Core Viewpoint - The financial performance of Jinying Co., Ltd. (600232) for the first half of 2025 shows significant declines in revenue and profit, indicating potential challenges in the company's operations and market conditions [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 586 million yuan, a decrease of 12.11% compared to 666 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -8.77 million yuan, representing a decline of 123.81% from a profit of 36.83 million yuan in the previous year [1]. - The gross profit margin fell to 7.86%, down 63.95% from 21.81% in the prior year [1]. - The net profit margin turned negative at -2.23%, a decrease of 133.33% from 6.70% in the previous year [1]. - Total expenses (selling, administrative, and financial) amounted to 51.10 million yuan, accounting for 8.73% of revenue, which is an increase of 1.93% year-on-year [1]. Cash Flow and Assets Summary - Cash and cash equivalents increased by 68.33% to 330 million yuan from 196 million yuan [1]. - Operating cash flow per share improved to 0.28 yuan, a significant increase of 154.81% from -0.51 yuan [1]. - Accounts receivable stood at 358 million yuan, a slight decrease of 5.27% from 378 million yuan [1]. - The ratio of accounts receivable to net profit reached 1602.89%, indicating a high level of receivables relative to profit [1][20]. Changes in Financial Items - Accounts receivable decreased by 81.28% due to a reduction in commercial acceptance bills [3]. - Prepayments increased significantly by 1341.28% due to payments for raw materials [3]. - Other current assets decreased by 40.78% due to a reduction in deductible VAT [3]. - Long-term borrowings increased by 31.95% due to additional loans taken by a subsidiary [8]. - The company reported a 104.4% decrease in retained earnings due to reduced profits and dividends paid [10]. Business Model and Operational Insights - The company's return on invested capital (ROIC) was 3.18%, indicating historically weak capital returns [17]. - The business model relies heavily on research and marketing efforts, necessitating further investigation into the underlying drivers of these activities [19].

Core Viewpoint - Jin Ying Co., Ltd. (600232.SH) reported its 2025 semi-annual results, highlighting a significant institutional ownership increase, with institutions holding 50.93% of the total shares as of August 26, 2025 [1] Institutional Ownership - As of August 26, 2025, four institutional investors disclosed holdings in Jin Ying Co., totaling 186 million shares, which represents 50.93% of the company's total equity [1] - The institutional ownership increased by 0.31 percentage points compared to the previous quarter [1] Public Fund and Foreign Investment - One new public fund, Bohai Huijin New Momentum Mixed A, was disclosed in this period, compared to the previous quarter [1] - Two new foreign institutions, BARCLAYS BANK PLC and Goldman Sachs LLC, were disclosed this period, while Morgan Stanley & Co. International PLC was not reported in this quarter [1]

Financial Performance - The company's main revenue for the first half of 2025 was 586 million yuan, a year-on-year decrease of 12.11% [1] - The net profit attributable to shareholders was -8.77 million yuan, down 123.81% year-on-year [1] - The net profit excluding non-recurring items was -9.29 million yuan, a decline of 128.23% year-on-year [1] - In Q2 2025, the company's single-quarter main revenue was 334 million yuan, a decrease of 22.58% year-on-year [1] - The single-quarter net profit attributable to shareholders was -4.60 million yuan, down 116.31% year-on-year [1] - The single-quarter net profit excluding non-recurring items was -5.33 million yuan, a decline of 122.33% year-on-year [1] Financial Ratios - The company's debt ratio stood at 45.25% [1] - Investment income was -0.22 million yuan [1] - Financial expenses amounted to 9.47 million yuan [1] - The gross profit margin was 7.86%, a year-on-year decrease of 63.94% [7] Earnings Per Share - Earnings per share were -0.02 yuan, a year-on-year decline of 123.76% [7] - The operating cash flow per share was 0.28 yuan, an increase of 154.80% year-on-year [7] Shareholder Information - Zhejiang Jinying Group Co., Ltd. holds 50.25% of the shares, making it the largest shareholder [11] - Other notable shareholders include Liao Guopei with 793,000 shares (2.18%) and Gu Xinghua with 367,000 shares (1.01%) [11]

Group 1 - The core viewpoint of the article is that Jinying Co., Ltd. (600232.SH) reported a significant decline in both revenue and net profit for the first half of 2025, indicating financial challenges [1] Group 2 - The company achieved an operating income of 586 million yuan, representing a year-on-year decrease of 12.11% [1] - The net profit attributable to shareholders of the listed company was -8.7692 million yuan, a year-on-year decline of 123.81% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -9.2931 million yuan, down 128.23% year-on-year [1] - The basic earnings per share were -0.024 yuan [1]

证券代码：600232 证券简称：金鹰股份 公告编号：2025-024 浙江金鹰股份有限公司 关于召开 2025 年半年度业绩说明会的公告 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 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： 会议召开时间：2025 年 9 月 4 日(星期四) 上午 9:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 8 月 28 日(星期四) 至 9 月 3 日(星期三)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jinyinggufen@126.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 浙江金鹰股 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section contains important statements and risk warnings for the company's semi-annual report, with the board of directors, supervisory board, and senior management guaranteeing the truthfulness, accuracy, and completeness of the report content. The report is unaudited and advises investors to be aware of uncertainties in business plans and strategic planning, as well as investment risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5](index=5&type=chunk) - This semi-annual report is unaudited[7](index=7&type=chunk) - Business plans and strategic planning in this report contain uncertainties and do not constitute substantive commitments; investors are advised to be aware of investment risks[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section primarily explains specific terms and abbreviations used in the report to ensure clarity and consistency of the report content - Defines "Company," "the Company," "Jinying Shares" as Zhejiang Jinying Co., Ltd., and common terms such as "Jinying Group," "SSE," and "CSRC"[17](index=17&type=chunk) - Clarifies that the reporting period is January-June 2025[17](index=17&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, stock summary, and key accounting data and financial indicators for the reporting period, also disclosing non-recurring gains and losses, revealing a decline in the company's operating performance for the first half of the year [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the Chinese name, abbreviation, foreign name and its abbreviation, and legal representative information for Zhejiang Jinying Co., Ltd - The company's Chinese name is Zhejiang Jinying Co., Ltd., abbreviated as Jinying Shares[15](index=15&type=chunk) - The company's legal representative is Fu Guoding[15](index=15&type=chunk) [II. Contact Person and Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section lists the name, contact address, telephone, and fax of the company's board secretary, facilitating communication for investors and relevant parties - The board secretary's name is Wu Yankun, and the contact address is Xiaosha Street, Dinghai District, Zhoushan City, Zhejiang Province[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section discloses the company's registered address, office address, website, and email address, stating no historical changes during the reporting period - The company's registered address and office address are both Xiaosha Street, Dinghai District, Zhoushan City, Zhejiang Province[19](index=19&type=chunk) - There were no historical changes to the company's registered address during the reporting period[19](index=19&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) This section specifies the company's designated information disclosure newspapers, website address for semi-annual reports, and report placement location, confirming no changes during the reporting period - The company's designated information disclosure newspapers are "China Securities Journal" and "Shanghai Securities News," and the website address is www.sse.com.cn[20](index=20&type=chunk) - The company's semi-annual report is available at the company's Board of Directors Office[20](index=20&type=chunk) [V. Company Stock Summary](index=5&type=section&id=V.%20Company%20Stock%20Summary) This section provides basic information about the company's A-shares, including the listing exchange, stock abbreviation, and code, confirming no previous stock abbreviation changes - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Jinying Shares and stock code 600232[21](index=21&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section details the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year declines in operating revenue and total profit, with net profit attributable to shareholders turning from profit to loss, while net cash flow from operating activities significantly improved [(I) Key Accounting Data](index=5&type=section&id=(I)%20Key%20Accounting%20Data) The company's operating revenue for the first half of 2025 decreased by 12.11% year-on-year, with total profit and net profit attributable to shareholders both turning from profit to loss, decreasing by 120.08% and 123.81% respectively. Net cash flow from operating activities significantly turned positive 2025 First Half Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 585,585,913.39 | 666,241,750.95 | -12.11 | | Total Profit | -11,084,439.57 | 55,211,240.05 | -120.08 | | Net Profit Attributable to Shareholders of Listed Company | -8,769,181.62 | 36,826,322.15 | -123.81 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -9,293,063.37 | 32,918,128.66 | -128.23 | | Net Cash Flow from Operating Activities | 101,716,526.32 | -185,597,168.39 | N/A | | **Indicator** | **End of Current Reporting Period (RMB)** | **End of Prior Year (RMB)** | **Change from Prior Year End (%)** | | Net Assets Attributable to Shareholders of Listed Company | 922,397,221.08 | 967,638,257.10 | -4.68 | | Total Assets | 1,769,559,196.78 | 1,806,524,082.57 | -2.05 | [(II) Key Financial Indicators](index=5&type=section&id=(II)%20Key%20Financial%20Indicators) The company's basic and diluted earnings per share for the first half of 2025 both turned negative, and the weighted average return on net assets significantly decreased year-on-year, reflecting a substantial decline in profitability 2025 First Half Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.024 | 0.101 | -123.76 | | Diluted Earnings Per Share (Yuan/share) | -0.024 | 0.101 | -123.76 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | -0.025 | 0.09 | -127.78 | | Weighted Average Return on Net Assets (%) | -0.928 | 3.587 | Decreased by 4.515 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -0.983 | 3.206 | Decreased by 4.189 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling RMB 523,881.75, primarily including gains/losses from disposal of non-current assets and government subsidies 2025 First Half Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 548,408.36 | | Government subsidies recognized in current profit/loss | 850,416.13 | | Other non-operating income and expenses apart from the above | -424,134.34 | | Less: Income tax impact | 217,322.19 | | Impact on minority interests (after tax) | 233,486.21 | | Total | 523,881.75 | [Section III Management Discussion and Analysis](index=6&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's industry, main business, operating performance, core competitiveness, and risks, noting a first-half decline in revenue and net profit due to textile market weakness, offset by stable machinery business and improved cash flow, while highlighting technological advantages and various market and operational risks [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=6&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the company's business model, industry status, and company position in its four main business segments: textile machinery, textiles, injection molding machines, and lithium battery cathode materials. Textile machinery and textile businesses face market competition and price fluctuations, injection molding machine business benefits from export growth, while lithium battery cathode materials business is impacted by lithium iron phosphate batteries [(I) Textile Machinery Business](index=6&type=section&id=(I)%20Textile%20Machinery%20Business) The company's textile machinery business adopts an integrated model of R&D, design, manufacturing, and sales, holding a leading position in flax and silk spinning equipment with internationally advanced technology. The overall industry is affected by the decline in the textile sector, with fierce competition in the mid-to-low-end market, but strong export growth - The company's textile machinery business model integrates R&D, design, material procurement, manufacturing, and sales[27](index=27&type=chunk) - The company holds a leading position in flax and silk spinning equipment, with internationally advanced technology[27](index=27&type=chunk) - From January to May 2025, China's exports of textile machinery and parts increased by **29.9% year-on-year**, primarily driven by demand from emerging markets such as Southeast Asia and Africa[27](index=27&type=chunk) - Domestic textile industry revenue and profit declined in the first half, leading to reduced willingness of downstream customers to update textile machinery and intensified competition in the mid-to-low-end market[27](index=27&type=chunk) [(II) Textile Business](index=7&type=section&id=(II)%20Textile%20Business) The company's textile business primarily produces medium-to-high count pure linen yarn and high-end casual apparel fabrics, as well as silk, silk fabrics, and OEM apparel. The operating model covers market research, raw material procurement, manufacturing, and global sales. The flax textile industry, though small in scale, has unique advantages and broad market space, with the company holding a high market share. However, the average price of linen yarn significantly decreased in the first half, impacting profitability - Main products include wet-spun ring-spun linen yarn, semi-wet-spun linen yarn, linen fabric weaving, silk, silk fabrics, and OEM knitting and woven apparel processing[28](index=28&type=chunk) - Sales markets primarily include Europe, Japan, India, Turkey, and other global markets[28](index=28&type=chunk) - The flax textile industry accounts for approximately **1% of the total textile industry**, but linen products possess outstanding properties such as natural antibacterial, breathable comfort, and broad market potential[28](index=28&type=chunk) - From January to June 2025, operating revenue of large-scale textile enterprises in China decreased by **1.9% year-on-year**, and total profit decreased by **8.1% year-on-year**[28](index=28&type=chunk) - The average price of linen yarn significantly decreased compared to the same period in 2024, affecting the industry's profitability in the first half[28](index=28&type=chunk) [(III) Injection Molding Machine Business](index=7&type=section&id=(III)%20Injection%20Molding%20Machine%20Business) The company's injection molding machine business adopts an integrated model of R&D, design, manufacturing, and sales. Injection molding machines account for approximately 40% of the output value in plastic machinery, with downstream applications mainly in automotive, home appliances, and 3C industries. Global high-end markets are dominated by European, American, and Japanese brands, while Chinese enterprises lead in the mid-to-low-end market. From January to May 2025, China's injection molding machine exports increased by 29% year-on-year, but the domestic market is affected by the "revenue growth without profit growth" in the rubber and plastic products industry, leading to reduced willingness of enterprises to update equipment - Injection molding machine business model integrates R&D, design, material procurement, manufacturing, and sales[29](index=29&type=chunk) - Injection molding machines account for approximately **40% of the output value in plastic machinery**, with downstream applications mainly in automotive, home appliances, 3C, and food and beverage industries[29](index=29&type=chunk) - From January to May 2025, China's injection molding machine exports reached **USD 962 million**, a **29% year-on-year increase**, with the fastest growth in Southeast Asia, Africa, and Russian markets[30](index=30&type=chunk) - Domestic rubber and plastic products industry experienced "revenue growth without profit growth," leading to reduced willingness of enterprises to update equipment, but demand in new energy vehicles, high-end packaging, and electronic consumer goods remains high[30](index=30&type=chunk) [(IV) Lithium Battery Cathode Materials Business](index=8&type=section&id=(IV)%20Lithium%20Battery%20Cathode%20Materials%20Business) The company's lithium battery cathode materials business primarily researches, develops, produces, and sells ternary cathode materials, widely used in new energy vehicles, 3C electronics, and energy storage. Ternary batteries are preferred for high-end vehicles due to their high energy density and fast charging performance, but cumulative installed capacity decreased by 10.8% year-on-year in the first half, impacted by technological upgrades in lithium iron phosphate batteries. Future development requires focusing on technological innovation and business model evolution - Main products are ternary cathode materials, applied in new energy vehicles, 3C electronics, and energy storage fields[30](index=30&type=chunk) - Ternary batteries are the preferred choice for high-end vehicles due to their high energy density and fast charging performance[30](index=30&type=chunk) - In the first half of this year, cumulative installed capacity of ternary batteries was **55.5 GWh**, a **10.8% year-on-year decrease**, mainly impacted by lithium iron phosphate batteries[30](index=30&type=chunk) - Future development opportunities lie in technological innovation and business model evolution, consolidating advantages in high-performance fields[30](index=30&type=chunk) [II. Discussion and Analysis of Operating Performance](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, the company's operating revenue and net profit attributable to the parent company both experienced significant declines, primarily due to weak demand in the textile business and falling linen yarn prices, leading to industry-wide losses. However, the plastic machinery and textile machinery businesses performed stably, effectively buffering overall performance pressure. The company significantly improved net cash flow from operating activities by strengthening cash flow management and optimizing inventory and accounts receivable collection. Textile business is expected to gradually recover in the second half, with increasing new orders for machinery businesses - During the reporting period, the company achieved operating revenue of **RMB 586 million**, a **12.11% year-on-year decrease**; net profit attributable to parent company shareholders was **-RMB 8.7692 million**, a **123.81% year-on-year decrease**[31](index=31&type=chunk) - Performance decline was mainly due to decreased demand and falling linen yarn prices in the first half, leading to a **13.78% decrease** in textile business sales revenue and a **21.54% decrease** in gross profit margin[31](index=31&type=chunk) - Plastic machinery and textile machinery business revenues and gross profit margins remained relatively stable, demonstrating the company's diversified business resilience[31](index=31&type=chunk) - The company achieved net cash flow from operating activities of **RMB 102 million** in the first half, with a significant improvement in cash flow, and notable enhancements in operating quality and efficiency[31](index=31&type=chunk) - Textile business is expected to gradually recover in the second half, with new orders for textile machinery and plastic machinery businesses gradually increasing[32](index=32&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its technological and market leadership in textile machinery, equipment and process technology advantages in the textile business, green and intelligent technology advantages in the injection molding machine business, and strong corporate culture and management advantages. These strengths collectively support the company's market position and sustainable development across its business segments [1. Technological and Market Advantages in Textile Machinery](index=9&type=section&id=1.%20Technological%20and%20Market%20Advantages%20in%20Textile%20Machinery) Company leads in flax and silk spinning machinery technology, strengthened by UK MAKIE acquisition, maintaining over 85% market share, and innovating with products like FX510 intelligent doffing flax blended roving frame - The company possesses significant technological leadership in complete sets of flax and silk spinning machinery[34](index=34&type=chunk) - After acquiring UK MAKIE company, market share for flax spinning machinery equipment consistently remains above **85%**[34](index=34&type=chunk) - Developed the FX510 intelligent doffing flax blended roving frame, filling an international technological gap[34](index=34&type=chunk) - Holds over **50 patent technologies** (including 8 invention patents) and serves as the chief editor for national flax machinery manufacturing standards[34](index=34&type=chunk) [2. Equipment and Process Technology Advantages in Textile Business](index=9&type=section&id=2.%20Equipment%20and%20Process%20Technology%20Advantages%20in%20Textile%20Business) Company's textile business leverages self-developed advanced machinery and continuous R&D for leading product quality and cost control, with "Jinying" brand recognition enhancing market competitiveness - Independently developed internationally advanced textile machinery products are fully applied in the company's textile business production lines[35](index=35&type=chunk) - Textile process and product R&D departments continuously develop new products and research new processes, maintaining a leading position in product quality and production technology within the industry[35](index=35&type=chunk) - "Jinying" linen yarn has been rated as a China Famous Brand Product, and the "Jinying" trademark as a China Well-known Trademark[35](index=35&type=chunk) [3. Green Intelligence Forges Jinying Plastic Machinery's Core Advantage](index=9&type=section&id=3.%20Green%20Intelligence%20Forges%20Jinying%20Plastic%20Machinery's%20Core%20Advantage) Jinying Plastic Machinery ranks nationally in production and quality, focusing on energy-efficient, intelligent injection molding machines, developing patented products and specialized solutions for various industries, earning provincial honors - Jinying Plastic Machinery ranks among the top in China in production scale and product quality, focusing on R&D of energy-saving, efficient, stable, and environmentally friendly new injection molding machines[36](index=36&type=chunk) - The internal circulation direct pressure precision high-speed machine received support from a national science and technology innovation fund project and holds multiple national patents[36](index=36&type=chunk) - Formed specialized solutions for segmented industries such as thin-wall packaging containers, precision electronic plastic components, and auto parts injection molding[36](index=36&type=chunk) - Awarded honorary titles such as "Zhejiang Province First Product" and "Zhejiang Province Specialized, Refined, Unique, and New Small and Medium-sized Enterprise"[36](index=36&type=chunk) [4. Strong Corporate Culture and Management Advantages](index=9&type=section&id=4.%20Strong%20Corporate%20Culture%20and%20Management%20Advantages) Company fosters a resilient, innovative culture with a professional management team and strict quality control, exemplified by an employee representative attending the 20th National Congress, reflecting its industry leadership and social responsibility - Cultivated a corporate culture with island characteristics that aligns with the company's reality, forming a solid cultural foundation for stable development[37](index=37&type=chunk) - Possesses a mature, stable, and professional management team, and has established a strict quality control and assurance system[37](index=37&type=chunk) - Wang Bixian, team leader of the weaving branch's loom operators, attended the 20th National Congress of the Communist Party of China, reflecting the enterprise's benchmark status[37](index=37&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=9&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's main business financial performance, including changes in financial statement items, and variations in revenue, cost, and gross profit margin across business types and regions, highlighting the impact of the textile industry and changes in asset-liability structure [(I) Main Business Analysis](index=9&type=section&id=(I)%20Main%20Business%20Analysis) Company's main business analysis shows a 12.11% year-on-year decrease in operating revenue and a 3.57% increase in operating costs, with reduced selling, administrative, and R&D expenses, increased financial expenses, and significantly improved operating cash flow Financial Statement Related Item Fluctuation Analysis | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 585,585,913.39 | 666,241,750.95 | -12.11 | | Operating Cost | 539,541,038.93 | 520,944,604.25 | 3.57 | | Selling Expenses | 16,388,203.49 | 18,818,576.54 | -12.91 | | Administrative Expenses | 25,240,605.33 | 29,519,410.11 | -14.49 | | Financial Expenses | 9,466,263.97 | 8,694,149.52 | 8.88 | | R&D Expenses | 17,604,847.76 | 22,546,113.59 | -21.92 | | Net Cash Flow from Operating Activities | 101,716,526.32 | -185,597,168.39 | N/A | | Net Cash Flow from Investing Activities | -350,516.81 | -333,120.31 | N/A | | Net Cash Flow from Financing Activities | -78,706,513.46 | 104,613,961.58 | -175.24 | - Operating revenue decreased primarily due to lower textile product sales; operating cost increased primarily due to higher textile product costs[40](index=40&type=chunk) - Net cash flow from operating activities increased primarily due to reduced purchase of flax raw materials and increased collection of accounts receivable[41](index=41&type=chunk) Main Business by Industry Segment | Industry Segment | Main Business Revenue (RMB) | Main Business Cost (RMB) | Gross Profit Margin (%) | Year-on-Year Change in Main Business Revenue (%) | Year-on-Year Change in Main Business Cost (%) | Year-on-Year Change in Gross Profit Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Machinery Industry | 214,907,270.44 | 168,828,717.48 | 21.44 | -3.90 | 0.56 | Decreased by 3.48 | | Textile Industry | 340,497,850.88 | 339,354,096.21 | 0.34 | -13.78 | 9.99 | Decreased by 21.54 | | Apparel Industry | 16,468,236.83 | 16,486,984.54 | -0.11 | 131.12 | 111.74 | Increased by 9.17 | | New Energy Materials | 8,571,800.89 | 12,649,424.48 | -47.57 | 17.91 | 12.69 | Increased by 6.84 | | Other | 1,202,990.06 | 883,058.74 | 26.59 | -38.49 | -32.57 | Decreased by 6.46 | | Total | 581,648,149.10 | 538,202,281.45 | 7.47 | -8.39 | 8.35 | Decreased by 14.29 | Main Business by Region | Region | Main Business Revenue (RMB) | Main Business Cost (RMB) | Gross Profit Margin (%) | Year-on-Year Change in Revenue (%) | Year-on-Year Change in Cost (%) | Year-on-Year Change in Gross Profit Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 477,518,418.64 | 449,949,906.35 | 5.77 | -11.24 | 6.13 | Decreased by 15.43 | | Overseas | 104,129,730.46 | 88,252,375.10 | 15.25 | 7.48 | 21.24 | Decreased by 9.62 | | Total | 581,648,149.10 | 538,202,281.45 | 7.47 | -8.39 | 8.35 | Decreased by 14.29 | [(III) Analysis of Assets and Liabilities](index=11&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure underwent several changes at the end of the reporting period. Notes receivable, other current assets, construction in progress, and advances from customers significantly decreased, while prepayments, right-of-use assets, long-term deferred expenses, notes payable, contract liabilities, long-term borrowings, and lease liabilities substantially increased. At period-end, cash and cash equivalents, fixed assets, and intangible assets were subject to pledge or mortgage restrictions Asset and Liability Status Changes | Item Name | End of Current Period (RMB) | % of Total Assets at Period End | End of Prior Year (RMB) | % of Total Assets at Prior Year End | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 478,370.60 | 0.03 | 2,556,069.85 | 0.14 | -81.28 | Decrease in commercial acceptance bills held at period end | | Prepayments | 37,891,427.27 | 2.14 | 2,629,019.01 | 0.15 | 1,341.28 | Prepayment for flax raw materials | | Other Current Assets | 18,998,957.71 | 1.07 | 32,084,210.76 | 1.78 | -40.78 | Decrease in input VAT to be deducted | | Construction in Progress | 314,391.02 | 0.02 | 767,876.11 | 0.04 | -59.06 | Construction in progress transferred to fixed assets | | Right-of-Use Assets | 387,141.40 | 0.02 | 110,965.49 | 0.01 | 248.88 | Increase in subsidiary's leased factory buildings | | Long-Term Deferred Expenses | 243,055.55 | 0.01 | - | - | 100.00 | Subsidiary's renovation expenses | | Other Non-Current Assets | - | - | 330,000.00 | 0.02 | -100.00 | Prepayment for engineering and equipment invoices recognized | | Notes Payable | 71,400,000.00 | 4.03 | 12,000,000.00 | 0.66 | 495.00 | Increase in subsidiary's plastic machinery notes payable at period end | | Advances from Customers | 138,370.51 | 0.01 | 687,208.75 | 0.04 | -79.86 | Advance rental income transferred to revenue | | Contract Liabilities | 48,097,299.75 | 2.72 | 35,666,125.65 | 1.97 | 34.85 | Increase in advance receipts for goods | | Taxes Payable | 10,569,571.92 | 0.60 | 17,773,167.93 | 0.98 | -40.53 | Payment of prior year's corporate income tax and property/land use tax | | Non-Current Liabilities Due Within One Year | 20,525,199.98 | 1.16 | 43,182,073.34 | 2.39 | -52.47 | Decrease in long-term borrowings due within one year | | Long-Term Borrowings | 80,591,620.41 | 4.55 | 61,076,400.49 | 3.38 | 31.95 | Increase in long-term borrowings for subsidiary Gongchuang Textile | | Lease Liabilities | 379,699.76 | 0.02 | - | - | 100.00 | Increase in subsidiary's leased factory buildings | | Total Non-Current Liabilities | 84,660,121.17 | 4.78 | 64,863,695.29 | 3.59 | 30.52 | Increase in long-term borrowings | | Retained Earnings | -1,905,795.48 | -0.11 | 43,335,240.54 | 2.40 | -104.40 | Decrease in current period profit and annual shareholder dividends | Restricted Assets at Period End | Item | Book Balance (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 50,195,777.61 | 50,195,777.61 | Pledge | Letter of credit margin | | Cash and Cash Equivalents | 18,204,000.00 | 18,204,000.00 | Pledge | Bank acceptance bill margin | | Cash and Cash Equivalents | 18,379,301.26 | 18,379,301.26 | Pledge | Mortgage loan margin | | Fixed Assets | 126,914,887.52 | 28,268,464.38 | Mortgage | Provided as collateral for letters of credit and bank loans | | Intangible Assets | 36,831,612.67 | 17,240,288.84 | Mortgage | Provided as collateral for letters of credit and bank loans | | Total | 250,525,579.06 | 132,287,832.09 | / | / | [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses the main operating risks faced by the company, including raw material price fluctuations, intensified market competition, exchange rate changes, and talent shortages, and proposes corresponding response strategies to mitigate the impact of these risks on the company's operating performance [(I) Potential Risks](index=14&type=section&id=(I)%20Potential%20Risks) Company faces risks from volatile flax prices, fierce plastic machinery competition, exchange rate fluctuations, and talent shortages, addressed by market research, technology upgrades, forward foreign exchange, and talent recruitment - Raw material price fluctuation risk: Drastic fluctuations in flax prices affect the cost and gross profit margin of the company's flax textile products. Countermeasures: Strengthen market research and forecasting, optimize inventory management[50](index=50&type=chunk) - Intensified market competition risk: Fierce competition in homogeneous plastic machinery products reduces profit margins. Countermeasures: Accelerate product automation and intelligent upgrades, enhance added value and competitiveness[50](index=50&type=chunk)[51](index=51&type=chunk) - Exchange rate fluctuation risk: Import and export businesses settled in USD, exchange rate fluctuations may cause exchange losses. Countermeasures: Consider exchange rate risks when signing contracts, conduct forward foreign exchange transactions, reasonably allocate import payment times[51](index=51&type=chunk) - Talent shortage risk: Relative shortage of high-quality management, R&D, production, sales, and overseas operation talent. Countermeasures: HR department and local government jointly implement talent introduction policies, increase attraction efforts[51](index=51&type=chunk) [Section IV Corporate Governance, Environment and Society](index=15&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment%20and%20Society) This section discloses changes in the company's directors, supervisors, and senior management, profit distribution plan, and the company's work in environmental information disclosure and fulfilling social responsibilities. The company's independent directors changed, no semi-annual profit distribution plan was proposed, and the company actively participates in public welfare [I. Changes in the Company's Directors, Supervisors, and Senior Management](index=15&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, an independent director resigned due to term expiration, and a new independent director was elected by the shareholders' meeting - Independent director Mr. Lin Dehua resigned due to serving as an independent director for a continuous period of 6 years[54](index=54&type=chunk) - The company's 2024 annual general meeting of shareholders elected Mr. Xu Shengjun as an independent director[54](index=54&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=15&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) The company's proposed semi-annual profit distribution plan or capital reserve to share capital increase plan is "No," meaning no profit distribution or capital reserve to share capital increase will be carried out - The company's proposed semi-annual profit distribution plan or capital reserve to share capital increase plan is "No"[55](index=55&type=chunk) - The number of bonus shares, dividends, and capital increase per 10 shares is 0[55](index=55&type=chunk) [IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=15&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Main%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company and its subsidiary, Jiangsu Jinying Silk and Flax Textile Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, with corresponding inquiry indexes provided - Zhejiang Jinying Co., Ltd. and Jiangsu Jinying Silk and Flax Textile Co., Ltd. are included in the list of enterprises required to disclose environmental information by law[56](index=56&type=chunk)[57](index=57&type=chunk) - Environmental information disclosure reports can be queried through the Enterprise Environmental Information Disclosure System (Zhejiang/Jiangsu)[56](index=56&type=chunk)[57](index=57&type=chunk) [V. Specific Situation of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=16&type=section&id=V.%20Specific%20Situation%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements,%20Rural%20Revitalization,%20and%20Other%20Work) The company actively fulfills its social responsibilities by carrying out poverty alleviation and public welfare work through a charity fund, medical benefits, and sponsoring impoverished students. In the first half of 2025, the company invested a total of RMB 649,575.00 in charitable donations, employee subsidies, sponsorship for elderly associations, and holiday comfort items - The company considers fulfilling public welfare social responsibility as a fundamental task to give back to society[57](index=57&type=chunk) - Actively fulfills poverty alleviation and public welfare work through a charity fund, medical benefits, and sponsoring impoverished students[57](index=57&type=chunk) 2025 First Half Public Welfare Activities | Public Welfare Time | Beneficiary | Type | Amount (RMB) | | :--- | :--- | :--- | :--- | | 2025.1 | Charity Federation Donation | Cash | 500,000.00 | | 2025.1 | Company Employee Hardship Subsidy | Cash | 119,300.00 | | 2025.1 | Maoshi Village Collective Economic Cooperative Elderly Association Sponsorship Fee | Cash | 10,000.00 | | 2025.3 | Spring Festival Comfort Items for Employees Staying in Zhoushan | Goods | 3,075.00 | | 2025.6 | Xiaosha Kindergarten Children's Day Comfort Items (Stationery Gift Pack) | Goods | 3,000.00 | | 2025.6 | Xiaosha Primary School Children's Day Comfort Items (Stationery Gift Pack) | Goods | 5,000.00 | | 2025.6 | Children's Day Comfort Items for Employees' Children (School Supplies) | Goods | 9,200.00 | | Total | | | 649,575.00 | [Section V Important Matters](index=17&type=section&id=Section%20V%20Important%20Matters) This section discloses the fulfillment of commitments by the company's controlling shareholder, the performance of significant contracts (especially related party leases and external guarantees), and the progress of overseas investments after the reporting period. The controlling shareholder increased its shareholding as planned and committed not to reduce it, the company has multiple lease contracts and external guarantees, and has completed the first phase of capital contribution to Jinying (Vietnam) Flax Industry Co., Ltd [I. Fulfillment of Commitments](index=17&type=section&id=I.%20Fulfillment%20of%20Commitments) Controlling shareholder Zhejiang Jinying Group Co., Ltd. committed to increasing its A-share holdings by RMB 20-40 million within 12 months from February 7, 2024, and not to reduce holdings for 6 months post-implementation, a commitment promptly and strictly fulfilled - Controlling shareholder Zhejiang Jinying Group Co., Ltd. committed to increasing its A-share holdings in the company by an amount not less than **RMB 20 million** and not exceeding **RMB 40 million** within 12 months from February 7, 2024[60](index=60&type=chunk) - The controlling shareholder committed not to reduce its holdings in the company during and within 6 months after the implementation of the share increase plan[60](index=60&type=chunk) - The commitment has been fulfilled promptly and strictly[60](index=60&type=chunk) [XI. Significant Contracts and Their Performance](index=19&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) This section discloses the company's related party leasing as a lessor and significant guarantees performed and unfulfilled during the reporting period. The company has multiple lease contracts with related parties for production and operation sites and provides joint liability guarantees for sales customers of its subsidiary Plastic Machinery Company, with the total guarantee amount accounting for **11.46%** of the company's net assets [3. Leasing Situation](index=19&type=section&id=3.%20Leasing%20Situation) As a lessor, the company leases production and operation sites to related parties such as Zhejiang Zhoushan Jinying Precision Equipment Co., Ltd., Jinying North Die Casting Machinery Co., Ltd., and Zhejiang Jinying Food Machinery Co., Ltd., with total lease income recognized in the current period amounting to RMB 396,406.22 Related Party Leasing as Lessor | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (RMB) | | :--- | :--- | :--- | | Zhejiang Zhoushan Jinying Precision Equipment Co., Ltd. | Production and operation site | 250,387.16 | | Zhoushan Jinying North Die Casting Machinery Co., Ltd. | Production and operation site | 73,028.57 | | Zhejiang Jinying Food Machinery Co., Ltd. | Production and operation site | 73,028.57 | | Total | | 396,444.30 | [(II) Significant Guarantees Performed and Unfulfilled During the Reporting Period](index=21&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Unfulfilled%20During%20the%20Reporting%20Period) The company's external guarantees primarily involve providing joint liability guarantees for sales customers of its controlling subsidiary Zhejiang Jinying Plastic Machinery Co., Ltd., with a total guarantee balance of RMB 35,734,600.00 at the end of the reporting period. The company's guarantees to subsidiaries had an occurrence amount and balance of RMB 70,000,000.00. The total guarantee amount (including guarantees to subsidiaries) is RMB 105,734,600.00, accounting for **11.46%** of the company's net assets - The company's external guarantees primarily involve providing joint liability guarantees for sales customers of its controlling subsidiary Zhejiang Jinying Plastic Machinery Co., Ltd[68](index=68&type=chunk) Company Total Guarantee Amount | Indicator | Amount (RMB) | | :--- | :--- | | Total guarantee occurrence amount during the reporting period (excluding guarantees to subsidiaries) | 4,492,515.95 | | Total guarantee balance at the end of the reporting period (A) (excluding guarantees to subsidiaries) | 35,734,600.00 | | Total guarantee occurrence amount to subsidiaries during the reporting period | 70,000,000.00 | | Total guarantee balance to subsidiaries at the end of the reporting period (B) | 70,000,000.00 | | Total Guarantee Amount (A+B) | 105,734,600.00 | | Total Guarantee Amount as a Percentage of Company Net Assets (%) | 11.46 | [XIII. Explanation of Other Significant Matters](index=22&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company completed the first phase of capital contribution of **USD 5.8 million** to Jinying (Vietnam) Flax Industry Co., Ltd. in July 2025, and the joint venture is currently in the preliminary preparation stage - The company completed the first phase of capital contribution of **USD 5.8 million** to Jinying (Vietnam) Flax Industry Co., Ltd. in July 2025[69](index=69&type=chunk) - Jinying (Vietnam) Flax Industry Co., Ltd. is currently in the preliminary preparation stage[69](index=69&type=chunk) [Section VI Share Changes and Shareholder Information](index=22&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, total number of shareholders, and top ten shareholders' holdings during the reporting period. The company's total share capital and share capital structure remained unchanged during the reporting period, with the controlling shareholder Zhejiang Jinying Group Co., Ltd. holding **50.25%** of shares, and a portion of its shares pledged [I. Share Capital Change](index=22&type=section&id=I.%20Share%20Capital%20Change) During the reporting period, the company's total share capital and share capital structure remained unchanged - During the reporting period, the company's total share capital and share capital structure remained unchanged[72](index=72&type=chunk) [II. Shareholder Information](index=22&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was **32,098**. Among the top ten shareholders, the controlling shareholder Zhejiang Jinying Group Co., Ltd. held **50.25%** of shares, with **34.81%** of its shares pledged. Other top ten shareholders are mainly domestic natural persons and overseas legal entities - As of the end of the reporting period, the total number of common shareholders was **32,098**[73](index=73&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Change During Reporting Period | Number of Shares Held at Period End (shares) | Percentage (%) | Pledge, Mark or Freeze Status (Number of shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Jinying Group Co., Ltd. | 0 | 183,273,451 | 50.25 | Pledged 63,794,600 | Domestic Non-State-Owned Legal Entity | | Liao Guopei | 7,933,564 | 7,933,564 | 2.18 | None | Domestic Natural Person | | Gu Xinghua | 80,000 | 3,665,900 | 1.01 | None | Domestic Natural Person | | Li Shengjun | 2,350,100 | 2,350,100 | 0.64 | None | Domestic Natural Person | | BARCLAYS BANK PLC | 833,816 | 1,323,278 | 0.36 | None | Overseas Legal Entity | | Li Guangyu | 1,209,800 | 1,209,800 | 0.33 | None | Domestic Natural Person | | Yu Linjian | -4,023,943 | 1,094,200 | 0.30 | None | Domestic Natural Person | | Chen Shaolong | 0 | 1,044,900 | 0.29 | None | Domestic Natural Person | | Chen Lijian | 999,900 | 999,900 | 0.27 | None | Domestic Natural Person | | Goldman Sachs & Co. LLC | 773,044 | 984,575 | 0.27 | None | Overseas Legal Entity | - The controlling shareholder Zhejiang Jinying Group Co., Ltd. has **34.81%** of its total shares in the company pledged[76](index=76&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=24&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller [Section VII Bond-Related Information](index=25&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=25&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period [II. Convertible Corporate Bonds](index=25&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period [Section VIII Financial Report](index=26&type=section&id=Section%20VIII%20Financial%20Report) This section contains the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with detailed notes to the financial statements. The financial statements reflect the company's financial position, operating results, and cash flows during the reporting period, and provide important information on accounting policies, taxes, consolidation scope, related party transactions, and risk management [I. Audit Report](index=26&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[7](index=7&type=chunk) [II. Financial Statements](index=26&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation. The consolidated statements show a negative net profit but significantly improved operating cash flow [Consolidated Balance Sheet](index=26&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were RMB 1,769,559,196.78, a slight decrease from the end of the prior year. Total current assets were RMB 1,425,394,654.44, and total current liabilities were RMB 716,025,259.93. Total equity attributable to owners of the parent company was RMB 922,397,221.08 - Total assets at period end were **RMB 1,769,559,196.78**, a **2.05% decrease** from the end of the prior year[22](index=22&type=chunk)[81](index=81&type=chunk) - Net assets attributable to shareholders of the listed company at period end were **RMB 922,397,221.08**, a **4.68% decrease** from the end of the prior year[22](index=22&type=chunk)[83](index=83&type=chunk) - Cash and cash equivalents balance at period end was **RMB 329,978,694.77**, an **18.63% increase** from the beginning of the period[81](index=81&type=chunk) - Inventory balance at period end was **RMB 585,331,770.26**, a **16.64% decrease** from the beginning of the period[81](index=81&type=chunk) [Consolidated Income Statement](index=30&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was RMB 585,585,913.39, a **12.11% year-on-year decrease**. Total profit was -RMB 11,084,439.57, net profit was -RMB 13,081,681.92, and net profit attributable to owners of the parent company was -RMB 8,769,181.62, all turning from profit to loss - Total operating revenue was **RMB 585,585,913.39**, a **12.11% year-on-year decrease**[88](index=88&type=chunk) - Total profit was **-RMB 11,084,439.57**, compared to **RMB 55,211,240.05** in the prior year period, a **120.08% year-on-year decrease**[88](index=88&type=chunk)[90](index=90&type=chunk) - Net profit attributable to owners of the parent company was **-RMB 8,769,181.62**, compared to **RMB 36,826,322.15** in the prior year period, a **123.81% year-on-year decrease**[90](index=90&type=chunk) - Basic and diluted earnings per share were both **-RMB 0.024/share**, compared to **RMB 0.101/share** in the prior year period[90](index=90&type=chunk) [Consolidated Cash Flow Statement](index=33&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was RMB 101,716,526.32, a significant improvement from -RMB 185,597,168.39 in the prior year period. Net cash flow from investing activities was -RMB 350,516.81, net cash flow from financing activities was -RMB 78,706,513.46, and the net increase in cash and cash equivalents was RMB 21,874,272.61 - Net cash flow from operating activities was **RMB 101,716,526.32**, compared to **-RMB 185,597,168.39** in the prior year period, turning from negative to positive[96](index=96&type=chunk) - Cash received from sales of goods and rendering of services was **RMB 528,064,668.13**, an **11.16% year-on-year increase**[95](index=95&type=chunk) - Cash paid for goods and services was **RMB 330,694,698.24**, a **39.34% year-on-year decrease**[96](index=96&type=chunk) - Net cash flow from financing activities was **-RMB 78,706,513.46**, a **175.24% year-on-year decrease**[96](index=96&type=chunk) [III. Company Basic Information](index=48&type=section&id=III.%20Company%20Basic%20Information) This section introduces the establishment background, registration information, stock listing status, industry, and main business activities of Zhejiang Jinying Co., Ltd. The company was established in 1994, listed on the SSE in 2000, and primarily engages in R&D, production, and sales of textiles, textile machinery, injection molding machinery, and lithium battery cathode materials - The company was registered and established on September 23, 1994, with the Zhejiang Administration for Industry and Commerce, headquartered in Zhoushan City, Zhejiang Province[113](index=113&type=chunk) - The company's shares were listed and traded on the Shanghai Stock Exchange on June 2, 2000[113](index=113&type=chunk) - The company belongs to the textile industry and special equipment manufacturing industry, with main business activities including R&D, production, and sales of textiles, textile machinery and accessories, injection molding machines and accessories, and lithium battery cathode materials[113](index=113&type=chunk) [IV. Basis of Financial Statement Preparation](index=48&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, and there are no matters or circumstances that would cause significant doubt about its ability to continue as a going concern within 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[114](index=114&type=chunk) - There are no matters or circumstances that would cause significant doubt about the ability to continue as a going concern within 12 months from the end of the reporting period[115](index=115&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=48&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's specific accounting policies and estimates for financial instrument impairment, inventory, depreciation of fixed assets, intangible assets, and revenue recognition, including classification, measurement, and derecognition of financial assets and liabilities, as well as methods for measuring expected credit losses. The company adheres to enterprise accounting standards and uses RMB as its functional currency - The company has formulated specific accounting policies and estimates for financial instrument impairment, inventory, depreciation of fixed assets, intangible assets, and revenue recognition based on its actual production and operation characteristics[116](index=116&type=chunk) - Financial assets are classified at initial recognition into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[128](index=128&type=chunk) - The company performs impairment testing on financial assets measured at amortized cost, debt instrument investments measured at fair value through other comprehensive income, etc., based on expected credit losses[134](index=134&type=chunk) - Fixed assets are depreciated using the straight-line method, with buildings and structures having a depreciation period of **30 years** and an annual depreciation rate of **3.00%-3.20%**[167](index=167&type=chunk) - Revenue recognition principles are based on individual performance obligations within a contract, distinguishing between those fulfilled over time or at a point in time[185](index=185&type=chunk) [VI. Taxes](index=66&type=section&id=VI.%20Taxes) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, and details the VAT and corporate income tax preferential policies enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services revenue | 13%, 9%, 6%, 5%, 1% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 1%, 5%, 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Subsidiary Jiangsu Jinying Silk and Flax Company and Plastic Machinery Company are recognized as high-tech enterprises, enjoying a reduced corporate income tax rate of **15%** for 2024-2026 and 2023-2025 respectively[200](index=200&type=chunk) - Some subsidiaries enjoy small and micro-profit enterprise tax preferential policies, paying corporate income tax at a rate of **20%**[200](index=200&type=chunk) - The company's flax seed production and sales are exempt from VAT[199](index=199&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=67&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including cash and cash equivalents, notes receivable, accounts receivable, inventory, fixed assets, intangible assets, short-term borrowings, notes payable, accounts payable, employee benefits payable, taxes payable, other payables, long-term borrowings, and deferred income, explaining the period-end balance, beginning-of-period balance, and changes and reasons for each item - Cash and cash equivalents include **RMB 86,779,078.87** in restricted funds, primarily for letter of credit margins, mortgage loan margins, and bank acceptance bill margins[202](index=202&type=chunk)[348](index=348&type=chunk) - Accounts receivable balance at period end was **RMB 431,986,751.33**, with bad debt provision of **RMB 73,665,446.82**, of which **RMB 45,425,517.95** was individually provided for bad debts at a **100% provision rate**[213](index=213&type=chunk) - Inventory book value at period end was **RMB 585,331,770.26**, with inventory impairment provision of **RMB 27,830,659.45**; the reason for reversal or write-off of inventory impairment provision in the current period was mainly inventory consumption or sale[235](index=235&type=chunk)[237](index=237&type=chunk) - Fixed assets book value at period end was **RMB 270,888,473.83**, of which **RMB 56,387,484.96** in buildings and structures had not yet completed property title registration[245](index=245&type=chunk)[249](index=249&type=chunk) - Short-term borrowings balance at period end was **RMB 248,584,501.48**, including mortgage borrowings of **RMB 135,000,000.00** and credit borrowings of **RMB 113,480,601.40**[277](index=277&type=chunk) [VIII. Research and Development Expenses](index=112&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section lists the company's R&D expenses during the reporting period. The current period's expenditure was RMB 17,604,847.76, all of which was expensed R&D, primarily consisting of employee compensation, material costs, and depreciation expenses R&D Expenses by Nature | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 6,634,131.84 | 6,658,648.46 | | Material Costs | 10,305,134.13 | 15,164,686.58 | | Depreciation Expenses | 530,758.97 | 652,320.76 | | Other Expenses | 134,822.82 | 70,457.79 | | Total | 17,604,847.76 | 22,546,113.59 | | Of which: Expensed R&D | 17,604,847.76 | 22,546,113.59 | | Capitalized R&D | - | - | - All R&D expenses in the current period were expensed, with no capitalized R&D expenses incurred[354](index=354&type=chunk) [IX. Changes in Consolidation Scope](index=113&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section states that the company had no changes in consolidation scope during the reporting period, such as business combinations under common control, business combinations not under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control [X. Equity in Other Entities](index=113&type=section&id=X.%20Equity%20in%20Other%20Entities) This section details the company's equity in subsidiaries, including the composition of the enterprise group, important non-wholly-owned subsidiaries, and their key financial information. The company owns multiple wholly-owned and controlling subsidiaries, covering textile, machinery, new energy materials, and other business areas, and exercises control over some non-wholly-owned subsidiaries [1. Equity in Subsidiaries](index=113&type=section&id=1.%20Equity%20in%20Subsidiaries) Company owns 17 subsidiaries across textiles, machinery, and new energy materials, exercising control over some non-wholly-owned entities like Special Spinning Company despite holding only 43% equity - The company owns **17 subsidiaries**, with businesses covering multiple fields such as textiles, machinery, and new energy materials[357](index=357&type=chunk)[358](index=358&type=chunk) - The company holds **43%** equity in Special Spinning Company but includes it in the consolidation scope due to appointing a majority of directors[357](index=357&type=chunk)[358](index=358&type=chunk) [(2). Important Non-Wholly-Owned Subsidiaries](index=114&type=section&id=(2).Important%20Non-Wholly-Owned%20Subsidiaries) Important non-wholly-owned subsidiaries include Plastic Machinery Company and Jinying Gongchuang Company, with minority shareholder equity ratios of 5% and 39% respectively, and their corresponding profit/loss attributable to minority shareholders Important Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholder Equity Ratio (%) | Profit Attributable to Minority Shareholders in Current Period (RMB) | Dividends Declared to Minority Shareholders in Current Period (RMB) | Minority Shareholder Equity Balance at Period End (RMB) | | :--- | :--- | :--- | :--- | :--- | | Plastic Machinery Company | 5 | 558,489.04 | - | 6,385,068.43 | | Jinying Gongchuang Company | 39 | -5,591,365.89 | - | 30,911,424.69 | [(3). Key Financial Information of Important Non-Wholly-Owned Subsidiaries](index=116&type=section&id=(3).Key%20Financial%20Information%20of%20Important%20Non-Wholly-Owned%20Subsidiaries) Key financial information for important non-wholly-owned subsidiaries, Plastic Machinery Company and Jinying Gongchuang Company, details their total assets, operating revenue, net profit, and operating cash flow at period end Key Financial Information of Important Non-Wholly-Owned Subsidiaries at Period End | Subsidiary Name | Total Assets (RMB) | Total Liabilities (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | Operating Activities Cash Flow (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Plastic Machinery Company | 417,733,170.59 | 290,031,801.95 | 151,979,750.06 | 11,169,780.76 | -54,095,262.69 | | Jinying Gongchuang Company | 171,200,346.85 | 91,940,283.54 | 179,302,639.85 | -14,336,835.61 | -19,119,070.38 | [XI. Government Grants](index=117&type=section&id=XI.%20Government%20Grants) This section discloses government grants received, with RMB 775,437.51 in asset-related deferred income and RMB 850,416.13 in total grants recognized in non-operating income for the current period Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Recognized in Non-Operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 873,931.31 | - | - | 98,493.80 | 775,437.51 | Asset-related | | Income-related Government Grants | - | 751,922.33 | - | 751,922.33 | - | Income-related | | Total | 873,931.31 | 751,922.33 | - | 850,416.13 | 775,437.51 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Asset-related | 98,493.80 | 139,828.80 | | Income-related | 751,922.33 | 1,736,635.10 | | Total | 850,416.13 | 1,876,463.90 | [XII. Risks Related to Financial Instruments](index=118&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section explains the company's financial instrument-related risks, primarily including credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk). The company manages these risks through credit assessment, bank credit lines, optimizing financing structure, and foreign currency trading to balance risk and return - The company faces financial instrument risks primarily including credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[368](index=368&type=chunk)[371](index=371&type=chunk) - Credit risk management is conducted by assessing significant increases in financial instrument credit risk, defining default, and measuring expected credit losses[368](index=368&type=chunk)[369](index=369&type=chunk) - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and adopting an appropriate combination of long-term and short-term financing[371](index=371&type=chunk) - Foreign exchange risk is managed by buying and selling foreign currencies at market exchange rates when necessary, ensuring net risk exposure remains at an acceptable level[371](index=371&type=chunk) [XIII. Disclosure of Fair Value](index=120&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at period end. Accounts receivable financing uses the cost method to determine fair value, as its remaining term is short, and the book balance is close to fair value Fair Value Measurement Items at Period End | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | - | 83,057,758.53 | - | 83,057,758.53 | | Total Assets Measured at Fair Value on a Recurring Basis | - | 83,057,758.53 | - | 83,057,758.53 | - Accounts receivable financing has a short remaining term, and its book balance is close to fair value, thus the cost method is used to determine its fair value[377](index=377&type=chunk) [XIV. Related Parties and Related Party Transactions](index=122&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's parent company, subsidiaries, other related parties, and related party transactions during the reporting period, including purchase and sale of goods, related party leases, related party guarantees, and related party fund borrowings, and lists outstanding items such as accounts receivable from and payable to related parties [1. Parent Company Information](index=122&type=section&id=1.%20Parent%20Company%20Information) Company's parent is Zhejiang Jinying Group Co., Ltd., holding 50.25% of shares and voting rights, with Fu Guoding as the ultimate controlling party - Parent company name is Jinying Group Co., Ltd., registered in Zhoushan, Zhejiang, with business nature of industrial investment and registered capital of **RMB 158 million**[380](index=380&type=chunk) - The parent company holds **50.25%** of the company's shares and voting rights[380](index=380&type=chunk) - The company's ultimate controlling party is Fu Guoding[380](index=380&type=chunk) [2. Subsidiary Information](index=122&type=section&id=2.%20

Core Viewpoint - Jin Ying Co., Ltd. (600232) experienced a significant decline of 9.62% in stock price, with a trading volume of 3.69 billion yuan and a turnover rate of 13.69% on the day of reporting [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's watchlist due to a daily price deviation of -11.07%, with a net sell-off of 43.47 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction volume of 84.89 million yuan, with buying amounting to 20.71 million yuan and selling at 64.18 million yuan, resulting in a net sell-off of 43.47 million yuan [2] - The largest buying brokerage was JPMorgan Securities (China) Co., Ltd. with a purchase of 4.81 million yuan, while the largest selling brokerage was CITIC Securities Co., Ltd. with a sale of 19.64 million yuan [2][3] Recent Performance - Over the past six months, the stock has appeared on the watchlist seven times, with an average price drop of 0.96% the day after being listed and an average decline of 13.83% over the following five days [2] - On the day of reporting, the stock saw a net outflow of 82.88 million yuan in principal funds, with large orders contributing to a net outflow of 44.42 million yuan and 38.46 million yuan respectively [2] Financial Results - For the first quarter, the company reported a revenue of 251 million yuan, reflecting a year-on-year growth of 7.20%, but a net loss of 4.17 million yuan [3] - The company projected a net loss for the first half of the year between 9.00 million yuan and 6.00 million yuan, indicating a year-on-year change of -124.44% to -116.29% [3]

工业大麻板块大幅调整，金鹰股份触及跌停，翰宇药业、方盛制药、渤海化学等跟跌。 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002611 | 东方精工 | 2.93 亿 | 6.95% | -9195.17万 | -2.18% | -2.01 乙 | -4.77% | | 002779 中坚科技 | | 2.43 乙 | 20.03% | -1.35 乙 | -11.13% | -1.08 Z | -8.91% | | 002833 弘亚数控 | | 1.55 Z | 21.03% | -9748.70万 | -13.23% | -5752.57万 | -7.81% | | 002722 物产金轮 | | 1.51亿 | 19.78% | -7615.10万 | -9.98% | -7480.85万 | -9.80% | | 688648 中邮科技 | | 9251.31万 | 11.73% | -6757.42万 | -8.57% | -2493.89万 | -3.16% | | 0027 ...

证券之星消息，8月4日专用设备板块较上一交易日上涨1.42%，天奇股份领涨。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。专用设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002009 | 天奇股份 | 17.42 | 9.97% | 45.26万 | | 7.60亿 | | 600232 | 金鹰股份 | 6.95 | 9.97% | 56.35万 | | 3.75亿 | | 301338 | 凯格精机 | 56.87 | 9.34% | 12.60万 | | 7.09亿 | | 002779 | 中坚科技 | 91.95 | 7.83% | - 10.38万 | | 9.13亿 | | 300902 | 圖安达 | 22.35 | 7.66% | 10.56万 | | 2.29亿 | | 001277 | 速达股份 | 52.82 | 7.36% | 3.22万 | | 1.64亿 | | 68 ...