Shenzhen Stock Exchange
To the Management of Rongfeng Holdings Group Co., Ltd.:
Zhongshen Yatai Certified Public Accountants (Special General Partnership) received the inquiry letter from the Shenzhen Stock Exchange regarding Rongfeng Holdings Group Co., Ltd. (hereinafter referred to as "the Company") concerning the 2025 annual report. The inquiry letter (2026) No. 41 requires the Company to clarify certain issues raised by the Exchange. The response is as follows:
- The Company expects to achieve real estate sales revenue of 3.22 billion yuan in 2025. Please clarify the specific situation regarding the Company's real estate sales in 2025, including key projects, sales area, sales amount, profit margin, and the reasons for the expected sales revenue. Please confirm whether the sales revenue is reliable and reasonable.
Company's response:
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Specific situation of real estate sales in 2025
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Sales situation
According to the report, the main projects of the Company are located in Changsha International Financial Center (hereinafter referred to as "Changsha Center") and Beijing Rongfeng Jiahua Center (hereinafter referred to as "Beijing Center"). The sales area of Changsha Center is 30,828.04 square meters, with sales revenue of 255,738,437 yuan, and the average sales price is 8,295.64 yuan per square meter. The sales area of Beijing Center is 1,524.55 square meters, with sales revenue of 6,601,940 yuan.
- Real estate business income recognition situation
The Company expects to achieve real estate sales revenue of 32,175.78 million yuan in 2025, with a sales area of 32,352.59 square meters, which is an increase of 672.12% compared to the previous year. Among them, the sales revenue of Changsha Center is 25,573.84 million yuan, and the sales revenue of Beijing Center is 6,601.94 million yuan.
| Item | 2025 | 2024 | Year-on-Year Change |
|---|---|---|---|
| Sales Area (m²) | 30,828.04 | 4,082.45 | 655.14% |
| Sales Revenue (yuan) | 255,738,437 | 34,730,000 | 636.36% |
| Average Sales Price (yuan/m²) | 8,295.64 | 8,507.15 | -2.49% |
| Sales Gross Margin | 6.25% | -47.00% | 113.30% |
- Changsha International Financial Center project
The expected sales area is 30,828.04 square meters, which is an increase of 655.14% compared to the previous year. The average sales price is 8,295.64 yuan per square meter, which is a decrease of 2.49% compared to the previous year. The actual sales revenue is 25,573.84 million yuan, which is an increase of 636.36%.
- Beijing Rongfeng Jiahua Center project
The expected sales area is 1,524.55 square meters, which is an increase of 944.50% compared to the previous year. The actual sales revenue is 6,601,940 yuan, which is an increase of 918.60%. The average sales price is 43,651.89 yuan per square meter, which is a decrease of 2.48%.
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Income and gross profit margin analysis
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The reason for the increase in gross profit margin in 2025 is that the Company has adjusted its sales strategy according to market conditions, which may lead to a more favorable sales environment.
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The Company’s gross profit margin is 21.2%, which is an increase from 14.78% in the previous year. The main reasons are: (1) the Changsha International Financial Center project has a higher sales price than the previous year, but the Company has also made significant investments in the project.
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The Company will continue to monitor market conditions and adjust its strategies accordingly to ensure stable income growth.
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The main projects of the Company are expected to generate stable income, and the Company will ensure that the income recognition is in line with accounting standards.
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The main projects of the Company are expected to generate stable income, and the Company will ensure that the income recognition is in line with accounting standards.