[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section provides crucial declarations from the board, supervisors, and management, along with statements on profit distribution, forward-looking statements, fund occupation, board independence, and significant risks [Board of Directors, Supervisory Board, and Senior Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%9A%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's Board of Directors, Supervisory Board, and all Directors, Supervisors, and Senior Management declare the truthfulness, accuracy, and completeness of this semi-annual report, assuming individual and joint legal responsibility - The company's Board of Directors, Supervisory Board, and all Directors, Supervisors, and Senior Management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) [Company Head and Accounting Supervisor Statement](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%B4%9F%E8%B4%A3%E4%BA%BA%E9%9F%A9%E5%AD%9D%E7%85%8C%E3%80%81%E4%B8%BB%E7%AE%A1%E4%BC%9A%E8%AE%A1%E5%B7%A5%E4%BD%9C%E8%B4%9F%E8%B4%A3%E4%BA%BA%E6%9D%8E%E6%98%A5%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%9C%BA%E6%9E%84%E8%B4%9F%E8%B4%A3%E4%BA%BA%EF%BC%88%E4%BC%9A%E8%AE%A1%E4%B8%BB%E7%AE%A1%E4%BA%BA%E5%91%98%EF%BC%89%E9%83%91%E5%BF%83%E4%BA%AD%E5%A3%B0%E6%98%8E%EF%BC%9A%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E4%B8%AD%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E3%80%81%E5%87%86%E7%A1%AE%E3%80%81%E5%AE%8C%E6%95%B4%E3%80%82) Company head Han Xiaohuang, chief accounting officer Li Chun, and head of accounting department Zheng Xinting declare that the financial report in the semi-annual report is true, accurate, and complete - Company head Han Xiaohuang, chief accounting officer Li Chun, and head of accounting department Zheng Xinting declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) During the current reporting period, the company's board of directors did not approve any profit distribution or capital reserve capitalization plan - The profit distribution plan or capital reserve capitalization plan for the current reporting period is "None"[6](index=6&type=chunk) [Forward-Looking Statement Risk Disclosure](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements in this report, such as future plans and development strategies, do not constitute a substantive commitment to investors, who are advised to be aware of investment risks - The forward-looking statements in this report, including future plans and development strategies, do not constitute a substantive commitment by the company to investors, who are advised to be aware of investment risks[6](index=6&type=chunk) [Fund Occupation and Guarantees](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company was not subject to non-operating fund occupation by controlling shareholders or other related parties, nor did it provide external guarantees in violation of prescribed decision-making procedures - There was no non-operating occupation of funds by controlling shareholders or other related parties[7](index=7&type=chunk) - There were no external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) [Board Independence Statement](index=2&type=section&id=%E4%B9%9D%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E5%8D%8A%E6%95%B0%E4%BB%A5%E4%B8%8A%E8%91%A3%E4%BA%8B%E6%97%A0%E6%B3%95%E4%BF%9D%E8%AF%81%E5%85%AC%E5%8F%B8%E6%89%80%E6%8A%AB%E9%9C%B2%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E5%92%8C%E5%AE%8C%E6%95%B4%E6%80%A7) The company declares that there is no situation where more than half of its directors cannot guarantee the truthfulness, accuracy, and completeness of the semi-annual report - There is no situation where more than half of the directors cannot guarantee the truthfulness, accuracy, and completeness of the company's disclosed semi-annual report[7](index=7&type=chunk) [Major Risk Alert](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) During the reporting period, the company did not face any particularly significant risks that would substantially impact its production and operations; specific risks and countermeasures are detailed in the "Possible Risks" section of "Section III Management Discussion and Analysis" - During the reporting period, the company did not face any particularly significant risks that would substantially impact its production and operations[7](index=7&type=chunk) - The company has detailed various possible risks and countermeasures in this report; please refer to the "Possible Risks" section in "Section III Management Discussion and Analysis"[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for common terms used throughout the report [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines common terms used in the report, including the China Securities Regulatory Commission, the Company/Listed Company/Guancheng New Materials, the Reporting Period (January 1, 2025, to June 30, 2025), and currency units Yuan, Ten Thousand Yuan, and Hundred Million Yuan Definitions of Common Terms | Common Term | Definition | | :--- | :--- | | China Securities Regulatory Commission | China Securities Regulatory Commission | | Company, This Company, Listed Company, Guancheng New Materials | Citychamp Dartong Advanced Materials Co., Ltd | | Reporting Period | January 1, 2025, to June 30, 2025 | | Yuan, Ten Thousand Yuan, Hundred Million Yuan | RMB Yuan, RMB Ten Thousand Yuan, RMB Hundred Million Yuan, legal tender | [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information, contact details, changes in fundamental status, information disclosure channels, stock information, and key financial data and indicators for the reporting period [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic information, including its Chinese name, abbreviation, English name, and legal representative, with the full name being Citychamp Dartong Advanced Materials Co., Ltd and the legal representative being Han Xiaohuang Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | Citychamp Dartong Advanced Materials Co., Ltd | | Chinese Abbreviation | Guancheng New Materials | | English Name | CITYCHAMP DARTONG ADVANCED MATERIALS CO.,LTD. | | English Name Abbreviation | CITYCHAMP AM | | Legal Representative | Han Xiaohuang | [Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the contact addresses, telephone numbers, fax numbers, and email addresses for the company's Board Secretary Yu Tanfeng and Securities Affairs Representative Li Lishan Company Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Yu Tanfeng | Li Lishan | | Contact Address | Building C, No. 1 Guancheng Dartong Plaza, No. 5 Puxiazhou Road, Cangshan District, Fuzhou City, Fujian Province | Building C, No. 1 Guancheng Dartong Plaza, No. 5 Puxiazhou Road, Cangshan District, Fuzhou City, Fujian Province | | Phone | 0591—83350026 | 0591—83350026 | | Fax | 0591—83350013 | 0591—83350013 | | Email | 600067@gcdt.net | 600067@gcdt.net | [Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered address changed on December 31, 2002, and its current office address is Building C, No. 1 Guancheng Dartong Plaza, No. 5 Puxiazhou Road, Cangshan District, Fuzhou City, Fujian Province, with the company website being www.gcdt.net Company Registered and Office Address | Item | Content | | :--- | :--- | | Company Registered Address | Innovation Building, Kuaian Extension Zone, Fuzhou Economic and Technological Development Zone, Fujian Province | | Historical Changes to Company Registered Address | Changed from No. 81 Fuma Road, Fuzhou City, Fujian Province to Innovation Building, Kuaian Extension Zone, Fuzhou Economic and Technological Development Zone, Fujian Province on December 31, 2002 | | Company Office Address | Building C, No. 1 Guancheng Dartong Plaza, No. 5 Puxiazhou Road, Cangshan District, Fuzhou City, Fujian Province | | Company Office Address Postal Code | 350007 | | Company Website | www.gcdt.net | | Email | gcdt@gcdt.net | [Information Disclosure](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates "Shanghai Securities News" and "China Securities Journal" as its information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website (www.sse.com.cn) and available for inspection at the company's Board of Directors Office Information Disclosure Channels | Item | Content | | :--- | :--- | | Company's Designated Information Disclosure Newspapers | "Shanghai Securities News", "China Securities Journal" | | Website Address for Semi-Annual Report Publication | www.sse.com.cn | | Location for Company's Semi-Annual Report | Company Board of Directors Office | [Company Stock Information](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation "Guancheng New Materials" and stock code 600067 Company Stock Information | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Guancheng New Materials | 600067 | G Guancheng, Guancheng Dartong | [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue increased by 4.94% to **4.538 billion Yuan**, total profit increased by 55.12% to **107 million Yuan**, and net profit attributable to shareholders of the listed company turned from a loss in the prior year to a profit of **19.5669 million Yuan**; net cash flow from operating activities significantly improved from negative to positive, while total assets and net assets attributable to shareholders of the listed company slightly decreased Key Accounting Data for H1 2025 | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Same Period | Change from Prior Year Same Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,537,994,203.89 Yuan | 4,324,396,936.77 Yuan | 4.94 | | Total Profit | 106,965,921.75 Yuan | 68,956,283.26 Yuan | 55.12 | | Net Profit Attributable to Shareholders of the Listed Company | 19,566,926.65 Yuan | -26,973,400.80 Yuan | Not Applicable | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 13,043,678.02 Yuan | -36,172,199.56 Yuan | Not Applicable | | Net Cash Flow from Operating Activities | 94,918,397.80 Yuan | -440,352,512.15 Yuan | Not Applicable | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 5,561,773,409.25 Yuan | 5,847,770,551.39 Yuan | -4.89 | | Total Assets (End of Period) | 17,595,073,465.82 Yuan | 18,209,215,150.14 Yuan | -3.37 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Same Period | Change from Prior Year Same Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.01 | -0.02 | Not Applicable | | Diluted Earnings Per Share (Yuan/share) | 0.01 | -0.02 | Not Applicable | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | 0.01 | -0.03 | Not Applicable | | Weighted Average Return on Net Assets (%) | 0.33 | -0.41 | Increased by 0.74 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 0.22 | -0.55 | Increased by 0.77 percentage points | [Non-recurring Gains and Losses](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **6.5232 million Yuan**, primarily comprising government grants recognized in current profit or loss, and fair value changes and disposal gains/losses from financial assets and liabilities Non-recurring Gains and Losses Items for H1 2025 | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -392,644.86 | | Government grants recognized in current profit or loss | 3,274,501.19 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 4,627,824.72 | | Other non-operating income and expenses | -933,027.46 | | Less: Income tax impact | 458,710.57 | | Impact on minority interests (after tax) | -405,305.61 | | Total | 6,523,248.63 | [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an overview of the company's industry and main businesses, an analysis of its operating performance, core competitiveness, and key financial changes, along with other significant disclosures including potential risks and future plans [Industry and Main Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In the first half of 2025, the company's main businesses remained unchanged, focusing on enamelled wire production and sales, real estate development, and new energy lithium battery electrolyte additive production; the enamelled wire business benefited from increased demand for flat enamelled wire in new energy vehicles, but traditional market demand contracted, while the real estate industry remained sluggish, and the additive business faced intense competition and low prices due to capacity release - In the first half of 2025, the company's main businesses remained unchanged, primarily involving enamelled wire production and sales, real estate development, and new energy lithium battery electrolyte additive production and operation[26](index=26&type=chunk) - Enamelled wire business: Demand for flat enamelled wire in new energy vehicles significantly increased year-on-year, but insufficient domestic demand in traditional downstream markets led to a contraction in round wire market demand, and raw material copper rod prices fluctuated sharply[28](index=28&type=chunk) - Real estate related business: The overall market environment remained sluggish, with sales area decreasing by **3.5%** year-on-year and sales amount decreasing by **5.5%**; the company did not acquire new land reserves, primarily focusing on selling remaining units and subsequent development of a few projects[29](index=29&type=chunk) - Additive business: While new energy vehicle production and sales grew, the concentrated release of electrolyte and additive production capacity led to continuous price declines, resulting in a "thin profit, strong competition" market situation[30](index=30&type=chunk) [Operating Performance Analysis](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company achieved operating revenue of **4.538 billion Yuan**, a year-on-year increase of **4.94%**, and net profit attributable to shareholders of the listed company of **20 million Yuan**; the enamelled wire business performed strongly with double-digit growth in production, sales, and revenue, while real estate was impacted by market downturn, and the additive business suffered from low prices, leading to a negative net profit; the company plans to continue divesting real estate, expand enamelled wire capacity, and stabilize the additive business in the second half of the year Company's Overall Operating Performance for H1 2025 | Indicator | Amount (Hundred Million Yuan) | Year-on-year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 45.38 | 4.94 | | Net Profit Attributable to Shareholders of the Listed Company | 0.20 | Not Applicable (prior year same period was negative) | [Enamelled Wire Business Operating Performance](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%94%B5%E7%A3%81%E7%BA%BF%E4%B8%9A%E5%8A%A1) The enamelled wire business pursued a diversified product strategy, achieving a production volume of **46,100 tons** (up **15.83%**), sales volume of **45,100 tons** (up **13.60%**), main business revenue of **3.43 billion Yuan** (up **19.14%**), and net profit of **97 million Yuan** (up **25.97%**) in the first half of the year, while successfully developing 1000V high-voltage platform enamelled flat wire for new energy vehicles and strengthening safety production and cost control Enamelled Wire Business Operating Data for H1 2025 | Indicator | Current Period Data | Year-on-year Growth (%) | | :--- | :--- | :--- | | Production Volume | 46.1 Ten Thousand Tons | 15.83 | | Sales Volume | 45.1 Ten Thousand Tons | 13.60 | | Main Business Revenue | 3.43 Hundred Million Yuan | 19.14 | | Net Profit | 0.97 Hundred Million Yuan | 25.97 | - The company successfully developed 1000V high-voltage platform enamelled flat wire and special-shaped enamelled flat wire for oil-cooled drive motors in new energy vehicles, achieving batch production for some products[33](index=33&type=chunk) - Flat wire sales volume reached **8,769.87 tons**, a year-on-year increase of **47.82%**[33](index=33&type=chunk) [Real Estate Related Business Operating Performance](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%88%BF%E5%9C%B0%E4%BA%A7%E7%9B%B8%E5%85%B3%E4%B8%9A%E5%8A%A1) In the first half of the year, the real estate business saw contracted sales area decrease by **60.00%** to **13,000 square meters** and contracted sales amount decrease by **34.54%** to **199 million Yuan**; settled area increased by **34.81%** to **36,400 square meters**, main business revenue decreased by **26.14%** to **910 million Yuan**, and net profit was **37 million Yuan**, with the company's ongoing projects primarily located in Beijing and Fuzhou, actively developing property management and leasing businesses Real Estate Business Operating Data for H1 2025 | Indicator | Current Period Data | Year-on-year Decrease (%) | | :--- | :--- | :--- | | Contracted Sales Area | 1.30 Ten Thousand Square Meters | 60.00 | | Contracted Sales Amount | 1.99 Hundred Million Yuan | 34.54 | | Settled Area | 3.64 Ten Thousand Square Meters | Increased by 34.81 | | Main Business Revenue | 9.10 Hundred Million Yuan | 26.14 | | Net Profit | 0.37 Hundred Million Yuan | Not Applicable | - The company's commercial property services managed an area of **82,700 square meters**, and office building property services managed an area of **138,300 square meters**[37](index=37&type=chunk) - Total real estate rental income was **48 million Yuan**, accounting for **1.06%** of the company's operating revenue[37](index=37&type=chunk) [Additive Business Operating Performance](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%B7%BB%E5%8A%A0%E5%89%82%E4%B8%9A%E5%8A%A1) In the first half of the year, the additive business achieved a production volume of **183.33 tons**, a year-on-year increase of **98.22%**, and a sales volume of **157.89 tons**, a year-on-year increase of **30.93%**; however, due to low product prices, main business revenue decreased by **11.54%** to **14.6087 million Yuan**, resulting in a net loss of **15.3598 million Yuan** Additive Business Operating Data for H1 2025 | Indicator | Current Period Data | Year-on-year Growth (%) | | :--- | :--- | :--- | | Production Volume | 183.33 Tons | 98.22 | | Sales Volume | 157.89 Tons | 30.93 | | Main Business Revenue | 1,460.87 Ten Thousand Yuan | Decreased by 11.54 | | Net Profit | -1,535.98 Ten Thousand Yuan | Not Applicable | [Second Half Operating Plan](index=10&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E4%B8%8B%E5%8D%8A%E5%B9%B4%E7%BB%8F%E8%90%A5%E8%AE%A1%E5%88%92) In the second half of the year, the company will continue to divest its real estate business, expand enamelled wire production capacity as appropriate, and stabilize electrolyte additive production and operations; the enamelled wire business will focus on R&D of high-value-added products in emerging industries, explore the application of PEEK materials in new energy vehicle drive motors, and actively explore cutting-edge fields such as robotics and artificial intelligence; the real estate business will accelerate existing project development and sales, and optimize property management and leasing businesses; the additive business will conduct in-depth market research, strengthen customer relationship management, stabilize production processes, and enhance safety and environmental protection management - In the second half of the year, the company will gradually advance the divestment of its real estate business, expand enamelled wire production capacity as appropriate, and stabilize electrolyte additive production and operations[39](index=39&type=chunk) - The enamelled wire business will focus on R&D and production of high-value-added products in emerging industries, explore the application of PEEK materials in new energy vehicle drive motors, and actively explore cutting-edge fields such as robotics and artificial intelligence[39](index=39&type=chunk) - The real estate business will accelerate the development and sales progress of existing real estate projects, quicken the pace of "de-real estate," and optimize property management and self-owned property leasing businesses[40](index=40&type=chunk) - The electrolyte additive business will identify potential opportunities through in-depth market research, actively expand the market, strengthen customer relationship management, stabilize production processes, and enhance safety and environmental protection management[40](index=40&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company adheres to its core values of "humanistic cohesion, harmonious win-win" and possesses a stable talent pool; in the enamelled wire business, the company has a long history, strong technical capabilities, leading product quality and technical level in China, and has established long-term stable customer relationships with many well-known domestic and international enterprises, maintaining a dominant position in the new energy vehicle flat wire market; in the additive business, the company has the necessary technical reserves for production, relies on the expert team of the Fujian Institute of Research on the Structure of Matter, Chinese Academy of Sciences for R&D, and has obtained 12 invention and utility model patents - The company adheres to its core values of "humanistic cohesion, harmonious win-win" and possesses a stable talent pool[41](index=41&type=chunk) [Enamelled Wire Business Core Competitiveness](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%94%B5%E7%A3%81%E7%BA%BF%E4%B8%9A%E5%8A%A1%E6%96%B9%E9%9D%A2) The company's enamelled wire business has a long history, strong technical capabilities, and its production scale, R&D level, and brand influence are among the industry's forefront; the company has led or participated in the formulation of multiple national/industry standards, with product quality and technical level leading domestically, and has established long-term stable strategic cooperative relationships with well-known domestic and international enterprises such as United Automotive Electronic Systems, Schaeffler, BorgWarner, Leroy-Somer, Bosch, BYD, and Cummins, maintaining a dominant position in the new energy vehicle flat wire market - The company's enamelled wire business has a long history, strong technical capabilities, and its production scale, R&D level, and brand influence are among the industry's forefront[42](index=42&type=chunk) - The company has led or participated in the formulation of multiple national/industry standards, such as the national standard for "Technical Specifications for Insulation Structure of New Energy Vehicle Drive Motors"[42](index=42&type=chunk)[43](index=43&type=chunk) - The company has established long-term stable strategic cooperative relationships with well-known domestic and international enterprises including United Automotive Electronic Systems, Schaeffler, BorgWarner, Leroy-Somer, Bosch, BYD, and Cummins[43](index=43&type=chunk) - The company consistently maintains a dominant position in the new energy vehicle flat wire market, with production and sales volumes leading the industry[43](index=43&type=chunk) [Additive Business Core Competitiveness](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%B7%BB%E5%8A%A0%E5%89%82%E4%B8%9A%E5%8A%A1%E6%96%B9%E9%9D%A2) The company's additive business possesses the necessary technical reserves for production, relying on the expert team of the Fujian Institute of Research on the Structure of Matter, Chinese Academy of Sciences for in-depth research and development, and its subsidiary, Fujian Shaowu Chuangxin New Materials Co., Ltd., has obtained 12 invention and utility model patents - The company possesses the necessary technical reserves for production, relying on the expert team of the Fujian Institute of Research on the Structure of Matter, Chinese Academy of Sciences for in-depth research and development[44](index=44&type=chunk) - Its subsidiary, Fujian Shaowu Chuangxin New Materials Co., Ltd., has obtained **12** invention and utility model patents[44](index=44&type=chunk) [Key Operating Performance](index=11&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue increased by **4.94%**, primarily due to increased sales in the enamelled wire business and rising copper prices, partially offset by decreased real estate settlement revenue; selling, administrative, and financial expenses all decreased, while R&D expenses increased; net cash flow from operating activities turned positive, and net cash flow from investing and financing activities both improved; the asset-liability structure changed, with significant increases in construction in progress and long-term borrowings, and decreases in contract liabilities and non-current liabilities due within one year; the company's external equity investment decreased significantly, but financial assets measured at fair value increased; among major subsidiaries, enamelled wire subsidiaries saw increased net profit, while real estate subsidiaries experienced decreased net profit [Analysis of Changes in Financial Statement Items](index=11&type=section&id=1%E3%80%81%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E7%A7%91%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90%E8%A1%A8) Operating revenue increased by **4.94%**, mainly influenced by increased sales in the enamelled wire business and rising copper prices, but offset by decreased real estate settlement revenue; operating costs increased due to the enamelled wire business and rising copper prices, but real estate settlement costs decreased; selling expenses and administrative expenses decreased by **12.26%** and **2.39%** respectively; financial expenses decreased by **26.95%**, mainly due to reduced interest expenses; R&D expenses increased by **10.67%**; net cash flow from operating activities turned from negative to positive, and net cash flow from investing and financing activities both improved Major Accounting Item Changes | Item | Current Period Amount (Yuan) | Prior Year Same Period Amount (Yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,537,994,203.89 | 4,324,396,936.77 | 4.94 | | Operating Cost | 4,006,584,862.41 | 3,796,919,631.64 | 5.52 | | Selling Expenses | 42,689,285.22 | 48,652,526.52 | -12.26 | | Administrative Expenses | 125,389,614.63 | 128,454,831.63 | -2.39 | | Financial Expenses | 78,703,095.20 | 107,737,626.01 | -26.95 | | R&D Expenses | 93,506,385.27 | 84,488,965.29 | 10.67 | | Net Cash Flow from Operating Activities | 94,918,397.80 | -440,352,512.15 | Not Applicable | | Net Cash Flow from Investing Activities | -42,630,038.71 | -40,089,337.00 | Not Applicable | | Net Cash Flow from Financing Activities | -82,337,048.30 | -403,617,618.42 | Not Applicable | - The change in operating revenue was primarily influenced by the combined effect of a year-on-year increase in enamelled wire business sales, rising raw material copper prices, and a year-on-year decrease in real estate settlement revenue[46](index=46&type=chunk) - Net cash flow from operating activities turned from negative to positive, mainly due to the combined effect of sales collection growth in the enamelled wire business exceeding procurement expenditure growth, and reduced real estate project procurement expenditure[47](index=47&type=chunk) [Analysis of Assets and Liabilities](index=12&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and net assets attributable to shareholders of the listed company decreased by **3.37%** and **4.89%** respectively; construction in progress increased by **63.90%** year-on-year, mainly due to investments in enamelled wire technological upgrades and the second phase of new energy electrolyte additive production line construction; contract liabilities decreased by **52.90%** year-on-year, primarily due to the recognition of real estate project prepayments as revenue; long-term borrowings increased by **62.99%** year-on-year, mainly due to new financing by subsidiaries; other payables increased by **29.09%** year-on-year, mainly due to declared but unpaid cash dividends; non-current liabilities due within one year decreased by **34.38%**; overseas assets accounted for **2.37%** of total assets Changes in Assets and Liabilities | Item Name | Current Period End Amount (Yuan) | Current Period End % of Total Assets | Prior Year End Amount (Yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of the Listed Company | 5,561,773,409.25 | 31.61 | 5,847,770,551.39 | 32.11 | -4.89 | | Total Assets | 17,595,073,465.82 | 100.00 | 18,209,215,150.14 | 100.00 | -3.37 | | Construction in Progress | 36,601,797.33 | 0.21 | 22,331,515.93 | 0.12 | 63.90 | | Contract Liabilities | 550,576,698.89 | 3.13 | 1,168,834,445.69 | 6.42 | -52.90 | | Long-term Borrowings | 1,147,458,404.85 | 6.52 | 703,999,134.22 | 3.87 | 62.99 | | Other Payables | 1,431,140,742.47 | 8.13 | 1,108,658,725.19 | 6.09 | 29.09 | | Non-current Liabilities Due Within One Year | 586,152,918.04 | 3.33 | 893,271,412.86 | 4.91 | -34.38 | - Overseas assets amounted to **416.8457 million Yuan**, accounting for **2.37%** of total assets[51](index=51&type=chunk) - As of the end of the reporting period, details of the company's restricted assets and pledged/mortgaged assets are provided in "Section VIII Financial Report, VII, 31, Restricted Assets"[52](index=52&type=chunk) [Analysis of Investment Status](index=13&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's external equity investment for the current period was **84,800 Yuan**, a significant decrease of **82.5657 million Yuan** compared to the prior year, mainly due to the acquisition of Dartong New Materials Co., Ltd. equity in the prior year; financial assets measured at fair value had a period-end balance of **78.7691 million Yuan**, an increase of **6.89%** from the beginning of the period, primarily including private equity funds and stock investments External Equity Investment Amount | Indicator | Current Period Amount (Ten Thousand Yuan) | Prior Year Same Period Amount (Ten Thousand Yuan) | Change Amount (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | External Equity Investment Amount | 8.48 | 8,265.05 | -8,256.57 | Financial Assets Measured at Fair Value | Asset Category | Beginning of Period Amount (Yuan) | End of Period Amount (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | | :--- | :--- | :--- | :--- | | Private Equity Funds | 23,312,721.56 | 23,594,406.14 | 281,684.58 | | Stocks | 50,380,863.47 | 54,246,332.43 | 3,293,014.85 | | Other | 0 | 928,365.10 | -15,847.55 | | Total | 73,693,585.03 | 78,769,103.67 | 3,558,851.88 | - The company invested its own funds in Jinhouhai Phase 1 Stable Private Equity Investment Fund and Private Equity Fund VSTHSOA1, with period-end book values of **4,722,239.25 Yuan** and **18,872,166.89 Yuan** respectively[60](index=60&type=chunk) [Analysis of Major Holding and Associate Companies](index=16&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) During the reporting period, the net profit of enamelled wire subsidiary Dartong (Fujian) New Materials Co., Ltd. increased to **97.3536 million Yuan**; real estate subsidiary Beijing Haidian Science Park Construction Co., Ltd. had operating revenue of **888.7104 million Yuan** and net profit of **92.1105 million Yuan**, but Nanjing Wansheng Real Estate Co., Ltd. had a negative net profit; Fujian Shaowu Chuangxin New Materials Co., Ltd. had a net loss of **15.3598 million Yuan**; Suzhou Guancheng Hongye Real Estate Co., Ltd. completed liquidation and deregistration in March 2025 Major Holding and Associate Companies Financial Data (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Haidian Science Park Construction Co., Ltd. | Subsidiary | Real estate development and sales | 60,000.00 | 88,871.04 | 9,211.05 | | Nanjing Wansheng Real Estate Co., Ltd. | Subsidiary | Real estate development and sales | 30,000.00 | 5,242.36 | -2,639.16 | | Dartong (Fujian) New Materials Co., Ltd. | Subsidiary | Enamelled wire production and sales | 50,840.00 | 353,681.25 | 9,735.36 | | Fujian Shaowu Chuangxin New Materials Co., Ltd. | Subsidiary | R&D and production of new energy lithium battery electrolyte additives | 14,500.00 | 1,474.34 | -1,535.98 | | Ningde Jinshetong Real Estate Development Co., Ltd. | Associate Company | Real estate development and sales | 75,000.00 | 158.72 | 5,253.31 | - Suzhou Guancheng Hongye Real Estate Co., Ltd. completed liquidation and deregistration in March 2025, with no significant impact on overall production, operations, and performance[64](index=64&type=chunk) [Other Disclosures](index=18&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks including market competition in enamelled wire, raw material price fluctuations, a downturn in the real estate market, and intense competition in the additive business; to mitigate these risks, the company plans to expand production scale, adjust product structure, strengthen cost control, and gradually divest its real estate business; the company released a "Valuation Enhancement Plan" focusing on main business development, implementing cash dividends, and strengthening information disclosure and investor communication, which led to a significant increase in the company's market value in the first half of the year [Potential Risks and Countermeasures](index=18&type=section&id=%28%E4%B8%80%29%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks such as intensified market competition in the enamelled wire business, fluctuations in raw material copper prices, long development cycles and a sluggish market in real estate projects, and fierce competition in the additive business; the company will address these risks by expanding production scale, adjusting product structure, strengthening cost control, improving quality supervision, accelerating real estate business divestment, enhancing technological R&D, and optimizing production processes - The enamelled wire business faces risks of intensified market competition and fluctuations in raw material copper prices; the company will address these through expanding production scale, adjusting product structure, and strengthening cost control[65](index=65&type=chunk) - The real estate business faces risks of long development cycles, market downturns, and sales difficulties; the company will strengthen construction management, accelerate project sales and cash recovery, and gradually advance real estate business divestment[66](index=66&type=chunk) - The additive business faces challenges from fierce market competition, technological innovation, and safety and environmental protection management; the company will strengthen technological R&D, optimize production processes, expand customer base, and reinforce safety and environmental protection management[67](index=67&type=chunk) [Other Disclosures](index=18&type=section&id=%28%E4%BA%8C%29%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) In April 2025, the company released and actively promoted its "Citychamp Dartong Advanced Materials Co., Ltd. Valuation Enhancement Plan"; in the first half of the year, enamelled wire sales reached **45,100 tons**, a year-on-year increase of **13.60%**; the 2024 annual profit distribution plan, which involved a cash dividend of **2.20 Yuan** (including tax) per 10 shares to all shareholders, has been completed; the company also strengthened information disclosure and investor communication through various channels such as SSE e-interaction and performance briefings, resulting in a significant increase in market value in the first half of the year - In April 2025, the company released and actively promoted the "Citychamp Dartong Advanced Materials Co., Ltd. Valuation Enhancement Plan"[68](index=68&type=chunk) - In the first half of the year, enamelled wire sales reached **45,100 tons**, a year-on-year increase of **13.60%**[69](index=69&type=chunk) - The 2024 annual profit distribution plan, which involved a cash dividend of **2.20 Yuan** (including tax) per 10 shares to all shareholders, has been completed[69](index=69&type=chunk) - The company communicated its value to investors through various channels such as SSE e-interaction and performance briefings, resulting in a significant increase in market value in the first half of the year[69](index=69&type=chunk) [Section IV Corporate Governance, Environment and Society](index=20&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive measures, environmental information disclosure, and the fulfillment of social responsibilities [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, or senior management - During the reporting period, the changes in the company's directors, supervisors, and senior management were "Not Applicable"[71](index=71&type=chunk) [Semi-Annual Profit Distribution Plan](index=20&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's proposed semi-annual profit distribution plan or capital reserve capitalization plan is "No," indicating no distribution or capitalization will occur Semi-Annual Profit Distribution Plan | Whether to Distribute or Capitalize | No | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | - | | Dividend per 10 Shares (Yuan) (incl. tax) | - | | Number of Shares Capitalized from Capital Reserve per 10 Shares (shares) | - | [Employee Incentive Measures](index=20&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company's first phase employee stock ownership plan was fully sold and terminated on July 30, 2025; additionally, controlling shareholder Fujian Fengrong Investment Co., Ltd. gratuitously donated **200 million Yuan** to the company in 2019 to reward employees who made outstanding contributions to the company's development, with plans to establish the "Guancheng Centennial Fund" as initial capital - The company's first phase employee stock ownership plan's shares were fully sold through centralized bidding transactions, and the first phase employee stock ownership plan has been terminated[72](index=72&type=chunk) - Controlling shareholder Fujian Fengrong Investment Co., Ltd. gratuitously donated **200 million Yuan** to the company to reward employees who made outstanding contributions to the company's development, with plans to establish the "Guancheng Centennial Fund"[72](index=72&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company has two major subsidiaries, Dartong (Fujian) New Materials Co., Ltd. and Fujian Shaowu Chuangxin New Materials Co., Ltd., included in the list of enterprises required to disclose environmental information by law, and their environmental information disclosure reports can be found on the Enterprise Environmental Information Disclosure System Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Dartong (Fujian) New Materials Co., Ltd. | http://220.160.52.213:10053/idp-province | | 2 | Fujian Shaowu Chuangxin New Materials Co., Ltd. | http://220.160.52.213:10053/idp-province | [Fulfillment of Social Responsibilities](index=21&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company continued to advocate and practice the "Micro Love Guancai" public welfare concept, leveraging its diversified business advantages to unite various forces in project locations, provide in-depth assistance to impoverished villages, and carry out慰问帮扶 (comfort and assistance) activities, actively fulfilling its social responsibilities and contributing to consolidating poverty alleviation achievements and rural revitalization - During the reporting period, the company continued to advocate and practice the "Micro Love Guancai" public welfare concept, actively uniting forces such as provincial and municipal federations of industry and commerce and enterprise chambers of commerce in project locations to provide in-depth assistance to impoverished villages and carry out various activities including comfort and assistance[74](index=74&type=chunk) - The company actively assumed its due social responsibilities, contributing to consolidating poverty alleviation achievements and rural revitalization[74](index=74&type=chunk) [Section V Important Matters](index=22&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details major litigation and arbitration matters, violations and penalties, the integrity status of the controlling shareholder, significant related party transactions, the performance of major contracts, and other important matters [Major Litigation and Arbitration Matters](index=22&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) In the land use rights transfer contract dispute between the company's subsidiary Fujian Guancheng Yuantai Creative Park Construction and Development Co., Ltd. and Yongtai County Natural Resources and Planning Bureau, the second instance judgment ordered the termination of the contract and the refund of approximately **94.8 million Yuan** by the Yongtai County Natural Resources and Planning Bureau, with execution currently under negotiation; additionally, the company's subsidiary Fujian Guancheng Ruimin New Energy Technology Co., Ltd. sued Suzhou Xingruihe Electrical Co., Ltd. and its guarantors for outstanding payments and liquidated damages, with the final judgment ruling in favor of Guancheng Ruimin, and **2.8278 million Yuan** in execution funds have been recovered, with the court continuing enforcement - In the land use rights transfer contract dispute between Fujian Guancheng Yuantai Creative Park Construction and Development Co., Ltd. and Yongtai County Natural Resources and Planning Bureau, the second instance judgment ordered the termination of the contract and the refund of approximately **94.8 million Yuan**, with execution currently under negotiation[76](index=76&type=chunk) - In the lawsuit filed by Fujian Guancheng Ruimin New Energy Technology Co., Ltd. against Suzhou Xingruihe Electrical Co., Ltd. for outstanding payments, the final judgment ruled in favor of Guancheng Ruimin, and **2.8278 million Yuan** in execution funds have been recovered, with the court continuing enforcement[79](index=79&type=chunk) [Violations, Penalties, and Rectification](index=24&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) Ms. Xue Lixi, one of the company's actual controllers, received an "Administrative Penalty Decision" from the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission and a "Disciplinary Action Decision" from the Shanghai Stock Exchange in June 2025 for advising others to buy and sell company shares and engaging in short-swing trading of company shares in February 2024, violating the "Securities Law," with the penalties now fully executed - Ms. Xue Lixi, one of the company's actual controllers, received administrative penalties and disciplinary actions from the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission and the Shanghai Stock Exchange in June 2025 for advising others to buy and sell company shares and engaging in short-swing trading of company shares, with the penalties now fully executed[81](index=81&type=chunk) [Integrity Status of Controlling Shareholder](index=24&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company's controlling shareholder, Fujian Fengrong Investment Co., Ltd., was ruled to bear joint liability in an equity dispute case involving its associate company, Fujian Shenhua Times Digital Animation Co., Ltd., which includes refunding capital contributions and paying interest, legal fees, and arbitration fees; as of now, the case is still under execution, and **16,896,508** shares of the company held by Fengrong Investment have been frozen - The company's controlling shareholder, Fujian Fengrong Investment Co., Ltd., was ruled to bear joint liability in an equity dispute case involving an associate company, with the case still under execution[82](index=82&type=chunk) - **16,896,508** shares of the company held by Fengrong Investment have been frozen[82](index=82&type=chunk) [Major Related Party Transactions](index=24&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company expects to incur **2.7858 million Yuan** in daily related party transactions in 2025, with **2.5102 million Yuan** in contracted amounts as of the end of the reporting period; the company plans to transfer real estate development related assets and liabilities to the controlling shareholder or its designated related company, which has been reclassified as a general related party transaction and is still being advanced; subsidiary Fujian Shaowu Chuangxin New Materials Co., Ltd. applied for and received a loan of **18 million Yuan** from related party micro-loan companies - The company expects to incur **2.7858 million Yuan** in daily related party transactions in 2025, with **2.5102 million Yuan** in contracted amounts as of the end of the reporting period[83](index=83&type=chunk) - The company plans to transfer real estate development related assets and liabilities to the controlling shareholder or its designated related company; this matter has terminated the major asset restructuring process and has been reclassified as a general related party transaction, continuing to be advanced[85](index=85&type=chunk) - Fujian Shaowu Chuangxin New Materials Co., Ltd. applied for and received a total loan of **18 million Yuan** from related parties Fujian Wuyishan Huaxing Micro-loan Co., Ltd. and Fujian Zhangzhou Changtai District Huaxing Micro-loan Co., Ltd[87](index=87&type=chunk) [Performance of Major Contracts](index=26&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's total guarantee amount for subsidiaries was **1.967 billion Yuan**, with an outstanding guarantee balance of **1.496 billion Yuan** at period-end, accounting for **26.90%** of the company's net assets; among these, the outstanding debt guarantee for subsidiaries with an asset-liability ratio exceeding **70%** was **546 million Yuan**; in July 2025, the company signed the "Haidian District Xibeiwang Xincun D1 Plot Liquidation Compensation Agreement" with Beijing Haikai Urban Renewal Construction and Development Co., Ltd. and others, completing the land transfer and receiving **1.40 billion Yuan** in liquidation compensation fees Company's Total Guarantee Situation | Indicator | Amount (Yuan) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries During Reporting Period | 1,966,817,799.64 | | Total Outstanding Guarantee Balance for Subsidiaries at Period-End (B) | 1,496,225,199.64 | | Total Guarantee Amount (A+B) | 1,496,225,199.64 | | Total Guarantee Amount as % of Company's Net Assets | 26.90 | | Debt Guarantee Amount Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 545,717,400.00 | - The company cancelled previously approved but unused guarantee limits totaling **1.1 billion Yuan** during the reporting period[92](index=92&type=chunk) - The company has completed the transfer procedures for the Haidian District Xibeiwang Xincun D1 plot and has received **1.40 billion Yuan** in liquidation compensation fees[93](index=93&type=chunk) [Other Significant Matters](index=27&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company plans to transfer real estate development related assets and liabilities, involving equity in **12** companies, to the controlling shareholder or its designated related company, with this related party transaction currently being advanced; in July 2024, the company signed a share transfer framework agreement with Xiandeng Gaoke Electrical Co., Ltd. to acquire **55%** of its shares, but a formal agreement has not yet been signed as of the report disclosure date - The company plans to transfer real estate development related assets and liabilities, involving equity in **12** companies, to the controlling shareholder or its designated related company, with this related party transaction currently being advanced[94](index=94&type=chunk) - In July 2024, the company signed a share transfer framework agreement with Xiandeng Gaoke Electrical Co., Ltd. to acquire **55%** of its shares, but a formal share transfer agreement has not yet been signed as of the report disclosure date[95](index=95&type=chunk) [Section VI Changes in Shares and Shareholder Information](index=28&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital, shareholder information, and shareholding changes of directors, supervisors, and senior management [Changes in Share Capital](index=28&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[97](index=97&type=chunk) [Shareholder Information](index=28&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **44,071** common shareholders; among the top ten shareholders, Fujian Fengrong Investment Co., Ltd. held **36.40%** of the shares, making it the largest shareholder, with some of its shares pledged and frozen; the company's buyback special securities account held **2.03%** of the shares; STARLEX LIMITED held **0.66%** of the shares, with all its shares pledged Total Number of Common Shareholders at Period-End | Indicator | Quantity | | :--- | :--- | | Total Number of Common Shareholders at Period-End (households) | 44,071 | Top Ten Shareholders' Shareholdings (as of Period-End) | Shareholder Name | Number of Shares Held at Period-End | Percentage (%) | Pledged, Marked, or Frozen Status (Number) | | :--- | :--- | :--- | :--- | | Fujian Fengrong Investment Co., Ltd. | 506,567,998 | 36.40 | Pledged 252,921,312, Frozen 16,896,508 | | Citychamp Dartong Advanced Materials Co., Ltd. Buyback Special Securities Account | 28,233,300 | 2.03 | None | | Chen Guanming | 9,503,835 | 0.68 | None | | STARLEX LIMITED | 9,154,370 | 0.66 | Pledged 9,154,370 | | Meng Qingxiang | 8,000,000 | 0.57 | None | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 7,874,336 | 0.57 | None | | Wang Meng | 7,540,000 | 0.54 | None | | Goldman Sachs & Co. LLC | 7,395,497 | 0.53 | None | | Luo Jianguo | 7,188,400 | 0.52 | None | | Ji Tongyao | 6,894,200 | 0.50 | None | - Fujian Fengrong Investment Co., Ltd. and STARLEX LIMITED are parties acting in concert[101](index=101&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=30&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, nor were they granted any equity incentives - The changes in shareholdings of current and former directors, supervisors, and senior management during the reporting period were "Not Applicable"[104](index=104&type=chunk) - The equity incentives granted to directors, supervisors, and senior management during the reporting period were "Not Applicable"[104](index=104&type=chunk) [Section VII Bond-Related Information](index=31&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds during the reporting period [Corporate Bonds](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - Corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments were "Not Applicable"[106](index=106&type=chunk) [Convertible Corporate Bonds](index=31&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - Convertible corporate bonds were "Not Applicable"[106](index=106&type=chunk) [Section VIII Financial Report](index=32&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's semi-annual consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on company profile, basis of preparation, significant accounting policies, taxation, and other key financial items [Financial Statements](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation [Consolidated Balance Sheet](index=32&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **17.595 billion Yuan**, a **3.37%** decrease from the end of 2024; total current assets were **12.351 billion Yuan**, total non-current assets were **5.244 billion Yuan**; total liabilities were **10.766 billion Yuan**, and total owners' equity was **6.829 billion Yuan**, including inventory of **8.548 billion Yuan**, contract liabilities of **551 million Yuan**, and long-term borrowings of **1.147 billion Yuan** Consolidated Balance Sheet Key Data (as of June 30, 2025) | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 17,595,073,465.82 | 18,209,215,150.14 | | Total Current Assets | 12,351,229,997.48 | 12,938,371,243.60 | | Total Non-current Assets | 5,243,843,468.34 | 5,270,843,906.54 | | Total Liabilities | 10,766,217,658.84 | 11,095,515,050.46 | | Total Owners' Equity | 6,828,855,806.98 | 7,113,700,099.68 | | Inventory | 8,547,632,344.60 | 8,989,076,153.89 | | Contract Liabilities | 550,576,698.89 | 1,168,834,445.69 | | Long-term Borrowings | 1,147,458,404.85 | 703,999,134.22 | [Consolidated Income Statement](index=36&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to June 2025, the company achieved total operating revenue of **4.538 billion Yuan**, a year-on-year increase of **4.94%**; operating profit was **108 million Yuan**, total profit was **107 million Yuan**, net profit was **40.1672 million Yuan**, and net profit attributable to parent company shareholders was **19.5669 million Yuan**, achieving a turnaround from loss to profit; earnings per share were **0.01 Yuan/share** Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 4,537,994,203.89 | 4,324,396,936.77 | | Operating Profit | 107,938,662.88 | 67,969,764.15 | | Total Profit | 106,965,921.75 | 68,956,283.26 | | Net Profit | 40,167,174.28 | 8,198,230.25 | | Net Profit Attributable to Parent Company Shareholders | 19,566,926.65 | -26,973,400.80 | | Basic Earnings Per Share (Yuan/share) | 0.01 | -0.02 | [Consolidated Cash Flow Statement](index=40&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to June 2025, the company's net cash flow from operating activities was **94.9184 million Yuan**, a significant improvement from **-440 million Yuan** in the prior year; net cash flow from investing activities was **-42.6300 million Yuan**, and net cash flow from financing activities was **-8.2337 million Yuan**; the period-end balance of cash and cash equivalents was **559 million Yuan** Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 94,918,397.80 | -440,352,512.15 | | Net Cash Flow from Investing Activities | -42,630,038.71 | -40,089,337.00 | | Net Cash Flow from Financing Activities | -82,337,048.30 | -403,617,618.42 | | End of Period Cash and Cash Equivalents Balance | 558,535,572.84 | 550,383,482.81 | [Company Profile](index=53&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Citychamp Dartong Advanced Materials Co., Ltd., founded in 1986 and listed in 1997, had a total share capital of **1,391,668,739** shares as of June 30, 2025; its main business activities include enamelled wire production and sales, and commercial housing development and sales; these financial statements were approved for issuance by the company's Board of Directors on August 27, 2025 - The company's total share capital is **1,391,668,739** shares, of which A-shares in circulation are **1,363,435,439** shares, and repurchased treasury shares are **28,233,300** shares[

Core Points - The company announced a cash dividend distribution of 0.22 yuan per share (including tax) for the fiscal year 2024, approved at the shareholders' meeting on June 27, 2025 [2][4] - The total cash dividend to be distributed amounts to approximately 299.96 million yuan (including tax), based on a total share count of 1,363,435,439 shares eligible for distribution [4][7] Dividend Distribution Details - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration date [3] - The company will not issue bonus shares or conduct capital reserve transfers, maintaining the total number of circulating shares unchanged [7] - The cash dividend distribution will exclude shares held in the company's repurchase account, totaling 28,233,300 shares, which do not participate in the profit distribution [4][9] Taxation Information - Individual shareholders holding shares for over one year will be exempt from personal income tax on the dividend, while those holding for less than one month will have the full amount included in taxable income [10] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.198 yuan per share [11] - For Hong Kong investors through the Stock Connect program, the same 10% withholding tax applies, with a net cash dividend of 0.198 yuan per share [12]

Group 1 - The stock price of Guancheng New Materials reached 3.22 yuan as of August 19, 2025, reflecting an increase of 0.09 yuan or 2.88% from the previous trading day [1] - The opening price for the day was 3.14 yuan, with a highest point of 3.24 yuan and a lowest point of 3.11 yuan, resulting in a trading volume of 348,700 hands and a transaction amount of 111 million yuan [1] - Guancheng New Materials is primarily engaged in the fields of power grid equipment and energy storage, with its registered location in Fujian [1] Group 2 - On the evening of August 19, Guancheng New Materials announced a cash dividend distribution for the year 2024, proposing a payout of 2.2 yuan (including tax) for every 10 shares to all shareholders [1] - The record date for the dividend distribution is set for August 25, 2025, with the ex-dividend date on August 26, 2025 [1]

（编辑 任世碧） 证券日报网讯 8月19日晚间，冠城新材发布2024年年度权益分派实施公告称，公司2024年年度权益分派 方案为A股每股现金红利0.22元（含税），股权登记日为2025年8月25日，除权（息）日为2025年8月26 日。 ...

每股分配比例 A 股每股现金红利0.22元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/25 | － | 2025/8/26 | 2025/8/26 | 冠城大通新材料股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600067 证券简称：冠城新材 公告编号：临 2025-037 差异化分红送转：是 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东（公司回购专用证券账户除外）。 3. 差异化分红送转方案： （1）差异化分红方案 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的规定， "上市公司回购专用账户中的股份，不享有股东会表决权、利润分配、公 ...

北京大成（福州）律师事务所 关于冠城大通新材料股份有限公司 2024 年度差异化分红 之法律意见书 （2025）大成榕律字第 602 号 北 京 大 成 （ 福 州 ） 律 师 事 务 所 www.dacheng.com 福建省福州市台江区振武路 55-57 号三迪中心 37F-38F（350004） 37F-38F Sandi Center, 55-57 Zhenwu Road, Taijiang District, Fuzhou city, Fujian Province Tel: 86 591-88017891 Fax: 86 591-88017890 | | | 第一部分 引 言 致：冠城大通新材料股份有限公司 北京大成（福州）律师事务所依法接受冠城大通新材料股份有限公司（以下简称 "公司"）的委托，就拟进行 2024 年度利润分配差异化分红特殊除权除息处理事项 （以下简称"本次差异化分红"）提供专项法律服务，根据中华人民共和国现行法律 法规及相关政策，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，就本次 发行的有关事项出具本法律意见书。 本所律师依据《中华人民共和国公司法》《中华人民共和国证券 ...

Core Viewpoint - The company, Guancheng New Materials, has faced significant financial losses exceeding 1.1 billion yuan over two years, compounded by governance issues and a declining stock price, which has dropped nearly 80% from its historical peak [1][2][4]. Group 1: Financial Performance - The company reported a net loss of 5.02 billion yuan in 2024, a 50.11% increase in losses compared to the previous year, with total revenue declining by 62% to 1.471 billion yuan [4][5]. - The electromagnetic wire business, which was expected to be a growth driver, has seen a decrease in gross margin to 6.59%, down 0.22 percentage points year-on-year, despite a 21.96% increase in R&D spending to 186 million yuan [2][4]. - The real estate segment is struggling, with a significant drop in settlement area by 80.64% to 41,600 square meters in 2024, leading to a drastic reduction in available resources for sale [4][5]. Group 2: Business Segments - The company operates in three main sectors: electromagnetic wire, real estate, and additives. The real estate business is in the process of divestment, with most projects in the final sales stage [2][4]. - The additives business has reported continuous losses for six years, with sales volume increasing by 56.77% to 311.9 tons in 2024, but revenue decreased by 15.27% to 34.3863 million yuan [4][5]. Group 3: Governance Issues - The company's actual controller, Xue Lixi, has been penalized for suggesting stock trading based on insider information, highlighting serious governance flaws [6][8]. - The independent director, Hu Chao, was involved in frequent trading of company shares, leading to regulatory scrutiny and a warning from the Fujian Securities Regulatory Bureau [6][8]. - The company faces potential judicial enforcement on shares held by its controlling shareholder due to a legal dispute, which could further impact its governance and stock stability [8].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 冠城大通新材料股份有限公司（以下简称"公司"）第一期员工持股计划持有的公司股票已全部出售完 毕。根据公司第一期员工持股计划等相关规定，公司第一期员工持股计划终止。现将有关情况公告如 下： 一、公司第一期员工持股计划的基本情况 公司分别于2015年7月9日、2015年7月27日召开第九届董事会第二十八次（临时）会议和2015年第三次 临时股东大会，审议通过了《冠城大通股份有限公司第一期员工持股计划（草案）》及相关议案（具体 内容详见公司于2015年7月10日、2015年7月28日披露的公告）。 根据公司《第一期员工持股计划（草案）（2024年修订版）》等相关规定，公司第一期员工持股计划终 止，后续将根据相关规定进行财产清算和分配等工作。 特此公告。 冠城大通新材料股份有限公司 董事会 2025年7月30日 截至2016年1月19日，公司第一期员工持股计划认购的"中融资产-融信9号资产管理计划"通过与中信证 券股份有限公司开展股票收益互换交易买入本公司股票29,640,531股，成交 ...

Core Viewpoint - The first employee stock ownership plan of Guancheng Datong New Materials Co., Ltd. has been fully executed and terminated, with all shares sold as per the plan's regulations [1][3]. Summary by Sections Basic Information of the Employee Stock Ownership Plan - The first employee stock ownership plan was approved by the board on July 9, 2015, and the shareholders' meeting on July 27, 2015 [1][2]. - The plan involved the purchase of 29,640,531 shares at an average price of approximately RMB 7.77 per share [2]. Stock Sale and Future Arrangements - As of the announcement date, all shares held under the employee stock ownership plan have been sold through centralized bidding [3]. - The company adhered to market trading rules and regulations, ensuring no insider trading occurred during the plan's implementation [3]. - The plan will now proceed to asset liquidation and distribution as per the relevant regulations following its termination [3].

Group 1 - The company has completed the sale of all shares held under the first employee stock ownership plan, leading to the termination of this plan [1][2] - The first employee stock ownership plan was approved in July 2015, with a total of 29,640,531 shares subscribed at an average price of approximately RMB 7.77 per share [2] - The lock-up period for the shares was initially set for 12 months, from January 19, 2016, to January 18, 2017, but was later extended until July 27, 2020 [2] Group 2 - The shares were sold through centralized bidding, and the company adhered to market trading rules and regulations during the implementation of the employee stock ownership plan [2] - Following the termination of the first employee stock ownership plan, the company will proceed with asset liquidation and distribution according to relevant regulations [2]