Group 1 - The company, Chitianhua, announced the convening of its 17th meeting of the 9th Board of Directors on August 19, 2025, via communication voting [2] - The meeting reviewed the "2025 Semi-Annual Report" and its summary [2] - For the year 2024, the revenue composition of Chitianhua is as follows: Chemicals accounted for 91.7%, Medical industry 4.36%, Other businesses 3.29%, and Coal industry 0.64% [2]

贵州赤天化股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况的 专项报告 一、 募集资金基本情况 经中国证券监督管理委员会《关于核准贵州赤天化股份有限公司 向贵州渔阳贸易有限公司发行股份购买资产并募集配套资金的批复》 （证监许可[2016]2005号）核准，公司以非公开发行方式发行人民币 普 通 股 （ A 股 ） 327,787,021 股 ， 募 集 资 金 总 额 为 人 民 币 1,969,999,996.21元，扣除发行费等相关费用后，实际募集资金净额 为1,943,799,996.25元。上述资金于2016年10月14日到账，经亚太（集 团）会计师事务所（特殊普通合伙）予以验证，并出具亚会A验字（2016） 0212号《验资报告》，公司对募集资金采取了专户存储制度。 截至2024年12月31日，公司累计使用募集资金157,031.80万元， 闲置募集资金用于暂时补充流动资金的滚动余额为38,110.00万元。 2025年上半年，公司使用募集资金投入项目2,524.37万元，并已 将前述闲置募集资金用于暂时补充流动资金全部归还至公司募集资 金专用账户。经公司2025年第二次临时股东大会 ...

证券代码：600227 证券简称：赤 天 化 编号：2025-055 贵州赤天化股份有限公司 2025 年半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信 息披露》第二号——煤炭、第十三号——化工，以及《上海证券交易 所关于做好主板上市公司 2025 年半年度报告披露工作的重要提醒》 要求，现将贵州赤天化股份有限公司（以下简称：公司）化工和煤炭 业务板块 2025 年半年度主要经营数据披露如下： | 指标项目 | 2025 年半年度 | | --- | --- | | 煤炭产量（吨） | 130,146.51 | | 煤炭销量（吨） | 88,675.16 | | 煤炭销售收入（万元） | 2,129.52 | | 销售成本（万元） | 4,687.97 | | 毛利（万元） | -2,558.45 | 一、煤炭业务 报告期内：全资子公司贵州安佳矿业有限公司（以下简称：安佳 矿业）通过优化管理技术团队、设备升级、技术提升，生产经营逐步 进入正 ...

根据化工企业连续生产的特点，为了确保生产装置能够更加安全、 稳定、高效地运行，贵州赤天化股份有限公司（以下简称"公司"） 全资子公司贵州赤天化桐梓化工有限公司（以下简称"桐梓化工"） 按照年度工作计划安排，决定自 2025 年 8 月 20 日开始对生产装置进 行计划停车检修，预计检修时间为 35 天。 桐梓化工生产装置设计年产能为 52 万吨尿素、30 万吨甲醇及 10 万吨复合肥，桐梓化工本次停车检修属于年度例行停车检修，不影响 公司年度产量计划的完成，也不会对公司 2025 年度的经营业绩产生 较大影响。 公司指定信息披露媒体为《中国证券报》、《证券时报》、《上 海证券报》和上海证券交易所网站（www.sse.com.cn），公司所有信 息均以在上述指定媒体刊登的内容为准，敬请广大投资者注意投资风 险。 特此公告 证券代码:600227 证券简称:赤 天 化 编号:2025-056 贵州赤天化股份有限公司 关于全资子公司桐梓化工生产装置停产检修的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 贵州赤天化股份有限公司 ...

证券代码：600227 证券简称：赤 天 化 公告编号：2025-054 贵州赤天化股份有限公司 第九届十五次监事会会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 贵州赤天化股份有限公司（以下简称：公司）第九届十五次监事 会会议通知于 2025 年 8 月 9 日以书面送达、电子邮件等方式发出， 会议于 2025 年 8 月 19 日以通讯表决的方式召开。会议应参加表决监 事 3 名，实际参加表决监事 3 名，本次会议的召集、召开程序符合《公 司法》和《公司章程》的有关规定，会议及表决合法有效。 二、监事会会议审议情况 本次监事会会议决议如下： （一）审议通过《<2025 年半年度报告>及报告摘要》 监事会认为：公司半年度报告编制和审议程序符合法律、法规、 《公司章程》和公司内部管理制度的各项规定；半年度报告的内容和 格式符合中国证监会和上海证券交易所的各项规定，所包含的信息能 全面、真实地反映出公司 2025 年上半年的经营管理和财务状况等事 项；在提出本意见前，未发现参与半年度报告编制 ...

贵州赤天化股份有限公司 第九届十七次董事会会议决议公告 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。 一、董事会会议召开情况 贵州赤天化股份有限公司（以下简称：公司）第九届十七次董事 会会议通知于 2025 年 8 月 9 日以书面送达、电子邮件等方式发出， 会议于 2025 年 8 月 19 日以通讯表决的方式召开。会议应参加表决董 事 9 名，实际参加表决董事 9 名，本次会议的召集、召开程序符合《公 司法》和《公司章程》的有关规定，会议及表决合法有效。 二、董事会会议审议情况 本次董事会会议决议如下： （一）审议通过《<2025 年半年度报告>及报告摘要》 本议案提交董事会前已经董事会审计委员会 2025 年第三次会议 审议通过，并提交公司董事会审议。 审计委员会认为：公司 2025 年半年度报告真实、准确、完整地 反映了公司 2025 年半年度的财务状况和经营成果，截至本意见出具 日未发现存在相关的欺诈、舞弊行为及重大错报的情形。 证券代码：600227 证券简称：赤 天 化 公告编号：2025-053 表决结果：同 ...

[Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's fundamental information and a summary of its key financial performance indicators [Basic Company Information](index=4&type=section&id=I.%20Company%20Information) This chapter provides basic information about Guizhou Chitianhua Co., Ltd., including its name, stock code, legal representative, contact details, and registered and office addresses, noting a name and stock abbreviation change in 2023 Basic Company Information | Item | Information | | :--- | :--- | | **Company Chinese Name** | Guizhou Chitianhua Co., Ltd. | | **Company Chinese Abbreviation** | Chitianhua | | **Stock Code** | 600227 | | **Stock Abbreviation Before Change** | Shengjitang | | **Legal Representative** | Ding Linhong | | **Registered Address** | Pharmaceutical Park, Qingzhen City, Guiyang, Guizhou Province | | **Office Address** | Chitianhua Building, No. 28 Yangguan Avenue, Guanshanhu District, Guiyang, Guizhou Province | [Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 5.86% year-on-year, but net profit attributable to shareholders expanded its loss, while net cash flow from operating activities significantly grew by 74.67%, and total assets and net assets slightly decreased from the beginning of the period Main Accounting Data | Main Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Million Yuan) | 1,129.55 | 1,067.05 | 5.86 | | Net Profit Attributable to Shareholders (Million Yuan) | -48.95 | -36.74 | Not Applicable | | Net Cash Flow from Operating Activities (Million Yuan) | 170.91 | 97.84 | 74.67 | | **Asset Status** | **End of Current Period** | **End of Prior Year** | **Period-end vs. Period-start Change (%)** | | Total Assets (Million Yuan) | 4,626.12 | 4,835.57 | -4.33 | | Net Assets Attributable to Shareholders (Million Yuan) | 2,501.22 | 2,544.80 | -1.71 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.0290 | -0.0217 | Not Applicable | | Weighted Average Return on Net Assets (%) | -1.94 | -1.38 | Decreased by 0.56 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 1.12 million Yuan, primarily from government subsidies, partially offset by other net non-operating income and expenses Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Million Yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 1.97 | | Gains or losses from debt restructuring | -0.04 | | Other non-operating income and expenses apart from the above | -0.94 | | Other income and loss items meeting the definition of non-recurring gains and losses | 0.12 | | **Total** | **1.12** | [Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operational performance, financial condition, and future outlook [Industry and Main Business Overview](index=7&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's main businesses span three segments: chemicals, medical services, and coal, with core products including urea and methanol in chemicals, specialized oncology hospital services in medical, and anthracite and thermal coal mining and sales in coal, detailing each segment's products, operating models, and market conditions - The company primarily operates in three major businesses: - **Chemical Business**: Wholly-owned subsidiary Tongzi Chemical, with main products including urea, methanol, and compound fertilizers - **Medical Services Business**: Wholly-owned subsidiary Daqin Hospital, a tertiary specialized oncology hospital - **Coal Business**: Wholly-owned subsidiary Anjia Mining, responsible for coal mining and sales at Huaqiu No. 2 Mine[26](index=26&type=chunk) - Operating models for each business segment: - **Chemicals**: Raw material coal purchased with annual volume lock and monthly pricing; continuous production with annual overhauls; sales primarily through distributors, with methanol also direct sales - **Medical**: Procurement of drugs, consumables, and other materials based on demand plans, through invitation for bids, competitive negotiations, and price inquiries; services provided under the philosophy of 'specialized disease, specialized department, specialized treatment' - **Coal**: Utilizes underground mining and comprehensive mining technology; sales channels primarily Tongzi Chemical and Tongzi Power Plant, with pricing based on market rates[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - In the first half of 2025, domestic urea prices initially rose then fell, the compound fertilizer market showed cost-driven increases, and methanol prices generally exhibited a trend of 'initial rise, then fall, followed by recovery'[32](index=32&type=chunk)[34](index=34&type=chunk)[37](index=37&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved operating revenue of 1.13 billion Yuan, a 5.86% year-on-year increase, while net profit attributable to the parent company was -48.95 million Yuan, with losses expanding year-on-year, driven by increased chemical product sales and rising medical service volumes, though overall net profit declined due to continued losses in medical and coal businesses despite increased chemical profitability Business Segment Performance | Business Segment | Operating Revenue (Million Yuan) | YoY Change | Total Profit (Million Yuan) | YoY Change | Operational Highlights | | :--- | :--- | :--- | :--- | :--- | :--- | | **Chemical Business** | 1,038.82 | +2.59% | 101.64 | +11.14% | Increased urea and methanol production and sales, decreased raw coal prices | | **Medical Services Business** | 68.36 | +52.61% | -67.49 | Loss reduced by 3.72 million Yuan | Steady increase in business scale, oncology patients account for 70% | | **Coal Business** | 21.31 | +190.70% | -65.46 | (Loss) | Significant increase in raw coal production and sales, but still loss-making due to falling market prices and costs | - Tongzi Chemical improved production efficiency and cost control through technical upgrades, reducing standard coal consumption per ton of ammonia by **100 kg/t** and power consumption by **55.09 kWh/t** year-on-year[45](index=45&type=chunk) - Daqin Hospital rapidly developed its business through deepened community collaboration, introduction of cutting-edge technologies (such as the Yttrium-90 assistance program), and establishment of an internet hospital, with oncology department revenue reaching **29.57 million Yuan**[46](index=46&type=chunk) - Anjia Mining advanced safety production standardization and updated comprehensive mining equipment, leading to a **445.38%** year-on-year increase in output, but annual plan completion was below expectations due to gas management and policy-related shutdowns[47](index=47&type=chunk)[49](index=49&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from unique advantages across its three business segments: strong brand, channels, and upstream/downstream integration in chemicals; a top-tier expert team and advanced diagnostic equipment in medical services; and abundant resource reserves, superior geographical location, and high mechanization levels in coal - **Chemical Business**: - **Brand and Channels**: 'Chi' brand urea holds a high market share in Guizhou with strong brand loyalty - **Technology and Location**: Utilizes world-leading technology for high product quality; strategically located at a transportation hub, offering significant logistics advantages - **Upstream and Downstream Integration**: Anjia Mining can supply fuel coal, reducing production costs - **R&D Innovation**: Obtained **8** utility model patent authorizations during the reporting period[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - **Medical Services Business**: - **Expert Team**: Comprises over **50** oncology diagnosis and treatment experts from Beijing, Huaxi, and other regions - **Diagnostic Equipment**: Equipped with nearly **300 million Yuan** worth of international top-tier equipment, such as CyberKnife M6 and PET-CT - **Technological Leadership**: Approved as the first in Guizhou Province for the Yttrium-90 microsphere precision interventional therapy project, filling a provincial gap[53](index=53&type=chunk)[54](index=54&type=chunk) - **Coal Business**: - **Resources and Synergy**: Huaqiu No. 2 Mine boasts abundant coal reserves and excellent coal quality, forming significant synergistic effects with the company's chemical and power plants - **Geographical Location**: Proximate to major transportation lines, facilitating convenient transport and effectively reducing logistics costs - **Production Efficiency**: Achieved **100%** mechanization coverage in mining and excavation, ensuring safe and efficient production[54](index=54&type=chunk)[55](index=55&type=chunk) [Financial Analysis of Key Operating Conditions](index=14&type=section&id=IV.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) This chapter provides an in-depth financial analysis of the company's operating conditions, noting a synchronous increase in operating revenue and costs, an 88% surge in selling expenses due to hospital marketing, significant reductions in prepayments and construction in progress, and a detailed discussion of risks faced by each business segment along with corresponding countermeasures [Analysis of Financial Statement Account Changes](index=14&type=section&id=1.%20Analysis%20Table%20of%20Changes%20in%20Financial%20Statement%20Accounts%20Related%20to%20Main%20Business%20Analysis) During the reporting period, operating revenue and costs grew largely in sync, selling expenses surged by 87.99% year-on-year primarily due to increased marketing costs for Daqin Hospital and power coal subsidies for Anjia Mining, R&D expenses decreased by 31.32% due to reduced energy costs in chemical R&D, and net cash flow from operating activities increased by 74.67% year-on-year, mainly driven by higher sales collections Financial Statement Account Changes | Account | Current Period Amount (Million Yuan) | Prior Period Amount (Million Yuan) | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,129.55 | 1,067.05 | 5.86 | Increased methanol and coal production/sales and hospital patient visits | | Selling Expenses | 15.64 | 8.32 | 87.99 | Increased marketing expenses for Daqin Hospital and power coal subsidies for Anjia Mining | | R&D Expenses | 22.96 | 33.43 | -31.32 | Reduced energy costs consumed in chemical R&D | | Net Cash Flow from Operating Activities | 170.91 | 97.84 | 74.67 | Increased cash received from sales of goods and provision of services | [Analysis of Assets and Liabilities](index=15&type=section&id=(II)%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were 4.63 billion Yuan, a 4.33% decrease from the beginning of the period, with key changes including a 49.36% reduction in prepayments due to decreased coal prepayments, an 88.07% significant decrease in construction in progress due to the capitalization of hospital staff dormitories, and a 29.25% increase in short-term borrowings due to increased financial institution loans Assets and Liabilities Changes | Item Name | Current Period End Amount (Million Yuan) | Prior Year End Amount (Million Yuan) | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 74.54 | 147.20 | -49.36 | Decrease in prepaid coal purchase payments | | Construction in Progress | 9.17 | 76.88 | -88.07 | Capitalization of Daqin Hospital staff dormitories | | Short-term Borrowings | 568.96 | 440.19 | 29.25 | Increase in financial institution borrowings | | Contract Liabilities | 101.70 | 170.02 | -40.18 | Decrease in balance of advances from customers | [Analysis of Major Holding and Participating Companies](index=18&type=section&id=(V)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, core subsidiary Tongzi Chemical achieved a net profit of 102 million Yuan, serving as the company's primary profit source, while Daqin Hospital and Anjia Mining remained in a loss-making state, with net losses of 67.49 million Yuan and 63.62 million Yuan respectively, dragging down the company's overall performance Major Holding and Participating Companies Performance | Company Name | Main Business | Total Assets (Million Yuan) | Net Assets (Million Yuan) | Operating Revenue (Million Yuan) | Net Profit (Million Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Tongzi Chemical** | Chemical Products | 2,738.25 | 1,643.72 | 1,038.82 | 101.63 | | **Daqin Hospital** | Medical Services | 1,131.70 | 317.20 | 68.36 | -67.49 | | **Anjia Mining** | Coal Mining | 1,061.64 | -141.10 | 21.31 | -63.62 | [Risk Analysis](index=19&type=section&id=(I)%20Potential%20Risks) The company faces multiple risks across its three business segments: chemicals, medical, and coal, with chemical industry risks including raw material supply, product market fluctuations, and environmental regulation; medical industry risks encompassing policy, talent, and competition; and coal industry risks involving industry oversight and safety/environmental production, for which the company has developed corresponding countermeasures - **Chemical Industry Risks**: - Raw coal supply and price fluctuation risks - Product market price downturn risks - Strengthened environmental regulation and 'dual carbon' policy risks[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - **Medical Services Industry Risks**: - Medical policy change risks - Risk of high-level medical talent loss and recruitment difficulty - Medical quality and technology risks, and intensified market competition risks[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) - **Coal Industry Risks**: - Tightening industry regulation, potentially facing production halts for rectification - Safety and environmental production risks, such as gas exceedance or outburst risks[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Corporate Governance, Environment, and Society](index=22&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, including personnel changes, and outlines its commitment to environmental protection and social responsibility initiatives [Corporate Governance and Social Responsibility](index=22&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company saw a change in supervisors with Ms. Yang Yang's resignation and Mr. Cai Zhanwei's election as the new supervisor, with no profit distribution or capital reserve capitalization plan for the half-year, while actively engaging in rural revitalization and other public welfare activities, donating a total of 1.04 million Yuan in cash and goods during the first half - In January 2025, company supervisor Ms. Yang Yang resigned due to work adjustments, and the shareholders' meeting elected Mr. Cai Zhanwei as the new supervisor[82](index=82&type=chunk) - The company has no profit distribution or capital reserve capitalization plan for this half-year period[83](index=83&type=chunk) - During the reporting period, the company actively fulfilled its social responsibilities, donating a total of **1.04 million Yuan** in cash and goods in the first half for rural revitalization, student aid, social welfare, and free medical clinics[85](index=85&type=chunk) [Significant Matters](index=24&type=section&id=Section%20V%20Significant%20Matters) This section details key events and developments impacting the company, including commitment fulfillment, major litigation, related party transactions, and the use of raised funds [Fulfillment of Commitments](index=24&type=section&id=I.%20Fulfillment%20of%20Commitments) This chapter outlines various commitments made by relevant parties since the company's major asset restructuring in 2016 and asset swap transaction in 2023, noting that shareholder Yuyang Company has not fully met its performance compensation obligations due to its pledged shares, while other commitments regarding non-competition, related-party transactions, and maintaining the listed company's independence remain ongoing - Shareholder Yuyang Company failed to meet its performance commitments for 2016-2019 and has not fully fulfilled its performance compensation obligations due to all its company shares being pledged[88](index=88&type=chunk) - The company's controlling shareholder and actual controller's commitments regarding avoiding horizontal competition, regulating related-party transactions, and ensuring the listed company's independence remained effective and were complied with during the reporting period[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk) - In the 2023 asset swap transaction, the counterparty committed to achieving agreed net profits for the injected assets during the 2023-2027 performance commitment period, with a cash compensation mechanism in place[93](index=93&type=chunk) [Major Litigation and Arbitration Matters](index=32&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company was involved in two major lawsuits: a debt dispute case related to subsidiary Huaqiu Mining, where the second instance final judgment upheld the first instance, dismissing claims unfavorable to the company, and a goods payment dispute lawsuit initiated by the company, which concluded as the opposing party did not appeal, though the related accounts receivable have been fully provisioned for bad debts - Regarding the debt dispute between Yuetong Company and Huaqiu Mining, the second instance judgment upheld the original verdict, dismissing the plaintiff's claims for the company to bear repayment responsibilities, and this final judgment had no substantial impact on the company[95](index=95&type=chunk) - The lawsuit initiated by the company regarding outstanding payments from Guizhou Provincial Agricultural Production Materials Company concluded after the first instance judgment as the opposing party did not appeal; the company has fully provisioned for bad debts on this **17.89 million Yuan** receivable[97](index=97&type=chunk) [Major Related Party Transactions](index=33&type=section&id=X.%20Major%20Related%20Party%20Transactions) During the reporting period, the company conducted multiple routine related-party transactions, all within the scope of annual forecasts and shareholder approval, primarily involving the procurement of drugs and medical equipment from related parties, and payment of guarantee fees to related parties, with all transactions implemented as planned - The company anticipates total routine related-party transactions of approximately **65.80 million Yuan** for 2025, including product purchases, catering services, and property leases, all of which were implemented within the approved scope during the reporting period[100](index=100&type=chunk) - The company approved guarantee fee payments to related parties such as Chitianhua Group not exceeding an estimated **34.64 million Yuan**, with **1.51 million Yuan** paid during the reporting period[101](index=101&type=chunk)[102](index=102&type=chunk) [Explanation of Progress in Use of Raised Funds](index=38&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company raised a net amount of 1.94 billion Yuan in 2016, with cumulative investment reaching 1.60 billion Yuan by the end of the reporting period, representing an 82.08% progress rate, and during the period, the company decided to close the 'Guiyang Guanshanhu Oncology Hospital and Guiyang Shengjitang Diabetes Hospital Construction Project' and permanently supplement working capital with the remaining 357 million Yuan (including interest), with relevant special accounts now cancelled - The company adjusted the investment scale and closed the 'Guiyang Guanshanhu Oncology Hospital and Guiyang Shengjitang Diabetes Hospital Construction Project' due to a reduction in actually approved land area and the existing scale's ability to meet market demand[109](index=109&type=chunk)[115](index=115&type=chunk) - In June 2025, the company permanently supplemented working capital with remaining raised funds of **356.92 million Yuan** (including interest) and completed the cancellation procedures for the relevant special fundraising accounts[110](index=110&type=chunk)[115](index=115&type=chunk) [Share Changes and Shareholder Information](index=43&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital movements and detailed information on its shareholders, including major holders and their shareholding status [Shareholder Information](index=43&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 67,801 common shareholders, with controlling shareholder Guizhou Yuyang Trading Co., Ltd. holding 26.25% of shares, all of which are pledged, and China Great Wall Asset Management Co., Ltd. and its concerted parties holding a significant combined stake among the top ten shareholders Top Shareholders | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Guizhou Yuyang Trading Co., Ltd. | 443,326,840 | 26.25 | Pledged | 443,326,840 | | Great Wall Guorong Investment Management Co., Ltd. | 95,660,378 | 5.66 | None | - | | China Great Wall Asset Management Co., Ltd. | 94,339,622 | 5.59 | None | - | - As of the end of the reporting period, the company had a total of **67,801** common shareholders[121](index=121&type=chunk) [Bond-Related Information](index=46&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides an overview of the company's bond instruments, including corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible bonds [Corporate Bond Information](index=46&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during this reporting period[129](index=129&type=chunk) [Financial Report](index=47&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and specific financial items [Financial Statements](index=47&type=section&id=II.%20Financial%20Statements) This chapter includes the company's unaudited consolidated and parent company financial statements for the first half of 2025, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows for the first half of the year - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **4.63 billion Yuan**, total liabilities were **2.13 billion Yuan**, and owners' equity attributable to the parent company was **2.50 billion Yuan**[131](index=131&type=chunk)[133](index=133&type=chunk) - The consolidated income statement indicates that in the first half of 2025, the company achieved total operating revenue of **1.13 billion Yuan**, a total loss of **50.59 million Yuan**, and net loss attributable to parent company shareholders of **48.95 million Yuan**[138](index=138&type=chunk)[139](index=139&type=chunk) - The consolidated cash flow statement shows that in the first half of 2025, net cash flow from operating activities was **171 million Yuan**, net cash flow from investing activities was **-62 million Yuan**, and net cash flow from financing activities was **-119 million Yuan**[145](index=145&type=chunk)[147](index=147&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The company's financial statements are prepared on a going concern basis in accordance with enterprise accounting standards, with this chapter detailing key accounting policies such as financial instrument classification and measurement, recognition of expected credit losses, inventory valuation methods, fixed asset depreciation, intangible asset amortization, capitalization conditions for research and development expenditures, and revenue recognition principles - **Revenue Recognition**: Revenue is recognized when the customer obtains control of the related goods or services; chemical products are typically recognized upon customer pickup or delivery to a designated location, while medical services are recognized upon provision[242](index=242&type=chunk)[243](index=243&type=chunk) - **Impairment of Financial Assets**: Impairment accounting is performed based on expected credit losses; for accounts receivable, loss provisions are always measured at an amount equal to the expected credit losses over the entire lifetime[192](index=192&type=chunk)[195](index=195&type=chunk) - **Research and Development Expenditures**: Distinguished into research and development phases; research phase expenditures are expensed, while development phase expenditures are capitalized when specific conditions are met[229](index=229&type=chunk) - **Depreciation of Fixed Assets**: Calculated using the straight-line method, with depreciation periods of **20-40 years** for buildings and structures, and **5-18 years** for machinery and equipment[223](index=223&type=chunk) [Notes to Consolidated Financial Statement Items](index=87&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed explanations and analyses of each item in the consolidated financial statements, including the composition, changes, and related details of key accounts such as monetary funds, receivables, inventories, fixed assets, construction in progress, borrowings, payables, and revenue costs, serving as an important supplement for understanding the company's specific financial position - Of the **316 million Yuan** in monetary funds at period-end, **224 million Yuan** are restricted funds, primarily for acceptance bill deposits, frozen bank funds, and environmental governance restoration funds[263](index=263&type=chunk) - Accounts receivable balance at period-end was **112 million Yuan**, with bad debt provisions of **80.47 million Yuan**, resulting in a carrying value of **31.46 million Yuan**, of which **55.91 million Yuan** was individually provisioned for bad debts[271](index=271&type=chunk) - Inventory carrying value at period-end was **307 million Yuan**, including **49.24 million Yuan** in inventory impairment provisions, primarily for raw materials and finished goods[297](index=297&type=chunk)[299](index=299&type=chunk) - Short-term borrowings at period-end were **569 million Yuan**, and long-term borrowings were **465 million Yuan**, both secured by collateral or guarantees[356](index=356&type=chunk)[381](index=381&type=chunk) [Related Parties and Related Party Transactions](index=144&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This chapter discloses the company's parent company, subsidiaries, joint ventures, associates, and other related parties, detailing related-party transactions during the reporting period, primarily including procurement of goods, provision of services, related-party leases, and related-party guarantees, along with the period-end balances of receivables from and payables to related parties - The company's parent company is Guizhou Yuyang Trading Co., Ltd., holding **26.25%** of shares, with Ding Linhong as the ultimate controlling party[458](index=458&type=chunk)[460](index=460&type=chunk) - During the reporting period, the company procured drugs, materials, etc., from related parties totaling **20.28 million Yuan**; provided catering, health check-up, and other services totaling **0.10 million Yuan**[464](index=464&type=chunk)[466](index=466&type=chunk) - As a guaranteed party, the company received guarantees from its controlling shareholder, related parties, and itself, primarily for the financing of subsidiaries Tongzi Chemical and Daqin Hospital[471](index=471&type=chunk)[472](index=472&type=chunk) - Among period-end payables to related parties, the balance due to Guizhou Chitianhua Huaqiu Mining Co., Ltd. was **48.58 million Yuan**, and the balance due to parent company Guizhou Yuyang Trading Co., Ltd. was **21.96 million Yuan**[479](index=479&type=chunk)

赤天化公告，全资子公司桐梓化工按照年度工作计划安排，决定自2025年8月20日起对生产装置进行计 划停车检修，预计检修时间为35天。桐梓化工生产装置设计年产能为52万吨尿素、30万吨甲醇及10万吨 复合肥。本次停车检修属于年度例行停车检修，不影响公司年度产量计划的完成，也不会对公司2025年 度的经营业绩产生较大影响。 ...

Group 1 - The company announced that its wholly-owned subsidiary, Guizhou Anjia Mining Co., Ltd., suspended production due to a safety accident on July 15, 2025, and resumed operations on August 16, 2025, after rectifying identified issues [1][2] - Anjia Mining is primarily engaged in coal mining and sales, operating the Huakiao No. 2 Mine with an approved production capacity of 600,000 tons per year [1] - As of the end of 2024, Anjia Mining's total assets were approximately 995.06 million yuan, accounting for 20.58% of the company's audited consolidated total assets, with a reported revenue of approximately 24.47 million yuan, representing 1.03% of the company's consolidated revenue [1] Group 2 - The suspension lasted for 32 days, resulting in an estimated reduction of coal production by about 30,000 tons, with the specific impact on the company's financial performance to be disclosed in future financial reports [2]

Group 1 - The company announced that its wholly-owned subsidiary, Guizhou Anjia Mining Co., Ltd., has resumed production after a safety incident that led to a temporary shutdown [1][2] - The subsidiary, Anjia Mining, is primarily engaged in coal mining and sales, operating the Huakiao No. 2 Mine with an approved production capacity of 600,000 tons per year [2] - The total assets of Anjia Mining at the end of 2024 were approximately 995.06 million yuan, accounting for 20.58% of the company's audited consolidated total assets [2] Group 2 - In 2024, Anjia Mining achieved a pre-consolidation operating revenue of approximately 24.47 million yuan, representing 1.03% of the company's audited consolidated operating revenue [2] - The subsidiary was shut down for 32 days due to the safety incident, which is expected to result in a reduction of approximately 30,000 tons in coal production [2] - The specific impact of the shutdown on the company's financial performance will be disclosed in future financial reports [2]