特 力Ｂ2025年半年度报告（英文版）

Full Text of the 2025 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.1Shenzhen Tellus Holding Co., Ltd.2025 Semi-Annual ReportAugust 2025Full Text of the 2025 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.2Section I Important Notes, Contents, and InterpretationsThe Board of Directors, the Board of Supervisors, and directors,supervisors, and senior executives of the Company guarantee that the presentsemi-annual report is true, accurate, and complete without false records,misleading statements, or major omissions, and undertake the joint andseveral legal liabilities arising therefrom.Fu Chunlong, head of the Company, Huang Tianyang, the person incharge of accounting and person in charge of the accounting firm (accountantin charge), declare to guarantee the truthfulness, accuracy, and completenessof the financial report in this semi-annual report.All directors of the Company have attended the meeting of the Board ofDirectors to review the semi-annual report.The Company has no plans to distribute cash dividends, issue bonusshares, and convert reserved funds into share capital.Full Text of the 2025 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.3ContentsSection I Important Notes, Contents, and Interpretations.................................................................................... 2Section II Company Profile and Major Financial Indicators............................................................................... 6Section III Management Discussion and Analysis..................................................................................................9Section IV Corporate Governance, Environment, and Society.......................................................................... 23Section VImportant Matters............................................................................................................................... 24Section VIChanges in Shares and Shareholders.............................................................................................36Section VII Bond-related Information...................................................................................................................41Section VIII Financial Report.................................................................................................................................42Section IX Other Submitted Data........................................................................................................................ 177Full Text of the 2025 Semi-Annual Report of Shenzhen Tellus Holding Co., Ltd.4Documents for Inspection(I) Financial statements signed and sealed by the head of the Company, the person in charge of accounting, and the person incharge of the accounting firm (accountant in charge).(II) Originals of all company documents and announcements that have been publicly disclosed during the reporting period.(III) The above documents for future reference shall be kept at the Secretariat Office