the ultimate controlling party’s consolidated financial statements on the date of the
combination as the initial investment cost of long-term equity investment. The difference
between the initial investment cost of the long-term equity investment and the book value of the
combined consideration paid or the total face value of the issued shares shall be adjusted to the
capital reserve; if the capital reserve is insufficient to offset, the retained earnings shall be
adjusted.
The Company determines whether the long-term equity investment formed through
step-by-step transactions to achieve a business combination under common control constitutes
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
a "package deal." For transactions classified as a "package deal," each transaction is
accounted for as a single transaction to obtain control. For transactions not classified as
"package deals," the initial investment cost is determined on the combination date based on the
share of the net assets of the merged party in the consolidated financial statements of the
ultimate controlling party that should be enjoyed post-combination. The difference between the
initial investment cost of the long-term equity investment on the combination date and the sum
of the carrying value of the long-term equity investment before the combination plus the carrying
value of the new consideration paid for additional shares on the combination date is adjusted to
capital reserve; if the capital reserve is insufficient to offset the difference, retained earnings are
adjusted.
(2) For business combinations not under common control, the fair value of the acquisition
consideration paid on the acquisition date shall be taken as its initial investment cost.
For long-term equity investments formed through step-by-step transactions achieving a
business combination not under common control, the Company applies separate accounting
treatments in individual financial statements and consolidated financial statements:
calculated as the sum of the carrying amount of the originally held equity investment and the
additional investment cost.
For transactions classified as a "package deal," each transaction is accounted for as a single
transaction to obtain control. For transactions not qualifying as "package deals," equity interests
in the acquiree held prior to the acquisition date are remeasured at fair value on the acquisition
date, with any difference between fair value and carrying amount recognized in current
investment income. Other comprehensive income related to such equity interests accounted for
under the equity method is reclassified to profit or loss in the period of acquisition. Except for
other comprehensive income arising from the investee's remeasurement of defined benefit plan
net liabilities or net assets.
(3) Other than those formed through business combinations: for those acquired by cash
payment, the initial investment cost is based on the actual purchase price paid; for those
acquired by issuing equity securities, the initial investment cost is based on the fair value of the
equity securities issued; for those acquired through debt restructuring, the initial investment cost
is determined in accordance with Accounting Standards for Business Enterprises No. 12—Debt
Restructuring; for those acquired through non-monetary asset exchange, the initial investment
cost is determined in accordance with Accounting Standards for Business Enterprises No.
Subsequent measurement and recognition of profit and loss
Long-term equity investments in controlled entities are accounted for using the cost method;
investments in associates and joint ventures are accounted for using the equity method.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Method for Step-by-Step Disposal of Subsidiary Investments Through Multiple
Transactions Until Loss of Control
(1) Judgment principles for determining whether it constitutes a "package deal"
For the step-by-step disposal of equity investments in subsidiaries through multiple
transactions until control is lost, the Company determines whether the step-by-step transactions
constitute a "package deal" by considering the terms of the transaction agreements for each
step, the respective disposal considerations obtained, the parties to whom the equity is sold, the
disposal methods, the timing of disposal, and other relevant information. When the terms,
conditions, and economic effects of multiple transactions meet one or more of the following
circumstances, it typically indicates that the transactions constitute a "package deal":
of each other;
transaction;
with other transactions.
(2) Accounting treatment for transactions not classified as "package deals"
For the disposed equity, the difference between its carrying amount and the actual
proceeds received is recognized in profit or loss. For the remaining equity, if it still has
significant influence over the investee or is jointly controlled with other parties, it is accounted
for using the equity method; if control, joint control, or significant influence over the investee can
no longer be exercised, it is accounted for in accordance with the relevant provisions of
"Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of
Financial Instruments."
Before losing control, the difference between the disposal consideration and the share of
the subsidiary's net assets attributable to the disposed long-term equity investment, calculated
from the acquisition or acquisition date, is adjusted to capital reserve (capital surplus). If the
capital surplus is insufficient, retained earnings are reduced.
When the control over a subsidiary is lost, the remaining equity interest is re-measured at
its fair value on the date of losing control. The difference between the sum of the consideration
obtained from the disposal of equity and the fair value of the remaining equity, and the share of
the former subsidiary’s net assets calculated continuously from the acquisition date or
combination date at the original shareholding ratio is included in the investment income in the
period of loss of control. At the same time, goodwill is also written down. Other comprehensive
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
income related to the equity investment of the original subsidiary shall be converted into
investment income for the current period when the control right is lost.
(3) Accounting treatment for "package deals"
Account for all transactions as a single transaction involving the disposal of a subsidiary
and loss of control. However, the difference between each disposal consideration and the
carrying amount of the corresponding long-term equity investment before loss of control is
recognized in other comprehensive income in separate financial statements and transferred to
profit or loss upon loss of control.
Account for all transactions as a single transaction involving the disposal of a subsidiary
and loss of control. However, any difference between the disposal consideration and the
disposing party's proportionate share of the subsidiary's net assets prior to loss of control is
recognized as other comprehensive income in the consolidated financial statements and
subsequently reclassified to profit or loss upon loss of control.
(1).With the cost measurement model
Depreciation or amortization methods
The Company's investment real estate includes land use rights leased, land use rights held
and ready to be transferred after appreciation, leased buildings, etc.
Investment real estate is initially measured at cost, followed by cost model, and is
depreciated or amortized using the same method as fixed assets and intangible assets.
(1).Recognition requirements
√Applicable □Not applicable
Property, plant and equipment refer to tangible assets held for the purpose of producing
commodities, providing labor services, leasing or operating management, and with a service life
of more than one fiscal year. Fixed assets are recognized when it is probable that economic
benefits will flow in and the cost can be reliably measured.
(2).Depreciation methods
√Applicable □Not applicable
Depreciation
Depreciation Residual value Annual
Category period (number
methods rate depreciation rate
of years)
Buildings and Straight-line
structures method
General Straight-line
equipment method
Transportation Straight-line
equipment method
√Applicable □Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Construction in progress is recognized when it simultaneously meets the criteria that
economic benefits are probable to flow in and costs can be reliably measured. Construction in
progress is measured at the actual costs incurred before the asset reaches its intended usable
condition.
When the construction in progress reaches the predetermined usable state, it shall be
transferred to fixed assets according to the actual cost of the project. For those that have
reached the expected usable state but have not yet handled the final settlement of the project,
they shall be transferred to fixed assets at their estimated value. After the final settlement of the
project has been handled, the original provisional estimated value will be adjusted according to
the actual cost, but the depreciation that has been accrued will not be adjusted.
Category Criteria and timing for transferring construction in progress to fixed
assets
Buildings and The main construction project and supporting works have been
structures substantially completed, met the predetermined design requirements,
and passed acceptance inspection
Machinery Meeting design requirements or contractual standards after
equipment installation and debugging
Transportation Obtaining a transportation vehicle driving license
equipment
Other Actual start of use or completion of installation and debugging
√Applicable □Not applicable
Principles for recognition on capitalization of borrowing costs
If the borrowing costs incurred by the Company can be directly attributable to the
acquisition or production of assets qualified of capitalization, they shall be capitalized and
included in the cost of the relevant assets; other borrowing costs shall be recognized as
expenses based on the amount incurred when they are incurred and included in current profit
and loss.
Period of capitalization of borrowing costs
(1) Capitalization begins when the borrowing costs meet the following conditions at the
same time: 1) The asset expenditure has been incurred; 2) The borrowing costs have been
incurred; 3) The purchase, construction or production necessary to make the asset ready for
use or sale The event has already started.
(2) If an asset that meets the capitalization conditions is abnormally interrupted in the
process of acquisition, construction or production, and the interruption lasts for more than 3
consecutive months, the capitalization of borrowing costs shall be suspended; the borrowing
costs incurred during the interruption period shall be recognized as current expenses until The
acquisition, construction or production of the asset resumes.
(3) When the acquisition or production of assets qualified of capitalization reaches the
intended usable or saleable state, the capitalization of borrowing costs shall cease.
Capitalization rate of borrowing costs and capitalized amount
If a special loan is borrowed for the purchase, construction or production of assets eligible
for capitalization, the interest expense actually incurred in the current period of the special loan
(including the amortization of discount or premium determined according to the effective interest
rate method), minus the unused loan funds The amount of interest income obtained by
depositing in the bank or the investment income obtained from temporary investment shall be
determined as the amount of interest that should be capitalized; if general borrowings are
occupied for the purchase, construction or production of assets eligible for capitalization, the
accumulated asset expenditure shall be The weighted average number of asset expenditures
exceeding special borrowings is multiplied by the capitalization rate of occupied general
borrowings to calculate and determine the amount of interest that should be capitalized on
general borrowings.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
□Applicable √Not applicable
□Applicable √Not applicable
(1). Service life and its determination basis, estimated situation, amortization method or
review procedure
√Applicable □Not applicable
Intangible assets, including land use rights, software and software copyright, etc., are
initially measured at cost.
Intangible assets with limited service life shall be amortized systematically and reasonably
within the service life according to the expected realization method of the economic benefits
related to the intangible asset. If the expected realization method cannot be reliably determined,
the straight-line method shall be used for amortization. Specific provisions are as follows:
Item Useful life and its determination basis Amortization
method
Land use right The useful life is determined as 40-50 years Straight-line
based on the property rights registration period method
Software and software The useful life is determined to be 10 years Straight-line
copyright based on the expected benefit period method
Data resources The useful life is determined to be 10 years Straight-line
based on the expected benefit period method
(2). The scope of R&D expenditure collection and related accounting treatment methods
√Applicable □Not applicable
Scope of R&D Expenditure Aggregation
(1) Personnel labor costs
Personnel labor costs include salaries and wages of the Company's R&D personnel, basic
pension insurance, basic medical insurance, unemployment insurance, work injury insurance,
maternity insurance, and housing provident fund, as well as service fees for externally hired
R&D personnel.
For R&D personnel serving multiple R&D projects simultaneously, labor costs are allocated
proportionally among different R&D projects based on the working hour records provided by the
Company's management department.
For personnel directly engaged in R&D activities and external R&D personnel who also
engage in non-R&D activities, the Company allocates the actual incurred personnel costs
between R&D expenses and production/operating expenses based on reasonable methods
such as the proportion of actual working hours recorded for different positions.
(2) Direct input expenses
Direct input costs refer to the actual expenses incurred by the Company for conducting
research and development activities. Includes: 1) Directly consumed materials, fuel, and power
expenses; 2) Molds, tooling development, and manufacturing costs for pilot testing and product
trial production, purchase costs of samples, prototypes, and general testing equipment that do
not constitute fixed assets, and inspection fees for trial products; 3) Operation, maintenance,
adjustment, inspection, testing, and repair expenses for instruments and equipment used in
R&D activities.
(3) Depreciation expenses and long-term prepaid expenses
Depreciation expense refers to the depreciation of instruments, equipment, and buildings in
use for research and development activities.
For instruments, equipment, and in-use buildings used for R&D activities that are also used
for non-R&D activities, the Company maintains necessary records of their usage and allocates
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
the actual depreciation expenses between R&D expenses and production/operating expenses
based on factors such as actual working hours and usage area, using a reasonable method.
Long-term deferred expenses refer to those incurred during the renovation, retrofitting,
decoration, and repair of R&D facilities, which are aggregated based on actual expenditures
and amortized evenly over the specified period.
(4) Amortization expenses of intangible assets
Amortization expenses of intangible assets refer to the amortization of software, intellectual
property, and non-patented technologies (proprietary technologies, licenses, design and
calculation methods, etc.) used in research and development activities.
(5) Design Expenses
Design expenses refer to costs incurred for conceptualizing, developing, and
manufacturing new products and processes, including designing procedures, technical
specifications, regulations, and operational characteristics, as well as related expenses for
creative design activities aimed at obtaining innovative, creative, and breakthrough products.
(6) Equipment debugging costs and testing expenses
Equipment debugging costs refer to expenses incurred during research and development
activities in the tooling preparation process, including the development of special and dedicated
production machines, changes to production and quality control procedures, or the formulation
of new methods and standards.
Costs incurred for routine tooling preparation and industrial engineering for large-scale
batch and commercial production are not included in the aggregation scope.
Testing expenses include clinical trial fees for new drug development, field trial fees for
exploration and development technologies, and field test fees, among others.
(7) Outsourced research and development expenses
Outsourced research and development expenses refer to costs incurred by the Company
when commissioning other domestic or foreign institutions or individuals to conduct research
and development activities (the results of which are owned by the Company and are closely
related to its main business operations).
(8) Other expenses
Other expenses refer to those directly related to research and development activities
beyond the aforementioned expenses, including technical book and material costs, document
translation fees, expert consultation fees, high-tech R&D insurance premiums, costs for
retrieval, demonstration, evaluation, appraisal, and acceptance of R&D results, as well as fees
for intellectual property applications, registrations, and agency services, meeting expenses,
travel expenses, communication costs, etc.
Expenses for the research phase of internal research and development projects shall be
included in the current profit and loss when incurred. Development expenditures can be
capitalized only when all of the following conditions are met at the same time, that is, it is
technically feasible to complete the intangible asset to make them usable or saleable; there is
an intention to complete the intangible asset and use or sell it; the way for intangible assets to
generate economic benefits, including the ability to prove that there are markets for the
products generated by the intangible assets or the intangible assets themselves. Intangible
assets that will be used internally can prove their usefulness; there are sufficient technology,
financial resources and other resource supports to complete the development of the intangible
asset and ability to use or sell the intangible asset; the expenditure attributable to the
development of such intangible asset can be reliably measured.
The Company's specific criteria for dividing the research stage expenditure and
development stage expenditure of internal research and development projects:
Development expenditures can be capitalized only when all of the following conditions are
met at the same time, that is, it is technically feasible to complete the intangible asset to make
them usable or saleable; there is an intention to complete the intangible asset and use or sell it;
the way for intangible assets to generate economic benefits, including the ability to prove that
there are markets for the products generated by the intangible assets or the intangible assets
themselves. Intangible assets that will be used internally can prove their usefulness; there are
sufficient technology, financial resources and other resource supports to complete the
development of the intangible asset and ability to use or sell the intangible asset; the
expenditure attributable to the development of such intangible asset can be reliably measured.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
√Applicable □Not applicable
For long-term assets such as long-term equity investments, investment properties
measured at cost, fixed assets, construction in progress, right-of-use assets, and intangible
assets with finite useful lives, if there are indications of impairment at the balance sheet date,
their recoverable amounts are estimated. For the goodwill formed due to the merger of
enterprises and the intangible assets with uncertain service life, the Group carries out
impairment tests at least at the end of each year, regardless of the impairment signs. Goodwill
is tested for impairment in combination with its related asset groups or groups of asset groups.
If the recoverable amount of the aforementioned long-term assets is lower than their
carrying value, the difference is recognized as an impairment loss and included in current
period profit or loss.
√Applicable □Not applicable
Long-term prepaid expenses account for expenditures that have been incurred and are
amortized over a period longer than one year (excluding one year). Long term deferred
expenses are recorded based on the actual amount incurred and amortized evenly over the
benefit period or specified period. If the long-term deferred expense item cannot benefit future
accounting periods, the amortized value of the item that has not been amortized will be fully
transferred to the current period's profit or loss.
√Applicable □Not applicable
The Company presents contractual assets or contractual liabilities in the balance sheet
based on the relationship between performance obligations and customers’ payments. The
Company offsets contract assets and contract liabilities under the same contract and presents
them at net amounts.
Contract liabilities are the Company’s obligations to transfer products to customers since it
has received or shall receive consideration from customers.
(1). Accounting treatment of short-term compensations
√Applicable □Not applicable
The Company recognizes the actual short-term employee remuneration as liabilities during
the accounting period when employees provide services to the Company, and records them in
the current profit or loss or related asset costs.
(2). Accounting treatment of post-employment benefits
√Applicable □Not applicable
The post employment welfare plan includes a defined contribution plan and a defined
benefit plan.
(1) During the accounting period in which employees provide services to the Company, the
amount to be contributed as calculated under the defined contribution plan is recognized as a
liability and recorded in current profit or loss or the cost of related assets.
(2) The accounting treatment for defined benefit plans typically includes the following steps:
assumptions are used to estimate demographic and financial variables, measure the obligations
arising from defined benefit plans, and determine the period to which the obligations belong. At
the same time, the obligations arising from the defined benefit plan are discounted to determine
the present value of the defined benefit plan obligations and the current service cost
the fair value of the defined benefit plan assets from the present value of the defined benefit
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
plan obligation is recognized as a net defined benefit liability or asset. If a defined benefit plan
has a surplus, the net assets of the defined benefit plan are measured at the lower of the plan
surplus and the asset ceiling
plans are recognized as three components: service cost, net interest on the net defined benefit
liability or asset, and remeasurements of the net defined benefit liability or asset. Among these,
the service cost and net interest on the net defined benefit liability or asset are included in
current profit or loss or the cost of related assets, while the remeasurements of the net defined
benefit liability or asset are included in other comprehensive income. These amounts
recognized in other comprehensive income cannot be reclassified to profit or loss in subsequent
periods but can be transferred within equity.
(3). Accounting treatment of severance benefits
√Applicable □Not applicable
Where the Group provides severance benefits to its employees, the employee
compensation liabilities arising from the severance benefits will be recognized, and the amount
will be recognized in the profit or loss for the current period on the earlier date below: the date
when the Group cannot unilaterally withdraw the severance benefits provided as a result of the
employment termination plan or downsizing proposal; or the date when the Group recognizes
the costs or expenses relating to the reorganization involving the payment of severance
benefits.
(4). Accounting treatment of other long-term employee benefits
√Applicable □Not applicable
Other long-term benefits provided to employees that meet the conditions of defined
contribution plans are accounted for in accordance with the relevant provisions of defined
contribution plans; other long-term benefits not meeting these conditions are accounted for in
accordance with the relevant provisions of defined benefit plans. To simplify the accounting
treatment, the resulting employee benefit costs are recognized as service costs, net interest on
net liabilities or net assets of other long-term employee benefits, and changes arising from
remeasurement of net liabilities or net assets of other long-term employee benefits, with the
total net amount of these components recognized in current period profit or loss or the cost of
related assets.
√Applicable □Not applicable
Obligations arising from external guarantees, litigation matters, product quality guarantees,
loss-making contracts and other contingencies have become the current obligations of the
Company. The performance of such obligations is likely to cause economic benefits to flow out
of the Company, and the amount of such obligations can be reliable. When measuring, the
Company recognizes the obligation as an estimated liability.
The Company initially measures the estimated liabilities according to the best estimate of
the expenditures required to perform the relevant current obligations, and reviews the book
value of the estimated liabilities on the balance sheet date.
√Applicable □Not applicable
Types of Share-based Payments
Including equity-settled and cash-settled share-based payments.
Accounting treatment related to the implementation, modification, and termination
of share-based payment plans
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(1) Share-based payments settled in equity
Equity-settled share-based payments for employee services that are exercisable
immediately after grant are recognized at the fair value of the equity instruments on the grant
date as related costs or expenses, with corresponding adjustments to capital reserves.
Equity-settled share-based payments for employee services that vest upon completion of the
service period or meeting specified performance conditions are recognized at each balance
sheet date during the vesting period based on the best estimate of the number of vested equity
instruments, using the fair value at the grant date, with the services obtained in the current
period recorded as related costs or expenses and corresponding adjustments to capital
reserves.
For equity-settled share-based payments for services from other parties, if the fair value of
the services can be reliably measured, they are measured at the fair value of the services on
the acquisition date; if the fair value of the services cannot be reliably measured but the fair
value of the equity instruments can, they are measured at the fair value of the equity
instruments on the service acquisition date, recorded as related costs or expenses, with a
corresponding increase in owners' equity.
(2) Share-based payments settled in cash
Equity-settled share-based payments that are exercisable immediately after grant for
employee services are recorded at the fair value of the liability assumed by the Company on the
grant date as related costs or expenses, with a corresponding increase in liabilities.
Cash-settled share-based payments for employee services that vest upon completion of the
service period or meeting specified performance conditions are recognized at each balance
sheet date during the vesting period based on the best estimate of the vesting situation, using
the fair value of the liability assumed by the Company, with the services obtained in the current
period recorded as related costs or expenses and the corresponding liability.
(3) Modification and termination of share-based payment plans
If a modification increases the fair value of the equity instruments granted, the Company
recognizes a corresponding increase in services received based on the increase in fair value. If
a modification increases the number of equity instruments granted, the Company recognizes
the fair value of the additional instruments as an increase in services received. If the Company
modifies vesting conditions in a manner favorable to employees, it considers the modified
vesting conditions when applying the vesting conditions.
If a modification reduces the fair value of the granted equity instruments, the Company
continues to recognize the amount of services obtained based on the fair value of the equity
instruments on the grant date, without considering the reduction in fair value; if a modification
reduces the number of granted equity instruments, the Company treats the reduced portion as a
cancellation of the granted equity instruments; if the vesting conditions are modified in a manner
unfavorable to employees, the modified vesting conditions are not considered when processing
the vesting conditions.
If the Company cancels or settles the granted equity instruments during the vesting period
(except for cancellations due to failure to meet vesting conditions), the cancellation or
settlement is treated as an acceleration of vesting, and the amount that would have been
recognized over the remaining vesting period is immediately recognized. However, if a new
equity instrument is granted and if it is determined that the new equity instrument granted is
used to replace the canceled equity instrument on the grant date of the new equity instrument,
the replacement equity instruments granted in the same way shall be treated in the same way
as that for the modification of the terms and conditions for the original equity instrument.
□Applicable √Not applicable
(1).Disclosure of accounting policies adopted for revenue recognition and
measurement by business type
√Applicable □Not applicable
Revenue Recognition Principle
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
On the contract commencement date, the Company evaluates the contract, identifies each
individual performance obligation included in the contract, and determines whether each
individual performance obligation is to be fulfilled over a period of time or at a point in time.
When one of the following conditions is met, the performance obligation is fulfilled within a
certain period of time; otherwise, the performance obligation is fulfilled at a certain point in time:
(1) the customer obtains and consumes the economic benefits brought by the Company's
performance when the Company performs the contract; (2) the customer can control the
commodities under construction in the process of the Company's performance; (3) the
commodities produced by the Company during the performance of the contract have
irreplaceable purposes, and the Company is entitled to collect payment for the performance part
that has been completed to date throughout the term of the Contract.
In view of performance obligations fulfilled within a certain period of time, the Company
recognizes revenue according to the progress of performance within that period. When the
performance progress cannot be reasonably determined, if the cost incurred by the Company is
expected to be compensated, the income shall be recognized according to the amount of the
cost incurred until the performance progress can be reasonably determined. In view of
performance obligations fulfilled at a certain point in time, the Company recognizes revenue at
the point in time when the customer obtains control over the relevant commodities. When
judging whether the customer has obtained the right to control the goods, the Company takes
into account the following signs: the enterprise has the right to receive the current payment for
the goods, that is, the customer has the obligation to make the current payment for the goods;
The enterprise has transferred the legal ownership of the goods to the customer, that is, the
customer has the legal ownership of the goods; The enterprise has transferred the physical
goods to the customer, that is, the customer has physically occupied the goods; The enterprise
has transferred the main risks and rewards of the ownership of the goods to the customer, that
is, the customer has obtained the main risks and rewards of the ownership of the goods; The
customer has accepted the goods; Other signs indicating that the customer has obtained
control of the goods.
Revenue Recognition Principles
(1) The Company shall measure revenue at the transaction price allocated to each
individual performance obligation. The transaction price is the amount of consideration to which
the Company expects to be entitled in exchange for transferring goods or services to a
customer, excluding amounts collected on behalf of third parties and amounts expected to be
refunded to the customer.
(2) The Company determines the best estimate of the variable consideration based on the
expected value or the most likely amount, but the transaction price including the variable
consideration should not exceed the accumulated recognized revenue when the relevant
uncertainty is eliminated. It is highly unlikely that a significant reversal will occur amount.
(3) If there is a significant financing component in the contract, the Company shall
determine the transaction price based on the amount payable in cash assuming the customer
obtains control over the commodity or service. The difference between the transaction price and
the contract consideration shall be amortized using the effective interest method during the
contract period.
(4) For contracts containing two or more performance obligations, the Company allocates
the transaction price to each performance obligation at the contract inception date based on the
relative proportion of the standalone selling prices of the goods promised under each
performance obligation.
Specific methods for revenue recognition
(1) Goods sales contract
Sales contracts between the Company and customers typically include commitments to
transfer goods, which may vary depending on the customer's agreement. As customers are
able to benefit separately from the aforementioned goods or services or use them together with
other readily available resources, and there is no significant integration, modification,
customization, or high correlation between the aforementioned goods or services, the Company
considers them as clearly distinguishable goods and constitutes separate performance
obligations.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
On the basis of comprehensive consideration of the following factors, the Company
recognizes revenue at the time when the customer obtains control over the relevant goods: the
current right to receive payment for the goods, the transfer of the main risks and rewards of
ownership of the goods, the transfer of legal ownership of the goods, the transfer of physical
assets of the goods, and the customer's acceptance of the goods.
(2) Service provision contract
The service contracts between the Company and customers usually include performance
obligations such as providing the use of shops in the China Commodities City markets and the
supporting services for operation, providing hotel accommodation and catering services,
providing paid use services for funds to external parties of the Group, and providing collection
and payment services.
As the customer simultaneously obtains and consumes the economic benefits brought by
the Company's performance, the Company recognizes it as a performance obligation fulfilled
over a period of time and recognizes revenue based on the progress of performance, except
when the progress cannot be reasonably determined. Under the output method, the Company
determines the performance progress of the provision of the use of shops in the China
Commodities City markets and the supporting services for operation based on the number of
using days of the shops When the performance progress cannot be reasonably determined, if
the cost incurred by the Group is expected to be compensated, the income shall be recognized
according to the amount of the cost incurred until the performance progress can be reasonably
determined.
As the customer simultaneously obtains and consumes the economic benefits brought by
the Company's performance, the Company recognizes it as a performance obligation fulfilled
over a period of time and recognizes revenue based on the progress of performance, except
when the progress cannot be reasonably determined. The Company determines the progress of
performance obligations for hotel accommodation services based on the output method, using
the number of accommodation days. When the performance progress cannot be reasonably
determined, if the cost incurred by the Group is expected to be compensated, the income shall
be recognized according to the amount of the cost incurred until the performance progress can
be reasonably determined.
For the separate performance obligation of providing hotel catering services, the Company
separately prices the hotel catering services and recognizes revenue upon completion of the
services.
As the customer simultaneously obtains and consumes the economic benefits brought by
the Company's performance, the Company recognizes it as a performance obligation fulfilled
over a period of time and recognizes revenue based on the progress of performance, except
when the progress cannot be reasonably determined. The Company determines the
performance progress of providing funds for term-based paid use services based on the
number of days the funds are used, following the output method. When the performance
progress cannot be reasonably determined, if the cost incurred by the Group is expected to be
compensated, the income shall be recognized according to the amount of the cost incurred until
the performance progress can be reasonably determined.
(2).Adopting different business models for similar businesses involves different
revenue recognition methods and measurement methods
□Applicable √Not applicable
√Applicable □Not applicable
The incremental costs incurred by the Company to obtain contracts that are expected to be
recovered are recognized as contract acquisition costs and recognized as an asset. If the
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
amortization period for the costs incurred in obtaining a contract does not exceed one year, they
should be directly recognized as an expense in the current period.
If the cost incurred by the Company for the performance of the contract does not apply to
the scope of the relevant standards such as inventory, fixed assets or intangible assets, and
meets the following conditions at the same time, it is recognized as an asset as the cost of
contract performance:
(1) The cost is directly related to a current or expected contract, including direct labor,
direct materials, manufacturing expenses (or similar expenses), costs clearly borne by the
customer, and other costs incurred only because of the contract;
(2) This cost increases the resources that the Company will use in the future to fulfill its
contractual obligations;
(3) The cost is expected to be recoverable.
The Company amortizes assets related to contract costs using the same basis as the
recognition of revenue from the related goods or services, and recognizes the amortization as
an expense in the current period.
If the carrying amount of an asset related to contract costs exceeds the remaining
consideration expected to be received from transferring the goods or services associated with
the asset minus the estimated costs to be incurred, the Company recognizes an impairment
provision for the excess amount and records it as an asset impairment loss. If changes in
factors that previously caused impairment result in the remaining consideration expected to be
received from transferring goods or services related to the asset, minus estimated costs to be
incurred, exceeding the asset's carrying amount, the previously recognized impairment loss is
reversed and included in current profit or loss, provided that the reversed carrying amount does
not exceed what the carrying amount would have been had no impairment been recognized.
√Applicable □Not applicable
Government grants are recognized when the following conditions are simultaneously met:
(1) the Company can fulfill the conditions attached to the government grant; (2) the Company
can receive the government grant. If a government grant falls in monetary assets, it will be
measured by the amount received or receivable. If a government grant does not fall in monetary
assets, it will be measured by fair value. If the fair value of a grant cannot be determined reliably,
it will be measured by its nominal amount.
Basis for judgment and accounting treatment of government grants related to assets
Government documents stipulate that grants used to purchase, construct, or otherwise
form long-term assets are classified as asset-related government grants. If government
documents are unclear, the basic conditions required to obtain the subsidy are used as the
basis for judgment. Subsidies where the basic condition is the acquisition or construction of
long-term assets are classified as asset-related government grants. Government grants related
to assets are deducted from the carrying amount of the relevant assets or recognized as
deferred income. Asset-related government grants are recognized as deferred incomes and
included in the current profit and loss in terms within the service life of the relevant assets in a
reasonable and systematic way. Government subsidies measured in nominal amounts are
directly recognized in the current period's profit or loss. If the relevant assets are sold,
transferred, scrapped or damaged before the end of their useful life, the undistributed balance
of relevant deferred income shall be transferred to the profit and loss of the current period of
asset disposal.
Basis for judgment and accounting treatment methods of government grants related
to revenue
Government grants other than those related to assets are classified as government grants
related to income. Government subsidies containing the part related to assets and the part
related to income are accounted for separately according to different parts; if it is difficult to
distinguish, the whole shall be classified as government subsidies related to income.
Government grants related to income, which are intended to compensate for related costs,
expenses, or losses incurred in future periods, should be recognized as deferred income. They
are recognized in the profit or loss for the period in which the related costs, expenses, or losses
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
are recognized, or they offset the related costs. For government grants that compensate for
related costs, expenses, or losses that have already been incurred, they should be directly
recognized in the profit or loss for the current period or offset the related costs.
Government subsidies related to the Company’s daily operating activities are recorded in
other income or offset related cost expenses according to the essence of the economic
business. Government subsidies not related to the Company’s daily activities are recorded in
non-operating income and expenditure.
Accounting Treatment Methods for Policy-Based Preferential Loan Interest
Subsidies
(1) When the fiscal authority allocates interest subsidy funds to the lending bank, and the
lending bank provides loans to the Company at a policy-based preferential interest rate, the
actual amount of the loan received shall be recorded as the loan’s book value. The related
borrowing costs shall be calculated based on the principal of the loan and the policy-based
preferential interest rate.
(2) If the finance directly transfers the discounted funds to the Company, the Company will
offset the relevant borrowing costs with the corresponding discounted interest.
√Applicable □Not applicable
Based on the difference between the book value of assets and liabilities and their tax base
(if the tax base can be determined for items not recognized as assets and liabilities in
accordance with the tax law, the difference between the tax base and its book value), Deferred
income tax assets or deferred income tax liabilities are calculated and recognized according to
the applicable tax rate during the period when the asset is expected to be recovered or the
liability is settled.
The recognition of deferred income tax assets is limited to the amount of taxable income
that is likely to be obtained to offset temporary differences. On the balance sheet date, if there is
conclusive evidence that sufficient taxable income is likely to be obtained in the future period to
offset deductible temporary differences, the deferred income tax assets that have not been
recognized in the previous accounting period shall be recognized. On the balance sheet date,
the Company reviews the book value of deferred income tax assets. If it is likely to obtain
sufficient taxable income in the future to offset the benefits of deferred income tax assets, the
Group will write down the book value of deferred income tax assets. When it is likely to obtain
sufficient taxable income, the Group will reverse the reduced amount.
The current income tax and deferred income tax of the Company are included in the current
profit and loss as income tax expenses or income, but the income tax arising from the following
situations is not included: (1) Business combination; (2) Transactions or events directly
recognized in the owner's equity.
The Company presents deferred tax assets and deferred tax liabilities as a net amount
when the following conditions are simultaneously met: (1) it has the legal right to settle current
tax assets and current tax liabilities on a net basis; (2) the deferred tax assets and deferred tax
liabilities relate to income taxes levied by the same tax authority on the same taxable entity or
different taxable entities, but in each future period when significant deferred tax assets and
deferred tax liabilities are expected to reverse, the relevant taxable entities intend to settle
current tax assets and current tax liabilities on a net basis or simultaneously acquire assets and
settle liabilities.
√Applicable □Not applicable
Judgment basis and accounting treatment methods for simplifying short-term leases
and low-value asset leases as a lessee
√Applicable □Not applicable
The Company recognizes leases with a lease term not exceeding 12 months and excluding
purchase options as short-term leases on the commencement date of the lease term; Leases
with lower value when a single leased asset is considered a brand new asset are recognized as
low-value asset leases.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
For all short-term leases and leases of low-value assets, the Company recognizes lease
payments in each period of the lease term on a straight-line basis as related asset costs or
current period profit and loss.
Except for short-term leases and leases of low-value assets accounted for using the
simplified approach mentioned above, the Company recognizes right-of-use assets and lease
liabilities at the commencement date of the lease.
(1) Right-of-use assets
The right-of-use asset is initially measured at cost, which includes: 1) the initial
measurement of the lease liability; 2) lease payments made on or before the commencement
date of the lease, less any lease incentives received; 3) initial direct costs incurred by the lessee;
asset, restoring the site on which it is located, or restoring the asset to the condition required by
the lease terms.
The Company depreciates the right-of-use assets using the straight-line method. Where
the ownership of the leased asset can be reasonably determined at the end of the lease term,
the Company as the lessee shall take depreciation during the remaining useful life of the leased
asset. Where it is not reasonably certain that ownership of the leased asset will be acquired at
the end of the lease term, the Company shall make depreciation within the shorter period of the
lease term or the remaining useful life of the leased asset.
(2)Lease liabilities
At the commencement date of the lease, the Company recognizes the present value of the
unpaid lease payments as a lease liability. In calculating the present value of the lease
payments, the Group uses the lease embedded interest rate as the discount rate; If the inherent
interest rate of the lease cannot be determined, the Company's incremental borrowing rate shall
be used as the discount rate. The difference between lease payments and their present value is
recognized as unearned finance charges, with interest expenses recognized during each lease
period at the discount rate used to determine the present value of lease payments, and
recorded in current profit or loss. Variable lease payments that are not included in the
measurement of lease liabilities are recognized in the current period's income statement when
they actually occur.
After the commencement of the lease term, when there are changes in the substantive
fixed payments, estimated payable amounts of the guaranteed residual value, indices or ratios
used to determine lease payments, or changes in the assessment results or actual exercise of
purchase options, renewal options, or termination options, the Company remeasures the lease
liability based on the present value of the revised lease payments and adjusts the carrying
amount of the right-of-use asset accordingly. If the carrying amount of the right-of-use asset has
been reduced to zero but further reduction of the lease liability is still required, the remaining
amount is recognized in current period profit or loss.
(3) After-sale leaseback transactions
The Company evaluates and determines whether the asset transfer in a
sale-and-leaseback transaction constitutes a sale in accordance with Accounting Standards for
Business Enterprises No. 14—Revenue.
If the asset transfer in a sale and leaseback transaction qualifies as a sale, the Company
measures the right-of-use asset arising from the leaseback based on the portion of the original
asset's carrying amount related to the right of use obtained, and recognizes only the gain or loss
related to the rights transferred to the lessor.
If the transfer of assets in a sale leaseback transaction is not considered a sale, the
Company shall continue to recognize the transferred assets and recognize a financial liability
equal to the transfer income. The financial liability shall be accounted for in accordance with the
Accounting Standards for Enterprises No. 22- Recognition and Measurement of Financial
Instruments.
Classification criteria and accounting treatment methods for leasing as a lessor
√Applicable □Not applicable
The lease that transfers virtually all the risks and rewards related to the ownership of the
leased asset on the lease commencement date is a finance lease, and other leases are
operating leases.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(1)Operating Lease
The Company recognizes lease receipts as rental income on a straight-line basis over the
lease term. Initial direct costs incurred are capitalized and amortized on the same basis as the
recognition of rental income, and are included in the current period's profit or loss in installments.
Variable lease payments related to operating leases that are not included in lease receipts are
included in profit or loss for the current period when they are actually incurred.
(2)Financial Lease
At the commencement date of the lease, the Company recognizes finance lease
receivables at the net investment in the lease (the sum of the present value of the unguaranteed
residual value and lease payments not yet received at the commencement date, discounted
using the interest rate implicit in the lease) and derecognizes the finance lease assets. During
each period of the lease term, the Company calculates and recognizes interest income using
the interest rate implicit in the lease.
The variable lease payments obtained by the Company as the lessor which are not
recorded in the net lease investment measurement are recorded in the current profit or loss
when they are actually incurred.
(3) After-sale leaseback transactions
The Company evaluates and determines whether the asset transfer in a
sale-and-leaseback transaction constitutes a sale in accordance with Accounting Standards for
Business Enterprises No. 14—Revenue.
If the asset transfer in a sale and leaseback transaction qualifies as a sale, the Company
accounts for the asset purchase in accordance with other applicable accounting standards for
enterprises and accounts for the asset lease in accordance with Accounting Standards for
Business Enterprises No. 21—Leases.
If the asset transfer in a sale and leaseback transaction does not qualify as a sale, the
Company does not recognize the transferred asset but recognizes a financial asset equal to the
transfer proceeds and accounts for this financial asset in accordance with Accounting
Standards for Business Enterprises No. 22—Recognition and Measurement of Financial
Instruments.
√Applicable □Not applicable
Measurement of fair value
The Company measures equity instrument investments at fair value at each balance sheet
date. Fair value refers to the price received from the sale of an asset or paid for the transfer of a
liability by a market player in the orderly transactions on the measurement date. For the assets
and liabilities which are measured or disclosed by fair value in the financial statements, the
levels of fair value are determined based on the lowest-level input of important significance for
the overall measurement of fair values: Level 1 input is the unadjusted offer price for an
identical asset or liability that can be obtained in an active market on the measurement date;
Level 2 inputs are the inputs that are directly or indirectly observable for related assets or
liabilities other than Level 1 inputs; Level 3 inputs are the inputs that are observable for related
assets or liabilities. On each balance date, the Group re-evaluates the assets and liabilities that
are recognized in the financial statements and keep being measured by fair value so as to
determine whether to change the measurement levels of fair value.
Significant accounting judgments and estimates
In the preparation of financial statements, the management need to make judgments,
estimates and assumptions, which will affect the presented amounts and disclosure of revenue,
expenses, assets and liabilities and the disclosure of contingent liabilities on the balance sheet
date. However, the uncertainty of these assumptions and estimates may result in significant
adjustments to the book value of future affected assets or liabilities.
Judgments
In applying the Company's accounting policies, management has made the following
judgments that have a significant impact on the amounts recognized in the financial statements:
(1) Operating lease - as a lessor
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
The Company has signed lease contracts for investment properties. The Company
considers that, based on the terms of the lease contracts, it retains all significant risks and
rewards of ownership of these properties and therefore treats them as operating leases.
(2) Classification of investment properties and fixed assets
The Company classifies the buildings and structures leased out other than for the main
businesses such as market and hotel services as well as the auxiliary land use rights thereof as
investment properties, including but not limited to the auxiliary banking and catering outlets for
market operation and the auxiliary service outlets for hotels. Other buildings and structures
leased out are classified as fixed assets.
(3) Business model
The classification of financial assets at initial recognition depends on the Company's
business model for managing these assets. When determining the business model, the
Company considers factors including corporate evaluation methods and the way financial asset
performance is reported to key management personnel, the risks affecting financial asset
performance and their management approaches, as well as the methods by which relevant
business managers are compensated. When assessing whether the objective is to collect
contractual cash flows, the Company needs to analyze and evaluate the reasons, timing,
frequency, and value of the sale of financial assets before their maturity date.
(4) Contract cash flow characteristics
The classification of financial assets at initial recognition depends on the characteristics of
the contractual cash flow of the financial assets. For the judgment on whether the contractual
cash flow is the repayment of principal and the payment of interest on outstanding principal,
including the evaluation of the adjustment to the time value of money, it should be judged
whether it is significantly different from the benchmark cash flow; for the financial assets with
the early repayment characteristic, it should be judged whether the fair value of the early
repayment characteristic is extremely low.
Uncertainties of estimates
The following are key assumptions regarding the future at the balance sheet date and other
key sources of estimation uncertainty that may result in significant adjustments to the book
value of assets and liabilities in future accounting periods.
(1) Impairment of financial instruments
The Company evaluates the impairment of financial instruments with the expected credit
loss model. To apply the model, the Company needs to make significant judgments and
estimates and take into account all reasonable and evidenced information, including
forward-looking information. In making these judgments and estimates, the Company infers
expected changes in debtor credit risk based on historical repayment data combined with
economic policies, macroeconomic indicators, industry risks, and other factors. Different
estimates may affect the provisions for impairment and the provision that has been made for
impairment may not necessarily be equal to the actual amount of impairment loss in the future.
(2) Net realizable value of property inventory
The Company's real estate inventory is measured at the lower of cost and net realizable
value, with the calculation of net realizable value requiring the use of assumptions and
estimates. If the management adjust the estimated price and the costs and expenses to be
incurred until the completion, it will affect the estimate of the net realizable value of the inventory
and the difference will affect the provision for inventory depreciation.
(3) Impairment of non-current assets other than financial assets (excluding goodwill)
The Company determines, on the balance sheet date, whether the non-current assets
other than financial assets have a sign of being impaired. Non-current assets other than
financial assets are subject to impairment testing when there are indications that their book
value is irrecoverable. When the book value of an asset or a group of assets is higher than its
recoverable value, i.e. fair value less the disposal expenses or the present value of expected
future cash flow, whichever is higher, the asset or group has been impaired. For the fair value
less the disposal expenses, the Group refers to the agreed selling price or observable market
price of the similar asset in a fair transaction, less the cost increase directly attributable to the
disposal of the asset. When predicting the present value of future cash flows, the management
must estimate the expected future cash flows of the asset or group of assets and select an
appropriate discount rate. When identifying a group of assets, the management consider
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
whether the smallest identifiable group of assets can generate income and cash flows
independently from other departments or units, or the income and cash inflows generated
thereby are mostly independent from other departments or units, and also take into account the
way of managing or monitoring production and operating activities and the way of making
decisions on the continued use or disposal of the asset. Please refer to Note V. 27 for details.
(4) Impairment of goodwill
Our company tests goodwill for impairment at least annually. This requires estimating the
present value of the future cash flows of the asset group or combination of asset groups to
which the goodwill is allocated. When estimating the present value of future cash flows, the
Company needs to estimate the cash flows generated by future asset groups or combinations
of asset groups, and at the same time select an appropriate discount rate to determine the
present value of future cash flows. Please refer to Note V. 27 for details.
(5) Fair value of non-listed equity investments
The Company determines the fair value of non-listed equity investments based on the
expected future cash flows discounted at the current discount rate of other financial instruments
with similar contractual terms and risk characteristics. This requires the Company to estimate
expected future cash flows, credit risks, volatility, and discount rates, which introduces
uncertainty.
(6) Development expenditures
When determining the amount of capitalization, management must make assumptions on
the expected future cash flow, the applicable discount rate, and the expected benefit period of
the asset.
(7) Deferred Tax Assets
To the extent that it is very likely for the Group to have enough taxable income to be offset
against the deductible losses, the Group shall recognize deferred income tax assets in
connection with the outstanding deductible losses. This requires the management to use lots of
judgments to estimate the acquisition time and amount of the taxable income to be acquired in
the future to determine the amount of deferred income tax assets to be recognized, in
consideration of the tax payment planning strategy.
(8) Lessee incremental borrowing interest rate
For leases where the interest rate implicit in the lease cannot be determined, the Company
uses the lessee's incremental borrowing rate as the discount rate to calculate the present value
of the lease payments. When determining the incremental borrowing rate, the Company takes
the observable interest rate as the reference basis for determining the incremental borrowing
rate according to the economic environment it is in. On this basis, the Company adjusts the
reference interest rate according to its own situation, the underlying asset situation, the lease
term, the amount of lease liabilities and other specific conditions of the lease business to obtain
the applicable incremental borrowing rate.
(1).Changes in important accounting policies
□Applicable √Not applicable
(2).Changes in important accounting estimates
□Applicable √Not applicable
(3).Starting from 2025, the first implementation of new accounting standards or
standard interpretations will involve adjustments to the financial statements at the
beginning of the first year of implementation
□Applicable √Not applicable
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
VI. Taxes
Major taxes and tax rates
√Applicable □Not applicable
Tax Base of taxation Rate
The Company is a general taxpayer, and
the taxable income is calculated for output
tax at the tax rates of 13%, 9%, and 6%.
Value added tax is calculated and paid
Output tax is calculated based on the difference after deducting
based on the sales revenue the input tax allowed for deduction in this
of goods and taxable period. In addition, for the sale of
services computed in self-developed old real estate projects
VAT accordance with tax laws, (the contract commencement date
and after deducting the input specified in the Construction Engineering
tax allowed to be credited in Construction Permit is before April 30,
the current period, the 2016) and the rental of real estate
balance is the payable VAT. acquired by the Group before April 30,
method is applicable, and the payable tax
amount is calculated and paid at a 5% tax
rate
The appreciation arising
from the compensated
According to the ratio of value-added to
transfer of state-owned land
Land appreciation deduction items, a four-level progressive
use rights and the property
tax tax rate (30% to 60%) will be implemented
rights of above-ground
for exceeding the rate.
buildings and other
attachments.
If the tax is levied according
to price, the amount is
calculated and paid at 1.2%
of the balance of the original
value of the property after a
Real estate tax 1.2%/12%
levied according to rental,
the amount is calculated and
paid at 12% of the rental
income.
Urban
Actual amount of turnover Paid at 5% or 7% of the actual turnover
maintenance and
tax paid. tax paid.
construction tax
Education Actual amount of turnover
Paid at 3% of the actual turnover tax paid.
surcharge tax paid.
Local education Actual amount of turnover
Paid at 2% of the actual turnover tax paid.
surcharge tax paid.
Except for the tax incentives listed in Note
VI. 1 and the subsidiaries registered in
Prague, Czech Republic, Hong Kong
Corporate income Special Administrative Region, Germany,
Taxable income.
tax Kenya, Rwanda, and Dubai, the corporate
income tax of the Company and its
subsidiaries within the Group is calculated
and paid at 25% of the taxable income.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Disclosure of taxpayers subject to different income tax rates
√Applicable □Not applicable
Taxpayer Income tax rate (%)
Huafrica (Kenya) Investment Development Co., Limited 30.00
BETTER SILK ROAD RWANDA Ltd 30.00
European Huajie Investment Development Co., Ltd. 19.00
Yiwu China Commodities City (Hong Kong) International 16.50
Trade Co., Ltd.
Hong Kong Better Silk Road Co., Ltd. 16.50
Yiwu China Commodities City (Germany) Co., Ltd. 15.00
Yiwu China Commodities City Big Data Co., Ltd. 15.00
Kuaijietong 15.00
Zhejiang Yiwugou E-commerce Co., Ltd. 15.00
Not subject to corporate income
BETTER SILK ROAD FZE
tax
√Applicable □Not applicable
(1) According to the Announcement on Filing of High-tech Enterprises Recognized by
Zhejiang Provincial Accreditation Institutions in 2022 issued by the Office of the Leading Group
for the Management of National High-tech Enterprise Recognition, Yiwu China Commodities
City Big Data Co., Ltd. (hereafter referred to as “Big Data Company”) has been included in the
list of high-tech enterprises recognized by Zhejiang Provincial Accreditation Institutions in 2022.
After passing the recognition of high-tech enterprises, it will receive the "High-tech Enterprise
Certificate" with certificate number GR202233004297, issued on December 24, 2022, and valid
for three years. Yiwu China Commodities City Big Data Co., Ltd. will be subject to a reduced
corporate income tax rate of 15% from January 1, 2022 to December 31, 2024. According to
relevant regulations, the corporate income tax will be temporarily prepaid at a rate of 15% until
the qualification period is reevaluated and re-recognized.
(2)According to the announcement released by the Office of the Leading Group for the
Management of National High-tech Enterprise Recognition, Kuaijietong Payment Service Co.,
Ltd. has been included in the list of high-tech enterprises recognized by Zhejiang Province in
Enterprise Certificate" with the certificate number GR202433009630, issued on December 6,
reduced enterprise income tax rate of 15% from January 1, 2024 to December 31, 2026.
(3) According to the Office of the Leading Group for the Management of National High-tech
Enterprise Recognition, Zhejiang Yiwugou E-commerce Co., Ltd. has been included in the
supplementary filing list of high-tech enterprises recognized by the Zhejiang Provincial
Recognition Agency in 2023. After passing the recognition of high-tech enterprises, it will
receive the "High-tech Enterprise Certificate" with the certificate number GR202333013352,
issued on December 8, 2023, and valid for three years. Zhejiang Yiwugou E-commerce Co., Ltd.
will be subject to a reduced corporate income tax rate of 15% from January 1, 2023 to
December 31, 2025.
□Applicable √Not applicable
VII. Notes to items in consolidated financial statements
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Cash on hand 79,550.98 154,348.20
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Bank deposits 4,679,188,526.71 5,531,674,543.29
Other monetary funds 5,787,378.80 7,362,725.57
Total 4,685,055,456.49 5,539,191,617.06
In which: amount deposited abroad 14,158,568.37 101,894,941.73
Other statements
Monetary funds with restricted usage rights are detailed in Note VII. 31. Assets with
restricted ownership or usage rights.
√Applicable □Not applicable
Unit: RMB
Closing Reasons and basis
Item Opening balance
balance for determination
Financial assets measured at fair
- 400,316,994.86 /
value through profit or loss
Among them:
Wealth management
- 400,316,994.86 /
products
Total - 400,316,994.86 /
Other notes:
□Applicable √Not applicable
□Applicable √Not applicable
(1). Categorized presentation of notes receivable
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Commercial acceptance bill - 11,170,000.00
Total - 11,170,000.00
(2). Notes receivable having been pledged by the Company as of the close of the
reporting period
□Applicable √Not applicable
(3). Notes receivable having been endorsed or discounted by the Company as of the
close of the reporting period and having not been due as of the balance sheet
date
□Applicable √Not applicable
(4). Categorized disclosure based on the bad debt provision method
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Bad debt Bad debt
Book balance Book balance
Category provision Book provision
Book value
Proportion Provision value Proportion Provision
Amount Amount Amount Amount
(%) ratio (%) (%) ratio (%)
Provision - - - - - 11,170,000.00 100.00 - - 11,170,000.00
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
for bad
debts on a
grouping
basis
Among them:
Commercial
acceptance - - - - - 11,170,000.00 100.00 - - 11,170,000.00
bill
Total - / - / - 11,170,000.00 / - / 11,170,000.00
Provision for bad debts on an individual basis:
□Applicable √Not applicable
Provision for bad debts on a grouping basis:
□Applicable √Not applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of accounts receivable with changes in
loss provisions in this period:
□Applicable √Not applicable
(5). Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6). Notes receivable actually written off during the current period
□Applicable √Not applicable
Important notes receivable written off:
□Applicable √Not applicable
Description of notes written off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
(1).Disclosure based on account age
√Applicable □Not applicable
Unit: RMB
Account age Closing book balance Opening book balance
Within 1 year (including 1 348,405,875.18 410,915,880.67
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
year)
Subtotal within 1 year 348,405,875.18 410,915,880.67
Over 3 years 1,091,527.96 1,115,719.38
Total 381,564,965.87 506,233,198.50
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(2). Categorized disclosure based on the bad debt provision method
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book Book
Proportion Provision Proportion Provision
Amount Amount value Amount Amount value
(%) ratio (%) (%) ratio (%)
Provision for bad debts on
an individual basis
Among them:
Lease receivables 6,261,907.10 1.64 6,261,907.10 100.00 - 6,261,907.10 1.24 6,261,907.10 100.00 -
Trade receivables 12,659,696.23 3.32 12,659,696.23 100.00 - 12,659,696.23 2.50 12,659,696.23 100.00 -
Provision for bad debts on a
grouping basis
Among them:
Accounts receivable with
provision for bad debts by
grouping of credit risk
characteristics
Total 381,564,965.87 / 20,092,827.02 / 361,472,138.85 506,233,198.50 / 20,082,725.56 / 486,150,472.94
Provision for bad debts on an individual basis:
√Applicable □Not applicable
Unit: RMB
Closing balance
Name
Book balance Bad debt provision Provision ratio (%) Reason for provision
Dalian Guanglong Zhongbang Due to deterioration of operating
International Trade Co., Ltd. 12,659,696.23 12,659,696.23 100.00 conditions, expected not to be
recovered
Zhejiang Jielian Network Due to deterioration of operating
Technology Co., Ltd. 6,261,907.10 6,261,907.10 100.00 conditions, expected not to be
recovered
Total 18,921,603.33 18,921,603.33 100.00 /
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Explanation for provision for bad debts on an individual basis:
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Provision for bad debts on a grouping basis:
√Applicable □Not applicable
Provision items on a grouping basis: by grouping of credit risk characteristics
Unit: RMB
Closing balance
Name
Book balance Bad debt provision Provision ratio (%)
Within 1 year 348,405,875.18 41,704.32 0.01
Over 3 years 1,091,527.96 1,091,527.96 100.00
Total 362,643,362.54 1,171,223.69 0.32
Explanation for provision for bad debts on a grouping basis:
□Applicable √Not applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of accounts receivable with changes in
loss provisions in this period:
□Applicable √Not applicable
(3). Provisions for bad debts
√Applicable □Not applicable
Unit: RMB
Amount of change during the
current period
Category Opening balance Closing balance
Other
Provision
changes
Provision for bad debts
on an individual basis
Provision for bad debts
on a grouping basis
Total 20,082,725.56 10,101.46 - 20,092,827.02
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(4). Accounts receivable actually written off during the current period
□Applicable √Not applicable
Information of write-off of important accounts receivable
□Applicable √Not applicable
Description of accounts receivable written off:
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(5).Five debtors with the highest closing balances of accounts receivable and contract
assets
√Applicable □Not applicable
Unit: RMB
Closing Proportion in the
Closing Closing balance total closing
balance
balance of of accounts balance of Closing balance of
Debtor of
accounts receivable and accounts bad debt provision
contract receivable and
receivable contract assets
assets contract assets (%)
Dalian Guanglong
Zhongbang International 12,659,696.23 - 12,659,696.23 3.32 12,659,696.23
Trade Co., Ltd.
Zhejiang Yunyue Supply
Chain Management Co., 10,359,233.33 - 10,359,233.33 2.72 103,592.33
Ltd.
Yijian Chuhai (Yiwu) Import
and Export Co., Ltd.
Zhejiang Jielian Network
Technology Co., Ltd.
LPS COMPANY LTDA 3,403,389.76 - 3,403,389.76 0.89 34,033.90
Total 40,901,751.98 - 40,901,751.98 10.72 19,141,404.82
Other statements
No
Other notes:
□Applicable √Not applicable
(1).Overview of contract assets
□Applicable √Not applicable
(2).Amount of and reasons for material changes to book value during the reporting
period
□Applicable √Not applicable
(3).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
Provision for bad debts on an individual basis:
□Applicable √Not applicable
Explanation for provision for bad debts on an individual basis:
□Applicable √Not applicable
Provision for bad debts on a grouping basis:
□Applicable √Not applicable
Provision for bad debts based on the general model of expected credit losses
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of contract assets with changes in loss
provisions in this period:
□Applicable √Not applicable
(4).Provision for bad debts of contract assets in this period
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(5).Actual written-off contract assets in this period
□Applicable √Not applicable
Among them, important contract assets write off
□Applicable √Not applicable
Description of contract assets written off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
(1).Accounts receivable financing listed by classification
□Applicable √Not applicable
(2).Accounts receivable financing pledged by the Company at the end of the period
□Applicable √Not applicable
(3).Accounts receivable financing that has been endorsed or discounted by the
Company at the end of the period and has not yet matured on the balance sheet date
□Applicable √Not applicable
(4).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
Provision for bad debts on an individual basis:
□Applicable √Not applicable
Explanation for provision for bad debts on an individual basis:
□Applicable √Not applicable
Provision for bad debts on a grouping basis:
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the financing book balance of accounts receivable with
changes in loss provisions in this period:
□Applicable √Not applicable
(5).Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6).Accounts receivable financing actually written off in this period
□Applicable √Not applicable
Among them, important accounts receivable financing written off
□Applicable √Not applicable
Explanation of writing-off:
□Applicable √Not applicable
(7).Changes in accounts receivable financing and changes in fair value in this period:
□Applicable √Not applicable
(8).Other notes:
□Applicable √Not applicable
(1). Presentation of prepayment by age
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Account age
Amount Proportion (%) Amount Proportion (%)
Within 1 year 1,936,887,062.53 97.92 1,060,568,922.09 96.58
Over 3 years 3,270,132.55 0.17 3,882,325.12 0.35
Total 1,977,766,735.88 100.00 1,098,093,789.84 100.00
Explanation for failure to settle the prepayments with an account age longer than one year and
in important amounts:
No
(2). Prepayments to the five suppliers with the highest closing balance
√Applicable □Not applicable
Unit: RMB
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Proportion in total
Closing
Debtor closing balance of
balance
prepayments (%)
Binzhou Yellow River Oasis Agricultural
Development Co., Ltd.
INDUSTRIAL PESQUERA SANTA PRISCILA S.A. 123,738,686.54 6.26
Heilongjiang Qianjirong Agricultural Development
Co., Ltd.
OPERADORA Y PROCESADORA DE
PRODUCTOS MARINOS OMARSA S.A.
PACIFIC SEAFOOD TRADER SA 93,596,290.67 4.73
Total 717,384,270.36 36.28
Other notes:
No
Other statements
□Applicable √Not applicable
Presentation of items
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Other receivables 164,707,139.80 116,264,431.44
Total 164,707,139.80 116,264,431.44
Other notes:
□Applicable √Not applicable
Interest receivable
(1).Classification of interest receivable
□Applicable √Not applicable
(2).Significant overdue interest
□Applicable √Not applicable
(3).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
Provision for bad debts on an individual basis:
□Applicable √Not applicable
Explanation for provision for bad debts on an individual basis:
□Applicable √Not applicable
Provision for bad debts on a grouping basis:
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(4).Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
(5).Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6).Interest receivable actually written off in this period
□Applicable √Not applicable
Important interest receivable written off among them
□Applicable √Not applicable
Explanation of writing-off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Dividend receivable
(1).Dividend receivable
□Applicable √Not applicable
(2).Important dividend receivable with an account age longer than 1 year
□Applicable √Not applicable
(3).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
Provision for bad debts on an individual basis:
□Applicable √Not applicable
Explanation for provision for bad debts on an individual basis:
□Applicable √Not applicable
Provision for bad debts on a grouping basis:
□Applicable √Not applicable
(4).Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
(5).Provisions for bad debts
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6).Dividends receivable actually written off in this period
□Applicable √Not applicable
Important dividend receivables written off among them
□Applicable √Not applicable
Explanation of writing-off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Other receivables
(1).Disclosure based on account age
√Applicable □Not applicable
Unit: RMB
Account age Closing book balance Opening book balance
Within 1 year (including 1
year)
Subtotal within 1 year 120,385,009.95 97,361,721.43
Over 3 years 33,237,279.10 17,048,894.00
Bad debt provision for other
-3,237,257.95 -3,274,783.19
receivables
Total 164,707,139.80 116,264,431.44
(2).Classification based on the nature of accounts
√Applicable □Not applicable
Unit: RMB
Nature of receivable Closing book balance Opening book balance
Withholdings, deposit and
margin
Interest from time deposits 23,807,786.69 -
Receivables from export tax
rebate
Reserve 1,085,197.70 1,099,484.15
Total 167,944,397.75 119,539,214.63
(3).Bad debt provision
√Applicable □Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected credit Expected credit Expected
Bad debt provision loss in the loss in the entire credit loss in Total
coming 12 duration (credit the entire
months has not been duration
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
impaired) (credit has
been
impaired)
Balance as of January 1,
Movements for the current
period:
Provision made in the
current period
Current reversal 39,646.32 39,646.32
Balance as of June 30,
Classification basis and bad debt provision ratio for each stage
No
Significant changes in the book balance of other receivables with changes in loss provisions:
□Applicable √Not applicable
Basis for the bad debt provision made in the current period and for assessing whether the credit
risk of financial instruments has increased significantly:
□Applicable √Not applicable
(4).Provisions for bad debts
√Applicable □Not applicable
Unit: RMB
Amount of change during the
Opening current period
Category Closing balance
balance Recovery or
Provision
reversal
Bad debt provision
for other receivables
Total 3,274,783.19 2,121.08 39,646.32 3,237,257.95
Among them, important recovered or reversed amounts:
□Applicable √Not applicable
Other statements
No
(5).Other receivables actually written off during the current period
□Applicable √Not applicable
Of which, important write-offs of other receivables:
□Applicable √Not applicable
Notes on the write-off of other receivables:
□Applicable √Not applicable
(6).Other receivables from the five debtors with highest closing balance
√Applicable □Not applicable
Unit: RMB
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Weight in the Closing
total closing
Account balance of
Debtor Closing balance balance of Nature of receivable
other age bad debt
receivables (%) provision
Yiwu Taxation Bureau, State Receivables from export Within 1
Administration of Taxation tax rebate year
Within 1
Yiwu Branch of Jinhua Bank 13,109,574.30 7.81 Interest from time deposits -
year
FUNDACION PARA EL
Withholdings, deposit and
INTERCAMBIO ENTRE 6,095,738.47 3.63 1-2 years -
margin
YIWU Y ESPANA
Yiwu Weiniuke Trading Co., Withholdings, deposit and Within 1
Ltd margin year
Yiwu Shengran Trading Co., Withholdings, deposit and Within 1
Ltd. margin year
Total 51,071,057.84 30.42 / / -
(7).Reported as other receivables due to centralized fund management
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
(1). Classification of inventory
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Provision for Provision for
inventory inventory
Item depreciation/provision depreciation/provision
Book balance for impairment of Book value Book balance for impairment of Book value
contract performance contract performance
cost cost
Raw materials 73,287.78 - 73,287.78 156,913.04 - 156,913.04
Finished goods 227,998,494.97 - 227,998,494.97 542,329,479.17 - 542,329,479.17
Work-in-progress
materials
Development
cost
Total 1,407,323,313.84 - 1,407,323,313.84 1,357,786,850.42 - 1,357,786,850.42
(2). Data resources confirmed as inventory
□Applicable √Not applicable
(3). Provision for inventory depreciation/provision for impairment of contract
performance cost
□Applicable √Not applicable
The reason for the reversing or charging off provision for inventory depreciation in this period
□Applicable √Not applicable
Provision for inventory depreciation on a grouping basis
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
The provision standards for provision for inventory depreciation on a grouping basis
□Applicable √Not applicable
(4). The capitalized amount of borrowing costs contained in the closing balance of
inventory and its calculation criteria and basis
√Applicable □Not applicable
Unit: RMB
Amount of borrowing
costs capitalized Calculation standards and
Item
included in the closing basis for capitalized amount
balance
The capitalization amount is
recognized based on the
Yiwu Global Digital Trade Center
Sales Project
the timing when capitalization
criteria are met.
Sub-total 31,264,713.40 /
(5). Amortization of contract performance cost during the current period
□Applicable √Not applicable
Other notes:
√Applicable □Not applicable
Inventory-Development Cost Unit: RMB-yuan Currency: RMB
Increase in the
Item Opening balance Closing balance
current period
Yiwu Global Digital Trade Center
Sales Project
Total 814,544,976.81 361,511,202.89 1,176,056,179.70
□Applicable √Not applicable
□Applicable √Not applicable
Debt investments due within one year
□Applicable √Not applicable
Other debt investments due within one year
□Applicable √Not applicable
Other statement for non-current assets due within one year
No
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Payment business reserve 388,041,773.39 377,164,678.50
To-be-deducted input tax 216,347,986.89 190,908,784.87
To-be-certified input tax 121,977,743.23 108,403,328.84
Prepaid value-added tax 60,098,983.47 21,695,563.78
Advance income tax 11,768,942.42 23,939,739.20
Entrusted loans to the market
traders
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Less: bad debt provision for
-185,500.00 -185,500.00
entrusted loans
Prepayment of other taxes 1,501,876.31 1,501,876.31
Total 801,126,206.98 725,002,872.77
Other notes:
No
(1).Overview of debt investment
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Impairment Book Impairment Book
Book balance Book value
provision balance provision value
Entrusted
Loans
Total 48,073,333.33 - 48,073,333.33 - - -
Changes in provision for impairment of debt investments in this period
□Applicable √Not applicable
(2).Important debt investment as of the close of the reporting period
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Actual Actual
Coupon Overdue Face Coupon Maturity Overdue
Face value interest Maturity date interest
rate principal value rate date principal
rate rate
Chengdu
Trade City
entrusted
loan
Total 48,000,000.00 / / / - - / / / -
(3).Provision for impairment
□Applicable √Not applicable
Segmentation basis and provision ratio for impairment in each stage:
No
Explanation of significant changes in the book balance of debt investments with changes in loss
provisions in this period:
□Applicable √Not applicable
Amount of impairment provision for the current period and the basis for assessing whether there
is significant increase in the credit risk of financial instruments:
□Applicable √Not applicable
(4).Debt investments actually written off in this period
□Applicable √Not applicable
Important debt investments written off among them
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Description of debt investments written off:
□Applicable √Not applicable
Other notes:
No
(1).Overview of other debt investment
□Applicable √Not applicable
Changes in provision for impairment of other debt investments in this period
□Applicable √Not applicable
(2).Important other debt investment as of the close of the reporting period
□Applicable √Not applicable
(3).Provision for impairment
□Applicable √Not applicable
(4).Other debt investments actually written off in this period
□Applicable √Not applicable
Important other debt investments written off among them
□Applicable √Not applicable
Description of other debt investments written off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
(1). Overview of long-term receivables
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance Range
of
Item Bad debt Bad debt
Book balance Book value Book balance Book value discount
provision provision rate
Financial
assistance
receivable 278,379,382.90 - 278,379,382.90 285,840,496.50 - 285,840,496.50
from joint
ventures
Guarantee
deposit
Total 286,855,088.12 - 286,855,088.12 293,207,963.26 - 293,207,963.26 /
(2). Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Provision for bad debts on an individual basis:
□Applicable √Not applicable
Explanation for provision for bad debts on an individual basis:
□Applicable √Not applicable
Provision for bad debts on a grouping basis:
□Applicable √Not applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
(3). Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(4). Actual long-term accounts receivable written off in this period
□Applicable √Not applicable
Important long-term accounts receivable written off among them
□Applicable √Not applicable
Explanation of writing-off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(1).Long term equity investment situation
√Applicable □Not applicable
Unit: RMB
Change in the current period
Investment Closing
Opening Adjustment of Declared
Opening balance gains or losses Closing balance balance of
Investee balance of Decrease in other distribution of
(Book value) recognized with (Book value) impairment
provision investment comprehensive cash dividends
the equity provision
income or profits
method
Yiwu Shanglv 478,903,324.97 - - 25,209,369.16 - - 504,112,694.13 -
Yiwu Rongshang Property
Co., Ltd.
Yiwu Chuangcheng
Property
Yiwu Guoshen Shangbo
Property Co., Ltd.
Other 37,249,043.86 3,327,216.16 - -862,392.99 - - 36,386,650.87 3,327,216.16
Sub-total 1,486,549,655.05 3,327,216.16 - 23,693,069.34 - 720,588,200.00 789,654,524.39 3,327,216.16
Yiwu Huishang
Micro-finance Co., Ltd.
Huishang Zijing 29,256,425.27 - - 143,935.07 - - 29,400,360.34 -
Chouzhou Financial Lease 590,724,657.46 - - 65,174,631.13 - - 655,899,288.59 -
Yiwu China Commodities
City Investment 9,508,049.22 - - - - - 9,508,049.22 9,508,049.22
Management Co., Ltd.
Yiwu China Commodities City
Fuxing Investment Center 102,918,559.00 - - - - 102,918,559.00 -
(Limited Partnership)
Pujiang Lvgu Property
Co., Ltd.
CCCP 3,058,866,923.86 - - 35,954,483.78 - - 3,094,821,407.64 -
Yiwu Hongyi Equity 763,849,552.35 - - 1,072,228.65 - - 764,921,781.00 -
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Investment Fund
Partnership (Limited
Partnership)
Zhijie Yuangang 119,889,908.19 - - -2,110,065.70 - - 117,779,842.49 -
Yiwu Huishang Redbud
Phase II Investment
Partnership (limited
partnership)
Other 166,365,870.82 - - -8,682,662.40 -25,284.91 - 157,657,923.51 -
Sub-total 5,473,402,257.12 - 1,873,048.91 85,026,628.05 -25,284.91 - 5,556,530,551.35 9,508,049.22
Total 6,959,951,912.17 3,327,216.16 1,873,048.91 108,719,697.39 -25,284.91 720,588,200.00 6,346,185,075.74 12,835,265.38
(2).Impairment testing of long-term equity investments
□Applicable √Not applicable
Other statements
Unit: RMB
Increase in
Decrease in the
Investee Opening balance the current Closing balance
current period
period
Yiwu China Commodities City Investment
Management Co., Ltd. [Note 1]
Other 3,327,216.16 - - 3,327,216.16
Total 12,835,265.38 - - 12,835,265.38
Note 1: In 2017, the Group’s wholly-owned subsidiary Yiwu China Commodities City Financial Holdings Co., Ltd. (“CCCF”) and Shanghai Fuxing
Industry Group Co., Ltd. (“Fuxing Group”) jointly established an industry fund Yiwu China Commodities City Fuxing Investment Center (Limited
Partnership) (hereinafter referred to as the “FOF”). The FOF as a limited partner invested in 12 sub-funds including Yiwu Shangfu Chuangzhi
Investment Center (Limited Partnership) (“Shangfu Chuangzhi Fund”). CCCF, as a limited partner, subscribed RMB 998 million in the FOF, accounting
for 49.9% of the subscribed capital. The paid-in capital was RMB 102.92 million, and there is no deadline for the payment for the unpaid capital
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
contribution. The other limited partner of the FOF is Fuxing. CCCF also contributed RMB 9.8 million, 49% of total shares, to jointly establish Yiwu
China Commodities City Investment Management Co., Ltd. (hereinafter referred to as “CCCIM”) with Fuxing as the general partner of the
above-mentioned FOF and sub-funds. The FOF and CCCIM are both under the control of Fuxing and are associates of CCCF.
As a limited partner of Shangfu Chuangzhi Fund, CCCF has subscribed and paid in a capital contribution of RMB 617.51 million. Since the capital
contribution was guaranteed by Fuxing's fixed income, it was recognized as other non-current financial assets. The above paid-in capital contribution
made by CCCF to the FOF has been contributed to Shangfu Chuangzhi Fund together with the capital contribution of Fuxing to the FoF through the
FOF as a limited partner. With the capital contribution from the FOF as a limited partner and CCCF’s capital contribution to Shangfu Chuangzhi Fund
as a limited partner, Shangfu Chuangzhi Fund made capital contribution of RMB 820.54 million to subscribe for the increase in the registered capital of
Hubei Provincial Asset Management Co., Ltd. to acquire 22.667% equity therein.
In 2018, CCCF learned during its after-investment follow-up management that Fuxing Group and its actual controller ZHU Yidong were suspected
of having committed a criminal offense and the 22.667% equity held by Shangfu Chuangzhi Fund in Hubei Provincial Asset Management Co., Ltd. was
frozen by the Second Intermediate People's Court of Shanghai due to Fuxing Group’s contribution to the sources of the capital contribution. As of June
and therefore not impaired. However, for the Company’s equity investment in CCCIM, a full impairment provision has been recognized since 2018.
(1).Overview of other equity instruments investment
√Applicable □Not applicable
Unit: RMB
Change in the current period
Reason for designing
Losses recognized Accumulated gains
it as measured at fair
in other recognized in other
Item Opening balance Closing balance value through other
comprehensive Other comprehensive
comprehensive
income for the income
income
current period
Shenwan
Hongyuan Group
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Co., Ltd.
Total 671,036,258.30 -30,102,561.12 -10,034,187.04 630,899,510.14 57,955,559.35 /
(2).Description of termination of recognition in this period
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
PE investment 1,282,031,552.39 1,242,031,552.39
Unlisted equity investment 206,867,786.32 207,119,282.31
NEEQ equity investment 32,731,474.57 32,731,474.57
Total 1,521,630,813.28 1,481,882,309.27
Other notes:
No
Measurement models
(1). Property investment measured by cost
Unit: RMB
Buildings and
Item Land use right Total
structures
I. Original book value
period
(4) Exchange rate
fluctuations
period
(1) Disposal 24,406,033.43 - 24,406,033.43
(2) Other transfer-out 673,235.78 273,866,700.00 274,539,935.78
II. Accumulated depreciation and accumulated amortization
period
(1) Provision or amortization 102,301,015.74 12,802,660.50 115,103,676.24
period
(1) Disposal 3,427,908.48 - 3,427,908.48
(2) Other transfer-out - 31,049,759.55 31,049,759.55
III. Depreciation provision
IV. Book value
(2). Investment properties for which property ownership certificates have not been
obtained:
□Applicable √Not applicable
(3). Impairment testing of investment real estate using cost measurement model
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Other statements
□Applicable √Not applicable
Presentation of items
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Fixed assets 5,326,418,802.23 5,504,023,254.08
Total 5,326,418,802.23 5,504,023,254.08
Other notes:
No
Fixed assets
(1).Overview of fixed assets
√Applicable □Not applicable
Unit: RMB
Buildings and Machinery Transportation
Item Total
structures equipment equipment
I. Original book value:
balance
- 5,092,994.79 276,366.73 5,369,361.52
current period
(1) Purchase - 5,092,994.79 276,366.73 5,369,361.52
current period
(1) Disposal or
- 3,243,046.31 - 3,243,046.31
retirement
(2) Other
transfer-out
II. Accumulated depreciation
balance
current period
(1) Provision 133,973,754.38 46,386,162.38 332,120.54 180,692,037.30
- 3,088,603.27 - 3,088,603.27
current period
(1) Disposal or
- 3,088,603.27 - 3,088,603.27
retirement
III. Depreciation provision
- - - -
balance
IV. Book value
value
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
value
(2).Temporarily idle fixed assets
□Applicable √Not applicable
(3).Fixed assets leased out through operating lease
□Applicable √Not applicable
(4).Fixed assets for which the ownership certificates have not been obtained
√Applicable □Not applicable
Unit: RMB
Reasons for having not
Item Book value obtained the ownership
certificate
The property rights application
Huangyuan Clothing Market 209,764,130.07 process has not yet been
completed.
The property rights application
CCC Hotel 44,904,721.15 process has not yet been
completed.
Sub-total 254,668,851.22 /
(5).Impairment testing of fixed assets
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Disposal of fixed assets
□Applicable √Not applicable
Presentation of items
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Construction in progress 2,775,433,302.98 2,300,662,833.69
Total 2,775,433,302.98 2,300,662,833.69
Other notes:
None
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Construction in progress
(1).Overview of construction in progress
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Global Digital Trade Center 1,818,130,223.28 - 1,818,130,223.28 1,456,999,609.71 - 1,456,999,609.71
Logistics Park S3 724,794,319.46 - 724,794,319.46 796,564,139.50 - 796,564,139.50
Global Digital Trade Center and Five-district
Connectivity and Supporting Projects
The Yiwu Comprehensive Bonded
Zone Project
"Belt and Road" Innovation Center 37,893,313.05 - 37,893,313.05 3,023,146.40 - 3,023,146.40
Other projects 55,061,388.77 - 55,061,388.77 14,394,499.29 - 14,394,499.29
Total 2,775,433,302.98 - 2,775,433,302.98 2,300,662,833.69 - 2,300,662,833.69
(2).Changes to important construction in progress during the current period
√Applicable □Not applicable
Unit: RMB 10,000
Other
Ratio of In which: Interest
Increase reduction
accumulated Progress Accumulated capitalized capitalization
Opening in the amount Closing
Item Budget investment of capitalized interest in ratio for the Source of funds
balance current for the balance
to budget project interest the current current
period current
(%) period period (%)
period
Global Digital
Trade Center
Logistics Park S3 132,000.00 79,656.41 4,648.39 11,825.37 72,479.43 89.16 89.16% 3,674.72 897.73 2.36 Self-owned/financing
Global Digital
Trade Center and 33,528.02 - 9,316.54 - 9,316.54 27.79 27.79% 54.97 54.97 2.36 Self-owned/financing
Five-district
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Connectivity and
Supporting
Projects
The Yiwu
Comprehensive
Bonded Zone
Project
"Belt and Road"
Innovation Center
Total 1,294,644.02 228,626.83 55,235.73 11,825.37 272,037.19 / / 16,071.35 2,826.46 / /
(3).Provision made for the impairment of construction in progress in the current period
□Applicable √Not applicable
(4).Impairment testing of construction in progress
□Applicable √Not applicable
Other statements
□Applicable √Not applicable
Construction materials
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(1). Bearer biological asset measured by cost
□Applicable √Not applicable
(2). Impairment testing of productive biological assets using cost measurement model
□Applicable √Not applicable
(3). Bearer biological asset measured by fair value
□Applicable √Not applicable
Other statements
□Applicable √Not applicable
(1).Situation of oil and gas assets
□Applicable √Not applicable
(2).Impairment testing of oil and gas assets
□Applicable √Not applicable
Other notes:
No
(1).Situation of right-of-use assets
√Applicable □Not applicable
Unit: RMB
Buildings and
Item Land Total
structures
I. Original book value
current period
(1) Lease in 15,355,348.04 - 15,355,348.04
current period
(1) Due 5,292,422.80 - 5,292,422.80
II. Accumulated depreciation
current period
(1) Provision 19,610,804.06 2,268,901.54 21,879,705.60
current period
(2)Due 5,292,422.80 - 5,292,422.80
III. Depreciation provision
IV. Book value
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(2).Impairment testing of right-of-use assets
□Applicable √Not applicable
Other notes:
No
(1). Overview of intangible assets
√Applicable □Not applicable
Unit: RMB
Software and
Data
Item Land use right software Total
resources
copyright
I. Original book value
balance
the current period
(1)
- 19,327.73 - 19,327.73
Purchase
(2) Internal
- 6,918,177.18 - 6,918,177.18
R&D
(3) Transfer
from investment 273,866,700.00 - - 273,866,700.00
property
- - - -
the current period
balance
II. Accumulated amortization
balance
the current period
(1)
Provision
- - - -
the current period
balance
III. Depreciation provision
- - - -
balance
- - - -
balance
IV. Book value
book value
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
book value
At the end of the current period, the proportion of intangible assets formed through internal
research and development of the Company to the balance of intangible assets was 1.83%
(2). Data resources confirmed as intangible assets
√Applicable □Not applicable
Unit: RMB
Self-developed data resources as
Item Total
intangible assets
I. Original book value
- -
period
II. Accumulated amortization
- -
period
III. Depreciation provision
IV. Book value
Other notes:
Important Single Data Resource Status
Unit: RMB
Remaining
Closing book
Data Resource Content Amortization
value
Period
The "AI Independent Website" project based on
AI-generated related technologies
The "AI Intelligent Translator" project based on WEBSOCKET
technology and SSM framework
The "Xiaoshang Yingke" project based on SPRINGCLOUD
microservice framework technology
The "Xiaoshang Zhaohuo" project based on
SPRINGCLOUD microservice framework technology
The "BenBen Zhaohuo" project based on SPRINGCLOUD
microservice framework technology
Sub-total 22,787,948.78 /
(3). Land use right for which the ownership certificate has not been obtained
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(4). Impairment testing of intangible assets
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
(1). Original book value of goodwill
√Applicable □Not applicable
Unit: RMB
Decrease
Increase in the in the
The name of the invested current period current
Opening
unit or matters forming period Closing balance
balance
goodwill Formed by a
business Disposal
combination
Zhejiang Xunchi Digital
Technology Co., Ltd.
Total 284,916,367.87 - - 284,916,367.87
(2). Provision for goodwill impairment
□Applicable √Not applicable
(3). Information on the assets group or combination of assets groups to which the
goodwill belongs
√Applicable □Not applicable
Business
Whether it was
division
The composition of the asset group or consistent with
Name and
combination to which it belongs and basis the previous
determination
year
basis
It is composed of Kuaijietong Payment
Services Co., Ltd., a subsidiary of Zhejiang
For internal
Xunchi Digital Technology Co., Ltd. Since the
management
synergistic effect of the acquisition of Xunchi
purposes,
Group is reflected in the Kuaijietong's
Kuaijietong this asset
subsidiaries, the main cash flow generated by
asset group Yes
the Kuaijietong's subsidiaries is independent of
group combination
other subsidiaries of the Group, and the Group
belongs to
manages the production activities of the
other
Kuaijietong's subsidiaries independently, so the
segment.
goodwill is allocated to the Kuaijietong asset
group.
Changes in asset groups or asset group combinations
□Applicable √Not applicable
Other statements
√Applicable □Not applicable
In July 2022, the Company acquired 100% equity of Zhejiang Xunchi Digital Technology
Co., Ltd. and Kuaijietong Payment Services Co., Ltd., a wholly-owned subsidiary of Zhejiang
Xunchi Digital Technology Co., Ltd., resulting in a goodwill of RMB 284,916,367.87.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(4). The specific method for determining the recoverable amount
The recoverable amount is determined based on the net amount after deducting disposal
expenses from fair value
□Applicable √Not applicable
The recoverable amount is determined based on the present value of expected future cash
flows
□Applicable √Not applicable
Reasons for significant discrepancies between the aforementioned information and the
information used in previous year's impairment testing or external information
□Applicable √Not applicable
Reasons for significant discrepancies between the information used in the Company's previous
year’s impairment testing and the actual situation of that year
□Applicable √Not applicable
(5). Performance commitments and corresponding impairment of goodwill
When goodwill is formed, there is a performance commitment and the reporting period or the
previous period in the reporting period is within the performance commitment period
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Amortized
Increase in the
Item Opening balance amount in the Closing balance
current period
current period
Decoration of
buildings and 392,430,658.73 4,349,986.68 67,916,834.14 328,863,811.27
structures
Advertising
facilities
Total 406,535,918.65 4,349,986.68 70,138,744.80 340,747,160.53
Other notes:
No
(1). Deferred income tax assets having not been offset
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Deductible Deferred Deductible Deferred
temporary income tax temporary income tax
difference assets difference assets
Provision for
impairment of assets
Recognized but
unpaid liabilities
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Lease liability
temporary difference
Asset-related
government grants
Changes in fair value
of other non-current 122,460,588.71 30,615,147.18 122,460,588.71 30,615,147.18
financial assets
The portion where the
end-of-period market
price of restricted 71,447,140.40 17,861,785.10 71,447,140.40 17,861,785.11
equity exceeds the fair
value at the grant date
Prepaid income tax for
pre-sale houses
Total 607,774,891.27 151,943,722.83 519,517,779.76 129,546,723.36
(2). Deferred income tax liabilities having not been offset
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Taxable Deferred Taxable Deferred
temporary income tax temporary income tax
difference liabilities difference liabilities
Asset evaluation
appreciation for
business combinations 7,890,687.56 1,972,671.89 12,767,524.60 3,191,881.13
not under common
control
Change in fair value of
other equity
instruments
investment
Changes in fair value
of other non-current 327,605,031.16 81,901,257.79 327,605,031.16 81,901,257.79
financial assets
Right-of-use asset
temporary difference
Total 505,644,892.16 126,411,223.04 543,574,101.41 135,893,525.34
(3). Deferred income tax assets or liabilities presented in net amount after offsetting
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Amount of Balance of Amount of Balance of
offset between deferred offset between deferred
Item deferred tax income tax deferred tax income tax
assets and assets or assets and assets or
deferred tax liabilities after deferred tax liabilities after
liabilities offsetting liabilities offsetting
Deferred income tax
assets
Deferred income tax
liabilities
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(4). Breakdown of unrecognized deferred income tax assets
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Deductible temporary
difference
Deductible losses 128,408,921.45 221,926,952.14
Total 158,998,765.05 248,978,354.82
(5). The deductible loss in unrecognized deferred income tax assets will be due in the
following years
√Applicable □Not applicable
Unit: RMB
Year Closing amount Opening amount Remarks
Total 128,408,921.45 221,926,952.14 /
Other notes:
√Applicable □Not applicable
The Group believes that the above temporary differences in fixed asset depreciation, asset
impairment provisions, and deductible losses of some subsidiaries can be offset in the
foreseeable future, and it is expected that the Group will have sufficient pre-tax profits to offset
during the reversal period. Therefore, the Group deemed it necessary to recognize the above
deferred income tax assets.
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Prepaid land
transfer fees
Long-term asset
prepayment
Total 119,183,748.58 - 119,183,748.58 28,032,980.89 - 28,032,980.89
Other notes:
On May 29, 2025, Hangzhou Shangbo Nanxing Real Estate Co., Ltd., a wholly-owned
subsidiary of the Company, successfully bid for the state-owned land use rights of Hangzhou
Jingfang Sanbao Unit JG1203-28 plot at a public land auction held by the Hangzhou Planning
and Natural Resources Bureau at the Hangzhou Public Resources Trading Center, with a
winning bid of RMB 568.71 million.
√Applicable □Not applicable
Unit: RMB
Closing amount Opening amount
Item
Book Book value Restri Restri Book Book value Restri Restri
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
balance ction ction balance ction ction
type situati type situati
on on
Monet
ary
funds
Long-t
erm
equity
invest
ment
Other
non-cu
rrent 660,196,41 660,196,41 Froze [Note 660,196,41 660,196,41 Froze [Note
financi 0.80 0.80 n 3] 0.80 0.80 n 3]
al
assets
Other
current
assets
Total / / / /
Other notes:
Note 2: As of June 30, 2025, the ownership or use rights of bank deposits with a book value
of RMB 6,413,148.55 (December 31, 2024: RMB 6,413,148.55) were restricted as a risk
margin for express payment business.
Note 3: As of June 30, 2025, long-term equity investments with a book value of RMB
assets with a book value of RMB 660,196,410.80 (December 31, 2024: RMB 660,196,410.80)
have been frozen by the Second Intermediate People's Court of Shanghai. Please refer to
Note VII.17 for details.
Note 4: As of June 30, 2025, the payment business reserve with a book value of RMB
opened by the Company in accordance with the "Non-Financial Institution Payment Service
Management Measures" and the "Payment Institution Customer Reserve Deposit
Management Measures". The funds stored and received by the Company through the
customer reserve account include customer reserve for online payment business,
cross-border RMB business, cross-border foreign exchange business, and company handling
fee income, as well as self-owned funds transferred from compliance business.
(1). Classification of short-term borrowings
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Credit loans - 60,054,266.67
Total - 60,054,266.67
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Note to the classification of short-term borrowings:
None
(2). Overdue short-term borrowings
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
□Applicable √Not applicable
□Applicable √Not applicable
(1). Presentation of accounts payable
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Accounts payable for
market and auxiliary works 535,767,269.80 1,063,916,822.43
projects
Accounts payable for
logistics park projects
Trade payables 33,379,287.66 107,377,777.11
Accounts payable for
procurement for the hotel 26,282,713.92 22,985,097.96
project
Other 32,703,130.10 13,722,938.91
Total 690,341,861.69 1,469,718,387.95
(2). Important accounts payable with an aging of over 1 year or overdue
□Applicable √Not applicable
Other notes:
√Applicable □Not applicable
The accounts payable are free of interest and are generally paid within two months after
receipt of the payment notice or based on the project contracts and progress of projects. The
balance payments for the projects are made after completion of settlement.
(1). Presentation of advances from customers
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Rental advances 155,175,528.76 203,177,777.26
Advance receipt of merchant 3,768,264.00 5,270,414.00
payment
Other 5,092,825.74 8,829,926.15
Total 164,036,618.50 217,278,117.41
(2). Important advances with the age over 1 year
□Applicable √Not applicable
(3). Amount of and reasons for material changes to book value during the reporting
period
□Applicable √Not applicable
Other notes:
√Applicable □Not applicable
Due to the fact that prepayments mainly come from prepaid merchant payments and
prepaid rent, with relatively small individual amounts, there were no single large prepayments
with an aging of more than 1 year as of June 30, 2025.
(1).Overview of contract liabilities
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Advances from merchants
for use fee of shops
Advances from customers
for housing purchase
Advances from customers
for goods
Advances from customers
for advertising fee
Advances from customers
for use fee of networking 22,354,230.18 21,117,984.07
cables
Other 43,179,130.78 57,363,580.21
Total 6,433,066,788.32 5,927,725,683.33
(2). Significant contractual liabilities with an aging of over 1 year
□Applicable √Not applicable
(3).Amount of and reasons for material changes to book value during the reporting
period
□Applicable √Not applicable
Other notes:
√Applicable □Not applicable
Collections on pre-sold properties
Unit: RMB
Estimated
Presale
Item Closing balance Opening balance completion
ratio (%)
time
Yiwu Global Digital 1,693,218,185.30 1,508,678,454.12 December 46.14
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Trade Center Sales 2027
Project
Total 1,693,218,185.30 1,508,678,454.12 / /
(1).Presentation of payroll payable
√Applicable □Not applicable
Unit: RMB
Opening Increase in the Decrease in the
Item Closing balance
balance current period current period
I. Short-term
compensation
II. Post employment
benefits – defined 146,426.33 20,502,615.72 20,649,042.05 -
contribution plan
III. Severance benefits - 372,445.08 372,445.08 -
Total 177,498,432.73 195,952,383.72 286,270,393.38 87,180,423.07
(2).Presentation of short-term compensation
√Applicable □Not applicable
Unit: RMB
Opening Increase in the Decrease in the Closing
Item
balance current period current period balance
allowance and subsidy
contribution
In which: contribution to
medical insurance 82,774.35 11,193,237.26 11,276,011.61 -
scheme
Contribution to
work-related injury 5,667.89 565,897.99 571,565.88 -
insurance scheme
Contribution to
maternity insurance - 24,102.35 24,102.35 -
scheme
fund
union fund and
- 4,118,564.89 3,704,006.01 414,558.88
employee education
fund
Total 177,352,006.40 175,077,322.92 265,248,906.25 87,180,423.07
(3).Presentation of defined contribution plan
√Applicable □Not applicable
Unit: RMB
Decrease in
Opening Increase in the Closing
Item the current
balance current period balance
period
basic endowment
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
insurance scheme
unemployment insurance 4,723.43 629,954.26 634,677.69 -
scheme
Total 146,426.33 20,502,615.72 20,649,042.05 -
Other notes:
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
VAT 7,229,954.06 20,547,910.48
Corporate income tax 221,940,192.16 430,072,450.23
Individual income tax 9,497,344.42 1,776,342.02
Urban maintenance and
construction tax
Real estate tax 48,085,128.34 102,443,373.11
Land use tax 16,238,674.65 66,410,619.93
Other 3,790,852.39 4,850,962.75
Total 307,237,782.70 626,550,669.84
Other notes:
No
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(1).Presentation of items
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Dividend payable 704,876,199.36 -
Other payables 1,143,666,763.75 1,685,334,535.04
Total 1,848,542,963.11 1,685,334,535.04
(2).Interest payable
□Applicable √Not applicable
(3).Dividend payable
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Common stock dividends 704,876,199.36 -
Total 704,876,199.36 -
Other explanations, for important dividends payable that have not been paid for more than one
year, include disclosure of the reasons for non-payment:
No
(4).Other payables
Presentation of other payables by nature
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Withholdings, deposit and
margin
Operating expenses payable 217,625,085.20 235,460,116.25
Pending investment refunds 181,929,297.41 925,168,469.09
Restricted stock incentive
plan
Other 4,673,087.09 3,757,274.48
Total 1,143,666,763.75 1,685,334,535.04
Significant other payables with an aging of over 1 year or overdue
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Item Closing balance Opening balance
Long-term borrowings within
one year
Bonds payable due within 1
year
Lease liabilities due within 1
year
Total 2,199,924,189.42 3,764,748,211.13
Other notes:
No
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Short-term bonds payable 3,027,051,569.57 3,009,492,562.93
Payment business transactions 415,352,656.41 400,017,845.75
Deferred output tax liability 264,815,858.76 225,376,663.71
Dividend payable to
to-be-recognized accounts
Dividend announced but not
collected before listing
Total 3,713,617,584.29 3,640,250,373.06
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Changes in short-term bonds payable:
√Applicable □Not applicable
Unit: RMB
Interest
Coupon Whether
Name of Face Bond Issuance in the accrued Premium/discount Repayment in the
rate Issue date Amount issued Opening balance Closing balance it was
bond value term current period based on face amortization current period
(%) overdue
value
Super
Short-term Jul 31, 269
Financing 2024 days
Bonds
(Issue 3)
Super
Short-term Dec 4, 269
Financing 2024 days
Bonds
(Issue 4)
Super
Short-term Dec 24, 269
Financing
Bonds
(Issue 5)
Super
Short-term 268
Financing
days
Bonds
(Issue 1)
Total / / / / 4,000,000,000.00 3,009,492,562.93 999,414,794.52 31,621,840.83 1,207,302.80 1,014,684,931.51 3,027,051,569.57 /
Other notes:
√Applicable □Not applicable
On June 30, 2025, the annual interest rate of the above-mentioned short-term financing bonds was 1.80% -2.05% (December 31, 2024: 1.80%
-2.78%).
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(1). Classification of long-term borrowings
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Credit loans 728,419,960.47 839,460,252.46
Long-term borrowings due
-127,467,780.78 -181,870,952.08
within one year
Total 600,952,179.69 657,589,300.38
Notes on the classification of long-term borrowings:
No
Other statements
√Applicable □Not applicable
On June 30, 2025, the annual interest rate for the above-mentioned loan was 2.20%
-2.75% (December 31, 2024: 2.45% -3.00%).
(1). Bonds payable
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Bonds payable 3,555,090,292.56 3,561,297,671.56
Bonds payable due within one
-2,048,941,205.67 -3,561,297,671.56
year
Total 1,506,149,086.89 -
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(2).Specific situation of payable bonds: (excluding preferred stocks, perpetual bonds, and other financial instruments classified as
financial liabilities)
√Applicable □Not applicable
Unit: RMB
Face Interest Premium/dis Whether
Name of Coupon Issue Bond Opening Current period Repayment in the Transfer to bonds
value Amount issued accrued based count Closing balance it was
bond rate (%) date term balance Issuing current period due within one year
(RMB) on face value amortization overdue
MTN Feb 24,
Notes 2022
MTN Mar 29,
Notes 2022
MTN Jul 20,
Notes 2022
MTN 2025-03-
Notes 27
MTN 2025-04-
Notes 24
Septemb
Corporat
e bonds
Septemb
Corporat
e bonds
Total / / / / 5,000,000,000.00 - 1,499,550,000.00 44,566,342.72 426,278.28 1,550,750,000.00 2,048,941,205.67 1,506,149,086.89 /
(3).Description of convertible corporate bonds
□Applicable √Not applicable
Accounting treatment and judgment basis for equity conversion
□Applicable √Not applicable
(4). Notes on other financial instruments classified as financial liabilities
Basic information of other financial instruments such as preferred shares and perpetual bonds outstanding at the end of the reporting period
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Changes in other financial instruments such as preferred shares and perpetual bonds
outstanding at the end of the reporting period
□Applicable √Not applicable
Explanation of the basis for classifying other financial instruments as financial liabilities
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Undiscounted amount of finance
lease payables
Unrecognized financing charges -83,477,612.28 -87,837,107.98
Lease liabilities due within 1 year -23,515,202.97 -21,431,700.75
Total 149,476,023.92 149,984,238.78
Other notes:
Note: The Group uses the incremental borrowing rate of 2.78%-8.01% as the discount rate
to calculate book value to determine the lease liability and measure right-of-use assets.
Presentation of items
□Applicable √Not applicable
Long-term accounts payable
□Applicable √Not applicable
Special accounts payable
□Applicable √Not applicable
□Applicable √Not applicable
□Applicable √Not applicable
Overview of deferred income
√Applicable □Not applicable
Unit: RMB-yuan Currency; RMB
Increase in Decrease in
Opening
Item the current the current Closing balance Cause of formation
balance
period period
Asset-related Commencement
government grants investment rewards, etc.
Total 150,801,314.25 - 2,042,066.84 148,759,247.41 /
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Other notes:
□Applicable √Not applicable
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Increase or decrease in the current
period (+, -)
Opening balance New Closing balance
shares Other Sub-total
issued
Total
number of 5,483,645,926.00 - - - 5,483,645,926.00
shares
Other notes:
No
(1). Basic information of other financial instruments such as preferred shares and
perpetual bonds outstanding at the end of the reporting period
□Applicable √Not applicable
(2). Changes in other financial instruments such as preferred shares and perpetual
bonds outstanding at the end of the reporting period
□Applicable √Not applicable
Changes in other equity instruments in the current period, the reasons therefor and the basis for
relevant accounting treatment:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Increase in Decrease in
Item Opening balance the current the current Closing balance
period period
Capital surplus (share
premium)
Stock incentive 51,704,673.03 303,042.85 - 52,007,715.88
Other 721,679,121.95 - - 721,679,121.95
Total 2,377,625,094.09 303,042.85 - 2,377,928,136.94
Other notes including those on the changes in the current period and the reasons therefor:
The recognized share-based payment expenses for the current period are RMB
√Applicable □Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Unit: RMB
Increase in
Decrease in the Closing
Item Opening balance the current
current period balance
period
Restricted stock
incentive plan
Total 33,828,483.60 - 32,162,497.20 1,665,986.40
Other notes including those on the changes in the current period and the reasons therefor:
During the current period, the Group has unlocked some restricted stocks. The
corresponding decrease in treasury shares for the unlocking of restricted shares was RMB
√Applicable □Not applicable
Unit: RMB
Amount in the current period
Opening Amount before Amount after Closing
Item
balance tax incurred in Less: income tax attributable balance
the current tax to parent
period company
I. Other comprehensive
income that cannot be
reclassified into profit or
loss
Among them: Changes
from remeasurement of - - - - -
defined benefit plans
Change in fair value
of other equity 88,058,120.47 -40,136,748.16 -10,034,187.04 -30,102,561.12 57,955,559.35
instruments investment
II. Other comprehensive
income to be
reclassified into profit or
loss
Other comprehensive
income that can be
transferred into profit 4,934,929.07 - - - 4,934,929.07
and loss under equity
method
Difference arising
from the translation of
foreign currency
financial statements
Total other
comprehensive income
Other notes, including those on the adjustment of the initially recognized amount of hedged
items converted from the effective part of gains or losses from cash flow hedging:
No
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
√Applicable □Not applicable
Unit: RMB
Item Opening balance Increase in the Decrease in the Closing balance
current period current period
Statutory
surplus reserve
Discretionary
surplus reserve
Other 11,688,840.91 - - 11,688,840.91
Total 2,161,802,266.09 - - 2,161,802,266.09
Notes on surplus reserves, including those on the changes in the current period and the
reasons therefor:
No
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
√Applicable □Not applicable
Unit: RMB
Item Current period Previous year
Undistributed profits at the end of the
previous reporting period before adjustment
Opening undistributed profits after
adjustment
Plus: net profits attributable to shareholders
of the parent company in the current period
Less: withdrawal of statutory surplus reserve - 282,150,835.07
General risk reserve - -1,933,902.00
Common share dividend payable 1,809,603,155.58 1,096,575,065.10
Closing undistributed profits 10,281,823,570.84 10,400,490,449.73
Details of the adjustment of opening undistributed profits:
regulations, the affected undistributed profit at the beginning of the period was 0.
period was 0.
beginning of the period was 0.
undistributed profit at the beginning of the period was 0.
(1).Overview of operating revenue and operating cost
√Applicable □Not applicable
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost of sales Revenue Cost of sales
Main
business
Other
businesses
Total 7,712,799,130.26 5,279,388,914.07 6,765,934,137.13 4,527,895,348.12
(2).Breakdown information of operating revenue and operating costs
√Applicable □Not applicable
Unit: RMB
Total
Classified by type of contract
Operating revenue Operating cost
Types of goods
Sales of goods 4,533,047,353.46 4,493,338,395.32
The use of shops in the China Commodities
City markets and the supporting services for 2,292,520,268.77 363,584,770.80
operation
Lease 250,008,669.86 127,933,725.96
Hotel accommodation and catering services 154,794,701.80 139,879,219.79
Usage fee 12,661,713.00 -
Other services 469,766,423.37 154,652,802.20
Classified by business area
Chinese mainland 7,656,001,857.01 5,241,076,739.48
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Overseas 56,797,273.25 38,312,174.59
Classification by time of good transfer
Revenue confirmed at certain time point 4,819,528,730.21 4,629,060,073.61
Revenue confirmed during certain time
period
Total 7,712,799,130.26 5,279,388,914.07
Other statements
□Applicable √Not applicable
(3).Contract performance obligations
√Applicable □Not applicable
Unit: RMB
Whether The
Time for Nature of the The types of
the expected
fulfilling goods that quality assurance
Important Company is refunds to
Item performanc the Company provided by the
payment terms the main customers
e promises to Company and
responsible borne by the
obligations transfer related obligations
person Company
When Advance payment
or right to receive Trade retail
Sales of goods delivering Yes - No
payment after goods
goods delivery of goods
The use of shops A portion of the
in the China deposit is Shop use
Commodities City When collected in right /
advance, and the
markets and the providing remaining amount
supporting Yes - No
supporting services is collected upon services for
services for completion of the operation
operation obligations
A portion of the
deposit is
Hotel When collected in Hotel
advance, and the
accommodation providing remaining amount
accommodat Yes - No
business services is collected upon ion service
completion of the
obligations
Upon
Collection upon
Hotel catering completion Catering
completion of Yes - No
business of the services
performance
service
When
Fixed -time paid Regular Fund
providing Yes - No
funding services collection sources
services
Total / / / / - /
(4).Amortization to remaining contract performance obligations
□Applicable √Not applicable
(5).Significant contract changes or significant transaction price adjustments
□Applicable √Not applicable
Other notes:
No
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous period
Real estate tax 66,364,417.31 63,375,167.44
Land use tax 13,807,737.48 9,521,117.83
Stamp duty 4,385,285.48 3,876,045.62
Urban maintenance and
construction tax
Education surcharge 1,230,437.44 1,431,100.14
Local education surcharge 820,291.60 954,066.68
Land appreciation tax 343,806.24 -
Cultural undertaking
development fee
Vehicle and vessel use tax 1,680.00 2,040.00
Total 90,271,292.43 82,993,119.34
Other notes:
No
√Applicable □Not applicable
Unit: RMB
Amount in the current Amount in the previous
Item
period period
Marketing expenses 70,012,778.47 58,655,407.13
Advertising expenses 13,816,076.76 11,813,472.20
Security and insurance expenses 12,322,842.69 14,881,145.37
Water, electricity and fuel expenses 4,793,494.29 3,714,266.39
Depreciation and amortization 705,001.90 456,351.72
Other 3,291,607.43 2,685,502.17
Total 104,941,801.54 92,206,144.98
Other notes:
No
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in the previous
period period
Employee and uniform expenses 131,826,414.59 131,154,974.85
Depreciation and amortization 42,696,628.31 67,190,228.01
Office expenses 8,319,489.00 5,094,467.96
Intermediary expenses 7,637,615.39 4,253,052.99
Travel expenses 3,798,997.56 2,716,793.06
Start-up fee 17,957.01 22,094.75
Promotion and market traders
- 122,347.60
introduction expenses
Other 1,912,996.81 7,584,991.96
Total 196,210,098.67 218,138,951.18
Other notes:
No
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in the previous
period period
Labor cost 8,533,039.14 9,080,982.23
Technology R&D expenses 1,243,375.70 2,517,921.67
Depreciation and amortization 31,519.88 41,306.12
Other 76,756.03 118,996.62
Total 9,884,690.75 11,759,206.64
Other notes:
No
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in the previous
period period
Interest expenses 89,599,320.22 120,646,122.86
Amortization of discount on short-term
commercial papers
Less: interest income 38,102,947.69 23,637,669.49
Less:capitalized amount of interest 38,634,581.13 51,962,221.53
Foreign exchange gains or losses 941,669.16 -555,504.48
Amortization of unrecognized financing
-2,720.35 5,402,522.51
expenses
Other 1,760,607.45 1,817,809.40
Total 17,153,173.76 53,571,231.34
Other notes:
No
√Applicable □Not applicable
Unit: RMB
Classified by nature Amount in the current Amount in the previous
period period
Government subsidies related to income 2,565,819.95 3,056,345.55
Asset-related government grants 2,042,066.84 7,589,275.14
Refund of withheld handling fee of
personal income tax
Total 5,161,514.77 11,178,944.81
Other notes:
No
√Applicable □Not applicable
Unit: RMB
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Amount in the current Amount in the
Item
period previous period
Income from long-term equity investment
calculated with the equity method
Interest income from debt investment during
holding period
Investment income from disposal of
held-for-trading financial assets
Income acquired from other non-current
financial assets during the holding period
Investment income from disposal of other
- -978,877.07
non-current financial assets
Total 122,900,781.16 107,996,646.94
Other notes:
No
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Sources of income from changes Amount in the current Amount in the previous
in fair value period period
Other non-current financial assets -251,495.99 -
Held-for-trading financial assets - -3,490,077.50
Total -251,495.99 -3,490,077.50
Other notes:
No
√Applicable □Not applicable
Unit: RMB
Amount in the current Amount in the previous
Item
period period
Bad debt loss of accounts receivable -10,101.46 43,838.62
Loss for bad debts of other
receivables
Total 27,423.78 59,404.71
Other notes:
No
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous
period
Profit and loss on disposal of - 84.36
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
fixed assets
Total - 84.36
Other notes:
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Amount recognized in
Amount in the current Amount in the profit or loss of
Item
period previous period nonrecurring items for
the current period
Incomes from
liquidated damages
Other 1,505,144.13 1,803,253.72 1,505,144.13
Total 4,989,777.15 16,256,469.98 4,989,777.15
Other notes:
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Amount recognized
in profit or loss of
Amount in the Amount in the
Item nonrecurring items
current period previous period
for the current
period
Total loss for disposal of
non-current assets
Including: loss for disposal of
property, plant and equipment
Other 34,745.13 1,288,784.77 34,745.13
Total 43,395.63 1,400,763.97 43,395.63
Other notes:
No
(1). Overview of income tax expenses
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous period
Current income tax expenses 439,948,859.51 446,616,915.76
Deferred income tax expenses 10,720,725.20 12,935,751.21
Total 450,669,584.71 459,552,666.97
(2). Adjustment process of accounting profits and income tax expenses
√Applicable □Not applicable
Unit: RMB
Item Amount in the
current period
Profits before tax 2,147,733,764.28
Income tax expenses calculated at the statutory/applicable tax rate 536,933,441.07
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Impact of different tax rates applied by subsidiaries -33,602,122.30
Effect of adjusting income tax of previous period 3,020,051.85
Effect of non-taxable income -27,179,924.35
Effect of non-deductible costs, expenses and losses 291,646.06
Effect of using deductible losses of unrecognized deferred income tax
-29,714,535.83
assets in previous period
Effect of deductible temporary differences or deductible losses of
unrecognized deferred income tax assets in the current period
Income tax expenses 450,669,584.71
Other notes:
□Applicable √Not applicable
√Applicable □Not applicable
For details, please refer to Note 57. Other comprehensive income
(1).Cash related to operating activities
Other cash receipts relating to operating activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous
period
Global Digital Trade Center Rental
Intention Deposit Received
Deposit and margin received 100,093,000.00 99,768,071.94
Bank deposit interest income
received
Bank reserve received 4,633,558.46 -
Government grants received 1,938,543.60 3,128,471.15
Other 2,157,534.06 775,086.85
Total 257,187,858.18 127,309,299.43
Notes on other cash receipts relating to operating activities:
No
Other cash payments relating to operating activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous
period
Major expenses paid 180,925,813.87 143,069,845.45
Deposit and security paid 118,137,600.65 68,812,485.01
Repair costs and expenses paid 13,940,877.55 6,270,543.34
Payments for expenses paid or
advanced on behalf of others
Bank reserve funds paid - 9,828,318.72
Other 1,005,926.04 1,476,286.55
Total 324,953,233.29 244,184,933.37
Notes on other cash payments relating to operating activities:
No
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(2).Cash related to investment activities
Cash received related to important investment activities
□Applicable √Not applicable
Cash paid related to important investment activities
□Applicable √Not applicable
Other cash receipts relating to investing activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous
period
Recovered pending investment
refunds
Total 5,562,422.74 6,842,944.87
Notes on other cash receipts relating to investing activities:
No
Other cash payments relating to investing activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous
period
Payments for unconfirmed
investment returns
Total 17,036,269.50 -
Other cash paid related to investment activities:
No
(3).Cash related to financing activities
Other cash receipts relating to financing activities
□Applicable √Not applicable
Other cash payments relating to financing activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous
period
Lease payments paid 11,290,804.49 8,350,298.44
Total 11,290,804.49 8,350,298.44
Other cash paid related to financing activities:
No
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Changes in liabilities arising from financing activities
√Applicable □Not applicable
Unit: RMB
Increase in the current period Decrease in the current period
Item Opening balance Non-cash Non-cash Closing balance
Cash changes Cash changes
changes changes
Short-term borrowings 60,054,266.67 - 450,588.91 60,504,855.58 - -
Long-term borrowings
(including long-term
borrowings due within one
year)
Other current liabilities
(short-term financing bonds)
Bonds payable (including
bonds payable due within 3,561,297,671.56 1,499,564,150.94 44,978,470.06 1,550,750,000.00 - 3,555,090,292.56
one year)
Lease liabilities (including
lease liabilities due within 171,415,939.53 - 12,754,777.04 10,351,624.15 827,865.53 172,991,226.89
one year)
Total 7,641,720,693.15 2,498,625,675.88 101,438,017.95 2,757,403,471.96 827,865.53 7,483,553,049.49
(4).Description of cash flows reported on a net basis
□Applicable √Not applicable
(5).Significant activities and financial impacts that do not involve current cash inflows and outflows but affect the financial condition of the
enterprise or may affect the cash flow of the enterprise in the future
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(1).Supplements to cash flow statement
√Applicable □Not applicable
Unit: RMB
Amount in the Amount in the previous
Supplements
current period period
Net profits 1,697,064,179.57 1,450,418,177.89
Plus: provision for impairment of assets - -
Loss of impairment of credit -27,423.78 -59,404.71
Depreciation of fixed assets, depletion of oil
and gas assets and depreciation of bearer 180,692,037.30 187,680,876.93
biological assets
Amortization of right-of-use assets 21,879,705.60 11,527,583.24
Amortization of intangible assets 136,817,308.55 109,207,569.54
Depreciation and amortization of investment
properties
Amortization of long-term prepaid expenses 70,138,744.80 58,302,692.34
Loss from disposal of fixed assets, intangible
assets and other long-term assets (gains - -84.36
indicated by “-”)
Loss from fixed assets retirement (gains
indicated by “-”)
Loss from changes in fair value (gains
indicated by “-”)
Financial expenses (gains indicated by “-”) 17,153,173.76 75,946,595.91
Investment loss (gains indicated by “-”) -122,900,781.16 -107,996,646.94
Decrease in deferred income tax assets
-30,660,092.53 13,827,748.52
(increase indicated by “-”)
Increase in deferred income tax liabilities
-1,219,209.24 -1,205,565.66
(decrease indicated by “-”)
Decrease in inventory (increase indicated by
-49,536,463.42 -649,783,571.62
“-”)
Decrease in operating receivables (increase
-849,399,992.69 1,005,589,280.38
indicated by “-”)
Increase in operating payables (decrease
indicated by “-”)
Net cash flow from operating activities 1,382,854,487.47 114,363,500.83
Closing balance of cash 4,678,642,307.94 963,102,575.65
Less: opening balance of cash 5,528,368,665.98 2,910,178,939.19
Add: closing balance of cash equivalents - -
Less: opening balance of cash equivalents - -
Net increase in cash and cash equivalents -849,726,358.04 -1,947,076,363.54
(2).Net cash paid for acquisition of subsidiaries in the current period
□Applicable √Not applicable
(3).Net cash received from disposal of subsidiaries in the current period
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(4).Composition of cash and cash equivalents
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
I. Cash 4,678,642,307.94 5,528,368,665.98
In which: cash on hand 79,550.98 154,348.20
Bank deposit that can be used for payment
at any time
Other monetary funds that can be used for
payment at any time
II. Cash equivalents - -
Including: bond investments due within three
- -
months
III. Closing balance of cash and cash equivalents 4,678,642,307.94 5,528,368,665.98
Including:cash and cash equivalents with restricted
use by the parent company or its subsidiaries
(5).Situations where the scope of use is limited but still listed as cash and cash
equivalents
□Applicable √Not applicable
(6).Monetary funds that do not belong to cash and cash equivalents
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance Reason
Quick payment business risk Not available for
margin withdrawal at any
Funds frozen judicially - 4,409,802.53 time
Total 6,413,148.55 10,822,951.08 /
Other notes:
□Applicable √Not applicable
Names of “others” items whose closing balances in the previous year are adjusted and the
amounts of adjustments:
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(1).Foreign currency monetary items
√Applicable □Not applicable
Unit: RMB
Closing balance
Closing balance in
Item Exchange rate after conversation
foreign currency
into RMB
Monetary funds
In which: USD 11,166,907.81 7.1586 79,939,426.24
EURO 632,495.45 8.4024 5,314,479.77
Rwandan Franc 21,321,094.00 0.0050 106,605.47
Dirham 35,160.25 1.9509 68,594.13
Koruna 228,012.87 0.3391 77,319.17
Accounts receivable
Among them: Euro 307,889.21 8.4024 2,587,008.30
Koruna 24,245,503.51 0.3391 8,221,650.24
Other receivables
In which: USD 367,676.34 7.1586 2,632,047.85
EURO 149,637.90 8.4024 1,257,317.49
Koruna 18,891,472.35 0.3391 6,406,098.27
Accounts payable
In which: USD 658,698.33 7.1586 4,715,357.86
Other payables
In which: USD 193,512.04 7.1586 1,385,275.29
EURO 11,725.33 8.4024 98,520.91
Koruna 184,818,818.41 0.3391 62,672,061.32
Other notes:
No
(2).Description of overseas operations, for important overseas operations, also
includes the disclosure of principal overseas place of business, bookkeeping currency
and the basis for selection, and the reason for the change in bookkeeping currency.
□Applicable √Not applicable
(1). As a tenant
√Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable √Not applicable
Simplified short-term lease or low-value assets leasing expenses
√Applicable □Not applicable
Simplified short-term lease expenses of RMB 10,197,233.73 are included in profit or loss
for the current period.
Simplified low-value assets lease expenses of RMB 644,493.68 are included in profit or
loss for the current period.
Leaseback transactions and judgment basis
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
The total cash outflow related to leasing is RMB 15,644,375.55.
(2). As a lessor
Operating lease as lessor
□Applicable √Not applicable
Financing lease as lessor
□Applicable √Not applicable
Adjustment table for undiscounted lease receipts and net lease investments
□Applicable √Not applicable
Undiscounted lease receipts for the next five years
□Applicable √Not applicable
(3). Confirmed gains and losses of financing lease sales as a manufacturer or
distributor
□Applicable √Not applicable
Other statements
The leased assets of the Group include houses, buildings, land use rights, and other
equipment used in the operating process. The lease term for houses and buildings is usually
For right-of-use assets, see Note VII. 25; for lease liabilities, please refer to Note VII. 47.
√Applicable □Not applicable
Refer to Note VII.26 Intangible Assets.
□Applicable √Not applicable
VIII. R&D expenditure
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in the previous
period period
Labor cost 11,727,017.48 19,706,355.70
Depreciation and amortization 2,677,519.75 4,737,153.26
Technology development fee 263,133.11 193,408.81
Other 6,667.36 163,773.60
Total 14,674,337.70 24,800,691.37
Among them: Expensed R&D
expenditure
Capitalized R&D expenditure 11,171,528.89 13,041,484.73
Other notes:
No
√Applicable □Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Unit: RMB
Increase in the
Decrease in the current period
current period
Opening Transfer to Closing
Item Internal
balance Recognized as profit or loss balance
development
intangible assets for the current
expenditure
period
Kuaijietong Core
Payment System
Development of
Chinagoods platform 2,767,924.53 10,944,371.66 1,656,199.00 - 12,056,097.19
Item
Total 7,508,990.11 14,674,337.70 6,659,421.81 3,467,808.81 12,056,097.19
Important capitalized research and development projects
□Applicable √Not applicable
Provision for impairment of development expenditure
□Applicable √Not applicable
Other statements
No
□Applicable √Not applicable
IX. Changes in consolidation scope
□Applicable √Not applicable
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
□Applicable √Not applicable
Whether there were any transactions or events that resulted in the loss of control over a subsidiary in this period
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Did the Group dispose of subsidiaries through multiple transactions and lose control in the current period?
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Changes in the consolidation scope for other reasons (e.g. new establishment of subsidiaries, liquidation of subsidiaries, etc.) and the related
information:
√Applicable □Not applicable
Unit: RMB 10,000
company name Equity disposal mode Point of equity disposal Net assets on the Net profit from the
disposal date beginning of the period to
the disposal date
Yiwu Shangbo Shuzhi Enterprise
Cancellation April 2025 26,888.96 -1,082.43
Management Co., Ltd.
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
X. Equity in Other Entities
(1).Composition of the Group
√Applicable □Not applicable
Unit: RMB 10,000
Shareholding
Main place of Registered Place of ratio (%) Acquisitio
Name of subsidiary Business
business capital registration Indire n method
Direct
ct
Yiwu China Commodities City Import and Yiwu, Yiwu, Establish
Export Co., Ltd. Zhejiang Zhejiang ment
Yiwu China Commodities City Supply Yiwu, Yiwu, Establish
Chain Management Co., Ltd. Zhejiang Zhejiang ment
Yiwu Comprehensive Bonded Zone Yiwu, Yiwu, Establish
Operation and Management Co., Ltd. Zhejiang Zhejiang ment
Yiwu China Commodities City Overseas Yiwu, Yiwu, Establish
Investment and Development Co., Ltd. Zhejiang Zhejiang ment
Yiwu China Commodities City Tourism Yiwu, Yiwu, Establish
Development Co., Ltd. Zhejiang Zhejiang ment
Yiwu China Commodities City Assets Yiwu, Yiwu, Establish
Operation and Management Co., Ltd. Zhejiang Zhejiang ment
Zhejiang Yindu Hotel Management Co., Yiwu, Yiwu, Establish
Ltd. Zhejiang Zhejiang ment
Yiwu, Yiwu, 100.0 Establish
Yiwu Yandoo Shangtu Catering Co., Ltd 500.00 Business service
Zhejiang Zhejiang 0 ment
Yiwu China Commodities City Research Yiwu, Yiwu, Establish
Institute Co., Ltd. Zhejiang Zhejiang ment
Software and
Yiwu China Commodities City Big Data Yiwu, Yiwu, Information Establish
Co., Ltd. Zhejiang Zhejiang Technology Service ment
Industry
Yiwu, Yiwu, Professional technical Establish
Yiwu Xinlian Technology Service Co., Ltd. 1,000.00 51.00
Zhejiang Zhejiang service industry ment
Yiwu Shangcheng Gonglian Enterprise Yiwu, 20,000.00 Yiwu, Business service 100.00 Establish
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Management Co., Ltd. Zhejiang Zhejiang ment
Yiwu Shangbo Yuncang Enterprise Yiwu, Yiwu, Establish
Management Co., Ltd. Zhejiang Zhejiang ment
Yiwu China Commodities City Information Yiwu, Yiwu, Establish
Technology Co., Ltd. Zhejiang Zhejiang ment
Yiwu China Commodities City Financial Yiwu, Yiwu, Establish
Holdings Co., Ltd. Zhejiang Zhejiang ment
Multimodal transport
Yiwu China Commodities City Logistics Yiwu, Yiwu, Establish
and Warehousing Co., Ltd. Zhejiang Zhejiang ment
agency
Yiwu China Commodities City Exhibition Yiwu, Yiwu, Establish
Co., Ltd. Zhejiang Zhejiang ment
Yiwu, Yiwu, Internet and related Establish
Yiwu Yundailu Data Technology Co., Ltd. 50,000.00 100.00
Zhejiang Zhejiang services ment
Incorpora
Zhejiang Huajie Investment and Yiwu, Yiwu,
Development Co., Ltd. Zhejiang Zhejiang
uisition
Prague, Prague, Incorpora
Europe Huajie Investment and
Czech CZK1,580.00 Czech Business service 96.40 tion+acq
Development Co., Ltd.
Republic Republic uisition
Zhejiang China Commodities City Group Yiwu, Yiwu, Establish
Commercial Factoring Co., Ltd. Zhejiang Zhejiang ment
Yiwu, Yiwu, Establish
Zhejiang Yiwugou E-commerce Co., Ltd. 10,000.00 IT 51.00
Zhejiang Zhejiang ment
Yiwu China Commodities City Advertising Yiwu, Yiwu, 100.0 Establish
Co., Ltd. Zhejiang Zhejiang 0 ment
Yiwu China Commodities City Credit Yiwu, Yiwu, Establish
Investigation Co., Ltd. Zhejiang Zhejiang ment
Yiwu Aiximao Supply Chain Management Yiwu, Yiwu, 100.0 Establish
Co., Ltd. Zhejiang Zhejiang 0 ment
Incorporati
Yiwu China Commodities City Internet Financial Yiwu, Yiwu, 100.0
Information Service Co., Ltd. Zhejiang Zhejiang 0 tion
Yiwu China Commodities City RMB and Yiwu, Yiwu, 100.0 Establish
Foreign Currency Exchange Co., Ltd. Zhejiang Zhejiang 0 ment
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Hangzhou Shangbo Nanxing Property Co., Hangzhou, Hangzhou, Establish
Ltd. Zhejiang Zhejiang ment
Ningxia Yiwu China Commodities City Shizuishan, Shizuishan, 100.0 Establish
Supply Chain Management Co., Ltd. Ningxia Ningxia 0 ment
Yiwu China Commodities City (Hong Hong Kong, Hong Kong, 100.0 Establish
HKD 1.00 Wholesale
Kong) International Trade Co., Ltd. China China 0 ment
Hong Kong, Hong Kong, 100.0 Establish
Hong Kong Better Silk Road Co., Ltd. HKD 10800.00 Service
China China 0 ment
Huafrica (Kenya) Investment Development Nairobi, Nairobi, 100.0 Establish
KES 3000.00 Service
Co., Limited Kenya Kenya 0 ment
BETTER SILK ROAD FZE Dubai, UAE AED 5040.00 Dubai, UAE Service
Kigali, Kigali, 100.0 Establish
BETTER SILK ROAD RWANDA Ltd RWF 27000.00 Service
Rwanda Rwanda 0 ment
Yiwu, Yiwu, 100.0 Establish
Yiwu Zheqing Trading Co., Ltd. 2,200.00 Wholesale
Zhejiang Zhejiang 0 ment
Tortola
Tortola Island,
Island, 100.0 Establish
Bright Way Tech Development Limited British Virgin USD 0.0005 Financial industry
British Virgin 0 ment
Islands
Islands
Yiwu China Commodities City (Germany) Frankfurt, Frankfurt, 100.0 Establish
EUR 100.00 Service
Co., Ltd. Germany Germany 0 ment
Yiwu China Commodities City (Spain) Co., Madrid, 100.0 Establish
Madrid, Spain EUR 100.00 Service
Ltd. Spain 0 ment
Zhejiang Xunchi Digital Technology Co., Hangzhou, Hangzhou, Acquisitio
Ltd. Zhejiang Zhejiang n
Hangzhou, Hangzhou, 100.0 Acquisitio
Kuaijietong Payment Service Co., Ltd. 20,000.00 IT
Zhejiang Zhejiang 0 n
Incorpora
Yiwu, Hangzhou,
Zhejiang Think Tank Co., Ltd. 10,000.00 Service 100.00 tion+acq
Zhejiang Zhejiang
uisition
Explanation for the difference between the shareholding ratio and voting right ratio in a subsidiary:
No
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Basis for holding half or less voting rights in but still controlling an investee, and holding more than half of the voting rights in but not controlling an
investee:
No
Basis for controlling important structured entities included in the consolidation scope:
No
Basis for determining whether a company is an agent or a principal:
No
Other notes:
No
(2).Important non-wholly-owned subsidiaries
√Applicable □Not applicable
Unit: RMB
Dividends declared to be
Shareholding ratio of Profits or losses attributable to
distributed to minority Closing balance of
Name of subsidiary minority shareholders minority shareholders in the
shareholders for the current minority interest
(%) current period
period
Zhejiang Yiwugou
E-commerce Co., Ltd.
Explanation for the difference between the shareholding ratio and voting right ratio of minority shareholders in a subsidiary:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
(3).Major financial information of important non-wholly-owned subsidiaries
√Applicable □Not applicable
Unit: RMB 10,000
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Closing balance Opening balance
Name of
subsidiary Current Total Current Total
Current Non-curre Total Non-curre Current Non-curre Total Non-curre
liabilitie liabilitie liabilitie liabilitie
assets nt assets assets nt liabilities assets nt assets assets nt liabilities
s s s s
Zhejiang
Yiwugou 13,249.4 18,318.8 3,152.1 3,152.1 16,441.3 16,695.4 2,707.5 2,707.5
E-commerc 0 6 1 1 4 3 9 9
e Co., Ltd.
Amount in the current period Amount in the previous period
Name of subsidiary Total Cash flow Total Cash flow
Operating Operating
Net profits comprehensive from operating Net profits comprehensive from operating
revenue revenue
income activities income activities
Zhejiang Yiwugou
E-commerce Co., Ltd.
Other notes:
No
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(4).Major restrictions on the use of the Group’s assets and repayment of the Group’s
debts:
□Applicable √Not applicable
(5).Financial or other support provided to structured entities included in the scope of
consolidated financial statements:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
and the Group still controls the subsidiary
□Applicable √Not applicable
√Applicable □Not applicable
(1). Important joint ventures or associates
√Applicable □Not applicable
Unit: RMB
Shareholding ratio Accounting
(%) treatment
Name of joint venture or Main place Place of method of
Business
associate of business registration investment in
Direct Indirect
the joint venture
or associate
Joint venture
Lease and
Yiwu, Yiwu,
Yiwu Shanglv business 49 Equity method
Zhejiang Zhejiang
service
Yiwu Huishang Redbud
Yiwu, Yiwu, Financial
Capital Management Co., 20 Equity method
Zhejiang Zhejiang industry
Ltd.
Yiwu Rongshang Property Yiwu, Yiwu,
Real estate 49 Equity method
Co., Ltd. Zhejiang Zhejiang
Yiwu Chuangcheng Yiwu, Yiwu,
Real estate 24 Equity method
Property Co., Ltd. Zhejiang Zhejiang
Yiwu Guoshen Shangbo Yiwu, Yiwu,
Real estate 49 Equity method
Property Co., Ltd. Zhejiang Zhejiang
Yiwu Digital Port
Yiwu, Yiwu,
Technology Co., Ltd. [Note Wholesale 51 Equity method
Zhejiang Zhejiang
Associate
Yiwu Huishang Redbud
Yiwu, Yiwu, Commercial
Equity Investment Co., Ltd. 10.42 Equity method
Zhejiang Zhejiang services
(Note 6)
Hangzhou, Yiwu, Financial
Chouzhou Financial Lease 26 Equity method
Zhejiang Zhejiang industry
Yiwu Huishang Redbud
Lease and
Phase II Investment Yiwu, Yiwu,
business 10.41 Equity method
Partnership (limited Zhejiang Zhejiang
service
partnership) [Note 7]
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Yiwu Hongyi Equity
Investment Fund Yiwu, Yiwu, Financial
Partnership (Limited Zhejiang Zhejiang industry
Partnership)
Pujiang Lvgu Property Co., Pujiang, Pujiang,
Real estate 49 Equity method
Ltd. Zhejiang Zhejiang
Yiwu, Yiwu,
CCCP Real estate 49 Equity method
Zhejiang Zhejiang
Technology
promotion
Yiwu, Yiwu, and
Zhijie Yuangang 27 Equity method
Zhejiang Zhejiang application
service
industry
Yiwu China Commodities
City (Chongqing) Digital
Chongqing Chongqing Service 10.00 Equity method
Intelligence Industrial Park
Co., Ltd. [Note 8]
Explanation for the difference between the shareholding ratio and voting right ratio in a joint
venture or associate:
No
Bases for holding less than 20% of the voting rights but having significant influence, or holding
Note 5: The Company holds a stake of over 50% in Yiwu Digital Port Technology Co., Ltd.
According to the relevant mechanisms established by the Company's board of directors or
similar governing body for making major business decisions, approval must be obtained
unanimously by all investors before implementation. The Company does not have substantive
control over Yiwu Digital Port Technology Co., Ltd., and therefore accounts for Yiwu Digital Port
Technology Co., Ltd. as a joint venture.
Note 6: The Company holds 10.42% (2024: 10.42%) of the equity of Huishang Redbud but
treats it as an associate of the Company. According to Redbud Investment’s articles of
association, it is engaged in investing and its important financial and operating decision-making
activities are to pick and manage investment projects, which have been fully entrusted to the
Company’s joint venture Yiwu Huishang Redbud Capital Management Co., Ltd. (“Redbud
Capital”). Redbud Capital picks and manages investment projects via its investment
decision-making committee. Except for special investment matters, which are subject to the
resolution of Redbud Investment’s board of directors, other important financial and operating
decision-making activities are conducted by Redbud Capital on the behalf of Redbud
Investment. Therefore, the Company was able to exercise significant influence on Redbud
Investment in which the Company held 10.42% of total equity.
Note 7: The Company holds 10.41% (2024: 10.41%) of the equity of Yiwu Huishang
Redbud Phase II Investment Partnership (Limited Partnership) (hereinafter referred to as
"Redbud Phase II") but treats it as an associate of the Company. According to Redbud Phase
II’s articles of association, it is engaged in investing and its important financial and operating
decision-making activities are to pick and manage investment projects, which have been fully
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
entrusted to the Company’s joint venture Redbud Capital. Redbud Capital picks and manages
investment projects via its investment decision-making committee. Except for special
investment matters, which are subject to the resolution of Redbud Phase II’s board of directors,
other important financial and operating decision-making activities are conducted by Redbud
Capital on the behalf of Redbud Phase II. Therefore, the Company could exert significant
influence on Redbud Phase II of which it held 10.41% equity.
Note 8: The Company holds a stake of less than 20% in Yiwu China Commodities City
(Chongqing) Digital Intelligence Industrial Park Co., Ltd. According to the relevant mechanism
established by the Company's board of directors or similar governing body for making major
business decisions, this company has the right to nominate 1 director and can exert significant
influence over Yiwu China Commodities City (Chongqing) Digital Intelligence Industrial Park Co.,
Ltd. Therefore, Yiwu China Commodities City (Chongqing) Digital Intelligence Industrial Park
Co., Ltd. is accounted for as an associate.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(2). Main financial information of important joint ventures
√Applicable □Not applicable
Unit: RMB 10,000
Closing balance/amount in the current period Opening balance/amount in the previous period
Yiwu Yiwu Yiwu Guoshen Yiwu Yiwu Yiwu Guoshen
Shanglv Rongshang Chuangcheng Shangbo Shanglv Rongshang Chuangcheng Shangbo
Property Property Property Property
Current assets 5,293.58 13,398.08 30,969.86 28,011.83 4,457.30 13,395.79 30,967.46 177,235.13
In which: cash and cash
equivalents
Non-current assets 129,425.84 - - 11,538.24 131,615.60 - 0.72 9,740.52
Total assets 134,719.42 13,398.08 30,969.86 39,550.07 136,072.90 13,395.79 30,968.18 186,975.65
Current liabilities 19,172.56 0.06 21,625.95 5,769.45 25,730.91 -2.22 21,621.33 6,911.45
Non-current liabilities 9,765.73 - - - 9,657.40 - - -
Total liabilities 28,938.29 0.06 21,625.95 5,769.45 35,388.31 -2.22 21,621.33 6,911.45
Shareholders’ equity attributable to
parent company
Share of net assets calculated
based on shareholding ratio
Adjustments -1,421.49 - - - -1,445.11 - - -
--Unrealized profits of internal
-1,421.49 - - - -1,445.11 - - -
transactions
Book value of equity investment in
joint ventures
Operating revenue 13,401.88 - - 1,111.52 13,002.45 - - 11,596.00
Financial expenses 210.37 -0.01 0.01 -37.14 271.00 0.10 0.23 -37.14
Net profits 5,096.55 -0.01 -0.01 -1,030.19 4,791.51 -0.10 -126.64 774.37
Total comprehensive income 5,096.55 -0.01 -0.01 -1,030.19 4,791.51 -0.10 -126.64 774.37
Dividends received from joint
- - - 72,058.82 - - - -
ventures this year
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Other statements
No
(3). Main financial information of important associates
√Applicable □Not applicable
Unit: RMB 10,000
Closing balance/amount in the current period Opening balance/amount in the previous period
Chouzhou Chouzhou
Hongyi Pujiang Zhijie Hongyi Pujiang Zhijie
Financial CCCP Financial CCCP
Fund Lvgu Yuangang Fund Lvgu Yuangang
Lease Lease
Current assets 2,132,083.04 13,053.40 2,328,673.84 95,843.10 62,528.30 2,098,767.89 6,185.53 2,322,856.48 99,712.15 62,315.57
Non-current assets 16,232.07 135,465.22 55,411.18 105.40 2,815.46 16,307.02 146,648.75 56,156.63 110.61 3,072.52
Total assets 2,148,315.11 148,518.62 2,384,085.02 95,948.50 65,343.76 2,115,074.91 152,834.28 2,379,013.11 99,822.76 65,388.09
Current liabilities 1,192,762.33 -23.31 1,574,510.24 13,576.04 29,741.96 1,273,463.96 -12.02 1,605,151.15 16,246.01 29,783.88
Non-current liabilities 703,283.83 - 164,563.17 - - 614,409.16 - 135,022.06 - 89.09
Total liabilities 1,896,046.16 -23.31 1,739,073.41 13,576.04 29,741.96 1,887,873.12 -12.02 1,740,173.21 16,246.01 29,872.97
Shareholders’ equity
attributable to parent 252,268.95 148,541.93 632,479.42 82,372.46 35,601.80 227,201.79 152,846.30 623,928.39 83,576.75 35,515.11
company
Share of net assets
calculated based on 65,589.93 74,226.40 309,914.92 40,362.51 9,612.41 59,072.47 76,384.96 305,724.91 40,952.61 9,589.08
shareholding ratio
Adjustments - 2,265.78 -432.78 -27.01 2,165.57 - 4,811.54 161.78 - 2,399.91
--Unrealized profits of
internal transactions
- 2,265.78 -432.78 -27.01 2,165.57 - 4,811.54 161.78 - 2,399.91
Book value of equity
investment in joint 65,589.93 76,492.18 309,482.14 40,335.50 11,777.98 59,072.47 76,384.96 305,886.69 40,952.61 11,988.99
ventures
Operating revenue 39,180.57 - 159,071.25 4,336.90 19,073.02 36,795.59 - 20,104.29 39,338.44 64,164.40
Net profits 25,067.17 214.55 8,429.38 -1,259.41 72.00 20,777.69 271.23 -1,594.92 9,453.00 -2,518.95
Total comprehensive
income
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Dividend on
associates received in - - - - - - 3,475.00 - - -
the current year
Other statements
No
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(4). Summary financial information of unimportant joint ventures and associates
√Applicable □Not applicable
Unit: RMB
Closing balance/amount in the Opening balance/amount in
current period the previous period
Joint ventures:
Total book value of
investments
Total amounts of the following items calculated based on shareholding ratio
--Net profits -862,392.99 -811,605.27
--Other comprehensive
- -
income
--Total comprehensive
-862,392.99 -811,605.27
income
Associates:
Total book value of
investments
Total amounts of the following items calculated based on shareholding ratio
--Net profits -8,893,520.47 -27,478,238.34
--Other comprehensive
-25,284.91 217,103.05
income
--Total comprehensive
-8,918,805.38 -27,261,135.29
income
Other statements
No
(5). Restrictions on the ability of joint ventures or associates to transfer money to the
Company
□Applicable √Not applicable
(6). Excess losses of joint ventures or associates
□Applicable √Not applicable
(7). Unrecognized commitments relating to investment in joint ventures
□Applicable √Not applicable
(8). Contingent liabilities relating to investment in joint ventures or associates
□Applicable √Not applicable
□Applicable √Not applicable
Notes on structured entities not included in the consolidated financial statements:
□Applicable √Not applicable
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
XI. Government grants
period
□Applicable √Not applicable
Reasons for not receiving the expected amount of government subsidies at the expected time
point
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Financial Opening Transferred to other Closing Related to
statement items balance income in this period balance assets/income
Deferred income 150,801,314.25 2,042,066.84 148,759,247.41
Total 150,801,314.25 2,042,066.84 148,759,247.41 /
√Applicable □Not applicable
Unit: RMB
Type Amount in the current period Amount in the previous period
Income-related 2,565,819.95 3,056,345.55
Asset-related 2,042,066.84 7,589,275.14
Total 4,607,886.79 10,645,620.69
Other notes:
No
XII. Risks associated with financial instruments
√Applicable □Not applicable
The Company's goal in risk management is to achieve a balance between risks and
benefits, minimize the negative impact of risks on the Company's operating performance, and
maximize the interests of shareholders and other equity investors. Based on this risk
management objective, the basic strategy of the Company's risk management is to identify and
analyze various risks faced by the Company, establish an appropriate risk tolerance bottom line
and carry out risk management, and supervise various risks in a timely and reliable manner,
and control risks. within a limited range.
In its daily operations, the Company faces various risks related to financial instruments,
primarily including credit risk, liquidity risk, and market risk. The management has reviewed and
approved policies to manage these risks.
Credit risk
Credit risk refers to the risk that one party to a financial instrument cannot fulfill its
obligations, resulting in financial losses for the other party.
(1) Credit Risk Assessment Methods
The Company evaluates, on each balance sheet date, whether the credit risk of related
financial instruments has increased significantly since the initial recognition thereof. In
determining whether the credit risk of a financial instrument has increased significantly since the
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
initial recognition thereof, the Company takes into account the reasonable and well-grounded
information that is accessible without unnecessary extra costs or efforts, including the
qualitative and quantitative analyses based on the historical data, external credit risk rating and
forward-looking information. The Company compares the risk of financial instruments defaulting
on the balance sheet date and the risk of them defaulting on the date of initial recognition based
on an individual financial instrument or a group of financial instruments with similar credit risk
characteristics to determine the changes in anticipated default risk of the financial instrument(s)
within the duration thereof.
If a financial instrument meets one or more of the following quantitative or qualitative
criteria, the Company will determine that its credit risk has increased significantly:
duration on the balance sheet date rises by a certain margin from that at its initial recognition;
or financial conditions, existing or anticipated changes in technological, market, economic, or
legal environments that will have a material adverse impact on the debtor's ability to repay the
Company, etc.
(2) Definition of Defaulted and Credit-Impaired Assets
When a financial instrument meets one or more of the following conditions, the Company
classifies the financial asset as in default, with criteria consistent with the definition of incurred
credit impairment:
on the economic or contract considerations in connection with the debtor’s financial difficulty;
The key parameters for measuring expected credit losses include the probability of default,
loss given default, and exposure at default. The Company has built the models of probability of
default, loss given default and default risk exposure based on the quantitative analysis of
historical data (e.g. rating of counterparties, form of guarantee and category of collaterals or
pledges, form of repayment) and forward-looking information.
instruments is detailed in Notes VII.4, VII.5, VII.9, VII.13, VII.16, and VII.30 to these financial
statements.
The credit risk of the Company mainly comes from monetary funds and receivables. To
control the aforementioned risks, the Company has taken the following measures respectively.
(1) Monetary funds
The Company deposits bank balances and other monetary funds in financial institutions
with high credit ratings, resulting in relatively low credit risk.
(2) Accounts Receivable
The Company continuously conducts credit assessments for customers engaged in
credit-based transactions. Based on the credit assessment results, the Company chooses to
conduct transactions with accredited and creditworthy customers and monitors their accounts
receivable balances to ensure that the Company is not exposed to significant bad debt risks.
As the Company’s accounts receivable risks are distributed across multiple partners and
clients, and as of June 30, 2025, the top five customers accounted for 10.72% (December 31,
concentration risk.
The maximum credit risk exposure assumed by the Company is the carrying value of each
financial asset in the balance sheet.
Liquidity risk
Liquidity risk refers to the risk of a shortage of funds when the Company performs its
obligations to settle by cash or other financial assets. Liquidity risk may arise from the inability to
sell financial assets at fair value quickly; or from the counterparty's failure to repay its
contractual obligations; or from early-maturity debt; or from the inability to generate expected
cash flows.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
To control this risk, the Company employs a comprehensive approach by utilizing various
financing methods such as bill settlements and bank loans, while appropriately combining
long-term and short-term financing to optimize the financing structure, thereby maintaining a
balance between financing continuity and flexibility. The Company has obtained credit lines
from multiple commercial banks to meet working capital requirements and capital expenditures.
Financial liabilities classified by remaining maturity
June 30, 2025
Closing balance
Item Undiscounted contract
Book value Within 1 year 1-3 years Over 3 years
amount
Short-term borrowings - - - - -
Accounts payable 690,341,861.69 690,341,861.69 690,341,861.69 - -
Other payables 1,848,542,963.11 1,848,542,963.11 1,498,709,522.66 - 349,833,440.45
Other current liabilities 3,420,569,047.76 3,435,332,061.46 3,435,332,061.46 - -
Non-current liabilities due
within one year
Long-term borrowings 600,952,179.69 888,801,126.51 10,563,708.33 199,189,568.55 679,047,849.63
Lease liabilities 149,476,023.92 232,953,636.20 - 39,805,626.23 193,148,009.97
Bonds payable 1,506,149,086.89 1,593,865,799.22 31,400,000.00 1,562,465,799.22 -
Total 11,427,679,313.01 3,536,599,106.39 3,262,780,541.20 488,081,977.93 396,802,604.41
Closing balance
Item Undiscounted
Book value Within 1 year 1-3 years Over 3 years
contract amount
Short-term borrowings 60,054,266.67 60,896,107.77 60,896,107.77 - -
Accounts payable 1,469,718,387.95 1,469,718,387.95 1,469,718,387.95 - -
Other payables 1,685,334,535.04 1,685,334,535.04 1,335,501,094.59 - 349,833,440.45
Other current liabilities 3,414,873,709.35 3,442,001,642.16 3,442,001,642.16 - -
Non-current liabilities due
within one year
Long-term borrowings 657,589,300.38 804,006,293.28 17,078,642.23 171,063,232.91 615,864,418.14
Lease liabilities 149,984,238.78 226,560,267.24 - 73,977,007.75 152,583,259.49
Bonds payable - - - - -
Total 11,202,302,649.30 11,511,432,878.57 10,148,111,519.83 245,040,240.66 1,118,281,118.08
Market risks
Market risk refers to the risk that the fair value of financial instruments or future cash
flows may fluctuate due to changes in market prices. Market risks mainly include interest
rate risk and foreign exchange risk.
Interest rate risk
Interest rate risk refers to the risk that the fair value or future cash flows of a financial
instrument will fluctuate due to changes in market interest rates. Fixed-rate interest-bearing
financial instruments expose the Company to fair value interest rate risk, while floating-rate
interest-bearing financial instruments expose the Company to cash flow interest rate risk.
The Company determines the proportion of fixed-rate and floating-rate financial instruments
based on market conditions and maintains an appropriate portfolio of financial instruments
through regular reviews and monitoring. The interest rate risk on cash flows faced by the
Company is mainly related to the bank loans with floating interest rates that the Company
bears.
As of June 30, 2025, the Company had bank borrowings of RMB 728,419,960.47
(December 31, 2024: RMB 839,460,252.46) bearing floating interest rates. Assuming all
other variables remain constant, a hypothetical change in interest rates of 50 basis points
would not have a significant impact on the Company's total profit or shareholders' equity.
Foreign exchange rate risk
Foreign exchange risk refers to the risk that the fair value of financial instruments or
future cash flows may fluctuate due to changes in foreign exchange rates. The exchange
rate fluctuation risks faced by the Company are mainly related to the Company‘s foreign
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
currency monetary assets and liabilities. For foreign currency assets and liabilities, if
short-term imbalances occur, the Company will buy or sell foreign currencies at market
exchange rates when necessary to maintain net risk exposure at an acceptable level.
For details of the Company's foreign currency monetary assets and liabilities at the end of
the period, please refer to Note VII. 81 Foreign Currency Monetary Items in the notes to these
financial statements.
(1). The Company conducts hedging business for risk management
□Applicable √Not applicable
Other statements
□Applicable √Not applicable
(2). The Company conducts eligible hedging business and applies hedging accounting
□Applicable √Not applicable
Other statements
□Applicable √Not applicable
(3). The Company conducts hedging business for risk management and expects to
achieve risk management goals, but has not applied hedging accounting
□Applicable √Not applicable
Other statements
□Applicable √Not applicable
(1).Classification of transfer methods
□Applicable √Not applicable
(2).Financial assets derecognized due to transfer
□Applicable √Not applicable
(3).Transferred financial assets in which the Group continued to be involved
□Applicable √Not applicable
Other statements
□Applicable √Not applicable
XIII. Disclosure of fair value
√Applicable □Not applicable
Unit: RMB
Item Closing fair value
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Level 2 fair
Level 1 fair value Level 3 fair value
value Total
measurement measurement
measurement
I. Continuous fair value
measurement
(1) Held-for-trading
- - - -
financial assets
are measured at fair value
and whose changes are - - - -
included in the current
profit and loss
(2) Investment in equity
- - - -
instruments
(3) Other equity
instruments investment
(vi) Other non-current
- - 1,521,630,813.28 1,521,630,813.28
financial assets
Total assets
continuously measured 630,899,510.14 - 1,521,630,813.28 2,152,530,323.42
by fair value
non-continuously measured by Level 1 fair value
√Applicable □Not applicable
The Level 1 fair value measured trading financial assets held by the Company include
stocks, bonds, and wealth management products traded in active markets. The Company
determines their fair value based on their active market quotations.
parameters for the items continuously and non-continuously measured by Level 2
fair value
□Applicable √Not applicable
parameters for the items continuously and non-continuously measured by Level 3
fair value
√Applicable □Not applicable
The other equity instrument investments measured at fair value under Level 3 held by the
Company are equity interests in non-listed companies. For non-listed equity instrument
investments, the Company comprehensively considers and applies methods such as the
market approach and discounted cash flow to estimate fair value. For investees whose
operating environment, business conditions, and financial position have not undergone
significant changes, the Company measures fair value using the investment cost as a
reasonable estimate.
and the sensitivity analysis of unobservable parameters for items continuously
measured by Level 3 fair value
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
different levels in the current period, the reasons for the conversion and the policy
for determining the time of conversion
□Applicable √Not applicable
□Applicable √Not applicable
□Applicable √Not applicable
□Applicable √Not applicable
XIV. Related parties and related-party transactions
√Applicable □Not applicable
Unit: RMB 10,000
Shareholding
Place of Registered Voting right ratio in
Name of parent company Business ratio in the
registration capital the Company (%)
Company (%)
Yiwu China Commodities City
Holdings Group Co., Ltd.
Yiwu, Asset
(formerly known as " Yiwu 100,000.00 56.37 56.37
Zhejiang management
China Commodities City
Holdings Limited ")
Notes on the parent company of the Company
No
The ultimate controlling party of this enterprise is the State-owned Assets Supervision and
Administration Office of Yiwu Municipal People's Government.
Other notes:
No
For details of the Company’s subsidiaries, please refer to the Notes
√Applicable □Not applicable
Please refer to Note X. 1. Equity in Subsidiaries
For details of the Company’s important joint ventures or associates, please refer to the Notes
√Applicable □Not applicable
Please refer to Note X. 3 Equity in Joint Ventures or Associates
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Other joint ventures or associates that have related-party transactions with the Company in the
current period or had related-party transactions with the Company in the prior year which
resulted in an outstanding amount are as follows
√Applicable □Not applicable
Name of joint venture or associate Relationship with
the Company
Yiwu Shanglv Joint venture
Yiwu Huishang Redbud Capital Management Co., Ltd. Joint venture
Yiwu China Commodities City Creative Design and Development
Joint venture
Services Co., Ltd.
Yiwu Guoshen Shangbo Property Co., Ltd. Joint venture
Yiwu Rongshang Property Co., Ltd. Joint venture
Yiwu Huishang Micro-finance Co., Ltd. Associate
Zhejiang Yemai Data Technology Co., Ltd. Associate
Yiwu Meipinshu Supply Chain Management Co., Ltd. Associate
JEBEL ALI FREE ZONE TRADER MARKET DEVELOPMENT AND
Associate
OPERATION FZCO
Yiwu Digital Port Technology Co., Ltd. Associate
CCCP Associate
Hangzhou MicroAnts Co., Ltd. Associate
Huishang Zijing Associate
Zhijie Yuangang Associate
Yiwu Heimahui Enterprise Service Co., Ltd. Associate
Yiwu Shangfu Chuangzhi Investment Center (limited partnership) Associate
Zhejiang YXE Supply Chain Management Co., Ltd. Associate
Other statements
□Applicable √Not applicable
√Applicable □Not applicable
Name of other related party Relationship with the Company
Controlling shareholder of the
MDG
Company’s largest shareholder
Subsidiary of controlling
Yiwu Market Development Service Center Co., Ltd. shareholder of the Company’s
largest shareholder
Branch of Controlling shareholder
Yourworld International Conference Center Company of
of the Company’s largest
Yiwu Market Development Group Co., Ltd.
shareholder
Subsidiary of controlling
Zhejiang Xingfuhu Sports Development Co., Ltd. shareholder of the Company’s
largest shareholder
Subsidiary of controlling
Yiwu Agriculture Development Co., Ltd. shareholder of the Company’s
largest shareholder
Subsidiary of controlling
Yiwu Security Service Co., Ltd. shareholder of the Company’s
largest shareholder
Subsidiary of controlling
Yiwu Shangdu International Travel Agency Co., Ltd. shareholder of the Company’s
largest shareholder
Subsidiary of controlling
Zhejiang Yiwu Baixian Wanpin Agricultural Supply Chain
shareholder of the Company’s
Co., Ltd.
largest shareholder
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Enterprises controlled by the
Shangbo Yungu
largest shareholder
Enterprises controlled by the
CCC Property Service
largest shareholder
Enterprises controlled by the
Yiwu Jinlong Shangbo Property Co., Ltd.
largest shareholder
Enterprises controlled by the
Yiwu Jinhong Shangbo Enterprise Management Co., Ltd.
largest shareholder
A subsidiary of a joint venture of
Yiwu Gongchen Shangbo Property Co., Ltd.
the Company
A subsidiary of a joint venture of
Yiwu Chengzhen Property Co., Ltd.
the Company
Minority shareholder of major
Yisha Chengdu International Trade City Co., Ltd.
subsidiaries
Other statements
No
(1). Related-party transactions of purchasing and selling goods and rendering and
accepting service
Purchasing goods/accepting service
√Applicable □Not applicable
Unit: RMB
Approved Whether the
Contents of transaction
Amount in the transaction Amount in the
Related party related-party limit is
current period amount (if exceeded (if previous period
transaction applicable) applicable)
Property
service fee and
CCC Property Service greening 112,328,185.22 NA NA 110,312,803.36
maintenance
fee
Security service
Shangbo Yungu 8,752,841.39 NA NA 9,059,886.19
fee
Yiwu Shangbo Yungu
Construction
Enterprise Management 4,576,200.00 NA NA 5,203,100.00
fee
Co., Ltd.
Platform
Yiwu Digital Port operation and
Technology Co., Ltd. maintenance
fees
Yiwu China Commodities
City Creative Design and
Design fee 560,673.27 NA NA 651,089.11
Development Services
Co., Ltd.
Yiwu Shangdu Event
International Travel organization 79,200.00 NA NA -
Agency Co., Ltd. fees
Yourworld International Procurement
Conference Center Company
of Yiwu Market Development
and meeting 1,620.00 NA NA 34,982.00
Group Co., Ltd. affair expenses
Procurement
Zhejiang Yemai Data
and system 1,592.92 NA NA 1,167,985.85
Technology Co., Ltd.
development
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
fees
Hangzhou MicroAnts Co., Information
- NA NA 413,850.00
Ltd. service fee
Selling goods/rendering service
√Applicable □Not applicable
Unit: RMB
Contents of Amount in Amount in the
Related party related-party the current previous
transaction period period
Yourworld International Conference Center Company of Product sales and
Yiwu Market Development Group Co., Ltd. washing fees 1,877,848.97
Product sales and
CCC Property Service 328,877.36
system development 6,178,159.43
Information service
CCCP 20,000.00 -
fee
Advertising
Yiwu Digital Port Technology Co., Ltd. 5,158.49 -
production costs
Zhejiang Xingfuhu Sports Development Co., Ltd. Laundering fees 1,530.20 -
MDG Software service fee - 292,500.00
Zhijie Yuangang Warehousing cost - 978,113.21
Information service
Yiwu Heimahui Enterprise Service Co., Ltd. - 345,800.00
fee
Notes on related-party transactions of purchasing and selling goods and rendering and
accepting service
□Applicable √Not applicable
(2). Entrustment/contracting from and to related parties
Entrustment/contracting to the Company:
√Applicable □Not applicable
Unit: RMB
Starting Ending Entrustment
date of date of Pricing of income/contr
Name of Name of Type of
entrustm entrustm entrustment acting income
consignor/em consignee/cont entrusted/contr
ent ent income/contr recognized in
ployer ractor acted assets
/contract /contract acting income the current
ing ing period
Entrustment of Feb 1, Jan 31, Negotiated
MDG The Company 371,726.38
other assets 2025 2030 price
Notes on entrustment/contracting from related parties
□Applicable √Not applicable
Entrustment/contracting from the Company:
□Applicable √Not applicable
Notes on related-party management/contracting
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(3). Related-party lease
The Company as the lessor:
√Applicable □Not applicable
Unit: RMB
Rental income recognized in Rental income recognized in
Name of lessee Type of leased asset
the current period the previous period
Zhijie Yuangang Office space 523,239.45 72,672.18
CCC Property Service Office space 469,929.36 234,964.68
CCCP Office space 367,373.34 367,373.40
Yiwu Market Development Service Center Co., Ltd. Parking lot 308,009.66 300,962.77
Yiwu Shanglv Warehouse and parking lot 191,131.49 229,357.80
Yiwu Digital Port Technology Co., Ltd. Office space 108,509.64 106,579.08
Yiwu Meipinshu Supply Chain Management Co.,
Office space 107,716.98 107,716.98
Ltd.
Yiwu Huishang Micro-finance Co., Ltd. Auxiliary buildings 78,360.00 81,909.41
Shangbo Yungu Office space - 485,524.71
Yiwu Huishang Redbud Capital Management Co.,
Office space - 143,977.85
Ltd.
Hangzhou MicroAnts Co., Ltd. Office space - 29,524.76
The Company as the lessee
√Applicable □Not applicable
Unit: RMB
Amount in the current period Amount in the previous period
Simplified treatment of rental Simplified treatment of rental
lessor name Type of leased asset expenses for short-term leases expenses for short-term leases and
and leases of low-value assets (if leases of low-value assets (if
applicable) applicable)
CCCH Warehouses 7,512,968.82 7,512,968.82
Notes on related-party lease
√Applicable □Not applicable
The Group rent office spaces from above related parties at market prices
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(4). Related-party guarantees
The Company as the guarantor
□Applicable √Not applicable
The Company as the guaranteed party
□Applicable √Not applicable
Notes on related-party guarantees
□Applicable √Not applicable
(5). Related-party lending and borrowing
√Applicable □Not applicable
Unit: RMB
Maturity
Related party Amount Starting date Remarks
date
Borrowings
In 2022, the Group transferred a total of
RMB 20,182,421.25 from Yiwu
Chengzhen Property Co., Ltd.,
according to the shareholding ratio, at
Yiwu Chengzhen
Property Co., Ltd.
repayment date would be determined
based on the funding needs of Yiwu
Chengzhen Property Co., Ltd.'s
projects.
Yiwu Guoshen The Group transferred a total of RMB
Shangbo Property Co., 230,600,000.00 Oct 31, 2022 230,600,000.00 of surplus funds from
Ltd. Guoshen Shangbo in 2022, according
Yiwu Guoshen to the shareholding ratio, at the annual
Shangbo Property Co., 294,000,000.00 2023-06-29 interest rate of 0%. The Group
Ltd. transferred a total of RMB
Yiwu Guoshen 489,988,200.00 of surplus funds from
Shangbo Property Co., 98,000,000.00 Oct 30, 2023 Guoshen Shangbo in 2023, and
Ltd. transferred a total of RMB
Yiwu Guoshen 17,036,269.50 of surplus funds from
Shangbo Property Co., 97,988,200.00 Nov 1, 2023 Guoshen Shangbo in 2024. As of June
Ltd. 30, 2025, a dividend distribution of RMB
Yiwu Guoshen 720,588,200.00 has been confirmed,
Shangbo Property Co., 17,036,269.50 Sep 2, 2024 and the remaining fund of RMB
Ltd. 17,036,269.50 has been returned.
The Group received a pre-dividend of
RMB 64,418,683.00 from Yiwu
Rongshang Property in 2022. As of
Yiwu Rongshang June 30, 2025, RMB 10,281,390.77 has
Property Co., Ltd. been returned, and the repayment date
of the remaining funds would be
determined according to projects'
funding needs.
Related party Amount Starting date Maturity Remarks
date
Lending to
JEBEL ALI FREE In 2020, the Group provided JEBEL
ZONE TRADER 63,465,484.42 Mar 9, 2020 ALI FREE ZONE TRADER MARKET
MARKET DEVELOPMENT AND OPERATION
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
DEVELOPMENT AND FZCO financial assistance totaling
OPERATION FZCO RMB 63,465,484.42; in 2021, the
JEBEL ALI FREE Group provided it with financial
ZONE TRADER assistance totaling RMB
MARKET 109,636,517.09 Mar 31, 2021 109,636,517.09; in 2022, the Group
DEVELOPMENT AND provided it with financial assistance
OPERATION FZCO totaling RMB 41,772,885.00, all at an
JEBEL ALI FREE annual interest rate of 6-month
ZONE TRADER average EIBOR plus 5%. The
MARKET 41,772,885.00 May 12, 2022 repayment term of the financial
DEVELOPMENT AND assistance would be determined
OPERATION FZCO based on the progress of the project.
(6). Related-party transfer of assets and restructuring of debts
□Applicable √Not applicable
(7). Remunerations of key officers
√Applicable □Not applicable
Unit: RMB 10,000
Amount in the previous
Item Amount in the current period
period
Remunerations of key officers 717.34 1,231.90
(8). Other related-party transactions
√Applicable □Not applicable
Unit: RMB
Unit June 30, 2025 2024
Yisha Chengdu International Trade City Co.,
Ltd.
After the deliberation and approval of the 25th meeting of the 9th Board of Directors held by
the Group on January 7, 2025, the Company’s indirectly-controlled subsidiary Yiwugou
provided a entrusted loan of RMB 48 million in the form of monetary funds to the minority
shareholder of Yiwugou, Yixia Chengdu International Trade City Co., Ltd., through the
Agricultural Bank of China Yiwu Branch, with a loan term of 2 years and an annual interest rate
of 5.5%.
(1). Receivables
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Related party Bad debt Bad debt
Book balance Book balance
provision provision
Accounts Yiwu Meipinshu Supply Chain - -
receivable Management Co., Ltd.
Accounts Yiwu Shangdu International Travel - -
receivable Agency Co., Ltd.
Yourworld International Conference
Accounts
Center Company of Yiwu Market 849,754.95 101.72 24,622.26 0.38
receivable
Development Group Co., Ltd.
Accounts - -
CCCP 20,000.00 2.39
receivable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Accounts Zhejiang YXE Supply Chain - -
receivable Management Co., Ltd.
Total 3,224,429.29 385.97 24,622.26 0.38
Prepayments Shangbo Yungu 2,679,191.52 - 5,983,066.50 -
Prepayments CCCH 2,504,322.92 - 10,017,291.74 -
Yiwu Shanglv Investment Development
Prepayments 1,894.65 - 5,600.00 -
Co., Ltd.
Yourworld International Conference
Prepayments Center Company of Yiwu Market - - - -
Development Group Co., Ltd.
Total 5,185,409.09 - 16,005,958.24 -
Other
MDG 252,929.51 - 492,423.20 -
receivables
Other Yiwu Market Development Service
receivables Center Co., Ltd.
Other
CCC Property Service 61,962.96 - 228,250.00 -
receivables
JEBEL ALI FREE ZONE TRADER
Other
MARKET DEVELOPMENT AND 19,212.00 - - -
receivables
OPERATION FZCO
Other
Yiwu Shanglv 2,405.67 - 2,405.67 -
receivables
Other Zhejiang Xingfuhu Sports Development
receivables Co., Ltd.
Total 472,246.74 - 723,438.37 -
JEBEL ALI FREE ZONE TRADER
Long-term
MARKET DEVELOPMENT AND 278,379,382.90 - 268,690,496.50 -
receivables
OPERATION FZCO
Long-term
Yiwu Shanglv - 17,150,000.00 -
receivables
Total 278,379,382.90 - 285,840,496.50 -
(2). Payables
√Applicable □Not applicable
Unit: RMB
Item Related party Closing book Opening book
balance balance
Accounts -
Shangbo Yungu 2,104,411.81
payable
Accounts
CCC Property Service 1,373,103.81 279,544.83
payable
Accounts
Zhejiang Yemai Data Technology Co., Ltd. 301,549.82 314,651.52
payable
Accounts Zhejiang Yiwu Baixian Wanpin Agricultural Supply Chain
payable Co., Ltd.
Accounts
Yiwu Agriculture Development Co., Ltd. 307.00 467.00
payable
Accounts
Yiwu Digital Port Technology Co., Ltd. - 6,500,000.00
payable
Accounts
Zhijie Yuangang - 1,926,727.86
payable
Accounts
Hangzhou MicroAnts Co., Ltd. - 66,768.80
payable
Total 3,807,877.00 9,088,160.01
Advance Zhijie Yuangang 540,653.80 145,344.31
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
from
customers
Advance
from CCCP 329,641.67 612,289.01
customers
Advance
from CCC Property Service 325,041.93 204,943.60
customers
Advance
from Yiwu Meipinshu Supply Chain Management Co., Ltd. 69,201.22 303,796.59
customers
Advance
from Yiwu Digital Port Technology Co., Ltd. 50,539.92 144,679.51
customers
Advance
from Yiwu Jinhong Shangbo Enterprise Management Co., Ltd. - 753,968.24
customers
Advance
from Yiwu Shanglv - 191,131.49
customers
Advance
from Yiwu Jinlong Shangbo Property Co., Ltd. - 15,000.00
customers
Advance
from Yiwu Gongchen Shangbo Property Co., Ltd. - 12,830.00
customers
Total 1,315,078.54 2,383,982.75
Contract
CCC Property Service 105,694.19 137,862.93
liabilities
Contract
Yiwu Digital Port Technology Co., Ltd. 49,363.93 61,322.36
liabilities
Contract
Yiwu Huishang Micro-finance Co., Ltd. 43,238.91 -
liabilities
Total 198,297.03 199,185.29
Other
Yiwu Rongshang Property Co., Ltd. 54,137,292.23 64,418,683.00
payables
Other
Yiwu Chengzhen Property Co., Ltd. 20,182,421.25 20,182,421.25
payables
Other
Zhijie Yuangang 2,900,000.00 471,600.00
payables
Other
CCCP 240,000.00 240,000.00
payables
Other
Zhejiang Yemai Data Technology Co., Ltd. 167,591.89 235,601.89
payables
Other
Yiwu Heimahui Enterprise Service Co., Ltd. 111,080.00 100,000.00
payables
Other
Yiwu Digital Port Technology Co., Ltd. 32,000.00 32,000.00
payables
Other
Yiwu Meipinshu Supply Chain Management Co., Ltd. 57,000.00 57,000.00
payables
Other
Hangzhou MicroAnts Co., Ltd. 11,080.00 11,080.00
payables
Other Yourworld International Conference Center Company of
payables Yiwu Market Development Group Co., Ltd.
Other
CCC Property Service 6,720.22 -
payables
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Other
Yiwu Guoshen Shangbo Property Co., Ltd. - 737,624,469.50
payables
Other
Yiwu Huishang Redbud Equity Investment Co., Ltd. - 26,550,000.00
payables
Other
Yiwu Security Service Co., Ltd. - 529,366.13
payables
Total 77,895,418.14 850,545,793.24
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(3). Other projects
√Applicable □Not applicable
Unit: RMB
Item Related party Closing book Opening book
balance balance
Debt Yisha Chengdu International Trade
investments City Co., Ltd.
□Applicable √Not applicable
□Applicable √Not applicable
XV. Share-based payment
(1).Details
√Applicable □Not applicable
Quantity unit: share Amount unit: RMB
Option exercised
Grant in this Expired in this
Grant object for the current Unlocked in this period
period period
category period
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
Management
- - - - 12,457,600.00 36,625,344.00 - -
personnel
R&D
- - - - 170,000.00 499,800.00 - -
personnel
Total - - - - 12,627,600.00 37,125,144.00 - -
(2).Stock options or other equity instruments issued to the public as of the end of the
period
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Directors, senior management, core technical
Recipients of equity-settled personnel, and other personnel deemed necessary
share-based payments by the Board of Directors of the Company (including
its subsidiaries) to be incentivized
Method for determining the fair value of
Market price on grant day
equity instruments on the grant date
Important parameters of fair value of
/
equity instruments on grant date
The assessment of the Company's financial
performance indicators and individual performance
Basis for determining the number of
indicators is conducted annually, and the quantity
exercisable equity instruments
held by the incentive targets who meet the
assessment objectives is determined.
Reason for the significant difference
No
between the estimates in the current
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
period and in the previous period
Cumulative amount of equity-settled
share-based payments included in the 87,753,036.78
capital reserve
Other statements
According to the "Proposal on the <2020 Restricted Stock Incentive Plan (Draft)> and Its
Summary" (hereinafter referred to as "this Plan") approved at the fifth extraordinary general
meeting of shareholders in 2020, the number of incentive recipients for the first grant under this
Plan is 405 individuals. The restricted stock incentive is designated for the Company's
(including its subsidiaries) directors, senior management, core technical personnel, and other
individuals whom the board deems necessary to incentivize. The total number of restricted
shares granted amounts to 50,480,000, which is approximately 0.927% of the Company's total
share capital of 5,443,214,176 shares. Of this total, 47,920,000 shares are granted for the first
time, with 2,560,000 shares reserved. The grant price for the restricted shares in the first grant
part under this Plan is RMB 2.94 per share, with a fair value of RMB 5.11 per share on the grant
date, confirming a total equity-based compensation of RMB 101,339,000.00; for the reserved
grant part of the restricted shares, the grant price is RMB 2.39 per share, with a fair value of
RMB 4.80 per share on the grant date, confirming a total equity-based compensation of RMB
payment expenses, amortized over the vesting period of restricted shares. The cumulative
amortized share-based payment expenses recognized under this vesting period basis
amounted to RMB 87,753,036.78.
□Applicable √Not applicable
√Applicable □Not applicable
Unit: RMB
Grant object category Equity-settled share-based Cash-settled share-based
payment expenses payment expenses
Administrative expenses 249,292.89 /
R&D expenses - /
Total 249,292.89 /
Other statements
No
□Applicable √Not applicable
□Applicable √Not applicable
XVI. Commitments and contingencies
√Applicable □Not applicable
Important external commitments, nature and amount thereof as of the balance sheet dates
Unit: RMB
Capital commitments June 30, 2025 2024
Signed but not provided 2,719,465,027.18 3,533,111,353.67
(1) Investment Commitment to Shangfu Chuangzhi Fund
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
In 2017, the Company’s wholly-owned subsidiary Yiwu China Commodities City Financial
Holdings Co., Ltd. (“CCCF”) and Shanghai Fuxing Industry Group Co., Ltd. (“Fuxing Group”)
jointly established an industry fund Yiwu China Commodities City Fuxing Investment Center
(Limited Partnership) (hereinafter referred to as the “FOF”). The FOF as a limited partner
invested in 12 sub-funds including Yiwu Shangfu Chuangzhi Investment Center (Limited
Partnership) (“Shangfu Chuangzhi Fund”). CCCF subscribed for capital contribution of RMB
and has paid in RMB 102.92 million. The unpaid portion of its subscribed capital contribution
was promised to be RMB 895.08 million and was not subject to a term. CCCF also made capital
contribution of RMB 9.8 million (49% equity) to Yiwu China Commodities City Investment and
Management Co., Ltd. (hereinafter referred to as the “CCCIM”), which was a general partner of
the above FOF and sub-funds. Fuxing made capital contribution of 51% to and had control over
CCCIM.
Shangfu Chuangzhi Fund raised funds of RMB 823.36 million in total. The FOF has
subscribed for and paid in capital contribution of RMB 205.84 million as a limited partner
(including the above RMB 102.92 million from CCCIM and the rest was contributed by Fuxing,
the other limited partner of the FOF). As the other limited partner of Shangfu Chuangzhi Fund,
CCCF has separately subscribed for and paid in capital contribution of RMB 617.51 million. In
addition, neither the Group nor CCCF did not invest in other sub-funds of the FOF. Shangfu
Chuangzhi Fund subsequently subscribed to the increased registered capital of Hubei Asset
Management Co., Ltd. for RMB 820.54 million, holding 22.6667% of its equity. In 2019, 9 out of
the 12 sub-funds mentioned above were cancelled.
In 2018, CCCF learned during its after-investment follow-up management that Fuxing and
its actual controller ZHU Yidong were suspected of having committed a criminal offense and the
Ltd. was frozen by the Public Security Bureau of Shanghai due to Fuxing’s contribution to the
sources of the capital contribution. As of the date of approval for the financial statements, the
relevant equity was still frozen.
As of the approval date of the financial statements, the Group had not received any notice
of capital contribution other than the above contributions that had been made or any notice of
action involving the Group, CCCF, FoF and its sub-funds.
(2) Other Investment Commitments
As approved by the Company’s 9th Board of Directors at its 24th meeting held on
December 31, 2024, the Company intends to contribute RMB 300 million to the establishment
of Fumao Fund Phase II. This fund was initiated by the Ministry of Finance, the Ministry of
Commerce, and China Merchants Group Co., Ltd., raises funds from strong local governments,
financial institutions, leading companies in the service trade sector, and others. Fumao Fund
Phase II is established as a limited partnership, with a scale of no less than RMB 10 billion. As
of the date of approval of the financial statements, the Company has not yet made any
contributions.
In addition, as of June 30, 2025, the Group has other investment commitments totaling
RMB 286.767 million (December 31, 2024: RMB 326.767 million).
(1). Important contingencies on the balance sheet dates
√Applicable □Not applicable
Unit: RMB
Item June 30, 2025 2024
Contingent liabilities resulting from
the guarantee provided externally
According to relevant regulations, the Group is required to provide mortgage loan
guarantee to the bank for the sale of commercial housing before the purchaser has gained the
property ownership certificate. The outstanding guarantee amount as of June 30, 2025 is RMB
after the issuance of the property ownership certificates and are thus little likely to incur losses.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Therefore, the management believed that it was not necessary to make provision for the
guarantees.
(2). Notes shall also be made even if the Company has no important contingencies to
be disclosed:
□Applicable √Not applicable
□Applicable √Not applicable
XVII. Post-balance sheet date events
□Applicable √Not applicable
□Applicable √Not applicable
□Applicable √Not applicable
□Applicable √Not applicable
XVIII. Other important events
(1). Retrospective restatement
□Applicable √Not applicable
(2). Prospective application
□Applicable √Not applicable
□Applicable √Not applicable
(1). Exchange of non-monetary assets
□Applicable √Not applicable
(2). Exchange of other assets
□Applicable √Not applicable
□Applicable √Not applicable
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(1). Determination basis and accounting policy of reporting divisions
√Applicable □Not applicable
The Company determines its reporting segments based on internal organizational structure,
management requirements, internal reporting systems, and other relevant factors, with the
business segments serving as the foundation for the determination of reporting segments.
Every segment's operating performance in market operations, trade services, supporting
services, and commodity sales services, among others, shall be evaluated separately. Assets
and liabilities that are jointly used by various segments shall be allocated among the different
segments according to their scale proportions.
(2). Financial information of reporting divisions
√Applicable □Not applicable
Unit: RMB million
Item Market Trade Supporting Sales of Set-offs Total
operation services services goods among
divisions
Revenue from
external transactions
Among which:
Revenue generated
from contracts with
customers
Revenue from
inter-division 29.45 62.50 22.19 41.01 155.15 -
transactions
Profits before tax 1,848.12 301.57 3.34 -5.30 -0.27 2,148.00
Total assets 46,389.46 9,728.31 1,521.76 2,607.17 21,862.70 38,384.00
Total liabilities 25,043.88 3,754.99 1,354.44 2,422.66 14,658.97 17,917.00
Capital expenditures 500.88 61.60 0.24 0.02 - 562.74
Long-term equity
investment in joint
ventures and
associates
(3). If the Company does not have reporting divisions or is unable to disclose the total
assets and total liabilities of each division, please explain
□Applicable √Not applicable
(4). Other statements
□Applicable √Not applicable
□Applicable √Not applicable
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
XIX. Notes to main items in financial statements of parent company
(1).Disclosure based on account age
√Applicable □Not applicable
Unit: RMB
Account age Closing book balance Opening book balance
Within 1 year (including 1
year)
Subtotal within 1 year 3,894,631.17 5,602,778.43
Over 3 years 1,091,527.96 1,115,719.38
Total 5,630,709.75 7,384,608.74
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(2).Categorized disclosure based on the bad debt provision method
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book Book
Proportion Provision Proportion Provision
Amount Amount value Amount Amount value
(%) ratio (%) (%) ratio (%)
Provision for bad
debts on a grouping 5,630,709.75 100.00 1,128,435.19 20.04 4,502,274.56 7,384,608.74 100.00 1,149,456.22 15.57 6,235,152.52
basis
Among them:
Provision for bad
debts by grouping of
credit risk
characteristics
Total 5,630,709.75 / 1,128,435.19 / 4,502,274.56 7,384,608.74 / 1,149,456.22 / 6,235,152.52
Provision for bad debts on an individual basis:
□Applicable √Not applicable
Provision for bad debts on a grouping basis:
√Applicable □Not applicable
Provision items on a grouping basis: by grouping of credit risk characteristics
Unit: RMB
Closing balance
Name
Book balance Bad debt provision Provision ratio (%)
Provision for bad debts by grouping of credit risk
characteristics
Total 5,630,709.75 1,128,435.19 20.04
Explanation for provision for bad debts on a grouping basis:
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Provision for bad debts based on the general model of expected credit losses
√Applicable □Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected credit Expected
Expected credit loss loss in the entire credit loss in
Bad debt provision in the coming 12 duration (credit the entire Total
months has not been duration (credit
impaired) has been
impaired)
Balance as of January 1,
Movements for the current
period:
Provision made in the
current period
Current reversal 185,830.61 185,830.61
Balance as of June 30,
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of accounts receivable with changes in
loss provisions in this period:
□Applicable √Not applicable
(3).Provisions for bad debts
√Applicable □Not applicable
Unit: RMB
Amount of change during the
Opening current period
Category Closing balance
balance Recovery or
Provision
reversal
Bad debt provision
for accounts 1,149,456.22 164,809.58 185,830.61 1,128,435.19
receivable
Total 1,149,456.22 164,809.58 185,830.61 1,128,435.19
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other statements
No
(4).Accounts receivable actually written off during the current period
□Applicable √Not applicable
Information of write-off of important accounts receivable
□Applicable √Not applicable
Description of accounts receivable written off:
□Applicable √Not applicable
(5).Five debtors with the highest closing balances of accounts receivable and contract
assets
√Applicable □Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Unit: RMB
Closing Closing
Closing Proportion in the total
balance Closing balance of balance
balance of closing balance of
Debtor of accounts receivable of bad
accounts and contract assets
accounts receivable and
contract contract assets (%) debt
receivable
assets provision
Zhejiang Mengna Socks Co.,
Ltd.
WANG Junjie 324,125.82 - 324,125.82 5.76 518.60
CHEN Jingfang 99,788.09 - 99,788.09 1.77 159.66
Yiwu Zhengpai Education
Technology Co., Ltd.
WANG Hui 85,676.00 - 85,676.00 1.52 137.08
Total 1,279,282.45 - 1,279,282.45 22.72 2,046.85
Other notes:
√Applicable □Not applicable
The Company is mainly engaged in market operation and hotel services and its revenue
from an individual client is very low. Therefore, the combined accounts receivable from the top
five clients occupied a very small share in its total balance of accounts receivable.
Presentation of items
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Other receivables 46,864,592.20 33,119,467.87
Total 46,864,592.20 33,119,467.87
Other notes:
□Applicable √Not applicable
Interest receivable
(1).Classification of interest receivable
□Applicable √Not applicable
(2).Significant overdue interest
□Applicable √Not applicable
(3).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
Provision for bad debts on an individual basis:
□Applicable √Not applicable
Explanation for provision for bad debts on an individual basis:
□Applicable √Not applicable
Provision for bad debts on a grouping basis:
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(4).Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
(5).Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6).Interest receivable actually written off in this period
□Applicable √Not applicable
Important interest receivable written off among them
□Applicable √Not applicable
Explanation of writing-off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Dividend receivable
(1).Dividend receivable
□Applicable √Not applicable
(2).Important dividend receivable with an account age longer than 1 year
□Applicable √Not applicable
(3).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
Provision for bad debts on an individual basis:
□Applicable √Not applicable
Explanation for provision for bad debts on an individual basis:
□Applicable √Not applicable
Provision for bad debts on a grouping basis:
□Applicable √Not applicable
(4).Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
(5).Provisions for bad debts
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6).Dividends receivable actually written off in this period
□Applicable √Not applicable
Important dividend receivables written off among them
□Applicable √Not applicable
Explanation of writing-off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Other receivables
(1).Disclosure based on account age
√Applicable □Not applicable
Unit: RMB
Account age Closing book balance Opening book balance
Within 1 year (including 1
year)
Subtotal within 1 year 45,557,281.79 32,771,596.43
Over 3 years 475,204.71 53,925.19
Bad debt provision for other
-43,682.30 -48,365.19
receivables
Total 46,864,592.20 33,119,467.87
(2).Classification based on the nature of accounts
√Applicable □Not applicable
Unit: RMB
Nature of receivable Closing book balance Opening book balance
Withholdings, deposit and
margin
Reserve 302,600.00 437,105.18
Total 46,908,274.50 33,167,833.06
(3).Bad debt provision
√Applicable □Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected credit loss
Expected credit Expected credit loss in Total
Bad debt provision in the entire duration
loss in the coming the entire duration (credit
(credit has been
impaired)
Balance as of January 1, 2025 48,365.19 48,365.19
Provision made in the current period - -
Current reversal 4,682.89 4,682.89
Balance as of June 30, 2025 43,682.30 43,682.30
Classification basis and bad debt provision ratio for each stage
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
No
Significant changes in the book balance of other receivables with changes in loss provisions:
□Applicable √Not applicable
Basis for the bad debt provision made in the current period and for assessing whether the credit
risk of financial instruments has increased significantly:
□Applicable √Not applicable
(4).Provisions for bad debts
√Applicable □Not applicable
Unit: RMB
Amount of change during the
Opening current period
Category Closing balance
balance Recovery or
Provision
reversal
Bad debt provision for
other receivables
Total 48,365.19 - 4,682.89 43,682.30
Among them, important recovered or reversed amounts:
□Applicable √Not applicable
Other statements
No
(5).Other receivables actually written off during the current period
□Applicable √Not applicable
Of which, important write-offs of other receivables:
□Applicable √Not applicable
Notes on the write-off of other receivables:
□Applicable √Not applicable
(6).Other receivables from the five debtors with highest closing balance
√Applicable □Not applicable
Unit: RMB
Weight in the Closing
Closing total closing Nature of balance of
Debtor Account age
balance balance of other receivable bad debt
receivables (%)
provision
Yiwu China Commodities City
Information Technology Co., Ltd.
Jiangdong Sub-district Office, Yiwu
City Withholdings,
Yiwu Power Transmission and
Transformation Engineering Co., Ltd. margin
Zhejiang Expressway Intelligent Toll
Operation Service Co., Ltd
MDG 230,429.51 0.49 Within 1 year -
Total 20,849,149.38 44.45 / / -
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(7).Reported as other receivables due to centralized fund management
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investment in subsidiaries 4,865,433,580.86 - 4,865,433,580.86 4,843,157,006.60 - 4,843,157,006.60
Investment in associates and joint
ventures
Total 10,270,321,585.85 - 10,270,321,585.85 10,854,795,688.33 10,854,795,688.33
(1). Investment in subsidiaries
√Applicable □Not applicable
Unit: RMB
Change in the current period Closing
Opening
Opening balance Closing balance balance of
Investee balance of Additional Decrease in
(Book value) Other (Book value) impairment
provision investment investment
provision
Yiwu China Commodities City Financial
Holdings Co., Ltd.
Yiwu Shangbo Yuncang Enterprise
Management Co., Ltd.
Zhejiang Xunchi Digital Technology
Co., Ltd.
Yiwu Shangbo Shuzhi Enterprise
Management Co., Ltd.
Yiwu Shangcheng Gonglian Enterprise
Management Co., Ltd.
Zhejiang China Commodities City
Group Commercial Factoring Co., Ltd.
Yiwu China Commodities City Big Data
Co., Ltd.
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Yiwu China Commodities City Import
and Export Co., Ltd.
Yiwu China Commodities City Logistics
and Warehousing Co., Ltd.
Yiwu China Commodities City
Overseas Investment and Development 102,062,943.90 - - - 2,663.18 102,065,607.08 -
Co., Ltd.
Yiwu China Commodities City Supply
Chain Management Co., Ltd.
Yiwu China Commodities City Tourism
Development Co., Ltd.
Zhejiang Huajie Investment and
Development Co., Ltd.
Yiwu Comprehensive Bonded Zone
Operation and Management Co., Ltd.
Yiwu China Commodities City
Information Technology Co., Ltd.
Hangzhou Shangbo Nanxing Property
Co., Ltd.
Yiwu China Commodities City
Exhibition Co., Ltd.
Zhejiang Yindu Hotel Management Co.,
Ltd.
Yiwu China Commodities City Assets
Operation and Management Co., Ltd.
Yiwu China Commodities City
Research Institute Co., Ltd.
Yiwu Yundailu Data Technology Co.,
Ltd.
Zhejiang Think Tank Co., Ltd. 1,127,167.47 - 1,000,000.00 - - 2,127,167.47 -
Total 4,843,157,006.60 - 322,120,000.00 300,000,000.00 156,574.26 4,865,433,580.86 -
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(2). Investment in associates and joint ventures
√Applicable □Not applicable
Unit: RMB
Change in the current period
Opening Closing
Investment gains Declared
Investment Opening balance balance Closing balance balance of
Decrease in or losses distribution of
Unit (Book value) of (Book value) impairment
investment recognized with cash dividends or
provision provision
the equity method profits
Yiwu Shanglv 478,903,324.97 - - 25,209,369.16 - 504,112,694.13 -
Yiwu Rongshang Property Co., Ltd. 65,650,243.74 - - -643.67 - 65,649,600.07 -
Yiwu Chuangcheng Property Co.,
Ltd.
Yiwu Guoshen Shangbo Property
Co., Ltd.
Other 26,738,917.75 - - -1,172,027.68 - 25,566,890.07 -
Sub-total 1,476,039,528.96 - - 23,383,434.65 720,588,200.00 778,834,763.61 -
Yiwu Huishang Redbud Phase II Investment
Partnership (limited partnership) 143,791,110.89 - 1,873,048.91 -447,747.21 - 141,470,314.77 -
Huishang Micro-finance 78,705,104.38 - - 92,954.07 - 78,798,058.45 -
Chouzhou Financial Lease 590,724,657.46 - - 65,174,631.13 - 655,899,288.59 -
Pujiang Lvgu Property Co., Ltd. 409,526,095.66 - - -6,171,129.34 - 403,354,966.32 -
CCCP 3,063,618,429.75 - - 35,954,483.78 - 3,099,572,913.53
Zhijie Yuangang 119,889,908.19 - - -2,110,065.70 - 117,779,842.49 -
Other 129,343,846.44 - - -165,989.21 - 129,177,857.23 -
Sub-total 4,535,599,152.77 - 1,873,048.91 92,327,137.52 - 4,626,053,241.38 -
Total 6,011,638,681.73 - 1,873,048.91 115,710,572.17 720,588,200.00 5,404,888,004.99 -
(3).Impairment testing of long-term equity investments
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
(1). Overview of operating revenue and operating cost
√Applicable □Not applicable
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost of sales Revenue Cost of sales
Main business 2,310,224,197.36 522,622,745.89 2,272,200,082.79 453,367,623.13
Other businesses 237,995,132.23 78,519,451.56 156,341,744.49 36,812,987.68
Total 2,548,219,329.59 601,142,197.45 2,428,541,827.28 490,180,610.81
(2). Breakdown information of operating revenue and operating costs
√Applicable □Not applicable
Unit: RMB
Total
Classified by type of contract
Operating revenue Operating cost
Types of goods
The use of shops in the China Commodities City
markets and the supporting services for operation
Lease 192,440,779.86 163,574,649.82
Hotel accommodation and catering services 127,704,430.26 115,778,861.70
Usage fee 154,256.92 -
Other services 87,702,755.56 30,429,860.64
Classified by business area
Chinese mainland 2,548,219,329.59 601,142,197.45
Revenue recognition time
Revenue confirmed at certain time point 64,844,759.15 58,789,287.00
Revenue confirmed during certain time period 2,483,374,570.44 542,352,910.45
Total 2,548,219,329.59 601,142,197.45
Other statements
□Applicable √Not applicable
(3). Contract performance obligations
√Applicable □Not applicable
Unit: RMB
The types of
Whether Payments
Nature of the quality
Time for the borne by the
Important goods that the assurance
fulfilling Company Company
Item payment Company provided by
performance is the main that will be
terms promises to the Company
obligations responsible refunded to
transfer and related
person Customers
obligations
The use of A portion of
shops in the the deposit
China is collected
Shop use right /
Commodities When in advance,
supporting
City markets providing and the Yes - No
services for
and the services remaining
operation
supporting amount is
services for collected
operation upon
Hotel When completion Hotel
Yes - No
accommodation providing of the accommodation
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
business services obligations service
Collection
Upon
upon
Hotel catering completion Catering
completion Yes - No
business of the services
of
service
performance
When
Regular
Fund usage fee providing Fund sources Yes - No
collection
services
Total / / / / - /
(4). Amortization to remaining contract performance obligations
□Applicable √Not applicable
(5). Significant contract changes or significant transaction price adjustments
□Applicable √Not applicable
Other notes:
No
√Applicable □Not applicable
Unit: RMB
Amount in the Amount in the
Item
current period previous period
Long-term equity investment income accounted by cost
method
Income from long-term equity investment calculated
with the equity method
Investment income from disposal of held-for-trading
financial assets
Return on investment during investment holding period
- 2,475,000.00
of other non-current financial assets
Total 133,842,221.97 117,453,264.95
Other notes:
No
□Applicable √Not applicable
XX. Supplements
√Applicable □Not applicable
Unit: RMB
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Item Amount Remarks
Non-current asset disposal gains and losses, including the
-8,650.50
offsetting portion of the provision for impairment of assets
Government grants that are recognized in the current profit
or loss, excluding the government grants that are closely
related to the normal operation of the Company and
provided in a fixed amount or quantity and that have a
continuous impact on the Company's gains and losses
according to the national polices and certain standards
Except for effective hedging business related to the normal
operation of the Company, the fair value gains and losses
arising from the holding of financial assets and financial
liabilities by non-financial enterprises, as well as the gains
and losses arising from the disposal of financial assets and
financial liabilities
Cash occupation fees charged from non-financial
enterprises that are recognized in the current profit or loss
Profits and losses arising from external entrusted loans 1,249,433.96
Net income from other non-operating activities 4,955,032.02
Less: effect of income tax 3271636.91
Effect of minority interest (after-tax) 580,234.97
Total 22,761,954.98
For companies that recognize items not listed in the Explanatory Announcement No. 1 on
Information Disclosure of Companies Issuing Securities to the Public - Non recurring Profit and
Loss as non recurring profit and loss items with significant amounts, and for companies that
define non recurring profit and loss items listed in the Explanatory Announcement No. 1 on
Information Disclosure of Companies Issuing Securities to the Public - Non recurring Profit and
Loss items as recurring profit and loss items, the reasons should be explained.
□Applicable √Not applicable
Other statements
□Applicable √Not applicable
√Applicable □Not applicable
Weighted EPS
Profits in the reporting period average ROE
(%) Basic EPS Diluted EPS
Net profits attributable to
common shareholders of the 8.03 0.31 0.31
Company
Net profits attributable to
common shareholders of the
Company after deducting 7.92 0.30 0.30
non-recurring gains and
losses
□Applicable √Not applicable
□Applicable √Not applicable
Zhejiang China Commodities City Group Co., Ltd. Semi-annual Report for 2025
Chairman of the Board of Directors: CHEN Dezhan
Date of approving by the Board of Directors for release: August 18, 2025
Amendment
□Applicable √Not applicable
首页
微信公众号
证券之星APP
