Group 1 - The photovoltaic equipment sector increased by 1.66% on September 4, with Shangneng Electric leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] - Key stocks in the photovoltaic equipment sector showed significant price increases, with Shangneng Electric rising by 13.32% to a closing price of 34.12 [1] Group 2 - The photovoltaic equipment sector experienced a net inflow of 1 billion yuan from main funds, while retail investors saw a net outflow of 663 million yuan [2] - Major stocks like JinkoSolar and Tongwei saw varying levels of net inflow and outflow from different investor categories [3] - JinkoSolar had a main fund net inflow of 422 million yuan, while retail investors had a net outflow of 236 million yuan [3]

Market Overview - The market experienced a significant decline, with the ChiNext Index leading the drop, and the STAR 50 Index falling over 6%. The Shanghai Composite Index closed down 1.25%, the Shenzhen Component Index down 2.83%, and the ChiNext Index down 4.25% [1]. Market Activity - The trading environment was characterized by a lack of clear market trends, with nearly 3,000 stocks declining across the board [2]. - The total trading volume for the Shanghai and Shenzhen markets reached 2.54 trillion yuan, an increase of 180.2 billion yuan compared to the previous trading day [5]. Sector Performance - Consumer stocks showed resilience, with several stocks, including Bubugao, hitting the daily limit [3]. - Bank stocks rebounded from lows, with Agricultural Bank of China reaching a historical high [3]. - Solar and energy storage concept stocks initially surged, with An Cai High-Tech hitting the daily limit [3]. Declining Stocks - The computing hardware and chip sectors faced significant declines, with stocks like New Yisheng dropping over 10% [4]. - Notable individual stock performances included: - Zhongji Xuchuang: down 13.39% with a trading volume of 36.732 billion yuan [7] - New Yisheng: down 15.58% with a trading volume of 34.970 billion yuan [7] - Hanwujing: down 14.45% with a trading volume of 28.013 billion yuan [7] - Contemporary Amperex Technology: down 1.61% with a trading volume of 20.443 billion yuan [7]

Group 1: Company Developments - Anzheng Fashion focuses on mid-to-high-end brand fashion, achieving a turnaround in net profit year-on-year in the first half of the year [2] - Zhengye Technology's subsidiary has mastered the "silver-free process" for heterojunction battery technology [2] - Meibang Clothing, a leading domestic leisure apparel brand, is set to enhance its production capacity for foldable screens significantly by 2025 [3] Group 2: Industry Trends - The State Council emphasizes the acceleration of service consumption and new consumption growth points [2] - The demand for data centers and energy storage is expected to grow rapidly [4] - The National Development and Reform Commission is promoting the development of the biopharmaceutical industry among central enterprises [4] Group 3: Market Movements - Companies like Tongrun Equipment and China Ruilin are experiencing stock price increases, with Tongrun Equipment's stock rising for two consecutive days [4] - The international gold price has reached a historical high, benefiting companies like Eurasia Group, which collaborates with well-known gold brands [4] - The stock price of Pop Mart has reached a new historical high, indicating strong market interest in IP economy [5]

Group 1 - The stock price of Anhuai High-Tech on August 27 was 5.01 yuan, down 3.84% from the previous trading day, with a trading volume of 304,124 hands and a transaction amount of 157 million yuan [1] - The main business of the company includes photovoltaic glass, float glass, pharmaceutical glass, and natural gas [1] - In the first half of 2025, the company achieved an operating revenue of 1.742 billion yuan, a year-on-year decrease of 30.56%, and a net profit attributable to the parent company of -215 million yuan, compared to a profit of 10.2869 million yuan in the same period last year [1] Group 2 - On August 27, the net outflow of main funds was 4.8382 million yuan, while the net inflow of main funds over the past five days was 1.5610 million yuan [1]

Group 1 - The core point of the article is that Anhuai High-Tech (安彩高科) reported a significant decline in financial performance for the first half of 2025, with a net profit of approximately -215 million yuan, marking a shift from profit to loss year-on-year [1] - In the first half of 2025, the company achieved operating revenue of approximately 1.742 billion yuan, a year-on-year decrease of 30.56% [1] - The decline in operating revenue is primarily attributed to a substantial drop in the prices of the company's main product, photovoltaic glass [1] Group 2 - On August 26, 2025, Anhuai High-Tech's stock price increased by 1.56%, closing at 5.21 yuan per share, with a total market capitalization of 5.675 billion yuan [2]

Section I Definitions This section provides definitions for key terms and entities used throughout the report - The reporting period refers to January 1, 2025, to June 30, 2025[16](index=16&type=chunk) - The report defines key entities including the China Securities Regulatory Commission, Shanghai Stock Exchange, Henan Investment Group, the Company (Ancai Hi-Tech), and its various subsidiaries (e.g., Ancai Photovoltaic New Materials, Ancai Solar Thermal Technology, Ancai Energy)[16](index=16&type=chunk) Section II Company Profile and Key Financial 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, and legal representative | Indicator | Content | | :--- | :--- | | Company Chinese Name | 河南安彩高科股份有限公司 | | Company Chinese Abbreviation | 安彩高科 | | Company Foreign Name | HENAN ANCAI HI-TECHCO.,LTD. | | Company Legal Representative | Xu Dongwei | [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, facilitating communication for investors and relevant parties | Position | Name | Contact Number | Email Address | | :--- | :--- | :--- | :--- | | Board Secretary | Wang Lu | 0372-3732533 | achtzqb@acht.com.cn | | Securities Affairs Representative | Yang Dongying | 0372-3732533 | achtzqb@acht.com.cn | [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the company's registered address, office address, and postal code, noting no changes occurred during the reporting period - The company's registered and office address is South Section, Zhongzhou Road, Anyang City, Henan Province, postal code 455000[15](index=15&type=chunk) - There were no changes in the company's basic information during the reporting period[15](index=15&type=chunk) [IV. 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) This section specifies the company's designated information disclosure newspaper, website address, and report custody location, indicating no changes during the reporting period - The company's selected information disclosure newspaper is "Shanghai Securities News," and the website for semi-annual reports is www.sse.com.cn[17](index=17&type=chunk) - The company's semi-annual report is kept at Henan Ancai Hi-Tech Co., Ltd., South Section, Zhongzhou Road, Anyang City, Henan Province[17](index=17&type=chunk) - There were no changes in information disclosure and document custody locations during the reporting period[17](index=17&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 | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Ancai Hi-Tech | 600207 | [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a significant decline in performance, turning from profit to loss, primarily due to substantial price drops in photovoltaic glass and float glass products - During the reporting period, the company's operating revenue decreased by **30.56% year-on-year**, total profit decreased by **871.65% year-on-year**, net profit attributable to shareholders of the listed company decreased by **2194.75% year-on-year**, and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses decreased by **1128.93% year-on-year**[20](index=20&type=chunk) - Basic and diluted earnings per share decreased by **2204.26% year-on-year**, turning from profit to loss[20](index=20&type=chunk) - The loss was primarily due to a **31% year-on-year decrease** in photovoltaic glass product prices and an **11% year-on-year decrease** in float glass product sales volume with a **33% year-on-year price drop**, leading to a significant reduction in operating revenue[22](index=22&type=chunk) 2025 Semi-Annual Key Accounting Data (Consolidated Statements) | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,741,903,802.43 | 2,508,420,569.65 | -30.56 | | Total Profit | -251,633,633.01 | 32,609,677.27 | -871.65 | | Net Profit Attributable to Shareholders of the Listed Company | -215,485,367.44 | 10,286,948.65 | -2,194.75 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | -224,683,033.34 | 21,836,502.34 | -1,128.93 | | Net Cash Flow from Operating Activities | -169,708,663.17 | -210,122,527.53 | - | | Net Assets Attributable to Shareholders of the Listed Company (Period-end) | 2,535,785,635.37 | 2,750,664,962.35 | -7.81 | | Total Assets (Period-end) | 6,637,399,591.53 | 6,556,711,603.16 | 1.23 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.1978 | 0.0094 | -2,204.26 | | Diluted Earnings Per Share (yuan/share) | -0.1978 | 0.0094 | -2,204.26 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | -0.2063 | -0.0082 | - | | Weighted Average Return on Net Assets (%) | -8.15 | 0.33 | -8.48 | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -8.50 | -0.29 | - | [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 lists the company's non-recurring gains and losses items and their amounts for the reporting period, totaling **9.20 million yuan**, primarily comprising government subsidies and non-operating income and expenses 2025 Semi-Annual Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 14,451.30 | | Government subsidies included in current profit and loss | 18,391,035.12 | | Other non-operating income and expenses apart from the above | -1,513,913.61 | | Less: Income tax impact | 4,067,536.47 | | Impact of minority interests (after tax) | 3,626,370.44 | | **Total** | **9,197,665.90** | Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section details the operating models and market conditions of the company's main businesses (photovoltaic glass, float glass, pharmaceutical glass, and natural gas), noting overcapacity and price pressure in photovoltaic and float glass, while pharmaceutical and solar thermal glass offer growth opportunities - The company's main businesses include photovoltaic glass, float glass, pharmaceutical glass, and natural gas[25](index=25&type=chunk) - The photovoltaic glass business primarily engages in the R&D, production, and sales of encapsulation glass for PV modules, featuring high light transmittance and low absorption/reflection, mainly sold to leading domestic and international PV module manufacturers[25](index=25&type=chunk) - The float glass business focuses on the R&D, manufacturing, and sales of ultra-clear float glass and solar thermal glass, with products used in high-end architecture and solar thermal power stations, making the company one of the few domestic enterprises capable of mass-producing solar thermal glass[26](index=26&type=chunk) - The pharmaceutical glass business primarily engages in the R&D, manufacturing, and sales of low and medium borosilicate pharmaceutical glass tubes and vials, with medium borosilicate glass being the global mainstream pharmaceutical packaging material, and the company has achieved independent mass production of medium borosilicate glass tubes[26](index=26&type=chunk) - The natural gas business operates natural gas transportation services for the Yu-North branch line and the Yuji pipeline, covering 4 cities and 14 counties in the Yu-North region, with main customers being city gas companies and industrial enterprises, generating revenue from natural gas pipeline transportation fees[27](index=27&type=chunk)[28](index=28&type=chunk) [(II) Industry Overview](index=8&type=section&id=(II)%20Industry%20Overview) This section analyzes market dynamics across the photovoltaic glass, float glass, pharmaceutical glass, and natural gas industries, highlighting overcapacity and price pressure in PV, weak demand for float glass, growth opportunities in pharmaceutical and solar thermal glass, and a generally subdued natural gas market - Photovoltaic glass industry: In the first half of 2025, domestic new PV installations reached **212 GW**, a **99.3% year-on-year increase**, but the industry faces structural overcapacity and continuous product price declines; as of June 2025, China's PV glass capacity was **92,000 tons/day**, a **19.79% decrease** from the prior year period[28](index=28&type=chunk)[29](index=29&type=chunk) - Float glass business: The real estate market continued its adjustment, with development investment decreasing by **11.2% year-on-year** and new commercial housing sales area decreasing by **3.5% year-on-year** in the first half, leading to weak demand and price pressure for float glass; the company's ultra-clear float glass capacity is **600 tons/day**[30](index=30&type=chunk) - Solar thermal glass business: The solar thermal power generation industry grew steadily in the first half, with over 50 "solar thermal+" projects completed, under construction, or in progress, totaling over **5 GW** of installed capacity, giving the company a first-mover advantage as one of the few mass producers of solar thermal glass[30](index=30&type=chunk) - Pharmaceutical glass business: Medium borosilicate glass is the global mainstream pharmaceutical packaging material, and the domestic market is experiencing a window for medium borosilicate substitution, with the localization process expected to accelerate; the company has 4 pharmaceutical glass kilns and supporting production lines, capable of annually producing **10,000 tons** of brown and colorless medium borosilicate glass tubes, **14,000 tons** of low borosilicate colorless pharmaceutical glass tubes, **300 million** controlled injection vials, and **500 million** ampoules[31](index=31&type=chunk) - Natural gas business: In the first half, the domestic natural gas market generally operated weakly, with apparent consumption decreasing by **0.9% year-on-year**; the natural gas market in the Yu-North region experienced oversupply[32](index=32&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) Facing industry downturns and sharp product price drops, the company achieved operating revenue of **1.742 billion yuan** and a net loss of **215 million yuan** in the first half, responding to challenges through stable production, quality and efficiency improvements, market focus, and cost reduction measures - In the first half, the company achieved operating revenue of **1.742 billion yuan** and a net loss of **215 million yuan**[32](index=32&type=chunk) - The company stabilized production and improved quality and efficiency by optimizing product formulations, strictly controlling product quality, and expanding product application scenarios (e.g., adding backsheet four-hole and greenhouse glass products)[32](index=32&type=chunk) - Market strategies include deepening cooperation with leading downstream module manufacturers, increasing production and sales of ultra-thin photovoltaic glass, expanding sales of differentiated products, steadily broadening overseas markets (with a year-on-year increase in overseas sales), and exploring new natural gas trade models[33](index=33&type=chunk) - Cost reduction and efficiency improvement measures include enhancing human resource efficiency, optimizing procurement processes, tackling technical reforms, driving innovation, and implementing supply chain extension projects (e.g., silicon-based new materials project to reduce quartz sand raw material prices, sodium antimonate project to optimize production processes)[33](index=33&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in its technological innovation, talent advantages, and resource and energy strengths, possessing multiple patents and technical centers, a full product chain, and leveraging its subsidiary Ancai Energy's natural gas pipeline business for a "glass + natural gas" synergistic development model to ensure fuel cost advantages - The company has over 20 years of experience in electronic glass manufacturing and over 10 years in photovoltaic glass manufacturing, with a postdoctoral research workstation, a national-level enterprise technology center, and a municipal-level photovoltaic glass coating engineering research center[34](index=34&type=chunk) - During the reporting period, **15 patent applications** (including 2 invention patents) were filed, **23 patents** were granted, and a total of **197 valid authorized patents** (including 26 invention patents) are held[34](index=34&type=chunk) - The company masters photovoltaic glass production technology, capable of double-layer coating, backsheet glass screen printing, drilling technology, and producing products with thicknesses from **1.6mm to 5.0mm**, being one of the few domestic enterprises capable of mass-producing solar thermal glass, and independently completing core key technology R&D for medium borosilicate pharmaceutical glass[34](index=34&type=chunk) - The company boasts an experienced technical team and a high-caliber management team, cultivating talent through cooperation with universities and research institutes, and establishing a glass research institute to attract high-end professionals[36](index=36&type=chunk) - The controlling subsidiary, Ancai Energy, operates natural gas pipeline transportation, forming a "multi-gas, complementary" gas supply structure, and building a "glass + natural gas" synergistic development model to ensure fuel cost advantages[36](index=36&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 analyzes the reasons for changes in key financial statement items during the reporting period and provides a detailed explanation of asset and liability conditions, with operating revenue decline primarily due to a significant drop in photovoltaic glass prices, and changes in net cash flow from operating activities related to reduced cash inflows and outflows - Reason for change in operating revenue: A significant decrease in the price of the main product, photovoltaic glass, during the reporting period[38](index=38&type=chunk) - Reason for change in operating costs: Decreased raw material prices and significant effects of cost reduction measures during the reporting period[38](index=38&type=chunk) - Reason for change in R&D expenses: Reduced R&D investment due to the implementation phase of R&D projects during the reporting period[38](index=38&type=chunk) - Reason for change in net cash flow from operating activities: Decreased cash inflows and outflows from operating activities during the reporting period[38](index=38&type=chunk) Major Financial Statement Item Change Analysis | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,741,903,802.43 | 2,508,420,569.65 | -30.56 | | Operating Costs | 1,804,317,101.29 | 2,274,366,259.84 | -20.67 | | Selling Expenses | 15,388,640.94 | 22,301,635.88 | -31.00 | | Administrative Expenses | 74,780,784.67 | 76,209,276.17 | -1.87 | | Financial Expenses | 41,952,210.97 | 39,071,582.17 | 7.37 | | R&D Expenses | 47,683,148.50 | 66,072,546.70 | -27.83 | | Net Cash Flow from Operating Activities | -169,708,663.17 | -210,122,527.53 | - | | Net Cash Flow from Investing Activities | -44,601,646.01 | -134,794,584.17 | - | | Net Cash Flow from Financing Activities | 595,869,257.39 | 313,130,748.83 | - | [(III) Analysis of Assets and Liabilities](index=10&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the changes in the company's period-end assets and liabilities, noting significant increases in monetary funds, accounts receivable financing, notes payable, and long-term borrowings, while notes receivable and long-term payables decreased Asset and Liability Status Changes | Item Name | Current Period-end Amount (CNY) | Proportion of Total Assets (%) | Prior Year-end Amount (CNY) | Proportion of Total Assets at Prior Year-end (%) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 805,395,108.07 | 12.13 | 498,148,427.78 | 7.60 | 61.68 | New borrowings received during the reporting period | | Notes Receivable | 19,248,532.23 | 0.29 | 115,082,946.98 | 1.76 | -83.27 | Decrease in commercial acceptance bills received during the reporting period | | Accounts Receivable Financing | 307,083,241.70 | 4.63 | 219,588,192.39 | 3.35 | 39.85 | Increase in bank acceptance bills received during the reporting period | | Deferred Income Tax Assets | 74,839,013.09 | 1.13 | 57,316,482.39 | 0.87 | 30.57 | Increase in deductible temporary differences arising from deductible losses during the reporting period | | Notes Payable | 467,800,935.63 | 7.05 | 334,494,483.38 | 5.10 | 39.85 | Increase in notes payable during the reporting period | | Long-term Borrowings | 1,659,075,968.92 | 25.00 | 1,249,464,498.72 | 19.06 | 32.78 | New long-term borrowings during the reporting period | | Long-term Payables | 55,594,142.54 | 0.84 | 83,082,656.27 | 1.27 | -33.09 | Repayment of finance lease during the reporting period | [V. Other Disclosures](index=12&type=section&id=V.%20Other%20Disclosures) This section discloses the company's operational, policy, price, environmental, and exchange rate risks, outlining measures such as strengthening customer credit assessment, product innovation, cost reduction, marketing strategy adjustments, and foreign exchange tools to mitigate these risks - Operational risk: The photovoltaic glass business has a large amount of accounts receivable, potentially facing bad debt and liquidity risks, which the company will mitigate by strengthening customer credit assessment and management[44](index=44&type=chunk) - Policy risk: Market-oriented reform of new energy on-grid tariffs may intensify industry competition, leading to low or declining product prices, which the company will address by closely monitoring policy trends, promoting product innovation, and reducing costs and increasing efficiency[44](index=44&type=chunk)[46](index=46&type=chunk) - Price risk: Photovoltaic glass and medium borosilicate pharmaceutical glass product prices have significantly decreased due to supply-demand mismatch, which the company will counter through internal potential tapping, cost reduction, and adjusting marketing strategies[46](index=46&type=chunk) - Environmental risk: Emission standards for atmospheric pollutants in the glass industry are increasingly stringent, and the company's subsidiaries have been rated as A-level environmental performance enterprises, continuing to strengthen environmental technology control[46](index=46&type=chunk) - Exchange rate risk: High export sales of photovoltaic glass products make them susceptible to exchange rate fluctuations, which the company will mitigate by timely foreign exchange settlement, improving export collection efficiency, and utilizing various foreign exchange tools[47](index=47&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management of the Company](index=13&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management%20of%20the%20Company) During the reporting period, there were changes in the company's board of directors and supervisory board members, including the election and resignation of the chairman, directors, and supervisors, as well as the appointment of a deputy general manager - At the end of December 2024, Mr. He Yimin, Chairman, and Mr. Zhang Zhen, Director and General Manager, resigned[50](index=50&type=chunk) - On January 16, 2025, Mr. Xu Dongwei and Mr. Yang Jianxin were elected as directors of the company's Eighth Board of Directors[50](index=50&type=chunk) - On February 20, 2025, Mr. Lv Jianguang was appointed as the company's Deputy General Manager[50](index=50&type=chunk) - In March 2025, Ms. Kou Liuxiu, Supervisor, resigned, and on June 19, 2025, Mr. Li Wang was elected as a supervisor of the company's Eighth Supervisory Board[50](index=50&type=chunk) Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Xu Dongwei | Chairman | Election | | He Yimin | Chairman | Resignation | | Yang Jianxin | Director | Election | | Lv Jianguang | Deputy General Manager | Appointment | | Zhang Zhen | Director | Resignation | | Li Wang | Supervisor | Election | | Kou Liuxiu | Supervisor | Resignation | [II. Profit Distribution or Capital Reserve Conversion Plan](index=14&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved that the profit distribution plan or capital reserve conversion plan for the current reporting period is not applicable, meaning no profit distribution or capital reserve conversion will be carried out - The profit distribution plan or capital reserve conversion plan for the current reporting period is not applicable[6](index=6&type=chunk) Semi-Annual Proposed Profit Distribution Plan, Capital Reserve Conversion Plan | Indicator | Content | | :--- | :--- | | Is there a distribution or conversion | No | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (CNY) (tax included) | 0 | | Number of shares converted from capital reserve per 10 shares (shares) | 0 | [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=14&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company and its 5 major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with corresponding inquiry indexes provided, demonstrating the company's compliance in environmental information disclosure - A total of **5** of the company's enterprises are included in the list of enterprises required to disclose environmental information by law[52](index=52&type=chunk) Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Inquiry Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Henan Ancai Photovoltaic New Materials Co., Ltd. | http://222.143.24.250:8247/enpInfo/enpOverview?enterId=91410506MA4697MLXC001V | | 2 | Henan Ancai Solar Thermal Technology Co., Ltd. | http://222.143.24.250:8247/enpInfo/enpOverview?enterId=91410506MA9FJP9T3D001V | | 3 | Xuchang Ancai Xinneng Technology Co., Ltd. | http://222.143.24.250:8247/enpInfo/enpOverview?enterId=91411025MA9G3CGX9W001P | | 4 | Jiaozuo Ancai New Materials Co., Ltd. | http://222.143.24.250:8247/enpInfo/enpOverview?enterId=91410822MA9GCCUQXB001L | | 5 | Henan Ancai Hi-Tech Co., Ltd. (Medium Borosilicate Pharmaceutical Glass Project) | http://222.143.24.250:8247/enpInfo/enpOverview?enterId=9141000070678656XY001P | [I. Specific Work on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=15&type=section&id=I.%20Specific%20Work%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements,%20Rural%20Revitalization%20etc.) The company actively fulfills its social responsibilities by driving local industrial development, deepening community co-construction and co-governance, and organizing party member volunteer activities to consolidate poverty alleviation achievements and contribute to rural revitalization - The company drove the development of surrounding industries by procuring **8.82 million yuan** in wooden packaging materials and **21.52 million yuan** in other packaging materials[54](index=54&type=chunk) - The company thoroughly implemented the "three-double" mechanism, conducted visits and慰问 activities for party members in difficulty with Guangming Community, and organized party member volunteers to carry out a themed practice activity titled "Party Building Leads 'Three-Double' Mechanism to Activate New Momentum for Community Governance"[54](index=54&type=chunk) Section V Important Matters [I. Fulfillment of Commitments](index=16&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments by the company's actual controller and controlling shareholder regarding related party transactions, horizontal competition, and company independence, indicating all commitments were timely and strictly fulfilled - The actual controller, Henan Provincial Department of Finance, committed to regulating related party transactions with Ancai Hi-Tech and its subsidiaries, adhering to fair and reasonable market pricing principles, which was timely and strictly fulfilled during the reporting period[56](index=56&type=chunk) - The actual controller, Henan Provincial Department of Finance, committed not to engage in or participate in businesses or activities that compete with Ancai Hi-Tech's main business, and to transfer business opportunities to Ancai Hi-Tech, which was timely and strictly fulfilled during the reporting period[56](index=56&type=chunk) - The actual controller, Henan Provincial Department of Finance, committed to maintaining Ancai Hi-Tech's independence in business, personnel, assets, finance, and organization, which was timely and strictly fulfilled during the reporting period[57](index=57&type=chunk) - The controlling shareholder, Henan Investment Group, committed not to engage in businesses that substantially compete with Ancai Hi-Tech, and to follow the principle of Ancai Hi-Tech's priority, which was timely and strictly fulfilled during the reporting period[57](index=57&type=chunk) - The controlling shareholder, Henan Investment Group, committed to allowing Ancai Hi-Tech to use 813 mu of industrial land and some above-ground properties in the current factory area free of charge before Ancai Hi-Tech completes its relocation, which was timely and strictly fulfilled during the reporting period[57](index=57&type=chunk) [IX. Statement on the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=18&type=section&id=IX.%20Statement%20on%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) This section states that during the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts, indicating a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[59](index=59&type=chunk) [X. Significant Related Party Transactions](index=18&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This section discloses related party transactions and related party creditor-debt relationships arising from daily operations during the reporting period, including rooftop leases, labor outsourcing, logistics transportation, material procurement, technical services, and entrusted loans, noting that relevant transactions have been disclosed in temporary announcements - The company and its subsidiaries signed a rooftop lease agreement with Henan Provincial Investment Smart Energy to invest in and construct distributed photovoltaic power generation projects using factory rooftop resources, with the company enjoying preferential electricity prices[60](index=60&type=chunk) - The company and its subsidiaries outsourced some packaging, loading, and unloading, and other production support services to Henan Talent Group Co., Ltd. and its subsidiaries, which also provided recruitment, training, and consulting services[60](index=60&type=chunk) - The company's subsidiary signed a logistics transportation service agreement with Dahe Zhiyun Logistics (Henan) Co., Ltd., which provided some logistics transportation services[60](index=60&type=chunk) - The company's subsidiary Ancai Semiconductor signed a procurement agreement with Henan High Purity Mineral Technology Co., Ltd. to purchase high-purity quartz sand materials[60](index=60&type=chunk) - The company's subsidiary signed a technical service agreement with Henan Huirong Digital Technology Co., Ltd., which provided data and monitoring system construction and other services[60](index=60&type=chunk) - The company's subsidiary Xuchang Ancai purchased natural gas from related party Henan Ancai Gas Co., Ltd[60](index=60&type=chunk) - The company applied to its controlling shareholder, Henan Investment Group, for a **100 million yuan** entrusted loan facility for 2025, with the entrusted loan balance being **0 yuan** as of June 30, 2025[64](index=64&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=20&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's significant leasing matters and significant guarantees during the reporting period, with the company providing funding for Jiaozuo Ancai and Ancai Solar Thermal Technology projects through finance leases and offering guarantees for its subsidiaries - Jiaozuo Ancai applied for a **236.32 million yuan** finance lease credit line from CMB Financial Leasing Co., Ltd., with a lease term of 5 years, and the company provided joint and several liability guarantees[66](index=66&type=chunk) - Ancai Solar Thermal Technology applied for a total finance amount of **300 million yuan** from BOCOM Financial Leasing Co., Ltd., with a lease term of 5 years, and Henan Investment Group Co., Ltd. provided joint and several liability guarantees[67](index=67&type=chunk) Company's Guarantees for Subsidiaries | Indicator | Amount (CNY) | | :--- | :--- | | Total guarantee amount for subsidiaries incurred during the reporting period | 1,151,036.70 | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 124,184,249.95 | | Total guarantee amount (A+B) | 124,184,249.95 | | Total guarantee amount as a percentage of the company's net assets (%) | 4.90 | | Debt guarantees provided directly or indirectly for guaranteed parties with asset-liability ratio exceeding 70% (D) | 31,903,740.00 | | Total of the above three guarantee amounts (C+D+E) | 31,903,740.00 | Section VI Changes in Shares and Shareholder Information [I. Changes in Share Capital](index=21&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[71](index=71&type=chunk) [II. Shareholder Information](index=21&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **48,553** common shareholders, with Henan Investment Group Co., Ltd. remaining the largest shareholder, holding **41.00%** of shares and having pledged a portion of its shares - As of the end of the reporting period, the total number of common shareholders was **48,553**[72](index=72&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-end | Proportion (%) | Pledged, Marked, or Frozen Status (Share Status / Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Henan Investment Group Co., Ltd. | 446,595,338 | 41.00 | Pledged / 85,000,000 | State-owned Legal Person | | Fuding Electronic Technology (Jiashan) Co., Ltd. | 147,012,578 | 13.50 | None | Domestic Non-state-owned Legal Person | | Xuchang State-owned Industrial Investment Co., Ltd. | 26,069,767 | 2.39 | None | State-owned Legal Person | | Zhengzhou Investment Holding Co., Ltd. | 17,345,496 | 1.59 | None | State-owned Legal Person | | Liao Qiang | 14,924,454 | 1.37 | None | Unknown | | Xiangjiang Industrial Investment Co., Ltd. | 7,260,137 | 0.67 | None | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 5,371,653 | 0.49 | None | Other | | Qian Jun | 5,180,000 | 0.48 | None | Unknown | | Gao Bingxian | 3,765,970 | 0.35 | None | Unknown | | Zhou Jianping | 3,604,598 | 0.33 | None | Unknown | - There is no associated relationship or concerted action, as defined by the "Measures for the Administration of Listed Company Acquisitions," between the company's controlling shareholder, Henan Investment Group, and the other top 9 unrestricted shareholders[74](index=74&type=chunk) Section VII Bond-Related Information - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[76](index=76&type=chunk) - The company had no convertible corporate bonds during the reporting period[76](index=76&type=chunk) Section VIII Financial Report [II. Financial Statements](index=24&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position and operating results [Consolidated Balance Sheet](index=24&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **6.64 billion yuan**, an increase of **1.23%** from the end of the prior year; consolidated total liabilities were **3.996 billion yuan**, an increase of **8.84%** from the end of the prior year; and net assets attributable to shareholders of the listed company were **2.54 billion yuan**, a decrease of **7.81%** from the end of the prior year Consolidated Balance Sheet Key Data | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 805,395,108.07 | 498,148,427.78 | | Notes Receivable | 19,248,532.23 | 115,082,946.98 | | Accounts Receivable | 826,456,010.82 | 933,228,492.31 | | Accounts Receivable Financing | 307,083,241.70 | 219,588,192.39 | | Inventories | 345,620,402.97 | 374,954,080.28 | | Total Current Assets | 2,563,783,599.11 | 2,396,593,171.61 | | Fixed Assets | 3,024,995,111.13 | 3,208,475,073.73 | | Construction in Progress | 445,942,095.76 | 352,909,406.87 | | Intangible Assets | 358,913,844.91 | 363,999,728.94 | | Total Assets | 6,637,399,591.53 | 6,556,711,603.16 | | Short-term Borrowings | 300,955,890.04 | 254,684,811.92 | | Notes Payable | 467,800,935.63 | 334,494,483.38 | | Accounts Payable | 490,538,677.83 | 679,989,618.27 | | Total Current Liabilities | 2,202,863,150.04 | 2,263,375,639.33 | | Long-term Borrowings | 1,659,075,968.92 | 1,249,464,498.72 | | Total Liabilities | 3,996,420,705.66 | 3,671,756,597.14 | | Total Owners' Equity Attributable to Parent Company | 2,535,785,635.37 | 2,750,664,962.35 | | Total Owners' Equity | 2,640,978,885.87 | 2,884,955,006.02 | [Consolidated Income Statement](index=28&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **1.742 billion yuan**, a **30.56% year-on-year decrease**; net profit was **-242 million yuan**, compared to a profit of **14.26 million yuan** in the prior year period, turning from profit to loss; net profit attributable to parent company shareholders was **-215 million yuan** Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (CNY) | 2024 Semi-Annual (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,741,903,802.43 | 2,508,420,569.65 | | Total Operating Costs | 2,000,786,408.40 | 2,495,338,838.22 | | Operating Profit | -250,134,170.70 | 28,073,166.88 | | Total Profit | -251,633,633.01 | 32,609,677.27 | | Income Tax Expense | -9,345,766.57 | 18,350,365.26 | | Net Profit | -242,287,866.44 | 14,259,312.00 | | Net Profit Attributable to Parent Company Shareholders | -215,485,367.44 | 10,286,948.65 | | Minority Interest Income/Loss | -26,802,499.00 | 3,972,363.35 | | Basic Earnings Per Share (yuan/share) | -0.1978 | 0.0094 | | Diluted Earnings Per Share (yuan/share) | -0.1978 | 0.0094 | [Consolidated Cash Flow Statement](index=31&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **-170 million yuan**, an improvement from the prior year period; net cash flow from investing activities was **-44.60 million yuan**, with reduced outflows; and net cash flow from financing activities was **596 million yuan**, a significant year-on-year increase Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (CNY) | 2024 Semi-Annual (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -169,708,663.17 | -210,122,527.53 | | Net Cash Flow from Investing Activities | -44,601,646.01 | -134,794,584.17 | | Net Cash Flow from Financing Activities | 595,869,257.39 | 313,130,748.83 | | Net Increase in Cash and Cash Equivalents | 380,809,191.83 | -28,704,074.32 | | Cash and Cash Equivalents at Period-end | 637,218,419.52 | 302,810,645.02 | [III. Company Basic Information](index=40&type=section&id=III.%20Company%20Basic%20Information) This section provides a basic overview of the company, including its establishment date, registered location, headquarters office address, listing status, and main business scope - Henan Ancai Hi-Tech Co., Ltd. was established on September 21, 1998, with its registered and headquarters office address both located in the South Section, Zhongzhou Road, Anyang City, Henan Province[103](index=103&type=chunk) - The company's RMB ordinary A-shares are listed on the Shanghai Stock Exchange[103](index=103&type=chunk) - The company's main businesses include the production and sales of photovoltaic glass, float glass, pharmaceutical glass, and natural gas procurement and sales[103](index=103&type=chunk) [IV. Basis for Preparation of Financial Statements](index=40&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) This section states that the company's financial statements are prepared on a going concern basis and evaluates its going concern ability during the reporting period, finding no significant doubts - The company's financial statements are prepared on a going concern basis[104](index=104&type=chunk) - The Group evaluated its going concern ability for the six months from January 1, 2025, and found no matters or circumstances that raise significant doubts about its ability to continue as a going concern[105](index=105&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=40&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the enterprise accounting standards, significant accounting policies, and accounting estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, and other aspects to ensure the truthfulness and completeness of financial information - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[107](index=107&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a 12-month operating cycle[108](index=108&type=chunk)[109](index=109&type=chunk) - The company's functional currency is RMB[110](index=110&type=chunk) - The company classifies and measures financial assets, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[119](index=119&type=chunk) - The company applies simplified measurement methods for accounts receivable and contract assets, measuring loss provisions at an amount equal to the expected credit losses over the entire lifetime[125](index=125&type=chunk) - The company depreciates fixed assets using the straight-line method, with depreciation periods of 20 years for buildings, 4-10 years for machinery and equipment, and 30 years for gas pipelines[154](index=154&type=chunk) - The company's intangible assets include land use rights and software, measured at actual cost upon acquisition, with land use rights amortized over the concession period and software amortized over its estimated useful life[159](index=159&type=chunk) - The company's revenue recognition principle is to recognize revenue when performance obligations in a contract are satisfied, i.e., when the customer obtains control of the related goods or services[175](index=175&type=chunk) [VI. Taxes](index=58&type=section&id=VI.%20Taxes) This section details the main tax categories and rates for the company and its subsidiaries, disclosing multiple tax incentives, including immediate VAT refund, high-tech enterprise income tax benefits, inclusive tax reductions for small and micro enterprises, additional VAT deductions for advanced manufacturing enterprises, "three-year exemption, three-year half reduction" corporate income tax benefits, and R&D expense super deduction Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Enterprise Income Tax | Actual amount of turnover tax paid | 25%, 20%, 15% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Subsidiaries such as Henan Ancai Energy Co., Ltd. enjoy the immediate VAT refund policy for pipeline transportation services[194](index=194&type=chunk) - Subsidiaries such as Henan Ancai Photovoltaic New Materials Co., Ltd., Henan Ancai Solar Thermal Technology Co., Ltd., Jiaozuo Ancai New Materials Co., Ltd., Xuchang Ancai Xinneng Technology Co., Ltd., and Puyang Xinhe Industrial Development Co., Ltd. enjoy a **15% preferential income tax rate** for high-tech enterprises[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) - Subsidiaries such as Jiaozuo Ancai Silicon-based New Materials Co., Ltd. and Henan Ancai Glass Research Institute Co., Ltd. enjoy inclusive tax reduction policies for small and micro enterprises[196](index=196&type=chunk) - Subsidiaries such as Henan Ancai Photovoltaic New Materials Co., Ltd. comply with the additional VAT deduction policy for advanced manufacturing enterprises[197](index=197&type=chunk) - Subsidiaries such as Changyuan Ancai New Energy Co., Ltd., engaged in public infrastructure projects, enjoy the "three-year exemption, three-year half reduction" corporate income tax preferential policy[197](index=197&type=chunk) - Subsidiaries such as Henan Ancai Photovoltaic New Materials Co., Ltd. enjoy the R&D expense super deduction policy, where manufacturing enterprises' R&D expenses can be super deducted at **100%**[198](index=198&type=chunk) - Henan Ancai Photovoltaic New Materials Co., Ltd. enjoys the additional deduction policy for disabled employees' wages[198](index=198&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=61&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various asset, liability, owners' equity, income, cost, and expense items in the consolidated financial statements, including period-end balances, period-beginning balances, reasons for changes, and related accounting treatment methods, offering specific composition and explanations of financial data - The period-end balance of monetary funds is **805.39 million yuan**, of which restricted monetary funds total **210 million yuan**, mainly comprising bank acceptance bill deposits and letter of credit issuance deposits[200](index=200&type=chunk) - The period-end balance of notes receivable is **19.25 million yuan**, a **83.27% decrease** from the period-beginning, primarily due to a reduction in commercial acceptance bills received[202](index=202&type=chunk)[42](index=42&type=chunk) - The period-end balance of accounts receivable is **826.46 million yuan**, with a bad debt provision of **45.82 million yuan** at period-end, primarily accrued based on aging portfolios[212](index=212&type=chunk)[213](index=213&type=chunk) - The period-end balance of accounts receivable financing is **307.08 million yuan**, a **39.85% increase** from the period-beginning, mainly due to an increase in bank acceptance bills received, of which **148 million yuan** is pledged[217](index=217&type=chunk)[219](index=219&type=chunk)[42](index=42&type=chunk) - The period-end balance of inventories is **345.62 million yuan**, with an inventory impairment provision of **115 million yuan**, primarily including raw materials, work-in-progress, finished goods, and consigned processing materials[238](index=238&type=chunk)[240](index=240&type=chunk) - The period-end book value of fixed assets is **2.885 billion yuan**, of which **322 million yuan** in buildings and structures have not yet completed property title certificates[253](index=253&type=chunk)[255](index=255&type=chunk) - The period-end book value of construction in progress is **437 million yuan**, mainly including the 500,000 cubic meter natural gas liquefaction plant project, the medium borosilicate pharmaceutical glass project, and technical renovation and other projects[260](index=260&type=chunk)[263](index=263&type=chunk) - The period-end balance of long-term borrowings is **1.659 billion yuan**, a **32.78% increase** from the period-beginning, primarily due to new long-term borrowings[315](index=315&type=chunk)[42](index=42&type=chunk) - Operating revenue for the current period was **1.742 billion yuan**, operating costs were **1.804 billion yuan**, with main business revenue accounting for **98.69%**[327](index=327&type=chunk) - Investment income for the current period was **-6.26 million yuan**, mainly from long-term equity investments accounted for using the equity method[342](index=342&type=chunk)[343](index=343&type=chunk) [VIII. Research and Development Expenses](index=105&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section lists the company's R&D expenses for the reporting period, totaling **47.68 million yuan**, primarily composed of material expenses, personnel expenses, and power costs, all of which were expensed R&D expenditures R&D Expenses by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Material Expenses | 19,034,810.97 | 30,527,188.36 | | Personnel Expenses | 18,812,812.49 | 24,464,237.40 | | Power Costs | 6,431,935.80 | 6,012,496.61 | | Depreciation Expenses | 2,663,146.48 | 5,009,529.51 | | Other Expenses | 740,442.76 | 59,094.82 | | **Total** | **47,683,148.50** | **66,072,546.70** | | Of which: Expensed R&D Expenditures | 47,683,148.50 | 66,072,546.70 | | Capitalized R&D Expenditures | - | - | [IX. Changes in Consolidation Scope](index=105&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section states that during the reporting period, the company had no business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries resulting in loss of control, indicating no significant changes in the consolidation scope - During the reporting period, the company had no business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries resulting in loss of control[373](index=373&type=chunk)[374](index=374&type=chunk) [X. Equity in Other Entities](index=107&type=section&id=X.%20Equity%20in%20Other%20Entities) This section discloses the company's equity in subsidiaries, including the composition of the enterprise group and key financial information of important non-wholly-owned subsidiaries, showing that the company owns multiple wholly-owned or controlling subsidiaries with businesses covering photovoltaic glass, gas operations, solar thermal glass, medical packaging materials manufacturing, and more - The company owns multiple wholly-owned or controlling subsidiaries, with business natures covering photovoltaic glass, gas operations, solar thermal glass, general equipment manufacturing, electricity/heat production and supply, technology promotion and application services, non-metallic mineral product manufacturing, technical services and development, non-ferrous metal smelting, medical packaging materials manufacturing, non-coal mine mineral resource extraction, etc[375](index=375&type=chunk)[376](index=376&type=chunk) Key Financial Information of Important Non-Wholly-Owned Subsidiaries (Current Period Amounts) | Subsidiary Name | Minority Shareholding Ratio (%) | Current Period Profit/Loss Attributable to Minority Shareholders (CNY) | Current Period Dividends Declared to Minority Shareholders (CNY) | Period-end Minority Interest Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Henan Ancai Energy Co., Ltd. | 11.83 | 7,962.95 | 2,366,000.00 | 31,666,024.36 | | Jiaozuo Ancai New Materials Co., Ltd. | 20.00 | -7,807,055.04 | - | -2,331,404.31 | | Xuchang Ancai Xinneng Technology Co., Ltd. | 40.00 | -14,955,873.19 | - | 104,732,291.22 | Key Financial Information of Important Non-Wholly-Owned Subsidiaries (Period-end Balances, Unit: 10,000 CNY) | Subsidiary Name | Current Assets | Non-current Assets | Total Assets | Current Liabilities | Non-current Liabilities | Total Liabilities | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Henan Ancai Energy Co., Ltd. | 51,201.09 | 30,942.56 | 82,143.65 | 36,010.72 | 8,413.14 | 44,423.86 | | Jiaozuo Ancai New Materials Co., Ltd. | 31,960.04 | 62,808.94 | 94,768.98 | 62,702.83 | 13,231.84 | 75,934.67 | | Xuchang Ancai Xinneng Technology Co., Ltd. | 39,773.21 | 89,639.25 | 129,412.46 | 35,655.90 | 67,573.39 | 103,229.29 | [XI. Government Grants](index=109&type=section&id=XI.%20Government%20Grants) This section discloses the government grants received by the company during the reporting period, including asset-related government grants recognized as deferred income and income-related government grants recognized in current profit or loss, totaling **18.39 million yuan** Liability Items Involving Government Grants (Deferred Income) | Financial Statement Item | Period-beginning Balance (CNY) | New Grants in Current Period (CNY) | Amount Recognized in Non-operating Income in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Period-end Balance (CNY) | Reason for Formation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 67,850,634.03 | 3,000,000.00 | - | 783,018.22 | 70,067,585.81 | Asset-related | Government Grants Recognized in Current Profit or Loss | Asset/Income Related | Project | Current Period Amount (CNY) | | :--- | :--- | :--- | | Income-related | One-time expanded employment subsidy | 1,500.00 | | Income-related | 2025 Second Batch Provincial Innovation R&D Special Fund | 800,000.00 | | Income-related | Individual income tax handling fee refund | 62,636.31 | | Income-related | VAT tax refund | 4,769,947.05 | | Asset-related | MIIT 2024 High-Quality Development Special Fund "Machine Replacement" Project | 110,588.22 | | Income-related | Industrial enterprise full-load production incentive fund | 300,000.00 | | Income-related | Enterprise technology center award and subsidy | 300,000.00 | | Income-related | Social security subsidy | 4,500.00 | | Income-related | Unemployment stability subsidy | 100,000.00 | | Asset-related | Xiuwu rerouting compensation | 169,999.98 | | Income-related | VAT immediate refund | 1,269,503.54 | | Income-related | Science and technology innovation development support fund | 10,402,360.02 | | Asset-related | Metaverse intelligent application | 100,000.00 | | **Total** | **-** | **18,391,035.12** | [XII. Risks Related to Financial Instruments](index=110&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section analyzes the market risks (exchange rate risk, interest rate risk), credit risk, and liquidity risk faced by the company, and explains the policies and measures adopted by the company to manage these risks, including continuous monitoring of exchange rates and interest rates, credit limit management, and maintaining sufficient liquidity - The company faces market risks (exchange rate risk, interest rate risk), credit risk, and liquidity risk[385](index=385&type=chunk) - Exchange rate risk is primarily related to the US dollar, Japanese yen, and Euro, and the company closely monitors exchange rate fluctuations' impact on operating performance[385](index=385&type=chunk) - Interest rate risk mainly arises from interest-bearing debts such as short-term borrowings, current liabilities due within one year, and long-term borrowings, all of which the company uses fixed interest rates for and continuously monitors interest rate levels[387](index=387&type=chunk) - Credit risk primarily arises from notes receivable, accounts receivable, accounts receivable financing, etc., which the company mitigates by establishing specialized departments to determine credit limits, conduct credit approvals, and monitor procedures[388](index=388&type=chunk) - Liquidity risk management ensures sufficient liquidity to meet maturing debts, with the company regularly analyzing its liability structure and maturity, and engaging in financing discussions with financial institutions[388](index=388&type=chunk) - Sensitivity analysis shows that if all foreign currencies appreciate or depreciate by **5%** against the RMB, the impact on net profit and shareholders' equity would be approximately **±16.46 million yuan**; if market interest rates increase or decrease by **50 basis points**, the impact on net profit would be approximately **±13.88 million yuan**[389](index=389&type=chunk)[390](index=390&type=chunk) [XIII. Disclosure of Fair Value](index=113&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the period-end fair value of assets and liabilities measured at fair value, primarily including accounts receivable financing and other equity instrument investments, and explains the fair value measurement levels and determination basis Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | - | - | 3,000,000.00 | 3,000,000.00 | | Accounts Receivable Financing | 307,083,241.70 | - | - | 307,083,241.70 | | **Total Assets Continuously Measured at Fair Value** | **307,083,241.70** | **-** | **3,000,000.00** | **310,083,241.70** | - Accounts receivable financing uses historical cost as the basis for fair value determination[395](index=395&type=chunk) - Equity investment in Shanghai Pudong Jiangnan Rural Commercial Bank Co., Ltd. uses the initial equity investment as the basis for fair value determination[395](index=395&type=chunk) [XIV. Related Parties and Related Party Transactions](index=115&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section provides detailed disclosures of the company's parent company, subsidiaries, joint ventures and associates, and other related parties, listing details of related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of labor, related party guarantees, and accounts receivable and payable with related parties - The company's parent company is Henan Investment Group Co., Ltd., with a registered capital of **12 billion yuan**, a shareholding ratio of **41.00%**, and the ultimate controlling party is the Henan Provincial Department of Finance[398](index=398&type=chunk) - The company has related party transactions involving purchases and sales of goods, and provision and acceptance of labor with multiple related parties, including Henan Talent Group Co., Ltd., Henan Huirong Digital Technology Co., Ltd., Henan Provincial Investment Smart Energy Co., Ltd., and Dahe Zhiyun Logistics (Henan) Co., Ltd[400](index=400&type=chunk)[401](index=401&type=chunk) - The company, as guarantor, provided guarantees for its subsidiary Anyang Ancai New Energy Technology Co., Ltd., totaling **95.04 million yuan**[403](index=403&type=chunk) - The company, as the guaranteed party, received a **300 million yuan** guarantee from its controlling shareholder, Henan Investment Group Co., Ltd[403](index=403&type=chunk) Period-end Balance of Accounts Receivable from Related Parties | Item Name | Related Party | Period-end Book Balance (CNY) | Bad Debt Provision (CNY) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Jiyuan Zhengjia Glass Co., Ltd. | 438,495.75 | 21,924.79 | | Accounts Receivable | Jiyuan Zhengyu Industrial Co., Ltd. | 5,139,147.49 | 256,957.37 | | Prepaid Accounts | Jiaozuo Natural Gas Storage and Transportation Co., Ltd. | 1,152,398.80 | - | | Prepaid Accounts | Henan High Purity Mineral Technology Co., Ltd. | 4,396,460.18 | - | | Prepaid Accounts | Henan Provincial Investment Smart Energy Co., Ltd. | 2,762,727.23 | - | | Prepaid Accounts | Henan Ancai Gas Co., Ltd. | 709,473.38 | - | | **Total** | **-** | **9,825,388.57** | **6,470,105.51** | Period-end Balance of Accounts Payable to Related Parties | Item Name | Related Party | Period-end Book Balance (CNY) | | :--- | :--- | :--- | | Accounts Payable | Dahe Zhiyun Logistics (Henan) Co., Ltd. | 5,132,829.59 | | Accounts Payable | Henan Provincial Investment Smart Energy Co., Ltd. | 1,304,058.93 | | Accounts Payable | Henan Investment Group Co., Ltd. | 68,160.68 | | Accounts Payable | Henan Huirong Human Capital Co., Ltd. | 1,358,119.14 | | Accounts Payable | Henan Workman Construction Engineering Co., Ltd. | 3,458,610.60 | | **Total** | **-** | **11,823,730.35** | [XV. Share-based Payment](index=119&type=section&id=XV.%20Share-based%20Payment) This section states that the company had no share-based payment arrangements during the reporting period - The company had no share-based payment arrangements during the reporting period[407](index=407&type=chunk)[408](index=408&type=chunk) [XVI. Commitments and Contingencies](index=120&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section states that as of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure - As of the end of the reporting period, the company had no significant commitments requiring disclosure[408](index=408&type=chunk) - As of the end of the reporting period, the company had no significant contingencies requiring disclosure[408](index=408&type=chunk) [XVII. Post-Balance Sheet Events](index=120&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) This section states that during the reporting period, the company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date - The company had no significant non-adjusting events during the reporting period[408](index=408&type=chunk) - The company had no profit distribution during the reporting period[408](index=408&type=chunk) - The company had no sales returns during the reporting period[408](index=408&type=chunk) [XVIII. Other Significant Matters](index=120&type=section&id=XVIII.%20Other%20Significant%20Matters) This section states that during the reporting period, the company had no other significant transactions or matters affecting investor decisions, such as prior period accounting error corrections, significant debt restructurings, asset replacements, annuity plans, discontinued operations, or segment information - The company had no prior period accounting error corrections during the reporting period[408](index=408&type=chunk) - The company had no significant debt restructurings during the reporting period[409](index=409&type=chunk) - The company had no asset replacements (non-monetary asset exchanges or other asset replacements) during the reporting period[409](index=409&type=chunk) - The company had no annuity plans during the reporting period[409](index=409&type=chunk) - The company had no discontinued operations during the reporting period[409](index=409&type=chunk) - The company had no segment information to report during the reporting period[409](index=409&type=chunk) [XIX. Notes to Major Items in Parent Company Financial Statements](index=121&type=section&id=XIX.%20Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This section provides detailed notes on major items in the parent company's financial statements, including accounts receivable, other receivables, and long-term equity investments, covering period-end balances, bad debt provision accrual, reasons for changes, and top five debtors by amount, offering specific financial data details at the parent company level - The parent company's accounts receivable period-end balance is **782 million yuan**, with a bad debt provision of **41.15 million yuan** at period-end, primarily accrued based on aging portfolios[413](index=413&type=chunk)[414](index=414&type=chunk) - The parent company's other receivables period-end balance is **340 million yuan**, including dividends receivable of **1.79 million yuan** and other receivables of **340 million yuan**[418](index=418&type=chunk) - The parent company's long-term equity investment period-end book value is **1.224 billion yuan**, including investments in subsidiaries of **1.15 billion yuan** and investments in associates and joint ventures of **74.56 million yuan**[431](index=431&type=chunk) - The parent company's operating revenue for the current period was **187 million yuan**, and operating costs were **201 million yuan**[436](index=436&type=chunk) - The parent company's investment income for the current period was **28.45 million yuan**, mainly including long-term equity investment income accounted for using the cost method and entrusted loan interest income[438](index=438&type=chunk)[440](index=440&type=chunk) [XX. Supplementary Information](index=131&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses for the current period, return on net assets, and earnings per share, further refining key financial report information Detailed Statement of Non-recurring Gains and Losses for the Current Period | Item | Am

Group 1 - The company announced a revenue of 1.742 billion yuan for the first half of 2025, representing a year-on-year decline of 30.56% [1] - The net loss attributable to shareholders of the listed company was 215 million yuan, compared to a net profit of 10.2869 million yuan in the same period last year [1]

Group 1 - The core viewpoint of the news is that Anhuai Gaoke Co., Ltd. has experienced a decline in revenue and net profit in its latest quarterly report, indicating potential challenges in its financial performance [1] - As of August 15, 2025, Anhuai Gaoke's stock price closed at 4.94 yuan, with a 1.23% increase and a trading volume of 410,300 hands, amounting to a transaction value of 203 million yuan [1] - The company reported a total operating revenue of 1.012 billion yuan for the first quarter of 2025, a year-on-year decrease of 22.68%, and a net profit attributable to shareholders of 107.21 million yuan, down 3.85 million yuan year-on-year [1] Group 2 - The company has a liquidity ratio of 1.148 and a quick ratio of 1.003, with a debt-to-asset ratio of 59.21%, indicating its financial stability and leverage [1] - Anhuai Gaoke has made investments in 20 enterprises and participated in 2,744 bidding projects, showcasing its active engagement in the market [2] - The company holds 36 trademark registrations and 324 patents, along with 68 administrative licenses, reflecting its commitment to innovation and compliance [2]

Group 1 - The core stock price of Anhuai Gaoke (600207) closed at 5.02 yuan, with an increase of 3.51% and a turnover rate of 4.45% as of August 13, 2025 [1] - The trading volume was 485,100 hands, with a transaction amount of 241 million yuan [1] - The net inflow of main funds was 29.71 million yuan, accounting for 12.33% of the transaction amount, with large orders contributing 25.83 million yuan [1] Group 2 - For the first quarter of 2025, Anhuai Gaoke reported total operating revenue of 1.012 billion yuan, a year-on-year decrease of 22.68% [1] - The net profit attributable to shareholders was 107.21 million yuan, a decrease of 38.46% year-on-year, while the non-recurring net profit was 114.91 million yuan, down 16.38% [1] - The company's liquidity ratios were a current ratio of 1.148 and a quick ratio of 1.003, with a debt-to-asset ratio of 59.21% [1] Group 3 - Anhuai Gaoke, established in 1998 and located in Anyang, primarily engages in pipeline transportation [2] - The company has a registered capital of 1.089 billion yuan and a paid-in capital of 260 million yuan [1] - The legal representative of the company is Xu Dongwei [1] Group 4 - Anhuai Gaoke has made investments in 20 enterprises and participated in 2,744 bidding projects [2] - The company holds 36 trademark registrations and 324 patent registrations, along with 68 administrative licenses [2]

截至7月31日收盘，低辐射玻璃(Low-E)概念下跌3.07%，位居概念板块跌幅榜前列，板块内，海南发 展、亚玛顿、和邦生物等跌幅居前。 今日涨跌幅居前的概念板块 （文章来源：证券时报网） | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 液冷服务器 | 1.86 | 特钢概念 | -3.20 | | 智谱AI | 1.73 | 低辐射玻璃(Low-E) | -3.07 | | 辅助生殖 | 1.72 | 金属铅 | -2.90 | | 小红书概念 | 1.61 | 金属锌 | -2.82 | | Sora概念(文生视频) | 1.43 | 租售同权 | -2.71 | | 快手概念 | 1.35 | 可燃冰 | -2.59 | | 华为盘古 | 1.24 | 玉米 | -2.51 | | 财税数字化 | 1.11 | 中船系 | -2.50 | | 中国AI 50 | 0.99 | 磷化工 | -2.50 | | MLOps概念 | 0.96 | 硅能源 | -2.48 | 资金面上看，今日低辐射玻璃(Low-E)概念板块获主力资金净 ...