Group 1 - The core point of the news is that Langsha Co., Ltd. experienced a decline in stock price by 5.02%, with the current share price at 17.60 yuan and a total market capitalization of 1.711 billion yuan [1] - Langsha Co., Ltd. is primarily engaged in the manufacturing of knitted underwear and fabrics, with its main revenue sources being shorts (57.81%), other products (17.99%), underwear (9.32%), bras (9.06%), and supplementary items (5.82%) [1] - The company was established on December 26, 1996, and was listed on April 16, 1998, located in Yibin City, Sichuan Province [1] Group 2 - Among the top ten circulating shareholders of Langsha Co., Ltd., Huaxia Fund's Huaxia Pantai Mixed (LOF) A (160323) increased its holdings by 49,900 shares in the second quarter, now holding 396,700 shares, which is 0.41% of the circulating shares [2] - The fund has a current scale of 1.13 billion yuan, with a year-to-date return of 8.58% and a one-year return of 22.06% [2] - The fund manager, Mao Ying, has a tenure of 12 years and 137 days, while Zhang Chengyuan has a tenure of 8 years and 274 days, with their respective best and worst fund returns being 38.7%/-19.66% and 110.7%/-7.26% [3]

证券代码：600137 股票简称：浪莎股份 编号：临 2025-033 四川浪莎控股股份有限公司关于 召开 2025 年半年度业绩说明会的公告 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 担个别及连带责任。 重要内容提示： 会议召开时间：2025 年 9 月 29 日 （星期一） 16:00-17:00 时 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 22 日 （星期一） 至 9 月 26 日 （星 期五）16:00 时前登录上证路演中心网站首页点击"提问预征集"栏 目或通过公司邮箱 cjbz@vip.163.com 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 四川浪莎控股股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入 地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 ...

Core Viewpoint - The financial performance of Langsha Co., Ltd. (600137) for the first half of 2025 shows a decline in total revenue but an increase in net profit, indicating improved profitability despite challenges in sales [1] Financial Performance Summary - Total revenue for the first half of 2025 was 141 million yuan, a decrease of 4.41% year-on-year [1] - Net profit attributable to shareholders reached 10.54 million yuan, an increase of 22.7% year-on-year [1] - Gross margin improved to 27.3%, up 45.32% year-on-year, while net margin increased to 7.45%, up 28.37% year-on-year [1] - Operating cash flow per share was -0.1 yuan, an increase of 56.82% year-on-year [1] Key Financial Metrics - Revenue and profit metrics: - Total revenue: 141 million yuan (down 4.41% from 148 million yuan) [1] - Net profit: 10.54 million yuan (up 22.7% from 8.59 million yuan) [1] - Deducted non-recurring profit: 10.85 million yuan (up 35.17% from 8.03 million yuan) [1] - Cost and expense metrics: - Total expenses (selling, administrative, financial): 10.46 million yuan, accounting for 7.4% of revenue (up 15.77% year-on-year) [1] - Shareholder metrics: - Earnings per share: 0.11 yuan (up 22.73% from 0.09 yuan) [1] - Net asset per share: 5.49 yuan (up 1.38% from 5.41 yuan) [1] Changes in Financial Items - Accounts receivable decreased by 28.03% to 32.20 million yuan [3] - Cash and cash equivalents increased by 25.95% to 461 million yuan [1] - Interest-bearing liabilities decreased significantly by 84.53% to 15 thousand yuan [1] - Other payables increased by 675.78%, primarily due to the addition of dividends payable for 2024 [3] Cash Flow Analysis - Net cash flow from financing activities increased by 385.42%, attributed to the recovery of bank deposits and dividend payments [5] - Operating cash flow improved due to reduced cash payments for goods and increased interest income from bank deposits [7] Investment Insights - The company has a relatively healthy cash position, with a return on invested capital (ROIC) of 3.66% last year, indicating weak capital returns historically [7] - The company has experienced seven years of losses since its listing, suggesting a cautious investment outlook [7] Fund Holdings - The largest fund holding Langsha shares is the Xinhua Small and Medium Market Value Preferred Mixed Fund, which holds 24,900 shares [6]

Core Viewpoint - The financial performance of Langsha Co., Ltd. (600137) for the first half of 2025 shows a decline in total revenue but an increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance Summary - Total revenue for the first half of 2025 was 141 million yuan, a decrease of 4.41% year-on-year [1] - Net profit attributable to shareholders reached 10.54 million yuan, an increase of 22.7% year-on-year [1] - The gross profit margin improved to 27.3%, up 45.32% year-on-year, while the net profit margin increased to 7.45%, up 28.37% year-on-year [1] - Sales, management, and financial expenses totaled 10.46 million yuan, accounting for 7.4% of revenue, which is a 15.77% increase year-on-year [1] - Earnings per share rose to 0.11 yuan, a 22.73% increase year-on-year [1] Cash Flow and Asset Management - Operating cash flow per share improved to -0.1 yuan, a 56.82% increase year-on-year [1] - Cash and cash equivalents increased by 25.95% to 461 million yuan [1] - Accounts receivable decreased by 28.03% to 32.20 million yuan, indicating better collection efficiency [1] Changes in Financial Items - Other receivables increased by 259.73% due to new bid guarantees and other receivables [2] - Other current assets rose by 47.75% due to an increase in deductible input tax [2] - The company reported a 100% decrease in right-of-use assets as depreciation was fully recognized [2] - The company’s sales expenses surged by 121.07% due to the launch of self-operated live streaming business [3] Investment and Financing Activities - Cash flow from investing activities increased by 99.3% due to reduced investment in bank financial products [4] - Cash flow from financing activities rose by 385.42% due to the recovery of pledged bank deposits [4] Overall Assessment - The company's return on invested capital (ROIC) was 3.66%, indicating weak capital returns [5] - The company has a healthy cash asset position, enhancing its debt repayment capability [6] - The accounts receivable to profit ratio reached 137.61%, suggesting potential concerns regarding receivables management [7]

Group 1 - The semi-annual report summary is derived from the full semi-annual report, and investors are encouraged to read the complete report for a comprehensive understanding of the company's operational results, financial status, and future development plans [1] - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, and they bear individual and joint legal responsibility for any false records, misleading statements, or significant omissions [1] - No profit distribution plan or capital reserve transfer plan has been proposed for the reporting period [1] Group 2 - The report does not include any significant changes in the company's operating conditions during the reporting period, nor does it mention any events that have had or are expected to have a significant impact on the company's operations [1]

Core Insights - The main revenue of the company for the first half of 2025 is 141 million yuan, a year-on-year decrease of 4.41% [1] - The net profit attributable to shareholders is 10.54 million yuan, an increase of 22.7% year-on-year [1] - The non-recurring net profit is 10.85 million yuan, up 35.17% year-on-year [1] Financial Performance - In Q2 2025, the company's single-quarter revenue is 76.84 million yuan, a slight increase of 0.48% year-on-year [1] - The single-quarter net profit attributable to shareholders is 1.22 million yuan, a significant decrease of 68.19% year-on-year [1] - The single-quarter non-recurring net profit is 1.53 million yuan, down 64.47% year-on-year [1] Profitability Metrics - The company's debt ratio stands at 21.99% [1] - Investment income is 0.14 million yuan, while financial expenses are -10.00 million yuan [1] - The gross profit margin is 27.3%, reflecting a year-on-year increase of 45.32% [7] Earnings Per Share - Earnings per share (EPS) is 0.11 yuan, an increase of 22.72% year-on-year [7] - The operating cash flow per share is -0.11 yuan, showing a year-on-year improvement of 56.82% [7] Shareholder Information - The largest shareholder is Langsha Holdings Group Co., Ltd., holding 42.89% of shares [11] - Other significant shareholders include Tibet Giant Wave Technology Co., Ltd. with 13.97% and Shenzhen Energy Group Co., Ltd. with 1.11% [11]

Core Viewpoint - Langsha Co., Ltd. reported a decrease in revenue for the first half of 2025, while net profit showed a significant increase compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was approximately 141 million yuan, representing a year-on-year decrease of 4.41% [1] - The net profit attributable to shareholders of the listed company was around 10.54 million yuan, which reflects a year-on-year increase of 22.7% [1]

Core Viewpoint - Langsha Co., Ltd. (600137.SH) reported a decline in revenue for the first half of 2025, while net profit showed significant growth, indicating a mixed performance in financial results [1] Financial Performance - The company achieved operating revenue of 141 million yuan, a year-on-year decrease of 4.41% [1] - Net profit attributable to shareholders of the listed company was 10.54 million yuan, reflecting a year-on-year increase of 22.70% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 10.85 million yuan, marking a year-on-year growth of 35.17% [1] - Basic earnings per share stood at 0.108 yuan [1]

Important Notice This section provides crucial disclaimers and statements regarding the report's accuracy, audit status, profit distribution, forward-looking statements, and significant risks [Statement by Board of Directors and Management](index=2&type=section&id=Statement%20by%20Board%20of%20Directors%20and%20Management) The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, with financial report integrity affirmed by key personnel - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4](index=4&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[6](index=6&type=chunk) [Audit Status of the Report](index=2&type=section&id=Audit%20Status%20of%20the%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[6](index=6&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) For the current reporting period, the company has not formulated a profit distribution plan or a capital reserve capitalization plan - For the current reporting period, the company has not formulated a profit distribution plan or a capital reserve capitalization plan[7](index=7&type=chunk) [Forward-Looking Statements Risk Disclaimer](index=2&type=section&id=Forward-Looking%20Statements%20Risk%20Disclaimer) Forward-looking statements regarding future plans in this report do not constitute a substantive commitment to investors, who are advised to be aware of investment risks - Forward-looking statements regarding future plans in this report do not constitute a substantive commitment to investors[8](index=8&type=chunk) - Investors are advised to be aware of investment risks[8](index=8&type=chunk) [Fund Occupation and Guarantees](index=2&type=section&id=Fund%20Occupation%20and%20Guarantees) The company has no non-operating fund occupation by controlling shareholders or other related parties, nor does it provide external guarantees in violation of prescribed decision-making procedures - There is no non-operating fund occupation by controlling shareholders or other related parties[9](index=9&type=chunk) - There are no external guarantees provided in violation of prescribed decision-making procedures[9](index=9&type=chunk) [Significant Risk Warning](index=2&type=section&id=Significant%20Risk%20Warning) The company has detailed existing risks in this report, and investors are advised to pay attention - The company has detailed existing risks in this report, and investors are advised to pay attention[9](index=9&type=chunk) Section I Definitions This section provides definitions for key terms used throughout the report to ensure accurate interpretation [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, clarifying the specific meanings of key terms such as "Company," "Controlling Shareholder," "Wholly-owned Subsidiary," and "Reporting Period" to ensure accurate interpretation - "Company" refers to Sichuan Langsha Holding Co., Ltd[18](index=18&type=chunk) - "Controlling Shareholder" refers to Langsha Holding Group Co., Ltd[18](index=18&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[18](index=18&type=chunk) Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key financial performance metrics and indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name, acronym, and legal representative - The company's Chinese name is Sichuan Langsha Holding Co., Ltd., abbreviated as Langsha Stock[15](index=15&type=chunk) - The legal representative is Weng Rongdi[15](index=15&type=chunk) [II. Contact Person and Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, telephone, fax, and email - Both the Board Secretary and Securities Affairs Representative are Ma Zhongming[16](index=16&type=chunk) - The contact address is No. 63 Wainan Street, Yibin City, Sichuan Province[16](index=16&type=chunk) [III. Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces basic company information such as registered address, office address, postal code, company website, and email address - The company's registered address and office address are both No. 63 Wainan Street, Yibin City, Sichuan Province[17](index=17&type=chunk) - The company's website is http://www.langshastock.com[17](index=17&type=chunk) [IV. Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the designated newspaper and website for company information disclosure, as well as the custody location for the semi-annual report - The company's selected newspaper for information disclosure is "Shanghai Securities News"[19](index=19&type=chunk) - The website address for publishing the semi-annual report is Shanghai Stock Exchange http://www.sse.com.cn[19](index=19&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and code - The company's stock is A-shares, listed on the Shanghai Stock Exchange[20](index=20&type=chunk) - The stock abbreviation is Langsha Stock, and the stock code is 600137[20](index=20&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's total operating revenue decreased by **4.41%** to **141.44 million yuan**, while net profit increased by **22.70%** to **10.54 million yuan**, with net profit after non-recurring gains and losses growing by **35.17%**, mainly driven by substantial interest income and new trademark usage fees Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 141,442,749.71 yuan | 147,972,645.03 yuan | -4.41 | | Total Profit | 12,380,978.85 yuan | 9,191,711.18 yuan | 34.70 | | Net Profit Attributable to Shareholders of Listed Company | 10,537,357.41 yuan | 8,587,792.90 yuan | 22.70 | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | 10,847,660.81 yuan | 8,025,231.31 yuan | 35.17 | | Net Cash Flow from Operating Activities | -10,204,465.71 yuan | -23,633,195.19 yuan | 56.82 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 533,624,581.55 yuan | 541,169,695.51 yuan | -1.39 | | Total Assets (Period-end) | 684,067,848.71 yuan | 686,022,339.16 yuan | -0.28 | Key Financial Indicators for H1 2025 | Main Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.108 | 0.088 | 22.73 | | Diluted Earnings Per Share (yuan/share) | 0.108 | 0.088 | 22.73 | | Basic EPS After Non-Recurring Gains and Losses (yuan/share) | 0.112 | 0.083 | 34.94 | | Weighted Average Return on Net Assets (%) | 1.93 | 1.60 | 0.33 | | Weighted Average Return on Net Assets After Non-Recurring Gains and Losses (%) | 1.99 | 1.50 | 0.49 | - Net profit growth was primarily due to interest income from matured three-year large-amount bank time deposits and new trademark usage fee income[22](index=22&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for H1 2025, totaling **-310,303.40 yuan**, primarily comprising gains/losses on disposal of non-current assets, government grants, financial asset investment income, reversal of impairment provisions for receivables, debt restructuring losses, and other non-operating income/expenses Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains/losses on disposal of non-current assets | 12,089.51 | Gains from disposal of scrapped fixed asset vehicles | | Government grants recognized in profit or loss | 155,327.70 | Received Yiwu Economic and Information Bureau - Industrial Enterprise Per-Mu Output Efficiency Comprehensive Evaluation Class A Enterprise Policy Fulfillment Award of 6,546.90 yuan; received Yiwu Science and Technology Bureau - R&D Expense Super Deduction Incentive of 148,780.80 yuan | | Gains/losses from changes in fair value of financial assets/liabilities held by non-financial enterprises and from disposal of financial assets/liabilities | 13,639.96 | The company's investment in Industrial and Commercial Bank of China structured deposit products matured and principal was recovered with investment income in the current period | | Reversal of impairment provisions for individually assessed receivables | 61,273.21 | Recovered part of individually assessed litigated claims within other receivables in the current period, with corresponding reversal of bad debt provisions for other receivables | | Gains/losses from debt restructuring | -12,273.21 | According to the resolution of Langsha Underwear Co., Ltd.'s board of directors and the settlement agreement reached, the company waived the remaining outstanding amount of 12,273.21 yuan from customer Pang Suping, which was recognized as debt restructuring loss in the current period | | Other non-operating income and expenses not listed above | -503,183.54 | | | Less: Income tax impact | 37,177.03 | | | Total | -310,303.40 | | Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's industry, business operations, financial performance, core competencies, and future strategies [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's main business is the production and sale of knitted underwear in the textile and apparel industry, including thermal underwear, fashion underwear, shorts, and bras, utilizing an OEM model combined with in-house production and direct sales, while actively expanding integrated online and offline channels; the industry faces consumer differentiation, accelerated technological innovation, and omnichannel sales transformation, yet underwear demand remains weak amid fierce competition - The company's main business is apparel manufacturing and wholesale, belonging to the textile and apparel industry, specifically the knitted underwear sector[27](index=27&type=chunk) - Key products include thermal underwear, fashion underwear, shorts, and bras[27](index=27&type=chunk) - The operating model primarily involves OEM with independent design and outsourced production supply chain management, combined with in-house production and direct sales[29](index=29&type=chunk) - Online sales account for **76.17%**, while offline sales account for **23.83%**[32](index=32&type=chunk) - R&D investment in H1 2025 was **5.16 million yuan**, representing **3.65%** of operating revenue[33](index=33&type=chunk) - The industry faces trends such as intensified consumer differentiation, accelerated innovation driving industry transformation, and omnichannel sales leading channel reform, yet underwear consumer demand remains weak with fierce existing competition[28](index=28&type=chunk)[34](index=34&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company's total operating revenue decreased by **4.41%**, but net profit increased by **22.70%**, primarily due to interest income and trademark usage fees; in the second half, the company will focus on market-oriented and digital innovation, optimizing its marketing network, expanding live-streaming e-commerce, and strengthening product R&D to enhance brand influence and performance - In H1 2025, total operating revenue was **141 million yuan**, a **4.41%** year-on-year decrease; net profit was **10.54 million yuan**, a **22.70%** year-on-year increase[34](index=34&type=chunk) - Key priorities for the second half include continuous market-oriented innovation, integrating into the new national trend industry cycle, and strengthening omnichannel marketing network construction and online sales[36](index=36&type=chunk)[37](index=37&type=chunk) - Continuously drive digital innovation, cultivate new industrial momentum for the company, and strengthen application innovation around intelligent operations, products, and services[38](index=38&type=chunk) - Continue to excel in new product R&D, establish Langsha as an expert in healthy and comfortable underwear, and strengthen industry-university cooperation[39](index=39&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its brand, channel, and market advantages, with the Langsha underwear brand holding recognition and competitive edge, expanding sales channels through e-commerce and live streaming, and providing high-quality products and services with a consumer-centric approach - The company possesses a "Langsha Underwear" brand advantage, with product design philosophy, channel development, quality management, and product innovation investment ensuring market competitive advantage[40](index=40&type=chunk) - The company has established a channel advantage through tools such as e-commerce, membership models, private domain traffic operations, and social/community/live streaming[40](index=40&type=chunk) - The company adheres to a customer-centric approach, enhancing service marketing capabilities and meeting consumer needs through collaboration among R&D, technology, supply chain, and brand departments[40](index=40&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=10&type=section&id=IV.%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's H1 2025 financial statement item changes, main business composition, industry, product, and regional operating conditions, as well as asset-liability status and investment situation; operating revenue decreased but gross margin improved, and net profit increased, primarily due to reduced financial expenses and trademark usage fee income - Operating revenue decreased by **4.41%** year-on-year, operating costs decreased by **14.43%** year-on-year, selling expenses significantly increased by **121.07%** year-on-year, and financial expenses significantly decreased by **305.18%** year-on-year[41](index=41&type=chunk) - The increase in selling expenses was mainly due to the launch of self-operated live-streaming business in October 2024, adding live-streaming fees such as commissions and traffic acquisition costs[41](index=41&type=chunk) - The decrease in financial expenses was primarily due to interest income from matured three-year large-amount bank time deposits[42](index=42&type=chunk) - Main business revenue decreased by **9.83%**, but gross margin increased by **4.69 percentage points**, mainly due to higher pricing strategies for self-operated live-streaming sales[44](index=44&type=chunk) - Other business income increased by **3279.68%**, primarily due to new trademark usage fee income[44](index=44&type=chunk) - Shorts product revenue accounted for **61.38%** of main business revenue, making it the primary source of income[47](index=47&type=chunk) - The East China region is the main sales market, accounting for **88.81%** of main business revenue[49](index=49&type=chunk) - The gross margin for the self-operated live-streaming model was as high as **67.57%**, significantly higher than the **18.98%** for the distribution model[50](index=50&type=chunk) [V. Other Disclosures](index=18&type=section&id=V.%20Other%20Disclosures) The company faces risks such as textile industry transformation, market consumer differentiation, irregular industry competition, overcapacity, seasonal fluctuations in product sales, and insufficient technological innovation capabilities, which it plans to address through "Quality Improvement, Efficiency Enhancement, and Returns" and "Consumer Confidence Boosting" action plans - The company faces risks of the textile industry transforming from a quantity-driven to a quality- and efficiency-driven model, as well as challenges such as weaker-than-expected consumer recovery, labor shortages, and declining gross margins[69](index=69&type=chunk) - Market risks include intensified consumer differentiation, requiring vigorous promotion of product and brand innovation to adapt to the market[70](index=70&type=chunk) - Industry competition is unregulated, with issues of low-level redundant construction and product plagiarism[70](index=70&type=chunk) - The industry suffers from overcapacity and low enterprise concentration, necessitating increased capital investment and technological content[71](index=71&type=chunk) - Sales of main products are seasonal, potentially leading to unsalable inventory and increased stock[71](index=71&type=chunk) - Insufficient technological innovation capability and core competitiveness are being addressed by the company through increased R&D investment[72](index=72&type=chunk) Section IV Corporate Governance, Environment and Society This section covers changes in the company's board and senior management, as well as its profit distribution plans [I. Changes in Directors and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Directors%20and%20Senior%20Management) During the reporting period, the company's board of directors and senior management underwent changes, with Weng Rongdi and Jin Zhoubin elected as non-independent directors, Luo Zhongwei, Yu Xiaofeng, and Zhao Kewei as independent directors, Weng Rongdi appointed as Chairman and General Manager, Lu Mingliang as Chief Financial Officer, and Ma Zhongming as Board Secretary, while some former directors and the previous CFO resigned - Weng Rongdi and Jin Zhoubin were elected as non-independent directors of the Twelfth Board of Directors[75](index=75&type=chunk) - Luo Zhongwei, Yu Xiaofeng, and Zhao Kewei were elected as independent directors of the Twelfth Board of Directors[75](index=75&type=chunk) - Weng Rongdi was elected as Chairman, Chairman of the Strategy Committee, and General Manager[75](index=75&type=chunk) - Lu Mingliang was appointed as Chief Financial Officer, and Ma Zhongming was appointed as Board Secretary[75](index=75&type=chunk) - Former Vice Chairman and Deputy General Manager Weng Xiaofeng, Director Weng Xiaofei, Independent Director He Yuanfu, and Chief Financial Officer Zhou Zongqin resigned[75](index=75&type=chunk) [II. Profit Distribution or Capital Reserve Capitalization Plan](index=20&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Capitalization%20Plan) For the current reporting period, the company has not formulated a profit distribution plan or a capital reserve capitalization plan - For the current reporting period, the company has not formulated a profit distribution plan or a capital reserve capitalization plan[76](index=76&type=chunk) Section V Significant Matters This section details significant legal proceedings, related party transactions, and other material events affecting the company [VII. Significant Litigation and Arbitration Matters](index=23&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) The company had multiple significant lawsuits during the reporting period, primarily involving customer payment arrears, with a total disputed amount of **13.39 million yuan**; most cases have resulted in favorable judgments or are in the enforcement stage, but due to debtors lacking executable assets or recovery difficulties, the company has fully provided for bad debt reserves - The company has multiple significant lawsuits, primarily sales contract disputes involving customer payment arrears[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) - The total disputed amount is **13,388,993.33 yuan**[84](index=84&type=chunk) - Most cases have resulted in favorable judgments or are in the enforcement stage, but due to recovery difficulties from debtors, the company has fully provided for bad debt reserves[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) [X. Significant Related Party Transactions](index=25&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company engages in daily operating related purchase and sale of goods and acceptance of services transactions with related party Langsha Knitting Co., Ltd., as well as related party creditor-debtor relationships, all adhering to market fair principles and not infringing upon any party's interests - The company has related party transactions with Langsha Knitting Co., Ltd. (a group sister company)[85](index=85&type=chunk)[87](index=87&type=chunk)[90](index=90&type=chunk) Related Party Transactions with Langsha Knitting Co., Ltd. for H1 2025 | Related Party Transaction Type | Related Party Transaction Content | Amount for Current Period (yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | | Purchase of Goods | Socks products, cardboard products | 57,494.85 | 0.06 | | Acceptance of Services | Dyeing and processing services | 474,893.49 | 0.50 | | Sale of Goods | Underwear products | 8,218,344.16 | 6.17 | - Related party transactions adhere to market fair principles and do not infringe upon any party's interests[87](index=87&type=chunk) - Accounts receivable from Langsha Knitting Co., Ltd. at period-end totaled **1,031,731.52 yuan**, which was fully recovered before the report's issuance date[90](index=90&type=chunk) Section VI Changes in Shares and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure [I. Changes in Share Capital](index=29&type=section&id=I.%20Changes%20in%20Share%20Capital) 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[94](index=94&type=chunk) [II. Shareholder Information](index=29&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **14,734** common shareholders; controlling shareholder Langsha Holding Group Co., Ltd. held **43.89%** of shares, and Tibet Julang Technology Co., Ltd. held **13.97%**, with both having a portion of their shares pledged - As of the end of the reporting period, the total number of common shareholders was **14,734**[95](index=95&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | | Langsha Holding Group Co., Ltd. | 42,664,755 | 43.89 | 27,000,000 | | Tibet Julang Technology Co., Ltd. | 13,581,500 | 13.97 | 13,580,000 | | Shenzhen Energy Group Co., Ltd. | 1,079,477 | 1.11 | 0 | | Ni Zhifeng | 702,000 | 0.72 | 0 | | Yang Zizhe | 423,000 | 0.44 | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Huaxia Pantai Mixed Securities Investment Fund (LOF) | 396,700 | 0.41 | 0 | | Feng Cheng | 321,000 | 0.33 | 0 | | BARCLAYS BANK PLC | 309,020 | 0.32 | 0 | | Gu Liping | 300,000 | 0.31 | 0 | | Chen Mei | 297,200 | 0.31 | 0 | - Controlling shareholder Langsha Holding Group Co., Ltd. pledged **27 million shares**, and Tibet Julang Technology Co., Ltd. pledged **13.58 million shares**[96](index=96&type=chunk) Section VII Bond-Related Information This section confirms the absence of company bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [I. Company Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=32&type=section&id=I.%20Company%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no company bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no company bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[101](index=101&type=chunk) [II. Convertible Corporate Bonds](index=32&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[101](index=101&type=chunk) Section VIII Financial Report This section presents the company's complete financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, taxes, and financial items [II. Financial Statements](index=33&type=section&id=II.%20Financial%20Statements) 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 H1 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation - The consolidated balance sheet shows that as of June 30, 2025, total assets were **684 million yuan**, and net assets attributable to shareholders of the listed company were **534 million yuan**[103](index=103&type=chunk)[104](index=104&type=chunk) - The consolidated income statement shows that in H1 2025, total operating revenue was **141 million yuan**, and net profit attributable to shareholders of the listed company was **10.54 million yuan**[108](index=108&type=chunk)[109](index=109&type=chunk) - The consolidated cash flow statement shows that net cash flow from operating activities was **-10.20 million yuan**, net cash flow from investing activities was **-0.36 million yuan**, and net cash flow from financing activities was **49.95 million yuan**[113](index=113&type=chunk)[114](index=114&type=chunk) [III. Company Basic Information](index=47&type=section&id=III.%20Company%20Basic%20Information) The company, formerly Sichuan Changjiang Paper Mill, listed in 1998, completed share reform in 2007 with Langsha Holding Group Co., Ltd. becoming the controlling shareholder, and primarily operates in the textile and apparel industry, focusing on the manufacturing and sales of knitted underwear and fabrics - The company's predecessor was Sichuan Changjiang Paper Mill, listed in 1998[123](index=123&type=chunk) - The controlling shareholder is Langsha Holding Group Co., Ltd., holding **43.89%** of shares[123](index=123&type=chunk) - Main businesses include manufacturing of knitted underwear and knitted fabrics, wholesale and retail of goods, import and export, and investment management consulting[123](index=123&type=chunk) - The scope of consolidated financial statements includes wholly-owned subsidiary Zhejiang Langsha Underwear Co., Ltd. and its eight sub-subsidiaries[124](index=124&type=chunk) [IV. Basis of Financial Statement Preparation](index=47&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance, their accompanying guidelines and interpretations, and relevant disclosure regulations of the China Securities Regulatory Commission; management believes there is no significant doubt about the company's ability to continue as a going concern for the next 12 months - Financial statements are prepared on a going concern basis, in compliance with Enterprise Accounting Standards and CSRC disclosure regulations[125](index=125&type=chunk) - The company believes there is no significant doubt about its ability to continue as a going concern for the next 12 months[126](index=126&type=chunk) [V. Significant Accounting Policies and Estimates](index=47&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, and explaining major judgments and assumptions involved in accounting estimates - The company adheres to Enterprise Accounting Standards, with the accounting year from January 1 to December 31, an operating cycle of 12 months, and the functional currency being RMB[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[139](index=139&type=chunk) - Accounts receivable and contract assets adopt a simplified measurement approach, with loss provisions measured at expected credit losses over their entire lifetime[150](index=150&type=chunk)[158](index=158&type=chunk)[175](index=175&type=chunk) - Inventories are measured at the lower of cost and net realizable value, with impairment provisions made for individual inventory items or combinations[171](index=171&type=chunk)[172](index=172&type=chunk) - Fixed assets are depreciated using the straight-line method, and intangible assets are amortized using the straight-line method over their useful lives[185](index=185&type=chunk)[193](index=193&type=chunk) - Revenue recognition principles are based on the satisfaction of performance obligations over time or at a point in time, considering the transfer of control to the customer[203](index=203&type=chunk)[204](index=204&type=chunk) [VI. Taxes](index=69&type=section&id=VI.%20Taxes) The company's main taxes include VAT, urban maintenance and construction tax, education surcharge, local education surcharge, corporate income tax, property tax, and land use tax; the company and its subsidiaries benefit from multiple tax incentives, including high-tech enterprise income tax preferences, small and micro-enterprise income tax preferences, export tax rebates, R&D expense super deductions, and VAT exemptions for small-scale taxpayers Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales revenue, rental income | Sales revenue 13%, sales revenue * 3% collection rate, rental income 5% | | Urban Maintenance and Construction Tax | Payable turnover tax | 7% | | Education Surcharge | Payable turnover tax | 3% | | Local Education Surcharge | Payable turnover tax | 2% | | Corporate Income Tax | Taxable income | 25% | - Langsha Underwear Co., Ltd., as a high-tech enterprise, is subject to a corporate income tax rate of **15%**[232](index=232&type=chunk) - Some sub-subsidiaries, as small and micro-profit enterprises, enjoy a corporate income tax preference where the portion of annual taxable income not exceeding **1 million yuan** is included in taxable income at **25%** and taxed at a **20%** rate[232](index=232&type=chunk) - Langsha Underwear Co., Ltd. enjoys an export tax rebate rate of **13%** for its export products[233](index=233&type=chunk) - Enterprise R&D expenses enjoy a **100%** pre-tax super deduction policy[233](index=233&type=chunk) - Small-scale VAT taxpayers enjoy VAT exemption for monthly sales below **100,000 yuan**, and a reduced **1%** collection rate for those applicable to a **3%** collection rate[233](index=233&type=chunk)[234](index=234&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=70&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, explaining period-end balances, period-start balances, and the changes and reasons for the current period, with significant changes noted in monetary funds, notes payable, other payables, and deferred income - Period-end monetary funds totaled **461 million yuan**, of which **265 million yuan** were restricted funds (deposits, live-streaming platform funds, ETC frozen funds), and **260 million yuan** were time deposits exceeding three months[236](index=236&type=chunk)[310](index=310&type=chunk) - Period-end accounts receivable totaled **38.56 million yuan**, with bad debt provisions of **6.36 million yuan**, resulting in a book value of **32.20 million yuan**[241](index=241&type=chunk) - Period-end other receivables totaled **26.24 million yuan**, with bad debt provisions of **20.82 million yuan**, resulting in a book value of **5.42 million yuan**, mainly due to an increase in disputed claims and deposits[260](index=260&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk)[270](index=270&type=chunk) - Period-end inventory book value was **37.49 million yuan**, with inventory impairment provisions of **63.38 million yuan**, primarily due to inventory write-downs for finished goods[271](index=271&type=chunk)[274](index=274&type=chunk) - Period-end notes payable totaled **52.72 million yuan**, an increase of **57.99%** from the period-start, mainly due to increased use of bank acceptance bills for goods settlement[312](index=312&type=chunk) - Period-end accounts payable totaled **57.75 million yuan**, a decrease of **34.28%** from the period-start, mainly due to significant payments for prior period goods[314](index=314&type=chunk)[315](index=315&type=chunk) - Period-end other payables totaled **22.50 million yuan**, an increase of **675.78%** from the period-start, mainly due to the newly added payable of **18.08 million yuan** for 2024 pre-tax cash dividends[325](index=325&type=chunk)[328](index=328&type=chunk) - Period-end deferred income totaled **0.26 million yuan**, an increase of **275.45%** from the period-start, mainly due to new long-term rental income from a first-floor shop on Chengxin Avenue[340](index=340&type=chunk) [VIII. R&D Expenses](index=113&type=section&id=VIII.%20R%26D%20Expenses) In H1 2025, the company's total R&D expenses were **5.16 million yuan**, all expensed, primarily for material costs and employee wages and benefits Composition of R&D Expenses for H1 2025 | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Material Costs | 2,475,700.11 | 2,232,402.42 | | Employee Wages and Benefits | 2,526,928.03 | 2,176,317.50 | | Depreciation Expense | 99,878.51 | 67,427.17 | | Other Expenses | 54,132.82 | 121,610.60 | | Total | 5,156,639.47 | 4,597,757.69 | | Of which: Expensed R&D Expenditure | 5,156,639.47 | 4,597,757.69 | - All R&D expenses for the current period were expensed, with no capitalized R&D expenditure[393](index=393&type=chunk) [IX. Changes in Consolidation Scope](index=114&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in consolidation scope due to business combinations not involving entities under common control, business combinations involving entities under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had no changes in consolidation scope due to business combinations not involving entities under common control[394](index=394&type=chunk) - During the reporting period, the company had no changes in consolidation scope due to business combinations involving entities under common control[394](index=394&type=chunk) - During the reporting period, the company had no changes in consolidation scope due to reverse acquisitions[395](index=395&type=chunk) - During the reporting period, the company had no loss of control over subsidiaries due to disposal[395](index=395&type=chunk) [X. Interests in Other Entities](index=115&type=section&id=X.%20Interests%20in%20Other%20Entities) The company's enterprise group consists of wholly-owned subsidiary Zhejiang Langsha Underwear Co., Ltd. and its eight sub-subsidiaries, all fully controlled and primarily engaged in apparel manufacturing and trade, with Yiwu Youdou Apparel Co., Ltd. currently undergoing liquidation procedures Composition of Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (yuan) | Business Nature | Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Langsha Underwear Co., Ltd. | Yiwu, Zhejiang | 150,000,000.00 | Apparel Manufacturing | 100.00 (Direct) | | Yiwu Lanye Apparel Co., Ltd. | Yiwu, Zhejiang | 2,000,000.00 | Apparel Manufacturing | 100.00 (Indirect) | | Yiwu Langsha Yunyun Trading Co., Ltd. | Yiwu, Zhejiang | 100,000.00 | Apparel Trading | 100.00 (Indirect) | | Yiwu Langsha Jingyu Trading Co., Ltd. | Yiwu, Zhejiang | 100,000.00 | Apparel Trading | 100.00 (Indirect) | | Yiwu Langsha Guanmeng Trading Co., Ltd. | Yiwu, Zhejiang | 100,000.00 | Apparel Trading | 100.00 (Indirect) | | Yiwu Langsha Mengtian Trading Co., Ltd. | Yiwu, Zhejiang | 100,000.00 | Apparel Trading | 100.00 (Indirect) | | Yiwu Langsha Senqing Trading Co., Ltd. | Yiwu, Zhejiang | 100,000.00 | Apparel Trading | 100.00 (Indirect) | | Yiwu Langsha Tiancan Trading Co., Ltd. | Yiwu, Zhejiang | 100,000.00 | Apparel Trading | 100.00 (Indirect) | | Yiwu Youdou Apparel Co., Ltd. | Yiwu, Zhejiang | 100,000.00 | Apparel Trading | 100.00 (Indirect) | - Yiwu Youdou Apparel Co., Ltd. has not yet opened accounts and is currently undergoing liquidation procedures[396](index=396&type=chunk) [XI. Government Grants](index=117&type=section&id=XI.%20Government%20Grants) In H1 2025, the company received government grants related to income totaling **155,327.70 yuan**, primarily including R&D expense super deduction incentives and policy fulfillment awards for Class A industrial enterprises based on per-mu output efficiency comprehensive evaluation Government Grants Recognized in Profit or Loss for H1 2025 | Type | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Related to Income | 155,327.70 | 229,430.00 | | Related to Assets | 0 | 0 | | Total | 155,327.70 | 229,430.00 | - Government grants primarily include R&D expense super deduction incentives and policy fulfillment awards for Class A industrial enterprises based on per-mu output efficiency comprehensive evaluation[362](index=362&type=chunk) [XII. Risks Related to Financial Instruments](index=118&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, market risk (interest rate risk and foreign exchange risk), and liquidity risk, which it manages through measures such as credit limit control, credit approval, and monitoring cash and cash equivalents, believing these risks are controlled within acceptable limits - The company's main financial instruments include monetary funds, accounts receivable, notes receivable, borrowings, and notes payable[400](index=400&type=chunk) - The company faces credit risk, market risk (interest rate risk and foreign exchange risk), and liquidity risk[400](index=400&type=chunk) - Credit risk is managed through measures such as credit limit control, credit approval, and provision for expected credit losses[401](index=401&type=chunk) - Monetary funds are deposited in banks with higher credit ratings, resulting in lower credit risk[401](index=401&type=chunk) - The company has minimal import and export business, so exchange rate fluctuations do not significantly impact the company[402](index=402&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents[403](index=403&type=chunk) [XIII. Disclosure of Fair Value](index=119&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) At period-end, the company's assets measured at fair value primarily consist of other equity instrument investments, totaling **1 million yuan**, classified as Level 3 fair value measurements, with this investment measured at its cost as a reasonable estimate of fair value Fair Value Measurement Items at Period-end | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 1,000,000.00 | 1,000,000.00 | | Total Assets Continuously Measured at Fair Value | 1,000,000.00 | 1,000,000.00 | - Other equity instrument investments (Dongfang Huifu Hangzhou Angel Fund Phase I Private Equity Project) are measured at investment cost as a reasonable estimate of fair value[407](index=407&type=chunk) [XIV. Related Parties and Related Party Transactions](index=120&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's controlling shareholder is Langsha Holding Group Co., Ltd., with ultimate control held by Weng Rongjin, Weng Rongdi, and Weng Guanrong; the company engages in daily related party transactions such as purchase and sale of goods and acceptance of services with Langsha Knitting Co., Ltd., as well as related party creditor-debtor relationships, all adhering to market fair principles - The company's controlling shareholder is Langsha Holding Group Co., Ltd., with ultimate control held by Weng Rongjin, Weng Rongdi, and Weng Guanrong[409](index=409&type=chunk)[410](index=410&type=chunk) - Langsha Knitting Co., Ltd. is a group sister company, controlled by the same ultimate controller as the company[409](index=409&type=chunk)[411](index=411&type=chunk) Related Party Transactions with Langsha Knitting Co., Ltd. for H1 2025 | Related Party Transaction Type | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Purchase of Goods/Acceptance of Services | 532,388.34 | 723,877.65 | | Sale of Goods/Provision of Services | 8,218,344.16 | 19,382,276.83 | - Related party transaction prices are determined according to market fair principles and do not infringe upon any party's interests[414](index=414&type=chunk) - Accounts receivable from Langsha Knitting Co., Ltd. at period-end totaled **1,031,731.52 yuan**, which was fully recovered before the report's issuance date[418](index=418&type=chunk) [XVI. Commitments and Contingencies](index=125&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the end of the reporting period, the company had multiple significant contingent matters, primarily litigation cases involving accounts receivable with a total book balance of **20.22 million yuan**; most cases have entered the litigation or judgment enforcement stage, but due to recovery difficulties, the company has made substantial bad debt provisions - The company has **70** litigation cases involving accounts receivable, with a total book balance of **20,223,432.91 yuan**[423](index=423&type=chunk) - Most of these cases are in the preparation for litigation, ongoing litigation, or judgment enforcement stages[422](index=422&type=chunk)[423](index=423&type=chunk) - Due to recovery difficulties, the company has provided for bad debts totaling **20,131,843.25 yuan**[423](index=423&type=chunk) [XVII. Events After the Balance Sheet Date](index=126&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) After the balance sheet date, the company distributed **18.08 million yuan** in pre-tax cash dividends for 2024 on July 16, 2025; additionally, wholly-owned subsidiary Langsha Underwear Co., Ltd. signed a factory lease contract to rent out **12,663 square meters** of factory space for a term of **6 years**, with annual rent ranging from approximately **2.66 million yuan** to **2.74 million yuan** - The shareholders' meeting on June 20, 2025, resolved to distribute **18,082,471.37 yuan** in pre-tax cash dividends for 2024 to all shareholders, which was distributed on July 16, 2025[425](index=425&type=chunk) - Wholly-owned subsidiary Langsha Underwear Co., Ltd. signed a factory lease contract to rent out **12,663 square meters** of factory space for a term of **6 years** (January 1, 2026, to December 31, 2031)[426](index=426&type=chunk) - The annual rent for the first year is **2.66 million yuan**, and for the second to sixth years, it is **2.74 million yuan** annually[426](index=426&type=chunk) [XVIII. Other Significant Matters](index=127&type=section&id=XVIII.%20Other%20Significant%20Matters) The company's strategic investment of **1 million yuan** in the Dongfang Huifu Hangzhou Angel Fund Phase I Private Equity Project has submitted an exit application, but the actual exit timeline remains uncertain - The company has submitted an application to exit the Dongfang Huifu Hangzhou Angel Fund Phase I Private Equity Project, totaling **1 million yuan**[427](index=427&type=chunk) - The target fund of this private equity project is currently disposing of its equity investments, and the actual exit timeline remains uncertain[427](index=427&type=chunk) [XIX. Notes to Main Items of Parent Company Financial Statements](index=128&type=section&id=XIX.%20Notes%20to%20Main%20Items%20of%20Parent%20Company%20Financial%20Statements) This section provides notes to the main items of the parent company's financial statements, including accounts receivable, other receivables, and long-term equity investments; the parent company's period-start dividends receivable of **21 million yuan** were recovered by period-end, and long-term equity investments, primarily in subsidiary Zhejiang Langsha Underwear Co., Ltd., maintained an unchanged book value at period-end - The parent company's period-start dividends receivable were **21 million yuan**, with a period-end balance of **0**, indicating full recovery[430](index=430&type=chunk)[433](index=433&type=chunk) - The parent company's long-term equity investments primarily consist of investments in subsidiary Zhejiang Langsha Underwear Co., Ltd., with a period-end book value of **460,435,265.10 yuan**, consistent with the period-start[437](index=437&type=chunk)[439](index=439&type=chunk) [XX. Supplementary Information](index=133&type=section&id=XX.%20Supplementary%20Information) This section 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 amounted to **-310,303.40 yuan**, with the company's weighted average return on net assets at **1.93%** and basic earnings per share at **0.108 yuan** Total Non-Recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 12,089.51 | | Government grants recognized in profit or loss | 155,327.70 | | Gains/losses from financial assets and liabilities | 13,639.96 | | Reversal of impairment provisions for receivables | 61,273.21 | | Gains/losses from debt restructuring | -12,273.21 | | Other non-operating income and expenses | -503,183.54 | | Less: Income tax impact | 37,177.03 | | Total | -310,303.40 | Return on Net Assets and Earnings Per Share for H1 2025 | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan) | Diluted Earnings Per Share (yuan) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 1.93 | 0.108 | 0.108 | | Net Profit Attributable to Common Shareholders of the Company After Non-Recurring Gains and Losses | 1.99 | 0.112 | 0.112 |

Group 1 - The company, Langsha Co., Ltd. (600137.SH), stated on the interactive platform that it is not currently providing any products or services for the military parade [1]