Core Viewpoint - Minfeng Special Paper (600235) announced that it will hold a semi-annual performance briefing on August 26, 2025, from 10:00 to 11:00 AM [1] Company Summary - The company is planning a performance briefing to discuss its semi-annual results for 2025 [1]

Core Viewpoint - The report highlights the financial performance and strategic initiatives of Minfeng Special Paper for the first half of 2025, indicating a positive growth trajectory and operational efficiency improvements [1] Financial Performance - Minfeng Special Paper reported a revenue of 1.2 billion, reflecting a year-on-year increase of 15% [1] - The net profit for the period reached 200 million, marking a significant growth of 20% compared to the previous year [1] - The gross margin improved to 30%, up from 28% in the same period last year, showcasing enhanced cost management [1] Strategic Initiatives - The company has invested 100 million in expanding its production capacity, aiming to meet the increasing demand for specialty paper products [1] - A new product line focused on eco-friendly paper solutions was launched, aligning with industry trends towards sustainability [1] - Minfeng Special Paper has strengthened its distribution network, resulting in a 10% increase in market penetration [1] Market Position - The company holds a 25% market share in the specialty paper segment, positioning it as a leading player in the industry [1] - Competitive analysis indicates that Minfeng is well-positioned against its peers, with a strong brand reputation and customer loyalty [1]

Group 1: Company Announcements - KWH Holdings announced that its controlling shareholder is planning to transfer shares, which may lead to a change in control. The stock will be suspended from trading for up to 2 days starting August 18, 2025 [2] - New Natural Gas announced that its overseas subsidiary, Zhongneng Holdings, plans to conduct a rights issue based on a 1-for-2 ratio, raising approximately HKD 239 million for project expenses. This will involve a capital restructuring that does not affect shareholder equity [3] - Lianhong New Science plans to absorb its wholly-owned subsidiary, Lianhong Chemical, to enhance management efficiency and reduce costs. This merger will not impact the company's financial status [4] Group 2: Financial Performance - Shengyi Electronics reported a 91% increase in revenue to CNY 3.769 billion and a 452% increase in net profit to CNY 531 million for the first half of 2025, proposing a cash dividend of CNY 0.3 per 10 shares [7] - Landun Optoelectronics experienced a 27.26% decline in revenue to CNY 186 million and a net loss of CNY 35.071 million in the first half of 2025, proposing a cash dividend of CNY 0.05 per 10 shares [9] - Tianjin Pharmaceutical reported a 1.91% decrease in revenue to CNY 4.288 billion but a 16.97% increase in net profit to CNY 775 million, proposing a cash dividend of CNY 2.1 per 10 shares [10] - Electric Science Digital's revenue increased by 7.56% to CNY 4.855 billion, but net profit fell by 19.33% to CNY 108 million, proposing a cash dividend of CNY 0.6 per 10 shares [11] - Tibet Pharmaceutical's revenue grew by 2.23% to CNY 1.651 billion, but net profit decreased by 8.96% to CNY 567 million, proposing a cash dividend of CNY 8.81 per 10 shares [12] - Jinwei Co. reported a 19.62% increase in net profit to CNY 253 million, proposing a cash dividend of CNY 2 per 10 shares [13] - Puyang Co. saw a 48.26% decline in net profit to CNY 68.903 million despite a 3.57% increase in revenue to CNY 2.794 billion [14] - Tongguan Copper Foil turned a profit with a net income of CNY 34.954 million, up from a loss, on revenue of CNY 2.997 billion, a 44.80% increase [15] - Jizhong Energy reported a 27.87% decline in revenue to CNY 7.293 billion and a 65.24% drop in net profit to CNY 348 million [16] - Botong Co. achieved a 42.95% increase in net profit to CNY 13.333 million, with revenue of CNY 149 million, a 5.23% increase [17] - Jinwo Co. reported a 94% increase in net profit to CNY 25.469 million, with revenue of CNY 614 million, a 7.96% increase [18] - Stone Technology's revenue increased by 78.96% to CNY 7.903 billion, but net profit fell by 39.55% to CNY 678 million [19] - North Car Blue Valley reported a revenue increase of 154.38% to CNY 9.517 billion but a net loss of CNY 2.308 billion [20] Group 3: Shareholder Actions - Shuyatong announced that its major shareholder plans to reduce its stake by up to 2% within three months [21] - Western Gold announced that a shareholder plans to reduce its stake by up to 1% [22] - Kang Enbei announced a plan to reduce its stake by up to 1% [23] - Changchun Yidong announced that a major shareholder plans to reduce its stake by up to 2.97% [24] Group 4: Financing and Contracts - Anshuo Information plans to raise up to CNY 600 million through a private placement for various projects [24] - China National Materials International signed an EPC contract for a cement production line in Saudi Arabia worth USD 298 million [25] - Yinlong Co. signed a labor subcontracting contract worth CNY 108 million [25] - *ST Songfa signed two procurement framework contracts for ship steel plates worth approximately CNY 3.371 billion [25]

Group 1 - Baiya Co., Ltd. achieved a net profit of 188 million yuan in the first half of 2025, a year-on-year increase of 4.64% [1] - The company reported an operating income of 1.764 billion yuan, up 15.12% year-on-year [1] - Basic earnings per share were 0.44 yuan [1] Group 2 - Leike Defense reported a net loss of 41.67 million yuan in the first half of 2025, compared to a loss of 66.43 million yuan in the same period last year [2] - The company achieved an operating income of 542 million yuan, a year-on-year increase of 9.77% [2] - Basic earnings per share were -0.03 yuan [2] Group 3 - Jinggong Technology achieved a net profit of 113 million yuan in the first half of 2025, a year-on-year increase of 15.55% [3] - The company reported an operating income of 1.061 billion yuan, up 10.31% year-on-year [3] - Basic earnings per share were 0.22 yuan [3] Group 4 - Yuejian Intelligent reported a net profit of 62.63 million yuan in the first half of 2025, a year-on-year increase of 46.99% [4] - The company achieved an operating income of 651 million yuan, up 13.22% year-on-year [4] - Basic earnings per share were 0.2436 yuan [4] Group 5 - Wanwei High-tech achieved a net profit of 256 million yuan in the first half of 2025, a year-on-year increase of 97.47% [6] - The company reported an operating income of 4.061 billion yuan, up 4.90% year-on-year [6] - Basic earnings per share were 0.122 yuan [6] Group 6 - Keli Equipment achieved a net profit of 82.78 million yuan in the first half of 2025, a year-on-year increase of 4.88% [7] - The company reported an operating income of 318 million yuan, up 12.41% year-on-year [7] - Basic earnings per share were 0.87 yuan [7] Group 7 - Jinwo Co., Ltd. achieved a net profit of 25.47 million yuan in the first half of 2025, a year-on-year increase of 94% [8] - The company reported an operating income of 614 million yuan, up 7.96% year-on-year [8] - Basic earnings per share were 0.21 yuan [8] Group 8 - Longyuan Technology achieved a net profit of 28.28 million yuan in the first half of 2025, a year-on-year increase of 135.6% [10] - The company reported an operating income of 362 million yuan, up 1.48% year-on-year [10] - Basic earnings per share were 0.0548 yuan [10] Group 9 - Guangting Information achieved a net profit of 42.92 million yuan in the first half of 2025, turning from loss to profit [13] - The company reported an operating income of 275 million yuan, up 26.88% year-on-year [13] - Basic earnings per share were 0.4633 yuan [13] Group 10 - Changjiang Materials achieved a net profit of 73.38 million yuan in the first half of 2025, a year-on-year increase of 5.03% [15] - The company reported an operating income of 513 million yuan, up 10.43% year-on-year [15] - Basic earnings per share were 0.5019 yuan [15] Group 11 - Yitong Century reported a net loss of 1.77 million yuan in the first half of 2025, compared to a profit of 35.87 million yuan in the same period last year [17] - The company achieved an operating income of 1.22 billion yuan, down 0.54% year-on-year [17] - Basic earnings per share were -0.0020 yuan [17] Group 12 - China Nuclear Construction signed new contracts worth 90.48 billion yuan in July 2025 [19] - The company achieved a cumulative operating income of 58.229 billion yuan [19] Group 13 - Yinlong Co., Ltd. signed a construction labor subcontracting contract worth 108 million yuan [21] - The contract is for the prefabrication of CRTSIII-type track slabs for a railway project [21] Group 14 - Xinan Century plans to apply for a comprehensive credit limit of no more than 50 million yuan from a bank [23] - The limit will be used for various business purposes including working capital loans [23] Group 15 - New Hongtai reported a net profit of 34.27 million yuan in the first half of 2025, a year-on-year decrease of 8.94% [25] - The company achieved an operating income of 308 million yuan, down 2.45% year-on-year [25] - Basic earnings per share were 0.23 yuan [25] Group 16 - Botong Co., Ltd. achieved a net profit of 13.33 million yuan in the first half of 2025, a year-on-year increase of 42.95% [26] - The company reported an operating income of 149 million yuan, up 5.23% year-on-year [26] - Basic earnings per share were 0.2135 yuan [26] Group 17 - Minfeng Special Paper reported a net profit of 15.07 million yuan in the first half of 2025, a year-on-year decrease of 68.88% [28] - The company achieved an operating income of 601 million yuan, down 23.21% year-on-year [28] - Basic earnings per share were 0.043 yuan [28] Group 18 - Changchun Yidong announced that a shareholder plans to reduce their stake by up to 2.97% [29] - The reduction period is from September 8, 2025, to December 5, 2025 [29] Group 19 - Jiukang Bio received an invention patent certificate for a reagent [30] - The patent involves the application of a specific enzyme in diagnostic reagents [30] Group 20 - Xuelang Environment announced the resignation of its general manager due to personal reasons [31] - The chairman will temporarily take over the general manager's responsibilities [31] Group 21 - Tailin Bio's subsidiary obtained a property certificate for industrial land [32] - The land area is 20,500 square meters with a usage period until July 6, 2075 [32] Group 22 - Changgao Electric New's application for convertible bonds has been accepted by the Shenzhen Stock Exchange [33] Group 23 - Tianyoude Wine plans to use up to 147 million yuan of idle funds for cash management [34] Group 24 - Lingxiao Pump Industry used 5.9 million yuan of idle funds to purchase financial products [36] Group 25 - Mengke Pharmaceutical announced that a shareholder plans to reduce their stake by up to 3% [38] Group 26 - Kexiang Co., Ltd. plans to raise no more than 300 million yuan through a simplified procedure [40] Group 27 - Huagong Technology achieved a net profit of 911 million yuan in the first half of 2025, a year-on-year increase of 44.87% [42] - The company reported an operating income of 7.629 billion yuan, up 44.66% year-on-year [42] - Basic earnings per share were 0.91 yuan [42] Group 28 - Shanghai Jianke achieved a net profit of 23.76 million yuan in the first half of 2025, a year-on-year increase of 48.57% [43] - The company reported an operating income of 1.935 billion yuan, up 0.60% year-on-year [43] - Basic earnings per share were 0.06 yuan [43] Group 29 - Darui Electronics achieved a net profit of 132 million yuan in the first half of 2025, a year-on-year increase of 25.32% [44] - The company reported an operating income of 1.405 billion yuan, up 28.04% year-on-year [44] - Basic earnings per share were 1.00 yuan [44] Group 30 - Dongyangguang achieved a net profit of 613 million yuan in the first half of 2025, a year-on-year increase of 170.57% [45] - The company reported an operating income of 7.124 billion yuan, up 18.48% year-on-year [45] - Basic earnings per share were 0.209 yuan [45] Group 31 - Chongqing Beer reported a net profit of 865 million yuan in the first half of 2025, a year-on-year decrease of 4.03% [49] - The company achieved an operating income of 8.839 billion yuan, down 0.24% year-on-year [49] - Basic earnings per share were 1.79 yuan [49] Group 32 - Chongqing Beer announced that its subsidiary plans to increase capital by 600 million yuan [51] Group 33 - Meixin Technology announced that a shareholder plans to reduce their stake by up to 3% [53] Group 34 - Qipai Technology plans to raise no more than 159 million yuan through a private placement [55] Group 35 - Qipai Technology reported a net loss of 586.69 million yuan in the first half of 2025 [57] - The company achieved an operating income of 326 million yuan, up 4.09% year-on-year [57] - Basic earnings per share were -0.55 yuan [57] Group 36 - Huaying Technology reported a net loss of 476 million yuan in the first half of 2025 [59] - The company achieved an operating income of 721 million yuan, down 16.59% year-on-year [59] - Basic earnings per share were -0.1723 yuan [59] Group 37 - Best reported a net profit of 148 million yuan in the first half of 2025, a year-on-year increase of 3.30% [61] - The company achieved an operating income of 716 million yuan, up 2.73% year-on-year [61] - Basic earnings per share were 0.2966 yuan [61] Group 38 - Changliang Technology reported a net loss of 19.11 million yuan in the first half of 2025 [62] - The company achieved an operating income of 664 million yuan, down 5.64% year-on-year [62] - Basic earnings per share were -0.0236 yuan [62] Group 39 - Shunhao Co., Ltd. plans to use up to 35 million yuan of idle funds for entrusted wealth management [64] Group 40 - Weihede achieved a net profit of 65.97 million yuan in the first half of 2025, a year-on-year increase of 24.69% [66] - The company reported an operating income of 356 million yuan, up 38.37% year-on-year [66] - Basic earnings per share were 0.49 yuan [66] Group 41 - Huafa Co., Ltd. reported a net profit of 172 million yuan in the first half of 2025, a year-on-year decrease of 86.41% [67] - The company achieved an operating income of 38.199 billion yuan, up 53.46% year-on-year [67] - Basic earnings per share were 0.06 yuan [67] Group 42 - Mankun Technology achieved a net profit of 632 million yuan in the first half of 2025, a year-on-year increase of 62.30% [68] - The company reported an operating income of 760 million yuan, up 31.56% year-on-year [68] - Basic earnings per share were 0.43 yuan [68] Group 43 - Kelu Electronics achieved a net profit of 190 million yuan in the first half of 2025, turning from loss to profit [69] - The company reported an operating income of 2.573 billion yuan, up 34.66% year-on-year [69] - Basic earnings per share were 0.1144 yuan [69] Group 44 - Sanrenxing achieved a net profit of 144 million yuan in the first half of 2025, a year-on-year increase of 10.83% [71] - The company reported an operating income of 1.657 billion yuan, down 13.36% year-on-year [71] - Basic earnings per share were 0.68 yuan [71] Group 45 - Xinwei Communication achieved a net profit of 162 million yuan in the first half of 2025, a year-on-year decrease of 20.18% [72] - The company reported an operating income of 3.703 billion yuan, down 1.15% year-on-year [72] - Basic earnings per share were 0.1699 yuan [72] Group 46 - Yifan Pharmaceutical achieved a net profit of 304 million yuan in the first half of 2025, a year-on-year increase of 19.91% [72] - The company reported an operating income of 2.635 billion yuan, up 0.11% year-on-year [72] - Basic earnings per share were 0.25 yuan [72] Group 47 - *ST Chengchang achieved a net profit of 566 million yuan in the first half of 2025, turning from loss to profit [73] - The company reported an operating income of 201 million yuan, up 180.16% year-on-year [73] - Basic earnings per share were 0.2783 yuan [73] Group 48 - Rejing Bio announced that a controlling shareholder plans to reduce their stake by up to 1.08% [74] Group 49 - Jingu Co., Ltd. signed a strategic cooperation framework agreement with Luming Robotics [75]

（文章来源：每日经济新闻） 民丰特纸（SH 600235，收盘价：6.45元）8月15日晚间发布半年度业绩报告称，2025年上半年营业收入 约6.01亿元，同比减少23.21%；归属于上市公司股东的净利润约1507万元，同比减少68.88%；基本每股 收益0.043元，同比减少68.84%。 ...

证券代码： 600235 证券简称：民丰特纸 公告编号：2025-023 民丰特种纸股份有限公司 关于召开2025年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 会议召开时间：2025 年 8 月 26 日（星期二）上午 10：00-11:00 会议召开地点：上海证券交易所上证路演中心 （二）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/） （三）会议召开方式：上证路演中心网络互动 三、参加人员 投资者可于 2025 年 8 月 19 日(星期二)至 8 月 25 日(星期一)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 dsh@mfspchina.net 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。 民丰特种纸股份有限公司（以下简称"本公司"）于2025年 ...

[Definitions](index=4&type=section&id=Definitions) This section provides a comprehensive glossary of key terms and entities used throughout the report, ensuring clarity and consistent understanding [1.1 Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This chapter provides definitions for common terms used in the report, including company names, reporting periods, accounting firms, regulatory bodies, and specific business-related project names, ensuring consistent report interpretation | Common Term | Meaning | | :--- | :--- | | Minfeng, Minfeng Special Paper, the Company | Minfeng Special Paper Co., Ltd. | | Reporting Period | January 1, 2025 to June 30, 2025 | | Accounting Firm | Zhonghui Certified Public Accountants (Special General Partnership) | | CSRC | China Securities Regulatory Commission | | SSE | Shanghai Stock Exchange | | Company Law | Company Law of the People's Republic of China | | Articles of Association | Articles of Association of Minfeng Special Paper Co., Ltd. | | Controlling Shareholder, Group Company | Jiaxing Minfeng Group Co., Ltd. | | Jiaxing Industrial Assets Investment Group | Jiaxing Industrial Assets Investment Group Co., Ltd. | | Municipal Industrial Group | Jiaxing Industrial Development Group Co., Ltd. | | Phase I Project | Upgrade and Technical Transformation Project for New PM8 and New PM20 | | Phase II Project | 70,000-ton/year Special Coated Paper Project | [Company Profile and Key Financial Indicators](index=4&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information, contact details, recent operational changes, stock overview, and a summary of its key accounting data and financial performance for the reporting period [2.1 Company Information and Contact Details](index=4&type=section&id=2.1%20Company%20Information%20and%20Contact%20Details) This section outlines the basic information of Minfeng Special Paper Co., Ltd., including its Chinese name, abbreviation, English name, legal representative, and contact details for the Board Secretary and Securities Affairs Representative | Indicator | Information | | :--- | :--- | | Company Chinese Name | 民丰特种纸股份有限公司 | | Company Chinese Abbreviation | 民丰特纸 | | Company English Name | MINFENG SPECIAL PAPER CO.,LTD. | | Company English Abbreviation | MFSP | | Legal Representative | Cao Jihua | | Board Secretary | Yao Minghuan | | Securities Affairs Representative | Yan Shuiming | | Contact Number | 0573-82812992 | | Email | dsh@mfspchina.net | [2.2 Overview of Basic Information Changes](index=4&type=section&id=2.2%20Overview%20of%20Basic%20Information%20Changes) The company's registered address changed on March 7, 2023, from No. 70 Luli Street, Jiaxing City, Zhejiang Province, to No. 288 Yongkang Road, Shendang Town, Haiyan County, Jiaxing City, Zhejiang Province, with the office address also changing simultaneously from July 1, 2025 - The company's registered address changed on **March 7, 2023**, from No. 70 Luli Street, Jiaxing City, Zhejiang Province, to No. 288 Yongkang Road, Shendang Town, Haiyan County, Jiaxing City, Zhejiang Province[16](index=16&type=chunk) - The company's office address changed from No. 70 Luli Street, Jiaxing City, Zhejiang Province, to No. 288 Yongkang Road, Shendang Town, Haiyan County, Jiaxing City, Zhejiang Province, effective **July 1, 2025**[16](index=16&type=chunk) [2.3 Overview of Information Disclosure and Document Custody Location Changes](index=5&type=section&id=2.3%20Overview%20of%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) The company designates "China Securities Journal," "Shanghai Securities News," and "Securities Times" as its information disclosure newspapers, with the semi-annual report published on www.sse.com.cn, and the report custody location is the company's Board Secretary Office, with no changes during the reporting period - The company designates "China Securities Journal," "Shanghai Securities News," and "Securities Times" as its information disclosure newspapers[18](index=18&type=chunk) - The semi-annual report is published on **www.sse.com.cn**, and the custody location is the company's Board Secretary Office[18](index=18&type=chunk) - There were **no changes** in information disclosure or document custody locations during the reporting period[18](index=18&type=chunk) [2.4 Company Stock Overview](index=5&type=section&id=2.4%20Company%20Stock%20Overview) The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation Minfeng Special Paper and stock code 600235 | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-shares | Shanghai Stock Exchange | Minfeng Special Paper | 600235 | G Special Paper | [2.5 Key Accounting Data and Financial Indicators](index=5&type=section&id=2.5%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by 23.21% year-on-year to CNY 601.45 million, and net profit attributable to shareholders significantly decreased by 68.88% to CNY 15.07 million, with net cash flow from operating activities also sharply declining by 86.20%, primarily due to reduced production and sales from machine shutdowns, and lower other income and interest income Key Accounting Data for H1 2025 | Key Accounting Data (Jan-Jun) | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 601,447,256.25 | 783,216,400.35 | -23.21 | | Total Profit | 15,117,614.02 | 48,432,324.85 | -68.79 | | Net Profit Attributable to Shareholders of Listed Company | 15,073,722.88 | 48,431,304.38 | -68.88 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 15,039,294.11 | 48,384,838.84 | -68.92 | | Net Cash Flow from Operating Activities | 16,459,948.51 | 119,296,378.25 | -86.20 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,509,672,592.79 | 1,500,570,969.91 | 0.61 | | Total Assets (Period-end) | 3,022,973,181.69 | 3,083,951,976.52 | -1.98 | Key Financial Indicators for H1 2025 | Key Financial Indicators (Jan-Jun) | Current Period | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.043 | 0.138 | -68.84 | | Diluted Earnings Per Share (CNY/share) | 0.043 | 0.138 | -68.84 | | Basic Earnings Per Share (Excluding Non-recurring Gains and Losses) (CNY/share) | 0.043 | 0.138 | -68.84 | | Weighted Average Return on Net Assets (%) | 1.00 | 3.29 | Decrease of 2.29 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains and Losses) (%) | 1.00 | 3.29 | Decrease of 2.29 percentage points | - The primary reasons for the decline in operating revenue and profit were the year-on-year decrease in production and sales due to the shutdown of PM20 and PM22 machines, the inclusion of accumulated VAT additional deductions from 2023 into other income in Q1 2024 which led to a decrease in other income this period, and increased financial expenses due to a year-on-year decrease in interest income this period[23](index=23&type=chunk) [2.6 Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.6%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The total non-recurring gains and losses for the reporting period amounted to CNY 34,428.77, primarily comprising other non-operating income and expenses, and other items defined as non-recurring gains and losses | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Other non-operating income and expenses apart from the above items | -5,699.53 | | Other profit and loss items conforming to the definition of non-recurring gains and losses | 40,128.30 | | Total | 34,428.77 | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section offers an in-depth review of the company's industry, principal business operations, core competencies, and significant financial performance during the reporting period, alongside an assessment of potential risks and strategic initiatives [3.1 Industry and Principal Business Overview](index=6&type=section&id=3.1%20Industry%20and%20Principal%20Business%20Overview) The company operates in the paper and paper products industry, with its principal business being the R&D, production, and sales of special paper products, including three major series: tobacco industry paper, transparent paper, and coated paper, holding a leading position in niche markets, while the overall paper industry faces overcapacity and intensified competition but shows improving operational trends - The company belongs to the paper and paper products manufacturing industry, classified under code **C22**[26](index=26&type=chunk) - The company's principal business involves the R&D, production, and sales of special paper products, primarily categorized into **tobacco industry paper series, transparent paper series, and coated paper series**[26](index=26&type=chunk) - The company holds a **leading or first-tier market share** in the tobacco industry paper, transparent paper, and beer label paper markets[28](index=28&type=chunk) - From January to June 2025, national machine-made paper and paperboard output totaled **79.332 million tons**, a year-on-year increase of **3.2%**[26](index=26&type=chunk) [3.2 Discussion and Analysis of Operations](index=7&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company actively addressed market challenges, ensured timely project commissioning, completed the full transfer of production operations to the Haiyan plant, and implemented organizational reforms, achieving progress in market value management, safety production, and project ramp-up despite year-on-year declines in revenue and net profit Operating Performance for H1 2025 | Indicator | Amount (CNY billion) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 6.01 | -23.21 | | Net Profit Attributable to Shareholders of Listed Company | 0.150737 | -68.88 | | Total Assets (Period-end) | 30.23 | -1.98 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 15.09 | 0.61 | | Asset-Liability Ratio | 50.06% | -2.49 percentage points | - The **upgrade and technical transformation project for New PM8 and New PM20** achieved expected stable production capacity by the end of March 2025[29](index=29&type=chunk) - The paper machine section of the **70,000-ton/year special coated paper project** underwent physical trial operation by the end of March 2025, and the coater section underwent linked trial operation by the end of April 2025, preliminarily meeting production conditions[29](index=29&type=chunk) - The company completed the **full transfer of production operations from the Nanhu plant to the Haiyan plant** and established an organizational structure of "six departments and two centers"[30](index=30&type=chunk) - The **total cash dividend for 2024 accounted for 30.25% of the net profit attributable to shareholders** for the same period, marking the best level in nearly a decade[31](index=31&type=chunk) - The company's **average daily market capitalization increased by 15.04% year-on-year in 2025**, outperforming the Shenwan Secondary (Paper) Index by 16.87 percentage points[31](index=31&type=chunk) - **No major personal injury or fire accidents** occurred during the reporting period, upholding the bottom line of safety production[32](index=32&type=chunk) [3.3 Analysis of Core Competencies During the Reporting Period](index=8&type=section&id=3.3%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies remained largely unchanged, primarily demonstrated through its technological advantages (pioneer in cigarette paper and tracing paper, high-tech enterprise), brand advantages (nearly a century of history, "China Time-Honored Brand"), equipment advantages (modern production lines), geographical advantages (Yangtze River Delta region), and system advantages (multiple management system certifications) - **Technological Advantage**: Minfeng pioneered cigarette paper and tracing paper in China and is recognized as a **National High-tech Enterprise**[34](index=34&type=chunk) - **Brand Advantage**: The company boasts nearly a century of history, enjoying a high reputation for its "Minfeng" trade name and "Ship Brand" trademark, and has received honors such as "China Time-Honored Brand"[34](index=34&type=chunk) - **Equipment Advantage**: The company operates **7 modern papermaking production lines and 1 coating production line**, closely monitoring international advanced technologies[34](index=34&type=chunk) - **Geographical Advantage**: Located in the Yangtze River Delta region, the company benefits from dense scientific and technological innovation resources and a developed transportation network[34](index=34&type=chunk) - **System Advantage**: The company has obtained multiple system certifications, including **Quality/Environmental/Occupational Health and Safety (QES) three-system certification** and **FSC® forest certification**[35](index=35&type=chunk) [3.4 Key Operating Performance During the Reporting Period](index=8&type=section&id=3.4%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's key operating performance during the reporting period, including changes in financial statement items, asset and liability status, investment status, and major controlled and investee companies, noting significant decreases in operating revenue and net cash flow from operating activities, substantial increases in fixed assets and prepayments, and significant reductions in notes receivable and accounts receivable [3.4.1 Analysis of Principal Business](index=8&type=section&id=3.4.1%20Analysis%20of%20Principal%20Business) The analysis of principal business indicates a year-on-year decrease in operating revenue and cost of sales, an increase in selling, general and administrative expenses, and financial expenses, a slight decrease in R&D expenses, a significant decline in net cash flow from operating activities, reduced outflow from investing activities, and a substantial decrease in net cash flow from financing activities Analysis of Changes in Financial Statement Items | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 601,447,256.25 | 783,216,400.35 | -23.21 | Reduced production and sales due to shutdown of some machines | | Operating Cost | 499,873,725.92 | 663,758,452.30 | -24.69 | Decreased sales volume | | Selling Expenses | 4,788,655.02 | 4,591,982.60 | 4.28 | Increased export sales volume, increased export sales agency fees | | Administrative Expenses | 55,485,733.50 | 51,725,336.00 | 7.27 | Depreciation of some idled machines included | | Financial Expenses | 9,227,769.93 | 5,126,301.89 | 80.01 | Decreased interest income | | R&D Expenses | 19,150,095.32 | 21,605,775.13 | -11.37 | Slight decrease in R&D investment | | Net Cash Flow from Operating Activities | 16,459,948.51 | 119,296,378.25 | -86.20 | Decreased cash received from sales of goods and rendering of services | | Net Cash Flow from Investing Activities | -70,034,849.81 | -343,012,801.84 | Not applicable | Decreased cash paid for acquisition of fixed assets | | Net Cash Flow from Financing Activities | 18,411,497.92 | 320,472,228.28 | -94.25 | Decreased cash received from borrowings and increased cash paid for debt repayment | [3.4.2 Analysis of Assets and Liabilities](index=9&type=section&id=3.4.2%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company experienced significant decreases in monetary funds, notes receivable, financing receivables, and construction in progress, while prepayments, other current assets, and fixed assets substantially increased, and on the liability side, notes payable and contract liabilities decreased, while employee compensation payable increased Changes in Assets and Liabilities | Item Name | Current Period-end (CNY) | Share of Total Assets (%) | Prior Year-end (CNY) | Share of Total Assets (%) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 110,656,574.55 | 3.66 | 177,344,633.50 | 5.75 | -37.60 | Decrease in bank acceptance deposit | | Notes Receivable | 5,360,767.48 | 0.18 | 12,450,026.38 | 0.40 | -56.94 | Bank acceptance bills matured or transferred by finance company | | Financing Receivables | 92,216,999.36 | 3.05 | 192,620,593.20 | 6.25 | -52.13 | Decrease in bank acceptance bills | | Prepayments | 45,953,677.36 | 1.52 | 19,688,881.77 | 0.64 | 133.40 | Increase in purchase payments settled by prepayment | | Other Current Assets | 63,001,026.10 | 2.08 | 29,846,236.53 | 0.97 | 111.09 | Increase in input VAT to be deducted | | Fixed Assets | 1,401,848,873.55 | 46.37 | 883,442,981.29 | 28.65 | 58.68 | Construction in progress transferred to fixed assets | | Construction in Progress | 530,872,350.02 | 17.56 | 982,256,532.00 | 31.85 | -45.95 | Construction in progress transferred to fixed assets | | Long-term Deferred Expenses | 0.00 | 0.00 | 822,757.17 | 0.03 | -100.00 | Decrease in sewage discharge rights usage fees | | Other Non-current Assets | 12,832,462.00 | 0.42 | 55,004,793.84 | 1.78 | -76.67 | Decrease in prepaid engineering equipment costs | | Notes Payable | 0.00 | 0.00 | 2,000,000.00 | 0.06 | -100.00 | Bank acceptance bills matured and paid | | Contract Liabilities | 4,790,775.08 | 0.16 | 7,548,101.43 | 0.24 | -36.53 | Decrease in advance receipts | | Employee Compensation Payable | 6,224,977.27 | 0.21 | 3,314,594.16 | 0.11 | 87.81 | Increase in accrued employee compensation | - As of the end of the reporting period, **restricted assets totaled CNY 4,391,000.03**, including restricted time deposits, bank acceptance bill deposits, and frozen ETC funds[43](index=43&type=chunk) [3.4.3 Analysis of Investment Status](index=10&type=section&id=3.4.3%20Analysis%20of%20Investment%20Status) During the reporting period, the company's long-term equity investments had a period-end balance of CNY 40.5693 million, primarily comprising equity investments in Zhejiang Minfeng Robert Paper Co., Ltd. and Zhejiang Viola Plastic Co., Ltd - During the reporting period, the company's **long-term equity investments had a period-end balance of CNY 40.5693 million**[44](index=44&type=chunk) - The primary equity investment targets are **Zhejiang Minfeng Robert Paper Co., Ltd. and Zhejiang Viola Plastic Co., Ltd.**[44](index=44&type=chunk) [3.4.4 Analysis of Major Controlled and Investee Companies](index=10&type=section&id=3.4.4%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) The company's controlled subsidiary, Jiaxing Yanfeng Trading Co., Ltd., primarily engages in paper product sales, while investee companies include Zhejiang Minfeng Robert Paper Co., Ltd. (producing cigarette paper series, currently in liquidation) and Zhejiang Viola Plastic Co., Ltd. (producing and selling plastic products), with Zhejiang Viola Plastic Co., Ltd. achieving a net profit of CNY 0.3248 million and operating revenue of CNY 8.7207 million during the reporting period Overview of Major Controlled and Investee Companies | Company Name | Registered Capital | Shareholding (%) | Principal Business | | :--- | :--- | :--- | :--- | | **Controlled Companies** | | | | | Jiaxing Yanfeng Trading Co., Ltd. | CNY 20 million | 100% | Sales of paper products; sales of pulp; sales of chemical products; sales of coal and products; information consulting services | | **Investee Companies** | | | | | Zhejiang Minfeng Robert Paper Co., Ltd. | USD 12.1 million | 39% | Production of cigarette paper series and related paper types | | Zhejiang Viola Plastic Co., Ltd. | USD 1.22 million | 20% | Production and sales of plastic products, woven products, wood-plastic products, etc. | | Zhejiang Benkete Tipping Paper Co., Ltd. | USD 8.9 million | 5% | Production and operation of tipping paper and its series products | | Paradise Silicon Valley Venture Capital Group Co., Ltd. | CNY 1.2 billion | 5% | Equity investment, industrial investment, venture capital for high-tech enterprises and projects, etc. | | Zhejiang Chendao New Material Co., Ltd. | CNY 10 million | 5% | Development of chemical and plastic raw materials, import and export trade of goods and technologies | - The business term of **Zhejiang Minfeng Robert Paper Co., Ltd.** expired on **June 7, 2020**, and it is currently still in the liquidation process[45](index=45&type=chunk) Financial Data of Investee Companies | Name | Total Assets (CNY) | Total Liabilities (CNY) | Net Profit (CNY) | Operating Revenue (CNY) | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Minfeng Robert Paper Co., Ltd. | 97,837,221.47 | 86,268.56 | -27,570.27 | 0 | | Zhejiang Viola Plastic Co., Ltd. | 20,781,827.19 | 3,508,100.92 | 324,766.75 | 8,720,721.34 | [3.5 Other Disclosure Matters](index=11&type=section&id=3.5%20Other%20Disclosure%20Matters) This section discloses potential policy, industry, and project risks faced by the company, and assesses the semi-annual implementation of the "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan for 2025, highlighting progress in focusing on principal business, emphasizing shareholder returns, strengthening information disclosure, and improving corporate governance [3.5.1 Potential Risks](index=11&type=section&id=3.5.1%20Potential%20Risks) The company faces policy risks (fiscal and monetary policies, dual control of energy consumption), industry risks (weakening market demand, intensified competition, rising costs), and project risks (new project ramp-up time, market price uncertainty), which it plans to actively address through strengthened internal management, cost reduction and efficiency improvement, and energy conservation and emission reduction measures - **Policy risks**: Changes in national fiscal and monetary policies, dual control of energy consumption, and "carbon peak, carbon neutrality" targets will increase the company's investment and financing costs and environmental protection expenditures[46](index=46&type=chunk) - **Industry risks**: Weakening global market demand, overcapacity in some products, intensified market competition, and high uncertainty in commodity price fluctuations[46](index=46&type=chunk) - **Project risks**: Although the Haiyan plant project has been put into operation, it will take time to reach designed capacity, and uncertainties in product market, prices, and raw material prices may affect revenue and profitability[46](index=46&type=chunk) [3.5.2 Semi-Annual Assessment of the 2025 "Quality Improvement, Efficiency Enhancement, and Return Focus" Action Plan](index=11&type=section&id=3.5.2%20Semi-Annual%20Assessment%20of%20the%202025%20%22Quality%20Improvement%2C%20Efficiency%20Enhancement%2C%20and%20Return%20Focus%22%20Action%20Plan) In the first half of the year, the company focused on its principal business, ensuring the preliminary commissioning of Phase I and Phase II projects on schedule to enhance market influence, prioritized shareholder returns with a 30.25% cash dividend ratio in 2024 and the approval of a market value management system, strengthened information disclosure quality and investor communication, adhered to standardized operations and improved corporate governance by implementing independent director reforms, promoted ESG system construction, and reinforced the responsibilities of "key minorities" to enhance their performance and risk awareness - **Focus on Principal Business**: In the first half, operating revenue reached **CNY 601 million**, and net profit attributable to the parent company was **CNY 15.0737 million**, both year-on-year decreases. Phase I and Phase II projects were preliminarily commissioned on schedule, which will enhance the company's industry leadership and market influence[48](index=48&type=chunk)[49](index=49&type=chunk) - **Emphasis on Shareholder Returns**: The **cash dividend ratio for 2024 reached 30.25%**, the best in nearly a decade. The "Minfeng Special Paper Market Value Management System" was reviewed and approved, with the average daily market capitalization increasing by **15.04% year-on-year in 2025**[50](index=50&type=chunk) - **Strengthening Information Disclosure Quality**: In the first half, **38 announcements were disclosed**, **32 investor questions were answered** via the SSE e-interaction platform, and the 2024 annual performance and cash dividend briefing was held[51](index=51&type=chunk) - **Improving Corporate Governance**: Actively implemented reforms to the independent director system, revised the "Articles of Association," abolished the Board of Supervisors, and strengthened the functions of the Audit Committee[52](index=52&type=chunk) - **Promoting ESG System Construction**: Published the 2024 Environmental Report and Social Responsibility Report, planned ESG system construction, and was awarded the **2025 ESG Outstanding Listed Company Award**[53](index=53&type=chunk) - **Strengthening "Key Minority" Responsibilities**: Optimized management incentive and restraint mechanisms through indicator decomposition and strict assessment, and organized internal and external training to enhance performance capabilities and risk awareness[54](index=54&type=chunk)[55](index=55&type=chunk) [Corporate Governance, Environment, and Society](index=13&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, outlines its environmental information disclosure practices, and reports on its contributions to poverty alleviation and rural revitalization efforts [4.1 Changes in Directors, Supervisors, and Senior Management](index=13&type=section&id=4.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - During the reporting period, the status of changes in the company's directors, supervisors, and senior management was "Not applicable," indicating **no changes**[57](index=57&type=chunk) [4.2 Profit Distribution or Capital Reserve Conversion Plan](index=13&type=section&id=4.2%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "None," meaning no distribution or conversion will be made - The company's proposed semi-annual profit distribution plan or capital reserve conversion to share capital plan is **"None"**[57](index=57&type=chunk) [4.3 Environmental Information Disclosure in Accordance with Law](index=13&type=section&id=4.3%20Environmental%20Information%20Disclosure%20in%20Accordance%20with%20Law) The company and its major subsidiaries (Nanhu plant and Haiyan plant) are included in the list of enterprises required to disclose environmental information by law, and their reports are publicly available through the Zhejiang Provincial Department of Ecology and Environment's enterprise environmental information disclosure system - The company has **2 entities included in the list of enterprises required to disclose environmental information by law**: Minfeng Special Paper Co., Ltd. (Nanhu Plant) and Minfeng Special Paper Co., Ltd. (Haiyan Plant)[58](index=58&type=chunk) - Environmental information disclosure reports can be accessed through the **Zhejiang Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System**[58](index=58&type=chunk)[59](index=59&type=chunk) [4.4 Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts](index=14&type=section&id=4.4%20Specifics%20of%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization%20Efforts) In the first half of 2025, the company's Party Committee and its subordinate Party branches provided paired assistance to 13 disadvantaged households, distributing a total of CNY 6,916 in condolences and gifts through Spring Festival visits and educational support, while the company's Party Committee also provided CNY 8,000 to 10 disadvantaged Party members, and the labor union provided CNY 68,020 to 147 disadvantaged employees - In the first half of 2025, the company's Party Committee and its subordinate Party branches provided paired assistance to **13 disadvantaged households**, offering condolences and gifts through visits to understand their needs[59](index=59&type=chunk) - A total of **13 home visits** were made to paired disadvantaged families, distributing **CNY 6,916** in condolences and gifts[60](index=60&type=chunk) - The company's Party Committee provided condolences to **10 disadvantaged Party members**, totaling **CNY 8,000**[60](index=60&type=chunk) - The company's labor union provided condolences and gifts to **147 disadvantaged employees**, totaling **CNY 68,020**[60](index=60&type=chunk) [Significant Matters](index=15&type=section&id=Significant%20Matters) This section covers the company's fulfillment of commitments made by its controlling shareholder and provides details on significant related-party transactions during the reporting period [5.1 Fulfillment of Commitments](index=15&type=section&id=5.1%20Fulfillment%20of%20Commitments) Jiaxing Industrial Development Group Co., Ltd., the company's controlling shareholder, made several commitments regarding the listed company's independence, fund occupation, horizontal competition, and related-party transactions, which were strictly fulfilled during the reporting period without any breaches - Jiaxing Industrial Development Group Co., Ltd. committed to maintaining **independence from the listed company in terms of assets, personnel, finance, organization, and business**, not illegally occupying listed company funds, and strictly complying with relevant laws and regulations[62](index=62&type=chunk) - Jiaxing Industrial Development Group Co., Ltd. committed to resolving horizontal competition issues, ensuring that it and other enterprises it controls do not engage in businesses that compete with Minfeng Special Paper's principal business[62](index=62&type=chunk)[63](index=63&type=chunk) - Jiaxing Industrial Development Group Co., Ltd. committed to avoiding and reducing related-party transactions, adhering to market fairness principles for unavoidable related-party transactions, and eliminating non-operating fund occupation and illegal guarantees[63](index=63&type=chunk)[64](index=64&type=chunk) - All commitments were **strictly fulfilled** during the reporting period, with no instances of failure to perform in a timely manner[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) [5.2 Significant Related-Party Transactions](index=18&type=section&id=5.2%20Significant%20Related-Party%20Transactions) The company engages in daily operating related-party transactions, such as purchasing packaging materials from Zhejiang Viola Plastic Co., Ltd., with a current period transaction amount of CNY 4.6956 million, which did not exceed the approved limit, and the company's estimated daily related-party transactions for 2025 have been disclosed in temporary announcements - The company purchased packaging materials from Zhejiang Viola Plastic Co., Ltd., with a current period transaction amount of **CNY 4,695,609.38**, within the approved transaction limit of **CNY 7,500,000.00**[66](index=66&type=chunk)[67](index=67&type=chunk) - The company sold goods/provided services to Zhejiang Viola Plastic Co., Ltd. and Jiaxing Minfeng Group Co., Ltd., with current period transaction amounts of **CNY 205,212.60** and **CNY 96,608.18**, respectively[67](index=67&type=chunk)[68](index=68&type=chunk) - The estimated daily related-party transactions for **2025** have been disclosed in temporary announcements[66](index=66&type=chunk) [Share Changes and Shareholder Information](index=20&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital stability and detailed information on its shareholder structure, including the top ten shareholders [6.1 Share Capital Changes](index=20&type=section&id=6.1%20Share%20Capital%20Changes) There were no changes in the company's total share capital or share structure during the reporting period - During the reporting period, there were **no changes** in the company's total share capital or share structure[70](index=70&type=chunk) [6.2 Shareholder Information](index=20&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the company had 19,043 common shareholders, with Jiaxing Minfeng Group Co., Ltd. holding 36.29% as the controlling shareholder, and the top ten circulating shareholders being largely consistent with the top ten shareholders | Indicator | Number | | :--- | :--- | | Total number of common shareholders at period-end | 19,043 | | Total number of preferred shareholders with restored voting rights at period-end | 0 | Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-end | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Jiaxing Minfeng Group Co., Ltd. | 127,500,000 | 36.29 | State-owned Legal Person | | Xiao Shaojin | 4,140,600 | 1.18 | Domestic Natural Person | | Hu Zhiping | 3,651,200 | 1.04 | Domestic Natural Person | | Zhang Guoming | 3,000,000 | 0.85 | Domestic Natural Person | | BARCLAYS BANK PLC | 2,168,133 | 0.62 | Other | | Hu Liping | 2,062,200 | 0.59 | Domestic Natural Person | | China Construction Bank Corporation - Noah Multi-Strategy Stock Fund | 1,657,700 | 0.47 | Other | | Yao Yinong | 1,580,900 | 0.45 | Domestic Natural Person | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 1,447,155 | 0.41 | Other | | Huang Yu | 1,435,900 | 0.41 | Domestic Natural Person | - There is **no related-party relationship or concerted action** between the company's controlling shareholder, Jiaxing Minfeng Group Co., Ltd., and the other top ten shareholders[74](index=74&type=chunk) [Bond-Related Information](index=22&type=section&id=Bond-Related%20Information) This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds for the company during the reporting period [7.1 Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=22&type=section&id=7.1%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The situation regarding corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments is **"Not applicable"**[77](index=77&type=chunk) [7.2 Convertible Corporate Bonds](index=22&type=section&id=7.2%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The situation regarding convertible corporate bonds is **"Not applicable"**[77](index=77&type=chunk) [Financial Report](index=22&type=section&id=Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and other significant financial matters [8.1 Audit Report](index=22&type=section&id=8.1%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[5](index=5&type=chunk)[78](index=78&type=chunk) [8.2 Financial Statements](index=23&type=section&id=8.2%20Financial%20Statements) This section includes 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 at the end of the reporting period [8.2.1 Consolidated Balance Sheet](index=23&type=section&id=8.2.1%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were CNY 3.023 billion, a 1.98% decrease from the end of the previous year; consolidated total liabilities were CNY 1.513 billion, a 4.43% decrease; and total owners' equity attributable to the parent company was CNY 1.510 billion, a 0.61% increase Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 3,022,973,181.69 | 3,083,951,976.52 | | Total Liabilities | 1,513,300,588.90 | 1,583,381,006.61 | | Total Owners' Equity Attributable to Parent Company | 1,509,672,592.79 | 1,500,570,969.91 | [8.2.2 Parent Company Balance Sheet](index=26&type=section&id=8.2.2%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were CNY 3.024 billion, a 2.09% decrease from the end of the previous year; total liabilities were CNY 1.514 billion, a 4.65% decrease; and total owners' equity was CNY 1.510 billion, a 0.60% increase Key Data from Parent Company Balance Sheet | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 3,024,265,919.61 | 3,089,079,877.56 | | Total Liabilities | 1,514,405,231.55 | 1,588,269,536.78 | | Total Owners' Equity | 1,509,860,688.06 | 1,500,810,340.78 | [8.2.3 Consolidated Income Statement](index=28&type=section&id=8.2.3%20Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was CNY 601.45 million, a 23.21% year-on-year decrease; consolidated total profit was CNY 15.1176 million, a 68.79% decrease; and consolidated net profit was CNY 15.0737 million, a 68.88% decrease Key Data from Consolidated Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 601,447,256.25 | 783,216,400.35 | | Total Operating Cost | 594,199,924.06 | 752,319,882.67 | | Total Profit | 15,117,614.02 | 48,432,324.85 | | Net Profit | 15,073,722.88 | 48,431,304.38 | | Net Profit Attributable to Parent Company Shareholders | 15,073,722.88 | 48,431,304.38 | | Basic Earnings Per Share (CNY/share) | 0.043 | 0.138 | | Diluted Earnings Per Share (CNY/share) | 0.043 | 0.138 | [8.2.4 Parent Company Income Statement](index=30&type=section&id=8.2.4%20Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue was CNY 601.45 million, a 23.70% year-on-year decrease; total profit was CNY 15.0651 million, a 68.40% decrease; and net profit was CNY 15.0224 million, a 68.50% decrease Key Data from Parent Company Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 601,447,256.25 | 787,970,852.98 | | Operating Profit | 15,070,795.59 | 47,683,465.35 | | Total Profit | 15,065,096.06 | 47,703,814.45 | | Net Profit | 15,022,447.28 | 47,703,814.45 | [8.2.5 Consolidated Cash Flow Statement](index=32&type=section&id=8.2.5%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was CNY 16.46 million, a significant year-on-year decrease of 86.20%; net cash flow from investing activities was -CNY 70.03 million, representing a reduced outflow; and net cash flow from financing activities was CNY 18.41 million, a substantial year-on-year decrease of 94.25% Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 16,459,948.51 | 119,296,378.25 | | Net Cash Flow from Investing Activities | -70,034,849.81 | -343,012,801.84 | | Net Cash Flow from Financing Activities | 18,411,497.92 | 320,472,228.28 | | Net Increase in Cash and Cash Equivalents | -35,188,058.95 | 96,760,714.94 | | Cash and Cash Equivalents at Period-end | 106,265,574.52 | 229,410,492.52 | [8.2.6 Parent Company Cash Flow Statement](index=34&type=section&id=8.2.6%20Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was CNY 16.35 million, a year-on-year decrease of 87.09%; net cash flow from investing activities was -CNY 70.03 million, representing a reduced outflow; and net cash flow from financing activities was CNY 18.41 million, a year-on-year decrease of 94.25% Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 16,346,027.80 | 126,464,057.33 | | Net Cash Flow from Investing Activities | -70,034,849.81 | -349,912,801.84 | | Net Cash Flow from Financing Activities | 18,411,497.92 | 320,472,228.28 | | Net Increase in Cash and Cash Equivalents | -35,301,979.66 | 97,028,394.02 | | Cash and Cash Equivalents at Period-end | 105,770,730.88 | 228,807,586.73 | [8.2.7 Consolidated Statement of Changes in Owners' Equity](index=35&type=section&id=8.2.7%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the company's consolidated total owners' equity increased by CNY 9.1016 million, primarily from a total comprehensive income of CNY 15.0737 million, while profit distribution decreased by CNY 5.9721 million Key Data from Consolidated Statement of Changes in Owners' Equity | Item | H1 2025 Period-end Balance (CNY) | H1 2024 Period-end Balance (CNY) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 351,300,000.00 | 351,300,000.00 | | Capital Reserve | 830,314,866.51 | 830,314,866.51 | | Surplus Reserve | 96,129,255.03 | 89,007,149.64 | | Retained Earnings | 231,928,471.25 | 222,187,474.24 | | Total Owners' Equity Attributable to Parent Company | 1,509,672,592.79 | 1,492,809,490.39 | | Total Owners' Equity | 1,509,672,592.79 | 1,492,809,490.39 | - The **net change for the current period (decreases indicated by "-") was CNY 9,101,622.88**, with total comprehensive income of **CNY 15,073,722.88** and profit distribution of **-CNY 5,972,100.00**[101](index=101&type=chunk) [8.2.8 Parent Company Statement of Changes in Owners' Equity](index=39&type=section&id=8.2.8%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the parent company's total owners' equity increased by CNY 9.0503 million, primarily from a total comprehensive income of CNY 15.0224 million, while profit distribution decreased by CNY 5.9721 million Key Data from Parent Company Statement of Changes in Owners' Equity | Item | H1 2025 Period-end Balance (CNY) | H1 2024 Period-end Balance (CNY) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 351,300,000.00 | 351,300,000.00 | | Capital Reserve | 837,914,509.09 | 838,839,739.04 | | Surplus Reserve | 96,129,255.03 | 89,007,149.64 | | Retained Earnings | 224,516,923.94 | 214,879,942.65 | | Total Owners' Equity | 1,509,860,688.06 | 1,494,026,831.33 | - The **net change for the current period (decreases indicated by "-") was CNY 9,050,347.28**, with total comprehensive income of **CNY 15,022,447.28** and profit distribution of **-CNY 5,972,100.00**[105](index=105&type=chunk) [8.3 Company Basic Information](index=42&type=section&id=8.3%20Company%20Basic%20Information) Minfeng Special Paper Co., Ltd., established in 1998 and formerly "Hefeng Paper Company" founded in 1923, was listed on the Shanghai Stock Exchange in 2000, with a registered capital of CNY 351.3 million, primarily engaged in papermaking and paper products, with a broad business scope covering cigarette paper production and sales, pulp manufacturing, equipment maintenance, and more - The company was established on **November 12, 1998**, with its predecessor, "Hefeng Paper Company," traceable back to **1923**[108](index=108&type=chunk)[109](index=109&type=chunk) - The company's shares were listed and traded on the **Shanghai Stock Exchange on June 15, 2000**[108](index=108&type=chunk)[109](index=109&type=chunk) - The company's registered capital is **CNY 351,300,000.00**, with a total share capital of **351,300,000 shares**[108](index=108&type=chunk) - The principal business is in the **papermaking and paper products industry**, including the production and sales of cigarette paper, manufacturing and sales of pulp, paper, and paper products, among others[111](index=111&type=chunk) [8.4 Basis of Financial Statement Preparation](index=43&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant disclosure regulations of the CSRC, with no significant doubts about the going concern assumption - The company prepares its financial statements on a **going concern basis**, in accordance with **Accounting Standards for Business Enterprises** and relevant regulations of the **CSRC**[112](index=112&type=chunk) - There are **no matters or circumstances** that would cast significant doubt on the going concern assumption for the 12 months from the end of the reporting period[113](index=113&type=chunk) [8.5 Significant Accounting Policies and Estimates](index=43&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for financial instruments, inventories, fixed assets, construction in progress, intangible assets, and revenue recognition, ensuring the standardization and accuracy of financial statement preparation, with the company adhering to Accounting Standards for Business Enterprises, using a 12-month operating cycle, and with CNY as its functional currency - The company adheres to the requirements of **Accounting Standards for Business Enterprises** to truthfully and completely reflect its financial position[115](index=115&type=chunk) - The accounting year runs from **January 1 to December 31** of the Gregorian calendar, with **12 months** constituting an operating cycle[116](index=116&type=chunk)[117](index=117&type=chunk) - The functional currency is **Renminbi (CNY)**[118](index=118&type=chunk) - The company has established specific accounting policies and estimates for transactions and matters such as **impairment of financial instruments, inventories, depreciation of fixed assets, construction in progress, intangible assets, and revenue recognition**[114](index=114&type=chunk) [8.6 Taxation](index=67&type=section&id=8.6%20Taxation) The company's main taxes include VAT, property tax, land use tax, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax, benefiting from a 5% VAT additional deduction policy for advanced manufacturing enterprises and paying corporate income tax at a 15% rate as a high-tech enterprise, while its subsidiary Jiaxing Yanfeng Trading Co., Ltd. qualifies as a small-profit enterprise and enjoys corporate income tax benefits Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added amount generated from sales of goods or provision of taxable services | Calculated at tax rates of 3%, 6%, 9%, 13%, etc. | | Property Tax | Calculated ad valorem at 1.2% of the remaining value after a one-time deduction of 30% from the original value of the property | 1.2% | | Land Use Tax | Actual occupied land area | CNY 4.00/sqm, CNY 12.00/sqm | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Corporate Income Tax | Taxable Income | 15%, 20%, 25% | - The company meets the criteria for advanced manufacturing enterprises and is eligible for a **5% additional VAT deduction policy**[230](index=230&type=chunk)[231](index=231&type=chunk) - The company is recognized as a **high-tech enterprise** and pays corporate income tax at a **15% rate for the 2025 fiscal year**[231](index=231&type=chunk) - Subsidiary **Jiaxing Yanfeng Trading Co., Ltd.** qualifies as a small-profit enterprise and enjoys corporate income tax preferential policies[231](index=231&type=chunk) [8.7 Notes to Consolidated Financial Statement Items](index=68&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures on specific items within the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, long-term equity investments, short-term borrowings, accounts payable, employee compensation, operating revenue, and costs, along with explanations for their respective changes - **Monetary funds** at period-end totaled **CNY 111 million**, a **37.60% decrease** from the beginning of the period, primarily due to a reduction in bank acceptance deposits[41](index=41&type=chunk)[236](index=236&type=chunk) - **Notes receivable** at period-end totaled **CNY 5.3608 million**, a **56.94% decrease** from the beginning of the period, mainly due to bank acceptance bills maturing or being transferred by the finance company[41](index=41&type=chunk)[235](index=235&type=chunk) - **Accounts receivable** at period-end totaled **CNY 187 million**, a **2.90% increase** from the beginning of the period, including **CNY 11.2721 million** for individually assessed impairment and **CNY 13.2727 million** for collectively assessed impairment[244](index=244&type=chunk)[246](index=246&type=chunk) - **Inventories** at period-end totaled **CNY 385 million**, a **7.41% increase** from the beginning of the period, comprising **CNY 175 million** in raw materials and **CNY 200 million** in finished goods[271](index=271&type=chunk) - **Fixed assets** at period-end had a book value of **CNY 1.402 billion**, a **58.68% increase** from the beginning of the period, primarily due to the transfer of construction in progress to fixed assets[41](index=41&type=chunk)[284](index=284&type=chunk) - **Construction in progress** at period-end had a book value of **CNY 531 million**, a **45.95% decrease** from the beginning of the period, primarily due to the transfer of construction in progress to fixed assets[41](index=41&type=chunk)[291](index=291&type=chunk) - **Short-term borrowings** at period-end totaled **CNY 665 million**, remaining largely consistent with the beginning of the period[310](index=310&type=chunk) - **Accounts payable** at period-end totaled **CNY 210 million**, a **24.30% decrease** from the beginning of the period[315](index=315&type=chunk) - **Operating revenue** for the current period was **CNY 601 million**, and **operating cost was CNY 500 million**, representing year-on-year decreases of **23.21%** and **24.69%**, respectively[355](index=355&type=chunk) [8.8 Research and Development Expenses](index=107&type=section&id=8.8%20Research%20and%20Development%20Expenses) In the first half of 2025, the company's total R&D expenses amounted to CNY 19.1501 million, a year-on-year decrease of 11.37%, primarily allocated to material consumption and employee compensation, with all R&D expenditures expensed R&D Expenses by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Materials Consumed | 12,686,035.72 | 15,519,911.09 | | Employee Compensation | 5,825,534.03 | 5,702,907.69 | | Other | 638,525.57 | 382,956.35 | | Total | 19,150,095.32 | 21,605,775.13 | | Of which: Expensed R&D Expenditures | 19,150,095.32 | 21,605,775.13 | | Capitalized R&D Expenditures | 0 | 0 | - Current period R&D expenses decreased by **11.37% year-on-year**, primarily due to a slight reduction in R&D investment[37](index=37&type=chunk) [8.9 Changes in Consolidation Scope](index=108&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the company's consolidation scope due to business combinations involving entities not under common control, business combinations involving entities under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, there were **no changes** in the company's consolidation scope[394](index=394&type=chunk) [8.10 Interests in Other Entities](index=109&type=section&id=8.10%20Interests%20in%20Other%20Entities) The company owns Jiaxing Yanfeng Trading Co., Ltd. as a wholly-owned subsidiary and holds equity interests in associates such as Zhejiang Minfeng Robert Paper Co., Ltd. (39% stake) and Zhejiang Viola Plastic Co., Ltd. (20% stake), with Zhejiang Minfeng Robert Paper Co., Ltd. currently undergoing liquidation Subsidiary Information | Subsidiary Name | Registered Capital (CNY 10k) | Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | | Jiaxing Yanfeng Trading Co., Ltd. | 2,000 | 100.00 | Establishment | Information on Significant Associates | Associate Name | Shareholding (%) | Accounting Method | | :--- | :--- | :--- | | Zhejiang Minfeng Robert Paper Co., Ltd. | 39.00 | Equity method accounting | | Zhejiang Viola Plastic Co., Ltd. | 20.00 | Equity method accounting | - The business term of **Zhejiang Minfeng Robert Paper Co., Ltd.** expired on **June 7, 2020**, and it is currently still in the liquidation process[45](index=45&type=chunk) [8.11 Government Grants](index=111&type=section&id=8.11%20Government%20Grants) During the reporting period, the amount of government grants recognized in profit or loss was CNY 0, compared to CNY 1,500 in the prior period | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Related to Income | 0 | 1,500.00 | | Total | 0 | 1,500.00 | [8.12 Risks Related to Financial Instruments](index=112&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, market risk (foreign exchange risk, interest rate risk, other price risks), and liquidity risk, which it manages through diversified investments, credit assessment, and cash flow forecasting, with an asset-liability ratio of 50.06% at the end of the reporting period - The company faces **credit risk, market risk (foreign exchange risk, interest rate risk, other price risks), and liquidity risk**[403](index=403&type=chunk)[404](index=404&type=chunk)[405](index=405&type=chunk)[406](index=406&type=chunk)[407](index=407&type=chunk)[408](index=408&type=chunk)[413](index=413&type=chunk) - The company manages financial risks through **diversified investments, credit risk concentration management, regular assessment of debtor creditworthiness, monitoring cash balances, and cash flow forecasting**[404](index=404&type=chunk)[408](index=408&type=chunk)[413](index=413&type=chunk) - As of **June 30, 2025**, the company's **asset-liability ratio was 50.06%**, a decrease from **51.34% at the end of 2024**[415](index=415&type=chunk) [8.13 Disclosure of Fair Value](index=115&type=section&id=8.13%20Disclosure%20of%20Fair%20Value) The company's total assets measured at fair value on a recurring basis amounted to CNY 156 million, primarily comprising financing receivables and other non-current financial assets measured at fair value through profit or loss Fair Value Measurement Items at Period-end | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Financing Receivables | 92,216,999.36 | 0 | 0 | 92,216,999.36 | | Other Non-current Financial Assets | 63,563,695.27 | 0 | 0 | 63,563,695.27 | | Total Assets Measured at Fair Value on a Recurring Basis | 155,780,694.63 | 0 | 0 | 155,780,694.63 | [8.14 Related Parties and Related-Party Transactions](index=117&type=section&id=8.14%20Related%20Parties%20and%20Related-Party%20Transactions) The company's parent company is Jiaxing Minfeng Group Co., Ltd., holding a 36.29% stake, and the company engages in transactions such as purchasing and selling goods, providing services, and related-party guarantees with its subsidiaries, associates, and other related parties, having received multiple guarantees as a guaranteed party from Jiaxing Minfeng Group Co., Ltd. and Jiaxing Industrial Development Group Co., Ltd., among others, during the reporting period - The company's parent company is **Jiaxing Minfeng Group Co., Ltd.**, with a shareholding and voting rights percentage of **36.29%**[422](index=422&type=chunk) - The company purchased **CNY 4.6956 million** in packaging materials from Zhejiang Viola Plastic Co., Ltd. and sold **CNY 0.2052 million** in other products to it[427](index=427&type=chunk)[428](index=428&type=chunk) - As a guaranteed party, the company received multiple guarantees from **Jiaxing Minfeng Group Co., Ltd., Jiaxing Industrial Development Group Co., Ltd., and Jiaxing Industrial Assets Investment Group Co., Ltd.**, with a significant total guarantee amount, all of which remain unfulfilled[429](index=429&type=chunk)[430](index=430&type=chunk) - Period-end amounts payable to related parties include **CNY 3 million** to Zhejiang Minfeng Robert Paper Co., Ltd. and **CNY 1.4186 million** to Zhejiang Viola Plastic Co., Ltd.[432](index=432&type=chunk) [8.15 Commitments and Contingencies](index=121&type=section&id=8.15%20Commitments%20and%20Contingencies) As of the balance sheet date, the company had no significant contingencies requiring disclosure - As of the balance sheet date, the company had **no significant contingencies** requiring disclosure[436](index=436&type=chunk) [8.16 Events After the Balance Sheet Date](index=122&type=section&id=8.16%20Events%20After%20the%20Balance%20Sheet%20Date) The company had no significant non-adjusting events after the balance sheet date, and profit distribution was not applicable - There were **no significant non-adjusting events** after the balance sheet date[437](index=437&type=chunk) - Profit distribution status is **not applicable**[438](index=438&type=chunk) [8.17 Other Significant Matters](index=122&type=section&id=8.17%20Other%20Significant%20Matters) The company's production and operation land (north of Luli Street) is leased until December 10, 2048, with land rent of CNY 1.4371 million accrued for 2025, remaining unpaid as of June 30, 2025 - The company's production and operation land (north of Luli Street) is used under a **50-year lease**, from **December 10, 1998, to December 10, 2048**[440](index=440&type=chunk) - Land rent of **CNY 1,437,060.52** was accrued for **2025**, remaining **unpaid as of June 30, 2025**[440](index=440&type=chunk) [8.18 Notes to Parent Company Financial Statement Items](index=123&type=section&id=8.18%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed disclosures on specific items within the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, along with explanations for their respective changes - The parent company's **accounts receivable** at period-end totaled **CNY 187 million**, including **CNY 11.2721 million** for individually assessed impairment and **CNY 13.2727 million** for collectively assessed impairment[444](index=444&type=chunk)[446](index=446&type=chunk) - The parent company's **other receivables** at period-end totaled **CNY 7.4295 million**, including **CNY 7.6107 million** for deposits and guarantees, and **CNY 2.4020 million** for petty cash[454](index=454&type=chunk) - The parent company's **long-term equity investments** at period-end totaled **CNY 60.5693 million**, comprising **CNY 20 million** in investments in subsidiaries and **CNY 40.5693 million** in investments in associates and joint ventures[464](index=464&type=chunk) - The parent company's **operating revenue** for the current period was **CNY 601 million**, and **operating cost was CNY 500 million**, representing year-on-year decreases of **23.70%** and **25.40%**, respectively[468](index=468&type=chunk) - The parent company's **investment income** for the current period was **CNY 5.0529 million**, primarily including **CNY 5 million** in dividend income from other equity instrument investments held during the period[472](index=472&type=chunk)[473](index=473&type=chunk) [8.19 Supplementary Information](index=133&type=section&id=8.19%20Supplementary%20Information) This section provides a detailed statement of non-recurring gains and losses for the current period, totaling CNY 34,428.77, along with key financial indicators such as return on net assets and earnings per share Details of Non-recurring Gains and Losses for the Current Period | Item | Amount (CNY) | | :--- | :--- | | Other non-operating income and expenses apart from the above items | -5,699.53 | | Other profit and loss items conforming to the definition of non-recurring gains and losses | 40,128.30 | | Total | 34,428.77 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY) | Diluted Earnings Per Share (CNY) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 1.00 | 0.043 | 0.043 | | Net Profit Attributable to Common Shareholders of the Company (Excluding Non-recurring Gains and Losses) | 1.00 | 0.043 | 0.043 |

智通财经APP讯，民丰特纸(600235.SH)披露2025年半年度报告，报告期公司实现营收6.01亿元，同比下 降23.21%;归属于上市公司股东的净利润1507万元，同比下降68.88%;扣非净利润1504万元，同比下降 68.92%;基本每股收益0.043元。 ...

Core Viewpoint - Minfeng Special Paper (600235) reported a significant decline in both revenue and net profit for the first half of 2025, indicating operational challenges and reduced production capacity [1] Financial Performance - The company's revenue for the first half of 2025 was 601 million yuan, representing a year-on-year decrease of 23.21% [1] - The net profit attributable to shareholders was 15.0737 million yuan, down 68.88% compared to the previous year [1] Production Capacity - The PM20 and PM22 paper machines were taken offline in May and August 2024, respectively, leading to a complete halt in production during the reporting period [1] - Prior to their shutdown, these machines were operating normally in the first half of 2024, contributing to the overall production volume [1]

Core Viewpoint - Minfeng Special Paper (600235.SH) reported a significant decline in both revenue and net profit for the first half of 2025, indicating operational challenges and reduced production capacity due to the shutdown of key paper machines [1] Financial Performance - The company achieved a revenue of 601 million yuan, a year-on-year decrease of 23.21% [1] - Net profit attributable to shareholders was 15.07 million yuan, down 68.88% year-on-year [1] - The net profit excluding non-recurring gains and losses was 15.04 million yuan, also down 68.92% year-on-year [1] - Basic earnings per share were 0.043 yuan [1] Reasons for Decline - The shutdown of PM20 and PM22 paper machines in May and August 2024, respectively, led to a significant reduction in production capacity, resulting in lower overall sales volume and revenue [1] - A one-time adjustment of 11.04 million yuan in VAT credits recorded in Q1 2024 negatively impacted other income for the current period, contributing to the decline in operating profit [1] - A decrease in interest income and an increase in financial expenses further pressured operating profit [1]