Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Shenzhen Tellus Holding Co., Ltd.
August 2026
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Section I Important Notes, Contents, and Interpretations
The Board of Directors, directors, and senior management of the
Company guarantee that the contents of this semi-annual report are true,
accurate and complete, contain no false records, misleading statements or
material omissions, and assume individual and joint and several legal liability.
Wang Chuan, head of the Company, and Huang Tianyang, the person in
charge of accounting and the person in charge of the accounting department
(accountant in charge), declare that they guarantee the truthfulness, accuracy
and completeness of the financial report in this semi-annual report.
All directors of the Company have attended the meeting of the Board of
Directors to review the semi-annual report.
The Company has no plans to distribute cash dividends, issue bonus
shares, or convert capital reserve into share capital.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Contents
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Documents for Inspection
(I) Financial statements signed and sealed by the head of the Company, the person in charge of accounting, and the person in
charge of the accounting department (accountant in charge).
(II) Originals of all company documents and announcements publicly disclosed during the reporting period.
(III) The above documents for future reference shall be kept at the Secretariat Office of the Board of Directors of the Company.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Interpretations
Term Refer(s) to Interpretation
CSRC Refer(s) to China Securities Regulatory Commission
SZSE Refer(s) to Shenzhen Stock Exchange
Company, the Company, and Tellus Holding Refer(s) to Shenzhen Tellus Holding Co., Ltd.
Reporting period, this/the reporting period Refer(s) to Half Year of 2026
State-owned Assets Supervision and Administration
Shenzhen SASAC Refer(s) to Commission of Shenzhen Municipal People's
Government
Shenzhen Special Economic Zone Development Group
SDG Group, controlling shareholder Refer(s) to
Co., Ltd.
SIHC Refer(s) to Shenzhen Investment Holdings Co., Ltd.
Shenzhen Jewelry, SJIS Refer(s) to Shenzhen Jewelry Industry Service Co., Ltd.
Guorun, Guorun Gold Refer(s) to Guorun Gold Shenzhen Co., Ltd.
Tellus Treasury Refer(s) to Shenzhen Tellus Treasury Supply Chain Tech Co., Ltd.
Shanghai Fanyue Refer(s) to Shanghai Fanyue Diamond Co., Ltd.
Zhongtian Company Refer(s) to Shenzhen Zhongtian Industry Co., Ltd.
Tellus Jewelry Refer(s) to Shenzhen Tellus Shuibei Jewelry Co., Ltd.
Huari Company Refer(s) to Shenzhen SDG Huari Automobile Enterprise Co., Ltd.
Huari Sales Refer(s) to Shenzhen Huari Automobile Sales and Service Co., Ltd.
Tellus Jewelry Building, Jewelry Building Refer(s) to Tellus Shuibei Jewelry Building
Tellus Gold and Diamond Building, Gold and Diamond
Refer(s) to Tellus Gold and Diamond Trading Building
Building
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Section II Company Profile and Major Financial Indicators
I. Company Profile
Stock abbreviation Tellus A, Tellus B Stock code 000025, 200025
Stock abbreviation before change
N/A
(if any)
Stock exchange on which the
Shenzhen Stock Exchange
shares are listed
Chinese name of the Company 深圳市特力（集团）股份有限公司(Shenzhen Tellus Holding Co., Ltd.)
Chinese abbreviation (if any) Tellus A
English name of the Company (if
Shenzhen Tellus Holding Co., Ltd.
any)
Abbreviation of English name (if
N/A
any)
Legal representative of the
Wang Chuan
Company
II. Contact Persons and Contact Information
Secretary of the Board of Directors Securities Affairs Representative
Name Wang Chuan Liu Menglei
Address
Road, Luohu District, Shenzhen Luohu District, Shenzhen
Tel. (0755)83989390 (0755)88394183
Fax (0755)83989399 (0755)83989399
E-mail ir@tellus.cn liuml@tellus.cn
III. Other Information
Whether the Company's registered address, office address, and postal code, company website, e-mail, etc., changed during the
reporting period
There were no changes to the Company's registered address, office address, postal code, website, e-mail, etc. during the reporting
period. Please refer to the 2025 Annual Report for details.
Whether the information disclosure and the place where the report is kept changed during the reporting period
□ Applicable ?Not applicable
The stock exchange website and the names and websites of the media on which the Company discloses its semi-annual report, and
the place where the Company's semi-annual report is kept, remained unchanged during the reporting period. For more information,
please refer to the 2025 Annual Report.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Whether other relevant information changed during the reporting period?
□ Applicable ?Not applicable
IV. Major Accounting Data and Financial Indicators
Does the Company need to retrospectively adjust or restate the accounting data for previous years?
□Yes ?No
Increase/decrease in the reporting
Same period of the
Reporting period period over the same period of the
previous year
previous year
Operating revenue (RMB) 292,213,689.22 878,272,629.94 -66.73%
Net profit attributable to shareholders
of the listed company (RMB)
Net profit attributable to shareholders
of the listed company after deducting 77,984,104.70 76,473,401.54 1.98%
non-recurring profit or loss (RMB)
Net cash flows from operating
activities (RMB)
Basic earnings per share (RMB/share) 0.1965 0.1949 0.82%
Diluted earnings per share
(RMB/share)
Weighted average return on net assets 4.53% 4.77% -0.24%
Increase/decrease at the end of the
End of the reporting End of the previous
reporting period as compared with
period year
the end of the previous year
Total assets (RMB) 2,538,730,534.02 2,650,158,442.53 -4.20%
Net assets attributable to shareholders
of the listed company (RMB)
V. Discrepancy of Accounting Data under the Domestic and Foreign Accounting Standards
International Accounting Standards and Chinese Accounting Standards
□ Applicable ?Not applicable
There was no discrepancy in net profit and net assets in the financial reports disclosed by the Company following International
Accounting Standards and Chinese Accounting Standards in the reporting period.
foreign accounting standards and Chinese Accounting Standards
□ Applicable ?Not applicable
There was no discrepancy in net profit and net assets in the financial reports disclosed by the Company following foreign
accounting standards and Chinese Accounting Standards in the reporting period.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
VI. Non-Recurring Profit or Loss Items and Amounts
?Applicable □ Not applicable
Unit: RMB
Item Amount Notes
Profit or loss of non-current assets disposal (including the write-off part
of the provision for impairment of assets)
Government subsidies included in the current profit and loss (excluding
those which are closely related to the Company's normal business
operations, in line with national policies and regulations, and granted in 883,145.82
accordance with defined criteria, and have a continuous influence on the
Company's profit and loss)
Except for effective hedging activities related to the Company's normal
business operations, profit or loss arising from changes in the fair value
of financial assets and financial liabilities held by non-financial 1,297,017.18
enterprises, as well as profit or loss from the disposal of such financial
assets and financial liabilities
Other non-operating income and expenses other than the above 6,540,085.09
Less: Effect of income tax 2,170,691.54
Effect on minority interests (after-tax) 227,285.60
Total 6,701,960.45
Specific conditions of other profits or losses conforming to the definition of non-recurring profit or loss:
□ Applicable ?Not applicable
The Company has no other profits or losses conforming to the definition of non-recurring profit or loss.
Explanation on defining the non-recurring profits or losses set out in the Explanatory Announcement No. 1 on Information
Disclosure for Companies Offering Securities to the Public—Non-Recurring Profit or Loss as recurring profits or losses
?Applicable □ Not applicable
Amount
Item Reason
involved (RMB)
Due to the price fluctuation risk related to gold, effective hedging of gold futures is a means for
Guorun Gold and Shenzhen Jewelry, subsidiaries of the Company, to avoid relevant risks. This
activity falls under normal proprietary business operations. Therefore, based on the nature and
characteristics of its normal business operations, the Company has classified the following
Effective
-8,189,945.06 items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies
hedging
Offering Securities to the Public—Non-Recurring Profit or Loss (2023 Revision) as recurring
profits or losses: effective hedging related to the normal operations of non-financial enterprises;
profits or losses from changes in the fair value of financial assets and financial liabilities held;
and profits or losses from the disposal of financial assets and financial liabilities.
Return of According to the Explanatory Announcement No. 1 on Information Disclosure for Companies
handling Offering Securities to the Public—Non-Recurring Profit or Loss (2023 Revision), the refund of
charges of 73,543.77 handling fees for individual income tax received by the Company and its subsidiaries is
individual categorized as income related to routine activities. As it is neither of a special nature nor
income tax incidental, it is classified as recurring profit or loss.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Section III Management Discussion and Analysis
I. Main Business of the Company During the Reporting Period
(I) Main Business of the Company During the Reporting Period
During the reporting period, the Company focused on its primary responsibilities and main
businesses, systematically advanced work.
to enhance its refined operation capabilities for the properties it holds, planned lease renewal
arrangements in advance, formulated targeted and differentiated destocking strategies, conducted
in-depth surveys of customer needs, and dynamically optimized its service offerings. Through
upgrades to hardware facilities and improvements in service quality, the Company effectively
enhanced customer stickiness and steadily improved the quality and efficiency of property
operations.
to iterate its digital jewelry element trading platform, forming a full-function system integrating
regular display, inventory management, bidding transactions, viewing event organization, order
processing, settlement and account allocation, user management, supply chain collaboration, and
distribution systems, and building a complete online business chain covering display, trading, and
settlement. During the reporting period, the distribution system was officially launched, further
expanding online sales channels and continuously improving the activity of the platform
ecosystem.
Company focused on the design and supply of cultural and creative products and craft products
made of precious metals, serving mainly banks, postal systems, and corporate customized
customers, and continued to increase product R&D, actively expand new customer groups, and
enrich its product lines and service models. In the silver business, the Company and its partners
jointly advanced the online retail business of investment silver bars, expanding the market
through e-commerce channels and further consolidating its business presence in precious metal
retail.
(II) Description of the Main Business Models of the Jewelry Business
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
At present, the Company sells gold and jewelry mainly through wholesale and retail models,
and also provides supporting services such as agency customs declaration. During the reporting
period, the revenue composition of the jewelry business was as follows:
Amount of operating revenue Amount of operating cost
Sales model Gross margin in H1 2026
(RMB 10,000) (RMB 10,000)
Wholesale 11,246.58 10,473.75 6.87%
Retail 33.05 31.20 5.60%
Other services 614.44 114.79 81.32%
Total 11,894.06 10,619.75 10.71%
At present, the Company mainly adopts the entrusted processing mode for gold and its
products. The structure of the production model is as follows:
Production model Amount (RMB 10,000) Proportion
Finished products through the commissioned processing 10,077.14 100.00%
Gold and related products: The Company purchases gold raw materials from Shanghai Gold
Exchange or other qualified organizations.
Other jewelry and jade: The Company purchases such products from domestic and overseas
jewelry and jade suppliers.
Purchase model Raw materials Unit Purchase quantity Purchase amount (RMB 10,000)
Spot trading Gold KG 71.00 7,217.32
Spot trading Pearls KG 19.63 28.71
Spot trading Silver KG 105.33 137.38
Operating
Operating
revenue
S/N Name cost (RMB Address
(RMB
Counter of Guorun Direct-
B1-046, Basement Level 1, Annex Building of Tellus Jewelry
Building, 2nd Shuibei Road, Luohu District, Shenzhen
Basement Level 1
S/N Name Operating revenue (RMB 10,000) Operating cost (RMB 10,000)
Alibaba-related e-commerce
platforms
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
As of June 30, 2026, the inventory balance of the Company's jewelry business was RMB
represents hedged items using commodity futures contracts and T+D contracts as hedging
instruments.
The Company shall abide by the disclosure requirements of the Self-Regulatory Guidelines No. 3 for Companies Listed on
Shenzhen Stock Exchange — Industrial Information Disclosure for jewelry-related business.
II. Analysis of Core Competitiveness
(I) Location advantage
The Company, located in Shuibei, the core cluster area of Shenzhen's jewelry industry, is the
largest owner of Tellus-Gmond Gold Jewelry Industrial Park. Within an area of approximately 1
square kilometer in Shuibei, 9,000 corporate entities have clustered, providing jobs for nearly
of gold and diamonds account for approximately 70% and 80% of the delivery volume of the
Shanghai Gold Exchange and the Shanghai Diamond Exchange, respectively. In terms of brand
concentration, Luohu District is home to over 40 leading jewelry enterprises and 29 "China
Famous Trademarks" in the jewelry sector, accounting for 30% of the national total. The district
has also successfully supported the stock exchange listings of jewelry companies, including Chow
Tai Seng, DR Group, Hipine, and ZHOU LIU FU. Shuibei has formed a complete industrial chain,
covering design and R&D, production and manufacturing, exhibition and trading, brand operation,
headquarters office operation, inspection and testing, and talent training.
Shuibei enjoys a significant location advantage. The concentration of numerous businesses
within the jewelry industry chain facilitates the Company's diversified industry services. The
market influence and centralized trade information in Shuibei provide a favorable business
environment and development platform, enabling the Company to promptly capture market
feedback and respond quickly to market changes. The government's strong support for the jewelry
industry provides substantial backing for the Company, helping reduce operating costs, enhance
profitability, and achieve sustainable development.
(II) Resource advantage
By leveraging its SOE background and harnessing industrial synergies, the Company deeply
integrates resources from both the supply and demand sides of the jewelry industry. This endows
the Company with a certain advantage in coordinating upstream resources. The Company has
established direct connections and cooperative relationships with Chinese and international gold
and jewelry suppliers and processors.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Through years of dedicated efforts, the Company has accumulated significant industry
resources and influence. It maintains close collaborations with authoritative testing and appraisal
institutions in the industry such as the National Gemstone Testing Center, National Center of
Quality Supervision and Inspection on Gold and Silver Jewelry (Nanjing), National Center of
Quality Supervision and Inspection on Gold and Silver Jewelry (Tianjin), and HJTC, actively
participates in and organizes industry activities, and sets industry standards to continuously
expand its industry reputation and impact. The Company has deeply embedded itself in the supply
chain business to offer professional full-industry supply chain services and has cooperated with
renowned jewelry enterprises in the industry to further expand its business scale.
The Company's physical platforms have brought stable business revenue and cash flow,
laying a solid foundation for its long-term development. The Tellus Jewelry Building and the
Tellus Gold and Diamond Building have been successively put into operation. Additionally, the
Company holds property assets in areas such as the Luohu and Futian districts in Shenzhen, all of
which maintain high occupancy rates. Furthermore, the Company plans to continuously unlock
the commercial value of its traditional properties through quality upgrades and old property
renewal initiatives.
(III) Management advantage
In terms of digitalization, the Company has achieved certain technological advancements. It
has vigorously promoted the digital transformation of its trading platform, organized and
prioritized functional modules, and continuously adjusted its construction strategy to respond
promptly to changes and meet business needs. It has improved the platform's capabilities in online
transactions, data analysis, and intelligent supervision, gradually applying these features in its
supply chain operations to effectively serve jewelry industry clients and support the growth of
micro-, small-, and medium-sized enterprises (MSMEs) within the sector.
In terms of risk control, the Company has formulated strict internal business control
processes such as supplier access standards, a customer evaluation system, and a procurement
price comparison system to realize multi-level risk control over capital, information, and logistics.
At the same time, it has continuously optimized business processes and internal control systems
during business operations, and carried out research and innovation on new categories and new
business models under the premise of controllable risks. By leveraging information system
development and system data analysis, the Company has enhanced its business risk early warning
capabilities.
In terms of internal management, the Company has regarded scientific management as the
driving force and safeguard for development. Aligned with its current development stage, the
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Company has deepened the application of OKR management tools, enhanced work planning and
execution, reinforced performance and strategic orientation, strengthened the strategic
management system, and improved the closed-loop management mechanism.
In terms of talent development, the Company has focused on recruiting talent for key
positions, enhanced the performance and incentive system, fostered an entrepreneurial and
proactive culture, strengthened team building, optimized the organizational structure of core
business units, conducted tiered and specialized training programs, embedded a culture of
dedication, encouraged employees to pursue professional certifications independently, and further
developed a talent pipeline to support its business strategy.
III. Analysis of Main Business
Overview
See "I. Main Business of the Company During the Reporting Period" for relevant content.
Year-on-year (YoY) changes in main financial data
Unit: RMB
Same period of the YoY
Reporting period Reason of change
previous year increase/decrease
Decrease in gold business volume during
Operating revenue 292,213,689.22 878,272,629.94 -66.73%
the reporting period
Decrease as gold business volume
Operating cost 165,372,887.60 736,664,626.44 -77.55%
decreases
Decrease as gold business volume
Selling expenses 4,213,679.98 6,551,375.74 -35.68%
decreases
Administrative
expenses
Mainly due to the decrease in interest
Financial expenses 1,566,985.08 2,287,888.06 -31.51%
expenses on gold business financing
Mainly due to the increase in total profit
Income tax expenses 26,297,800.92 25,372,160.83 3.65%
compared to the same period last year
Mainly due to the increase in R&D
R&D investment 2,443,248.64 2,045,320.23 19.46% investment in informatization
development of subsidiaries
Net cash flows from Mainly due to the decrease in stocking
operating activities for the gold business
Mainly due to the increase in on-
Net cash flows from maturity redemptions related to money
-66,193,214.42 -233,644,957.72 71.67%
investing activities management during this reporting period
compared to the same period last year
Net cash flows from Mainly due to increased debt repayment
-209,773,535.21 -13,048,507.32 -1,507.64%
financing activities during the reporting period
Mainly due to, first, a decrease in
Net increase in cash stocking for the gold business; and
and cash equivalents second, an increase in receivables
collected during the reporting period
Significant changes in the Company's profit composition or source during this reporting period
□ Applicable ?Not applicable
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
There were no significant changes in the Company's profit composition or source during this reporting period.
Operating revenue composition
Unit: RMB
Reporting period Same period of the previous year
YoY
Proportion in Proportion in increase/decrease
Amount Amount
operating revenue operating revenue
Total operating
revenue
By industry
Wholesale and
retail of jewelry
Property lease and
service
By product
Wholesale and
retail of jewelry
Property lease and
service
By region
Within Guangdong
Province
Outside
Guangdong 107,059,651.70 36.64% 307,550,918.05 35.02% -65.19%
Province
Situation of industries, products, or regions with operating revenues or operating profits accounting for more than 10% of that of
the Company
?Applicable □ Not applicable
Unit: RMB
YoY YoY YoY
Operating increase/decrea increase/decrea increase/decre
Operating cost Gross margin
revenue se in operating se in operating ase in gross
revenue costs margin
By industry
Wholesale and
retail of jewelry
Property lease
and service
By product
Wholesale and
retail of jewelry
Property lease
and service
By region
Within
Guangdong 185,154,037.52 67,748,832.63 63.41% -67.56% -84.52% 40.10%
Province
Outside
Guangdong 107,059,651.70 97,624,054.97 8.81% -65.19% -67.35% 6.03%
Province
In case of adjustments to the statistical criteria of the Company's main business data in the reporting period, the Company has
provided the adjusted main business data for the latest period based on the criteria at the end of the reporting period.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
□ Applicable ?Not applicable
IV. Analysis of Non-main Business
?Applicable □ Not applicable
Unit: RMB
Proportion in total Sustainable
Amount Explanation of cause
profit or not
Wealth management income and income
Investment income 19,346,068.62 16.78% recognized from equity method investment in No
joint-stock enterprises
Profits or losses from Primarily income from changes in fair value
changes in fair value of hedging instruments
Asset impairment 0.00 0.00%
Mainly due to forfeiture of customer deposits
Non-operating revenue 6,540,183.92 5.67% No
under contracts, etc.
Non-operating
expenses
V. Analysis of Assets and Liabilities
Unit: RMB
End of the reporting period As of the end of the previous year Explanation
Proportion
Proportion in Proportion in of major
Amount Amount increase/decrease
total assets total assets changes
Cash at bank and
on hand
Accounts
receivable
Inventories 18,546,875.33 0.73% 59,657,540.72 2.25% -1.52%
Investment
properties
Long-term equity
investments
Fixed assets 58,106,981.97 2.29% 61,870,381.34 2.33% -0.04%
Construction in
progress
Right-of-use assets 72,277,991.60 2.85% 77,920,830.56 2.94% -0.09%
Short-term
borrowings
Contract liabilities 3,411,185.10 0.13% 3,604,150.70 0.14% -0.01%
Lease liabilities 72,736,046.24 2.87% 75,441,810.38 2.85% 0.02%
□ Applicable ?Not applicable
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
?Applicable □ Not applicable
Unit: RMB
Accumul
Impairme
Current ated
nt Sales
profits and change Purchase Other
Beginning accrued amount in Ending
Item losses from in fair amount in the chan
balance in the the current balance
changes in value current period ges
current period
fair value included
period
in equity
Financial assets
financial assets
(excluding 117,410,631 463,750,000.0 350,000,000. 231,489,71
derivative .65 0 00 4.42
financial
assets)
financial assets
investments .40 61 4.69
Subtotal of 691,260,059 553,824,958.9 550,149,961. 695,623,75
financial assets .05 0 61 4.11
Hedged items -2,467,107.56 68,033,242.34
Total of the 740,438,501 621,858,201.2 648,538,562. 711,979,72
-1,778,409.79
above .32 4 91 9.86
Financial 2,702,318.1
liabilities 0
Details of other changes
Whether major changes occurred to the measurement attributes of the Company's main assets during the reporting period
□Yes ?No
Unit: RMB
Item Book value on June 30, 2026
Futures and options account margin 3,193,679.80
VI. Analysis of Investment
?Applicable □ Not applicable
Investment in the same period of the
Investment in the reporting period (RMB) Change
previous year (RMB)
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
□ Applicable ?Not applicable
□ Applicable ?Not applicable
(1) Securities investment
□ Applicable ?Not applicable
The Company had no securities investment during the reporting period.
(2) Investment in derivatives
?Applicable □ Not applicable
?Applicable □ Not applicable
Unit: RMB 10,000
Current Proportion of
profits Accumula Selling the investment
Purchased
and ted amount amount to net
Initial amount
Type of investment in Beginnin losses change in during Ending assets of the
investmen during the
derivatives g amount from fair value the amount Company at
t amount reporting
changes included reporting the end of the
period
in fair in equity period reporting
value period
Futures (Huatai account) 1,050.00 2,773.57 28.69 0.00 2,561.12 5,051.84 282.85 0.14%
Futures (CITIC account) 290.60 100.26 0.00 0.00 0.00 100.26 0.00 0.00%
Futures (CITIC account) 35.16 0.00 7.27 0.00 35.52 0.00 35.52 0.02%
Total 1,375.76 2,873.83 35.96 0.00 2,596.64 5,152.10 318.37 0.16%
Accounting policies and
specific accounting
principles for hedging
business during the
reporting period, and
No
explanation of whether
there were significant
changes compared with
the previous reporting
period
Explanation of actual
profits and losses during During the reporting period, the futures account incurred an actual hedging loss of RMB 8.854 million.
the reporting period
Measurement method of hedge effectiveness: Hedge effectiveness = Change in futures price / Change in
Explanation of hedging
spot price. A value closer to 100% indicates a higher level of hedge effectiveness. A hedge is considered
effectiveness
highly effective when its effectiveness ranges from 80% to 125%.The Company's hedge effectiveness
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
falls in this range, indicating that its hedging strategy is highly effective.
Source of funds for
Self-owned funds
investment in derivatives
The Company's hedging transactions align with the following basic principles: The types of futures and
the number of contracts are generally matched with changes in the value of spot positions; futures
positions are in the opposite direction to spot positions; and the holding period of futures positions
Risk analysis and control corresponds to the period during which risks are borne in the spot market. The main risks of gold futures
measures for positions in positions include: basis risk, forced liquidation risk, and operational error risk. To manage basis risk, the
derivatives during the Company uses leased gold as inventory where possible when the basis narrows, and builds less or no
reporting period self-owned inventory. To manage forced liquidation risk, the Company establishes risk warnings,
(including but not limited prepares funding plans in advance when there is a risk of sharp fluctuations in gold prices, and maintains
to market risks, liquidity sufficient funds in margin accounts. If unexpected events trigger forced liquidation, the Company's
risks, credit risks, management will be notified immediately, and the hedged positions subject to forced liquidation will be
operational risks, and replenished when appropriate. To manage operational error risk, the Company establishes a trader
legal risks) training mechanism, strictly conducts operations and reviews in accordance with system and workflow
requirements, and performs daily reporting. The Company has established a scientific and effective
hedging management system, which is implemented through four key aspects: organizational structure
design, planning systems, management and evaluation procedures, and dynamic risk monitoring.
For changes in market
prices or fair value of
invested derivatives
during the reporting During the reporting period, the fair value change of the futures contracts held for hedging purposes was
period, the analysis of RMB 359,600. The Company determined the fair value using the closing price of the futures contracts
derivative fair value shall held on the Shanghai Gold Exchange on the last trading day of June 2026 (June 30), with floating gains
disclose the specific and losses representing changes in fair value.
valuation methods used
and related hypotheses
and parameter settings.
Involvement in litigation
None.
(if applicable)
Disclosure date of the
announcement of the
Board of Directors for April 22, 2026
derivative investment
approval (if any)
□ Applicable ?Not applicable
The Company had no derivative investment for speculative purposes during the reporting period.
□ Applicable ?Not applicable
No raised funds were used within the reporting period of the Company.
VII. Sales of Major Assets and Equity
□ Applicable ?Not applicable
The Company did not sell any major assets during the reporting period.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
□ Applicable ?Not applicable
VIII. Analysis of Main Holding Companies and Joint-stock Companies
?Applicable □ Not applicable
Main subsidiaries and joint-stock companies contributing over 10% to the Company's net profit
Unit: RMB
Type of
Registered Total Operating Operating Net
Company name compan Main business Net assets
capital assets revenue profit profit
y
Jewelry fair planning,
Shenzhen jewelry consignment
Jewelry sales, exhibition and
Subsidi 100,000,00 50,716,535 37,663,71 2,432,216 617,832.8 617,84
Industry display planning,
ary 0 .84 1.83 .08 0 7.97
Service Co., conference services,
Ltd. and marketing
planning
Guorun Gold
Subsidi 200,000,00 196,529,75 191,228,8 116,228,8 1,097,392. 1,120,5
Shenzhen Co., Gold sales
ary 0 5.57 18.62 98.16 09 54.92
Ltd.
Purchase, sales, and
Shenzhen leasing of gold
Tellus Treasury Subsidi ornaments and 52,376,464 50,247,23 236,115.0 481,490.8 408,75
Supply Chain ary precious metal .24 1.95 7 5 5.41
Tech Co., Ltd. products, and
warehousing services
Shenzhen
Tellus Shuibei Subsidi 194,841,26 157,271,4 16,134,90 13,394,88 10,252,
Property leasing 18,960,000
Jewelry Co., ary 4.71 66.36 9.90 7.41 642.37
Ltd.
Shenzhen
Zhongtian Subsidi 366,221,90 607,214,31 496,077,7 82,595,37 59,960,76 48,683,
Property leasing
Industry Co., ary 0 2.54 48.09 6.54 0.18 280.83
Ltd.
Shenzhen
Huari
Automobile Subsidi 1,453,981. 57,794.
Property leasing 2,000,000 9,257,447. 0.00 56,201.88
Sales and ary 60 80
Service Co.,
Ltd.
Shenzhen
Xinyongtong
Motor Vehicle Subsidi 18,381,744 12,991,33 3,133,632 2,172,838. 2,064,1
Property leasing 9,607,800
Inspection ary .43 3.55 .56 49 75.39
Equipment Co.,
Ltd.
Shenzhen
Tellus Jewelry
Subsidi 99,950,120 76,227,79 4,061,465 43,785.
Technology Property leasing 32,900,000 52,442.02
ary .33 7.42 .05 93
Development
Co., Ltd.
Shuibeitong Subsidi 3,036,221. 2,003,934. 7,303.3
Property leasing 1,500,000 2,713.77 8,304.19
(Shenzhen) ary 86 35 4
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Information
Technology
Co., Ltd.
Shenzhen SDG
Huari
Subsidi USD 25,130,279 20,238,82 7,575,890 6,011,894. 5,964,3
Automobile Property leasing
ary 4,000,000 .20 8.75 .38 87 95.83
Enterprise Co.,
Ltd.
Investment in
Shenzhen Joint- industrial
Tellus-Gmond stock development, 371,931,25 157,979,3 74,764,73 46,556,33 33,324,
Investment Co., compan property 3.41 13.58 8.79 0.26 314.22
Ltd. y management, and
leasing
Acquisition and disposal of subsidiaries during the reporting period
□ Applicable ?Not applicable
Description of main holding and joint-stock companies
IX. Structured Entities Controlled by the Company
□ Applicable ?Not applicable
X. Risks Faced by the Company and Countermeasures
In the process of strategy implementation and project operation, the Company will
objectively and clearly recognize the possible risks and take active and effective measures to
prevent them.
The Company's jewelry business mainly uses gold and silver as raw materials. In recent
years, fluctuations in international and domestic economic conditions, new gold tax policies, and
changes in consumer demand have led to price fluctuations in gold and other raw materials,
bringing uncertainties to the Company's operations.
Countermeasures: First, the Company will continuously strengthen risk management and
establish and improve risk prevention and control mechanisms to ensure its compliance operations.
Second, it will firmly advance its strategic transformation, promote the implementation of
transformation projects through innovative business models, explore incremental markets, expand
business scale, and seek new profit growth points to enhance competitiveness and provide a solid
foundation for long-term stable development.
The Company's management team and workforce still fall short of the requirements of the
demanding strategic tasks under the 15th Five-Year Plan in terms of industry experience,
professional competencies, management awareness, and methodologies.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Countermeasures: First, the Company will continue to strengthen the culture of striving and
foster the mutual growth of employees and the Company. Second, it will enhance the
development of talent pipelines, continuously improving team management capabilities and
business support functions. Third, it will optimize system development to drive the ongoing
refinement of its governance framework. Fourth, it will remain committed to learning from best
practices and continuously benchmarking against industry leaders.
XI. Formulation and Implementation of Market Value Management System and Valuation
Enhancement Plan
Whether the Company has formulated a market value management system.
□Yes ?No
Whether the Company has disclosed a valuation enhancement plan.
□Yes ?No
XII. Implementation of the Action Plan for "Improvement in Quality and Return"
Whether the Company has disclosed an announcement on the Action Plan for "Improvement in Quality and Return"
□Yes ?No
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Section IV Corporate Governance, Environment, and Society
I. Changes in the Company's Directors and Senior Executives
?Applicable □ Not applicable
Name Position Type Date Reason
Deputy General Manager, Secretary of
Qi Peng Resigned June 27, 2026 Personal reasons
the Board of Directors
II. Profit Distribution and Capital Reserve Converted into Share Capital in the Reporting
Period
□ Applicable ?Not applicable
The Company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital for the half
year.
III. Implementation of the Company's Equity Incentive Plan, Employee Stock Ownership
Plan, or Other Employee Incentive Measures
□ Applicable ?Not applicable
During the reporting period, the Company had no equity incentive plan, employee stock ownership plan, or other employee
incentive measures or their implementation.
IV. Environmental Information Disclosure
Whether the listed company and its major subsidiaries are included in the list of enterprises that disclose environmental
information according to law
□Yes ?No
V. Social Responsibilities
In the first half of 2026, the Company actively fulfilled its social responsibility as a state-
owned enterprise and steadily advanced consumption assistance. The Company purchased local
agricultural products worth RMB 8,246 from Chengtian Town, Chaonan District, Shantou, a
paired assistance unit for rural revitalization, and nationally recognized poverty alleviation
products worth RMB 51,205, supporting rural revitalization, consolidating poverty alleviation
achievements, and helping develop local specialty agriculture and increase farmers' incomes
through concrete actions.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Section V Important Matters
I. Commitments Fulfilled During the Reporting Period and Overdue Commitments Not Yet
Fulfilled as of the End of the Reporting Period by the Company's Actual Controller,
Shareholders, Related Parties, Acquirers, the Company and Other Commitment-related
Parties
?Applicable □ Not applicable
Commitment Commitment Commitment Commitme Commitme Perform
Commitment content
cause party type nt time nt period ance
The company will maintain the
independence of the listed company and
maintain personnel independence,
institutional independence, financial
independence, and asset integrity with the
listed company. The listed company will
Shenzhen Ensure the
still have independent operational ability,
Investment independence
independent procurement, production,
Holdings of the listed
and sales systems, and independent
Co., Ltd. company
intellectual property rights. In case of
violation of the above commitments, the
company will bear corresponding legal
responsibilities, including but not limited
to compensation for all losses caused to
the listed company.
Commitment, the company and other
enterprises controlled by the company
During the
Commitment have not engaged in businesses or
period of
made in the activities that directly compete with or
being an
acquisition may constitute direct competition with In
December indirect
report or the Tellus, and will not engage in businesses perform
report of or activities that directly compete with or ance
shareholder
equity may constitute direct competition with
of the
change Tellus in the future, except as arranged by
Company
Shenzhen SASAC or similar government
agencies; 2. During the period when the
Shenzhen company is the indirect controlling
Avoid
Investment shareholder of Tellus and Tellus is listed
horizontal
Holdings on the Shenzhen Stock Exchange, the
competition
Co., Ltd. company will fully respect the
independent operational autonomy of all
subsidiaries controlled by the company
and ensure that the legitimate rights and
interests of Tellus and its minority
shareholders will not be infringed upon;
improper benefits by virtue of its status as
the controlling shareholder of Tellus,
thereby damaging the rights and interests
of Tellus and its minority shareholders; 4.
The company undertakes not to use
information learned or known from Tellus
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
to assist any party in engaging in any
business activities that substantially or
potentially compete with the main
business of Tellus; 5. If the company or
other enterprises controlled by the
company violate the above commitments
and guarantees, the company shall bear
the economic losses caused to the listed
company.
enterprises, and economic organizations
controlled or actually controlled by the
company (excluding enterprises
controlled by the listed company,
hereinafter collectively referred to as
"affiliated companies") will exercise
shareholders' rights, fulfill shareholders'
obligations, and maintain the
independence of the listed company in
terms of assets, finance, personnel,
business, and organization in strict
accordance with laws, regulations, and
other regulatory documents; 2. The
company undertakes not to use its
position as the controlling shareholder to
cause the shareholders' meeting or the
Board of Directors of the listed company
to make resolutions that infringe upon the
legitimate rights and interests of other
shareholders of the listed company; 3.
The company or its affiliated companies
will try to avoid related party transactions
Shenzhen Reduce and
with the listed company. If related party
Investment standardize
transactions with the listed company are
Holdings related party
unavoidable, the company or its affiliated
Co., Ltd. transactions
companies will cause the entities under
their control to conduct transactions with
the listed company on an equal and
voluntary basis under fair, reasonable,
and normal commercial transaction
conditions; 4. The company or its
affiliated companies will perform
decision-making procedures for related
party transactions and corresponding
information disclosure obligations in
strict accordance with the articles of
association of the listed company and
relevant laws and regulations; 5. The
company or its affiliated companies will
ensure that they do not seek special
interests beyond the above provisions
through related party transactions with the
listed company, do not illegally transfer
the funds or profits of the listed company
through related party transactions, and do
not maliciously damage the legitimate
rights and interests of the listed company
and its shareholders through related party
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
transactions. In case of violation of the
above commitments, the company will
bear corresponding legal responsibilities,
including but not limited to compensation
for all losses caused to the listed
company.
Commitment
In the future, the company will disclose
made during Shenzhen
relevant information regarding the In
the initial Tellus October
Others progress of its new business in a timely, Long term perform
public Holding Co., 17, 2014
accurate, and sufficient manner as per ance
offering or Ltd.
relevant requirements.
refinancing
Shenzhen Special Economic Zone
Development Group Co., Ltd., the
controlling shareholder of the Company,
issued the Letter of Commitment on
Avoiding Horizontal Competition on May
follows: 1. The company and other
enterprises controlled by the company
other than Tellus Holding are not engaged
in businesses that substantially compete
with the main business of Tellus Holding,
and there is no horizontal competition
between them and Tellus Holding; 2. The
Other Shenzhen company and other enterprises controlled
commitments Special by the company shall not, in any form,
made for Economic directly or indirectly engage in or In
Horizontal May 26,
minority Zone participate in any business that constitutes Long term perform
competition 2014
shareholders Developmen or may constitute competition with the ance
of the t Group Co., main business of Tellus Holding; 3. If the
Company Ltd. company or other enterprises controlled
by the company encounter any business
opportunity to engage in or participate in
any activity that may compete with the
main business of Tellus Holding, they
shall notify Tellus Holding of such
business opportunity before implementing
it or signing relevant agreements. If
Tellus Holding gives an affirmative reply
within the reasonable period specified in
the notice that it is willing to use such
business opportunity, such business
opportunity shall be offered to Tellus
Holding on a priority basis.
From 2026 to 2028, provided that the
company's profit and cash flow meet the
needs of normal operation and long-term
Shenzhen
development, the company will In
Other Tellus Dividend April 22, December
implement active profit distribution perform
commitments Holding Co., commitment 2026 31, 2028
measures to reward shareholders. For ance
Ltd.
details, see the Shareholder Return Plan
for the Next Three Years (2026-2028)
disclosed on CNINFO on April 22, 2026.
Whether the commitments are duly performed Yes
If any commitment is overdue and has not been fulfilled, the specific reasons for non-fulfillment and the
N/A
next work plan shall be specified in detail.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
II. Non-operating Occupation of Funds of the Listed Company by the Controlling
Shareholder and Other Related Parties
□ Applicable ?Not applicable
During the reporting period, there was no non-operating occupation of funds of the listed company by the controlling shareholder
or other related parties.
III. Illegal External Guarantees
□ Applicable ?Not applicable
During the reporting period, the Company had no illegal external guarantees.
IV. Employment and Dismissal of Accounting Firms
Whether the Semi-Annual Financial Report has been audited?
□Yes ?No
The Semi-Annual Report of the Company has not been audited.
V. Description of the Board of Directors on the "Non-Standard Auditor's Report" Issued by
the Accounting Firm During the Reporting Period
□ Applicable ?Not applicable
VI. Description of the Board of Directors on the "Non-Standard Auditor's Report" of the
Previous Year
□ Applicable ?Not applicable
VII. Matters Related to Bankruptcy Reorganization
□ Applicable ?Not applicable
No matters related to bankruptcy reorganization occurred during the reporting period.
VIII. Litigation Matters
Major litigation and arbitration matters
□ Applicable ?Not applicable
The Company had no major litigation or arbitration matters during the reporting period.
Other litigation matters
?Applicable □ Not applicable
Executio
Whether
Amount Progress of n of
estimated
Basic information of involved litigation Litigation (arbitration) litigation Disclosur Disclosure
liabilities
litigation (arbitration) (RMB (arbitration trial results and impacts (arbitrati e date index
are
formed
judgment
Labor dispute (SDG 726.84 No Second- The labor arbitration N/A
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Huari as respondent in instance dismissed all
labor trial arbitration claims of the
arbitration/defendant at applicant; the first-
first instance/appellee instance court
at second instance) dismissed all claims of
the plaintiff; the
second-instance
judgment has not yet
been issued.
The first-instance
Construction project
judgment supported
contract dispute
part of the claims of the 2025 Annual
(Zhongtian Company
plaintiff in the original Report on
as defendant in the April 22,
original claim, plaintiff 2026
million), and the Times and
in the
second-instance CNINFO
counterclaim/appellant
judgment upheld the
at second instance)
first-instance judgment.
Land lease contract The second-instance
dispute (Tellus Jewelry, judgment supported
former Shenzhen some of the Company's
Automobile Industry claims. Shenzhen
Report on
and Trade Co., Ltd., as Retrial Dongfeng filed an April 22,
plaintiff at first stage application for retrial 2026
Times and
instance/appellant at with the Guangdong
CNINFO
second High People's Court,
instance/respondent in and no result has been
retrial) issued yet.
The first-instance court
dismissed the
Company's lawsuit, and
Equity transfer dispute the second-instance
(Tellus Holding as court ruled to uphold 2025 Annual
plaintiff at first the first-instance ruling. Report on
Retrial April 22,
instance/appellant at 472 No The Company applied N/A Securities
stage 2026
second for retrial, which has Times and
instance/applicant for been accepted by the CNINFO
retrial) Guangdong High
People's Court, and no
retrial result has been
issued yet.
IX. Punishment and Rectification
□ Applicable ?Not applicable
No punishment or rectification occurred during the reporting period of the Company.
X. Integrity Situation of the Company and Its Controlling Shareholder and Actual
Controller
□ Applicable ?Not applicable
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
XI. Major Related Party Transactions
?Applicable □ Not applicable
Unit: RMB 10,000
Prici
Propo Settle Mark
ng Amo Exce
Price rtion ment et
Type Conte princ unt edin
of to Appr meth price
of nt of iple of g the
Related- relate transa oved od of of
Related relate relate of relat appr Discl Disclos
party d ction transa relate availa
transaction d d relate ed oved osure ure
relations party amou ction d ble
party party party d party amo date index
hip trans nt of amou party simila
transa transa party trans unt
actio the nt trans r
ction ction trans actio or
n same actio transa
actio n not
kind n ction
n
Acco
Provi
rding
Subsidia Daily de
Shenzhen to the
ry of the relate prope Mark
SDG Tellus contr
controlli d rty et 0.04
Property 6.83 6.83 65 No act 6.83
ng party leasin prici %
Managemen amou
sharehol transa g ng
t Co., Ltd. nt or
der ction servic
agree
es
ment
Annou
Provi
ncemen
de Acco
t on
prope rding
Subsidia Daily Daily
rty to the
Shenzhen ry of the relate Mark Related
leasin contr
SDG controlli d et 0.00 Party
g and 0 0 154 No act 0.00
Microfinanc ng party prici % Transa
mana amou
e Co., Ltd. sharehol transa ng ctions
geme nt or
der ction in 2026
nt agree
April (Annou
servic ment
es
Provi
Acco 2026-
de
rding 004)
Subsidia Daily prope
Shenzhen to the on
ry of the relate rty Mark
SDG contr Securit
controlli d leasin et 0.00
Service Co., 0 0 600 No act 0.00 ies
ng party g and prici %
Ltd. and its amou Times
sharehol transa parki ng
branches nt or and
der ction ng
agree CNINF
servic
ment O
es
The Provi Acco
Compan Daily de rding
Shenzhen y's relate broke Mark to the
Telixing related d rage et 0.00 contr
Investment natural party and prici % act
Co., Ltd. person transa agenc ng amou
serves ction y nt or
as a servic agree
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
director es ment
of the
joint-
stock
compan
y
The
Compan
y's
Provi Acco
related
de rding
natural Daily
Shenzhen broke to the
person relate Mark
Tellus- rage contr
serves d et 0.00
Gmond and 0 0 8 No act 0.00
as a party prici %
Investment agenc amou
director transa ng
Co., Ltd. y nt or
of the ction
servic agree
joint-
es ment
stock
compan
y
Provi Acco
de rding
Subsidia Daily
broke to the
Shenzhen ry of the relate Mark
rage contr
SDG controlli d et 11.87
and 3.20 3.2 50 No act 3.20
Microfinanc ng party prici %
agenc amou
e Co., Ltd. sharehol transa ng
y nt or
der ction
servic agree
es ment
The
Compan
y's
Acce Acco
related
pt rding
natural Daily
Shenzhen broke to the
person relate Mark
Tellus- rage contr
serves d et 11.28
Gmond and 0.38 0.38 8 No act 0.38
as a party prici %
Investment agenc amou
director transa ng
Co., Ltd. y nt or
of the ction
servic agree
joint-
es ment
stock
compan
y
Acce Acco
pt rding
Subsidia Daily
Shenzhen engin to the
ry of the relate Mark
SDG eerin contr
controlli d et 0.00
Engineering g 0 0 150 No act 0.00
ng party prici %
Managemen super amou
sharehol transa ng
t Co., Ltd. vision nt or
der ction
servic agree
es ment
Subsidia Daily Acce Acco
Shenzhen
ry of the relate pt Mark rding
SDG
controlli d prope et 0.00 to the
Service Co., 0 0 7,600 No 0.00
ng party rty prici % contr
Ltd. and its
sharehol transa mana ng act
branches
der ction geme amou
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
nt and nt or
securi agree
ty ment
servic
es
Acce Acco
pt rding
Subsidia Daily
Shenzhen prope to the
ry of the relate Mark
SDG rty contr
controlli d et 0.00
Eastern mana 0 0 50 No act 0.00
ng party prici %
Service Co., geme amou
sharehol transa ng
Ltd. nt nt or
der ction
servic agree
es ment
Acce Acco
pt rding
Subsidia Daily
Shenzhen prope to the
ry of the relate Mark
SDG rty contr
controlli d et 0.00
Building mana 0 0 60 No act 0.00
ng party prici %
Technology geme amou
sharehol transa ng
Co., Ltd. nt nt or
der ction
servic agree
es ment
Acce Acco
pt rding
Subsidia Daily
Shenzhen prope to the
ry of the relate Mark
SDG Tellus rty contr
controlli d et 372.1 372. 97.23 372.1
Property mana 600 No act
ng party prici 0 10 % 0
Managemen geme amou
sharehol transa ng
t Co., Ltd. nt nt or
der ction
servic agree
es ment
Enterpri
Acco
se
rding
controll Daily Acce
Guoren to the
ed by relate pt Mark
Property & contr
the d insura et 23.01
Casualty 1.10 1.10 105 No act 1.10
indirect party nce prici %
Insurance amou
controlli transa servic ng
Co., Ltd. nt or
ng ction es
agree
sharehol
ment
der
Total -- -- -- 9,500 -- -- -- -- --
Details of large-sum sales returns N/A
The actual performance during the
reporting period (if any), if the total
amount of daily related party transactions Performed normally
occurring in the current period is estimated
by category
Reasons for any significant difference
between the transaction price and the N/A
market reference price (if applicable)
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
□ Applicable ?Not applicable
During the reporting period, the Company had no related party transactions from the acquisition and sale of assets or equity.
□ Applicable ?Not applicable
During the reporting period, the Company had no related party transactions involved in joint external investments.
?Applicable □ Not applicable
Whether there are non-operating related credit and debt transactions
□Yes ?No
During the reporting period, the Company had no non-operating related credit and debt transactions.
□ Applicable ?Not applicable
There was no deposit, loan, credit, or other financial business between the Company, related finance companies, and related
parties.
□ Applicable ?Not applicable
There was no deposit, loan, credit, or other financial business between the finance companies controlled by the Company and
related parties.
□ Applicable ?Not applicable
During the reporting period, the Company had no other major related party transactions.
XII. Major Contracts and Performance
(1) Trusteeship
□ Applicable ?Not applicable
During the reporting period, the Company had no trusteeship.
(2) Contracting
□ Applicable ?Not applicable
During the reporting period, the Company had no contracting.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(3) Leasing
□ Applicable ?Not applicable
During the reporting period, the Company had no leasing.
□ Applicable ?Not applicable
The Company had no significant guarantees during the reporting period.
?Applicable □ Not applicable
Unit: RMB 10,000
Balance of entrusted wealth
Product category Risk characteristics management during the Overdue unrecovered amount
reporting period
Financial products from
Medium-low risk 99,125 0
banks
Details regarding the Company's engagement of financial institutions for asset management as a sole principal, or its investment in
high-risk entrusted wealth management products characterized by low security and poor liquidity
□ Applicable ?Not applicable
□ Applicable ?Not applicable
During the reporting period, the Company had no other major contracts.
XIII. Registration Form for Reception of Investigation, Communication, Interviews, and
Other Activities During the Reporting Period
?Applicable □ Not applicable
Type of Main topics Index of general
Reception Reception
Reception place reception Reception object discussed and investigation
date method
object materials provided information
All investors who For details, see the
participated in the The Company's Investor Relations
VALUEONLINE Online Company's 2025 operating results Activity Record
April 29,
(https://www.ir- platform Others online results briefing for 2025 and Form released by the
online.cn) exchange through the development Company on
VALUEONLINE strategy for 2026 irm.cninfo.com.cn on
platform April 29.
XIV. Description of Other Major Matters
□ Applicable ?Not applicable
The Company had no other major matters that needed to be stated during the reporting period.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
XV. Major Matters of the Company's Subsidiaries
□ Applicable ?Not applicable
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Section VI Changes in Shares and Shareholders
I. Changes in Shares
Unit: Share
Before the change Increase (+)/decrease (-) in this change After the change
Conver
sion of
Issuan
Bonu the
Proportio ce of Oth Subt Proporti
Quantity s reserve Quantity
n new ers otal on
shares funds
shares
into
shares
I. Restricted shares 0 0.00% 0 0 0 0 0 0 0.00%
person shareholding
shareholding
Including: shares held
by domestic legal person
Domestic natural
person shareholding
Including: Foreign
legal person shareholding
Foreign natural
person shareholding
II. Unrestricted shares 431,058,320 100.00% 0 0 0 0 0 431,058,320 100.00%
ordinary shares
foreign shares
shares
III. Total number of shares 431,058,320 100.00% 0 0 0 0 0 431,058,320 100.00%
Reasons for changes in shares
□ Applicable ?Not applicable
Status of authorization for changes in shares
□ Applicable ?Not applicable
Status of transfer for changes in shares
□ Applicable ?Not applicable
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Progress in the implementation of share repurchase
□ Applicable ?Not applicable
Progress in the reduction of repurchased shares through centralized bidding
□ Applicable ?Not applicable
Effect of changes in shares on the financial indicators, including basic earnings per share and diluted earnings per share in the most
recent year and in the most recent period, as well as net asset per share attributable to the Company's shareholders of ordinary
shares
□ Applicable ?Not applicable
Other information disclosed as the Company deems necessary or required by securities regulatory authorities
□ Applicable ?Not applicable
□ Applicable ?Not applicable
II. Conditions on Issuance and Listing of Securities
□ Applicable ?Not applicable
III. Number of Shareholders of the Company and Their Shareholding Conditions
Unit: Share
Total number of preferred share
Total number of ordinary share
shareholders (if any) with restored
shareholders as of the end of the 46,025 0
voting rights at the end of the reporting
reporting period
period (see Note 8)
Shareholdings of shareholders holding more than 5% of shares or the top 10 shareholders (excluding shares lent through
refinancing)
Pledged,
Number of Increase/d Number marked, or
Shareho
shares held at ecrease of Number of frozen shares
Name of Nature of lding
the end of the during the restricted unrestricted
shareholder shareholder proporti Qua
reporting reporting shares shares held Status of
on ntit
period period held shares
y
Shenzhen Special
Economic Zone State-owned
Development legal person
Group Co., Ltd.
Domestic
Li Daoqing 0.45% 1,940,000 441,600 0 1,940,000 N/A 0
natural person
Agricultural Bank
of China Limited -
MaxWealth CSI
Others 0.42% 1,804,475 -746,400 0 1,804,475 N/A 0
SH-SZ-HK Gold
Industry Equity
ETF
Industrial and
Commercial Bank
Others 0.36% 1,558,775 -150,500 0 1,558,775 N/A 0
of China Limited -
China Southern
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
CSI All Share Real
Estate ETF
Hong Kong -
Overseas legal
Securities Clearing 0.30% 1,295,226 1,013,32 0 1,295,226 N/A 0
person
Company Limited 6
Domestic
Xu Xiulong 0.29% 1,247,800 219,500 0 1,247,800 N/A 0
natural person
Domestic
Li Xiaoming 0.29% 1,238,400 -992,000 0 1,238,400 N/A 0
natural person
Domestic
Zhang Ling 0.27% 1,142,700 142,700 0 1,142,700 N/A 0
natural person
Domestic
Lin Weifeng 0.25% 1,081,400 -31,500 0 1,081,400 N/A 0
natural person
Domestic
Li Jun 0.24% 1,039,900 0 0 1,039,900 N/A 0
natural person
Status of strategic investors or general
legal persons becoming top 10
N/A
shareholders due to the placement of
new shares (if any) (see Note 3)
Among the top 10 shareholders, Shenzhen Special Economic Zone Development Group
Explanations of the related Co., Ltd. was not related to other shareholders and was not a person acting in concert as
relationship or concerted action of the stipulated in the Measures for the Administration of the Takeover of Listed Companies.
above shareholders It was unknown whether other shareholders of tradable shares were persons acting in
concert.
Description of the above-mentioned
shareholders' involvement in
N/A
entrusting/being entrusted with the
right to vote and giving up the right
Special description of repurchase
special account among the top 10 N/A
shareholders (if any) (see Note 11)
Shareholdings of the top 10 shareholders without restrictions on sale (excluding shares lent through refinancing and locked shares
of senior executives)
Number of unrestricted Share type
Name of shareholder shares held at the end of the
reporting period Share type Quantity
Shenzhen Special Economic Zone Development RMB-denominated
Group Co., Ltd. ordinary shares
RMB-denominated
Li Daoqing 1,940,000 1,940,000
ordinary shares
Agricultural Bank of China Limited - MaxWealth RMB-denominated
CSI SH-SZ-HK Gold Industry Equity ETF ordinary shares
Industrial and Commercial Bank of China Limited RMB-denominated
- China Southern CSI All Share Real Estate ETF ordinary shares
RMB-denominated
Hong Kong Securities Clearing Company Limited 1,295,226 1,295,226
ordinary shares
RMB-denominated
Xu Xiulong 1,247,800 1,247,800
ordinary shares
RMB-denominated
Li Xiaoming 1,238,400 1,238,400
ordinary shares
RMB-denominated
Zhang Ling 1,142,700 1,142,700
ordinary shares
RMB-denominated
Lin Weifeng 1,081,400 1,081,400
ordinary shares
RMB-denominated
Li Jun 1,039,900 1,039,900
ordinary shares
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Description of the related relationship
Among the top 10 shareholders, Shenzhen Special Economic Zone Development Group
or concerted action among the top 10
Co., Ltd., a state-owned legal-person shareholder, was not related to other shareholders
shareholders without restrictions on
and was not a person acting in concert as stipulated in the Measures for the
sale, and between the top 10
Administration of the Takeover of Listed Companies. It was unknown whether other
shareholders without restrictions on
shareholders of tradable shares were persons acting in concert.
sale and the top 10 shareholders
Description of participation of the top
N/A
securities margin trading (if any) (see
Note 4)
Participation of shareholders holding more than 5% of the shares, the top 10 shareholders, and the top 10 shareholders with
unrestricted tradable shares in share lending activities within the refinancing business
□ Applicable ?Not applicable
Changes from the previous period caused by the top 10 shareholders and the top 10 shareholders with unrestricted tradable shares
due to refinancing-based lending/returning
□ Applicable ?Not applicable
Whether the Company's top 10 shareholders of ordinary shares and the top 10 shareholders of unrestricted ordinary shares
performed the agreed repurchase transactions during the reporting period
□Yes ?No
The Company's top 10 shareholders of ordinary shares and the top 10 shareholders of unrestricted ordinary shares did not perform
the agreed repurchase transactions during the reporting period.
IV. Changes in Shareholdings of Directors and Senior Executives
□ Applicable ?Not applicable
There was no change in the shareholdings of directors and senior executives during the reporting period. Please refer to the 2025
Annual Report for details.
V. Changes in the Controlling Shareholder or Actual Controller
If the Company previously disclosed that its actual controller was planning a change of control that had not yet been completed,
please explain the progress of the change of control.
□ Applicable ?Not applicable
Change in the controlling shareholder during the reporting period
□ Applicable ?Not applicable
During the reporting period, the controlling shareholder of the Company did not change.
Changes in actual controller during the reporting period
□ Applicable ?Not applicable
The actual controller of the Company remained unchanged during the reporting period.
VI. Preferred Shares
□ Applicable ?Not applicable
During the reporting period, the Company had no preferred shares.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Section VII Bond-related Information
□ Applicable ?Not applicable
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Section VIII Financial Report
I. Auditor's Report
Whether the Semi-Annual Report has been audited
□Yes ?No
The Semi-Annual Financial Report of the Company has not been audited.
II. Financial Statements
The unit of measurement for the statements in the financial notes is: RMB
Prepared by: Shenzhen Tellus Holding Co., Ltd.
June 30, 2026
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Cash at bank and on hand 93,789,526.63 149,229,156.85
Settlement reserve fund
Loans to banks and other financial
institutions
Held-for-trading financial assets 231,489,714.42 117,410,631.65
Derivative financial assets 359,615.00
Notes receivable
Accounts receivable 26,832,524.73 61,009,891.79
Receivables financing
Advances to suppliers 587,884.12 842,625.42
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserves
receivable
Other receivables 20,480,842.05 49,405,335.51
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 18,546,875.33 59,657,540.72
Including: Data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year 117,209,578.15 87,268,498.36
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Other current assets 50,478,092.86 19,312,300.83
Total current assets 559,774,653.29 544,135,981.13
Non-current assets:
Loans and advances issued
Debt investments
Other debt investments 463,774,424.69 573,849,427.40
Long-term receivables
Long-term equity investments 113,563,154.70 94,475,900.97
Other equity instrument investments
Other non-current financial assets
Investment properties 1,032,630,814.40 1,053,907,083.65
Fixed assets 58,106,981.97 61,870,381.34
Construction in progress 5,111,882.70
Bearer biological assets
Oil and gas assets
Right-of-use assets 72,277,991.60 77,920,830.56
Intangible assets 8,356,029.66 3,062,429.09
Including: Data resources
Development expenditure
Including: Data resources
Goodwill
Long-term deferred expenses 28,884,065.38 34,117,850.87
Deferred income tax assets 6,399,715.44 6,399,715.44
Other non-current assets 194,962,702.89 195,306,959.38
Total non-current assets 1,978,955,880.73 2,106,022,461.40
Total assets 2,538,730,534.02 2,650,158,442.53
Current liabilities:
Short-term borrowings 11,002,344.41
Borrowings from the central bank
Placements from banks and other
financial institutions
Held-for-trading financial liabilities
Derivative financial liabilities 2,702,318.10
Notes payable 180,000,000.00
Accounts payable 109,772,663.41 109,353,384.05
Advances from customers 12,928,795.84 8,222,394.47
Contract liabilities 3,411,185.10 3,604,150.70
Financial assets sold under agreements
to repurchase
Customer deposits and deposits from
banks and other financial institutions
Customer brokerage deposits
Securities underwriting brokerage
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
deposits
Employee compensation payable 40,344,013.72 42,283,881.13
Taxes payable 41,671,381.93 29,059,082.08
Other payables 127,778,984.51 139,483,702.52
Including: Interest payable
Dividends payable
Handling charges and commissions
payable
Reinsurance accounts payable
Held-for-sale liabilities
Non-current liabilities due within one
year
Other current liabilities 2,896,335.26 2,214,225.00
Total current liabilities 346,196,972.45 538,507,031.38
Non-current liabilities:
Insurance contract reserves
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 72,736,046.24 75,441,810.38
Long-term payables 3,920,160.36 3,920,160.36
Long-term employee compensation
payable
Estimated liabilities 9,956,800.00 9,956,800.00
Deferred income 5,177,125.85 6,057,271.67
Deferred income tax liabilities 18,500,411.34 20,155,522.20
Other non-current liabilities
Total non-current liabilities 110,290,543.79 115,531,564.61
Total liabilities 456,487,516.24 654,038,595.99
Owners' equity:
Share capital 431,058,320.00 431,058,320.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 430,866,408.50 430,866,408.50
Less: Treasury shares
Other comprehensive income -7,606,040.90 -7,606,040.90
Special reserves
Surplus reserves 92,661,110.16 92,661,110.16
General risk provision
Undistributed profits 964,350,742.72 879,664,677.57
Total owners' equity attributable to the
parent company
Minority interests 170,912,477.30 169,475,371.21
Total owners' equity 2,082,243,017.78 1,996,119,846.54
Total liabilities and owners' equity 2,538,730,534.02 2,650,158,442.53
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Legal representative: Wang Chuan Person in charge of accounting: Huang Tianyang Person in charge of the accounting
department: Huang Tianyang
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Cash at bank and on hand 19,406,085.18 5,557,917.51
Held-for-trading financial assets 71,348,684.51
Derivative financial assets
Notes receivable
Accounts receivable 13,036,138.49 10,650,313.31
Receivables financing
Advances to suppliers 316,152.11 239,474.02
Other receivables 16,899,962.91 3,711,404.11
Including: Interest receivable
Dividends receivable 12,000,000.00
Inventories
Including: Data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year 117,209,578.15 65,398,799.73
Other current assets 22,176.39 6,580,651.56
Total current assets 238,238,777.74 92,138,560.24
Non-current assets:
Debt investments
Other debt investments 304,365,923.28 375,653,749.58
Long-term receivables
Long-term equity investments 822,853,629.11 808,086,675.38
Other equity instrument investments
Other non-current financial assets
Investment properties 507,310,833.64 514,855,019.83
Fixed assets 10,982,903.25 11,608,977.55
Construction in progress 1,986,361.94
Bearer biological assets
Oil and gas assets
Right-of-use assets 67,296,903.12 72,189,070.86
Intangible assets 1,291,881.97 1,388,001.07
Including: Data resources
Development expenditure
Including: Data resources
Goodwill
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Long-term deferred expenses 16,042,201.84 18,589,616.08
Deferred income tax assets
Other non-current assets 17,341,909.95 19,429,987.73
Total non-current assets 1,747,486,186.16 1,823,787,460.02
Total assets 1,985,724,963.90 1,915,926,020.26
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 47,616,652.48 46,372,187.13
Advances from customers 10,192,954.88 511,330.64
Contract liabilities
Employee compensation payable 34,107,825.09 35,385,505.68
Taxes payable 19,292,570.59 12,741,797.74
Other payables 73,812,814.32 71,087,817.06
Including: Interest payable
Dividends payable
Held-for-sale liabilities
Non-current liabilities due within one
year
Other current liabilities 1,810,007.31 685,494.59
Total current liabilities 194,476,367.71 175,973,016.01
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 68,351,021.79 71,397,113.71
Long-term payables
Long-term employee compensation
payable
Estimated liabilities
Deferred income
Deferred income tax liabilities 5,459,612.17 5,459,612.17
Other non-current liabilities
Total non-current liabilities 73,810,633.96 76,856,725.88
Total liabilities 268,287,001.67 252,829,741.89
Owners' equity:
Share capital 431,058,320.00 431,058,320.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 428,256,131.23 428,256,131.23
Less: Treasury shares
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Other comprehensive income -7,632,462.90 -7,632,462.90
Special reserves
Surplus reserves 92,661,110.16 92,661,110.16
Undistributed profits 773,094,863.74 718,753,179.88
Total owners' equity 1,717,437,962.23 1,663,096,278.37
Total liabilities and owners' equity 1,985,724,963.90 1,915,926,020.26
Unit: RMB
Item Half Year of 2026 Half Year of 2025
I. Total operating revenue 292,213,689.22 878,272,629.94
Including: Operating revenue 292,213,689.22 878,272,629.94
Interest income
Premiums earned
Handling charges and
commission income
II. Total operating cost 205,921,904.45 778,520,084.04
Including: Operating cost 165,372,887.60 736,664,626.44
Interest expenses
Handling charges and
commission expenses
Surrender value
Net payments for insurance
claims
Net provision for insurance
liability reserves
Policy dividend expenses
Reinsurance expenses
Taxes and surcharges 7,823,362.87 5,268,440.94
Selling expenses 4,213,679.98 6,551,375.74
Administrative expenses 24,501,740.28 25,702,432.63
R&D expenses 2,443,248.64 2,045,320.23
Financial expenses 1,566,985.08 2,287,888.06
Including: Interest expenses 1,919,661.58 3,643,266.25
Interest income 519,444.11 1,583,374.44
Add: Other income 956,689.59 1,107,048.00
Investment income (loss to be
listed with "-")
Including: Income from
investment in associates and joint 19,748,753.73 12,775,706.23
ventures
Income from
derecognition of financial assets
measured at amortized cost
Exchange income (loss to be
listed with "-")
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Net exposure hedging income
(loss to be listed with "-")
Income from changes in fair
value (loss to be listed with "-")
Credit impairment loss (loss to be
listed with "-")
Asset impairment losses (loss to
be listed with “-”)
Income from assets disposal (loss
to be listed with “-”)
III. Operating profit (loss to be listed
with "-")
Add: Non-operating revenue 6,540,183.92 3,456,068.88
Less: Non-operating expenses 98.83 103,685.95
IV. Total profit (total loss to be listed
with "-")
Less: Income tax expenses 26,297,800.92 25,372,160.83
V. Net profit (net loss to be listed with "-
")
(I) Classified by continuity of
operation
operations (net loss to be listed with "-")
operations (net loss to be listed with "-")
(II) Classified by ownership
shareholders of the parent company (net 84,686,065.15 84,013,429.35
loss to be listed with "-")
and losses (net loss to be listed with "-")
VI. Net after-tax amount of other
comprehensive income
Net after-tax amount of other
comprehensive income attributable to the
owner of the parent company
(I) Other comprehensive income
that cannot be reclassified into profit or
loss
remeasurement of the defined benefit
plan
that cannot be reclassified into profit or
loss under the equity method
investments in other equity instruments
Company's credit risk
(II) Other comprehensive income to
be reclassified into profit or loss
that can be reclassified into profit or loss
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
under the equity method
debt investments
reclassified and included in other
comprehensive income
of other debt investments
from foreign currency financial
statements
Net after-tax amount of other
comprehensive income attributable to
minority shareholders
VII. Total comprehensive income 89,003,371.24 81,630,658.94
Total comprehensive income
attributable to the owner of the parent 84,686,065.15 84,013,429.35
company
Total comprehensive income
attributable to minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share 0.1965 0.1949
(II) Diluted earnings per share 0.1965 0.1949
In the case of a business combination under common control in the current period, the net profit realized by the combined party
before the combination is RMB () and the net profit realized by the combined party in the previous period is RMB ().
Legal representative: Wang Chuan Person in charge of accounting: Huang Tianyang Person in charge of the accounting
department: Huang Tianyang
Unit: RMB
Item Half Year of 2026 Half Year of 2025
I. Operating revenue 57,952,031.64 58,621,053.92
Less: Operating cost 25,809,271.80 23,987,855.33
Taxes and surcharges 3,017,930.31 830,387.15
Selling expenses 1,682,076.67 518,115.28
Administrative expenses 20,783,540.05 21,204,645.29
R&D expenses
Financial expenses 1,412,928.09 1,456,770.51
Including: Interest expenses 1,418,167.05 1,574,505.31
Interest income 13,928.87 132,113.06
Add: Other income 68,678.68 214,922.09
Investment income (loss to be
listed with "-")
Including: Income from
investment in associates and joint 19,087,253.73 11,910,260.91
ventures
Income from
derecognition of financial assets
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
measured at amortized cost (loss to be
listed with "-")
Net exposure hedging income
(loss to be listed with "-")
Income from changes in fair
value (loss to be listed with "-")
Credit impairment loss (loss to be
listed with "-")
Asset impairment losses (loss to
be listed with “-”)
Income from assets disposal (loss
-32,362.39
to be listed with “-”)
II. Operating profit (loss to be listed with
"-")
Add: Non-operating revenue 1,159,390.92 1,050,299.68
Less: Non-operating expenses 75.12 35,396.25
III. Total profit (total loss to be listed
with "-")
Less: Income tax expenses 7,837,290.26 5,850,758.54
IV. Net Profit (net losses to be listed with
"-")
(I) Net profit from continuing
operations (net loss to be listed with "-")
(II) Net profit from discontinued
operations (net loss to be listed with "-")
V. Net after-tax amount of other
comprehensive income
(I) Other comprehensive income
that cannot be reclassified into profit or
loss
remeasurement of the defined benefit
plan
that cannot be reclassified into profit or
loss under the equity method
investments in other equity instruments
Company's credit risk
(II) Other comprehensive income to
be reclassified into profit or loss
that can be reclassified into profit or loss
under the equity method
debt investments
reclassified and included in other
comprehensive income
of other debt investments
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
from foreign currency financial
statements
VI. Total comprehensive income 54,341,683.86 96,737,427.57
VII. Earnings per share:
(I) Basic earnings per share
(II) Diluted earnings per share
Unit: RMB
Item Half Year of 2026 Half Year of 2025
I. Cash flows from operating activities:
Cash received from sales of goods or
rendering of labor services
Net increase in deposits from
customers and placements from banks
and other financial institutions
Net increase in borrowings from the
central bank
Net increase in placements from other
financial institutions
Cash received from premiums of
original insurance contracts
Net cash received from reinsurance
business
Net increase in deposits and
investments from policyholders
Cash received from interest, handling
charges, and commissions
Net increase in placements from banks
and other financial institutions
Net increase in repurchase business
funds
Net amount of cash received from
acting trading securities
Refund of taxes received 7,782,695.37 37,295.38
Other cash received relating to
operating activities
Subtotal of cash inflows from operating
activities
Cash paid for the purchase of goods
and receipt of services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and other financial institutions
Cash paid for claims on original
insurance contracts
Net increase in loans to banks and
other financial institutions
Cash paid for interest, handling
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
charges, and commissions
Cash paid for policy dividends
Cash paid to and for employees 27,765,682.56 26,278,872.85
Taxes and fees paid 41,482,061.67 33,435,410.90
Other cash paid relating to operating
activities
Subtotal of cash outflows from operating
activities
Net cash flows from operating activities 288,182,015.93 154,806,331.67
II. Cash flows from investing activities:
Cash received from disposal of
investments
Cash received from investment
income
Net cash received from disposal of
fixed assets, intangible assets, and other 452,000.00 30,583.15
long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received relating to
investing activities
Subtotal of cash inflows from investing
activities
Cash paid to acquire fixed assets,
intangible assets, and other long-term 2,029,807.92 5,475,969.23
assets
Cash paid for investments 564,143,205.48 570,171,410.96
Net increase in pledge loans
Net cash paid for acquisition of
subsidiaries and other business units
Other cash payments related to
investing activities
Subtotal of cash outflows from investing
activities
Net cash flows from investing activities -66,193,214.42 -233,644,957.72
III. Cash flows from financing activities:
Cash received from absorbing
investment
Including: Cash received by
subsidiaries from absorbing investments
of minority shareholders
Cash received from borrowings 184,500,000.00
Other cash received relating to
financing activities
Subtotal of cash inflows from financing
activities
Cash paid for repayment of debts 206,000,000.00 151,600,000.00
Cash paid for distribution of
dividends, profits, or interest repayment
Including: Dividends and profits paid
by subsidiaries to minority shareholders
Other cash paid relating to financing
activities
Subtotal of cash outflows from financing
activities
Net cash flows from financing activities -209,773,535.21 -13,048,507.32
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
IV. Effect of exchange rate changes on
cash and cash equivalents
V. Net increase in cash and cash
equivalents
Add: Beginning balance of cash and
cash equivalents
VI. Ending balance of cash and cash
equivalents
Unit: RMB
Item Half Year of 2026 Half Year of 2025
I. Cash flows from operating activities:
Cash received from sales of goods or
rendering of labor services
Refund of taxes received 7,776,179.87
Other cash received relating to
operating activities
Subtotal of cash inflows from operating
activities
Cash paid for the purchase of goods
and receipt of services
Cash paid to and for employees 21,476,098.43 17,881,365.69
Taxes and fees paid 9,267,834.85 8,571,789.07
Other cash paid relating to operating
activities
Subtotal of cash outflows from operating
activities
Net cash flows from operating activities 34,693,985.33 7,903,286.92
II. Cash flows from investing activities:
Cash received from disposal of
investments
Cash received from investment
income
Net cash received from disposal of
fixed assets, intangible assets, and other
long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received relating to
investing activities
Subtotal of cash inflows from investing
activities
Cash paid to acquire fixed assets,
intangible assets, and other long-term 5,172,800.29
assets
Cash paid for investments 126,000,000.00 290,171,410.96
Net cash paid for acquisition of
subsidiaries and other business units
Other cash payments related to
investing activities
Subtotal of cash outflows from investing
activities
Net cash flows from investing activities -20,845,817.66 18,964,942.26
III. Cash flows from financing activities:
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Cash received from absorbing
investment
Cash received from borrowings
Other cash received relating to
financing activities
Subtotal of cash inflows from financing
activities
Cash paid for repayment of debts
Cash paid for distribution of
dividends, profits, or interest repayment
Other cash paid relating to financing
activities
Subtotal of cash outflows from financing
activities
Net cash flows from financing activities -43,097,999.33
IV. Effect of exchange rate changes on
cash and cash equivalents
V. Net increase in cash and cash
equivalents
Add: Beginning balance of cash and
cash equivalents
VI. Ending balance of cash and cash
equivalents
Amount in the current period
Unit: RMB
Half Year of 2026
Owners' equity attributable to the parent company
Other equity Oth Tota
instruments Less er Gen Und l
Min
Item Shar Capi : com Spe Surp eral istri ority own
e Pref Perp tal Trea preh cial lus risk bute Oth Subt inter ers'
capi erre etua rese sury ensi rese rese prov d ers otal
Oth ests equi
tal d l rve shar ve rves rves isio prof
ers ty
shar bon es inco n its
es ds me
I. Ending 431, 430, - 92,6 879, 1,82 169, 1,99
balance of 058, 866, 7,60 61,1 664, 6,64 475, 6,11
the previous 320. 408. 6,04 10.1 677. 4,47 371. 9,84
year 00 50 0.90 6 57 5.33 21 6.54
Add:
Changes in
accounting
policies
Co
rrection of
prior errors
Ot
hers
II. Beginning 431, 430, - 92,6 879, 1,82 169, 1,99
balance of 058, 866, 7,60 61,1 664, 6,64 475, 6,11
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
the current 320. 408. 6,04 10.1 677. 4,47 371. 9,84
year 00 50 0.90 6 57 5.33 21 6.54
III.
Increase/decr
ease in the 84,6 84,6 86,1
current 86,0 86,0 23,1
period 65.1 65.1 71.2
(decrease to 5 5 4
be listed with
"-")
(I) Total 4,31
comprehensi 7,30
ve income 6.09
(II) Capital - -
invested and 2,88 2,88
decreased by 0,20 0,20
owners 0.00 0.00
shares 2,88 2,88
contributed 0,20 0,20
by owners 0.00 0.00
contributed
by the
holders of
other equity
instruments
of share-
based
payments
included in
owner's
equity
(III) Profit
distribution
Appropriatio
n to surplus
reserve
Appropriatio
n to general
risk
provision
Distribution
to owners (or
shareholders)
(IV) Internal
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
carryover of
owners'
equity
share capital)
transferred
from capital
reserve
share capital)
transferred
from surplus
reserve
reserves to
cover losses
earnings
carried
forward from
changes in
the defined
benefit plan
earnings
carried
forward from
other
comprehensi
ve income
(V) Special
reserve
Appropriatio
n in the
current
period
in the current
period
(VI) Others
IV. Ending 431, 430, - 92,6 964, 1,91 170, 2,08
balance of 058, 866, 7,60 61,1 350, 1,33 912, 2,24
the current 320. 408. 6,04 10.1 742. 0,54 477. 3,01
period 00 50 0.90 6 72 0.48 30 7.78
Amount of the previous year
Unit: RMB
Half Year of 2025
Item Owners' equity attributable to the parent company Min Tota
Shar Other equity Capi Less Oth Spe Surp Gen Und Oth Subt ority l
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
e instruments tal : er cial lus eral istri ers otal inter own
capi rese Trea com rese rese risk bute ests ers'
tal Pref Perp rve sury preh rves rves prov d equi
erre etua shar ensi isio prof ty
Oth
d l es ve n its
ers
shar bon inco
es ds me
I. Ending 431, 430, - 74,2 798, 1,72 170, 1,89
balance of 058, 866, 7,60 22,6 343, 6,88 841, 7,72
the previous 320. 408. 6,04 56.9 284. 4,62 342. 5,97
year 00 50 0.90 9 97 9.56 17 1.73
Add:
Changes in
accounting
policies
Co
rrection of
prior errors
Ot
hers
II. Beginning 431, 430, - 74,2 798, 1,72 170, 1,89
balance of 058, 866, 7,60 22,6 343, 6,88 841, 7,72
the current 320. 408. 6,04 56.9 284. 4,62 342. 5,97
year 00 50 0.90 9 97 9.56 17 1.73
III.
Increase/decr
ease in the 40,9 40,9 - 38,5
current 07,5 07,5 2,38 24,8
period 97.3 97.3 2,77 26.9
(decrease to 5 5 0.41 4
be listed with
"-")
(I) Total
comprehensi
ve income
(II) Capital
invested and
decreased by
owners
shares
contributed
by owners
contributed
by the
holders of
other equity
instruments
of share-
based
payments
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
included in
owner's
equity
- - -
(III) Profit
distribution
Appropriatio
n to surplus
reserve
Appropriatio
n to general
risk
provision
- - -
Distribution
to owners (or
shareholders)
(IV) Internal
carryover of
owners'
equity
share capital)
transferred
from capital
reserve
share capital)
transferred
from surplus
reserve
reserves to
cover losses
earnings
carried
forward from
changes in
the defined
benefit plan
earnings
carried
forward from
other
comprehensi
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
ve income
(V) Special
reserve
Appropriatio
n in the
current
period
in the current
period
(VI) Others
IV. Ending 431, 430, - 74,2 839, 1,76 168, 1,93
balance of 058, 866, 7,60 22,6 250, 7,79 458, 6,25
the current 320. 408. 6,04 56.9 882. 2,22 571. 0,79
period 00 50 0.90 9 32 6.91 76 8.67
Amount in the current period
Unit: RMB
Half Year of 2026
Other equity instruments Other
Capita Less: compr Specia Surplu Undist Total
Item Share Prefer Perpet l Treas ehensi l s ribute owner
Others
capital red ual Others reserv ury ve reserv reserv d s'
shares bonds e shares incom es es profits equity
e
I. Ending -
balance of 7,632,
the previous 462.9
year 0
Add:
Changes in
accounting
policies
Co
rrection of
prior errors
Ot
hers
II. Beginning -
balance of 7,632,
the current 462.9
year 0
III.
Increase/decr 54,34 54,34
ease in the 1,683. 1,683.
current 86 86
period
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(decrease to
be listed with
"-")
(I) Total 54,34 54,34
comprehensi 1,683. 1,683.
ve income 86 86
(II) Capital
invested and
decreased by
owners
shares
contributed
by owners
contributed
by the
holders of
other equity
instruments
of share-
based
payments
included in
owner's
equity
(III) Profit
distribution
Appropriatio
n to surplus
reserve
Distribution
to owners (or
shareholders)
(IV) Internal
carryover of
owners'
equity
share capital)
transferred
from capital
reserve
share capital)
transferred
from surplus
reserve
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
reserves to
cover losses
earnings
carried
forward from
changes in
the defined
benefit plan
earnings
carried
forward from
other
comprehensi
ve income
(V) Special
reserve
Appropriatio
n in the
current
period
in the current
period
(VI) Others
IV. Ending -
balance of 7,632,
the current 462.9
period 0
Amount of the previous year
Unit: RMB
Half Year of 2025
Other equity instruments Other
Capita Less: compr Specia Surplu Undist Total
Item Share Prefer Perpet l Treas ehensi l s ribute owner
Others
capital red ual Others reserv ury ve reserv reserv d s'
shares bonds e shares incom es es profits equity
e
I. Ending -
balance of 7,632,
the previous 462.9
year 0
Add:
Changes in
accounting
policies
Co
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
rrection of
prior errors
Ot
hers
II. Beginning -
balance of 7,632,
the current 462.9
year 0
III.
Increase/decr
ease in the
current
period
(decrease to
be listed with
"-")
(I) Total 96,73 96,73
comprehensi 7,427. 7,427.
ve income 57 57
(II) Capital
invested and
decreased by
owners
shares
contributed
by owners
contributed
by the
holders of
other equity
instruments
of share-
based
payments
included in
owner's
equity
- -
(III) Profit 43,10 43,10
distribution 5,832. 5,832.
Appropriatio
n to surplus
reserve
Distribution 43,10 43,10
to owners (or 5,832. 5,832.
shareholders) 00 00
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(IV) Internal
carryover of
owners'
equity
share capital)
transferred
from capital
reserve
share capital)
transferred
from surplus
reserve
reserves to
cover losses
earnings
carried
forward from
changes in
the defined
benefit plan
earnings
carried
forward from
other
comprehensi
ve income
(V) Special
reserve
Appropriatio
n in the
current
period
in the current
period
(VI) Others
IV. Ending -
balance of 7,632,
the current 462.9
period 0
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
III. Company Profile
Shenzhen Tellus Holding Co., Ltd. (hereinafter referred to as "the Company") is a joint stock company
registered in the Shenzhen Administration for Industry and Commerce on November 10, 1986. The Company
was reorganized and established from the former Shenzhen Machinery Industry Company with the approval of
the Reply on the Reorganization of Shenzhen Machinery Industry Company into Shenzhen Tellus Machinery Co.,
Ltd. (SFBF [1991] No. 1012) issued by the General Office of the Shenzhen Municipal People's Government.
The Company currently holds a business license with a unified social credit code of 91440300192192210U,
with a registered capital of RMB 431,058,320.00 and a total of 431,058,320 shares, including 392,778,320
unrestricted tradable A shares and 38,280,000 unrestricted tradable B shares. The business address of the
Company's headquarters is 3-4/F, Tellus Building, 2nd Shuibei Road, Luohu District, Shenzhen. The legal
representative is Wang Chuan.
In 1993, with the approval from the Reply on the Reorganization of Shenzhen Tellus Machinery Co., Ltd. into a
Public Limited Liability Company (SFBF [1992] No. 1850) issued by the General Office of the Shenzhen
Municipal People's Government and the Reply on the Issuance of Shares by Shenzhen Tellus Machinery Electric
Co., Ltd. (SRYFZ [1993] No. 092) issued by the Shenzhen Special Economic Zone Branch of the People's Bank
of China, the Company was reorganized into a public limited liability company through an initial public
offering, with a registered capital of RMB 166,880,000.00 and a total share capital of 166,880,000 shares.
were issued as B shares. Shares issued by the Company had a par value of RMB 1 per share. On June 21, 1993,
the Company's shares were listed and traded on the Shenzhen Stock Exchange.
According to the resolution of the Company's 1993 Annual General Meeting of Shareholders, based on the
share capital of 166,880,000 shares as of December 31 of that year, the Company issued 2 bonus shares and
distributed a cash dividend of RMB 0.5 for every 10 shares held by all shareholders, totaling 33,376,000 bonus
shares, which were implemented in 1994. After the bonus issue of shares, the registered capital was increased to
RMB 200,256,000.00.
According to the resolution of the Company's 1994 Annual General Meeting of Shareholders, based on the
share capital of 200,256,000 shares as of December 31 of that year, the Company issued 0.5 bonus shares,
converted 0.5 shares from capital reserve, and distributed a cash dividend of RMB 0.5 for every 10 shares held
by all shareholders, resulting in a total increase of 20,025,600 shares, which were implemented in 1995. The
registered capital was increased to RMB 220,281,600.00 after the bonus issue and conversion of capital reserve
into share capital.
According to the resolution of the 4th Extraordinary General Meeting of Shareholders of the Company in 2014,
upon the approval from the Reply to the Approval of Non-public Offering of Shares by Shenzhen Tellus Holding
Co., Ltd. (ZJXK [2015] No. 173) issued by the CSRC, the Company issued 77,000,000 ordinary A shares to
Shenzhen Special Economic Zone Development Group Co., Ltd. and Shenzhen Capital Fortune Jewelry
Industry Investment Enterprise (Limited Partnership) in 2015. After the additional issuance, the registered
capital was increased to RMB 297,281,600.00.
According to the resolution of the Company's 2018 Annual General Meeting of Shareholders, based on the
share capital of 297,281,600 shares as of December 31 of that year, the Company converted capital reserve into
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
implemented in 2019. After the conversion, the registered capital was increased to RMB 431,058,320.00.
Registered address: 3F, Tellus Building, No. 56, 2nd Shuibei Road, Luohu District, Shenzhen
Headquarters address: 3F, Tellus Building, No. 56, 2nd Shuibei Road, Luohu District, Shenzhen
Main business activities: Property leasing and services, jewelry operations, etc.
The financial statements and notes to the financial statements were approved by the Second Meeting of the
Eleventh Board of Directors of the Company on August 20, 2026.
IV. Preparation Basis of Financial Statements
The Company prepared the financial statements in accordance with the Accounting Standards for Business
Enterprises issued by the Ministry of Finance, as well as relevant application guidelines, interpretations, and
other provisions (hereinafter collectively referred to as "ASBE"). In addition, the Company disclosed relevant
financial information as per the Rules for the Preparation of Information Disclosure of Companies Issuing
Securities to the Public No.15—General Provisions on Financial Reports (2023 Revision) issued by the CSRC.
The financial statements are prepared on the basis of going concern.
V. Significant Accounting Policies and Accounting Estimates
Notes to specific accounting policies and accounting estimates:
The Company has determined its criteria for depreciation of investment properties, depreciation of fixed assets,
and revenue recognition policies based on its own production and operation characteristics. For specific
accounting policies, please refer to Note V. 14, Note V. 15, Note V. 23 and Note V. 26.
The financial statements comply with the requirements of ASBE and truly and fully reflect the consolidated and
the Company's financial position as of June 30, 2026, as well as the consolidated and the Company's operating
results and cash flows for the first half of 2026, and other relevant information.
The Company's accounting period is based on the calendar period, namely, from January 1 to June 30 each year.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
The business cycle of the Company is 6 months.
The Company and its domestic subsidiaries take RMB as the recording currency. The Company uses RMB to
prepare the financial statements.
?Applicable □ Not applicable
Item Materiality criteria
Significant accounts receivable with provision for bad debts Amount ≥ RMB 1,000,000.00 or accounts for more than 1% of
made on an individual basis various receivables
The budget amount for a single project is ≥ RMB
Significant construction in progress
Individual accounts payable/other payables aged over 1 year
Significant accounts payable and other payables that account for more than 1% of total accounts payable and
amount to RMB 1,000,000.00 or more
The total revenue of related entities accounts for more than
Significant non-wholly-owned subsidiaries statements, or the absolute value of the net profit accounts for
more than 10% of the net profit in the consolidated financial
statements
Single investment activity accounts for more than 10% of the
Significant investing activities and projects total cash inflows or outflows related to investment activities,
or the outflows amount to RMB 100,000,000.00 or more
Significant accounts receivable with provision for bad debts Amount ≥ RMB 1,000,000.00 or accounts for more than 1% of
made on an individual basis various receivables
The budget amount for a single project is ≥ RMB
Significant construction in progress
The book value of long-term equity investment in a single
investee is more than RMB 15 million, or the profit or loss on
Significant joint ventures or associates
the long-term equity investment under the equity method
accounts for over 3% of the Company's consolidated net profit
The Company recognizes the profit distribution after the
Significant events after the balance sheet date
balance sheet date as a significant event
common control
(1) Business combination under common control
For a business combination under common control, the combining party shall measure the assets and liabilities
acquired from the combined party at their book values in the consolidated financial statements of the ultimate
controlling party on the combination date. The difference between the book value of the consideration for the
combination and the book value of the net assets acquired in the combination shall be adjusted against capital
reserve. Where the capital reserve is insufficient to offset the difference, retained earnings shall be adjusted.
Business combinations under common control achieved in stages through multiple transactions
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
The assets and liabilities acquired by the combining party from the combined party shall be measured at their
book values in the consolidated financial statements of the ultimate controlling party on the combination date.
The difference between the sum of the book value of the investment held before the combination and the book
value of the consideration newly paid on the combination date, and the book value of the net assets acquired in
the combination, shall be adjusted against capital reserve. Where the capital reserve is insufficient to offset the
difference, retained earnings shall be adjusted. For the long-term equity investment held by the combining party
before obtaining control over the combined party, the relevant profit or loss, other comprehensive income and
changes in other owners' equity recognized during the period from the later of the date when the original equity
interest was acquired and the date when the combining party and the combined party came under the same
ultimate control, to the combination date, shall be offset against beginning retained earnings or current profit or
loss in the comparative financial statement period, as appropriate.
(2) Business combination not under common control
For a business combination not under common control, the combination cost is the fair value, on the acquisition
date, of the assets paid, liabilities incurred or assumed, and equity securities issued to obtain control over the
acquiree. On the acquisition date, the assets, liabilities and contingent liabilities acquired from the acquiree are
recognized at fair value.
If the combination cost is greater than the acquirer's share of the fair value of the acquiree's identifiable net
assets acquired in the combination, the difference shall be recognized as goodwill and subsequently measured at
cost less accumulated impairment provisions. If the combination cost is less than the acquirer's share of the fair
value of the acquiree's identifiable net assets acquired in the combination, the difference shall be recognized in
current profit or loss after review.
Business combinations not under common control achieved in stages through multiple transactions
The combination cost is the sum of the consideration paid on the acquisition date and the fair value, on the
acquisition date, of the acquiree's equity interest already held before the acquisition date. The acquiree's equity
interest already held before the acquisition date shall be remeasured at its fair value on the acquisition date, and
the difference between the fair value and its book value shall be recognized in current investment income.
Where the acquiree's equity interest already held before the acquisition date involves other comprehensive
income or changes in other owners' equity, such amounts shall be transferred to current income on the
acquisition date, except for other comprehensive income arising from changes in the investee's net liabilities or
net assets from remeasurement of defined benefit plans and other comprehensive income related to investments
in non-trading equity instruments previously designated as measured at fair value through other comprehensive
income.
(3) Treatment of related transaction costs in business combinations
Intermediary costs such as audit, legal service, valuation and consulting fees, and other related administrative
expenses incurred for a business combination shall be recognized in current profit or loss when incurred.
Transaction costs of equity securities or debt securities issued as consideration for a business combination shall
be included in the initially recognized amount of the equity securities or debt securities.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(1) Judgment standard for control
The consolidation scope of the consolidated financial statements is determined based on control. Control means
that the Company has power over the investee, enjoys variable returns by participating in the relevant activities
of the investee, and has the ability to use its power over the investee to affect the amount of its returns. When
changes in relevant facts and circumstances lead to changes in relevant factors involved in the definition of
control, the Company will conduct a reassessment.
When judging whether to include a structured entity in the scope of consolidation, the Company evaluates
whether it controls the structured entity based on all facts and circumstances, including the purpose and design
of the structured entity, the types of variable returns, and whether the Company bears part or all of the
variability of returns by participating in its relevant activities.
(2) Preparation of consolidated financial statements
Consolidated financial statements are prepared by the Company based on the financial statements of the
Company and its subsidiaries, as well as other related data. In the preparation of the consolidated financial
statements, the accounting policies and accounting periods of the Company and its subsidiaries are required to
be consistent, and significant transactions and current balances between companies are offset.
Where a subsidiary or business is added during the reporting period through a business combination under
common control, the subsidiary or business is deemed to have been included in the Company's scope of
consolidation from the date when it came under the control of the ultimate controlling party. Its operating
results and cash flows from that date shall be included in the consolidated income statement and consolidated
cash flow statement, respectively.
For a subsidiary or business added during the reporting period through a business combination not under
common control, the revenue, expenses and profit of such subsidiary or business from the acquisition date to the
end of the reporting period shall be included in the consolidated income statement, and its cash flows shall be
included in the consolidated cash flow statement.
The portion of shareholders' equity of subsidiaries not belonging to the Company shall be listed separately
under the item "Shareholders' Equity" in the consolidated balance sheet as minority interests. The portion of net
profit or loss of subsidiaries in the current period belonging to minority interests shall be listed separately under
the item "Minority Shareholders' Profit or Loss" in the consolidated income statement. If the losses of a
subsidiary attributable to minority shareholders exceed the minority shareholders' share of the subsidiary's
owners' equity at the beginning of the period, the excess shall still be offset against minority interests.
(3) Acquisition of equity from minority shareholders of subsidiaries
The difference between the cost of the long-term equity investment newly acquired through the purchase of
minority equity interests and the Company's share of the subsidiary's net assets continuously calculated from the
acquisition date or combination date based on the newly increased shareholding ratio, and the difference
between the disposal consideration received from partial disposal of the equity investment in a subsidiary
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
without loss of control and the corresponding share of the subsidiary's net assets continuously calculated from
the acquisition date or combination date, shall be adjusted against capital reserve in the consolidated balance
sheet. Where the capital reserve is insufficient to offset the difference, retained earnings shall be adjusted.
(4) Disposal of the loss of control over subsidiaries
Where control over a former subsidiary is lost due to disposal of part of an equity investment or other reasons,
the remaining equity interest shall be remeasured at its fair value on the date when control is lost. The difference
arising from the sum of the consideration received from the disposal of equity and the fair value of the
remaining equity interest, less the sum of the share of the former subsidiary's net assets continuously calculated
from the acquisition date based on the original shareholding ratio and goodwill, shall be recognized in current
investment income for the period in which control is lost.
When the Company loses control over a former subsidiary, other comprehensive income related to the equity
investment in the former subsidiary shall be accounted for on the same basis as would apply if the former
subsidiary had directly disposed of the relevant assets or liabilities, and changes in other owners' equity related
to the former subsidiary under the equity method shall be transferred to current profit or loss at the time control
is lost.
A joint arrangement refers to an arrangement jointly controlled by two or more parties. The Company's joint
arrangements are classified into joint operations and joint ventures.
(1) Joint operations
Joint operations refer to joint arrangements in which the Company enjoys assets related to the arrangements and
bears liabilities related to the arrangements.
The Company recognizes the following items related to the share of interests in joint operations and carries out
accounting treatment in accordance with relevant ASBE:
A. Recognize assets held separately and its share of assets held jointly;
B. Recognize liabilities assumed separately and its share of liabilities assumed jointly;
C. Recognize the revenue generated from selling its share of joint operation output;
D. Recognize the revenue generated from sales of joint operation output according to its share;
E. Recognize the expenses incurred separately and the expenses incurred from the joint operation as per their
shares.
(2) Joint ventures
Joint ventures refer to joint arrangements in which the Company only has rights over the net assets of the
arrangements.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
The Company accounts for investments in joint ventures in accordance with the provisions on equity method
accounting for long-term equity investments.
Cash refers to cash on hand and deposits that are readily available for payment. Cash equivalents refer to short-
term, highly liquid investments held by the Company that are readily convertible into known amounts of cash
and have an insignificant risk of change in value.
Foreign currency transactions of the Company are translated into the amount in recording currency according to
the spot exchange rate on the transaction date.
On the balance sheet date, foreign currency monetary items are translated at the spot exchange rate on the
balance sheet date. Exchange differences arising from the difference between the spot exchange rate on the
balance sheet date and that at initial recognition or on the previous balance sheet date shall be included in
current profit or loss; foreign currency non-monetary items measured at historical cost are still translated at the
spot exchange rate on the transaction date; foreign currency non-monetary items measured at fair value shall be
translated at the spot exchange rate on the date when the fair value is determined. The difference between the
translated amount in recording currency and the original amount in recording currency shall be included in the
current profit or loss or other comprehensive income according to the nature of the non-monetary items.
Financial instruments refer to contracts that form the financial assets of a party and form financial liabilities or
equity instruments of the other party.
(1) Recognition and derecognition of financial instruments
The Company recognizes a financial asset or financial liability when it becomes a party to the contract of the
financial instrument.
A financial asset will be derecognized under one of the following conditions:
① The contractual right to collect cash flow of the financial assets is terminated;
② This financial asset has been transferred and meets the following derecognition conditions for the transfer of
financial assets.
If the current obligation of a financial liability has been discharged in whole or in part, such financial liability or
part thereof shall be derecognized. The Company (the debtor) and the creditor sign an agreement to replace the
existing financial liabilities by assuming new financial liabilities, and if the contractual terms of the new
financial liabilities are substantially different from those of the existing financial liabilities, the existing
financial liabilities shall be derecognized and the new financial liabilities shall be recognized at the same time.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Financial assets transacted in a conventional way are subject to accounting recognition and derecognition on the
transaction day.
(2) Classification and measurement of financial assets
At the time of initial recognition, according to the business model for managing financial assets and the
contractual cash flow characteristics of financial assets, the Company divides financial assets into the following
three categories: financial assets measured at amortized cost, financial assets measured at fair value through
other comprehensive income, and financial assets measured at fair value through profit or loss.
Financial assets are initially recognized at fair value. For financial assets measured at fair value through profit
or loss, the related transaction fees are directly included in the current profit or loss; for other financial assets,
the related transaction fees are included in the initially recognized amount. For accounts receivable arising from
the sale of products or the provision of labor services, which do not include or do not consider significant
financing components, the amount of consideration the Company is expected to be entitled to receive is taken as
the initial recognition amount.
Financial assets measured at amortized cost
The Company classifies the financial assets that meet all of the following conditions and are not designated to
be measured at fair value through profit or loss as those measured at amortized cost:
? The business model of the Company to manage such financial assets is aimed at collecting contractual
cash flows.
? The contract terms of the financial assets stipulate that cash flows generated on a specific date are only
payments of principal and interest based on the outstanding principal amount.
After initial recognition, such financial assets are measured at amortized cost using the effective interest method.
Any gains or losses on financial assets at amortized cost that are not part of the hedging relationship are charged
to the current profit or loss at derecognition, amortization using the effective interest method, or recognition of
impairment.
Financial assets measured at fair value through other comprehensive income
The Company classifies the financial assets that meet all of the following conditions and are not designated to
be measured at fair value through profit or loss as those measured at fair value through other comprehensive
income:
? The Company manages the financial asset in a business model that aims at both collecting contractual
cash flows and selling the financial asset;
? The contract terms of the financial assets stipulate that cash flows generated on a specific date are only
payments of principal and interest based on the outstanding principal amount.
After initial recognition, such financial assets are subsequently measured at fair value. Interest, impairment
losses or gains, and exchange gains and losses calculated by the effective interest method are included in the
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
current profit and loss, and other gains or losses are included in other comprehensive income. At derecognition,
cumulative gains or losses previously included in other comprehensive income are transferred out from the
other comprehensive income and charged to the current profit and loss.
Financial assets measured at fair value through profit or loss
Except for the above-mentioned financial assets measured at amortized cost and fair value through other
comprehensive income, the Company classifies all remaining financial assets as financial assets measured at
fair value through profit or loss. At initial recognition, to eliminate or significantly reduce accounting
mismatches, the Company irrevocably designates some financial assets that should have been measured at
amortized cost or fair value through other comprehensive income as financial assets at fair value through profit
or loss.
Such financial assets are subsequently measured at fair value after initial recognition, and the resulting gains or
losses (including interest and dividend revenue) are included in the current profit or loss unless the financial
assets are part of the hedging relationship.
However, for non-trading equity instrument investments, the Company irrevocably designates them as financial
assets measured at fair value through other comprehensive income upon initial recognition. Such designation
shall be made on the basis of individual investment, and such investment must conform to the definition of
equity instrument from the issuer’s point of view.
After initial recognition, such financial assets are subsequently measured at fair value. Dividend revenue that
meets the conditions is included in profit or loss, and other gains or losses and changes in fair value are included
in other comprehensive income. Upon derecognition, the accumulated gains or losses previously included in
other comprehensive income are transferred out of other comprehensive income and included in retained
earnings.
The business model of managing financial assets refers to how the Company manages financial assets to
generate cash flows. The business model determines the cash flow source of the financial assets managed by the
Company, which may be the collection of contract cash flow, the sale of financial assets, or both. The Company
determines the business model for managing financial assets based on objective facts and specific business
objectives for managing financial assets decided by key management personnel.
The Company evaluates the contractual cash flow characteristics of financial assets to determine whether the
contractual cash flow generated by the relevant financial assets on the specific date is only the payment of
principal and interest based on the principal amount outstanding. Specifically, principal refers to the fair value
of financial assets at initial recognition; interest includes consideration for the time value of money, credit risk
associated with the amount of principal outstanding over a specific period, and other underlying borrowing risks,
costs, and profits. In addition, the Company evaluates contractual terms that may change the timing or amount
of contractual cash flows of financial assets to determine whether they meet the requirements for the above
contractual cash flow characteristics.
Only when the Company changes the business model of managing financial assets will all affected related
financial assets be reclassified on the first day of the first reporting period after the business model changes;
otherwise, financial assets cannot be reclassified after initial recognition.
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(3) Classification and measurement of financial liabilities
Financial liabilities of the Company are classified into financial liabilities measured at fair value through profit
or loss and financial liabilities measured at amortized cost upon initial recognition. For financial liabilities not
classified as those measured at fair value through profit or loss, relevant transaction costs shall be included in
their initially recognized amounts.
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss include trading financial liabilities and financial
liabilities designated upon initial recognition as measured at fair value through profit or loss. Such financial
liabilities shall be subsequently measured at fair value, and gains or losses arising from changes in fair value as
well as dividends and interest expenses related to such financial liabilities shall be included in current profit or
loss.
Financial liabilities measured at amortized cost
Other financial liabilities are subsequently measured at amortized cost using the effective interest method, and
gains or losses arising from derecognition or amortization are included in the current profit or loss.
Distinction between financial liabilities and equity instruments
Financial liabilities refer to those that meet one of the following conditions:
① Contractual obligations to deliver cash or other financial assets to other parties.
② Contractual obligations to exchange financial assets or financial liabilities with other parties under
potentially adverse conditions.
③ Non-derivative contracts that must or can be settled with the enterprise's own equity instruments in the
future, and under which the enterprise will deliver a variable number of its own equity instruments.
④ Derivative contracts that must or can be settled with the enterprise's own equity instruments in the future,
except for derivative contracts under which a fixed number of its own equity instruments is exchanged for a
fixed amount of cash or other financial assets.
An equity instrument refers to a contract that evidences a residual interest in the assets of an enterprise after
deducting all of its liabilities.
If the Company cannot unconditionally avoid performing a contractual obligation by delivering cash or other
financial assets, the contractual obligation meets the definition of financial liabilities.
If a financial instrument must or can be settled with the Company's equity instrument, it is necessary to consider
whether the Company's equity instruments used for the settlement of such instruments are used as substitutes
for cash or other financial assets or to enable the instrument holder to enjoy residual equity in the assets of the
issuer after all liabilities are deducted. If the situation is the former, the instrument is a financial liability of the
Company; if it is the latter, the instrument is an equity instrument of the Company.
(4) Derivative financial instruments and embedded derivative instruments
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The Company's derivative financial instruments include option contracts, among others. Derivative financial
instruments are initially measured at fair value on the date the derivative transaction contract is concluded and
subsequently measured at their fair value. Derivative financial instruments with a positive fair value are
recognized as an asset and those with a negative fair value are recognized as a liability. Any gain or loss arising
from changes in fair value that does not qualify for hedge accounting shall be directly included in current profit
or loss.
For hybrid instruments containing embedded derivatives, if the host contract is a financial asset, the relevant
provisions on the classification of financial assets shall apply to the hybrid instrument as a whole. If the host
contract is not a financial asset, the hybrid instrument is not measured at fair value through profit or loss, the
embedded derivative is not closely related to the host contract in terms of economic characteristics and risks,
and a separate instrument with the same terms as the embedded derivative would meet the definition of a
derivative, the embedded derivative shall be separated from the hybrid instrument and accounted for as a
separate derivative financial instrument. If the embedded derivative cannot be measured separately at the time
of acquisition or on a subsequent balance sheet date, the hybrid instrument as a whole shall be designated as a
financial asset or financial liability measured at fair value through profit or loss.
(5) Fair value of financial instruments
Please refer to Note V. 11 for determination methods for fair values of financial assets and financial liabilities.
(6) Impairment of financial assets
The Company carries out impairment accounting treatment and recognizes the loss provision for the following
items based on expected credit losses:
? Financial assets measured at amortized cost;
? Receivables and debt instrument investments measured at fair value through other comprehensive
income;
? Contract assets as defined in the Accounting Standards for Business Enterprises No. 14—Revenue;
? Lease receivables;
? Financial guarantee contracts (except for those measured at fair value through profit or loss, or those
arising from transfers of financial assets that do not meet the derecognition conditions or from
continuing involvement in transferred financial assets).
Measurement of expected credit loss
The expected credit loss refers to the weighted average of the credit losses of financial instruments that are
weighted by the risk of default. Credit loss refers to the difference between all contractual cash flows receivable
by the Company under the contract and all cash flows expected to be received, discounted at the original
effective interest rate, namely the present value of all cash shortfalls.
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The Company considers reasonable and well-grounded information about past events, current conditions and
projections of future economic conditions, and calculates the probability-weighted amount of the present value
of the difference between the cash flows receivable under the contract and the cash flows expected to be
received, weighted by the risk of default, to recognize expected credit losses.
The Company separately measures the expected credit losses of financial instruments at different stages. If the
credit risk of a financial instrument has not increased significantly since initial recognition, it is in the first stage,
and the Company measures the loss provision based on the expected credit losses for the next 12 months; if the
credit risk of a financial instrument has increased significantly since initial recognition but no credit impairment
has occurred, it is in the second stage, and the Company measures the loss provision based on the expected
credit losses over the entire duration of the instrument; if the financial instrument has suffered credit impairment
since initial recognition, it is in the third stage, and the Company measures the loss provision based on the
expected credit losses over the entire duration of the instrument.
For financial instruments with low credit risk on the balance sheet date, the Company assumes that their credit
risks have not increased significantly since initial recognition and measures the loss provision based on the
expected credit losses for the next 12 months.
Expected credit losses over the entire period refer to expected credit losses resulting from all possible default
events over the expected period of a financial instrument. Expected credit losses over the next 12 months refer
to expected credit losses resulting from possible default events on a financial instrument within 12 months after
the balance sheet date (or the expected period if the expected period of the financial instrument is less than 12
months), and are part of expected credit losses over the entire period.
When measuring the expected credit loss, the longest term that the Company needs to consider is the longest
contract term that the enterprise faces credit risk (including the option to renew the contract).
For financial instruments in the first and second stages and with low credit risk, the Company calculates interest
income according to the book balance before deducting the impairment provision and the effective interest rate.
For financial instruments in the third stage, the Company calculates interest income according to the amortized
cost (that is, the book balance less the impairment provision) and the effective interest rate.
For accounts receivable, other receivables, and contract assets, if the credit risk characteristics of a customer are
significantly different from those of other customers in the portfolio, or the credit risk characteristics of the
customer have changed significantly, the Company shall make provision for bad debts on the receivable item.
Except for receivables with provision for bad debts drawn on a single basis, the Company divides receivables
into portfolios according to credit risk characteristics and calculates provision for bad debts based on portfolios.
Notes receivable and accounts receivable
For notes receivable and accounts receivable, regardless of whether there is a significant financing component,
the Company always measures the loss provision at an amount equal to the expected credit losses over the entire
period.
When information on expected credit losses on individual financial assets or contract assets cannot be assessed
at reasonable cost, the Company classifies notes receivable, accounts receivable and contract assets into
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portfolios based on credit risk characteristics, calculates expected credit losses on a portfolio basis, and
determines the portfolio as follows:
A. Notes receivable
? Notes receivable portfolio 1: Bank acceptance bill
? Notes receivable portfolio 2: Commercial acceptance bills
B. Accounts receivable
? Accounts receivable portfolio 1: Leasing and other portfolios
? Accounts receivable portfolio 2: Jewelry sales business portfolio
For notes receivable divided into portfolios, the Company refers to the historical credit loss experience,
combines the current situation with the forecast of the future economic situation, and calculates the expected
credit loss through default risk exposure and the expected credit loss rate for the whole duration.
For the accounts receivable divided into portfolios, the Company refers to the historical credit loss experience,
combines the current situation with the forecast of the future economic situation, formulates the comparison
table of aging of accounts receivable and the expected credit loss rate in the entire duration, and calculates the
expected credit loss. The age of accounts receivable shall be calculated from the date of recognition.
Other receivables
The Company divides other receivables into several portfolios based on credit risk characteristics, calculates the
expected credit loss on a portfolio basis, and determines the portfolio based on the following:
? Other receivables portfolio 1: Aging portfolio
? Other receivables portfolio 2: Portfolio of deposits and security deposits receivable
? Other receivables portfolio 3: Portfolio of related party transactions within the consolidation scope
For other receivables that are divided into portfolios, the Company calculates the expected credit loss based on
the default risk exposure and the expected credit loss rate within the next 12 months or the whole duration. The
age of other receivables divided into portfolios by aging shall be calculated from the date of recognition.
Debt investments and other debt investments
For debt investments and other debt investments, the Company calculates expected credit losses based on the
nature of the investments and types of counterparties and risk exposures, using default risk exposure and the
expected credit loss rate over the next 12 months or the entire period.
Assessment of significant increases in credit risk
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To determine the relative changes in the default risks of financial instruments in the duration and assess whether
the credit risk of financial instruments has increased significantly since initial recognition, the Company
compares the default risk of financial instruments on the balance sheet date with the default risk on the initial
recognition date.
When determining whether the credit risk has significantly increased since initial recognition, the Company
considers reasonable and well-founded information obtained without unnecessary additional cost or effort,
including forward-looking information. The information considered by the Company includes:
? The debtor fails to pay the principal and interest by the contract expiration date;
? A significant deterioration (if any) in the external or internal credit ratings of a financial instrument,
whether it has occurred or is anticipated;
? A significant deterioration in the operating performance of the debtor, whether it has occurred or is
anticipated;
? Changes in the existing or expected technical, market, economic, or legal environment that will have a
significant adverse impact on the debtor's ability to repay the Company.
According to the nature of financial instruments, the Company evaluates whether the credit risks have increased
significantly on the basis of individual financial instruments or portfolios of financial instruments. When
evaluating based on portfolios of financial instruments, the Company may classify financial instruments based
on common credit risk characteristics, such as overdue information and credit risk rating.
If the financial instrument is overdue for more than 30 days, the Company determines that its credit risk has
significantly increased.
The Company considers that a default of a financial asset occurs when:
? The borrower is unlikely to repay in full the amounts owed to the Company. The assessment does not
cover the realization of the collateral (if held) or other recourse actions by the Company;
? Financial assets are overdue for more than 90 days.
Credit-impaired financial assets
On the balance sheet date, the Company evaluates whether credit impairment has occurred to financial assets
measured at amortized cost and debt investments measured at fair value through other comprehensive income.
When one or more events that have an adverse effect on the expected future cash flow of a financial asset occur,
the financial asset becomes a credit-impaired financial asset. Evidence for credit-impaired financial assets
includes the following observable information:
? The issuer or debtor is caught in a serious financial difficulty;
? The debtor breaches the agreement of contract, such as default or overdue payment of interest or
principal;
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? The Company grants concessions to the debtor due to economic or contractual considerations related to
the debtor's financial difficulties, which would not be made under any other circumstances;
? There lies a great probability of bankruptcy or other financial restructuring for the debtor;
? The issuer or debtor is caught in financial difficulties, which leads to the disappearance of the active
market of the financial asset.
Presentation of provision for expected credit loss
To reflect the changes in the credit risk of financial instruments since initial recognition, the Company re-
measures the expected credit loss on each balance sheet date. The increase or reversal amount of provision for
loss therefrom shall be regarded as impairment loss or gain and included in the current profit or loss. For the
financial assets measured at amortized cost, the provision for loss shall be used to offset against the book value
of the financial assets presented in the balance sheet; for the debt investments measured at fair value through
other comprehensive income, the Company recognizes the provision for loss in other comprehensive income,
and the book value of financial assets will not be deducted.
Write-off
When the Company no longer reasonably expects that the contractual cash flow of the financial asset can be
recovered in whole or in part, the book balance of the financial asset is directly written down. Such write-downs
constitute the derecognition of related financial assets. This usually happens when the Company determines that
the debtor has no assets or sources of income to generate sufficient cash flow to repay the amount to be written
off. However, in accordance with the Company's procedures for recovering overdue amounts, the written-down
financial assets may still be subject to enforcement activities.
If the write-down financial assets are recovered later, they shall be regarded as the reversal of impairment loss
and included in the current profits or losses.
(7) Transfer of financial assets
Transfer of financial assets refers to the assignment or delivery of financial assets to the other party other than
the issuer of such financial assets (transferee).
If the Company has transferred substantially all risks and rewards of ownership of a financial asset to the
transferee, the financial asset shall be derecognized; if it retains substantially all risks and rewards of ownership
of the financial asset, the financial asset shall not be derecognized.
If the Company neither transfers nor retains almost all risks and rewards of ownership of a financial asset, it
shall deal with them as follows: If the control over the financial asset is waived, the financial asset shall be
derecognized and the assets and liabilities incurred shall be recognized; if the control over the financial asset is
not waived, the relevant financial asset shall be recognized to the extent that it continues to be involved in the
transferred financial asset, and the relevant liabilities shall be recognized accordingly.
(8) Offset of financial assets and financial liabilities
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When the Company has a legal right to offset the recognized financial assets and financial liabilities, and such
legal right is currently enforceable, and the Company plans to settle on a net basis or realize the financial assets
and pay off the financial liabilities simultaneously, the financial assets and financial liabilities are presented in
the balance sheet at the amount after offsetting each other. Otherwise, financial assets and financial liabilities
are presented separately in the balance sheet and are not mutually offset.
The Company shall abide by the disclosure requirements of the Self-Regulatory Guidelines No. 3 for Companies Listed on
Shenzhen Stock Exchange — Industrial Information Disclosure for jewelry-related business.
The Company shall abide by the disclosure requirements of the Self-Regulatory Guidelines No. 3 for Companies Listed on
Shenzhen Stock Exchange — Industrial Information Disclosure for jewelry-related business.
(1) Classification of inventories
Inventories of the Company mainly include raw materials, goods in stock, and hedged items.
(2) Valuation method for dispatched inventories
Inventories of the Company are priced by actual cost when acquired. Raw materials and inventory items are
valued using the first-in-first-out method when issued.
(3) Recognition and accrual of provision for decline in the value of inventories
On the balance sheet date, inventories are valued by cost or net realizable value, whichever is lower. If the net
realizable value is lower than the cost, the provision for decline in the value of inventories is accrued.
Net realizable value is the estimated selling price less estimated costs to be incurred upon completion, estimated
selling expenses, and related taxes. In determining the net realizable value of inventories, the Company shall
consider purpose of holding inventories and the effect of events after the balance sheet date based on the
acquired concrete evidence.
The Company usually conducts the provision for decline in the value of inventories on an individual inventory
item basis. For inventories with large quantities and low unit prices, provision for decline in the value of
inventories is recognized by inventory class.
On the balance sheet date, if the factors affecting the previous write-down of inventory value have disappeared,
the provision for decline in the value of inventories shall be reversed within the amount of the original provision.
(4) Inventory system
The Company adopts the perpetual inventory system.
(5) Amortization methods for low-value consumables and packaging materials
The Company adopts the one-off amortization method for low-value consumables collected.
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Long-term equity investments include equity investments in subsidiaries, joint ventures, and associates. When
the Company can exercise significant influence over the investee, the investee is an associate.
(1) Recognition of initial investment cost
Long-term equity investment acquired through a business combination: For long-term equity investment
acquired through a business combination under common control, the share of the book value of the owners'
equity of the combined party in the consolidated financial statements of the ultimate controlling party shall be
recognized as the investment cost on the combination date; for long-term equity investment acquired through a
business combination not under common control, the combination cost shall be recognized as the investment
cost of the long-term equity investment.
For long-term equity investments acquired by other methods: For those acquired by cash payment, the actual
purchase price shall be taken as the initial investment cost; for those acquired by issuing equity securities, the
fair value of issued equity securities shall be taken as the initial investment cost.
(2) Subsequent measurement and recognition of related profit or loss
Investments in subsidiaries are accounted for using the cost method unless they meet the conditions of being
held for sale; investments in associates and joint ventures are calculated through the equity method.
For long-term equity investments calculated by the cost method, except for the declared but not yet released
cash dividends or profits included in the actual price or consideration paid when acquiring the investment, the
distributed cash dividends or profits declared by the investee shall be recognized as investment income and
included in the current profit or loss.
For long-term equity investments calculated through the equity method, if the initial investment cost is greater
than the share of fair value of net identifiable assets of the investee at the time of investment, the investment
cost of the long-term equity investment shall not be adjusted; if the initial investment cost is less than the share
of fair value of net identifiable assets of the investee at the time of investment, the book value of the long-term
equity investment shall be adjusted and the difference shall be included in the current profit or loss.
For equity method-based calculation, the investment income and other comprehensive income shall be
recognized respectively according to the share of the net profits and losses and other comprehensive income
realized by the investee that shall be enjoyed or shared. Meanwhile, the book value of the long-term equity
investment shall be adjusted. The part of the due share shall be calculated according to the distributed profit or
cash dividend declared by the investee, and the book value of the long-term equity investment shall be reduced
accordingly. For other changes of owners' equity of the investee apart from net profit and loss, other
comprehensive income, and profit distribution, the book value of long-term equity investment shall be adjusted
and included in capital reserve (other capital reserves). When recognizing the share of net profit or loss of the
investee, the Company shall recognize the net profit of the investee after adjustment based on the fair value of
various identifiable assets of the investee when acquiring the investment and in accordance with the accounting
policies and accounting periods of the Company.
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If the Company is able to exert significant influence on the investee or exercise joint control over the investee
but does not have control due to additional investment or other reasons, the sum of the fair value of the original
equity plus the new investment cost shall be taken as the initial investment cost calculated by the equity method
on the conversion date. If the original equity is classified as a non-trading equity instrument investment
measured at fair value with changes into other comprehensive income, the related accumulated changes in fair
value originally included in other comprehensive income shall be transferred to retained earnings in accounting
using the equity method.
Suppose the Company loses joint control over or significant influence on the investee due to the disposal of a
partial equity investment and other reasons. In that case, the remaining equity after disposal shall be subject to
accounting treatment according to the Accounting Standards for Business Enterprises No. 22—Recognition and
Measurement of Financial Instruments on the date of losing joint control or significant influence, and the
difference between fair value and book value shall be included in the current profit or loss. When the equity
method is discontinued, other comprehensive income recognized in relation to the original equity investment
under the equity method shall be accounted for on the same basis as would apply if the investee directly
disposed of the relevant assets or liabilities; other changes in owners' equity related to the original equity
investment shall be transferred to current profit or loss.
If the Company loses control over the investee due to the disposal of partial equity investment or other reasons,
and the remaining equity after disposal enables the Company to exercise joint control over or significant
influence on the investee, it shall be accounted for using the equity method instead, and adjusted as if it had
been accounted for using the equity method since it was acquired; if the remaining equity after disposal does not
enable the Company to exercise joint control over or significant influence on the investee, it shall be subject to
accounting treatment according to the relevant provisions of Accounting Standards for Business Enterprises No.
value on the date of losing control shall be included in the current profit or loss.
If the shareholding proportion of the Company decreases due to capital increase by other investors, resulting in
loss of control while the Company can still exercise joint control over or significant influence on the investee,
the Company's share of net assets increased due to capital increase and share expansion of the investee shall be
recognized according to the new shareholding proportion. The difference between the original book value of
long-term equity investment corresponding to the decrease in the shareholding proportion that shall be carried
forward shall be included in the current profit or loss; the new shareholding proportion is then adjusted as if it
had been accounted for using the equity method since the acquisition of the investment.
The portion of unrealized internal transaction gains and losses between the Company and its associates and joint
ventures attributable to the Company based on its shareholding proportion shall be offset, and investment gains
and losses shall be recognized on that basis. However, the unrealized internal transaction losses incurred
between the Company and the investee that belong to the impairment loss of transferred assets shall not be
offset.
(3) Basis for determining joint control and significant influence on the investee
Joint control refers to the sharing of control over certain arrangements under related agreements, and the
associated activities of the arrangement can be determined only when the unanimous consent of the parties
sharing the control right is obtained. When determining the existence of joint control, the first step is to assess
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whether the arrangement is collectively controlled by all parties involved or a combination of the parties. The
next step is to evaluate whether decisions about the relevant activities of the arrangement require the unanimous
consent of those parties who collectively control the arrangement. If all participants or a group of participants
must act in concert to decide the relevant activities of an arrangement, it is considered that all participants or a
group of participants collectively control the arrangement; if two or more combinations of parties can
collectively control an arrangement, it does not constitute joint control. Protective rights are not considered in
determining whether or not there is joint control.
Significant influence means the power of the investor to participate in making decisions on the financial and
operating policies of an investee, but the investor cannot control or jointly control with other parties over the
formulation of these policies. When determining whether significant influence can be exerted on the investee,
the Company shall consider the impact of voting shares directly or indirectly held by the investor and current
executable potential voting rights held by the investor and other parties after they are assumed to be converted
into equity in the investee, including the impact of current convertible warrants and share options and
convertible corporate bonds issued by the investee.
When the Company directly owns, or indirectly owns through its subsidiaries, 20% or more but less than 50%
of the voting shares of the investee, it is generally considered to have significant influence over the investee,
unless there is clear evidence that the Company cannot participate in the production and operating decisions of
the investee under such circumstances and therefore does not have significant influence. When the Company
owns less than 20% of the voting shares of the investee, it is generally not considered to have significant
influence over the investee, unless there is clear evidence that the Company can participate in the production
and operating decisions of the investee under such circumstances and therefore has significant influence.
(4) Impairment test method and accrual method for impairment provision
For investments in subsidiaries, associates, and joint ventures, please see Note V. 19 for the accrual method for
impairment provision.
Measurement model of investment properties
Cost method
Depreciation or amortization method
Investment properties are properties held for rent earnings, capital appreciation, or both. Investment properties
of the Company include the land use rights that have been rented, the land use rights held for transfer after
appreciation, and buildings that have been rented.
Investment properties of the Company shall be initially measured at the price upon acquisition and depreciated
or amortized on schedule as per relevant provisions on fixed assets or intangible assets.
Investment properties are measured subsequently as per the cost model. See Note V. 19 for the provision
method of asset impairment.
The difference between the disposal income from the sale, transfer, retirement or damage of investment
properties after deducting their book value and relevant taxes shall be included in current profit or loss.
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(1) Recognition conditions
Fixed assets of the Company refer to the tangible assets held for producing goods, rendering labor services,
leasing, or business management with a service life of over one fiscal year.
The fixed assets can be recognized only when the economic benefits related to such fixed assets are likely to
flow into an enterprise, and the cost of such fixed assets can be measured reliably.
Fixed assets of the Company shall be initially measured at the actual cost when acquired.
For the subsequent expenses related to fixed assets, if the economic benefits of the assets are likely to flow into
the Company and the cost can be reliably measured, they are included in the cost of fixed assets; daily repair
costs of fixed assets that do not meet the conditions for subsequent expenses for capitalization of fixed assets
are included in the current profit or loss or the cost of relevant assets according to the beneficiaries upon
occurrence. The book value of the part being replaced will be derecognized.
(2) Depreciation method
Annual depreciation
Category Depreciation method Depreciation period Residual ratio
rate
Premises and buildings Straight-line method 10, 35–40 0, 3 10, 2.43-2.77
Including: Decoration
Straight-line method 10 0 10
of self-owned houses
Machinery and
Straight-line method 10 3 9.70
equipment
Electronic equipment Straight-line method 3 3 32.33
Transportation
Straight-line method 7 3 13.86
equipment
Office and other
Straight-line method 5 3 19.40
equipment
The depreciation rate of fixed assets with provision for impairment shall be calculated and determined by
deducting the accumulated amount of provision for impairment of fixed assets.
The Company's cost of construction in progress is determined according to the actual construction expenditures,
including various necessary construction expenditures incurred during the construction period, borrowing costs
that shall be capitalized before the project reaches the expected serviceable condition, and other relevant
expenses.
Construction in progress is transferred to fixed assets when it is ready for its intended use.
See Note V. 19 for the provision method of asset impairment of the construction in progress.
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(1) Recognition principle for capitalization of borrowing costs
Borrowing costs incurred by the Company that are directly attributable to the acquisition, construction, or
production of assets eligible for capitalization shall be capitalized and included in relevant asset costs; other
borrowing costs shall be recognized as expenses according to their amount when incurred and included in the
current profit or loss. Borrowing costs shall be capitalized when all of the following conditions are satisfied:
① Expenditures on an asset have been incurred, and expenditures on the asset comprise payments in cash,
transfer of non-cash assets, or assumption of debts with interests for acquisition, construction, or production of
the asset qualifying for capitalization;
② Borrowing costs have occurred;
③ The acquisition, construction, or production activities necessary to bring the assets to their intended use or
sale have started.
(2) Period of borrowing costs capitalization
The capitalization of borrowing costs shall cease when the assets eligible for capitalization acquired,
constructed, or produced by the Company are ready for their intended use or sale. Borrowing costs incurred
after the assets eligible for capitalization are ready for their intended use or sale shall be recognized as expenses
based on the amount incurred when incurred and included in current profit or loss.
If the acquisition, construction, or production of assets eligible for capitalization is interrupted abnormally and
the interruption period exceeds 3 consecutive months, the capitalization of borrowing costs shall be suspended;
the borrowing costs during the normal interruption period shall continue to be capitalized.
(3) Capitalization rate and calculation method of capitalization amount of borrowing costs
The amount of interest expenses actually incurred on specific borrowings in the current period, less the interest
income earned from depositing unused borrowing funds in banks or investment income from temporary
investments, shall be capitalized. The capitalized amount of general borrowing shall be determined by
multiplying the weighted average of the asset expenditures from the accumulative asset expenditures exceeding
the special borrowing by the capitalization rate of general borrowing occupied. The capitalization rate is
determined based on the weighted average interest rate of general borrowings.
During the capitalization period, exchange differences on foreign-currency special borrowings shall be
capitalized in full, while exchange differences on foreign-currency general borrowings shall be included in
current profit or loss.
(1) Service life and its determination basis, estimation, amortization method, or review procedure
The Company's intangible assets include land use rights, computer software, and trademarks.
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Intangible assets are initially measured at cost, and their service life is determined upon acquisition. If the
service life of an intangible asset is limited, it shall be amortized within the estimated service life with an
amortization method that can reflect the expected realization mode of economic benefits related to the asset
since the asset is available for use; if the expected realization mode cannot be reliably determined, the asset
shall be amortized with the straight-line method; intangible assets with uncertain service life shall not be
amortized.
The amortization method for intangible assets with limited service life is as follows:
Service Amortization
Category Determination basis of service life Remarks
life method
Straight-line
Land use right 50 years Legal right to use
method
Computer Determine the service life with reference to the term that Straight-line
software can bring economic benefits to the Company method
Determine the service life with reference to the term that Straight-line
Trademark 10 years
can bring economic benefits to the Company method
At the end of each year, the Company shall recheck the service life and amortization method of intangible assets
with limited service life. If there are changes from previous estimates, the original estimates shall be adjusted,
and the changes shall be accounted for as changes in accounting estimates.
If an intangible asset is expected no longer to generate future economic benefits for the Company at the balance
sheet date, the book value of the asset is transferred to the current profit or loss.
See Note V. 19 for the provision method of asset impairment of the intangible assets.
(2) Collection scope of R&D expenditures and relevant accounting treatment methods
The R&D expenditures of the Company refer to expenditures directly related to the R&D activities of the
Company, including salaries of R&D personnel, direct input expenses, depreciation expenses, long-term
deferred expenses, design expenses, equipment commissioning expenses, amortization expenses of intangible
assets, expenses incurred from commissioned external R&D, and other expenses. The salaries of R&D
personnel are included in R&D expenditures according to the project working hours. Equipment, production
lines, and sites shared for R&D activities and other production and operation activities are included in R&D
expenditures according to the proportion of working hours and area.
The Company divides the expenditure of internal R&D projects into research stage expenditure and
development stage expenditure.
Expenditures at the research stage shall be included in the current profit or loss when incurred.
Expenditures at the development stage may be capitalized only when all of the following conditions are met: It
is technically feasible to complete the intangible asset so that it can be used or sold; there is an intention to
complete the intangible asset and use or sell it; the way in which the intangible asset will generate economic
benefits can be demonstrated, including by demonstrating that there is a market for the products produced using
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the intangible asset or for the intangible asset itself, or, if the intangible asset is to be used internally, by
demonstrating its usefulness; there are sufficient technical, financial and other resources to complete the
development of the intangible asset and the ability to use or sell it; and the expenditures attributable to the
development stage of the intangible asset can be measured reliably. Development expenditures that do not meet
the above conditions are included in the current profit or loss.
The R&D projects of the Company will enter the development stage after meeting the above conditions and
passing the technical feasibility study and economic feasibility study to gain project approval.
The capitalized expenditures in the development stage shall be presented as development costs on the balance
sheet and shall be transferred into intangible assets from the date when the project meets the expected usage.
The impairment of long-term equity investments in subsidiaries, associates and joint ventures, investment
properties subsequently measured under the cost model, fixed assets, construction in progress, right-of-use
assets, intangible assets, etc. (excluding inventories, investment properties measured under the fair value model,
deferred income tax assets and financial assets) shall be determined according to the following methods:
The Company judges whether there is a sign of impairment to assets on the balance sheet date. If such a sign
exists, the Company estimates the recoverable amount and conducts the impairment test. The goodwill formed
due to the business combination, intangible assets with uncertain service life, and intangible assets that have not
yet reached their intended use shall be tested for impairment every year, regardless of whether there is any sign
of impairment.
The recoverable amount is the net amount gained after the fair value of assets deducts the disposal fees, or the
present value of the estimated future cash flow of the assets, whichever is higher. The Company estimates the
recoverable amount on a single-asset basis. If it is difficult to estimate the recoverable amount of a single asset,
the recoverable amount of the asset group shall be determined based on the asset group to which the asset
belongs. The asset group is determined by whether the main cash flow generated by the asset group is
independent of those generated by other assets or asset groups.
When the asset or asset group's recoverable amount is lower than its book value, the Company reduces its book
value to its recoverable amount, the reduced amount is recorded in the current profit or loss, and the provision
for impairment of assets is recognized.
For the impairment test of goodwill, the book value of goodwill formed from a business combination shall be
allocated to the relevant asset groups using a reasonable method from the acquisition date; if it is difficult to
allocate it to the relevant asset groups, it shall be allocated to the relevant portfolios of asset groups. The
relevant asset groups or portfolios of asset groups are asset groups or portfolios of asset groups that can benefit
from synergies of a business combination and are not greater than the reportable segment of the Company.
During the impairment test, if there is any sign of impairment in the asset groups or portfolios of asset groups
related to goodwill, an impairment test shall be first conducted for asset groups or portfolios of asset groups that
do not contain goodwill to calculate the recoverable amount and recognize the corresponding impairment loss.
Then, an impairment test shall be conducted on the asset groups or portfolios of asset groups that include
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goodwill. The book value shall be compared with the recoverable amount; if the recoverable amount is found to
be lower than the book value, an impairment loss for goodwill shall be recognized.
Once recognized, the impairment loss of assets shall not be reversed in future accounting periods.
Long-term deferred expenses of the Company shall be valued as per actual cost and averagely amortized as per
the expected benefit period. If the long-term deferred expense item cannot benefit the future accounting period,
the amortized value of the item shall be included in the current profit or loss in full amount.
(1) Accounting treatment for short-term compensation
During the accounting period when employees provide services, the Company recognizes the actual salary and
bonus of employees, social insurance premiums such as medical insurance premiums, work-related injury
insurance premiums, and maternity insurance premiums paid for employees according to the specified
benchmark and proportion, and housing fund as liabilities, and includes them in current profits and losses or
relevant asset costs.
(2) Accounting treatment for post-employment benefits
Post-employment benefit plans include defined contribution plans and defined benefit plans. Among them, the
defined contribution plan refers to a post-employment benefit plan in which the enterprise has no further
payment obligation after paying fixed expenses to an independent fund; the defined benefit plan refers to a post-
employment benefit plan other than the defined contribution plan.
Defined contribution plan
The defined contribution plan includes basic endowment insurance and unemployment insurance.
During the accounting period, when employees provide services, the amount payable calculated according to
the defined contribution plan is recognized as a liability and included in the current profit or loss or related asset
costs.
Defined benefit plan
For defined benefit plans, an independent actuary shall carry out an actuarial valuation on the annual balance
sheet date and determine the cost of providing benefits using the projected unit credit method. Employee
compensation costs of the Company arising from the defined benefit plan shall include the following
components:
① Service costs, including current service costs, past service costs, and settlement gains or losses. Current
service costs refer to the increased amount in the present value of defined benefit plan obligations caused when
employees provide services in the current period; past service costs refer to the increase or decrease in the
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present value of defined benefit plan obligations related to employee services in previous periods caused by
modifications to defined benefit plans.
② Net interest on the defined benefit plan net liabilities or assets, including interest income on plan assets,
interest cost on the defined benefit plan obligation, and interest on the effect of the asset ceiling.
③ Changes as a result of remeasurement of the defined benefit plan's net liabilities or assets.
Unless other accounting standards require or permit employee benefit costs to be included in asset costs, the
Company includes items ① and ② above in current profit or loss; item ③ is included in other comprehensive
income and will not be reclassified to profit or loss in subsequent accounting periods. When the original defined
benefit plan is terminated, the portion previously included in other comprehensive income is transferred in full
within equity to undistributed profits.
(3) Accounting treatment for termination benefits
If the Company provides termination benefits to employees, the employee compensation liabilities arising from
the termination benefits shall be recognized and included in current profit or loss at the earlier of the following
two dates: when the Company can no longer unilaterally withdraw the termination benefits provided under a
labor relationship termination plan or layoff proposal; or when the Company recognizes costs or expenses
related to restructuring involving the payment of termination benefits.
If an employee's internal retirement plan is implemented, the economic compensation before the official
retirement date belongs to the termination benefits. During the period from the date when the employee stops
providing services to the normal retirement date, the wages to be paid to the early retired employees and the
social insurance premiums to be paid are included in the current profit or loss in a lump sum. Economic
compensation after the official retirement date (such as the pension) is treated as post-employment benefits.
(4) Accounting treatment for other long-term employee benefits
Other long-term employee benefits provided by the Company to its employees, which meet the criteria for a
defined contribution plan, shall be handled as per the regulations relevant to the defined contribution plan
mentioned above. If the benefits meet the defined benefit plan, they shall be handled as per the relevant
provisions on the defined benefit plan above, but the part of "changes arising from re-measuring the net
liabilities or net assets of the defined benefit plan" in the relevant employee compensation costs shall be
included in the current profit or loss or the relevant asset costs.
An obligation related to contingencies, if satisfying the following conditions at the same time, will be
recognized as an estimated liability by the Company:
(1) The obligation is the current obligation of the Company;
(2) Performance of this obligation will probably cause an outflow of economic interest of the Company;
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(3) The amount of such obligation can be measured reliably.
Estimated liabilities are initially measured at the best estimate required to perform the relevant current
obligation, in comprehensive consideration of the risks, uncertainty, time value of money, and other factors
pertinent to the contingencies. If there is a significant impact on the time value of money, the best estimate is
determined by discounting the relevant future cash outflows. On the balance sheet date, the book value of the
estimated liabilities is reviewed and adjusted by the Company to reflect the current best estimate.
If all or part of the expenditures necessary for clearing off the recognized estimated liabilities are expected to be
compensated by a third party or any other party, the amount of compensation shall be recognized as assets
separately only when it is basically sure that the amount can be obtained. The recognized amount of
compensation shall not exceed the book value of the recognized liabilities.
Accounting policies for revenue recognition and measurement disclosed by business type
(1) General principles
The Company recognizes revenue when it has fulfilled its obligations under the contract, specifically when the
customer has gained control over the relevant goods or services.
If the contract contains two or more performance obligations, the Company shall, at the beginning date of the
contract, apportion the transaction price to each performance obligation according to the relative proportion of
the individual selling price of the goods or services promised by each performance obligation, and measure the
revenue according to the transaction price apportioned to each performance obligation.
If one of the following conditions is met, the performance obligation is performed over a period of time;
otherwise, it is performed at a time point:
① The customer simultaneously obtains and consumes the economic benefits arising from the contract
performance of the Company.
② The customer can control the goods under construction during the performance of the Company.
③ The goods produced during the performance of the Company have no alternative use, and the Company has
the right to collect payments for the accumulated performance portion to date throughout the contract period.
For the performance obligations performed within a certain period of time, the Company shall recognize the
revenue within that period according to the performance progress. If the performance progress cannot be
reasonably confirmed, and the costs incurred by the Company can be expected to be compensated, the revenues
shall be recognized according to the amount of costs incurred until the performance progress can be reasonably
recognized.
For performance obligations performed at a certain time point, the Company shall confirm the revenue at the
time point when the customer gains control rights of the relevant goods or services. In determining whether a
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customer has obtained the control rights of the goods or services, the Company shall consider the following
signs:
① The Company enjoys the current collection right concerning such goods or services, i.e., the customer has
the obligation to pay immediately for the goods.
② The Company has transferred legal title to the goods to the customer, i.e., the customer has legal title to the
goods.
③ The Company has transferred the goods to the customer in kind, i.e., the customer has possessed the goods.
④ The Company has transferred the major risks and rewards on the ownership of the goods to the customer,
i.e., the customer has obtained the major risks and rewards on the ownership of the goods.
⑤ The customer has accepted the goods or services.
⑥ Other signs indicate that the customer has obtained the right to control the goods.
(2) Specific methods
Property lease and service
See Note V. 26 for the specific method for the recognition of revenue from property leasing and services.
Sales and services of gold and jewelry
The Company determines whether it is the principal or agent at the time of the transaction based on whether it
has control of the goods or services prior to the transfer of the goods or services to the customer. If the
Company has control over the goods or services before transferring them to the customer, the Company is the
principal and recognizes revenue based on the total consideration received or receivable; otherwise, the
Company acts as an agent and recognizes revenue based on the amount of commission or handling charge to
which it is expected to be entitled, which is determined based on the net amount of the total consideration
received or receivable after deducting the price payable to other related parties, or based on the established
commission amount or proportion. The Company's gold and jewelry sales are primarily conducted through
direct sales, supplemented by consignment sales. The main direct sales channels include wholesalers, e-
commerce platforms, and retail sales at direct-sales stores. The timing of revenue recognition for each sales
model is as follows:
① In wholesaler sales, purchasers cooperate with the Company directly. The time point is when the goods-
related control rights have been transferred to the purchasers, which signifies that the performance obligation is
completed according to the sales contract. The revenue will then be recognized after customers accept the goods
and issue receipts.
② In e-commerce sales, the Company sells goods on e-commerce platforms. The sales revenue will be
recognized when customers have signed for the goods, and the Company has received payments or obtained the
right to claim payments.
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③ In retail through direct-sales stores, the Company sells its goods in its self-owned properties. The sales
revenue will be recognized when the Company has sold goods to customers and received payments or obtained
the right to claim payments.
④ In consignment sales, the Company delivers products to stores of consignees. Revenue is recognized when
the consignee sells the goods to end consumers, the end consumers sign for the goods, and control of the goods
has been transferred to the end consumers, which is the point at which the performance obligation under the
sales contract is completed.
The specific methods for recognizing other revenues of the Company are as follows:
In the independent gold repurchase business, the Company obtains old gold from the market and entrusts
refineries to process it into standard gold bars. The standard gold bars will then be sold to the Shanghai Gold
Exchange. Based on the price quoted by the Shanghai Gold Exchange at the relevant point in time, the
Company confirms the sale (pricing) in the trading system and recognizes revenue after obtaining the settlement
statement from the Shanghai Gold Exchange.
In the gold and jewelry agency procurement business, the Company acts as an agent and provides agency
services for principals according to the agency procurement agreement to earn agency commission fees. The
Company recognizes the agency commission revenue when customers pay and sign for goods.
In the agency gold repurchase business, the Company repurchases gold on behalf of suppliers and charges
service fees. Revenue is calculated and recognized based on the timing of the agency gold repurchase and the
service fees agreed in the contract.
Circumstances where the same type of business involves different revenue recognition and measurement methods due to different
business models
The Company shall abide by the disclosure requirements of the Self-Regulatory Guidelines No. 3 for Companies Listed on
Shenzhen Stock Exchange — Industrial Information Disclosure for jewelry-related business.
The government subsidies shall be recognized when all the attached conditions can be satisfied, and the
government subsidies can be received.
The government subsidies in the form of monetary assets shall be measured at the amount received or
receivable. The government subsidies in the form of non-monetary assets are measured based on the fair value,
or the nominal amount of RMB 1 if the fair value cannot be acquired reliably.
Asset-related government subsidies refer to those that are acquired by the Company and used for acquiring,
constructing, or forming long-term assets in other ways. Other government subsidies are considered revenue-
related government subsidies.
For the government subsidies with the grant objects not expressly stipulated in the government documents, if
they can be used to form long-term assets, the government subsidies corresponding to the value of the assets are
regarded as asset-related government subsidies, while the rest are regarded as revenue-related government
subsidies. For the government subsidies that are difficult to differentiate, the government subsidies as a whole
are regarded as revenue-related government subsidies.
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The asset-related government subsidies shall be recognized as deferred income, which shall be included in
profits and losses in installments reasonably and systematically within the service life of the relevant assets. For
revenue-related government subsidies, they shall be included in the current profit or loss if used to compensate
for the incurred related costs or losses; if used to compensate for the related costs or losses during future periods,
they shall be included in the deferred income, and included in the current profit or loss during the period when
the related costs or losses are recognized. Government subsidies measured at the nominal amount shall be
directly included in the current profit or loss. The Company adopts the same treatment for those transactions of
similar government subsidies.
The government subsidies related to daily activities shall be included in other incomes according to the essence
of economic business. Government subsidies irrelevant to daily activities are included in non-operating revenue.
For the government subsidies recognized to be refunded, if the government subsidies are used to offset the book
value of the related assets when they are initially recognized, the book value of the assets shall be adjusted. If
there is deferred income concerned, the government subsidies shall be offset against the book balance of the
deferred income, and the excess shall be included in the current profit or loss. In other cases, they shall be
directly included in the current profit or loss.
Income tax includes current income tax and deferred income tax. The income tax shall be included in the
current profit or loss as income tax expenses, except that the deferred income taxes related to the adjustment of
goodwill due to a business combination or the transactions and matters directly included in the owner's equity
are included in the owner's equity.
The Company shall recognize deferred income tax with the balance sheet liability method according to the
temporary differences between the book value of assets and liabilities and their tax bases at the balance sheet
date.
Relevant deferred income tax liabilities shall be recognized for each taxable temporary difference unless the
taxable temporary difference arises from the following transactions:
(1) The initial recognition of goodwill or the initial recognition of assets or liabilities incurred in a transaction
with the following features: The transaction should not be a business combination and does not impact
accounting profit or taxable income at the time of the transaction (except for individual transactions with equal
taxable temporary differences and deductible temporary differences resulting from the initial recognition of
assets and liabilities);
(2) For taxable temporary differences related to investments in subsidiaries, joint ventures, and associates, the
time of reversal of the temporary difference can be controlled and it is likely that such temporary differences
will not be reversed in the foreseeable future.
For deductible temporary differences, deductible losses and tax credits that can be carried forward to future
years, the Company recognizes deferred income tax assets arising therefrom to the extent that it is likely to
obtain future taxable income to offset the deductible temporary differences, deductible losses and tax credits,
unless the deductible temporary differences arise in the following transactions:
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(1) The transaction should not be a business combination and does not impact accounting profit or taxable
income at the time of the transaction (except for individual transactions with equal taxable temporary
differences and deductible temporary differences resulting from the initial recognition of assets and liabilities);
(2) For deductible temporary differences associated with investments in subsidiaries, associates, and joint
ventures, if the following conditions are satisfied at the same time, corresponding deferred income tax assets are
recognized: The temporary difference will likely be reversed in the foreseeable future and taxable income will
likely be available in the future for deducting the deductible temporary differences.
On the balance sheet date, deferred income tax assets and deferred income tax liabilities are measured at the
applicable tax rates for the period when the asset is recovered, or the liability is settled, and reflect the income
tax impact of the expected recovery of assets and settlement of liabilities on the balance sheet date.
On the balance sheet date, the Company reviews the book value of the deferred income tax assets. If it is likely
that sufficient taxable income will not be available in future periods to deduct the benefit of the deferred income
tax assets, the book value of the deferred income tax assets is reduced. Any such reduction in amount is
reversed to the extent that it becomes probable that sufficient taxable income will be available.
On the balance sheet date, the deferred income tax assets and liabilities are presented in the net value after
offsetting when the following conditions are met at the same time:
(1) The taxpayer within the Company has a legally enforceable right to settle current income tax assets and
current income tax liabilities on a net basis;
(2) Deferred income tax assets and liabilities are related to the income taxes levied by the same tax collection
agency on the same taxpayer within the Company.
(1) Accounting treatment method for lease as the lessee
On the commencement date of the lease term, the Company shall recognize the right-of-use assets and the lease
liabilities for all leases, except for the short-term leases and low-value asset leases that are subject to simplified
treatment.
Lease liabilities shall be initially measured at the present value calculated by the interest rate implicit in the
lease according to the unpaid lease payment on the commencement date of the lease term. If the interest rate
implicit in the lease cannot be determined, the incremental borrowing rate shall be used as the discount rate.
Lease payments include fixed payments and in-substance fixed payments, less any lease incentives; variable
lease payments that depend on an index or a rate; the exercise price of a purchase option, provided that the
lessee is reasonably certain to exercise that option; payments required to exercise an option to terminate the
lease, provided that the lease term reflects that the lessee will exercise the option to terminate the lease; and
payments expected to be made based on the residual value guaranteed by the lessee. Subsequently, interest
expenses on lease liabilities for each period during the lease term shall be calculated at a fixed periodic interest
rate and included in current profit or loss. The variable lease payment that is not included in the measurement of
lease liabilities is included in the current profit or loss when it occurs.
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Short-term lease
A short-term lease refers to a lease with a lease term of not more than 12 months on the commencement date of
the lease term, except for the lease containing the purchase option.
The Company includes the payment amount of short-term leases into relevant asset costs or current profits and
losses by the straight-line method at each period within the lease term.
For short-term leases, the Company selects the above simplified treatment method for the items meeting the
short-term lease conditions in the following asset types according to the classes of leased assets.
Low-value asset lease
A low-value asset lease refers to a lease with a value lower than RMB 40,000 when an individual leased asset is
brand new.
The Company includes the payment amount of low-value asset leases into relevant asset costs or the current
profit or loss by the straight-line method at each period within the lease term.
For low-value asset leases, the Company selects the above simplified treatment method according to the specific
conditions of each lease.
Lease change
If a change in a lease occurs and meets the following conditions at the same time, the Company accounts for the
change as a separate lease: ① The change expands the scope of the lease by adding the right to use one or more
leased assets; and ② the increased consideration is commensurate with the stand-alone price for the increase in
the scope of the lease, adjusted for the circumstances of the contract.
If the lease change is not taken as a separate lease for accounting treatment, the Company shall, on the effective
date of the lease change, reallocate the consideration of the changed contract, redetermine the lease term, and
remeasure the lease liabilities according to the changed lease payment and the present value calculated by the
revised discount rate.
If the lease scope is reduced or the lease term is shortened due to the lease change, the Company will
correspondingly reduce the book value of right-of-use assets and include relevant gains or losses from partial or
complete termination of the lease in the current profit or loss.
If the lease liabilities are remeasured due to other lease changes, the Company will adjust the book value of
right-of-use assets accordingly.
(2) Accounting treatment method for lease as the lessor
When the Company is the lessor, the lease that substantially transfers all risks and rewards related to the
ownership of the assets is recognized as a finance lease, and leases other than finance leases are recognized as
operating leases.
Finance lease
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In a finance lease, at the commencement date of the lease term, the Company takes the net investment in the
lease as the entry value of finance lease receivables. The net investment in the lease is the sum of the
unguaranteed residual value and the present value of the lease receipts that have not yet been received at the
commencement date of the lease term, discounted at the interest rate implicit in the lease. As the lessor, the
Company calculates and recognizes interest income for each period during the lease term using a fixed periodic
interest rate. Variable lease payments obtained by the Company as the lessor but not considered in the
measurement of net investment in leases are recognized in the current profit or loss when incurred.
The derecognition and impairment of finance lease receivables shall be subject to accounting treatment
according to the Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of
Financial Instruments and the Accounting Standards for Business Enterprises No. 23—Transfer of Financial
Assets.
Operating lease
Lease income from operating leases is included in the current profit or loss by the Company as per the straight-
line method in different stages over the lease term. The initial direct cost incurred related to the operating lease
shall be capitalized, amortized within the lease term according to the same base with the recognition of rent
revenue, and included in the current profit or loss by stages. The variable lease payment, which is related to
operating lease and not included in lease receipts, is included in the current profit or loss when it actually occurs.
Lease change
If there is a change in an operating lease, the Company accounts for it as a new lease from the effective date of
the change, and any lease payments received in advance or receivable related to the lease before the change are
regarded as lease receipts under the new lease.
If a change in a finance lease occurs and meets the following conditions at the same time, the Company
accounts for the change as a separate lease: ① The change expands the scope of the lease by adding the right to
use one or more leased assets; and ② the increased consideration is commensurate with the stand-alone price
for the increase in the scope of the lease, adjusted for the circumstances of the contract.
If the change of finance lease is not accounted for as a separate lease, the Company shall deal with the changed
lease based on the following circumstances: ① If the change takes effect on the commencement date of the
lease and the lease is classified as an operating lease, the Company shall take it as a new lease for the
accounting treatment from the effective date of lease change and take the net lease investment made before the
effective date of the lease change as the book value of the leased asset; ② If the change takes effect on the
commencement date of the lease and the lease is classified as a finance lease, the Company shall carry out
accounting treatment according to the regulations on modifying or renegotiating contracts described in
Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of Financial
Instruments.
The Company continuously evaluates the significant accounting estimates and key assumptions adopted based
on historical experience and other factors, including reasonable expectations for future events. Significant
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accounting estimates and critical assumptions that may lead to a major adjustment of the book value of assets
and liabilities in the next accounting year are listed as follows:
Classification of financial assets
Significant judgments involved in determining the classification of financial assets of the Company include the
analysis of business models and contract cash flow characteristics.
The Company determines the business model for managing financial assets at the level of financial asset
portfolios, considering the method of evaluating and reporting financial asset performance to key executives,
the risks affecting financial asset performance and their management methods, and the process by which
relevant business management personnel obtain remuneration.
When assessing whether the contractual cash flows of financial assets are consistent with a basic lending
arrangement, the Company makes the following main judgments: Whether the principal may change in timing
or amount over the period due to prepayment or other reasons; whether the interest includes only the time value
of money, credit risk, other basic lending risks, and consideration for costs and profit. For example, whether the
amount paid in advance only reflects the unpaid principal and the interest based on the unpaid principal, and the
reasonable compensation paid due to the early termination of the contract.
Measurement of expected credit loss of accounts receivable
The Company calculates the expected credit loss of accounts receivable through the default risk exposure and
the expected credit loss rate of accounts receivable, and determines the expected credit loss rate based on
default probability and the loss given default. In determining the expected credit loss rate, the Company uses the
internal historical credit loss experience and other data and adjusts the historical data according to the current
situation and forward-looking information. When considering forward-looking information, the Company uses
indicators that include risks of economic downturns as well as changes in the external market environment,
technological environment, and customer conditions. The Company regularly monitors and reviews the
assumptions related to the calculation of the expected credit loss.
Deferred income tax assets
To the extent that it is probable that sufficient taxable profits will be available to offset the losses, deferred
income tax assets shall be recognized for all unused tax losses. This requires the management to use a large
number of judgments to estimate the time and amount of future taxable profits and determine the amount of
deferred income tax assets that should be recognized in combination with tax planning strategies.
Determination of the fair value of unlisted equity investment
The fair value of unlisted equity investments is the estimated future cash flows discounted using current
discount rates for projects with similar terms and risk characteristics. This valuation involves uncertainty
because it requires the Company to estimate expected future cash flows and discount rates. Under limited
circumstances, if the information for determining the fair value is insufficient or the range of possible estimates
of fair value is wide, and the cost represents the best estimate for the fair value within this range, such cost
could represent its appropriate estimate for the fair value within this distribution range.
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(1) Changes in significant accounting policies
□ Applicable ?Not applicable
□ Applicable ?Not applicable
(3) Adjustments to relevant items in the financial statements at the beginning of the year upon initial application of new
accounting standards since 2026
□ Applicable ?Not applicable
VI. Taxes
Tax category Tax basis Tax rates
Taxable value-added amount (Tax
payable is calculated using the taxable
Value-added tax sales amount multiplied by the applicable 13%, 9%, 5%, 6%, and 3%
tax rate less deductible input tax of the
current period)
Urban maintenance and construction tax Actually paid turnover tax 7%
Corporate income tax Taxable income 25%, 20%
For ad valorem collection,1.2% of the
remaining value after 30% of the original
Property tax value of the property is deducted by 1.2%, 12%
lump sum; for rent-based collection, 12%
of the rent revenue
Educational surcharges Actually paid turnover tax 3%
Local education surcharges Actually paid turnover tax 2%
Disclosure statement of taxable entities with different corporate income tax rates
Name of taxable entity Income tax rate
Shuibeitong (Shenzhen) Information Technology Co., Ltd. 20%
Shenzhen Bao'an Shiquan Industry Co., Ltd. 20%
Shenzhen SDG Tellus Real Estate Co., Ltd. 20%
Shenzhen Automobile Industry Supply and Marketing
Company
Shanghai Fanyue Diamond Co., Ltd. 20%
Other taxable entities other than the above 25%
① Corporate income tax
In accordance with the Announcement on Tax and Fee Policies for Further Supporting the Development of
Small and Micro Enterprises and Individual Businesses (Announcement [2023] No. 12 of the Ministry of
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Finance and the State Taxation Administration), during the period from January 1, 2023 to December 31, 2027,
the taxable income of small low-profit enterprises shall be calculated at a reduced rate of 25%, and corporate
income tax shall be levied at a rate of 20%. The Company's subsidiaries Shuibeitong, Bao'an Shiquan, Tellus
Real Estate, Automobile Supply and Marketing, and Shanghai Fanyue enjoy the above tax preferences.
② Educational surcharge
According to the Notice of the State Taxation Administration on Expanding the Scope of Exemptions for Certain
Government Funds (CS [2016] No. 12), the exemption threshold for the educational surcharge, local
educational surcharge, and water conservancy construction fund has been raised. Specifically, the exemption
now applies to taxpayers paying taxes monthly with monthly sales or turnover not exceeding RMB 100,000 (or
quarterly sales or turnover not exceeding RMB 300,000 for those paying taxes quarterly), an increase from the
previous threshold of RMB 30,000 per month (or RMB 90,000 per quarter). Shenzhen Huari Automobile Sales
and Service Co., Ltd., a subsidiary of the Company that pays tax monthly, enjoys the above tax preference if its
monthly sales or turnover does not exceed RMB 100,000.
VII. Notes to Items in Consolidated Financial Statements
Unit: RMB
Item Ending balance Beginning balance
Cash on hand 6,016.65 6,016.65
Cash at bank 56,774,202.68 45,536,363.87
Other cash at bank and on hand 37,009,307.30 103,686,776.33
Total 93,789,526.63 149,229,156.85
Other notes:
The Company's restricted cash at bank and on hand at the end of the period consisted primarily of security deposits for futures and
options.
The details of the restricted cash at bank and on hand used are as follows:
Unit: RMB
Item Ending balance Ending balance of the previous year
Gold leasing security deposits and
interest
Futures and options account margin 3,193,679.80 28,748,241.60
Security deposits for notes payable and
interest
Total 3,193,679.80 70,848,576.32
Unit: RMB
Item Ending balance Beginning balance
Financial assets measured at fair value
through profit or loss
Including:
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Structured deposits and finance products 231,489,714.42 117,410,631.65
Including:
Total 231,489,714.42 117,410,631.65
Unit: RMB
Item Ending balance Beginning balance
Hedging instruments—derivative
financial assets in a designated hedging 359,615.00
relationship
Total 359,615.00
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive) 26,629,658.82 60,980,767.02
Over 3 years 48,875,550.93 48,875,942.93
Total 76,937,728.63 111,700,248.83
(2) Disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Categor
y Proporti Book Proporti Book
Proporti on of value Proporti on of value
Amount Amount Amount Amount
on provisio on provisio
n n
Account
s
receivab
le with
provisio
n for bad 64.19% 99.92% 44.58% 99.55%
debts
made on
an
individu
al basis
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Includ
ing:
Account
s
receivab
le with
provisio
n for bad 35.81% 2.76% 55.42% 1.81%
debts
made on
a
portfolio
basis
Includ
ing:
Includin
g:
Portfolio
of
leasing 28.84% 3.19% 18.53% 3.42%
and
other
business
es
Jewelry
sales 5,360,96 54,102.8 5,306,86 41,214,3 412,634. 40,801,6
business 8.30 9 5.41 01.56 03 67.53
portfolio
Total 100.00% 65.12% 100.00% 45.38%
Category name of bad debt provision made on an individual basis:
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Proportion of Reasons for
Book balance Book balance
bad debts bad debts provision provision
Long account
Shenzhen Jinlu receivable age,
Industry & 9,846,607.00 9,846,607.00 9,846,607.00 9,846,607.00 100.00% and expected to
Trade Co., Ltd. be
unrecoverable
Guangdong Long account
Zhanjiang receivable age,
Samsung 4,060,329.44 4,060,329.44 4,060,329.44 4,060,329.44 100.00% and expected to
Automobile be
Co., Ltd. unrecoverable
Long account
receivable age,
Wang
Changlong
be
unrecoverable
Huizhou Long account
Jiandacheng receivable age,
Road and and expected to
Bridge be
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Engineering unrecoverable
Co., Ltd.
Long account
Guangdong receivable age,
GW Holdings 1,862,000.00 1,862,000.00 1,862,000.00 1,862,000.00 100.00% and expected to
Group Co., Ltd. be
unrecoverable
Long account
receivable age,
Jiangling
Motors Factory
be
unrecoverable
Long account
Yangjiang
receivable age,
Automobile
Trading Co.,
be
Ltd.
unrecoverable
Long account
receivable age,
Others 27,294,252.00 27,068,022.00 26,882,840.00 26,841,400.00 99.17% and expected to
be
unrecoverable
Total 49,796,666.52 49,570,436.52 49,385,254.52 49,343,814.52
Category name of bad debt provision made on a portfolio basis: Leasing and other portfolio
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Within 1 year 20,798,624.16 192,183.10 0.92%
Over 3 years 508,387.31 469,516.38 92.35%
Total 22,191,505.81 707,286.49
Category name of bad debt provision made on a portfolio basis: Jewelry sales business portfolio
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Within 1 year 5,360,968.30 54,102.89 1.01%
Total 5,360,968.30 54,102.89
If provision for bad debts on accounts receivable is made according to the general model of expected credit losses:
?Applicable □ Not applicable
Unit: RMB
Stage I Stage II Stage III
Expected credit loss Expected credit loss
Provision for bad debts Expected credit loss for throughout the duration throughout the duration Total
the next 12 months (no credit impairment (credit impairment has
has occurred) occurred)
Balance as of January
Balance as of January
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
period
Reversal in the current
period
Balance as of June 30,
(3) Bad debt provision provided, recovered, or reversed in the current period
Bad debt provision in the current period:
Unit: RMB
Change during the current period
Beginning
Category Recovery or Ending balance
balance Provision Write-off Others
reversal
Provision for
bad debts made
on an
individual basis
Provision for
bad debts made
on a portfolio
basis
Total 50,690,357.04 0.00 585,153.14 0.00 0.00 50,105,203.90
(4) Top five accounts receivable and contract assets, categorized by debtors, based on the ending balances
Unit: RMB
Ending balance of
Proportion in total bad debt provision
Ending balance of
Ending balance of ending balance of of accounts
Ending balance of accounts
Name accounts accounts receivable and
contract assets receivable and
receivable receivable and impairment
contract assets
contract assets provision of
contract assets
Shenzhen Jinlu
Industry & Trade 9,846,607.00 9,846,607.00 12.80% 9,846,607.00
Co., Ltd.
Guangdong
Zhanjiang
Samsung 4,060,329.44 4,060,329.44 5.28% 4,060,329.44
Automobile Co.,
Ltd.
Henan Post and
Telecommunicatio
ns Technology
Co., Ltd.
Wang Changlong 2,370,760.40 2,370,760.40 3.08% 2,370,760.40
Shenzhen ZHL
Industrial Co., Ltd.
Total 20,910,220.15 20,910,220.15 27.18% 16,324,022.07
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Unit: RMB
Item Ending balance Beginning balance
Other receivables 20,480,842.05 49,405,335.51
Total 20,480,842.05 49,405,335.51
(1) Dividends receivable
Unit: RMB
Item (or Investee) Ending balance Beginning balance
China Pufa Machinery Industry Co., Ltd.
Unit: RMB
Whether impairment
Reason for non-
Item (or Investee) Ending original value Aging has occurred and the
recovery
basis for judgment
The company has
incurred huge losses in
its financial position
and operations, and the
China Pufa Machinery
Industry Co., Ltd.
may be unrecoverable;
therefore, full
impairment has been
accrued.
Total 1,305,581.86
?Applicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Categor
y Proporti Book Proporti Book
Proporti on of value Proporti on of value
Amount Amount Amount Amount
on provisio on provisio
n n
Provisio
n for bad
debts
made on 100.00% 100.00% 100.00% 100.00%
an
individu
al basis
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Including:
Total 100.00% 100.00% 100.00% 100.00%
Category name of bad debt provision made on an individual basis:
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Proportion of Reasons for
Book balance Book balance
bad debts bad debts provision provision
China Pufa
The company's
Machinery
Industry Co.,
position is poor
Ltd.
Total 1,305,581.86 1,305,581.86 1,305,581.86 1,305,581.86
Provision for bad debts according to the general model of expected credit loss:
Unit: RMB
Stage I Stage II Stage III
Expected credit loss Expected credit loss
Provision for bad debts Expected credit loss for throughout the duration throughout the duration Total
the next 12 months (no credit impairment (credit impairment has
has occurred) occurred)
Balance as of January
Balance as of January
period
Balance as of June 30,
Division basis and proportion of bad debt provision at each stage
Changes in book balance with significant changes in loss provision in the current period
□ Applicable ?Not applicable
Unit: RMB
Change during the current period
Beginning
Category Recovery or Charge-off or Ending balance
balance Provision Other changes
reversal write-off
Provision for
bad debts
Total 1,305,581.86 1,305,581.86
(2) Other receivables
Unit: RMB
Nature of payment Ending book balance Beginning book balance
Temporary payments receivable 3,069,323.16 3,943,137.76
Deposits and security deposits 16,479,135.02 44,330,855.20
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Account current 44,436,085.72 44,852,837.54
Others 2,144,885.19 2,204,885.19
Total 66,129,429.09 95,331,715.69
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive) 14,567,563.42 43,709,850.02
Over 3 years 49,116,102.93 49,176,102.93
Total 66,129,429.09 95,331,715.69
?Applicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Categor
y Proporti Book Proporti Book
Proporti on of value Proporti on of value
Amount Amount Amount Amount
on provisio on provisio
n n
Provisio
n for bad
debts
made on 72.03% 93.51% 50.03% 93.52%
an
individu
al basis
Including:
Provisio
n for bad
debts
made on 27.97% 5.98% 49.97% 2.78%
a
portfolio
basis
Including:
Aging 2,017,75 202,948. 1,814,80 3,308,32 202,948. 3,105,37
portfolio 5.58 89 6.69 2.00 89 3.11
Portfolio
of
deposit 16,479,1 903,317. 15,575,8 44,330,8 1,121,11 43,209,7
and 35.02 48 17.54 55.20 0.62 44.58
security
deposit
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
receivab
le
Total 100.00% 69.03% 100.00% 48.18%
Category name of bad debt provision made on a portfolio basis:
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Aging portfolio 2,017,755.58 202,948.89 10.06%
Portfolio of deposit and
security deposit receivable
Total 18,496,890.60 1,106,266.37
Provision for bad debts according to the general model of expected credit loss:
Unit: RMB
Stage I Stage II Stage III
Expected credit loss Expected credit loss
Provision for bad debts Expected credit loss for throughout the duration throughout the duration Total
the next 12 months (no credit impairment (credit impairment has
has occurred) occurred)
Balance as of January
Balance as of January
period
Reversal in the current
period
Balance as of June 30,
Division basis and proportion of bad debt provision at each stage
Changes in book balance with significant changes in loss provision in the current period
□ Applicable ?Not applicable
Bad debt provision in the current period:
Unit: RMB
Change during the current period
Beginning
Category Recovery or Charge-off or Ending balance
balance Provision Others
reversal write-off
Provision for
bad debts
Total 45,926,380.18 0.00 277,793.14 0.00 0.00 45,648,587.04
Unit: RMB
Name Nature of payment Ending balance Aging Proportion in total Ending balance of
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
ending balance of provision for bad
other receivables debts
Beijing Kaiyuan
China Gold Coin
Account current 11,000,000.00 Within 1 year 16.63% 110,000.00
Distribution
Center Co., Ltd.
Shenzhen China
Automobile South
Account current 9,832,956.37 Over 3 years 14.87% 9,832,956.37
China Automobile
Sales Co., Ltd.
Shenzhen Nanfang
Automobile
Account current 7,359,060.75 Over 3 years 11.13% 7,359,060.75
Industry and Trade
Industrial Co., Ltd.
Shenzhen
Zhonghao (Group) Account current 5,000,000.00 Over 3 years 7.56% 5,000,000.00
Co., Ltd.
Shenzhen ZHL
Guarantees 4,767,568.66 Within 1 year 7.21% 47,575.69
Industrial Co., Ltd.
Total 37,959,585.78 57.40% 22,349,592.81
(1) Advances to suppliers presented by aging
Unit: RMB
Ending balance Beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 577,219.18 98.19% 831,960.48 98.73%
Over 3 years 1,603.94 0.27% 1,603.94 0.19%
Total 587,884.12 842,625.42
Description of reasons for the delayed settlement of significant advances to suppliers aged over 1 year:
None.
(2) Top five advances to suppliers, categorized by prepayment recipients, based on the ending balances
Unit: RMB
Proportion in total ending balance
Name Balance as of June 30, 2026
of advances to suppliers (%)
Shenzhen Gas Corporation Ltd. 177,963.50 30.27%
Alibaba Cloud Computing Co., Ltd. 163,884.59 27.88%
Shenzhen Branch of Guoren Property & Casualty
Insurance Co., Ltd.
Shenzhen Songying Renewable Resources Co.,
Ltd.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
China Telecom Corporation Limited Shenzhen
Branch
Total 484,329.47 82.38%
Whether the Company needs to comply with the disclosure requirements for real estate industry
No
(1) Inventory classification
Unit: RMB
Ending balance Beginning balance
Provision for Provision for
decline in the decline in the
value of value of
Item inventories or inventories or
Book balance impairment Book value Book balance impairment Book value
provision for provision for
contract contract
performance performance
cost cost
Raw materials 995,983.93 995,983.93 146,932.23 146,932.23
Goods in stock 30,192,913.79 28,997,998.14 1,194,915.65 39,330,164.36 28,997,998.14 10,332,166.22
Hedged items 16,355,975.75 16,355,975.75 49,178,442.27 49,178,442.27
Total 47,544,873.47 28,997,998.14 18,546,875.33 88,655,538.86 28,997,998.14 59,657,540.72
The Company shall abide by the disclosure requirements of the Self-Regulatory Guidelines No. 3 for Companies Listed on
Shenzhen Stock Exchange — Industrial Information Disclosure for jewelry-related business.
(2) Provision for decline in the value of inventories and impairment provisions for contract performance
cost
Unit: RMB
Increase in the current period Decrease in the current period
Beginning
Item Reversal or Ending balance
balance Provision Others Others
write-off
Goods in stock 28,997,998.14 28,997,998.14
Total 28,997,998.14 28,997,998.14
Unit: RMB
Item Ending balance Beginning balance
Large-denomination certificates of
deposit, time deposits, and interest due 117,209,578.15 87,268,498.36
within one year
Total 117,209,578.15 87,268,498.36
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(1) Debt investment due within one year
□ Applicable ?Not applicable
(2) Other debt investments due within one year
□ Applicable ?Not applicable
Unit: RMB
Item Ending balance Beginning balance
Input tax to be deducted 10,065,870.64 9,482,963.33
Prepaid taxes 7,696,873.59
Large-denomination certificates of
deposit, time deposits, and interest
Advances for agency business 385,725.01
Total 50,478,092.86 19,312,300.83
(1) Information on other debt investments
Unit: RMB
Accumula
ted
Changes impairme
Accumula
in fair nt
Interest ted
Beginnin Accrued value in Ending provision
Item adjustmen Cost changes Remarks
g balance interest the balance recognize
t in fair
current d in other
value
period comprehe
nsive
income
Transfera
ble large-
sum
certificate
of deposit
Total
Unit: RMB
Gains Losses Gains Losses Reasons for
Dividend
included in included in cumulativel cumulativel designation
income
other other y included y included as
Beginning recognized Ending
Item comprehen comprehen in other in other measured
balance in the balance
sive sive comprehen comprehen at fair
current
income in income in sive sive value
period
the current the current income at income at through
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
period period the end of the end of other
the current the current comprehen
period period sive
income
Investment
in unlisted 10,176,617.
equity 20
instruments
Total
(1) Long-term receivables
Unit: RMB
Ending balance Beginning balance
Discount rate
Item Provision for Provision for
Book balance Book value Book balance Book value range
bad debts bad debts
Current
accounts of
related
parties
Total 6,146,228.91 6,146,228.91 6,146,228.91 6,146,228.91
(2) Disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Categor
y Proporti Book Proporti Book
Proporti on of value Proporti on of value
Amount Amount Amount Amount
on provisio on provisio
n n
Provisio
n for bad
debts
made on 100.00% 100.00% 100.00% 100.00%
an
individu
al basis
Including:
Total 100.00% 100.00% 100.00% 100.00%
Unit: RMB
Investe Beginn Beginn Increase/decrease in the current period Ending Ending
e ing ing Additi Invest Invest Adjust Other Cash Provisi Others balanc balanc
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
balanc balanc onal ment ment ment equity divide on for e e of
e e of invest reducti profit to change nd or impair (book impair
(book impair ment on or loss other s profit ment value) ment
value) ment recogn compr declare provisi
provisi ized by ehensi d to be on
on equity ve distrib
metho incom uted
d e
I. Joint ventures
Shenz
hen
Tellus-
Gmon 62,327 16,662 78,989
d ,499.6 ,157.1 ,656.7
Invest 8 1 9
ment
Co.,
Ltd.
Shenz
hen
Telixin
g 494,70
,347.3 ,049.3
Invest 1.95
ment
Co.,
Ltd.
Subtot
,847.0 ,859.0 ,706.1
al
II. Associates
Shenz
hen
Renfu
Tellus 17,620 19,550
Autom ,053.9 ,448.5
obiles 0 7
Servic
e Co.,
Ltd.
Shenz
hen
Tellus
Autom
obile
Servic
e
Chain
Co.,
Ltd.
Shenz
hen
Yongt
ong
Xinda
Testin
g
Equip
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
ment
Co.,
Ltd.
Shenz
hen
Jieche
ng 3,225, 3,225,
Electro 000.00 000.00
nics
Co.,
Ltd.
China
Autom
otive
Industr
y 400,00 400,00
Shenz 0.00 0.00
hen
Tradin
g Co.,
Ltd.
Shenz
hen
Univer
sal
Standa
rd
Parts
Co.,
Ltd.
Shenz
hen
China
Autom
obile
South 2,250, 2,250,
China 000.00 000.00
Autom
obile
Sales
Co.,
Ltd.
Shenz
hen
Bailiy
uan 1,320, 1,320,
Power 000.00 000.00
Supply
Co.,
Ltd.
Shenz
hen
Yimin
Auto
Tradin
g Co.,
Ltd.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Shenz
hen
Torch
Spark 17,849 661,50 661,50 17,849
Plug .20 0.00 0.00 .20
Industr
y Co.,
Ltd.
Shenz
hen
Tellus
Xinyo
ngtong 420,00 420,00
Autom 0.00 0.00
obile
Servic
e Co.,
Ltd.
Shenz
hen
Nanfa
ng 6,700, 6,700,
Autom 000.00 000.00
obile
Repair
Center
Subtot 2,591, 661,50
,053.9 ,850.3 ,448.5 ,850.3
al 894.67 0.00
Total ,900.9 ,850.3 ,753.7 3,154. ,850.3
The recoverable amount is determined based on the net amount after deducting disposal expenses from the fair value
□ Applicable ?Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□ Applicable ?Not applicable
Reasons for the obvious inconsistency between the aforementioned information and the information used in the impairment tests
of previous years or external information
Reasons for the obvious inconsistency between the information adopted by the Company's impairment tests in previous years and
the actual situation in those years
(1) Investment properties measured at cost
?Applicable □ Not applicable
Unit: RMB
Construction in
Item Premises and buildings Land use right Total
progress
I. Original book value
balance
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
increased in the current
period
(1)
Outsourcing
(2) Transfer
from inventory/fixed
assets/construction in
progress
(3) Increase
from business
combination
decreased in the
current period
(1) Disposal
(2) Other
transfer-out
II. Accumulated
depreciation and
accumulated
amortization
balance
increased in the current 20,718,545.07 557,724.18 21,276,269.25
period
(1) Provision
or amortization
decreased in the
current period
(1) Disposal
(2) Other
transfer-out
III. Impairment
provision
balance
increased in the current
period
(1) Provision
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
decreased in the
current period
(1) Disposal
(2) Other
transfer-out
IV. Book value
value
value
The recoverable amount is determined based on the net amount after deducting disposal expenses from the fair value
□ Applicable ?Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□ Applicable ?Not applicable
Reasons for the obvious inconsistency between the aforementioned information and the information used in the impairment tests
of previous years or external information
Reasons for the obvious inconsistency between the information adopted by the Company's impairment tests in previous years and
the actual situation in those years
(2) Investment properties measured at fair value
□ Applicable ?Not applicable
(3) Investment properties without property certificates
Unit: RMB
Reasons for failure to obtain the property
Item Book value
certificate
The property ownership certificate has
CNNC office building 3,378,125.31 not been handled due to historical
reasons
The property ownership certificate has
Building 12, Sungang 2,653.97 not been handled due to historical
reasons
The property ownership certificate has
Shops in Building 12, Sungang 8,524.38 not been handled due to historical
reasons
Total 3,389,303.66
Unit: RMB
Item Ending balance Beginning balance
Fixed assets 58,093,427.90 61,870,381.34
Disposal of fixed assets 13,554.07
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Total 58,106,981.97 61,870,381.34
(1) Fixed assets
Unit: RMB
Machinery Office and
Premises and Transportatio Electronic Fixed asset
Item and other Total
buildings n equipment equipment decoration
equipment equipment
I. Original
book value:
Beginning 2,404,620.80 8,329,353.28 427,835.53 6,779,289.81
balance
Amount
increased in 26,775.86 40,173.55 66,949.41
the current
period
(1)
Purchase
(2)
Transferred
from
construction
in progress
(3)
Increase
from
business
combination
Amount
decreased in 1,074,739.40 274,736.40 1,172,625.34 2,522,101.14
the current
period
(1)
Disposal or 1,074,739.40 0.00 274,736.40 1,172,625.34 2,522,101.14
scrapping
Ending 2,404,620.80 8,081,392.74 427,835.53 5,646,838.02
balance
II.
Accumulated
depreciation
Beginning 7,994,120.37 1,969,805.30 7,031,314.81 243,866.14 6,116,451.97
balance
Amount 2,870,310.28 676,377.47 33,183.54 225,455.20 150,935.71 3,956,262.20
increased in
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
the current
period
(1)
Provision
Amount
decreased in 970,360.93 254,509.45 1,319,192.19 2,544,062.57
the current
period
(1)
Disposal or 970,360.93 0.00 254,509.45 0.00 1,319,192.19 2,544,062.57
scrapping
Ending 7,700,136.91 2,002,988.84 7,002,260.56 243,866.14 4,948,195.49
balance
III.
Impairment
provision
Beginning 3,555,385.70 149,266.10 10,331.46 212,268.92 183,969.39 9,090.53 4,120,312.10
balance
Amount
increased in
the current
period
(1)
Provision
Amount
decreased in 64,049.84 19,861.69 6,486.39 90,397.92
the current
period
(1)
Disposal or 64,049.84 19,861.69 6,486.39 90,397.92
scrapping
Ending 3,555,385.70 85,216.26 10,331.46 192,407.23 183,969.39 2,604.14 4,029,914.18
balance
IV. Book
value
Ending book 5,921,664.80 391,300.50 886,724.95 0.00 696,038.39
value
Beginning 6,638,370.90 424,484.04 1,085,769.55 0.00 653,747.31
book value
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(2) Fixed assets leased out by operating lease
Unit: RMB
Item Ending book value
Premises and buildings 42,742,701.01
(3) Fixed assets without property certificates
Unit: RMB
Reasons for failure to obtain the property
Item Book value
certificate
The property ownership certificate has
Yongtong Building 15,261,197.29 not been handled due to historical
reasons
The property ownership certificate has
Automobile Building 17,548,287.64 not been handled due to historical
reasons
Underground parking lot of Tellus The property ownership certificate of the
Building parking lot cannot be handled
The property ownership certificate has
Road
reasons
Unable to apply for a property ownership
Transfer floor(s) of Tellus Building 922,808.96
certificate
The property ownership certificate has
Building 16, Taohuayuan 700,572.18 not been handled due to historical
reasons
The property ownership certificate has
Warehouse 47,658.93 not been handled due to historical
reasons
The property ownership certificate has
Building
reasons
The property ownership certificate has
Shuibei Zhongtian Building 394,555.06 not been handled due to historical
reasons
The property ownership certificate has
Warehouse of the Trade Department 30,818.29 not been handled due to historical
reasons
The property ownership certificate has
Shops, Plants No. 5-7, Buxin 11,505.14 not been handled due to historical
reasons
The property ownership certificate has
Songquan Apartment (mixed) 10,086.79 not been handled due to historical
reasons
The property ownership certificate has
Buxin Generator Room 5,994.58 not been handled due to historical
reasons
The property ownership certificate has
Guest House on Renmin North Road 5,902.41 not been handled due to historical
reasons
Total 43,734,197.90
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(4) Impairment test of fixed assets
□ Applicable ?Not applicable
(5) Disposal of fixed assets
Unit: RMB
Item Ending balance Beginning balance
Fixed assets to be disposed of 13,554.07
Total 13,554.07
Unit: RMB
Item Ending balance Beginning balance
Construction in progress 0.00 5,111,882.70
Total 5,111,882.70
(1) Construction in progress
Unit: RMB
Ending balance Beginning balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Other works 0.00 0.00 5,111,882.70 5,111,882.70
Total 0.00 0.00 5,111,882.70 5,111,882.70
(2) Impairment test of construction in progress
□ Applicable ?Not applicable
(1) Right-of-use assets
Unit: RMB
Item Premises and buildings Total
I. Original book value
period
period
II. Accumulated depreciation
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
period
(1) Provision 5,642,838.96 5,642,838.96
period
(1) Disposal
III. Impairment provision
period
(1) Provision
period
(1) Disposal
IV. Book value
(2) Impairment test of right-of-use assets
□ Applicable ?Not applicable
(1) Intangible assets
Unit: RMB
Non-patented Computer
Item Land use right Patent right Trademark Total
technology software
I. Original book
value
Beginning 1,967,851.00 128,504.50 8,400,756.96 10,497,112.46
balance
increased in the 5,576,211.57 5,576,211.57
current period
(1)
Purchase
(2)
Internal R&D
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(3)
Increase from
business
combination
decreased in the
current period
(1)
Disposal
balance
II.
Accumulated
amortization
Beginning 1,009,818.58 117,500.84 6,307,363.95 7,434,683.37
balance
increased in the 51,785.52 1,360.14 229,465.34 282,611.00
current period
(1)
Provision
decreased in the
current period
(1)
Disposal
balance
III. Impairment
provision
Beginning
balance
increased in the
current period
(1)
Provision
decreased in the
current period
(1)
Disposal
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
balance
IV. Book value
book value
Beginning book 958,032.42 0.00 0.00 11,003.66 2,093,393.01 3,062,429.09
value
(2) Impairment test of intangible assets
□ Applicable ?Not applicable
Unit: RMB
Amortization
Increase in the Other decreased
Item Beginning balance amount in the Ending balance
current period amount
current period
Decoration
engineering
Informationization
system service fee
Renovation project 46,186.48 43,299.84 2,886.64
Total 34,117,850.87 5,233,785.49 28,884,065.38
(1) Deferred income tax assets not offset
Unit: RMB
Ending balance Beginning balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Provision for credit
impairment
Deferred income 425,538.76 106,384.69 425,538.76 106,384.69
Changes in the fair
value of held-for- 2,097,247.32 524,311.83 2,097,247.32 524,311.83
trading financial assets
Changes in the fair
value of other equity 10,176,617.20 2,544,154.30 10,176,617.20 2,544,154.30
instrument investments
Lease liabilities 55,498,194.60 13,874,548.65 72,854,846.05 18,213,711.52
Total 100,013,186.05 25,003,296.52 117,369,837.50 29,342,459.39
(2) Deferred income tax liabilities not offset
Unit: RMB
Ending balance Beginning balance
Item
Taxable temporary Deferred income tax Taxable temporary Deferred income tax
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
difference liabilities difference liabilities
Assessment
appreciation of assets
from business 94,464,949.68 23,616,237.42 101,085,408.59 25,271,348.28
combinations not under
common control
Accelerated
depreciation of fixed 74,739.40 18,684.85 74,739.40 18,684.85
assets
Income tax timing
differences arising
from the allocation of 6,766,850.96 1,691,712.74 6,766,850.96 1,691,712.74
revenue during the
rent-free period
Right-of-use assets 47,109,429.64 11,777,357.41 64,466,081.10 16,116,520.28
Total 148,415,969.68 37,103,992.42 172,393,080.05 43,098,266.15
(3) Deferred income tax assets or liabilities presented in net amount after being offset
Unit: RMB
Offsetting amount Offsetting amount
Ending balance of Beginning balance of
between deferred between deferred
deferred income tax deferred income tax
Item income tax assets and income tax assets and
assets or liabilities after assets or liabilities after
liabilities at the end of liabilities at the
offset offset
the period beginning of the period
Deferred income tax
assets
Deferred income tax
liabilities
(4) Breakdown of unrecognized deferred income tax assets
Unit: RMB
Item Ending balance Beginning balance
Deductible temporary difference 125,029,644.86 125,029,644.86
Deductible loss 33,386,078.60 36,370,445.85
Total 158,415,723.46 161,400,090.71
(5) Deductible losses that are not recognized as deferred tax assets will expire in the following years
Unit: RMB
Year Ending amount Beginning amount Remarks
Total 33,386,078.60 36,370,445.85
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Unit: RMB
Ending balance Beginning balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Amortization of
bundled
construction
works for the
Tellus-Gmond
Gold Jewelry
Industrial Park
Upgrading and
Renovation
Project
Large-
denomination
certificates of
deposit and
interest due
after one year
Prepaid
software 132,775.71 132,775.71 132,775.71 132,775.71
payment
Total 194,962,702.89 194,962,702.89 195,306,959.38 195,306,959.38
Unit: RMB
Ending Beginning
Item Book Restriction Book Restriction
Book value Restriction Book value Restriction
balance type balance type
Security
deposits for
Cash at
bank and
on hand
futures
margin, etc.
Total
(1) Classification of short-term borrowings
Unit: RMB
Item Ending balance Beginning balance
Credit borrowings 11,002,344.41
Total 11,002,344.41
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Unit: RMB
Item Ending balance Beginning balance
Hedging instruments 2,702,318.10
Total 2,702,318.10
Unit: RMB
Category Ending balance Beginning balance
Bank acceptance bills 180,000,000.00
Total 180,000,000.00
(1) Presentation of accounts payable
Unit: RMB
Item Ending balance Beginning balance
Purchase payment for goods and services 13,119,283.77 14,666,732.29
Payment for engineering equipment 96,653,379.64 94,686,651.76
Total 109,772,663.41 109,353,384.05
(2) Significant accounts payable aged over 1 year or overdue
Unit: RMB
Reasons for not repaying or carrying
Item Ending balance
forward
China Construction First Group Provisional estimates for unsettled
Corporation Limited projects
Shenzhen Yinglong Jian'an (Group) Co.,
Ltd.
Shenzhen Yinuo Construction
Engineering Co., Ltd.
Shenzhen Shuibei Yihao Investment
Development Co., Ltd.
Total 73,904,728.47
Unit: RMB
Item Ending balance Beginning balance
Other payables 127,778,984.51 139,483,702.52
Total 127,778,984.51 139,483,702.52
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(1) Other payables
Unit: RMB
Item Ending balance Beginning balance
Deposits and security deposits 78,713,706.42 81,230,478.40
Current accounts of related parties 6,323,218.16 5,317,052.99
Accrued expenses 16,698,491.12 23,774,224.22
Temporary receipts payable 26,043,568.81 29,161,946.91
Total 127,778,984.51 139,483,702.52
Unit: RMB
Reasons for not repaying or carrying
Item Ending balance
forward
Hongkong Yujia Investment Limited 2,255,339.58 Outstanding by related companies
Shenzhen Fuluxin Jewelry Co., Ltd. 1,441,083.45 Security deposits not yet due
Shenzhen Longgang Tellus Real Estate
Co., Ltd.
Total 4,792,165.53
(1) Presentation of advances from customers
Unit: RMB
Item Ending balance Beginning balance
Rent 12,928,795.84 8,222,394.47
Total 12,928,795.84 8,222,394.47
Unit: RMB
Item Ending balance Beginning balance
Advances for goods 2,386,651.71 3,074,162.93
Advances for services 1,024,533.39 529,987.77
Total 3,411,185.10 3,604,150.70
(1) Presentation of employee compensation payable
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
I. Short-term
compensation
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
II. Post-employment
benefits - defined 0.00 2,296,424.38 2,296,424.38 0.00
contribution plan
III. Termination
benefits
Total 42,283,881.13 27,351,688.18 29,291,555.59 40,344,013.72
(2) Presentation of short-term compensation
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
allowances, and 41,402,866.31 20,477,825.13 22,191,472.38 39,689,219.06
subsidies
premiums
Including:
Medical insurance 0.00 790,643.84 790,643.84 0.00
premiums
Work-
related injury insurance 0.00 57,846.39 57,846.39 0.00
premium
Maternity
insurance premiums
fund
and staff education 153,639.83 359,881.44 463,398.66 50,122.61
funds
Total 42,220,482.69 24,318,061.59 26,194,530.56 40,344,013.72
(3) Presentation of the defined contribution plan
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
insurance
insurance premium
Total 0.00 2,296,424.38 2,296,424.38 0.00
Unit: RMB
Item Ending balance Beginning balance
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Value-added tax 2,203,298.13 3,954,478.65
Consumption tax 4,864.11
Corporate income tax 15,804,765.50 6,383,663.90
Individual income tax 112,790.29 692,986.33
Urban maintenance and construction tax 63,243.07 249,005.10
Educational surcharges 59,235.00 177,860.76
Land use tax 228,265.86 26,460.00
Land VAT 17,360,372.46 17,360,372.46
Stamp duty 39,175.26 204,418.33
Property tax 5,800,236.36
Other taxes 4,972.44
Total 41,671,381.93 29,059,082.08
Unit: RMB
Item Ending balance Beginning balance
Lease liabilities due within one year 7,393,612.68 10,581,548.92
Total 7,393,612.68 10,581,548.92
Unit: RMB
Item Ending balance Beginning balance
Output VAT to be transferred 2,540,345.26 1,858,235.00
Others 355,990.00 355,990.00
Total 2,896,335.26 2,214,225.00
Unit: RMB
Item Ending balance Beginning balance
Lease liabilities 72,736,046.24 75,441,810.38
Total 72,736,046.24 75,441,810.38
Unit: RMB
Item Ending balance Beginning balance
Long-term payables 3,920,160.36 3,920,160.36
Total 3,920,160.36 3,920,160.36
(1) Long-term payables presented by the nature of payment
Unit: RMB
Item Ending balance Beginning balance
Employee housing deposit 3,908,848.40 3,908,848.40
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Grant for technology innovation projects 11,311.96 11,311.96
Subtotal 3,920,160.36 3,920,160.36
Unit: RMB
Item Ending balance Beginning balance Reason
Pending litigation 9,956,800.00 9,956,800.00 Pending litigation
Total 9,956,800.00 9,956,800.00
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance Reason
current period current period
Government
subsidies
Total 6,057,271.67 880,145.82 5,177,125.85
Unit: RMB
Increase (+)/Decrease (-)
Beginning Conversion Ending
balance Issuance of of the reserve balance
Bonus shares Others Subtotal
new shares funds into
shares
Total shares
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
Capital premium (stock
premium)
Other capital reserves 5,681,501.16 5,681,501.16
Total 430,866,408.50 430,866,408.50
Unit: RMB
Amount incurred in the current period
Amount Less: Less: After-tax After-tax
Beginning incurred Amount Amount Less: amount amount Ending
Item
balance before included in included in Income tax attributable attributable balance
income tax other other expenses to the to minority
in the comprehen comprehen parent shareholder
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
current sive sive company s
period income in income in
the the
previous previous
period and period and
transferred transferred
to current to retained
profits or earnings in
losses the current
period
I. Other
comprehen
sive
- -
income that
cannot be
reclassified
into profit
or loss
Chang
es in the
fair value
- -
of other
equity
instrument
investment
s
II. Other
comprehen
sive
income to
be
reclassified
into profit
or loss
Including:
Other
comprehen
sive
income that
can be
reclassified
into profit
or loss
under the
equity
method
Total other
- -
comprehen
sive
income
Unit: RMB
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
Statutory surplus
reserves
Total 92,661,110.16 92,661,110.16
Unit: RMB
Item Current period Previous period
Undistributed profits at the end of the
previous period before adjustment
Undistributed profits at the beginning of
the period after adjustment
Add: Net profit attributable to owners of
the parent company during the current 84,686,065.15 84,013,429.35
period
Less: Ordinary share dividends payable 43,105,832.00
Undistributed profits at the end of the
period
Details of adjustments to undistributed profits at the beginning of the period:
relevant new regulations is RMB 0.00.
is affected by RMB 0.00.
Unit: RMB
Amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Main business 292,213,689.22 165,372,887.60 878,272,629.94 736,664,626.44
Total 292,213,689.22 165,372,887.60 878,272,629.94 736,664,626.44
Breakdown information on operating revenue and operating cost:
Unit: RMB
Classificati Segment 1 Segment 2 Total
on of Operating Operating Operating Operating Operating Operating Operating Operating
contract revenue cost revenue cost revenue cost revenue cost
Business
type
Including:
Wholesale
and retail
of jewelry
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Leasing
and
services
By
operating
regions
Specificall
y:
Within
Guangdong
Province
Outside
Guangdong
Province
Type of
market or
customer
Specificall
y:
Contract
type
Specificall
y:
By time of
transfer of
goods
Specificall
y:
By contract
term
Specificall
y:
By sales
channel
Specificall
y:
Total
Unit: RMB
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Item Amount incurred in the current period Amount incurred in the previous period
Consumption tax 4,401.00 3,941.94
Urban maintenance and construction tax 922,046.14 554,972.10
Educational surcharges 658,599.13 396,408.64
Property tax 5,800,236.36 3,656,626.88
Land use tax 201,805.86 190,994.93
Stamp duty 236,274.38 465,496.45
Total 7,823,362.87 5,268,440.94
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Employee compensation 20,537,738.78 21,447,273.63
Office expenses 91,237.87 106,651.37
Transport and travel expenses 123,979.79 39,058.54
Business entertainment expenses 37,885.17 31,442.43
Depreciation and amortization 1,922,434.27 2,088,771.93
Intermediary agency service fees 303,505.76 226,628.89
Others 1,484,958.64 1,762,605.84
Total 24,501,740.28 25,702,432.63
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Employee compensation 1,313,211.11 2,974,011.67
Advertising and promotion expenses 770,052.72 1,741,521.32
Depreciation and amortization 893,893.21 967,223.36
Office expenses 5,587.43 27,482.06
Property management, water, and
electricity fees
Transport and travel expenses 34,730.15 50,558.09
Insurance and supervisory charges 62,707.25 236,612.73
Others 1,125,752.54 505,921.44
Total 4,213,679.98 6,551,375.74
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Employee compensation 1,641,896.86 1,854,234.24
Information technology service expenses 661,920.44 126,979.93
Depreciation and amortization 134,937.14 43,652.36
Others 4,494.20 20,453.70
Total 2,443,248.64 2,045,320.23
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Interest expenses 1,919,661.58 3,643,266.25
Interest income -519,444.11 -1,583,374.44
Exchange profits and losses 31,299.59
Others 166,767.61 196,696.66
Total 1,566,985.08 2,287,888.06
Unit: RMB
Sources of other income Amount incurred in the current period Amount incurred in the previous period
I. Government subsidies included in
other income
Including: Government subsidies related
to deferred income
Government subsidies directly included
in current profits and losses
II. Other items related to daily activities
and included in other income
Including: Service fee for individual
income tax withholding
Total 956,689.59 1,107,048.00
Unit: RMB
Sources of income from changes in fair
Amount incurred in the current period Amount incurred in the previous period
value
Held-for-trading financial assets 329,082.77 -604,036.00
Held-for-trading financial liabilities -2,698,180.00
Derivative instruments of effective
hedges
Total 923,908.31 -2,801,386.05
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Long-term equity investment income
calculated by the equity method
Investment income from held-for-trading
financial assets during the holding period
Gains from closing commodity futures
-8,853,922.75 -14,725,574.50
contracts and T+D contracts
Total 19,346,068.62 6,028,215.73
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Loss on bad debts of accounts receivable 585,153.14 -534,648.79
Loss on bad debts of other receivables 277,793.14 64,369.93
Impairment loss of other current assets 157,396.51
Total 862,946.28 -312,882.35
Unit: RMB
Sources of income from asset disposal Amount incurred in the current period Amount incurred in the previous period
Gains from disposal of fixed assets
(losses to be listed with "-")
Unit: RMB
Amount included in the
Amount incurred in the Amount incurred in the
Item current non-recurring profit or
current period previous period
loss
Gains from unpayable
payments
Income from liquidated
damages
Others 584,220.41 86,572.65 584,220.41
Total 6,540,183.92 3,456,068.88 6,540,183.92
Unit: RMB
Amount included in the
Amount incurred in the Amount incurred in the
Item current non-recurring profit or
current period previous period
loss
Loss from scrapping of non-
current assets
Overdue fine and liquidated
damage expenditure
Others 40,716.25
Total 98.83 103,685.95 98.83
(1) List of income tax expenses
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Income tax expenses in the current 27,952,911.78 26,247,106.97
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
period
Deferred income tax expenses -1,655,110.86 -874,946.14
Total 26,297,800.92 25,372,160.83
(2) Accounting profit and income tax expense adjustment process
Unit: RMB
Item Amount incurred in the current period
Total profit 115,301,172.16
Income tax expenses based on the statutory/applicable tax rate 28,825,293.04
Effect of different tax rates applied to subsidiaries -13,219.80
Effect of adjustment to prior years' income tax 700,392.08
Effect of non-taxable income -4,937,188.43
Effect of non-deductible costs, expenses and losses 1,511,246.29
Effect of using deductible losses for which deferred income tax
-746,091.81
assets were previously not recognized
Effect of deductible temporary differences or deductible losses
for which deferred income tax assets were not recognized in the 957,369.55
current period
Income tax expenses 26,297,800.92
See Note VII. 40 for details.
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Deposits and security deposits 49,025,308.99 44,623,431.06
Interest income 201,355.49 1,020,520.75
Account current and other payments 42,954,186.81 42,135,233.53
Total 92,180,851.29 87,779,185.34
Cash paid relating to other operating activities
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Cash payment 9,343,131.57 11,696,851.14
Deposits and security deposits 25,060,114.94 43,181,818.16
Fines and liquidated damages 174.02 59,834.27
Account current and other payments 27,695,821.57 39,148,944.66
Total 62,099,242.10 94,087,448.23
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(2) Cash related to investing activities
Other cash paid related to investing activities
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Futures trading fees and liquidation
losses
Total 355,168.80 402,612.58
(3) Cash related to financing activities
Other cash paid related to financing activities
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Capital returned to minority shareholders 2,880,200.00
Principal and interest on lease liabilities
paid
Total 3,735,884.85 730,323.63
Changes in liabilities arising from financing activities
□ Applicable ?Not applicable
(1) Supplementary information to the cash flow statement
Unit: RMB
Supplementary information Amount in the current period Amount in the previous period
flows from operating activities:
Net profit 89,003,371.24 81,630,658.94
Add: Impairment provision of assets -862,946.28 312,882.35
Depreciation of fixed assets,
depletion of oil and gas assets, and 25,232,531.45 23,663,133.98
depreciation of bearer biological assets
Depreciation of right-of-use
assets
Amortization of intangible assets 282,611.00 439,109.16
Amortization of long-term
deferred expenses
Losses from disposal of fixed
assets, intangible assets, and other long- -379,689.50 123,104.39
term assets (gain to be listed with "-")
Loss from scrapping of fixed
assets (gain to be listed with "-")
Loss from changes in fair value
-923,908.31 2,801,386.05
(gain to be listed with "-")
Financial expense (gain to be
listed with "-")
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Investment loss (gain to be listed
-19,346,068.62 -6,028,215.73
with "-")
Decrease of deferred income tax
assets (increase to be listed with "-")
Increase of deferred income tax
-1,655,110.86 -884,715.42
liabilities (decrease to be listed with "-")
Decrease of inventory (increase
to be listed with "-")
Decrease of operating receivables
(increase to be listed with "-")
Increase of operating payables
(decrease to be listed with "-")
Others
Net cash flows from operating
activities
activities not involving cash receipts and
payments:
Conversion of debt into capital
Convertible corporate bonds due
within one year
Fixed assets acquired under finance
leases
equivalents:
Ending balance of cash 90,595,846.83 209,388,835.26
Less: Beginning balance of cash 78,380,580.53 301,275,968.63
Add: Ending balance of cash
equivalents
Less: Beginning balance of cash
equivalents
Net increase in cash and cash
equivalents
(2) Composition of cash and cash equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 90,595,846.83 78,380,580.53
Including: Cash on hand 6,016.65 6,016.65
Cash at bank available for
payment at any time
Other cash at bank and on hand
available for payment at any time
III. Ending balance of cash and cash
equivalents
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(3) Cash at bank and on hand not belonging to cash and cash equivalents
Unit: RMB
Amount in the previous Reasons for not belonging to
Item Amount in the current period
period cash and cash equivalents
Gold leasing security deposits Deposits for gold leasing
and interest business restricted
Futures and options account Deposits for gold futures
margin trading business restricted
Security deposits for notes
payable
Total 3,193,679.80 70,848,576.32
(1) Foreign currency monetary items
Unit: RMB
Ending balance of foreign Ending balance of converted
Item Conversion exchange rate
currency RMB
Cash at bank and on hand
Including: USD 857.08 6.70 5,739.28
EUR
HKD 111,967.66 0.90 101,156.62
Accounts receivable
Including: USD
EUR
HKD
Long-term borrowings
Including: USD
EUR
HKD
Other receivables
Including: USD 205,381.99 6.70 1,375,303.06
Other payables
HKD 3,376,679.37 0.90 3,050,644.02
(2) The nature of the lack of currency convertibility and its financial impact, the spot exchange rate used
and its estimation process, and the risks faced by enterprises due to the lack of currency convertibility
□ Applicable ?Not applicable
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(3) Description of overseas operating entities, including the disclosure of the primary places of business
abroad, recording currency, and the basis for its selection for significant overseas operating entities. If
there is a change in the recording currency, the reason for the change shall also be disclosed.
□ Applicable ?Not applicable
(4) Circumstances in which there is a lack of exchangeability between the recording currency of a foreign
operation and the presentation currency of the enterprise
□ Applicable ?Not applicable
(1) The Company as the lessee
?Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable ?Not applicable
Lease expenses for simplified short-term leases and low-value asset leases
□ Applicable ?Not applicable
Situations involving sale and leaseback transactions
(2) The Company as the lessor
Operating lease as lessor
?Applicable □ Not applicable
Unit: RMB
Including: Income related to variable
Item Lease income lease payments that are not included in
the measurement of lease receipts
Lease 173,273,074.52
Total 173,273,074.52
Finance lease as the lessor
□ Applicable ?Not applicable
Annual undiscounted lease receipts in the next five years
□ Applicable ?Not applicable
Reconciliation of undiscounted lease receipts to net lease investment
(3) Recognition of selling profit or loss on a finance lease as a producer or distributor
□ Applicable ?Not applicable
VIII. R&D Expenditures
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Employee compensation 1,641,896.86 1,854,234.24
Information technology service expenses 661,920.44 126,979.93
Depreciation and amortization 134,937.14 43,652.36
Others 4,494.20 20,453.70
Total 2,443,248.64 2,045,320.23
Including: Expensed R&D expenditures 2,443,248.64 2,045,320.23
IX. Equity in Other Entities
(1) Composition of the group
Unit: RMB
Principal Shareholding proportion
Name of Registered Place of Nature of Acquisition
place of
subsidiary capital registration business Direct Indirect method
business
Shenzhen
Tellus
Jewelry 32,900,000.0 Establishmen
Shenzhen Shenzhen Commerce 5.00% 95.00%
Technology 0 t
Development
Co., Ltd.
Shenzhen
Bao'an
Establishmen
Shiquan 2,000,000.00 Shenzhen Shenzhen Commerce 0.00% 100.00%
t
Industry Co.,
Ltd.
Shenzhen
SDG Tellus 31,150,000.0 Establishmen
Shenzhen Shenzhen Commerce 100.00% 0.00%
Real Estate 0 t
Co., Ltd.
Shuibeitong
(Shenzhen)
Establishmen
Information 1,500,000.00 Shenzhen Shenzhen Commerce 100.00% 0.00%
t
Technology
Co., Ltd.
Shenzhen
Xinyongtong
Motor
Establishmen
Vehicle 9,607,800.00 Shenzhen Shenzhen Commerce 51.00% 0.00%
t
Inspection
Equipment
Co., Ltd.
Shenzhen
Tellus
Shuibei Shenzhen Shenzhen Commerce 100.00% 0.00%
Jewelry Co.,
Ltd.
Shenzhen
Automobile
Industry 11,110,000.0 Establishmen
Shenzhen Shenzhen Commerce 0.00% 100.00%
Supply and 0 t
Marketing
Company
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Shenzhen
Zhongtian 366,221,900. Establishmen
Shenzhen Shenzhen Commerce 100.00% 0.00%
Industry Co., 00 t
Ltd.
Shenzhen
Huari
Automobile Establishmen
Sales and t
Service Co.,
Ltd.
Shenzhen
Tellus
Treasury 50,000,000.0 Establishmen
Shenzhen Shenzhen Commerce 100.00% 0.00%
Supply Chain 0 t
Tech Co.,
Ltd.
Shenzhen
Jewelry
Industry Shenzhen Shenzhen Commerce 65.00% 0.00%
Service Co.,
Ltd.
Shanghai
Fanyue Establishmen
Diamond t
Co., Ltd.
Guorun Gold
Shenzhen Shenzhen Shenzhen Commerce 36.00% 3.25%
Co., Ltd.
Acquired
Shenzhen through
SDG Huari business
Automobile Shenzhen Shenzhen Commerce 60.00% 0.00% combinations
Enterprise not under
Co., Ltd. common
control
Description of the difference between the shareholding percentage and voting rights percentage in the subsidiary:
In June 2022, the Company cooperated with its subsidiary Shenzhen Jewelry Industry Service Co., Ltd., Shenzhen HTI Group Co.,
Ltd., Chow Tai Fook Jewellery Park (Wuhan) Co., Ltd., Chow Tai Seng Jewelry Co., Ltd., Beijing Caishikou Department Store
Co., Ltd., and Shenzhen ZHL Industrial Co., Ltd. to jointly invest in the establishment of Guorun Gold Shenzhen Co., Ltd. Among
them, the Company contributed RMB 72 million, with a shareholding ratio of 36%; Shenzhen Jewelry Industry Service Co., Ltd.,
a subsidiary of the Company, contributed RMB 10 million, with a shareholding ratio of 5%; Shenzhen HTI Group Co., Ltd. held
Ltd., stipulating that Shenzhen HTI Group Co., Ltd. shall maintain a consensus with the Company when voting at the shareholders'
meetings and meetings of the Board of Directors of Guorun Gold Shenzhen Co., Ltd. Therefore, the Company and its subsidiaries
actually hold 51% of the voting rights of Guorun Gold Shenzhen Co., Ltd., and have control over Guorun Gold Shenzhen Co., Ltd.
Basis for controlling an investee while holding half or less of the voting rights, and for not controlling an investee while holding
more than half of the voting rights:
Basis for control over significant structured entities incorporated in the consolidation scope:
Basis for determining whether the Company is an agent or a principal:
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(2) Important non-wholly-owned subsidiaries
Unit: RMB
Profit or loss Dividends declared to
Shareholding
attributable to minority be distributed to Ending balance of
Name of subsidiary proportion of minority
shareholders in the minority shareholders minority interests
shareholders
current period in the current period
Guorun Gold Shenzhen
Co., Ltd.
Description of the difference between the shareholding percentage and voting rights percentage for minority shareholders in the
subsidiary:
(3) Main financial information of important non-wholly-owned subsidiaries
Unit: RMB
Ending balance Beginning balance
Name
of Curren Non- Curren Non-
Non- Total Non- Total
subsidi Curren Total t current Curren Total t current
current liabiliti current liabiliti
ary t assets assets liabiliti liabiliti t assets assets liabiliti liabiliti
assets es assets es
es es es es
Guoru
n Gold
Shenz 2,317, 5,299, 1,067. 5,300, 2,551,
hen 552.52 869.86 09 936.95 497.26
Co.,
Ltd.
Unit: RMB
Amount incurred in the current period Amount incurred in the previous period
Name of Total Cash flows Total Cash flows
subsidiary Operating comprehen from Operating comprehen from
Net profit Net profit
revenue sive operating revenue sive operating
income activities income activities
Guorun
- -
Gold 116,228,89 1,120,554.9 1,120,554.9 175,573,33 703,347,72 58,673,219.
Shenzhen 8.16 2 2 6.87 7.65 39
Co., Ltd.
(1) Important joint ventures or associates
Shareholding proportion Accounting
treatment
Name of joint
Principal place Place of Nature of method for
venture or
of business registration business Direct Indirect investment in
associate
joint ventures
or associates
Joint ventures:
Shenzhen Investing in the
By the equity
Tellus-Gmond Shenzhen Shenzhen development of 50.00%
method
Investment Co., industries
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Ltd.
Associates:
Shenzhen
Renfu Tellus
Mercedes-Benz By the equity
Automobiles Shenzhen Shenzhen 35.00%
Auto Sales method
Service Co.,
Ltd.
Description of the difference between the shareholding percentage and voting rights percentage in joint ventures or associates:
Basis for determining a shareholder holding less than 20% of the voting rights has significant influence, or a shareholder holding
(2) Main financial information of important joint ventures
Unit: RMB
Ending balance/amount incurred in the Beginning balance/amount incurred in
current period the previous period
Shenzhen Tellus-Gmond Investment Co., Shenzhen Tellus-Gmond Investment Co.,
Ltd. Ltd.
Current assets 104,683,340.85 51,397,472.16
Including: Cash and cash equivalents 104,264,573.36 50,299,349.75
Non-current assets 267,247,912.56 279,903,774.39
Total assets 371,931,253.41 331,301,246.55
Current liabilities 59,893,939.83 48,653,180.34
Non-current liabilities 154,058,000.00 157,993,066.85
Total liabilities 213,951,939.83 206,646,247.19
Minority interests
Equity attributable to shareholders of the
parent company
Shares of net assets calculated as per the
shareholding proportion
Adjustments
--Goodwill
--Unrealized profit of internal
transactions
--Others
Book value of equity investments in joint
ventures
Fair value of equity investment in joint
ventures with quoted prices
Operating revenue 74,764,738.79 66,419,256.82
Financial expenses 2,105,109.09 3,516,403.35
Income tax expenses 11,641,438.07 8,142,688.58
Net profit 33,324,314.22 24,428,065.74
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income 33,324,314.22 24,428,065.74
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Dividends received from joint ventures
in the current year
(3) Major financial information of important associates
Unit: RMB
Ending balance/amount incurred in the Beginning balance/amount incurred in
current period the previous period
Shenzhen Renfu Tellus Automobiles Shenzhen Renfu Tellus Automobiles
Service Co., Ltd. Service Co., Ltd.
Current assets 63,502,929.44 65,962,048.08
Non-current assets 0.00
Total assets 63,502,929.44 65,962,048.08
Current liabilities 7,644,504.95 15,619,036.94
Non-current liabilities 0.00
Total liabilities 7,644,504.95 15,619,036.94
Minority interests
Equity attributable to shareholders of the
parent company
Shares of net assets calculated as per the
shareholding proportion
Adjustments
--Goodwill
--Unrealized profit of internal
transactions
--Others
Book value of equity investments in
associates
Fair value of equity investments in
associates with quoted prices
Operating revenue 0.00 297,931,059.04
Net profit 5,515,413.34 -1,793,997.89
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income 5,515,413.34 -1,793,997.89
Dividends received from associates in
the current year
(4) Summary of financial information of unimportant joint ventures and associates
Unit: RMB
Ending balance/amount incurred in the Beginning balance/amount incurred in
current period the previous period
Joint ventures:
Total book value of investments 15,023,049.34 14,528,347.39
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Total amount of the following items at
the shareholding percentage
--Net profit 970,003.82 324,127.30
--Total comprehensive income 970,003.82 324,127.30
Associates:
Total amount of the following items at
the shareholding percentage
(5) Excess losses incurred by joint ventures or associates
Unit: RMB
Unrecognized losses Unrecognized losses in the Unrecognized losses
Name of joint venture or
accumulated in previous current period (or net profit accumulated at the end of the
associate
periods shared in the current period) current period
Shenzhen Tellus Automobile
Service Chain Co., Ltd.
Shenzhen Yongtong Xinda
Testing Equipment Co., Ltd.
X. Government Subsidies
□ Applicable ?Not applicable
Reasons for failing to receive the estimated amount of government subsidies at the expected time point
□ Applicable ?Not applicable
?Applicable □ Not applicable
Unit: RMB
Amount
Amount of included in Amount
Other
new non- transferred to
Accounting Beginning changes in Ending Asset/income
subsidies in operating other income
item balance the current balance -related
the current revenue in in the current
period
period the current period
period
Deferred
income
?Applicable □ Not applicable
Unit: RMB
Accounting item Amount incurred in the current period Amount incurred in the previous period
Other income 956,689.59 1,107,048.00
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
XI. Risks Related to Financial Instruments
The main financial instruments of the Company include cash at bank and on hand, notes
receivable, accounts receivable, accounts receivable financing, other receivables, non-current
assets due within one year, other current assets, held-for-trading financial assets, debt investments,
other debt investments, other equity instrument investments, long-term receivables, notes payable,
accounts payable, other payables, short-term borrowings, held-for-trading financial liabilities,
non-current liabilities due within one year, lease liabilities, and long-term payables. Details of
each financial instrument of the Company are disclosed in the related notes. Risks associated with
these financial instruments and the risk management policies adopted by the Company to mitigate
these risks are described as follows. The management of the Company manages and monitors
these risk exposures to ensure that the above risks are controlled within a limited scope.
The major risks that may be caused by the Company’s financial instruments include credit risks,
liquidity risks, and market risks (including exchange rate risk, interest rate risk, and commodity
price risk).
The Company's overall risk management plan aims to mitigate the potential adverse effects on the
Company's financial performance caused by the unpredictability of the financial market.
The Company has formulated risk management policies to identify and analyze all the risks faced
by the Company, set up the acceptable risk level, and design corresponding internal control
procedures to monitor the Company's risk level. These risk management policies and related
internal control systems will be reviewed regularly to accommodate market conditions or changes
in the Company's operating activities. The internal audit department will also regularly or
irregularly check whether the implementation of such internal control systems complies with risk
management policies.
(1) Credit risks
Credit risk is the risk of financial loss of the Company caused by a counterparty's failure to meet
its obligations in a contract.
The Company manages credit risks on a portfolio basis. Credit risks mainly arise from deposits in
banks, notes receivable, accounts receivable, other receivables, long-term receivables, debt
investments, etc.
The Company's bank deposits are mainly kept in state-owned banks and other large and medium-
sized listed banks, and the Company expects no significant credit risk from its bank deposits.
For notes receivable, accounts receivable, other receivables, and long-term receivables, relevant
policies are established by the Company to control credit risk exposure. The Company evaluates
customers' credit qualifications based on their financial status, credit records, and other factors
such as current market conditions, and sets corresponding credit periods. The Company will
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
monitor the credit records of customers regularly. For customers with poor credit records,
measures such as written payment demand, shortening the credit period, or canceling the credit
period will be adopted by the Company to ensure its overall credit risk is within a controllable
scope.
The Company's debtors of accounts receivable are customers distributed in different industries
and areas. The Company continuously conducts credit assessments on the financial status of
debtors of accounts receivable and, when appropriate, purchases credit guarantee insurance.
The maximum credit risk exposure borne by the Company is the carrying amount of each
financial asset in the balance sheet. The Company has not provided any other guarantee that may
cause the Company to bear credit risks.
Among the Company's accounts receivable, accounts receivable from the top five customers
accounted for 27.18% of the Company's total accounts receivable (2025: 51.14%). Among the
Company's other receivables, other receivables from the top five companies by amount owed
accounted for 57.40% of the Company's total other receivables (2025: 65.83%).
(2) Liquidity risks
Liquidity risk refers to the risk that the Company may encounter a shortage of funds when
fulfilling obligations settled by delivering cash or other financial assets.
In managing liquidity risk, the Company maintains sufficient cash and cash equivalents as
deemed necessary by management and monitors them to meet operational needs and mitigate the
impact of cash flow volatility. The management of the Company monitors the utilization of bank
loans and ensures compliance with borrowing agreements. Meanwhile, the Company has obtained
commitments from major financial institutions regarding the provision of adequate reserve funds
to meet the Company's fund requirements in short and long terms.
Sources of the Company's working capital include funds generated from operating activities, bank
loans, and other borrowings. At the end of the period, the unused bank borrowing limit of the
Company was RMB 610 million (RMB 889 million at the end of the previous year).
The Company also considers negotiating with suppliers to adopt supplier financing arrangements
to extend payment terms, or obtaining funds in advance by selling long-aged accounts receivable
to alleviate the Company's cash flow pressure.
At the end of the period, financial liabilities and off-balance sheet guaranteed items held by the
Company are analyzed as follows based on the expiration date of undiscounted remaining
contract cash flow (unit: RMB 10,000):
Item June 30, 2026
Within 1 year 1-2 years 2-3 years Over 3 years Total
Financial liabilities:
Short-term borrowings - - - - -
Derivative financial liabilities - - - - -
Notes payable - - - - -
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Accounts payable 1,517.19 2,092.40 2,457.15 4,910.53 10,977.27
Other payables 3,769.91 2,488.48 1,827.54 4,691.97 12,777.90
Non-current liabilities due within
one year
Other current liabilities (excluding
deferred income)
Lease liabilities - 1,220.03 1,386.72 5,703.22 8,309.97
Long-term payables - - - 392.02 392.02
Total 6,316.09 5,800.91 5,671.41 15,697.74 33,486.15
At the end of the previous year, financial liabilities and off-balance sheet guaranteed items held
by the Company were analyzed as follows, based on the expiration date of undiscounted
remaining contract cash flow (unit: RMB 10,000):
Item December 31, 2025
Within 1 year 1-2 years 2-3 years Over 3 years Total
Financial liabilities:
Short-term borrowings 1,100.23 - - - 1,100.23
Derivative financial liabilities 270.23 - - - 270.23
Notes payable 18,000.00 - - - 18,000.00
Accounts payable 1,475.25 2,092.40 2,457.15 4,910.53 10,935.34
Other payables 4,940.38 2,488.48 1,827.54 4,691.97 13,948.37
Non-current liabilities due within one year 1,348.13 - - - 1,348.13
Other current liabilities (excluding deferred
income)
Lease liabilities - 1,370.55 1,386.72 5,703.22 8,460.49
Long-term payables - - - 392.02 392.02
Total 27,355.64 5,951.43 5,671.41 15,697.74 54,676.23
The amount of financial liabilities disclosed in the above table is undiscounted contractual cash
flows and may therefore differ from their carrying amount in the balance sheet.
The maximum guarantee amount of the signed guarantee contract does not represent the amount
to be paid.
(3) Market risks
Market risk of financial instruments refers to the risk that the fair value or future cash flows of
financial instruments may fluctuate due to changes in market prices, including interest rate risk,
exchange rate risk, and other price risks.
Interest rate risk
Interest rate risk refers to the risk that the fair value or future cash flows of financial instruments
will fluctuate due to changes in the market interest rate. Interest rate risk can come from
recognized interest-bearing financial instruments and unrecognized financial instruments (such as
certain loan commitments).
The interest rate risk of the Company mainly arises from long-term borrowings from banks, bonds
payable, and other long-term debts with interest. Financial liabilities with a floating interest rate
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
expose the Company to cash flow interest rate risk, and financial liabilities with fixed interest
rates expose the Company to fair value interest rate risk. The Company determines the relative
proportion of fixed-rate and floating-rate contracts based on the market environment at the time,
and maintains an appropriate portfolio of fixed-rate and floating-rate instruments through regular
review and monitoring.
The Company keeps an eye on the effect of changes in interest rates on the Company's interest
rate risk. At present, the Company does not have any interest rate hedging policy. However, the
management is responsible for monitoring interest rate risks and will consider hedging significant
interest rate risks when necessary. An increase in interest rates will increase the cost of new
interest-bearing debts and the interest expenses on the Company's outstanding floating-rate
interest-bearing debts, and have a significant adverse effect on the Company's financial
performance. The management will make timely adjustments based on the latest market
conditions, which may include interest rate swap arrangements to reduce interest rate risk.
For financial instruments held on the balance sheet date that expose the Company to fair value
interest rate risk, the impact of net profit and shareholders' equity in the above sensitivity analysis
is the impact after re-measurement of the above financial instruments according to the new
interest rate, assuming that the interest rate on the balance sheet date changes. For floating-rate
non-derivative instruments held on the balance sheet date that expose the Company to cash flow
interest rate risk, the impact of net profit and shareholders' equity in the above sensitivity analysis
is the impact of the above interest rate changes on the interest expenses or revenue estimated
annually. The previous year's analysis was based on the same assumption and methodology.
Exchange rate risk
Exchange rate risk refers to the risk that the fair value or future cash flows of financial
instruments will fluctuate due to changes in foreign exchange rates. Exchange rate risk may come
from financial instruments valued in a foreign currency other than the recording currency.
The main business of the Company is conducted in China and settled in RMB. Therefore, the
Company believes that its exchange rate risk is not significant.
The Company keeps an eye on the effect of a fluctuation in exchange rates on its exchange rate
risk. At present, the Company does not take any action to avoid exchange rate risks. However, the
management is responsible for monitoring exchange rate risks and will consider hedging
significant exchange rate risks when necessary.
The objective of the Company's capital management policy is to ensure the sustainability of
operations, thereby providing returns to shareholders and benefiting other stakeholders, while
maintaining an optimal capital structure to reduce the cost of capital.
To maintain or adjust the capital structure, the Company may adjust financing methods and the
amount of dividends paid to shareholders, return capital to shareholders, issue new shares and
other equity instruments, or sell assets to reduce liabilities.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
The Company monitors the capital structure based on the asset-liability ratio (i.e., total liabilities
divided by total assets). At the end of the period, the Company's asset-liability ratio was 17.98%
(24.68% at the end of the previous year).
(1) The Company conducts hedging business for risk management
?Applicable □ Not applicable
To avoid the risk of changes in the fair value of gold and silver raw materials held by them (i.e., the hedged
risk), the Company's subsidiaries—Guorun Gold Shenzhen Co., Ltd. and Shenzhen Jewelry Industry Service
Co., Ltd.—analyzed expected gold raw material purchase transactions based on the number of investment gold
bars ordered by customers, and used hedging instruments such as deferred spot gold contracts on the Shanghai
Gold Exchange, gold futures contracts on the Shanghai Futures Exchange, and exchange-traded gold options, so
as to hedge against the risk of decline in the value of gold products caused by a sharp drop in gold prices.
Guorun Gold, a subsidiary of the Company, formulated the Hedging Transaction Management Guidelines,
which clearly stipulates the approval authority, operational process, and risk control for the Company to carry
out hedging business. The hedge is a fair value hedge. The accounting period specified for the hedging
relationship is from January 1, 2026, to June 30, 2026.
The approval procedures for the Company to use its self-owned funds to carry out hedging business comply
with relevant national laws, regulations, and the Articles of Association. The deferred gold transaction hedging
business carried out to avoid fluctuations in gold prices is conducive to controlling operational risks and
improving the Company's ability to resist market fluctuations.
(2) The Company carries out eligible hedging business and applies hedge accounting
Unit: RMB
The book value of the hedged items and related adjustments are as follows:
H1 2026
Changes in the fair
Accumulated amount of fair Listed items of value of hedged items
Book value of hedged value hedge adjustments for the balance used as a basis for
Item
items hedged items (included in the sheet including recognizing an
book value of hedged items) hedged items ineffective portion of
hedging in 2026 (note)
Assets Liabilities Assets Liabilities
Commodity
price risk- 15,115,256.23 - 1,240,719.52 Inventories -
inventory
Accumulated amount of fair Listed items of Changes in the fair
Book value of hedged
Item value hedge adjustments for the balance value of hedged items
items
hedged items (included in the sheet including used as a basis for
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
book value of hedged items) hedged items recognizing an
ineffective portion of
hedging in 2025 (note)
Assets Liabilities Assets Liabilities
Commodity
price risk- 48,422,300.40 - 756,141.87 - Inventories -
inventory
H1 2026
Changes in the fair value of
Listed items of the
hedging instruments used as a
Hedging Book value of hedging balance sheet
Item basis for recognizing an
instruments' instruments including hedging
ineffective portion of hedging
instruments
in 2026 (note)
Nominal
Assets Liabilities
amount
Commodity
Derivative financial
price risk- 15,115,256.23 359,615.00 - -
assets/liabilities
inventory
Changes in the fair value of
Listed items of the hedging instruments used as a
Hedging Book value of
Item balance sheet including basis for recognizing an
instruments' hedging instruments
hedging instruments ineffective portion of hedging in
Nominal
Assets Liabilities
amount
Commodity
Derivative financial
price risk- 48,422,300.40 - 2,702,318.10 -
assets/liabilities
inventory
Note: The ineffective portion of hedging mainly comes from basis risk, supply and demand change risks in the
spot or futures markets, and uncertainty risks in other spot or futures markets. The amount of hedge
ineffectiveness recognized in the current and previous years is not significant.
(3) The Company carries out hedging business for risk management and expects to achieve the risk management objectives,
but does not apply hedge accounting
□ Applicable ?Not applicable
(1) Classification of transfer methods
□ Applicable ?Not applicable
(2) Financial assets derecognized due to transfers
□ Applicable ?Not applicable
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(3) Financial assets transferred but subject to continuous involvement
□ Applicable ?Not applicable
XII. Disclosure of Fair Value
Unit: RMB
Ending fair value
Item Level 1 measurement Level 2 measurement Level 3 measurement
Total
at fair value at fair value at fair value
I. Continuous fair value
-- -- -- --
measurement
(I) Held-for-trading
financial assets
fair value through 231,489,714.42 231,489,714.42
profit or loss
(4) Structured deposits
and financial products
(II) Derivative
financial assets
(III) Other debt
investments
certificate of deposit
(IV) Hedged items 16,355,975.75 16,355,975.75
Total assets
continuously measured 16,715,590.75 695,264,139.11 0.00 711,979,729.86
at fair value
II. Non-continuous fair
-- -- -- --
value measurement
fair value measurement
Level 1: Quotations for the same assets or liabilities in active markets (unadjusted).
The financial liabilities designated by the Company as measured at fair value through profit or loss arise from
the Company's physical gold leasing business from banks. There is an active market for gold (Shanghai Gold
Exchange), and the Shanghai Gold Exchange publishes the closing price of gold contract transactions on each
trading day. At the end of the period, the Company used the closing price published by the Shanghai Gold
Exchange on the last trading day as the basis for determining the market price.
The hedged items of the Company are gold product inventories. The hedging instruments are assets/liabilities
arising from changes in the fair value of gold futures contracts and gold spot deferred settlement contracts held
by the Company. The Company determines the fair value based on the public quotations of gold spot
transactions and futures transactions of the Shanghai Gold Exchange and the Shanghai Futures Exchange.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
subject to continuous and non-continuous level 2 fair value measurement
Level 2: Observable input values other than market quotations for assets or liabilities in level 1 are used directly
(i.e., price) or indirectly (i.e., derived from price).
The trading financial assets held by the Company are bank financial products with one-year principal
guaranteed floating income, and their fair value is determined based on discounted future cash flows calculated
at an agreed expected rate of return. There is no material difference between the fair value and book cost of
other non-current financial assets held by the Company.
Information on level 2 fair value measurement
Content Ending fair value Valuation technique Input value
Derivative instruments:
Derivative financial assets - Discounted cash flow method Expected interest rate
Derivative financial liabilities - Discounted cash flow method Expected interest rate
subject to continuous and non-continuous level 3 fair value measurement
continuous level 3 fair value measurement and sensitivity analysis of unobservable parameters
Level 3: Any input value (unobservable input value) that is not based on observable market data is used for
assets or liabilities.
Because the operating environment, operating conditions and financial position of the investee, China PUFA
Machinery Industry Co., Ltd., have not changed significantly, the Company measures its equity instrument
investment at investment cost as a reasonable estimate of fair value.
Quantitative information of significant unobservable input values used in level 3 fair value measurement
Ending fair Valuation Unobservable input
Contents Range (weighted average)
value technique value
Equity instrument
investment:
Unlisted equity
- Net assets N/A N/A
investment
fair value measurement and having transferred between levels in the current period
During the year, there were no transfers between Level 1 and Level 2 in the fair value measurement of the
Company's financial assets and financial liabilities, nor any transfers into or out of Level 3.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
For financial instruments traded in active markets, the Company determines their fair value based on active
market quotes. For financial instruments not traded in active markets, the Company uses valuation techniques to
establish their fair value. The used valuation model mainly includes the discounted cash flow model and the
market comparable company model. The input values of valuation techniques mainly include the risk-free
interest rate, benchmark interest rate, exchange rate, credit spread, liquidity premium, and discount for lack of
marketability (DLOM).
XIII. Related Parties and Related Transactions
Shareholding Voting rights
Name of parent Place of proportion of the proportion of the
Nature of business Registered capital
company registration parent company to parent company in
the Company the Company
Real estate
Shenzhen Special
development and
Economic Zone RMB
Shenzhen operation, 49.09% 49.09%
Development 6,179,406,000
domestic
Group Co., Ltd.
commerce
Information of the parent company
The ultimate controlling party of the Company is the Shenzhen SASAC.
For details of the Company's subsidiaries, please refer to Note IX.1.
The important joint ventures or associates of the Company are detailed in Note IX. 2.
Other joint ventures or associates with which the Company had related party transactions during the current period or in prior
periods that resulted in balances are as follows:
Name of joint venture or associate Relationship with the Company
Shenzhen Tellus Xinyongtong Automobile Service Co., Ltd. Associate of the Company
Shenzhen Tellus Automobile Service Chain Co., Ltd. Associate of the Company
Shenzhen Yongtong Xinda Testing Equipment Co., Ltd. Associate of the Company
Shenzhen Torch Spark Plug Industry Co., Ltd. Associate of the Company
Shenzhen Telixing Investment Co., Ltd. Joint venture of the Company
Name of other related parties Relationship between other related parties and the Company
Shenzhen SDG Microfinance Co., Ltd. Controlled subsidiary of the Company's parent company
Shenzhen SDG Urban Renewal Investment Co., Ltd. Controlled subsidiary of the Company's parent company
Shenzhen Machinery & Equipment Import & Export Co., Ltd. Controlled subsidiary of the Company's parent company
Hongkong Yujia Investment Limited Controlled subsidiary of the Company's parent company
Shenzhen SDG Engineering Management Co., Ltd. Controlled subsidiary of the Company's parent company
Shenzhen Tellus Yangchun Real Estate Co., Ltd. Controlled subsidiary of the Company's parent company
Shenzhen SDG Real Estate Co., Ltd. Controlled subsidiary of the Company's parent company
Shenzhen Longgang Tellus Real Estate Co., Ltd. Controlled subsidiary of the Company's parent company
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Shenzhen SDG Tellus Property Management Co., Ltd. Controlled subsidiary of the Company's parent company
Shenzhen SDG Service Co., Ltd. Controlled subsidiary of the Company's parent company
Shenzhen SDG Liming Optoelectronics (Group) Co., Ltd. Controlled subsidiary of the Company's parent company
Shenzhen SDG Building Technology Co., Ltd. Controlled subsidiary of the Company's parent company
Shenzhen SDG Eastern Service Co., Ltd. Controlled subsidiary of the Company's parent company
Shenzhen Wahlai Decoration & Furniture Co., Ltd. Associate of the Company's parent company
Enterprise over which the shareholder of an important
Shenzhen Zhigu Jinyun Technology Co., Ltd.
subsidiary exerts significant influence
Shenzhen ZHL Industrial Co., Ltd. Minority shareholder of an important subsidiary
Beijing Caishikou Department Store Co., Ltd. Minority shareholder of an important subsidiary
Shenzhen Shuntian Electric Vehicle Technology Development
Investment company of the Company
Co., Ltd.
Enterprise over which the shareholder of an important
Shenzhen Zhongminglong Investment Co., Ltd.
subsidiary exerts significant influence
Enterprise controlled by minority shareholders of an important
Shenzhen Yuepengjin Jewelry Co., Ltd.
subsidiary
Enterprise controlled by minority shareholders of an important
Shenzhen Yuepengjin E-commerce Co., Ltd.
subsidiary
Guoren Property & Casualty Insurance Co., Ltd. Enterprise controlled by the indirect controlling shareholder
(1) Related transactions of purchase/sales of goods and rendering/receiving of labor services
Purchase of goods/receipt of services
Unit: RMB
Amount incurred Exceeding the Amount incurred
Content of related Approved
Related party in the current transaction amount in the previous
party transaction transaction amount
period or not period
Property
Shenzhen SDG
management 10,997,493.29 76,000,000.00 No 11,005,695.25
Service Co., Ltd.
services
Shenzhen SDG
Property
Tellus Property
management 1,710,855.73 6,000,000.00 No 1,687,429.32
Management Co.,
services
Ltd.
Shenzhen SDG
Property
Building
management 67,924.53 600,000.00 No 135,849.06
Technology Co.,
services
Ltd.
Shenzhen ZHL Gold processing
Industrial Co., Ltd. services
Shenzhen
Gold processing
Yuepengjin 0.00 0.00 No 61,686.73
services
Jewelry Co., Ltd.
Shenzhen SDG
Engineering Supervision
Management Co., services
Ltd.
Guoren Property &
Purchase insurance
Casualty Insurance 74,807.52 1,050,000.00 No 102,641.52
services
Co., Ltd.
Shenzhen Wahlai Engineering repair
Decoration & and maintenance 5,175,981.32 0.00 No 6,087,971.24
Furniture Co., Ltd. services
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Shenzhen SDG Surveillance
Eastern Service system installation 0.00 500,000.00 No 0.00
Co., Ltd. services
Shenzhen Tellus-
Receiving labor
Gmond Investment 3,537.74 80,000.00 No 0.00
services
Co., Ltd.
Information on selling goods/rendering labor services
Unit: RMB
Content of related party Amount incurred in the Amount incurred in the
Related party
transaction current period previous period
Beijing Caishikou
Sales of goods 0.00 6,149,180.28
Department Store Co., Ltd.
Shenzhen Torch Spark Plug
Management fee 11,589.65 0.00
Industry Co., Ltd.
Shenzhen ZHL Industrial Co.,
Agency services 2,026,841.38 18,848.52
Ltd.
Shenzhen SDG Microfinance
Agency services 30,191.22 0.00
Co., Ltd.
Notes for related transactions of purchase/sales of goods and rendering/receiving of labor services
(2) Information on the related lease
The Company as the lessor:
Unit: RMB
Lease income recognized in Lease income recognized in
Name of lessee Type of assets leased
the current period the previous period
Shenzhen SDG Service Co.,
Housing rentals, etc. 2,101,522.24 2,097,741.01
Ltd.
Shenzhen SDG Tellus
Property Management Co., Lease of houses 167,119.02 84,045.66
Ltd.
Shenzhen SDG Microfinance
Lease of houses 561,057.48 636,925.89
Co., Ltd.
Shenzhen Yuepengjin Jewelry
Lease of houses 1,361,217.13 865,740.46
Co., Ltd.
(3) Remuneration of key management personnel
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Remuneration of key management
personnel
(1) Receivables
Unit: RMB
Ending balance Beginning balance
Item Related party
Book balance Provision for bad Book balance Provision for bad
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
debts debts
Accounts Shenzhen ZHL
receivable Industrial Co., Ltd.
Beijing Caishikou
Accounts
Department Store 0.00 0.00 246,659.80 2,466.60
receivable
Co., Ltd.
Accounts Shenzhen SDG
receivable Service Co., Ltd.
Shenzhen SDG
Accounts
Microfinance Co., 15,960.09 85.94 8,593.89 85.94
receivable
Ltd.
Shenzhen Torch
Accounts
Spark Plug 1,000.00 10.00 1,000.00 10.00
receivable
Industry Co., Ltd.
Shenzhen Wahlai
Prepayments Decoration & 0.00 0.00 133,260.81 0.00
Furniture Co., Ltd.
Guoren Property &
Prepayments Casualty Insurance 69,392.98 0.00 133,186.80 0.00
Co., Ltd.
Shenzhen SDG
Prepayments 0.00 0.00 6,605.50 0.00
Service Co., Ltd.
Shenzhen Tellus
Automobile
Other receivables 1,360,390.00 1,360,390.00 1,360,390.00 1,360,390.00
Service Chain Co.,
Ltd.
Shenzhen Tellus
Xinyongtong
Other receivables 114,776.33 114,776.33 114,776.33 114,776.33
Automobile
Service Co., Ltd.
Shenzhen SDG
Tellus Property
Other receivables 34,155.00 5,695.31 57,472.05 5,695.31
Management Co.,
Ltd.
Shenzhen
Yongtong Xinda
Other receivables 531,882.24 531,882.24 531,882.24 531,882.24
Testing Equipment
Co., Ltd.
Shenzhen Telixing
Other receivables Investment Co., 50,708.39 1,272.99 127,299.21 1,272.99
Ltd.
Shenzhen ZHL
Other receivables 4,767,568.66 47,575.69 18,731,980.00 187,319.80
Industrial Co., Ltd.
Shenzhen Zhigu
Other receivables Jinyun Technology 0.00 0.00 50,000.00 2,500.00
Co., Ltd.
Shenzhen Tellus
Long-term Automobile
receivables Service Chain Co.,
Ltd.
(2) Payables
Unit: RMB
Item Related party Ending book balance Beginning book balance
Accounts payable Shenzhen Machinery & 45,300.00 45,300.00
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Equipment Import & Export
Co., Ltd.
Shenzhen SDG Tellus
Accounts payable Property Management Co., 240,012.48 272,000.00
Ltd.
Shenzhen ZHL Industrial Co.,
Accounts payable 235,873.17 316.58
Ltd.
Shenzhen Wahlai Decoration
Accounts payable 2,906,472.41 1,493,996.39
& Furniture Co., Ltd.
Shenzhen SDG Service Co.,
Accounts payable 3,113,217.60 4,136,158.12
Ltd.
Shenzhen SDG Engineering
Accounts payable 108,038.46 108,038.46
Management Co., Ltd.
Shenzhen Tellus-Gmond
Accounts payable 200,000.00 200,000.00
Investment Co., Ltd.
Shenzhen Zhigu Jinyun
Accounts payable 12,000.00
Technology Co., Ltd.
Shenzhen Yuepengjin Jewelry
Advances from customers 36,230.60
Co., Ltd.
Shenzhen SDG Tellus
Advances from customers Property Management Co., 909.00 12,920.00
Ltd.
Shenzhen Yongtong Xinda
Advances from customers 68.00 68.00
Testing Equipment Co., Ltd.
Shenzhen SDG Service Co.,
Advances from customers 0.01
Ltd.
Shenzhen SDG Microfinance
Other payables 237,804.66 237,804.66
Co., Ltd.
Shenzhen SDG Service Co.,
Other payables 42,748.80 68,026.80
Ltd.
Shenzhen Yuepengjin Jewelry
Other payables 486,314.10 388,102.00
Co., Ltd.
Shenzhen Torch Spark Plug
Other payables 2,000.00 2,000.00
Industry Co., Ltd.
Shenzhen Tellus Automobile
Other payables 800.00 800.00
Service Chain Co., Ltd.
Shenzhen SDG Tellus
Other payables Property Management Co., 185,973.00 151,818.00
Ltd.
Shenzhen Special Economic
Other payables Zone Development Group 3,000.00 3,000.00
Co., Ltd.
Shenzhen Tellus Yangchun
Other payables 476,217.49 476,217.49
Real Estate Co., Ltd.
Shenzhen Machinery &
Other payables Equipment Import & Export 1,575,452.52 1,554,196.80
Co., Ltd.
Shenzhen Wahlai Decoration
Other payables 21,748.14 1,086,322.83
& Furniture Co., Ltd.
Hongkong Yujia Investment
Other payables 2,255,339.58 2,255,339.58
Limited
Shenzhen SDG Urban
Other payables 28,766.05 28,766.05
Renewal Investment Co., Ltd.
Shenzhen Shuntian Electric
Other payables Vehicle Technology 2,000.00 2,000.00
Development Co., Ltd.
Other payables Shenzhen Longgang Tellus 1,095,742.50 1,095,742.50
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Real Estate Co., Ltd.
XIV. Commitments and Contingencies
Important commitments existing on the balance sheet date
As of June 30, 2026, there were no commitments to be disclosed by the Company.
(1) Important contingencies existing on the balance sheet date
Contingent liabilities and financial effects arising from debt guarantees provided for other entities
Tellus Jewelry, a subsidiary of the Company, was formerly known as Shenzhen Auto Motive Industry & Trade
General Company. It was converted from an SOE to a limited liability company and renamed in November
Jewelry entered into the Contract on the Transfer of State-owned Property Rights of Enterprise with Zhu
Jinchao, pursuant to which Tellus Jewelry publicly listed and transferred its 14.731% equity interest in
Shenzhen Southern Great Wall Investment Holding Co., Ltd. (hereinafter referred to as "Southern Great Wall
Company") in accordance with the law. On the same day, Tellus Jewelry entered into the Debt Assumption and
Asset Repurchase Agreement (hereinafter referred to as the "Repurchase Agreement") with Southern Great Wall
Company, which stipulated that Tellus Jewelry would assume all economic and legal liabilities for the
actual/potential debts, contingent debts and disputes of Southern Great Wall Company formed before December
financing and guarantees, etc.).
In 1997, Southern Great Wall Company provided a guarantee for a loan extended by Bank of Communications
Co., Ltd. to China Automotive Industry Shenzhen Trading Co., Ltd. This guaranteed debt was incurred before
December 31, 2001. As the primary debtor defaulted, the case entered court enforcement, with enforcement
proceedings reinstated in 2024 (Case No. (2024) Yue 0304 ZH No. 1936). Subsequently, Southern Great Wall
Company settled with the enforcement applicant and made the corresponding payment. Southern Great Wall
Company and its original shareholders, Zhu Jinchao and Yu Zhanglin, submitted a Notification Letter and
supporting documents to Tellus Jewelry, making the following demands: designate a dedicated liaison
department to re-establish communication channels; and require Tellus Jewelry to cover the alleged guarantee
losses amounting to RMB 10.7544 million (comprising principal of RMB 9.88 million, interest of RMB
As of June 30, 2026, there was no contingency to be disclosed by the Company.
(2) In case of no important contingencies to be disclosed, a description shall be given
The Company had no important contingencies to be disclosed.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
XV. Matters after the Balance Sheet Date
None.
XVI. Other Significant Matters
(1) Determination basis and accounting policy of reporting segments
According to the Company's internal organizational structure, management requirements, and internal reporting
system, the business of the Company is divided into two reporting segments. These reporting segments are
determined based on the financial information required by the Company's daily internal management. The
Group's management regularly evaluates the operating results of these reporting segments to determine the
allocation of resources to them and evaluate their performance.
The reporting segments of the Company include:
(1) Jewelry sales and services, and wholesale and retail of gold and jewelry;
(2) Leasing and services, real estate, and commercial real estate leasing;
Segment reporting information is disclosed based on the accounting policies and measurement criteria adopted
by each segment when reporting to management, and these accounting policies and measurement bases are
consistent with those used in preparing the financial statements.
(2) Financial information of reporting segments
Unit: RMB
Jewelry wholesale and
Item Leasing and services Inter-segment offset Total
retail services
Revenue from main
business
Costs of main business 54,548,981.33 106,197,514.83 4,626,391.44 165,372,887.60
Total assets 2,968,315,003.69 303,186,046.64 -732,770,516.31 2,538,730,534.02
Total liabilities 474,170,086.31 20,482,660.51 -38,165,230.58 456,487,516.24
XVII. Notes to Major Items of the Parent Company’s Financial Statements
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive) 13,045,843.90 10,660,018.72
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Over 3 years 77,741.87 77,741.87
Total 13,182,153.48 10,796,328.30
(2) Disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Categor
y Proporti Book Proporti Book
Proporti on of value Proporti on of value
Amount Amount Amount Amount
on provisio on provisio
n n
Includ
ing:
Account
s
receivab
le with
provisio
n for bad 100.00% 1.11% 100.00% 1.35%
debts
made on
a
portfolio
basis
Includ
ing:
Includin
g: Aging 100.00% 1.11% 100.00% 1.35%
portfolio
Total 100.00% 1.11% 100.00% 1.35%
Category name of bad debt provision made on a portfolio basis: Aging portfolio
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Aging portfolio 13,182,153.48 146,014.99 1.11%
Total 13,182,153.48 146,014.99
If provision for bad debts on accounts receivable is made according to the general model of expected credit losses:
?Applicable □ Not applicable
Unit: RMB
Stage I Stage II Stage III
Provision for bad debts Expected credit loss for Expected credit loss Expected credit loss Total
the next 12 months throughout the duration throughout the duration
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
(no credit impairment (credit impairment has
has occurred) occurred)
Balance as of January
Balance as of January
period
Balance as of June 30,
(3) Bad debt provision provided, recovered, or reversed in the current period
Bad debt provision in the current period:
Unit: RMB
Change during the current period
Beginning
Category Recovery or Ending balance
balance Provision Write-off Others
reversal
Provision for
bad debts
Total 146,014.99 146,014.99
(4) Top five accounts receivable and contract assets, categorized by debtors, based on the ending balances
Unit: RMB
Ending balance of
Proportion in total bad debt provision
Ending balance of
Ending balance of ending balance of of accounts
Ending balance of accounts
Name accounts accounts receivable and
contract assets receivable and
receivable receivable and impairment
contract assets
contract assets provision of
contract assets
Shenzhen Baijue
Industrial
Development Co.,
Ltd.
Shenzhen Jinyu
Jewelry Co., Ltd.
Shenzhen Seven
Degree
Silversmith Family
Industrial Co., Ltd.
Shenzhen Ruidafu
Jewelry Co., Ltd.
Shenzhen Xinyufu
Jewelry Co., Ltd.
Total 4,371,905.78 4,371,905.78 33.17% 33,039.47
Unit: RMB
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Item Ending balance Beginning balance
Dividends receivable 12,000,000.00
Other receivables 4,899,962.91 3,711,404.11
Total 16,899,962.91 3,711,404.11
(1) Dividends receivable
Unit: RMB
Item (or Investee) Ending balance Beginning balance
China Pufa Machinery Industry Co., Ltd.
Shenzhen Zhongtian Industry Co., Ltd. 12,000,000.00
Total 12,000,000.00
Unit: RMB
Whether impairment
Reason for non-
Item (or Investee) Ending original value Aging has occurred and the
recovery
basis for judgment
The company has
incurred huge losses in
its financial position
and operations, and the
China Pufa Machinery
Industry Co., Ltd.
may be unrecoverable;
therefore, full
impairment has been
accrued.
Total 1,305,581.86
?Applicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Categor
y Proporti Book Proporti Book
Proporti on of value Proporti on of value
Amount Amount Amount Amount
on provisio on provisio
n n
Provisio
n for bad
debts
made on 100.00% 100.00% 100.00% 100.00%
an
individu
al basis
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Including:
Including:
Total 100.00% 100.00% 100.00% 100.00%
Category name of bad debt provision made on an individual basis:
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Proportion of Reasons for
Book balance Book balance
bad debts bad debts provision provision
China Pufa
The company's
Machinery
Industry Co.,
position is poor
Ltd.
Total 1,305,581.86 1,305,581.86 1,305,581.86 1,305,581.86
Provision for bad debts according to the general model of expected credit loss:
Unit: RMB
Stage I Stage II Stage III
Expected credit loss Expected credit loss
Provision for bad debts Expected credit loss for throughout the duration throughout the duration Total
the next 12 months (no credit impairment (credit impairment has
has occurred) occurred)
Balance as of January
Balance as of January
period
Balance as of June 30,
Division basis and proportion of bad debt provision at each stage
Changes in book balance with significant changes in loss provision in the current period
□ Applicable ?Not applicable
Unit: RMB
Change during the current period
Beginning
Category Recovery or Charge-off or Ending balance
balance Provision Other changes
reversal write-off
Provision for
bad debts
Total 1,305,581.86 1,305,581.86
(2) Other receivables
Unit: RMB
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Nature of payment Ending book balance Beginning book balance
Other temporary payments receivable 8,999,529.88 8,125,713.98
Deposits and security deposits 1,515,567.96 1,610,786.54
Current accounts of related parties within
the consolidation scope of receivables
Total 12,487,459.21 11,298,900.41
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive) 3,168,757.01 1,980,198.21
Over 3 years 7,201,884.00 7,201,884.00
Total 12,487,459.21 11,298,900.41
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Categor
y Proporti Book Proporti Book
Proporti on of value Proporti on of value
Amount Amount Amount Amount
on provisio on provisio
n n
Provisio
n for bad
debts
made on 57.27% 100.00% 0.00 63.30% 100.00% 0.00
an
individu
al basis
Includ
ing:
Provisio
n for bad
debts
made on 42.73% 8.16% 36.70% 10.50%
a
portfolio
basis
Includ
ing:
Aging 3,819,76 128,263. 3,691,50 2,535,99 128,263. 2,407,72
portfolio 8.27 70 4.57 0.89 70 7.19
Portfolio 1,515,56 307,109. 1,208,45 1,610,78 307,109. 1,303,67
of 7.96 62 8.34 6.54 62 6.92
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
deposit
and
security
deposit
receivab
le
Total 100.00% 60.76% 100.00% 67.15%
Category name of bad debt provision made on a portfolio basis:
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Aging portfolio 3,819,768.27 128,263.70 3.36%
Portfolio of deposit and
security deposit receivable
Total 5,335,336.23 435,373.32
Provision for bad debts according to the general model of expected credit loss:
Unit: RMB
Stage I Stage II Stage III
Expected credit loss Expected credit loss
Provision for bad debts Expected credit loss for throughout the duration throughout the duration Total
the next 12 months (no credit impairment (credit impairment has
has occurred) occurred)
Balance as of January
Balance as of January
period
Balance as of June 30,
Division basis and proportion of bad debt provision at each stage
Changes in book balance with significant changes in loss provision in the current period
□ Applicable ?Not applicable
Bad debt provision in the current period:
Unit: RMB
Change during the current period
Beginning
Category Recovery or Charge-off or Ending balance
balance Provision Others
reversal write-off
Provision for
bad debts made
on an
individual basis
Provision for
bad debts made
on a portfolio
basis
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Total 7,587,496.30 0.00 0.00 7,587,496.30
Unit: RMB
Proportion in total Ending balance of
Name Nature of payment Ending balance Aging ending balance of provision for bad
other receivables debts
Shenzhen
Zhonghao (Group) Account current 5,000,000.00 Over 3 years 40.04% 5,000,000.00
Co., Ltd.
Shenzhen
Petrochemical Account current 1,927,833.34 Over 3 years 15.44% 1,927,833.34
Group Co., Ltd.
Shenzhen Jinzhou
Precision Security deposits 1,515,467.96 2-3 years 12.14% 303,093.59
Technology Corp.
Shenzhen Tellus
Treasury Supply 1-2 years, within 1
Account current 745,497.20 5.97%
Chain Tech Co., year
Ltd.
China
Construction First 2–3 years, 1–2
Account current 583,978.93 4.68% 74,998.00
Group Corporation years
Limited
Total 9,772,777.43 78.27% 7,305,924.93
Unit: RMB
Ending balance Beginning balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investment in
subsidiaries
Investment in
associates and 116,788,154.70 3,225,000.00 113,563,154.70 97,700,900.97 3,225,000.00 94,475,900.97
joint ventures
Total 826,078,629.11 3,225,000.00 822,853,629.11 811,311,675.38 3,225,000.00 808,086,675.38
(1) Investment in subsidiaries
Unit: RMB
Beginning Beginning Increase/decrease in the current period Ending Ending
balance balance of Provision balance balance of
Investee Additional Investment
(book impairment for Others (book impairment
value) provision investment reduction value) provision
impairment
Shenzhen
SDG Tellus 31,152,888. 31,152,888.
Real Estate 87 87
Co., Ltd.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Shuibeiton
g
(Shenzhen)
Informatio 526,308.52 526,308.52
n
Technolog
y Co., Ltd.
Shenzhen
Tellus
Jewelry
Technolog
y
Developme
nt Co., Ltd.
Shenzhen
Zhongtian 369,680,52 369,680,52
Industry 2.90 2.90
Co., Ltd.
Shenzhen
Tellus
Shuibei
Jewelry
Co., Ltd.
Shenzhen
SDG Huari
Automobil 61,908,926. 4,320,300.0 57,588,626.
e 77 0 77
Enterprise
Co., Ltd.
Shenzhen
Huari
Automobil 1,807,411.5 1,807,411.5
e Sales and 2 2
Service
Co., Ltd.
Shenzhen
Xinyongto
ng Motor
Vehicle
Inspection
Equipment
Co., Ltd.
Shenzhen
Tellus
Treasury 50,000,000. 50,000,000.
Supply 00 00
Chain Tech
Co., Ltd.
Shenzhen
Jewelry
Industry
Service
Co., Ltd.
Guorun
Gold 72,000,000. 72,000,000.
Shenzhen 00 00
Co., Ltd.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Total 0.00
(2) Investment in associates and joint ventures
Unit: RMB
Increase/decrease in the current period
Beginn Invest Adjust
Cash Ending
Beginn ing ment ment
divide Ending balanc
ing balanc profit to
Additi Invest Other nd or Provisi balanc e of
Invest balanc e of or loss other
onal ment equity profit on for e impair
or e impair recogn compr Others
invest reducti change declare impair (book ment
(book ment ized by ehensi
ment on s d to be ment value) provisi
value) provisi equity ve
distrib on
on metho incom
uted
d e
I. Joint ventures
Shenz
hen
Tellus-
Gmon 62,327 16,662 78,989
d ,499.6 ,157.1 ,656.7
Invest 8 1 9
ment
Co.,
Ltd.
Shenz
hen
Telixin
g 494,70
,347.3 ,049.3
Invest 1.95
ment
Co.,
Ltd.
Subtot
,847.0 ,859.0 ,706.1
al
II. Associates
Shenz
hen
Renfu
Tellus 17,620 19,550
Autom ,053.9 ,448.5
obiles 0 7
Servic
e Co.,
Ltd.
Shenz
hen
Jieche
ng 3,225, 3,225,
Electro 000.00 000.00
nics
Co.,
Ltd.
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Shenz
hen
Tellus
Autom
obile
Servic
e
Chain
Co.,
Ltd.
Subtot 3,225, 1,930, 3,225,
,053.9 ,448.5
al 000.00 394.67 000.00
Total ,900.9 ,253.7 3,154.
The recoverable amount is determined based on the net amount after deducting disposal expenses from the fair value
□ Applicable ?Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□ Applicable ?Not applicable
Reasons for the obvious inconsistency between the aforementioned information and the information used in the impairment tests
of previous years or external information
Reasons for the obvious inconsistency between the information adopted by the Company's impairment tests in previous years and
the actual situation in those years
Unit: RMB
Amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Main business 57,952,031.64 25,809,271.80 58,621,053.92 23,987,855.33
Total 57,952,031.64 25,809,271.80 58,621,053.92 23,987,855.33
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Long-term equity investment income
calculated by the cost method
Long-term equity investment income
calculated by the equity method
Investment income from held-for-trading
financial assets during the holding period
Interest income from large-sum
certificates of deposit
Total 55,166,648.63 91,814,280.85
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
XVIII. Supplementary Information
?Applicable □ Not applicable
Unit: RMB
Item Amount Notes
Profits and losses from disposal of non-
current assets
Government subsidies included in the
current profit and loss (excluding those
which are closely related to the
Company's normal business operations,
in line with national policies and 883,145.82
regulations, and granted in accordance
with defined criteria, and have a
continuous influence on the Company's
profit and loss)
Except for effective hedging activities
related to the Company's normal business
operations, profit or loss arising from
changes in the fair value of financial
assets and financial liabilities held by
non-financial enterprises, as well as
profit or loss from the disposal of such
financial assets and financial liabilities
Other non-operating income and
expenses other than the above
Less: Effect of income tax 2,170,691.54
Effect on minority interests (after-
tax)
Total 6,701,960.45 --
Specific conditions of other profits or losses conforming to the definition of non-recurring profit or loss:
□ Applicable ?Not applicable
The Company has no other profits or losses conforming to the definition of non-recurring profit or loss.
Explanation on defining the non-recurring profits or losses set out in the Explanatory Announcement No. 1 on Information
Disclosure for Companies Offering Securities to the Public—Non-Recurring Profit or Loss as recurring profits or losses
?Applicable □ Not applicable
Item Amount involved (RMB) Reason
Due to the price fluctuation risk related
to gold, effective hedging of gold futures
is a means for Guorun Gold and
Shenzhen Jewelry, subsidiaries of the
Company, to avoid relevant risks. This
Effective hedging -8,189,945.06 activity falls under normal proprietary
business operations. Therefore, based on
the nature and characteristics of its
normal business operations, the
Company has classified the following
items listed in the Explanatory
Full Text of the 2026 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.
Announcement No. 1 on Information
Disclosure for Companies Offering
Securities to the Public—Non-Recurring
Profit or Loss (2023 Revision) as
recurring profits or losses: effective
hedging related to the normal operations
of non-financial enterprises; profits or
losses from changes in the fair value of
financial assets and financial liabilities
held; and profits or losses from the
disposal of financial assets and financial
liabilities.
According to the Explanatory
Announcement No. 1 on Information
Disclosure for Companies Offering
Securities to the Public—Non-Recurring
Profit or Loss (2023 Revision), the
Return of handling charges of individual
income tax
income tax received by the Company and
its subsidiaries is categorized as income
related to routine activities. As it is
neither of a special nature nor incidental,
it is classified as recurring profit or loss.
Earnings per share
Profit during the reporting Weighted average return on
period net assets Basic earnings per share Diluted earnings per share
(RMB/share) (RMB/share)
Net profit attributable to
ordinary shareholders of the 4.53% 0.1965 0.1965
Company
Net profit attributable to
ordinary shareholders of the
Company after non-recurring 4.17% 0.1809 0.1809
profits and losses are
deducted
(1) Differences in net profits and net assets in the financial reports disclosed simultaneously according to
the international accounting standards and the Chinese accounting standards
□ Applicable ?Not applicable
(2) Differences in net profits and net assets in the financial reports disclosed simultaneously according to
the foreign accounting standards and the Chinese accounting standards
□ Applicable ?Not applicable
(3) Specify the reasons for differences in accounting data under domestic and foreign accounting
standards; if the adjustment is made to data audited by an overseas audit firm, specify the name of the
audit firm
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