Group 1 - The renovation and building materials sector experienced a slight decline, closing at 14,604.89 points with a drop of 0.74% [1] - Individual stocks within the sector showed varying degrees of decline, with Jingxue Energy leading the drop at 21.22 CNY per share, down 3.81% [1] - Songlin Technology and *ST Situ also saw declines, closing at 27.92 CNY per share (down 2.95%) and 6.29 CNY per share (down 2.78%) respectively [1] Group 2 - Conversely, Kangxin New Materials led the gains in the sector, closing at 2.57 CNY per share with an increase of 4.05% [1] - Qisheng Technology and Mona Lisa also reported gains, closing at 14.73 CNY per share (up 3.73%) and 10.43 CNY per share (up 3.37%) respectively [1] Group 3 - According to a report by EIU Think Tank, the transaction volume in China's technology market is steadily increasing, with a projected contract transaction volume of 6.8 trillion CNY in 2024, reflecting a year-on-year growth of approximately 11.2% [1] - The robust development of the technology market is providing a stable foundation for the growth of the whole-house smart industry in China, with higher technological maturity driving market prosperity and diversification [1]

公司最新总资产周转率为0.03次，较去年同期总资产周转率减少0.02次，同比较去年同期下降37.30%。 最新存货周转率为0.06次，较去年同期存货周转率减少0.02次，同比较去年同期下降25.64%。 公司最新资产负债率为43.57%，较上季度资产负债率增加3.81个百分点，较去年同期资产负债率增加 5.44个百分点。 公司最新毛利率为-23.75%，较上季度毛利率增加2.69个百分点，较去年同期毛利率减少19.18个百分 点。最新ROE为-3.47%，较去年同期ROE减少1.42个百分点。 公司摊薄每股收益为-0.10元，较去年同报告期摊薄每股收益减少0.04元。 公司营业总收入为1.86亿元，较去年同报告期营业总收入减少1.15亿元，同比较去年同期下降38.22%。 归母净利润为-1.34亿元，较去年同报告期归母净利润减少4691.37万元。经营活动现金净流入为-2192.33 万元，较去年同报告期经营活动现金净流入减少2207.48万元，同比较去年同期下降1.46万%。 公司股东户数为4.12万户，前十大股东持股数量为5.89亿股，占总股本比例为43.83%，前十大股东持股 情况如下： 2025年8月 ...

Core Viewpoint - The report highlights a significant decline in revenue and profit for Kangxin New Materials Co., Ltd. in the first half of 2025, primarily due to a slowdown in the container market and challenges in the civil board industry, while also identifying potential growth opportunities in green building and forestry carbon markets [1][2][3]. Company Overview and Financial Indicators - Kangxin New Materials Co., Ltd. reported a revenue of approximately 185.9 million yuan, a decrease of 38.22% compared to the same period last year [2][20]. - The total profit for the period was a loss of approximately 136.5 million yuan, compared to a loss of 88.1 million yuan in the previous year [2][20]. - The net assets attributable to shareholders decreased by 3.55% to approximately 4.01 billion yuan, while total assets increased by 3.01% to approximately 6.80 billion yuan [2][20]. Industry Analysis Container Industry - The container market is experiencing a cyclical downturn, with a significant drop in demand due to factors such as increased tariffs and trade restrictions, particularly from the U.S. [3][4]. - The global container production reached a peak in 2024 but has seen a notable decline in 2025, with a 15% idle rate in container equipment, the highest in history [3][4]. Civil Board Industry - The civil board market, including plywood and MDF, is facing challenges due to declining real estate prices and reduced consumer confidence, leading to a slowdown in housing construction [4][5]. - Despite short-term challenges, the industry is expected to benefit from infrastructure investments and a shift towards environmentally friendly products [4][5]. Prefabricated Wooden Structure Market - The prefabricated wooden structure market is poised for growth, driven by national policies promoting green building and increasing consumer demand for sustainable construction [5][6]. - The cost of prefabricated wooden structures has decreased significantly, making them more competitive with traditional building methods [6][7]. Forestry and Carbon Market - The forestry sector is transitioning towards high-quality development, with a focus on the ecological value of forest resources [8][9]. - The national carbon trading market has seen significant activity, with a total trading volume of approximately 6.73 million tons of carbon emission allowances by mid-2025 [9][10]. Business Operations - The company focuses on the research, production, and sales of container flooring, new wood composite materials, and prefabricated wooden structure components [10][11]. - The container flooring business has seen a substantial increase in production capacity, with a reported growth of approximately 1,717% in inventory output compared to the previous year [15][20]. - The civil board business is adapting to market conditions by promoting high-end products and diversifying into customized furniture and smart home solutions [12][20]. Innovation and Development - The company has made significant advancements in product innovation, including the development of new wood structure materials and enhancements in fire resistance [16][18]. - Kangxin New Materials has received recognition for its contributions to green materials and new building materials, being awarded titles such as "Leading Enterprise in Green Board Materials" [17][18].

股） | 截至报告期末股东总数 | | | | | | | 单位: | 股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | （户） | | | | | | | 41,206 | | | 截至报告期末表决权恢复的优先股股东总数 | | | | | | | | | | （户） | | | | | | 0 | | | | 前 | | | 10 | 名股东持股情况 | | | | | | | | | | | | 持有有限 | | | | 股东性 | | | 持股比 | | 持股 | | | 质押、标记 | | 或冻结 | | | | | | | | | | 股东名称 | | | | | | 售条件的 | | | | 质 | | | 例(%) | | 数量 | | | 的股份数量 | | | | | | | | 股份数量 | | | | 无锡市建设发展投资有限公 | | | 国有法 | | | | | | | 司 | | 人 | | | | | | | | 境内自 | | | | | | | | | | 付前军 | | | | 1.01 | 13, ...

证券日报网讯 8月13日晚间，康欣新材发布公告称，2025年半年度公司实现营业收入185，899，140.94 元，较上年同期下降38.22%；归属于上市公司股东的净利润为-134，194，432.73元。 （文章来源：证券日报） ...

智通财经APP讯，康欣新材(600076.SH)披露2025年半年度报告，报告期公司实现营收1.86亿元，同比下 降38.22%;归属于上市公司股东的净利润亏损1.34亿元;扣非净利润亏损1.34亿元;基本每股收益-0.10元。 上半年，湖北康欣集装箱地板入库产量较2024年同期增长约1,717%，有效摊薄公司摊销折旧成本;同 时，集装箱地板产销结构持续优化，自产与OEM业务占比约为48%:52%。 ...

（文章来源：每日经济新闻） 康欣新材8月13日晚间发布半年度业绩报告称，2025年上半年营业收入约1.86亿元，同比减少38.22%； 归属于上市公司股东的净利润亏损约1.34亿元；基本每股收益亏损0.1元。2024年同期营业收入约3.01亿 元；归属于上市公司股东的净利润亏损约8728万元；基本每股收益亏损0.06元。 ...

[Definitions](index=4&type=section&id=Item%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter lists definitions of common terms used in the report, including company names, subsidiary names, related parties, and reporting periods, to ensure clear understanding of the report content | Common Term | Definition | | :--- | :--- | | Company, This Company, Kangxin New Materials | Kangxin New Materials Co., Ltd | | Reporting Period | Accounting period from January 1, 2025 to June 30, 2025 | [Company Profile and Key Financial Indicators](index=4&type=section&id=Item%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=4&type=section&id=I.%20Company%20Information) Kangxin New Materials Co., Ltd.'s full Chinese name, abbreviation, foreign name and abbreviation, and legal representative information | Indicator | Content | | :--- | :--- | | Chinese Name | Kangxin New Materials Co., Ltd | | Chinese Abbreviation | Kangxin New Materials | | Legal Representative | Shao Jiandong | [Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) Disclosure of the names, contact addresses, telephone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Huang Liang | No. 1, Xinhe Industrial Park Road, Hanchuan Economic Development Zone, Xiaogan City, Hubei Province | 0712-8102866 | zqbir@hbkangxin.cn | | Securities Affairs Representative | Feng Lie | No. 1, Xinhe Industrial Park Road, Hanchuan Economic Development Zone, Xiaogan City, Hubei Province | 0712-8102866 | zqbir@hbkangxin.cn | [Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) Introduces the company's registered address, office address, website, and email, stating no changes to the registered address during the reporting period - The company's registered address is No. 6, Beigong East Street, High-tech Industrial Development Zone, Weifang City, Shandong Province, with no changes during the reporting period[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) Specifies the company's selected information disclosure newspapers, website address for semi-annual reports, and report custody locations - The company's selected information disclosure newspapers are China Securities Journal and Shanghai Securities News, and the report is published on www.sse.com.cn[17](index=17&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Shares) Outlines the company's A-share listing exchange, abbreviation, code, and former abbreviation | Share Type | Listing Exchange | Share Abbreviation | Share Code | Former Share Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Kangxin New Materials | 600076 | Qingniao Huaguang | [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Discloses the company's key accounting data and financial indicators for the first half of 2025, showing a significant year-on-year decrease in operating revenue, expanded net loss, and negative net cash flow from operating activities Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 185,899,140.94 yuan | 300,902,792.62 yuan | -38.22 | | Total Profit | -136,450,120.45 yuan | -88,077,635.37 yuan | N/A | | Net Profit Attributable to Shareholders of the Listed Company | -134,194,432.73 yuan | -87,280,687.97 yuan | N/A | | Net Cash Flow from Operating Activities | -21,923,303.23 yuan | 151,479.12 yuan | -14,572.82 | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 3,866,257,614.72 yuan | 4,008,374,556.55 yuan | -3.55 | | Total Assets (End of Period) | 7,009,327,943.19 yuan | 6,804,470,576.62 yuan | 3.01 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.10 | -0.06 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.10 | -0.06 | N/A | | Weighted Average Return on Net Assets (%) | -3.41 | -2.03 | Decreased by 1.38 percentage points | [Non-recurring Gains and Losses and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Lists non-recurring gains and losses and their amounts for the reporting period, totaling 21,922.01 yuan Non-recurring Gains and Losses for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 1,991,144.68 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 808,244.78 | | Other non-operating income and expenses apart from the above items | -2,500,455.30 | | Other items of gains and losses that meet the definition of non-recurring gains and losses | 15,922.22 | | Impact on minority interests (after tax) | 292,934.37 | | Total | 21,922.01 | [Management Discussion and Analysis](index=7&type=section&id=Item%20III%20Management%20Discussion%20and%20Analysis) [Explanation of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) Analyzes the industry status of container, civil board, prefabricated timber structure, and forestry and carbon sink markets, and introduces the company's main businesses and sales models [Industry Overview](index=7&type=section&id=%28I%29%20Industry%20Overview%20During%20the%20Reporting%20Period) The container market faced declining demand and prices due to global trade protection policies, leading to overcapacity; the civil board industry was impacted by a sluggish real estate market; the prefabricated timber structure market saw opportunities from policy support and 'dual carbon' goals; and the forestry and carbon sink market entered a new phase of rapid development with innovative trading mechanisms, yet still faces challenges - In H1 2025, global trade protection policies (such as US “reciprocal tariffs”) suppressed global trade volume, leading to a restructuring of supply and demand in the container market, continuous price declines, and structural overcapacity[23](index=23&type=chunk) - In 2025, the global container equipment idle rate climbed to **15%**, reaching a historical high, indicating a significant cooling of market sentiment[24](index=24&type=chunk) - China's prefabricated timber structure market is experiencing development opportunities under the national “dual carbon” strategy and policy promotion, with prefabricated buildings expected to account for **over 30%** of new construction by 2025[28](index=28&type=chunk) - In 2025, China's forestry carbon sink market entered a new phase of rapid development, with the national carbon emissions trading market for the first time including the steel, cement, and aluminum smelting industries, covering emissions of approximately **8 billion tons**[31](index=31&type=chunk) [Company's Business Operations](index=9&type=section&id=%28II%29%20Company%27s%20Business%20Operations%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, and sales of container flooring, new wood-based composite materials, and prefabricated timber structure components, as well as under-forest economy, forming diversified sales models across four major business segments - The company's main businesses include container flooring, new wood-based composite materials, prefabricated timber structure components R&D, production, and sales, as well as under-forest economy businesses[34](index=34&type=chunk) - The container flooring business establishes long-term partnerships with global container owners and shipping companies through bidding; the civil board business enhances competitiveness through technical upgrades and product R&D, expanding cooperation with well-known brands; the prefabricated timber structure construction business forms a full industry chain process, primarily acquiring projects through bidding; the under-forest economy business actively promotes forestry carbon sink project development and under-forest traditional Chinese medicine cultivation[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company improved operational efficiency and product competitiveness through enhanced management mechanisms, optimized system construction, deepened customer resources, accelerated market expansion, solidified innovation achievements, advanced R&D, and promoted lean management, achieving significant progress in container flooring output and new timber structure construction projects [Improving Management Mechanisms and Optimizing System Construction](index=9&type=section&id=%28I%29%20Improving%20Management%20Mechanisms%20and%20Optimizing%20System%20Construction) The company formulated and revised several management systems, dynamically optimized middle management, introduced experienced talent, and conducted training to strengthen management mechanisms and enhance overall employee knowledge and skills - The company newly formulated 2 systems, including the 'Production Red and Yellow Card Early Warning Mechanism Management Regulations', and revised 3 systems, including the 'Production Piece-rate Salary Management Regulations'[38](index=38&type=chunk) - In the first half of the year, the company dynamically optimized middle management personnel, introduced experienced talent, and organized training for new employees and business operations to enhance the knowledge and skills of all staff[39](index=39&type=chunk) [Deepening Customer Resources and Accelerating Market Expansion](index=9&type=section&id=%28II%29%20Deepening%20Customer%20Resources%20and%20Accelerating%20Market%20Expansion) The company achieved a **1717% year-on-year increase** in container flooring output through technical upgrades and process optimization, entering core customers' preferred supplier lists; promoted high-end products in civil boards; completed **78%** of forest right certificate renewals for forest land; and signed 5 new prefabricated timber structure projects with a contract value of approximately **35 million yuan** - Hubei Kangxin container flooring warehouse output increased by approximately **1,717%** compared to the same period in 2024, effectively diluting amortization and depreciation costs[41](index=41&type=chunk) - The company has become an enterprise capable of large-scale and stable production of both new COSB container flooring and bamboo-wood composite container flooring, successfully entering the preferred supplier list of core customers[40](index=40&type=chunk) - As of the end of June 2025, the company had completed approximately **78%** of the forest right certificate renewal tasks for its owned forest land, laying the foundation for subsequent forestry carbon sink project development[43](index=43&type=chunk) - In the first half of the year, the prefabricated timber structure construction business signed **5 new projects**, with a contract value of approximately **35 million yuan**[44](index=44&type=chunk) [Consolidating Innovation Achievements and Advancing R&D Work](index=10&type=section&id=%28III%29%20Consolidating%20Innovation%20Achievements%20and%20Advancing%20R%26D%20Work) The company maintained its product transformation direction, successfully developed OSL and GOSL timber structure building materials, obtained testing and certification, advanced fire performance R&D, and actively pursued overseas market certifications, securing **1 national invention patent** and **1 utility model patent** in the first half of the year - The company successfully developed timber structure building materials such as OSL (Oriented Strand Lumber) and GOSL (Glued Oriented Strand Lumber), passing testing and certification by domestic professional universities[45](index=45&type=chunk) - The company was granted **1 national invention patent** and **1 utility model patent**, with another **2 utility model patents** having completed application[45](index=45&type=chunk) [Actively Taking Responsibility and Promoting Lean Management](index=10&type=section&id=%28IV%29%20Actively%20Taking%20Responsibility%20and%20Promoting%20Lean%20Management) The company significantly reduced direct production costs for container flooring by approximately **20%** through restructuring the procurement system, optimizing suppliers, strengthening procurement-production synergy, and implementing production line technical upgrades - The company expanded procurement channels and reduced procurement costs by restructuring the procurement system, optimizing supplier resources, and strengthening procurement-production synergy[46](index=46&type=chunk) - Implementation of technical upgrades for the container board blanking production line equipment promoted dual improvements in production efficiency and material utilization, with direct production costs for container flooring decreasing by approximately **20%** by the end of June 2025 compared to 2024[46](index=46&type=chunk) [Company Honors](index=10&type=section&id=%28V%29%20Company%20Honors) The company was awarded 'Leading Enterprise in New Quality Productive Forces' and 'Leading Enterprise in Green Board Materials' by the China Wood Protection Industrial Association for significant breakthroughs and innovative achievements in green board material R&D and new building materials research - The company was awarded the honorary titles of 'Leading Enterprise in New Quality Productive Forces' and 'Leading Enterprise in Green Board Materials' by the China Wood Protection Industrial Association[47](index=47&type=chunk) [Analysis of Core Competitiveness](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from innovation-driven product diversification, leading intelligent production with the world's first fully automated COSB production line, integrated full-chain advantages from seedling cultivation to timber structure construction, robust market expansion and customer cooperation, green development empowerment through forest carbon sinks, and financial and industrial synergistic support from its controlling shareholder - The company strengthened its leading position in container flooring by deepening modified small-diameter timber technology, improving the application ratio and performance of fast-growing timber, and optimizing production processes, while successfully developing new timber structure green building materials from OSB to HOSB[48](index=48&type=chunk) - The company possesses the world's first fully automated, numerically controlled COSB high-strength oriented strand board production line, which is continuously upgraded and optimized to improve production efficiency and product quality stability[49](index=49&type=chunk) - The company has a vertically integrated advantage covering the entire process from seedling cultivation to timber structure construction, effectively controlling product quality, reducing costs, and enhancing operational efficiency[50](index=50&type=chunk) - The company maintains deep cooperation with core customers such as COSCO Shipping, Xinhua Chang Group, and CIMC Group, while successfully expanding to multiple new clients and actively developing the prefabricated timber structure construction market[51](index=51&type=chunk) - The company owns over **1.38 million mu** of forest land resources, actively exploring forestry carbon sink and comprehensive carbon resource management businesses, responding to “dual carbon” goals, and empowering green development[52](index=52&type=chunk) - Controlling shareholder Wuxi Jianfa provides continuous financial assistance and gratuitous guarantees, offering strong support in industrial synergy, market expansion, technology R&D, and talent cultivation[53](index=53&type=chunk) [Key Operating Performance During the Reporting Period](index=11&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This chapter analyzes the financial statement item changes, asset and liability status, and external investments and major holding/investee companies, revealing challenges such as declining operating revenue, expanded net loss, and deteriorating cash flow, while also showing growth in monetary funds and financial assets held for trading, and plans for subsidiary equity transfer [Main Business Analysis](index=11&type=section&id=%28I%29%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by **38.22%** year-on-year, mainly due to slowing container market demand and falling sales prices; total profit and net profit losses expanded; net cash flow from operating activities significantly declined; and net cash flow from financing activities grew substantially, primarily due to increased external financing and reduced principal repayments Analysis of Key Financial Statement Item Changes (H1 2025 vs H1 2024) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 185,899,140.94 | 300,902,792.62 | -38.22 | Slowing container market demand, reduced order volume, falling sales prices | | Operating Cost | 230,055,067.99 | 314,671,388.73 | -26.89 | Decreased sales volume and transfer of fixed production line costs | | Selling Expenses | 4,431,814.08 | 2,827,733.23 | 56.73 | Increased sales service fees | | Administrative Expenses | 23,446,338.28 | 24,231,948.30 | -3.24 | Cost reduction and efficiency improvement measures, slight decrease in expenses | | R&D Expenses | 2,501,568.49 | 3,481,383.28 | -28.14 | Reduced R&D material input | | Financial Expenses | 39,204,650.49 | 38,532,780.27 | 1.74 | Increased interest-bearing debt, increased interest expenses | | Asset Impairment Losses | -14,242,581.66 | -1,666,823.23 | N/A | Expected decrease in net realizable value of container flooring, provision for inventory impairment | | Net Cash Flow from Operating Activities | -21,923,303.23 | 151,479.12 | -14,572.82 | Reduced sales collection from container flooring and civil boards | | Net Cash Flow from Investing Activities | -40,520,513.65 | -4,973,563.34 | N/A | Idle funds used to purchase bank structured wealth management products | | Net Cash Flow from Financing Activities | 260,493,403.43 | 35,448,889.74 | 634.84 | Increased long-term debt from external financing, reduced principal repayment | [Analysis of Assets and Liabilities](index=12&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds and financial assets held for trading significantly increased, as did accounts receivable and accounts payable; non-current liabilities due within one year and long-term payables grew substantially, mainly due to increased borrowings and finance leases; and estimated liabilities increased due to expected joint and several liability for litigation Changes in Assets and Liabilities (End of Period vs End of Prior Year) | Item Name | End of Current Period (yuan) | Proportion of Total Assets at Period End (%) | End of Prior Year (yuan) | Proportion of Total Assets at Prior Year End (%) | YoY Change at Period End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 377,645,254.39 | 5.39 | 179,595,667.84 | 2.64 | 110.28 | Increase in net cash flow from financing activities | | Financial Assets Held for Trading | 120,000,000.00 | 1.71 | 80,074,061.84 | 1.18 | 49.86 | Increase due to purchase of bank structured wealth management products | | Receivables | 118,036,935.06 | 1.68 | 81,031,576.40 | 1.19 | 45.67 | Increased product sales in Q2, increased accounts receivable | | Other Receivables | 8,871,073.90 | 0.13 | 4,266,597.43 | 0.06 | 107.92 | Transfer from prepayments | | Accounts Payable | 112,526,379.00 | 1.61 | 81,285,928.08 | 1.19 | 38.43 | Increased procurement in Q2, some accounts payable not yet settled | | Non-current Liabilities Due Within One Year | 507,187,184.12 | 7.24 | 175,164,141.97 | 2.57 | 189.55 | Increase in long-term borrowings and finance lease borrowings due within one year | | Long-term Payables | 262,384,993.61 | 3.74 | 18,064,135.86 | 0.27 | 1,352.52 | New finance lease borrowings | | Provisions | 2,500,000.00 | 0.04 | 0 | 0 | N/A | Increase in estimated joint and several liability for litigation | | Treasury Shares | 10,050,043.09 | 0.14 | 1,995,513.18 | 0.03 | 403.63 | New share repurchase | - As of the end of the reporting period, **2,540.34 yuan** of monetary funds were restricted as ETC deposits, and **260,322,141.11 yuan** of fixed assets were restricted due to mortgage borrowings[58](index=58&type=chunk) [Analysis of Investment Status](index=13&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) As of the end of the reporting period, the book balance and value of the company's external equity investments remained unchanged; financial assets measured at fair value totaled **125,208,710.74 yuan**, including **120,000,000.00 yuan** in structured deposits - As of the end of June 2025, the book balance of external equity investments was **8,000,000.00 yuan**, and the book value was **5,208,710.74 yuan**, with no changes in the current period[59](index=59&type=chunk) Financial Assets Measured at Fair Value (End of Period) | Category | End of Period Amount (yuan) | | :--- | :--- | | Financial Assets Held for Trading | 120,000,000.00 | | Other Equity Instrument Investments | 5,208,710.74 | | Total Assets Measured at Fair Value on a Recurring Basis | 125,208,710.74 | [Analysis of Major Holding and Investee Companies](index=14&type=section&id=%28I%29%20Analysis%20of%20Major%20Holding%20and%20Investee%20Companies) During the reporting period, the company's major subsidiaries, including Hubei Kangxin New Materials Technology Co., Ltd., Hubei Kangxin Technology Development Co., Ltd., Jiashan Xinhua Chang Wood Industry Co., Ltd., Hubei Tianxin Timber Structure Housing Manufacturing Co., Ltd., and Wuxi Qingshan Green Building Co., Ltd., were all in a loss-making state; the company deregistered its wholly-owned subsidiary Hubei Chuangqi Manufacturing Co., Ltd. and plans to publicly transfer **60%** equity of its controlling subsidiary Tianxin Company for **62.7014 million yuan** Operating Performance of Major Subsidiaries in H1 2025 | Company Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Hubei Kangxin New Materials Technology Co., Ltd | 117,758,592.63 | -102,034,906.10 | | Hubei Kangxin Technology Development Co., Ltd | 19,047.62 | -8,021,553.63 | | Jiashan Xinhua Chang Wood Industry Co., Ltd | 78,956,381.09 | -3,324,839.23 | | Hubei Tianxin Timber Structure Housing Manufacturing Co., Ltd | 94,626,454.24 | -2,591,784.59 | | Wuxi Qingshan Green Building Co., Ltd | 10,669,201.33 | -2,414,441.48 | - The company has completed the industrial and commercial deregistration of its wholly-owned subsidiary Hubei Chuangqi Manufacturing Co., Ltd., aiming to integrate resources and optimize organizational structure, with no impact on overall operations and performance[66](index=66&type=chunk) - The company plans to publicly list and transfer its **60%** equity in Tianxin Company through the Wuxi Property Rights Exchange Center, with the appraised value adjusted to **62.7014 million yuan**, and the listing for transfer commenced on June 13, 2025[68](index=68&type=chunk) [Other Disclosures](index=16&type=section&id=V.%20Other%20Disclosures) This chapter discloses various significant risks faced by the company, including US tariff barriers, macroeconomic fluctuations, rising raw material prices, increasing labor costs, environmental compliance, policy adjustments, forestry carbon sink development, and customer concentration, and summarizes the company's progress in operating performance, business segment development, R&D innovation, and controlling shareholder support in H1 2025 [Potential Risks](index=16&type=section&id=%28I%29%20Potential%20Risks) The company faces multiple risks, including the uncertainty of US tariff policies impacting global shipping and container demand; macroeconomic fluctuations and a sluggish real estate market affecting container flooring and civil board businesses; cost control pressures from rising raw material prices and labor costs; environmental compliance and industrial policy adjustments leading to additional investments and market competitiveness risks; challenges in forestry carbon sink development due to imperfect policies, insufficient market awareness, and natural disaster risks; and high customer concentration in the container flooring business, along with technical and promotional challenges in new market expansion - US tariff barriers continue to escalate with frequent policy adjustments, significantly impacting the stability of the global shipping market supply chain and demand for new containers, which may adversely affect the company's operating performance and product pricing strategies[69](index=69&type=chunk) - Macroeconomic uncertainty, domestic real estate market controls, and rising production factor costs have led to sustained sluggish demand in the container flooring and civil board markets, intensifying industry competition[70](index=70&type=chunk) - Raw material costs constitute a high proportion of total production costs, and tightening supply of high-quality natural forest resources leads to price increases; failure to effectively control costs may result in declining profitability[71](index=71&type=chunk) - Rising labor costs and stricter environmental regulations create dual cost pressures, which may affect the company's market competitiveness[72](index=72&type=chunk) - Forestry carbon sink business faces challenges such as inconsistent carbon sink measurement and verification mechanisms, insufficient market awareness, imperfect pricing mechanisms, and long project development cycles, while forest cultivation is susceptible to natural disasters and human damage[74](index=74&type=chunk)[75](index=75&type=chunk) - The container flooring business has high customer concentration and strong reliance on major clients; new market expansion (civil boards, prefabricated timber structure buildings) faces multi-dimensional challenges in technology R&D, market promotion, and brand building[76](index=76&type=chunk) [Other Disclosures](index=17&type=section&id=%28II%29%20Other%20Disclosures) In H1 2025, the company's operating revenue was approximately **186 million yuan**, with a loss of approximately **134 million yuan**, primarily due to accelerated depreciation and amortization and inventory impairment provisions; the company made progress in container flooring, prefabricated timber structures, civil boards, and under-forest economy, achieved significant R&D innovations, and received controlling shareholder support in share increases and repurchases, leading to a rise in stock price - In H1 2025, the company achieved operating revenue of approximately **186 million yuan** and a loss of approximately **134 million yuan**, with the loss increasing compared to H1 2024, mainly due to accelerated depreciation and amortization and inventory impairment provisions[77](index=77&type=chunk) - The container flooring industrial segment, through equipment technical upgrades and process optimization, saw its output increase by approximately **1,717%** compared to the same period in 2024, with direct production costs decreasing by approximately **20%**[78](index=78&type=chunk) - The project scope for the prefabricated timber structure construction industrial segment expanded, with an estimated output value exceeding **60 million yuan** in 2025, an increase of approximately **46%** compared to 2024[79](index=79&type=chunk) - In terms of R&D innovation, the company successfully developed timber structure building materials such as OSL and GOSL, obtained B1-grade fire resistance test reports, and was granted **1 national invention patent** and **1 utility model patent**[83](index=83&type=chunk) - Controlling shareholder Wuxi Jianfa conveyed confidence and stabilized market expectations through measures such as share increases and company share repurchases; as of the end of the reporting period, the company's stock price had risen by **14.42%** compared to the end of 2024[84](index=84&type=chunk) [Corporate Governance, Environment and Society](index=19&type=section&id=Item%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) [Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not carry out profit distribution or capital reserve conversion into share capital for the first half of 2025 - The company's proposed semi-annual profit distribution plan or capital reserve conversion plan is “none”, with no distribution or conversion[86](index=86&type=chunk) [Significant Matters](index=20&type=section&id=Item%20V%20Significant%20Matters) [Fulfillment of Commitments](index=20&type=section&id=I.%20Fulfillment%20of%20Commitments) Controlling shareholder Wuxi Jianfa and other related parties strictly fulfilled commitments regarding resolving horizontal competition, reducing related-party transactions, and ensuring the independence of the listed company during the reporting period, with no instances of failure to timely fulfill - Controlling shareholder Wuxi Jianfa committed not to engage in businesses directly or indirectly competitive with the listed company and its subsidiaries, and has strictly fulfilled this commitment[89](index=89&type=chunk) - Wuxi Jianfa committed to minimize related-party transactions and conduct them based on market principles and fair prices, and has strictly fulfilled this commitment[90](index=90&type=chunk) - Key management personnel Li Jie, Guo Zhixian, Zhou Xiaolu, and Li Hanhua committed not to engage in or participate in businesses and activities that compete with Kangxin New Materials, and have strictly fulfilled this commitment[90](index=90&type=chunk)[91](index=91&type=chunk) [Significant Related-Party Transactions](index=24&type=section&id=X.%20Significant%20Related-Party%20Transactions) The company disclosed its estimated daily related-party transactions for the reporting period and revised the proposal for the controlling shareholder or its subsidiaries to provide loan facilities, increasing the loan limit from no more than **1 billion yuan** to no more than **1.5 billion yuan** to support the financial needs of the company or its subsidiaries - The company has approved the proposal for estimated daily related-party transactions for 2025[94](index=94&type=chunk) - The loan facility to be provided by controlling shareholder Wuxi Jianfa or its controlled subsidiaries to the company or its subsidiaries has been increased from no more than **1 billion yuan** to no more than **1.5 billion yuan**, and has been approved by the general meeting of shareholders[95](index=95&type=chunk)[99](index=99&type=chunk) [Share Changes and Shareholder Information](index=27&type=section&id=Item%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=27&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital and share structure remained unchanged during the reporting period; controlling shareholder Wuxi Jianfa is implementing a share increase plan, having increased its holdings by **387,800 shares**, representing **0.03%** of the total share capital, as of the end of the reporting period - During the reporting period, the company's total share capital and share structure remained unchanged[102](index=102&type=chunk) - Controlling shareholder Wuxi Jianfa plans to increase its shareholding in the company within 12 months, with a total amount of no less than **26.9 million yuan** and no more than **53.79 million yuan**. As of the end of the reporting period, it had increased its holdings by **387,800 shares**, accounting for **0.03%** of the total share capital[103](index=103&type=chunk) [Shareholder Information](index=27&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **41,206 ordinary shareholders**; among the top ten shareholders, Wuxi Construction Development Investment Co., Ltd. is the controlling shareholder, holding **38.47%** of shares, with no pledge, mark, or freeze - As of the end of the reporting period, the company had a total of **41,206 ordinary shareholders**[104](index=104&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Wuxi Construction Development Investment Co., Ltd | 517,290,385 | 38.47 | State-owned Legal Person | | Fu Qianjun | 13,580,000 | 1.01 | Domestic Natural Person | | Beijing Dongfang Guoxing Technology Development Co., Ltd | 10,599,300 | 0.79 | Domestic Non-state-owned Legal Person | | Zhai Yunlong | 9,618,800 | 0.72 | Domestic Natural Person | | BARCLAYS BANK PLC | 7,498,801 | 0.56 | Overseas Legal Person | [Bond-Related Information](index=30&type=section&id=Item%20VII%20Bond-Related%20Information) [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=30&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued '24 Kangxin 01' corporate bonds and '25 Kangxin VZ01' rural revitalization small and medium-sized enterprise support bonds (not yet issued), as well as '24 Kangxin New Materials SCP002' and '25 Kangxin New Materials SCP001' super short-term commercial papers; during the reporting period, the company's interest-bearing debt balance changed by **-9.93%** (non-consolidated) and **12.44%** (consolidated) year-on-year, with detailed debt structure and repayment guarantee measures disclosed [Corporate Bonds](index=30&type=section&id=%28I%29%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29) The company issued '24 Kangxin 01' corporate bonds with a balance of **200 million yuan** and an interest rate of **2.93%**, and '25 Kangxin VZ01' rural revitalization small and medium-sized enterprise support bonds (not yet issued) with an interest rate of **2.30%**; both bonds include investor protection clauses, which were not triggered or executed during the reporting period Basic Information of Corporate Bonds | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kangxin New Materials Co., Ltd. 2024 Non-public Issuance of Corporate Bonds to Professional Investors (Tranche 1) | 24 Kangxin 01 | 256759.SH | December 4, 2024 | December 5, 2026 | 200,000,000.00 | 2.93 | | Kangxin New Materials Co., Ltd. 2025 Non-public Issuance of Rural Revitalization Small and Medium-sized Enterprise Support Bonds to Professional Investors (High-Growth Industry Bonds) | Kangxin VZ01 | 259202.SH | July 3, 2025 | July 4, 2028 | 300,000,000.00 | 2.30 | - '24 Kangxin 01' includes investor protection clauses such as credit enhancement measures, cross-default covenants, and remedy measures, which were monitored and disclosed normally during the reporting period and were not triggered or executed[112](index=112&type=chunk) - 'Kangxin VZ01' has not yet been issued, but includes investor protection clauses such as credit enhancement measures, credit rating maintenance covenants, cross-default covenants, and remedy measures[112](index=112&type=chunk) - '24 Kangxin 01' is fully and unconditionally guaranteed by Wuxi Jianrong Industrial Co., Ltd. with joint and several liability, and the debt repayment plan and guarantee measures are being executed normally without change[114](index=114&type=chunk) [Significant Matters Related to Corporate Bonds](index=32&type=section&id=%28IV%29%20Significant%20Matters%20Related%20to%20Corporate%20Bonds%20During%20the%20Reporting%20Period) The company had no non-operating intercompany receivables or fund borrowings during the reporting period; the company's (non-consolidated) interest-bearing debt balance was **964 million yuan**, a year-on-year change of **-9.93%**; the consolidated interest-bearing debt balance was **2.863 billion yuan**, a year-on-year change of **12.44%**; the company's credit bond balance (consolidated) was **602 million yuan** - At the beginning and end of the reporting period, the company's (non-consolidated) interest-bearing debt balances were **1.07 billion yuan** and **964 million yuan**, respectively, representing a year-on-year change of **-9.93%**[117](index=117&type=chunk) - At the beginning and end of the reporting period, the company's consolidated interest-bearing debt balances were **2.546 billion yuan** and **2.863 billion yuan**, respectively, representing a year-on-year change of **12.44%**[119](index=119&type=chunk) Consolidated Interest-bearing Debt Structure (End of Period) | Interest-bearing Debt Category | Amount within 1 year (incl.) (billion yuan) | Amount over 1 year (excl.) (billion yuan) | Total Amount (billion yuan) | Proportion of Total Interest-bearing Debt (%) | | :--- | :--- | :--- | :--- | :--- | | Corporate Credit Bonds | 3.99 | 2.03 | 6.02 | 21.02 | | Bank Loans | 5.32 | 5.01 | 10.33 | 36.06 | | Non-bank Financial Institution Loans | 2.19 | 2.62 | 4.82 | 16.82 | | Other Interest-bearing Debts | 3.99 | 3.48 | 7.47 | 26.09 | | Total | 15.49 | 13.14 | 28.63 | — | [Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market](index=35&type=section&id=%28V%29%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments%20in%20the%20Interbank%20Bond%20Market) The company issued '24 Kangxin New Materials SCP002' and '25 Kangxin New Materials SCP001' super short-term commercial papers with balances of **500 million yuan** and **400 million yuan**, and interest rates of **2.57%** and **1.97%**, respectively; both bonds are fully and unconditionally guaranteed by China Bond Insurance Co., Ltd. with joint and several liability, and repayment plans and guarantee measures are being executed normally Basic Information of Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kangxin New Materials Co., Ltd. 2024 Second Tranche Super Short-term Commercial Paper | 24 Kangxin New Materials SCP002 | 012483097.IB | 2024-9-18 | 2025-6-17 | 500,000,000.00 | 2.57 | | Kangxin New Materials Co., Ltd. 2025 First Tranche Super Short-term Commercial Paper | 25 Kangxin New Materials SCP001 | 012581377.IB | 2025-6-13 | 2026-3-13 | 400,000,000.00 | 1.97 | - '24 Kangxin New Materials SCP002' and '25 Kangxin New Materials SCP001' are both fully and unconditionally guaranteed by China Bond Insurance Co., Ltd. with joint and several liability, and their debt repayment plans and guarantee measures are being executed normally[125](index=125&type=chunk)[126](index=126&type=chunk) [Key Accounting Data and Financial Indicators](index=38&type=section&id=%28VII%29%20Key%20Accounting%20Data%20and%20Financial%20Indicators) At the end of the reporting period, the company's current ratio decreased, quick ratio increased, and asset-liability ratio increased by **3.82 percentage points** to **43.57%**; net profit after non-recurring gains and losses expanded its loss, while EBITDA to total debt ratio and EBITDA interest coverage ratio were both negative, and cash interest coverage ratio decreased Changes in Key Financial Indicators (End of Period/Current Period vs End of Prior Year/Prior Year Period) | Key Indicators | End of Current Period/Current Period (Jan-Jun) | End of Prior Year/Prior Year Period | YoY Change at Period End/Current Period (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 2.19 | 2.37 | -7.59 | | Quick Ratio | 0.33 | 0.24 | 37.50 | | Asset-Liability Ratio (%) | 43.57 | 39.76 | Increased by 3.82 percentage points | | Net Profit After Non-recurring Gains/Losses | -134,216,354.74 | -88,767,387.74 | N/A | | EBITDA to Total Debt Ratio | -0.0098 | 0.0083 | -218.96 | | Interest Coverage Ratio | -2.04 | -1.03 | N/A | | Cash Interest Coverage Ratio | 0.54 | 1.00 | -46.40 | | EBITDA Interest Coverage Ratio | -0.47 | 0.63 | -174.60 | [Financial Report](index=39&type=section&id=Item%20VIII%20Financial%20Report) [Financial Statements](index=39&type=section&id=II.%20Financial%20Statements) This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, comprehensively presenting the company's financial position, operating results, and cash flow - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[129](index=129&type=chunk)[132](index=132&type=chunk)[137](index=137&type=chunk)[140](index=140&type=chunk)[144](index=144&type=chunk)[146](index=146&type=chunk)[149](index=149&type=chunk)[157](index=157&type=chunk) [Company Basic Information](index=60&type=section&id=III.%20Company%20Basic%20Information) Kangxin New Materials Co., Ltd. was listed on the Shanghai Stock Exchange on May 26, 1997, stock code 600076; as of the end of June 2025, controlling shareholder Wuxi Jianfa held **38.47%** of the company's shares; the company's main businesses include biomass material R&D, manufacturing, sales, forest cultivation, and low-carbon timber structure building design and construction - Kangxin New Materials Co., Ltd. was listed on the Shanghai Stock Exchange on May 26, 1997, with stock code **600076**[163](index=163&type=chunk) - As of the end of June 2025, controlling shareholder Wuxi Jianfa held **517,290,385 shares**, accounting for **38.47%** of the company's total share capital[164](index=164&type=chunk) - The company's main businesses include R&D, manufacturing, and sales of biomass materials; cultivation, breeding, and promotion of forest trees and seedlings; and design and construction of low-carbon timber structure buildings[164](index=164&type=chunk)[165](index=165&type=chunk) [Basis of Financial Statement Preparation](index=60&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and management believes the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[168](index=168&type=chunk) - The company's management believes that the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[169](index=169&type=chunk) [Significant Accounting Policies and Estimates](index=61&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, biological assets, intangible assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, government grants, deferred income tax assets/liabilities, and leases, ensuring the truthfulness and accuracy of financial reporting - The company has formulated specific accounting policies and estimates based on its actual production and operating characteristics, primarily reflected in the provision for doubtful debts on receivables, measurement of biological assets, revenue recognition and measurement, depreciation of fixed assets, and amortization of intangible assets[170](index=170&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss for the current period[185](index=185&type=chunk) - The company's inventory is classified into raw materials, work-in-progress, finished goods, low-value consumables, packaging materials, consumable biological assets, and contract fulfillment costs, with inventory issued accounted for using the weighted average method[196](index=196&type=chunk) - The company depreciates productive biological assets (e.g., economic forests - camellia oleifera, bamboo forests) using the straight-line method, and measures consumable biological assets (e.g., forest trees, fast-growing poplar seedlings) at the lower of cost and net realizable value[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk) - The company amortizes intangible assets with finite useful lives (e.g., land use rights, software, forest land use rights) using the straight-line method over their useful lives, without retaining residual value[222](index=222&type=chunk)[223](index=223&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than short-term leases and leases of low-value assets, and recognizes depreciation expense and interest expense separately over the lease term[250](index=250&type=chunk) [Taxation](index=82&type=section&id=VI.%20Taxation) This chapter discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax, and details the tax incentives enjoyed by the company, such as VAT exemption for self-produced agricultural products, 100% R&D expense super deduction, and a **15%** corporate income tax rate for high-tech enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales Amount | 9%、13%、6%、3% | | Corporate Income Tax | Taxable Income | 25%、15% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Paid | 7%、5% | | Education Surcharge | Amount of Turnover Tax Paid | 3% | | Local Education Surcharge | Amount of Turnover Tax Paid | 2% | - Subsidiary Hubei Kangxin Technology Development Co., Ltd. is exempt from VAT on sales of self-produced logs, seedlings, horticultural plants, and other forest by-products[256](index=256&type=chunk) - The company's R&D expenses enjoy a **100%** super deduction before tax; subsidiary Hubei Kangxin New Materials Technology Co., Ltd., as a high-tech enterprise, is subject to a **15%** corporate income tax rate[257](index=257&type=chunk) - Subsidiary Hubei Kangxin Technology Development Co., Ltd. is exempt from corporate income tax on income derived from forest cultivation and planting[257](index=257&type=chunk) [Notes to Consolidated Financial Statement Items](index=83&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on various asset, liability, owners' equity, revenue, cost, and expense items in the consolidated financial statements, including end-of-period balances, beginning-of-period balances, current period changes, and related explanations, offering specific data support for understanding the company's financial position and operating results - Monetary funds balance at period end was **377,645,254.39 yuan**, of which **2,540.34 yuan** was restricted as ETC deposits[259](index=259&type=chunk) - Financial assets held for trading balance at period end was **120,000,000.00 yuan**, primarily structured deposits[261](index=261&type=chunk) - Accounts receivable book balance at period end was **124,221,071.46 yuan**, with a bad debt provision of **6,184,136.40 yuan**[267](index=267&type=chunk) - Inventory book value at period end was **3,782,132,680.62 yuan**, with an inventory impairment provision balance of **132,136,456.82 yuan**[300](index=300&type=chunk) - Operating revenue for the current period was **185,899,140.94 yuan**, and operating cost was **230,055,067.99 yuan**[395](index=395&type=chunk) - Total profit was **-136,450,120.45 yuan**, and net profit was **-136,394,792.35 yuan**[409](index=409&type=chunk) [R&D Expenses](index=129&type=section&id=VIII.%20R%26D%20Expenses) This chapter lists the company's R&D expenses for the reporting period, with total expensed R&D of **2,501,568.49 yuan**, primarily comprising material costs, labor costs, depreciation and amortization, and other expenses R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Material Costs | 2,327,488.51 | 3,084,445.00 | | Labor Costs | 131,957.20 | 269,377.80 | | Depreciation and Amortization | 27,026.58 | 22,024.58 | | Other | 15,096.20 | 105,535.90 | | Total | 2,501,568.49 | 3,481,383.28 | | Of which: Expensed R&D | 2,501,568.49 | 3,481,383.28 | [Changes in Consolidation Scope](index=130&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company completed the industrial and commercial deregistration of its wholly-owned subsidiary Hubei Chuangqi Manufacturing Co., Ltd.; the subsidiary's balance sheet was not included in the consolidated financial statements, but its income statement and cash flow statement data from the beginning of the period to the deregistration date were still included - In June 2025, the company completed the industrial and commercial deregistration of its wholly-owned subsidiary Hubei Chuangqi Manufacturing Co., Ltd[425](index=425&type=chunk) - The balance sheet of the deregistered subsidiary was not included in the consolidated financial statements, but its income statement and cash flow statement data from the beginning of the current period to the deregistration date were still included in the consolidated financial statements[425](index=425&type=chunk) [Interests in Other Entities](index=131&type=section&id=X.%20Interests%20in%20Other%20Entities) This chapter discloses the company's interests in subsidiaries, including the registered capital, business nature, and shareholding ratios of major subsidiaries, as well as financial information for the significant non-wholly-owned subsidiary Wuxi Qingshan Green Building Co., Ltd., showing a negative net profit attributable to minority shareholders for the current period Composition of the Enterprise Group | Subsidiary Name | Registered Capital (million yuan) | Business Nature | Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Hubei Kangxin New Materials Technology Co., Ltd | 25,000.00 | Production and sales of container boards, COSB boards | 100.00 | Business combination not under common control | | Hubei Kangxin Technology Development Co., Ltd | 5,000.00 | Production and operation of forest trees and seedlings | 100.00 | Business combination not under common control | | Hubei Tianxin Timber Structure Housing Manufacturing Co., Ltd | 14,400.00 | Design and construction of timber structure projects | 60.00 | Establishment | | Jiashan Xinhua Chang Wood Industry Co., Ltd | 12,300.00 | Production and sales of container boards | 100.00 | Business combination not under common control | | Wuxi Qingshan Green Building Co., Ltd | 20,000.00 | Design and construction of timber structure projects | 51.00 | Business combination under common control | Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Wuxi Qingshan Green Building Co., Ltd.) | Indicator | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Operating Revenue | 10,669,201.33 | 10,184,778.93 | | Net Profit | -2,414,441.48 | 322,156.22 | | Total Comprehensive Income | -2,414,441.48 | 322,156.22 | | Net Cash Flow from Operating Activities | 16,859,892.34 | -7,313,201.88 | - Wuxi Qingshan Green Building Co., Ltd. has a minority shareholder stake of **49%**, with net profit attributable to minority shareholders of **-1,183,076.33 yuan** for the current period, and a minority interest balance of **55,415,957.19 yuan** at period end[429](index=429&type=chunk) [Government Grants](index=135&type=section&id=XI.%20Government%20Grants) This chapter discloses the company's government grant-related liability items and their changes during the reporting period, as well as the amount of government grants recognized in current profit or loss; asset-related government grants primarily include projects for container oriented strand board, bamboo-wood composite container flooring, industrial development support funds, and provincial manufacturing high-quality development special funds Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (yuan) | Transferred to Other Income in Current Period (yuan) | End of Period Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Container Oriented Strand Board Project | 13,708,538.19 | 837,971.70 | 12,870,566.49 | Asset Related | | Bamboo-Wood Composite Container Flooring Project | 5,445,173.92 | 348,830.34 | 5,096,343.58 | Asset Related | | Industrial Development Support Funds | 20,110,305.74 | 231,373.86 | 19,878,931.88 | Asset Related | | Provincial Manufacturing High-Quality Development Special Funds | 615,966.51 | 49,999.98 | 565,966.53 | Asset Related | | Total | 39,879,984.36 | 1,468,175.88 | 38,411,808.48 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset Related | 1,468,175.88 | 1,468,175.88 | | Income Related | 216,500.00 | 120,000.00 | | Total | 1,684,675.88 | 1,588,175.88 | [Risks Related to Financial Instruments](index=136&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (foreign exchange risk, interest rate risk), credit risk, and liquidity risk; these risks are managed and controlled through measures such as strengthening customer credit assessment, monitoring bank loan utilization, and comprehensively using financing methods to achieve a balance between risk and return - The company faces foreign exchange risk (main business settled in RMB), interest rate risk (related to floating-rate bank borrowings), credit risk (primarily from various receivables), and liquidity risk[436](index=436&type=chunk) - The company manages and controls financial risks through credit authorization, customer credit assessment, monitoring bank borrowings, and comprehensively utilizing financing methods such as bill settlement, bank borrowings, and private placement of shares[437](index=437&type=chunk)[438](index=438&type=chunk) [Disclosure of Fair Value](index=137&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This chapter discloses the company's assets and liabilities measured at fair value at the end of the period, including financial assets held for trading and other equity instrument investments measured at fair value with changes recognized in other comprehensive income, totaling **125,208,710.74 yuan** Assets and Liabilities Measured at Fair Value at Period End | Item | Fair Value at Period End (yuan) | | :--- | :--- | | Financial Assets Held for Trading | 120,000,000.00 | | Other Equity Instrument Investments | 5,208,710.74 | | Total Assets Measured at Fair Value on a Recurring Basis | 125,208,710.74 | - The fair value of structured deposits is calculated based on the expected return rate of the underlying assets, while other equity instrument investments recognize fair value based on the net assets of the investee[442](index=442&type=chunk) [Related Parties and Related-Party Transactions](index=139&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This chapter details the company's parent company, subsidiaries, joint ventures and associates, and other related parties, and lists the amounts and end-of-period balances of related-party transactions during the reporting period, including purchases and sales of goods, provision of services, related-party leases, related-party guarantees, and related-party fund borrowings - The ultimate controlling party of the company is Wuxi State-owned Assets Supervision and Administration Commission, and the parent company is Wuxi Jianfa[444](index=444&type=chunk) Purchases of Goods/Receipt of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Wuxi Shanshui Green Building Technology Co., Ltd | Property management fees, parking fees | 16,157.86 | 0 | | Jiangsu Youjia Bamboo Wood Technology Co., Ltd | Container boards | 0 | 5,575,727.74 | Sales of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Wuxi City Investment Plaza Operations Co., Ltd | Timber structure engineering | 2,374,384.19 | 2,180,727.60 | | Wuxi City Investment Construction Co., Ltd | Timber structure engineering | 394,683.76 | 4,505,375.27 | - The company, as the guaranteed party, received guarantees totaling **847,000,000.00 yuan** from Wuxi Jianrong Industrial Co., Ltd., China Bond Insurance Co., Ltd., and Wuxi Construction Development Investment Co., Ltd[453](index=453&type=chunk) - The company borrowed funds totaling **528,000,000.00 yuan** from Wuxi Construction Development Investment Co., Ltd. in the current period[452](index=452&type=chunk) - Key management personnel compensation for the current period was **2.0744 million yuan**, compared to **1.7518 million yuan** in the prior period[455](index=455&type=chunk) [Commitments and Contingencies](index=144&type=section&id=XVI.%20Commitments%20and%20Contingencies) This chapter discloses the company's significant commitments at the balance sheet date, primarily involving subsidiary equity investment commitments in joint ventures, with some capital contributions remaining incomplete as of June 30, 2025 - Subsidiary Hubei Kangxin New Materials Technology Co., Ltd. committed to equity investments in Jiangsu Youjia Bamboo Wood Technology Co., Ltd., Zhejiang Kaisheng Board Industry Co., Ltd., and Guizhou Yusheng Bamboo Wood Technology Co., Ltd.; as of June 30, 2025, some capital contributions remain incomplete[461](index=461&type=chunk) [Other Significant Matters](index=146&type=section&id=XVIII.%20Other%20Significant%20Matters) This chapter discloses the company's segment information, with reporting segments determined based on manufacturing and forestry divisions, and provides financial information for each segment, including operating revenue, operating cost, total profit, income tax expense, net profit, total assets, and total liabilities - The company determines operating segments based on its internal organizational structure, management requirements, and internal reporting system, and determines reporting segments based on operating segments, including the manufacturing segment and the forestry segment[463](index=463&type=chunk) Reporting Segment Financial Information (H1 2025) | Item | Manufacturing Segment (yuan) | Forestry Segment (yuan) | Inter-segment Eliminations (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 207,384,175.05 | 19,047.62 | -21,504,081.73 | 185,899,140.94 | | Operating Cost | 251,030,147.13 | 300,036.48 | -21,275,115.62 | 230,055,067.99 | | Total Profit (Total Loss) | -128,306,969.09 | -8,004,438.71 | -138,712.65 | -136,450,120.45 | | Total Assets | 13,673,523,004.27 | 5,109,442,515.31 | -11,779,000,129.23 | 7,003,965,390.35 | | Total Liabilities | 6,394,457,355.29 | 4,360,996,210.41 | -7,704,920,731.31 | 3,050,532,834.39 | [Notes to Parent Company Financial Statement Items](index=147&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This chapter provides notes on key items in the parent company's financial statements, including other receivables, long-term equity investments, and investment income; other receivables at period end primarily consist of intercompany balances with subsidiaries, long-term equity investments are mainly in subsidiaries, and investment income primarily derives from financial assets held for trading - Parent company's other receivables balance at period end was **2,429,935,081.18 yuan**, primarily intercompany balances with subsidiaries[482](index=482&type=chunk) - Parent company's long-term equity investment book value at period end was **3,823,463,459.51 yuan**, primarily investments in Hubei Kangxin New Materials Technology Co., Ltd., Jiashan Xinhua Chang Wood Industry Co., Ltd., and Wuxi Qingshan Green Building Co., Ltd[484](index=484&type=chunk) - Parent company's investment income for the current period was **33,805.03 yuan**, primarily from investment income on financial assets held for trading during the holding period[486](index=486&type=chunk) [Supplementary Information](index=154&type=section&id=XX.%20Supplementary%20Information) This chapter provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share; total non-recurring gains and losses for the reporting period amounted to **21,922.01 yuan**, the weighted average return on net assets attributable to ordinary shareholders was **-3.41%**, and basic and diluted earnings per share were both **-0.10 yuan/share** Detailed Statement of Non-recurring Gains and Losses for the Current Period | Item | Amount (yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 1,991,144.68 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 808,244.78 | | Other non-operating income and expenses apart from the above items | -2,500,455.30 | | Other items of gains and losses that meet the definition of non-recurring gains and losses | 15,922.22 | | Impact on minority interests (after tax) | 292,934.37 | | Total | 21,922.01 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | -3.41 | -0.10 | -0.10 | | Net Profit Attributable to Ordinary Shareholders of the Company After Non-recurring Gains/Losses | -3.41 | -0.10 | -0.10 |

康欣新材8月13日披露半年报，公司上半年实现营业收入1.86亿元，同比下降38.22%；归属于上市公司 股东的净利润亏损1.34亿元，上年同期亏损8728.07万元；基本每股收益-0.1元。 ...

Group 1 - The company reported a revenue of 186 million yuan for the first half of 2025, representing a year-on-year decline of 38.22% [1] - The net profit for the same period showed a loss of 134 million yuan, compared to a loss of 87.28 million yuan in the previous year [1]