证券代码：600210 证券简称：紫江企业 公告编号：临 2025-024 上海紫江企业集团股份有限公司 关于为子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | | 被担保人名称 | | 上海紫日包装有限公司 | | | --- | --- | --- | --- | --- | | 担保对象 | 本次担保金额 | 1,000.00 | 万元 | | | 一 | 实际为其提供的担保余额 | 10,000.00 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | 担保对象 | 被担保人名称 | | | 上海紫丹食品包装印刷有限公司 | | 二 | 本次担保金额 | 500.00 | 万元 | | | | 实际为其提供的担保余额 | 12,500.00 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_____ ...

Group 1 - The company reported a revenue of 5.248 billion yuan for the first half of 2025, representing a year-on-year increase of 12.43% [1] - The net profit attributable to shareholders reached 473 million yuan, showing a year-on-year growth of 33.39% [1] - The basic earnings per share were 0.312 yuan [1]

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the truthfulness and completeness of the semi-annual report, which remains unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3](index=3&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) - Company负责人 Shen Wen, chief accountant Qin Zhengyu, and head of accounting department Wang Yan declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - Forward-looking statements regarding future plans in this report do not constitute actual commitments to investors; investors should be aware of investment risks[6](index=6&type=chunk) - There are no instances of non-operating funds being occupied by controlling shareholders or other related parties, nor are there cases of providing external guarantees in violation of prescribed decision-making procedures[7](index=7&type=chunk)[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common and industry-specific terms to ensure clear understanding of the report content - This section defines common terms such as "Company" and "Zijiang Group," along with industry-specific terms like "PET bottles," "hot-fill bottles," and "lithium battery aluminum-plastic film," ensuring clear understanding of the report content[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company, listed on the Shanghai Stock Exchange, reports significant growth in revenue, net profit, and operating cash flow for H1 2025 - The company's stock abbreviation is "**Zijiang Enterprise**," stock code is "**600210**," listed on the Shanghai Stock Exchange[18](index=18&type=chunk) Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,248,078,818.86 | 4,667,962,058.00 | 12.43 | | Total Profit | 582,503,925.94 | 444,650,145.77 | 31.00 | | Net Profit Attributable to Shareholders of Listed Company | 472,785,812.45 | 354,442,038.69 | 33.39 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 468,966,403.75 | 352,006,294.81 | 33.23 | | Net Cash Flow from Operating Activities | 374,978,106.03 | 179,910,543.48 | 108.42 | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 6,176,845,677.22 | 6,161,918,911.97 | 0.24 | | Total Assets (Period-End) | 13,825,523,099.33 | 13,188,777,950.03 | 4.83 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.312 | 0.234 | 33.33% | | Diluted Earnings Per Share (CNY/share) | 0.312 | 0.234 | 33.33% | | Basic EPS After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.309 | 0.232 | 33.19% | | Weighted Average Return on Net Assets (%) | 7.48 | 6.02 | Increased by 1.46 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 7.42 | 5.98 | Increased by 1.44 percentage points | Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 1,983,661.44 | | Government grants recognized in current profit or loss | 8,003,144.59 | | Fund occupation fees collected from non-financial enterprises recognized in current profit or loss | 107,486.43 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 2,441,714.05 | | Other non-operating income and expenses apart from the above | 2,426,549.76 | | Other profit and loss items meeting the definition of non-recurring gains and losses | -9,563,833.71 | | Less: Income tax impact | 1,267,672.53 | | Impact on minority interests (after tax) | 311,641.34 | | Total | 3,819,408.70 | [Section III Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company achieved significant growth in H1 2025, driven by its core packaging business, strategic client cooperation, and ongoing digital transformation, while actively managing various operational risks - China's packaging industry is in a critical transformation and upgrading phase, being a large producer but with per capita consumption significantly lower than developed countries, indicating an overall "large but not strong" status[23](index=23&type=chunk) - PET packaging, due to its low cost, good performance, recyclability, and wide applications, shows continuous and steady capacity growth with promising development prospects[24](index=24&type=chunk) - The company has established an industrial layout centered on packaging business, supplemented by commercial, real estate, and venture capital operations[24](index=24&type=chunk) - Key packaging products include PET bottles and preforms, crown caps, plastic tamper-evident caps, labels, metallized paper and paperboard, color paper packaging printing, films, and beverage OEM services[24](index=24&type=chunk) - The company's procurement is primarily centralized by business units or subsidiaries; production is "make-to-order," including general production and processing with supplied materials; sales are mainly direct, supplemented by some consignment[24](index=24&type=chunk)[25](index=25&type=chunk) - In H1 2025, the company's total operating revenue was **CNY 5.248 billion**, a **12.43% YoY increase**; net profit attributable to shareholders was **CNY 473 million**, a **33.39% YoY increase**; net cash flow from operating activities was **CNY 375 million**, a **108.42% YoY increase**[26](index=26&type=chunk) - Beverage packaging business continuously strengthens strategic cooperation with major clients, actively develops new customers, achieving stable growth in sales revenue and profit; the container packaging division has multiple projects on schedule for production or under construction, and completed R&D projects such as the industrialization of 35g lightweight bottle preforms[27](index=27&type=chunk)[28](index=28&type=chunk) - The flexible packaging business segment's products include color paper packaging printing, lithium battery aluminum-plastic film, metallized paper and paperboard, and BOPA film, widely used in food, medicine, daily chemicals, electronics, and telecommunications[29](index=29&type=chunk) - Zijiang New Material consolidates its market share advantage in mid-to-low-end digital aluminum-plastic film, while focusing on differentiated product strategies to increase market share in high-end consumer electronics and new energy vehicle power batteries, and continuously advances preliminary product verification and technology reserves in cutting-edge applications like semi-solid and solid-state batteries[30](index=30&type=chunk) - Zijiang Metallized Paper deeply promotes full-time OEE management, optimizing operating costs and product quality, achieving significant year-on-year growth in sales revenue and profit[30](index=30&type=chunk) - Zijiang International Trade actively promotes business model transformation from service agency to trade value enhancement, deepening synergistic cooperation with strategic clients[31](index=31&type=chunk) - In real estate, the last 14 villas in Phase III North of Zidu Shanghai Jingyuan were successfully delivered and revenue recognized; Phase IV Sheshan Ziyue Taoyuan project commenced in May 2025[31](index=31&type=chunk) - The company's core competencies include: a win-win mindset, service experience, and management expertise accumulated through long-term cooperation with renowned domestic and international companies; cost advantages and technological upgrade and innovation advantages from refined management; an efficient, proactive, and execution-driven management team, and innovative, dedicated professional technical personnel; and values of focus, simplicity, persistence, and dedication[32](index=32&type=chunk) - Net cash flow from operating activities increased by **108.42%**, primarily due to a reduction in taxes and fees paid[35](index=35&type=chunk) - Net cash flow from investing activities decreased by **50.25%**, mainly due to a decrease in cash received from other investment-related activities and an increase in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets[36](index=36&type=chunk) - Receivables financing increased by **59.45%**, due to a higher volume of bank acceptance bills received from major banks at the end of the reporting period[37](index=37&type=chunk) - Other receivables increased by **57.01%**, due to the company's outstanding equity and debt transfer payments from the disposal of commercial subsidiaries Quzhou Haoli and Hangzhou Huashang at the end of the reporting period[38](index=38&type=chunk) - Other non-current assets increased by **83.17%**, due to a higher amount of prepaid engineering and equipment costs at the end of the reporting period[38](index=38&type=chunk) - Notes payable increased by **33.11%**, due to an increase in the amount of raw material and inventory purchases paid by notes at the end of the reporting period[38](index=38&type=chunk) - Advance receipts decreased by **76.12%**, contract liabilities decreased by **82.90%**, and other current liabilities decreased by **31.13%**, due to the recognition of advance payments for properties as revenue by the real estate company[38](index=38&type=chunk) - Employee compensation payable decreased by **35.16%**, due to the payment of salaries and bonuses accrued at the end of the previous year during the current period[38](index=38&type=chunk) - Other payables increased by **183.40%**, due to the company having dividends approved by the general meeting of shareholders but not yet distributed at the end of the reporting period, which was not the case at the beginning of the year[38](index=38&type=chunk) - Non-current liabilities due within one year increased by **67.36%**, due to an increase in long-term borrowings maturing within one year at the end of the reporting period[38](index=38&type=chunk) - Overseas assets amounted to **CNY 37.36 million**, accounting for **0.27% of total assets**[40](index=40&type=chunk) Major Asset Restrictions as of the End of the Reporting Period | Item | Period-End Book Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 34,691,209.03 | Bank acceptance bills, letters of credit, and guarantee deposits | | Fixed Assets | 137,711,775.40 | Mortgage for long-term borrowings | | Intangible Assets | 29,940,168.75 | Mortgage for long-term borrowings | | Total | 202,343,153.18 | / | Key Subsidiaries and Investees with Over 10% Impact on Company's Net Profit (Unit: CNY 10,000) | Company Name | Company Type | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Ziquan Packaging Co., Ltd. | Packaging | 19,747.88 | 107,795.96 | 46,109.80 | 77,626.27 | 5,430.71 | 4,690.86 | | Shanghai Ziri Packaging Co., Ltd. | Packaging | 16,937.87 | 53,733.59 | 32,430.98 | 35,388.24 | 6,744.94 | 5,919.75 | | Shanghai Zijiang New Material Technology Co., Ltd. | Packaging | 5,938.30 | 105,448.93 | 52,255.46 | 32,756.60 | 2,951.03 | 2,736.48 | | Shanghai Zijiang Venture Capital Co., Ltd. | Consulting Services | 45,940.00 | 165,876.31 | 119,646.22 | 2,172.17 | 4,103.66 | 3,892.70 | | Shanghai Zidu Sheshan Real Estate Co., Ltd. | Real Estate | 20,000.00 | 93,189.27 | 45,734.56 | 35,997.05 | 6,788.35 | 6,788.35 | - During the reporting period, key investees such as Shanghai Sunshine Hotel Co., Ltd. and Wuhan Zijiang Uni-President Enterprise Co., Ltd. contributed **CNY 8.06 million** in investment income to the company[44](index=44&type=chunk) - During the reporting period, the company disposed of Hangzhou Huashang Trading Co., Ltd., Quzhou Haoli Food Co., Ltd., and Quzhou Haomidao Commercial Co., Ltd. through equity transfer, and established six new subsidiaries including Yingkou Zijiang Packaging Material Co., Ltd., while deregistering Shaoxing Dingye Food Co., Ltd. and Jiaxing Youbo Trading Co., Ltd., none of which had a significant impact[45](index=45&type=chunk) - The company faces risks from economic fluctuations, raw material price changes, seasonal impacts in the food and beverage industry, and new product and market development[46](index=46&type=chunk)[47](index=47&type=chunk) - The company will transform its marketing concepts and strategies, continuously innovate, strengthen sales, improve production efficiency, control production costs, and enhance risk resistance; closely monitor international crude oil price changes, adjust inventory strategies, and adopt measures such as public inquiry and centralized procurement to mitigate raw material price risks; increase product variety, arrange production and sales structures by alternating peak and off-peak seasons, develop a diversified product structure; conduct thorough market research and feasibility studies for new products, optimize layout and allocation, and enhance new product competitiveness through technological innovation[46](index=46&type=chunk)[47](index=47&type=chunk) - The company continues to advance its "Quality Improvement, Efficiency Enhancement, and Returns Focus" initiative, concentrating on its main business, improving operational quality, achieving total operating revenue of **CNY 5.248 billion**, a **12.43% YoY increase**, and net profit attributable to shareholders of **CNY 473 million**, a **33.39% YoY increase**[48](index=48&type=chunk) - During the reporting period, the company invested **CNY 167 million** in R&D expenses, applied for **153 patents** (21 invention patents, 130 utility model patents, 1 design patent, 1 software copyright); and obtained **71 authorized patents** (6 invention patents, 64 utility model patents, 1 software copyright)[49](index=49&type=chunk) - The company positions digital transformation as a core driver for high-quality development, significantly enhancing management efficiency by fully integrating the information platforms of its subsidiaries; a total of **2 subsidiaries** have been recognized as smart factories, including **1 national-level** and **1 Shanghai municipal-level** smart factory[49](index=49&type=chunk) - The company improved corporate governance by formulating "Market Value Management System" and "Public Opinion Management System," and plans to abolish the supervisory board in H2 2025, with its functions to be taken over by the board's audit committee[49](index=49&type=chunk)[50](index=50&type=chunk) - The company strengthens the responsibility of "key minorities," enhances supervision over critical areas such as fund transactions, external guarantees, and related-party transactions, and promotes long-term stable development by improving performance-linked management compensation and incentive mechanisms[50](index=50&type=chunk) - The company maintains continuous dividends, with a proposed **cash dividend of CNY 0.30 per share (tax inclusive)** for FY2024, a **20% increase** from FY2023; over 20 years since listing, the company has completed **CNY 5.508 billion** in cash dividends, **2.45 times** the total funds raised since listing, and an average of **62.51%** of net profit attributable to shareholders[51](index=51&type=chunk) - The company actively responds to investor calls and conducts multi-channel, multi-dimensional investor relations work through the SSE E-Interactive platform, company email, and earnings briefings, enhancing investor understanding of the company's main business and operations[51](index=51&type=chunk) [Section IV Corporate Governance, Environment and Society](index=12&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) The company reports stable corporate governance with no changes in key personnel or incentive plans, and discloses environmental information for several subsidiaries - There were no changes in the company's directors, supervisors, or senior management during the reporting period[54](index=54&type=chunk) - There are no proposed profit distribution plans or capital reserve to share capital increase plans for this semi-annual period[54](index=54&type=chunk) - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures[55](index=55&type=chunk) Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | | :--- | :--- | | 1 | Shanghai Zijiang Color Printing & Packaging Co., Ltd. | | 2 | Shanghai Ziquan Label Co., Ltd. | | 3 | Shanghai Zidan Printing Co., Ltd. | | 4 | Shanghai Ziyan Alloy Application Technology Co., Ltd. | | 5 | Guangdong Ziquan Label Co., Ltd. | | 6 | Guangdong Ziquan Packaging Co., Ltd. | - The company did not disclose specific details regarding its efforts to consolidate and expand poverty alleviation achievements or rural revitalization[56](index=56&type=chunk) [Section V Significant Matters](index=13&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company's controlling shareholder and actual controller have made commitments regarding related-party transactions and competition, while the company plans to exit the real estate sector and has a significant equity transfer pending approval - Controlling shareholder Shanghai Zijiang (Group) Co., Ltd. pledges to minimize related-party transactions with the issuer, ensuring such transactions, if necessary, adhere to market principles and fair prices, and comply with relevant laws and regulations for transaction procedures and information disclosure; it also commits not to engage in or add any business or operating activities that constitute horizontal competition with the issuer, directly or indirectly, in any manner[57](index=57&type=chunk)[58](index=58&type=chunk) - Actual controller Shen Wen pledges not to engage in or add any business or operating activities that constitute horizontal competition with Zijiang Enterprise, directly or indirectly, in any manner, except for already disclosed matters[58](index=58&type=chunk) - The company pledges that its real estate business is solely due to the scarce and high-quality villa land for the Zidu Sheshan project, real estate is not the company's main business development direction, the company has no future development plans in the real estate sector, and intends to exit the real estate industry upon completion of the "Shanghai Jingyuan" project[58](index=58&type=chunk) - The company pledges that the net proceeds from the non-public offering, after deducting issuance expenses, will be used to supplement working capital, strictly adhering to the stated use of funds; it will not be used for holding trading financial assets or available-for-sale financial assets, lending to others, wealth management, or other financial investments; it will not directly or indirectly invest in companies primarily engaged in securities trading, real estate-related businesses, or industries identified as heavily polluting by the Ministry of Environmental Protection, nor will it be used for venture capital activities[58](index=58&type=chunk)[59](index=59&type=chunk) - The company's venture capital business will continue to operate under a "fund of funds" model, acting as a guiding fund to invest in equity investment funds managed by professional investment management institutions; the company will not directly invest in venture capital projects through Zijiang Venture Capital in the future, nor will it establish new venture capital holding subsidiaries; the company will focus on the packaging and new materials industries, ensuring venture capital business does not occupy excessive listed company resources[59](index=59&type=chunk) - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or significant overdue debts, maintaining good credit standing[60](index=60&type=chunk) - In H1 2025, the company's ordinary related-party transactions amounted to **CNY 9.7979 million**, representing **0.16%** of the company's audited net assets attributable to parent company owners for FY2024[62](index=62&type=chunk) - The company intends to sign a conditional "Share Transfer Agreement" with Shanghai Welltech Industrial Automation Co., Ltd. to transfer **16,562,301 shares** of Shanghai Zijiang New Material Technology Co., Ltd., representing **27.89%** of Zijiang New Material's total shares[64](index=64&type=chunk) - Upon completion of this transaction, the company will still hold **18,437,970 shares** of Zijiang New Material, representing **31.05%** of its total shares, and Zijiang New Material will no longer be included in the company's consolidated financial statements; Welltech will control **51.00%** of Zijiang New Material's shares[64](index=64&type=chunk) - This related-party transaction amounts to **CNY 298.5159 million**, representing **4.84%** of the company's audited net assets for FY2024, and does not require approval by the company's general meeting of shareholders; the transaction is subject to approval by Welltech's general meeting of shareholders and other necessary approvals[64](index=64&type=chunk)[65](index=65&type=chunk) Total Guarantee Amount (Including Guarantees to Subsidiaries) | Indicator | Amount (CNY) | | :--- | :--- | | Total guarantee amount to subsidiaries during the reporting period | 571,000,000.00 | | Total guarantee balance to subsidiaries at period-end (B) | 771,500,000.00 | | Total Guarantee Amount (A+B) | 771,500,000.00 | | Ratio of total guarantee amount to company's net assets (%) | 12.52 | [Section VI Share Changes and Shareholder Information](index=18&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The company's share capital and structure remained unchanged during the reporting period, with a total of 96,273 common shareholders - During the reporting period, there were no changes in the company's total share capital or share structure[72](index=72&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **96,273**[73](index=73&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Zijiang (Group) Co., Ltd. | 395,207,773 | 26.06 | Domestic Non-State-Owned Legal Person | | Huang Yungge | 41,684,971 | 2.75 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 38,572,196 | 2.54 | Overseas Legal Person | | Zhang Pingying | 21,383,172 | 1.41 | Domestic Natural Person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 11,199,700 | 0.74 | Other | | Shanghai Pudong Development Bank Co., Ltd. - E Fund Yuxiang Return Bond Fund | 10,669,500 | 0.70 | Other | | Shen Wen | 10,000,003 | 0.66 | Domestic Natural Person | | Ke Weirong | 10,000,000 | 0.66 | Domestic Natural Person | | China Merchants Bank Co., Ltd. - ChinaAMC CSI 1000 ETF | 6,603,000 | 0.44 | Other | | Lin Hongqin | 6,500,001 | 0.43 | Domestic Natural Person | - Mr. Shen Wen is the actual controller of Shanghai Zijiang (Group) Co., Ltd.; the company is unaware of any related-party relationships or concerted action among the other aforementioned shareholders[74](index=74&type=chunk) [Section VII Bond-Related Information](index=20&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[76](index=76&type=chunk) - During the reporting period, the company had no convertible corporate bonds[76](index=76&type=chunk) [Section VIII Financial Report](index=20&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This unaudited financial report is prepared on a going concern basis, adhering to the Accounting Standards for Business Enterprises and relevant CSRC regulations - This financial report has not been audited[77](index=77&type=chunk) - The financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a business cycle of 12 months, and the functional currency is Renminbi[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [Company Overview](index=33&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This chapter introduces the company's historical evolution, share capital structure, registered capital, business scope, and headquarters location, noting that as of June 30, 2025, its total share capital was CNY 1,516,736,158.00, with 100% unrestricted shares - The company's predecessor was Shanghai Zijiang Enterprise Co., Ltd., which was transformed into a Sino-foreign joint stock limited company in March 1999 and listed on the Shanghai Stock Exchange in August 1999[102](index=102&type=chunk) - As of June 30, 2025, the company's total share capital was **CNY 1,516,736,158.00**, with a total of **1,516,736,158 shares**, of which **1,516,736,158 shares** are unrestricted, accounting for **100%** of the total share capital[103](index=103&type=chunk) - The company's business scope includes: production of container packaging such as PET bottles and preforms, various caps, labels, coating materials, and other new packaging materials; sales of self-produced products; import and export of goods and technologies; packaging printing; and warehousing services (excluding hazardous goods)[103](index=103&type=chunk) [Basis of Financial Statement Preparation](index=33&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This chapter states that the company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant CSRC regulations, on a going concern basis - These financial statements are prepared in accordance with the "Basic Standards for Enterprise Accounting Standards" and specific accounting standards, application guidelines, interpretations of enterprise accounting standards, and other relevant regulations issued by the Ministry of Finance, as well as the "General Provisions for Financial Reporting in Information Disclosure Rules for Companies Issuing Securities to the Public No. 15" by the China Securities Regulatory Commission[106](index=106&type=chunk)[107](index=107&type=chunk) - These financial statements are prepared on a going concern basis[108](index=108&type=chunk) [Significant Accounting Policies and Estimates](index=34&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This chapter details the company's accounting policies and estimates for financial instruments, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, long-term asset impairment, long-term prepaid expenses, contract liabilities, employee compensation, share-based payments, revenue, contract costs, government grants, deferred tax assets/liabilities, and leases, including materiality standards and key judgments - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[110](index=110&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar; its operating cycle is 12 months; and its functional currency is Renminbi[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) Materiality Standards Determination Methods | Item | Materiality Standard | | :--- | :--- | | Significant individually impaired accounts receivable/other receivables | CNY 1 million | | Significant write-offs, recoveries, or reversals of notes receivable/accounts receivable/receivables financing/interest receivable/dividends receivable/other receivables/debt investments due within one year/other debt investments due within one year/debt investments/other debt investments/long-term receivables | CNY 1 million | | Significant construction in progress projects | CNY 10 million | | Significant other payables with an aging over 1 year or overdue | CNY 5 million | | Significant cash received from investing activities | Single investing cash flow exceeding 5% of the most recently audited net assets (or board-approved amount if separately approved by the board) | | Significant cash paid for investing activities | Single investing cash flow exceeding 5% of the most recently audited net assets (or board-approved amount if separately approved by the board) | | Significant non-wholly owned subsidiaries | Subsidiary net assets/total assets exceeding 5% of the most recently audited group parent net assets/total assets | | Significant joint ventures or associates | Long-term equity investment balance of CNY 20 million | | Significant commitments/contingencies/subsequent events | CNY 10 million | - Detailed explanation of accounting treatments for business combinations under common control and non-common control, control determination criteria, and consolidated financial statement preparation methods[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - Clarification of criteria for cash and cash equivalents, and methods for foreign currency transactions and foreign currency financial statement translation[123](index=123&type=chunk)[124](index=124&type=chunk)[126](index=126&type=chunk) - Detailed explanation of financial instrument classification, recognition criteria, and measurement methods, including financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk) - Elaboration on recognition criteria and measurement methods for derecognition of financial assets and transfer of financial assets, and conditions for derecognition of financial liabilities[131](index=131&type=chunk)[132](index=132&type=chunk) - Detailed explanation of financial instrument impairment testing and accounting treatments, including the application of the expected credit loss model, criteria for significant increase in credit risk, and portfolio categories and determination basis for notes receivable, accounts receivable, other receivables, and long-term receivables[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) - Inventories are classified as goods in transit, raw materials, revolving materials, merchandise inventory, work in progress, goods on consignment, consigned processing materials, development costs, development products, etc.; inventories issued are valued using the weighted average method or specific identification method, and the perpetual inventory system is adopted[137](index=137&type=chunk) - Inventory impairment provisions are measured at the lower of cost and net realizable value, with net realizable value determined by the estimated selling price less estimated costs to complete, estimated selling expenses, and related taxes[138](index=138&type=chunk) - Recognition methods and standards for contract assets, and methods for provision for doubtful accounts[139](index=139&type=chunk)[140](index=140&type=chunk) - Criteria for joint control and significant influence in long-term equity investments, determination of initial investment cost, and subsequent measurement and profit/loss recognition methods under the cost method and equity method[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - Investment properties are measured using the cost model; buildings held for lease apply fixed asset depreciation policies, and land use rights held for lease apply intangible asset amortization policies[147](index=147&type=chunk) - Fixed assets refer to tangible assets held for the production of goods, provision of services, rental, or operational management, with a useful life exceeding one accounting year, initially measured at cost and depreciated using the straight-line method[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) - Construction in progress is measured at actual cost incurred and transferred to fixed assets when it reaches its intended usable condition[152](index=152&type=chunk) - Principles of borrowing cost capitalization, capitalization period, suspension of capitalization period, and calculation method for capitalization rate[153](index=153&type=chunk)[154](index=154&type=chunk) - Valuation methods for intangible assets, amortization methods and useful life estimates for intangible assets with finite useful lives, and criteria for distinguishing research and development phases of R&D expenditures and capitalization conditions[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - Long-term assets such as long-term equity investments, investment properties measured under the cost model, fixed assets, construction in progress, right-of-use assets, intangible assets with finite useful lives, and oil and gas assets are tested for impairment if there are indications of impairment at the balance sheet date[158](index=158&type=chunk)[159](index=159&type=chunk) - Long-term prepaid expenses are expenses already incurred but to be amortized over more than one year, including fixed asset improvement expenditures, decoration fees, and other projects[160](index=160&type=chunk)[161](index=161&type=chunk) - Contract liabilities refer to the company's obligation to transfer goods or provide services to customers for which consideration has been received or is receivable[161](index=161&type=chunk) - Employee compensation includes accounting treatments for short-term compensation, post-employment benefits (defined contribution plans and defined benefit plans), and termination benefits[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - Share-based payments are classified into equity-settled share-based payments and cash-settled share-based payments, with detailed explanations of their accounting treatments[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods or services, and determines the transaction price according to contract terms[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk) - Revenue recognition accounting policies for various businesses (beverage packaging, paper-plastic packaging, real estate development, fast-moving consumer goods wholesale, import and export trade)[173](index=173&type=chunk)[174](index=174&type=chunk) - Contract costs include costs to fulfill a contract and costs to obtain a contract, recognized as assets when specific conditions are met, and amortized on the same basis as the revenue recognized from the goods or services to which the asset relates[175](index=175&type=chunk) - Government grants are classified as asset-related government grants and income-related government grants, recognized when the conditions attached to them are met and they are received[176](index=176&type=chunk)[177](index=177&type=chunk) - Deferred tax assets and liabilities are recognized based on the difference between the tax base of assets and liabilities and their carrying amounts (temporary differences), with principles for non-recognition in special circumstances[178](index=178&type=chunk)[179](index=179&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than short-term leases and leases of low-value assets, depreciates right-of-use assets, and calculates interest expense on lease liabilities[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) - As a lessor, lease payments from operating leases are recognized as rental income on a straight-line basis over the lease term[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) - Key judgments in applying accounting policies include the analysis of business models and contractual cash flow characteristics involved in the classification of financial assets[186](index=186&type=chunk)[187](index=187&type=chunk) - Significant accounting estimates and key assumptions include impairment of financial instruments and contract assets, deferred income tax, useful lives of fixed assets and intangible assets, and estimation of net realizable value of inventories[187](index=187&type=chunk)[188](index=188&type=chunk) [Taxation](index=51&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This chapter outlines the company's major tax categories and rates, including VAT, Urban Maintenance and Construction Tax, EIT, and Land Appreciation Tax, highlighting preferential EIT rates for high-tech subsidiaries and those in Western Development regions Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services as stipulated by tax law, with output VAT calculated and input VAT deductible, the difference being VAT payable | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT paid | 1%-7% | | Enterprise Income Tax (EIT) | Calculated based on taxable income | 15% (Note), 25% | | Land Appreciation Tax | Calculated based on the appreciation amount from real estate transfer and prescribed tax rates | Prepaid at 5% of sales amount | - Several of the company's subsidiaries are recognized as high-tech enterprises, enjoying a **15% preferential Enterprise Income Tax rate** for a period of three years[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) - Chengdu Zijiang Packaging Co., Ltd. and Guilin Ziquan Beverage Industry Co., Ltd. benefit from the Western Development Tax Incentive Policy, applying a **15% tax rate** in 2025[198](index=198&type=chunk)[199](index=199&type=chunk) [Notes to Consolidated Financial Statement Items](index=54&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter provides detailed notes for all consolidated financial statement items, including cash, receivables, inventories, investments, fixed assets, intangible assets, payables, equity, revenue, costs, and cash flows Period-End Balance of Cash and Bank Balances | Item | Period-End Balance (CNY) | | :--- | :--- | | Cash on Hand | 582,524.36 | | Bank Deposits | 2,183,771,884.31 | | Other Cash and Bank Balances | 34,777,807.17 | | Total | 2,219,132,215.84 | Categorized Presentation of Notes Receivable | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Acceptance Bills | 99,740,598.42 | 99,931,898.41 | | Commercial Acceptance Bills | 4,802,218.96 | 79,664.00 | | Less: Provision for Bad Debts | 579,444.03 | 497,122.40 | | Total | 103,963,373.35 | 99,514,440.01 | Accounts Receivable by Aging (Period-End Book Balance) | Aging | Amount (CNY) | | :--- | :--- | | 0-6 Months | 1,987,337,653.81 | | 6 Months-1 Year | 71,196,643.05 | | 1 to 2 Years | 13,540,342.70 | | 2 to 3 Years | 10,455,879.70 | | Over 3 Years | 38,303,336.71 | | Total | 2,120,833,906.17 | Inventory Classification (Period-End Book Value) | Item | Book Value (CNY) | | :--- | :--- | | Raw Materials | 495,641,543.62 | | Goods in Transit | 5,680,727.55 | | Revolving Materials | 52,621,610.87 | | Work in Progress | 108,145,464.92 | | Merchandise Inventory | 527,895,857.91 | | Goods on Consignment | 169,272,575.10 | | Development Costs | 290,104,751.85 | | Total | 1,649,362,531.82 | Operating Revenue and Operating Cost (Current Period) | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 5,073,500,361.43 | 3,940,298,486.71 | | Other Businesses | 174,578,457.43 | 80,456,055.15 | | Total | 5,248,078,818.86 | 4,020,754,541.86 | Breakdown of Operating Revenue and Operating Cost (By Product Type) | Product Type | Operating Revenue (CNY) | Operating Cost (CNY) | | :--- | :--- | :--- | | Beverage Packaging | 2,514,161,675.71 | 1,903,184,356.05 | | Paper-Plastic Packaging | 1,486,325,676.76 | 1,223,688,023.59 | | Aluminum-Plastic Film | 324,076,916.58 | 251,016,744.71 | | Real Estate Development | 359,872,908.27 | 224,882,517.09 | | Other | 389,063,184.11 | 337,526,845.27 | Investment Income (Current Period) | Item | Amount (CNY) | | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | 8,060,684.33 | | Gains from disposal of subsidiaries | -9,563,833.71 | | Interest income from debt investments held during the period | 1,844,583.64 | | Investment income from other non-current financial assets held during the period | 1,004,472.35 | | Total | 1,345,906.61 | Reconciliation of Net Cash Flow from Operating Activities | Supplementary Information | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Profit | 492,693,474.96 | 370,921,702.73 | | Add: Asset impairment provisions | 150,193.74 | 3,491,273.15 | | Credit impairment losses | 893,358.92 | 70,954.38 | | Depreciation of fixed assets, depletion of oil and gas assets, depreciation of productive biological assets | 217,482,148.46 | 188,245,111.25 | | Depreciation of right-of-use assets | 4,659,656.72 | 6,291,269.78 | | Amortization of intangible assets | 7,070,441.96 | 6,734,631.83 | | Amortization of long-term prepaid expenses | 27,741,343.90 | 22,195,241.24 | | Losses (gains indicated by "-") on disposal of fixed assets, intangible assets, and other long-term assets | -2,032,514.22 | 52,683.61 | | Losses (gains indicated by "-") on fixed asset scrap | 48,852.78 | 1,149,102.28 | | Fair value change losses (gains indicated by "-") | -1,218,280.00 | 4,742,755.07 | | Financial expenses (gains indicated by "-") | 47,780,597.90 | 51,378,718.63 | | Investment losses (gains indicated by "-") | -1,345,906.61 | -13,927,539.02 | | Decrease in deferred tax assets (increase indicated by "-") | 2,292,449.59 | -357,180.22 | | Increase in deferred tax liabilities (decrease indicated by "-") | -694,651.19 | -2,319,794.36 | | Decrease in inventories (increase indicated by "-") | 242,305,227.48 | -149,241,013.05 | | Decrease in operating receivables (increase indicated by "-") | -447,180,078.12 | -607,720,369.27 | | Increase in operating payables (decrease indicated by "-") | -210,781,955.37 | 295,074,926.68 | | Other | -4,886,254.87 | 3,128,068.77 | | Net cash flow from operating activities | 374,978,106.03 | 179,910,543.48 | [R&D Expenses](index=82&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This chapter details the company's R&D expenditures by nature of expense, confirming that all R&D costs for the period were expensed R&D Expenses by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 75,229,604.93 | 70,522,579.09 | | Depreciation Expense | 10,583,729.71 | 14,230,439.93 | | Amortization of Intangible Assets | 81,857.00 | 74,850.08 | | Amortization of Long-Term Prepaid Expenses | 33,256.62 | 564,295.25 | | Material Costs | 65,711,171.00 | 70,349,011.61 | | Other | 15,281,687.51 | 13,231,836.41 | | Total | 166,921,306.77 | 168,973,012.37 | | Of which: Expensed R&D expenditures | 166,921,306.77 | 168,973,012.37 | - All R&D expenditures for the current period have been expensed, with no capitalized R&D expenditures[371](index=371&type=chunk) [Changes in Consolidation Scope](index=82&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) This chapter outlines changes in the company's consolidation scope, including the disposal of subsidiaries, establishment of new entities, and deregistration of others during the reporting period - During the reporting period, the company disposed of Hangzhou Huashang Trading Co., Ltd., Quzhou Haoli Food Co., Ltd., and Quzhou Haomidao Commercial Co., Ltd., losing control[373](index=373&type=chunk) - On January 16, 2025, the company established six new wholly-owned subsidiaries, including Yingkou Zijiang Packaging Material Co., Ltd., and on January 3, 2025, its grandchild company Hangzhou Zitai Food Co., Ltd. was spun off; these companies have been included in the consolidation scope from their respective dates of establishment[374](index=374&type=chunk) - On June 9, 2025, the company deregistered subsidiaries Shaoxing Dingye Food Co., Ltd. and Jiaxing Youbo Trading Co., Ltd., which are no longer included in the consolidation scope from their respective dates of deregistration[374](index=374&type=chunk) [Interests in Other Entities](index=84&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This chapter details the company's equity interests in subsidiaries, joint ventures, and associates, including their composition and key financial information - The company owns multiple wholly-owned or controlled subsidiaries, with business natures covering industry, services, transportation, and commerce[376](index=376&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk) Information on Minority Interests in Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Profit or Loss Attributable to Minority Shareholders for the Current Period (CNY) | Dividends Declared and Distributed to Minority Shareholders for the Current Period (CNY) | Period-End Balance of Minority Interests (CNY) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Zijiang Venture Capital Co., Ltd. | 1.09 | 276,382.54 | | 10,358,973.84 | | Shanghai Zijiang New Material Technology Co., Ltd. | 41.06 | 11,236,027.55 | 12,191,364.50 | 214,561,441.16 | Key Financial Information of Significant Joint Ventures (Wuhan Zijiang Uni-President Enterprise Co., Ltd.) | Item | Period-End Balance/Current Period Amount (CNY) | Period-Beginning Balance/Prior Period Amount (CNY) | | :--- | :--- | :--- | | Current Assets | 312,444,674.26 | 306,018,364.97 | | Non-Current Assets | 38,138,297.17 | 32,215,718.30 | | Total Assets | 350,582,971.43 | 338,234,083.27 | | Current Liabilities | 62,438,182.26 | 42,718,058.04 | | Non-Current Liabilities | 5,986,193.31 | | | Total Liabilities | 68,424,375.57 | 42,718,058.04 | | Equity Attributable to Parent Company Shareholders | 282,274,178.53 | 295,516,025.23 | | Share of Net Assets Calculated by Shareholding Ratio | 141,137,089.27 | 147,758,012.62 | | Carrying Amount of Equity Investment in Joint Venture | 143,377,483.3 | 148,204,572.16 | | Operating Revenue | 150,738,043.53 | 169,279,565.77 | | Net Profit | 15,401,822.34 | 16,621,440.71 | | Total Comprehensive Income | 15,401,822.34 | 16,621,440.71 | | Dividends Received from Joint Venture in Current Year | 12,528,000.00 | 12,528,000.00 | Key Financial Information of Significant Associates (Shanghai Sunshine Hotel Co., Ltd.) | Item | Period-End Balance/Current Period Amount (CNY) | Period-Beginning Balance/Prior Period Amount (CNY) | | :--- | :--- | :--- | | Current Assets | 89,374,432.79 | 90,834,558.45 | | Non-Current Assets | 1,720,416.58 | 1,741,151.80 | | Total Assets | 91,094,849.37 | 92,575,710.25 | | Current Liabilities | 1,681,307.36 | 1,550,331.76 | | Non-Current Liabilities | 10,000,000.00 | 10,000,000.00 | | Total Liabilities | 11,681,307.36 | 11,550,331.76 | | Equity Attributable to Parent Company Shareholders | 79,413,542.01 | 81,025,378.49 | | Share of Net Assets Calculated by Shareholding Ratio | 38,912,635.58 | 39,702,435.46 | | Carrying Amount of Equity Investment in Associate | 39,035,132.47 | 39,708,847.62 | | Operating Revenue | 249,626.36 | 343,496.36 | | Net Profit | -1,611,836.48 | -2,249,362.64 | | Total Comprehensive Income | -1,611,836.48 | -2,249,362.64 | [Government Grants](index=89&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This chapter discloses the company's government grant-related liabilities (deferred income), including period-end balances and current period changes, categorized by asset-related or income-related grants recognized in profit or loss Liability Items Involving Government Grants (Deferred Income) | Financial Statement Item | Period-Beginning Balance (CNY) | New Grant Amount for Current Period (CNY) | Recognized in Other Income for Current Period (CNY) | Period-End Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 134,931,372.66 | 14,709,000.00 | 7,704,166.38 | 141,936,206.28 | Asset-related | | Deferred Income | 205,525.41 | | 155,525.41 | 50,000.00 | Income-related | | Total | 135,136,898.07 | 14,709,000.00 | 7,859,691.79 | 141,986,206.28 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Asset-related | 7,704,166.38 | 4,834,765.94 | | Income-related | 9,954,459.60 | 3,724,799.54 | | Total | 17,658,625.98 | 8,559,565.48 | [Risks Related to Financial Instruments](index=90&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This chapter details the company's exposure to credit, liquidity, and market risks (including foreign exchange, interest rate, and other price risks), and outlines its strategies for managing these financial exposures - The company faces various financial risks in its operations: credit risk, liquidity risk, and market risk (including foreign exchange risk, interest rate risk, and other price risks)[390](index=390&type=chunk)[396](index=396&type=chunk) - The company manages credit risk by transacting with creditworthy counterparties, assessing customer creditworthiness and setting appropriate credit terms, continuously monitoring notes receivable and accounts receivable balances and recovery, and using aging analysis to assess impairment losses for accounts receivable and other receivables[392](index=392&type=chunk)[393](index=393&type=chunk) Book Balance and Bad Debt Provision for Credit Risk Assets as of June 30, 2025 | Item | Book Balance (CNY) | Bad Debt Provision (CNY) | | :--- | :--- | :--- | | Notes Receivable | 104,542,817.38 | 579,444.03 | | Accounts Receivable | 2,120,833,906.17 | 62,001,658.19 | | Other Receivables | 71,704,339.29 | 8,691,543.99 | | Total | 2,297,081,062.84 | 71,272,646.21 | - The company manages liquidity risk by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next 12 months, ensuring sufficient funds to repay debts under all reasonable projections[394](index=394&type=chunk) - Interest rate risk primarily arises from bank borrowings; floating-rate financial liabilities expose the company to cash flow interest rate risk; as of June 30, 2025, the company's total interest-bearing debt was **CNY 3.9638 billion**, with floating-rate debt totaling **CNY 1.5647 billion**; a **50 basis point increase or decrease** in floating interest rates would decrease or increase the company's net profit by **CNY 3.5817 million**[397](index=397&type=chunk) - Foreign exchange risk primarily stems from USD-denominated financial assets and liabilities; the company's finance department monitors the scale of foreign currency transactions and foreign currency assets and liabilities to minimize exposure to exchange rate risk[398](index=398&type=chunk) - Other price risks primarily arise from various equity instrument investments, entailing the risk of changes in equity instrument prices[399](index=399&type=chunk) [Disclosure of Fair Value](index=92&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This chapter discloses the period-end fair value of the company's assets and liabilities measured at fair value, detailing the determination basis for Level 1 measurements and the valuation techniques and key parameters for Level 3 measurements Period-End Fair Value of Assets Measured at Fair Value | Item | Level 1 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | | 1,331,900,000.00 | 1,331,900,000.00 | | Other Non-Current Financial Assets | 887,296.80 | 17,980,203.08 | 18,867,499.88 | | Total Assets Continuously Measured at Fair Value | 887,296.80 | 1,349,880,203.08 | 1,350,767,499.88 | - The company's Level 1 fair value equity instrument investments are listed company equities, with fair value determined by the closing price of the investee on June 30, 2025[403](index=403&type=chunk) Valuation Techniques and Key Parameters for Recurring and Non-Recurring Level 3 Fair Value Measurements | Item | Valuation Technique | Unobservable Input | Range (Weighted Average) | | :--- | :--- | :--- | :--- | | Unlisted Equity Investments (Other Equity Instrument Investments) | Market Approach | Price-to-Book Ratio Multiple | 0.81-1.91 | | | | Liquidity Discount Rate | 22.00%-22.40% | | Unlisted Equity Investments (Other Non-Current Financial Assets) | Net Asset Value | Not Applicable | Not Applicable | [Related Parties and Related Party Transactions](index=93&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This chapter identifies the company's related parties and details various related-party transactions, including purchases, sales, leases, guarantees, and fund transfers, along with an update on a significant equity transfer - Shanghai Zijiang (Group) Co., Ltd. is the company's parent company, holding **26.06%** of shares; legal representative Shen Wen is the actual controller, with a combined shareholding of **26.7158%**[407](index=407&type=chunk) - Information on the company's subsidiaries is detailed in Note "X. Interests in Other Entities"[408](index=408&type=chunk) - Significant joint ventures or associates include Hangzhou Zitai Packaging Co., Ltd., Zhengzhou Zitai Packaging Co., Ltd., Wuhan Zijiang Uni-President Enterprise Co., Ltd., and Suzhou Zixin Packaging Material Co., Ltd[408](index=408&type=chunk) - Other related parties include Shanghai Zizhu High-Tech Zone (Group) Co., Ltd., Shanghai Zihua Packaging Co., Ltd., Shanghai Zitai Property Management Co., Ltd., Shanghai Ziyan Mold Industrial Co., Ltd., Shanghai Zizhu Hotel Co., Ltd., and Shanghai Welltech Industrial Automation Co., Ltd[409](index=409&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services (Current Period) | Related Party | Related Party Transaction Content | Current Period Amount (CNY) | | :--- | :--- | :--- | | Shanghai Zihua Packaging Co., Ltd. | Purchase of raw materials, goods | 78,981.60 | | Wuhan Zijiang Uni-President Enterprise Co., Ltd. | Purchase of raw materials | 45,902,588.49 | | Shanghai Welltech Industrial Automation Co., Ltd. | Purchase of raw materials | 190,634.51 | | Hangzhou Zitai Packaging Co., Ltd. | Purchase of raw materials | 16,286.60 | | Shanghai Zitai Property Management Co., Ltd. | Acceptance of services | 797,946.30 | | Shanghai Zizhu Hotel Co., Ltd. | Acceptance of services | 97,664.15 | Related Party Transactions for Sale of Goods/Provision of Services (Current Period) | Related Party | Related Party Transaction Content | Current Period Amount (CNY) | | :--- | :--- | :--- | | Hangzhou Zitai Packaging Co., Ltd. | Processing fees, sales of material products | 955,519.59 | | Shanghai Zihua Packaging Co., Ltd. | Sales of raw materials, finished products | 7,867,918.79 | | Suzhou Zixin Packaging Material Co., Ltd. | Sales of raw materials | 3,213,384.95 | | Wuhan Zijiang Uni-President Enterprise Co., Ltd. | Sales of raw materials, finished products | 3,852,799.07 | | Zhengzhou Zitai Packaging Co., Ltd. | Sales of spare parts | 25,543.14 | | Shanghai Ziyan Mold Industrial Co., Ltd. | Provision of services | 24,082.57 | | Shanghai Zizhu Hotel Co., Ltd. | Sales of finished products | 2,867.26 | Related Party Leases as Lessor (Lease Income Recognized in Current Period) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (CNY) | | :--- | :--- | :--- | | Shanghai Zizhu High-Tech Zone (Group) Co., Ltd. | Property Lease Fee | 819,673.60 | | Hangzhou Zitai Packaging Co., Ltd. | Property Lease Fee | 285,163.20 | - The company provided guarantees for multiple subsidiaries as guarantor, with a total guarantee amount (A+B) of **CNY 771.5 million**, representing **12.52%** of the company's net assets[414](index=414&type=chunk)[70](index=70&type=chunk) Related Party Fund Borrowing/Lending (Lent Out) | Related Party | Borrowing/Lending Amount (CNY) | Start Date | Maturity Date | | :--- | :--- | :--- | :--- | | Hangzhou Zitai Packaging Co., Ltd. | 5,000,000.00 | 2024/12/10 | 2025/10/31 | | Hangzhou Zitai Packaging Co., Ltd. | 4,500,000.00 | 2025/4/1 | 2025/10/31 | - The company collected **CNY 107,486.43** in fund occupation fees from Hangzhou Zitai Packaging Co., Ltd. during the current period[418](index=418&type=chunk) - In July 2025, the company's board of directors approved the proposed transfer of **27.89%** of Shanghai Zijiang New Material Technology Co., Ltd. shares held by the company to Shanghai Welltech Industrial Automation Co., Ltd. for **CNY 298.5159 million**; upon completion, Zijiang New Material will no longer be included in the company's consolidated financial statements[419](index=419&type=chunk) Receivables from Related Parties (Period-End Book Balance) | Item Name | Related Party | Book Balance (CNY) | | :--- | :--- | :--- | | Accounts Receivable | Hangzhou Zitai Packaging Co., Ltd. | 1,291,075.10 | | Accounts Receivable | Shanghai Zihua Packaging Co., Ltd. | 12,037,119.45 | | Accounts Receivable | Suzhou Zixin Packaging Material Co., Ltd. | 1,437,480.00 | | Accounts Receivable | Wuhan Zijiang Uni-President Enterprise Co., Ltd. | 3,058,416.78 | | Other Receivables | Hangzhou Zitai Packaging Co., Ltd. | 9,500,000.00 | Payables to Related Parties (Period-End Book Balance) | Item Name | Related Party | Period-End Book Balance (CNY) | | :--- | :--- | :--- | | Accounts Payable | Shanghai Welltech Industrial Automation Co., Ltd. | 1,572,814.00 | | Accounts Payable | Wuhan Zijiang Uni-President Enterprise Co., Ltd. | 8,083,405.40 | | Contract Liabilities | Suzhou Zixin Packaging Material Co., Ltd. | 590,259.88 | | Contract Liabilities | Shanghai Zizhu Hotel Co., Ltd. | 1,320.00 | [Share-Based Payments](index=97&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) This chapter discloses the total value of equity instruments exercised by the company in the current period, along with the cumulative amounts of equity-settled share-based payments recognized in capital reserve and minority interests - The total amount of equity instruments exercised by the company in the current period was **CNY 615,736.08**[425](index=425&type=chunk) - The company transferred **30.83%** equity of Shanghai Zijiang International Trade Co., Ltd.; the difference between the disposal price and the share of subsidiary assets corresponding to the disposed long-term equity investment, without losing control, was recognized as share-based payment, amortized over 5 years, with a remaining term of 3 years and 5 months[425](index=425&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserve was **CNY 425,885.56**, and the amount recognized in minority interests was **CNY 189,850.52**[427](index=427&type=chunk) [Commitments and Contingencies](index=97&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) This chapter discloses the company's significant commitments at the balance sheet date, primarily involving collateralized borrowings using subsidiary assets, and refers to related-party guarantees for contingencies - The company provided guarantees for borrowings using the factory building at 1280 Lanxiang South Road (original book value **CNY 154.44 million**, book value **CNY 137.71 million**) and land use rights (original book value **CNY 38.84 million**, book value **CNY 29.94 million**) of Shanghai Zijiang New Material Application Technology Co., Ltd., a wholly-owned subsidiary of its controlled subsidiary Shanghai Zijiang New Material Technology Co., Ltd., as collateral; as of June 30, 2025, the loan balance was **CNY 76.9237 million**[427](index=427&type=chunk)[428](index=428&type=chunk) - Contingencies are detailed in Note XIV, 5, (4) Related Party Guarantees[429](index=429&type=chunk) [Events After the Balance Sheet Date](index=98&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) This chapter details the company's 2024 annual profit distribution, implemented post-balance sheet date, and provides an update on the proposed transfer of 27.89% equity in Zijiang New Material based on a recent valuation Profit Distribution | Item | Amount (CNY) | | :--- | :--- | | Proposed Profit or Dividend Distribution | 455,020,847.40 | | Profit or Dividend Declared and Distributed After Approval | 455,020,847.40 | - The company's 2024 annual profit distribution plan was implemented on July 18, 2025, distributing a **cash dividend of CNY 3.00 per 10 shares (tax inclusive)** to all shareholders, based on the total share capital of **1,516,736,158 shares** at the end of 2024, totaling **CNY 455,020,847.40 (tax inclusive)**[430](index=430&type=chunk) - On July 15, 2025, the company's board of directors approved the proposed transfer of **27.89%** of shares in its controlled subsidiary, Shanghai Zijiang New Material Technology Co., Ltd., to Shanghai Welltech Industrial Automation Co., Ltd. for **CNY 298.5159 million**[431](index=431&type=chunk) - The transaction price is based on the valuation, with a valuation date of March 31, 2025; the appraised value of Zijiang New Material's total shareholder equity is **CNY 1.1 billion**, representing an appreciation of **CNY 564.9961 million** compared to net assets, with an appreciation rate of **105.61%**[432](index=432&type=chunk) [Other Significant Matters](index=98&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This chapter confirms that there were no prior period accounting error corrections during the reporting period - There were no prio

Group 1 - The company reported a revenue of 5.248 billion yuan for the first half of 2025, representing a year-on-year increase of 12.43% [1] - The net profit for the same period was 473 million yuan, showing a year-on-year growth of 33.39% [1]

Group 1: Industry Overview - The Chinese packaging industry can be divided into three competitive tiers based on revenue: the first tier includes companies like Yutong Technology, Aorikin, and Hexing Packaging with revenues over 10 billion yuan; the second tier includes Baosteel Packaging, Shengxing Co., and Shandong Pharmaceutical Glass with revenues between 3 billion and 10 billion yuan; the third tier consists of companies like Jinfutec, Xianggang Technology, and Longlide with revenues below 3 billion yuan [1][6] - The industry is characterized by a fragmented market structure, with many small-scale companies lacking innovation capabilities, leading to disordered competition in the low-end market [6][13] - The market concentration in the packaging industry is low, with the top 10 companies (CR10) holding less than 5% market share, indicating a need for further consolidation [6][13] Group 2: Market Segmentation - The packaging industry in China is segmented into glass packaging, paper packaging, plastic packaging, and metal packaging, with leading companies in each category: Shandong Pharmaceutical Glass and Zhengchuan Co. for glass; Wanshun New Materials and Shanying International for paper; Tongchan Lixing and Hongyu Packaging for plastic; and Shengxing Packaging and Jiamei Packaging for metal [4][9] Group 3: Competitive Landscape - The competitive landscape shows that leading companies like Shandong Pharmaceutical Glass and Zhengchuan Co. have extensive business layouts covering regions such as North America, Europe, Japan, and Southeast Asia [8][9] - The majority of packaging companies focus on specific materials, with Shandong Pharmaceutical Glass leading in medicinal glass, while companies like Dashing and Wanshun New Materials dominate the paper packaging sector [10][11] - The industry is experiencing a strong demand growth driven by the increasing consumption of food and beverages, which indirectly boosts the demand for packaging products [14]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - In the light manufacturing industry, there are 176 A-share listed companies that disclosed complete CFO information [1] - The highest-paid CFO is Qin Zhengyu from Zijiang Enterprise, with a salary of 4.01 million yuan, while the lowest is Jie Baohai from ST Huapeng, earning only 54,500 yuan [5] Group 2 - Among the 175 CFOs, the age group of 40-49 years comprises 43.75%, while those aged 50-59 years account for 38.64% [3] - The youngest CFO is Zhu Weiqing from Shuangqiang Technology, born in 1992, making him 33 years old [3] - The educational background of CFOs shows that 59.66% hold a bachelor's degree, while only 1.1% have a doctoral degree [5]

Group 1 - As of July 30, 2025, the stock price of Zijiang Enterprise closed at 6.39 yuan, down by 0.01 yuan, representing a decline of 0.16% from the previous trading day [1] - The trading volume on that day was 170,990 hands, with a total transaction amount of 1.09 billion yuan [1] - Zijiang Enterprise is primarily engaged in the research, development, production, and sales of packaging materials, covering various fields such as plastic and metal packaging [1] Group 2 - The company's products are widely used in industries such as food and beverage, as well as daily chemical products [1] - On the evening of July 30, Zijiang Enterprise announced that it does not provide guarantees for its controlling shareholders and actual controllers or their affiliates, and there are no overdue guarantee situations [1]

（文章来源：证券日报） 证券日报网讯 7月30日晚间，紫江企业发布公告称，公司不存在对控股股东和实际控制人及其关联人提 供担保的情形。公司无逾期担保。 ...

证券代码：600210 证券简称：紫江企业 公告编号：临 2025-022 上海紫江企业集团股份有限公司 关于为子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | | 上海紫江彩印包装有限公司 万元 | | | --- | --- | --- | --- | --- | | | | 1,500.00 | | | | 担保对象 | 实际为其提供的担保余额 | 15,500.00 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 （二） 内部决策程序 公司于 2025 年 3 月 26 日召开第九届董事会第十二次会议，审议通过了《关 于为控股子公司提供担保额度的议案》，同意本次为以下控股子公司提供担保额 度：（1）为上海紫江国际贸易有限公司提供担保 10,000 万元；（2）为上 ...

Group 1 - CATL has established a new energy company named Dongying Times Zero Carbon New Energy Technology Co., Ltd., focusing on carbon reduction and renewable energy technologies [2] - Funeng Technology received a development notification from GAC Group for battery pack assembly, expected to start supply within the year [3] - Chuangming New Energy signed a strategic cooperation agreement with Pinggao Group to develop mobile energy storage solutions [4] Group 2 - Chuangneng New Energy signed a long-term cooperation agreement with Nord Shares to procure 160,000 tons of copper foil materials over the next five years [5] - Ruipu Lanjun's revenue for the first half of the year is expected to be between 9.3 billion to 9.8 billion RMB, a growth of approximately 22.4% to 29.0% year-on-year [6] - Honeycomb Energy's second-generation battery has officially rolled off the production line, featuring a capacity of 65 kWh and ultra-fast charging capabilities [7] Group 3 - XWANDA's 20 GWh battery production project in Yiwu has received environmental approval, aiming for significant production capacity [8] - BYD has applied for a patent to increase the range of electric vehicles without changing battery pack dimensions [9][10] - Hunan Youneng plans to invest in a lithium battery cathode material project in Malaysia with a total investment of approximately 9.5 billion RMB [13] Group 4 - Jiangsu Yecheng New Materials' project for producing 400,000 tons of lithium battery anode materials has been approved [14] - Lithium Tai New Energy completed a million yuan angel round financing to advance battery safety technology [15] - Dingsheng New Materials announced a delay in the construction of its 800,000 tons battery foil project to December 2027 [16] Group 5 - Shanghai Weitai plans to acquire a 51% stake in Zhijiang New Materials, aiming to enter the lithium battery materials sector [17] - A new integrated phosphate-coal chemical project with a total investment of approximately 73 billion RMB has commenced construction [18][19] - Sichuan Wuke Jinsilicon received strategic investment to enhance its silicon-carbon anode material production capabilities [20] Group 6 - A 20 million RMB lithium battery composite new materials project has been signed in Jiangsu [21] - Yifei Laser delivered a new production line for large cylindrical batteries to a leading global battery customer [23] - Jing Shan Light Machinery has begun mass production of battery equipment for the energy storage sector [24] Group 7 - The Chinese lithium battery stacking equipment market is projected to reach 3.6 billion RMB in 2024, with a decline of 21.74% year-on-year [25] - A 18,000-ton lithium battery recycling project is set to be established in Heilongjiang [29] - A 48,000-ton lithium battery recycling project is proposed in Guangdong, with an investment of 651 million RMB [31] Group 8 - A new project for processing 60,000 tons of power batteries and 2 GWh of energy storage has been launched in Guangdong [32] - A 38,000-ton lithium battery recycling project is planned in Jiangxi [33] - BMW Group announced the establishment of a wholly-owned subsidiary in Nanjing, enhancing its information technology capabilities [35] Group 9 - XPeng Motors announced that its MONA M03 model has surpassed 150,000 cumulative deliveries [36] - Great Wall Motors reported a total revenue of 52.3 billion RMB for Q2 2025, a year-on-year increase of 7.8% [37] - BYD's 13 millionth electric vehicle has rolled off the production line [38] Group 10 - Chery aims to rank among the top ten global automotive manufacturers by the end of the year [39] - Mitsubishi Motors announced its complete withdrawal from the Chinese market [40][41] - Tesla's Model 3 has surpassed 3 million units in global sales [42]