Market Overview - On September 24, the non-liquor sector increased by 0.2% compared to the previous trading day, with Yanjing Beer leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Non-Liquor Sector Performance - The following companies in the non-liquor sector showed notable performance: - Xianjing Beer (Code: 000729) closed at 12.25, up 2.25% with a trading volume of 338,500 shares and a turnover of 414 million yuan [1] - Caogao Co. (Code: 600543) closed at 5.81, up 1.93% with a trading volume of 59,100 shares and a turnover of 34.13 million yuan [1] - ST Xifa (Code: 000752) closed at 11.40, up 1.88% with a trading volume of 32,000 shares and a turnover of 36.20 million yuan [1] - Weilang Co. (Code: 603779) closed at 6.96, up 1.46% with a trading volume of 39,400 shares and a turnover of 27.29 million yuan [1] - Huichuan Beer (Code: 600573) closed at 11.47, up 1.24% with a trading volume of 17,800 shares and a turnover of 20.32 million yuan [1] Capital Flow Analysis - On the same day, the non-liquor sector experienced a net outflow of 72.39 million yuan from institutional investors, while retail investors saw a net inflow of 68.12 million yuan [2] - The following companies had significant capital flows: - Yanjing Beer (Code: 000729) had a net inflow of 8.75 million yuan from institutional investors, while retail investors contributed a net inflow of 33.91 million yuan [3] - ST Xifa (Code: 000752) had a net inflow of 1.24 million yuan from institutional investors, but a net outflow from retail investors [3] - Zhujiang Beer (Code: 002461) had a net inflow of 1.20 million yuan from institutional investors and a net inflow from retail investors [3]

Market Overview - On September 18, the non-liquor sector declined by 1.24% compared to the previous trading day, with ST Xifa leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - The following stocks in the non-liquor sector experienced notable declines: - ST Xifa: Closed at 11.71, down 4.02% with a trading volume of 85,800 shares and a turnover of 102 million yuan [1] - Huichuan Beer: Closed at 11.56, down 3.26% with a trading volume of 39,300 shares and a turnover of 45.92 million yuan [1] - Mogao Co.: Closed at 5.96, down 2.93% with a trading volume of 74,900 shares and a turnover of 45.11 million yuan [1] - Other notable declines include ST Yedao, CITIC Nia, and ST Lanhua [1] Capital Flow - The non-liquor sector saw a net outflow of 163 million yuan from institutional investors, while retail investors contributed a net inflow of 133 million yuan [1] - The following stocks had significant capital flow: - Qingfeng Wine Industry: Net inflow from retail investors of 348,580 yuan, but a net outflow from institutional investors of 3.34 million yuan [2] - CITIC Nia: Net inflow from retail investors of 527,680 yuan, with a net inflow from institutional investors of 1.38 million yuan [2] - ST Lanhua: Experienced a net outflow of 7.01 million yuan from institutional investors, but a net inflow of 195,260 yuan from retail investors [2]

Market Overview - On September 15, the non-liquor sector declined by 0.65%, with *ST Yedao leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - The closing prices and performance of key stocks in the non-liquor sector are as follows: - *ST Yedao: 6.53, down 2.97%, with a trading volume of 108,800 shares and a turnover of 70.98 million yuan [2] - Other notable stocks include: - Zhirun Co.: 25.35, down 1.59%, with a turnover of 346 million yuan [2] - Chongqing Beer: 54.16, down 0.64%, with a turnover of 199 million yuan [2] Capital Flow - The non-liquor sector experienced a net outflow of 10.4 million yuan from institutional investors, while retail investors saw a net inflow of 113 million yuan [2] - Detailed capital flow for selected stocks shows: - Zhirun Co.: Net inflow of 11.05 million yuan from institutional investors [3] - Gu Yue Long Shan: Net inflow of 8.62 million yuan from institutional investors [3] - Other stocks like Huichuan Beer and *ST Lan Huang saw significant net outflows from institutional investors [3]

Market Overview - On September 10, the non-liquor sector declined by 0.27% compared to the previous trading day, with *ST Lanhua leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the non-liquor sector included *ST Yedao, which rose by 3.22% to close at 6.74, and ST Xifa, which increased by 1.76% to 11.57 [1] - Conversely, *ST Lanhua fell by 2.18% to 8.51, and Zhujiang Beer decreased by 1.22% to 10.53 [2] Trading Volume and Value - The trading volume and value for selected stocks in the non-liquor sector showed significant activity, with Gu Yue Long Shan recording a trading volume of 113,300 hands and a transaction value of 114 million yuan [1] - The total net outflow of funds in the non-liquor sector was 8.89 million yuan from main funds, while retail investors saw a net inflow of 28.12 million yuan [2] Fund Flow Analysis - Ba Run Co. had a main fund net inflow of 26.84 million yuan, while retail investors experienced a net outflow of 4.98 million yuan [3] - The fund flow analysis indicates that while main funds were withdrawing, retail investors were actively buying into certain stocks, such as Huaiqian Beer, which saw a net inflow of 2.76 million yuan from retail investors [3]

Market Overview - On September 2, the non-liquor sector declined by 1.01%, with *ST Yedao leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - The following stocks in the non-liquor sector experienced notable changes: - *ST Yedao: Closed at 6.35, down 3.93% with a trading volume of 143,500 shares and a turnover of 91.83 million [2] - ST Xifa: Closed at 10.93, up 1.11% with a trading volume of 56,000 shares [1] - Huichuan Beer: Closed at 12.26, up 0.74% with a trading volume of 40,800 shares [1] - Other notable declines include: - Chongqing Beer: Closed at 55.03, down 0.07% [1] - Zhangyu A: Closed at 21.99, down 1.35% [2] Capital Flow - The non-liquor sector saw a net outflow of 238 million from main funds, while retail investors contributed a net inflow of 256 million [2] - The capital flow for specific stocks indicates: - ST Xifa: Main funds net inflow of 11.00 million, retail net outflow of 8.16 million [3] - Huichuan Beer: Main funds net inflow of 1.77 million, retail net outflow of 0.04 million [3] - *ST Yedao: Main funds net outflow of 18.06 million, retail net inflow of 1.14 million [3]

Core Viewpoint - *ST Yedao (600238) reported a significant decline in financial performance for the first half of 2025, with a net profit decrease of 440.62% and total revenue down by 26.62% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 89.21 million yuan, a decrease of 26.62% from 122 million yuan in 2024 [1] - The net profit for the first half of 2025 was -15.77 million yuan, down 440.62% from 4.63 million yuan in 2024 [1] - The gross profit margin decreased to 37.99%, down 2.75% year-on-year, while the net profit margin fell to -18.43%, a drop of 495.16% [1] - Total expenses (selling, administrative, and financial) amounted to 35.57 million yuan, accounting for 39.88% of revenue, an increase of 10.08% year-on-year [1] - Earnings per share were -0.04 yuan, a decrease of 500% compared to 0.01 yuan in 2024 [1] Cash Flow and Debt Analysis - Cash and cash equivalents decreased by 80.19% to 4.13 million yuan due to loan repayments [3] - The company reported a significant increase in operating cash flow per share to 0.04 yuan, up 405.66% year-on-year [1] - The total interest-bearing debt decreased by 13.89% to 266.6 million yuan [1] Expense Breakdown - Sales expenses decreased by 43.5% due to reduced promotional costs and employee salaries [4] - Management expenses fell by 16.7% as a result of lower employee salaries and service fees [4] - Financial expenses saw a slight decrease of 0.73% due to lower average loan amounts and interest rates [4] Investment and Asset Management - Investment income increased by 44.44% as losses from equity investments decreased [5] - The company faced a significant increase in credit impairment losses, which rose by 249.41% [6] - Asset impairment losses increased by 66.79% due to higher provisions for inventory write-downs [7] Overall Business Evaluation - The company's historical financial performance has been poor, with a median ROIC of -5.76% over the past decade and a particularly low ROIC of -27.13% in 2024 [14] - The company has reported losses in 9 out of 25 annual reports since its listing, indicating a challenging investment outlook [14] - Current cash flow ratios and debt levels raise concerns, with cash to current liabilities at only 0.89% [15]

Group 1 - The core point of the article is the announcement by *ST Yedao regarding the appointment of Mr. Chen Yong as the deputy general manager during the board meeting held on August 29, 2025 [1] - For the fiscal year 2024, *ST Yedao's revenue composition is as follows: liquor revenue accounts for 72.69%, specialty food and beverages account for 25.69%, and other businesses account for 1.62% [1] - As of the time of reporting, *ST Yedao has a market capitalization of 3 billion yuan [1] Group 2 - The article also mentions the upcoming A-level car exhibition in Southwest China, which will feature nearly 120 brands and 1,600 vehicles, indicating a significant shift in the automotive market landscape due to new energy vehicles [1]

股票代码：600238 股票简称：*ST 椰岛 编号：2025-030 海南椰岛（集团）股份有限公司 单位：万元 币种：人民币 二、酒类销售渠道情况 三、酒类销售区域情况 1 / 2 单位：万元 币种：人民币 渠道类型 2025 年半年度销售收入 2024 年半年度销售收入 同比（%） 直销（含团购） 228.10 369.29 -38.23 批发代理 6,813.50 9,039.51 -24.63 合 计 7,041.60 9,408.80 -25.16 四、酒类经销商情况 2025 年半年度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第3号—行业信息披露》之《第 十二号—酒制造》的相关规定，现将海南椰岛（集团）股份有限公司2025年半年 度酒类主要经营数据（未经审计）公告如下： 一、酒类产品销售情况 | 产品档次 | 2025 | 年半年度 | 2024 | 年半年 | 同比（%） | 主要代表品牌 | | --- | --- | --- | --- | - ...

证券代码：600238 证券简称：*ST 椰岛 公告编号：2025-029 海南椰岛（集团）股份有限公司 第八届董事会第四十八次会议决议 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。 一、会议召开情况 海南椰岛（集团）股份有限公司（以下简称"公司"）董事会于 2025 年 8 月 25 日向全体董事、监事通过电子通讯等方式发出了会议通知和会议材料。本 次会议于 2025 年 8 月 29 日以现场结合通讯表决方式召开。 根据公司经营管理需要，董事会提名委员会审核通过，董事会同意聘任谌勇 先生为公司副总经理，任期与公司第八届董事会一致。 1 / 2 特此公告。 会议应出席董事 9 人，实际出席董事 9 人，本次会议由段守奇董事长主持。 会议的召集、召开符合法律、行政法规、部门规章、规范性文件和公司章程的有 关规定。 二、董事会会议审议情况 （一）审议通过了《公司 2025 年半年度报告全文及摘要》 （9 票同意，0 票反对，0 票弃权） 本议案已经公司董事会审计委员会决议通过。公司 2025 年半年度报告的编 制和审议程 ...

Section 1 Definitions [Definitions of Common Terms](index=4&type=section&id=常用词语释义) This section provides definitions for frequently used terms in the report, ensuring clarity and accuracy in understanding the document - "Hainan Yedao" refers to Hainan Yedao (Group) Co., Ltd[13](index=13&type=chunk) - "This reporting period" refers to the first half of **2025**[13](index=13&type=chunk) - "Actual controller" refers to Haikou State-owned Assets Supervision and Administration Commission[13](index=13&type=chunk) - "Controlling shareholder" refers to Haikou State-owned Assets Management Co., Ltd[13](index=13&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=一、公司信息) This section discloses the company's basic registration details, including its official names, abbreviations, and legal representative - The company's Chinese name is Hainan Yedao (Group) Co., Ltd., abbreviated as **Hainan Yedao**[15](index=15&type=chunk) - The legal representative is **Duan Shouqi**[15](index=15&type=chunk) [II. Contact Person and Contact Information](index=4&type=section&id=二、联系人和联系方式) This section provides contact details for the company's Board Secretary and Securities Affairs Representative to facilitate investor communication - The Board Secretary is **Wang Zhiming**, and the Securities Affairs Representative is **Cai Zhuan**[16](index=16&type=chunk) - The contact address for both is No. 2, Yaogu Second Horizontal Road, Yaogu Phase II, Xiuying District, Haikou City, Hainan Province[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=三、基本情况变更简介) This section outlines the historical changes in the company's registered address, noting a change in March 2020 to its current location - The company's registered address changed to No. 2, Yaogu Second Horizontal Road, Yaogu Phase II, Xiuying District, Haikou City, Hainan Province in **March 2020**[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=4&type=section&id=四、信息披露及备置地点变更情况简介) This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location for report inspection - The company's information disclosure newspapers are **"China Securities Journal," "Shanghai Securities News," and "Securities Daily"**[18](index=18&type=chunk) - The website for semi-annual reports is **www.sse.com.cn**[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=五、公司股票简况) This section provides essential details about the company's stock, including its type, listing exchange, abbreviation, and code - The company's stock is **A-shares**, listed on the **Shanghai Stock Exchange**, with stock abbreviation **"*ST Yedao"** and stock code **600238**[19](index=19&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=七、公司主要会计数据和财务指标) In the first half of 2025, the company's operating revenue decreased by **26.62%** year-on-year to **89.21 million yuan**, and net profit attributable to shareholders was a loss of **15.76 million yuan**, a **440.62%** decrease, primarily due to liquor market fluctuations 2025 Semi-Annual Key Accounting Data | Major Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 89,207,180.44 | 121,576,532.66 | -26.62 | | Total Profit (yuan) | -16,412,342.58 | 6,368,207.45 | -357.72 | | Net Profit Attributable to Shareholders (yuan) | -15,764,999.74 | 4,628,261.51 | -440.62 | | Net Cash Flow from Operating Activities (yuan) | 15,782,715.25 | 3,121,219.19 | 405.66 | | Net Assets Attributable to Shareholders (End of Period) (yuan) | 92,586,952.24 | 108,355,841.15 | -14.55 | | Total Assets (End of Period) (yuan) | 865,032,292.23 | 886,385,629.89 | -2.41 | 2025 Semi-Annual Key Financial Indicators | Major Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.04 | 0.01 | -500.00 | | Diluted Earnings Per Share (yuan/share) | -0.04 | 0.01 | -500.00 | | Weighted Average Return on Net Assets (%) | -15.69 | 1.87 | Decreased by 17.56 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains and Losses (%) | -14.49 | -2.16 | Decreased by 12.33 percentage points | - In the first half of 2025, affected by fluctuations in the liquor market, the company's high-end sauce-flavor liquor revenue significantly declined year-on-year, and the overall gross profit of the liquor segment was insufficient to cover operating costs, resulting in an operating loss[21](index=21&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=5&type=section&id=九、非经常性损益项目和金额) This section details the company's non-recurring gains and losses for the first half of 2025, totaling **-1.21 million yuan**, primarily from other non-operating income/expenses and government grants 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -1,473.08 | | Government grants recognized in current profit or loss | 157,315.34 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 90,051.37 | | Other non-operating income and expenses apart from the above | -1,366,842.48 | | Less: Income tax impact | 146,888.11 | | Minority interest impact (after tax) | -61,558.21 | | Total | -1,206,278.75 | Section 3 Management Discussion and Analysis [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company operates within the "big health industry," focusing on health-oriented liquor and specialty ecological beverages, leveraging its recognized brand and intangible cultural heritage - The company centers on the **"big health industry,"** with a core product matrix including Yedao Lugui Liquor, Yedao Haiwang Liquor, and origin-crafted baijiu[26](index=26&type=chunk) - The company also develops coconut juice and other specialty ecological beverage business segments[26](index=26&type=chunk) - The Yedao brand has received honors such as **China Famous Trademark, China Top Brand, and China Time-Honored Brand**, and the brewing technique of Yedao Lugui Liquor is listed as Hainan Intangible Cultural Heritage[26](index=26&type=chunk) [II. Discussion and Analysis of Operations](index=7&type=section&id=二、经营情况的讨论与分析) In the first half of 2025, the company faced challenges from a fluctuating liquor market, leading to a **26.62%** revenue decline and a net loss, addressed through strategic operational adjustments - In the first half of 2025, the domestic liquor industry diversified, with leading liquor enterprises slowing down, while health-oriented beverage products performed well[26](index=26&type=chunk) - The company's operating revenue in the first half was **89 million yuan**, a **26.62% year-on-year decrease**; net profit attributable to shareholders was **-16 million yuan**, mainly due to the decline in high-end sauce-flavor liquor revenue and the accrual of overdue payment penalties[26](index=26&type=chunk) - Product structure optimization: promoting mass-market products and accelerating R&D of reserve products[27](index=27&type=chunk) - Market expansion and channel building: consolidating traditional markets, exploring emerging markets, and deepening cooperation with distributors[27](index=27&type=chunk) - Brand building and promotion: actively participating in various brand activities to enhance brand awareness, reputation, and loyalty[27](index=27&type=chunk) - Production assurance management: strictly controlling production quality, promoting information-based management, and improving production efficiency[28](index=28&type=chunk) - Cost control: implementing strict budget management, strengthening refined control, and reducing inefficient expenditures[28](index=28&type=chunk) - Management optimization: integrating internal organizations, streamlining decision-making processes, and improving operational management levels[28](index=28&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=8&type=section&id=三、报告期内核心竞争力分析) The company's core strengths include its strong brand value, superior product quality, advanced production capabilities, robust R&D, and a sustainable talent pool - Significant brand value advantage: Hainan Yedao brand ranks among the top in the health liquor industry, featuring core products like "Yedao Lugui Liquor" and "Yedao Haiwang Liquor," and holding the "China Time-Honored Brand" title[29](index=29&type=chunk) - Excellent quality, long history, and exquisite brewing technology: Yedao Lugui Liquor inherits the essence of traditional Chinese medicine health culture, utilizing intangible cultural heritage brewing techniques; Yedao Haiwang Liquor integrates modern technology, offering a 0-sugar version; Yedao series baijiu uses pure grain brewing, with sauce-flavor baijiu following traditional Kunsha craftsmanship[29](index=29&type=chunk) - Product quality advantage: implementing a full-chain quality control system from raw material sourcing to production process and final product inspection, certified by GMP, ISO9001, ISO14001, and HACCP systems[30](index=30&type=chunk) - Advanced production equipment: production base complies with GMP requirements, featuring multiple health liquor and blended liquor production lines, an automated aging tank area with over **60,000 tons** of storage capacity, and advanced blending and herbal extraction equipment[31](index=31&type=chunk) - Strong R&D and testing capabilities: invested nearly **20 million yuan** to establish a technology center with nearly **30 professional laboratories** and **20 functional rooms**, staffed by multiple professional researchers and national-level judges, and collaborating with various universities and research institutions[32](index=32&type=chunk) - Talent reserve advantage: continuously improving talent development strategies, attracting high-caliber management, marketing, and health sector professionals, and emphasizing the cultivation of specialized technical talent to build a sustainable and highly professional workforce[33](index=33&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=10&type=section&id=四、报告期内主要经营情况) The company experienced decreased revenue and costs, reduced expenses, and significantly increased operating cash flow, while facing negative investing and financing cash flows and shifts in asset-liability structure Analysis of Major Accounting Items Changes (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 89,207,180.44 | 121,576,532.66 | -26.62 | | Operating Cost | 55,314,371.43 | 74,079,787.12 | -25.33 | | Selling Expenses | 5,054,821.60 | 8,946,234.94 | -43.50 | | Administrative Expenses | 22,534,344.29 | 27,050,511.74 | -16.70 | | R&D Expenses | 2,264,170.58 | 2,559,871.97 | -11.55 | | Net Cash Flow from Operating Activities | 15,782,715.25 | 3,121,219.19 | 405.66 | | Net Cash Flow from Investing Activities | -3,088,544.32 | -646,851.78 | Not applicable | | Net Cash Flow from Financing Activities | -24,199,888.06 | -20,840,104.69 | Not applicable | | Net Profit | -16,439,209.07 | 5,669,763.89 | -389.95 | - Operating revenue decreased primarily due to reduced liquor and beverage income[34](index=34&type=chunk) - Selling expenses decreased mainly due to reduced promotional service fees and employee compensation[34](index=34&type=chunk) - Net cash flow from operating activities increased primarily due to reduced outflows for goods payments and cash paid to employees[35](index=35&type=chunk) - Net cash flow from investing activities decreased primarily due to increased investment in engineering and equipment[35](index=35&type=chunk) - Net cash flow from financing activities decreased primarily due to bank loan inflows in the prior year period[35](index=35&type=chunk) - Net profit loss was mainly due to declining operating revenue, with gross profit unable to cover operating expenses[36](index=36&type=chunk) Asset and Liability Status Changes (End of Period vs End of Previous Year) | Item | Current Period End (yuan) | Prior Year End (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 4,129,026.89 | 16,290,646.47 | -74.65 | | Inventories | 260,398,726.06 | 266,609,989.33 | -2.33 | | Long-Term Equity Investments | 175,811,743.88 | 176,828,362.05 | -0.57 | | Short-Term Borrowings | 70,088,472.22 | 80,104,805.55 | -12.50 | | Long-Term Borrowings | 66,000,000.00 | 105,860,000.00 | -37.65 | | Non-Current Liabilities Due Within One Year | 63,259,633.66 | 34,434,696.16 | 83.71 | - Monetary funds decreased primarily due to repayment of maturing bank loans[39](index=39&type=chunk) - Long-term borrowings decreased primarily due to a portion being reclassified as non-current liabilities due within one year[39](index=39&type=chunk) - Non-current liabilities due within one year increased primarily due to the reclassification of long-term borrowings[40](index=40&type=chunk) - The ending balance of long-term equity investments was **175.81 million yuan**, a **0.57% year-on-year decrease**, mainly due to the recognition of investment losses from associates using the equity method[47](index=47&type=chunk) - The ending balance of restricted assets totaled **179.45 million yuan**, primarily including monetary funds, inventories, fixed assets, intangible assets, and investment properties, with restrictions mainly due to litigation, guarantees, or loan collateral[47](index=47&type=chunk) Financial Information of Major Subsidiaries and Associates (Unit: 10,000 yuan) | Company Name | Company Type | Main Business | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Yedao Liquor Development Co., Ltd. | Subsidiary | Liquor production and sales | 3,917.75 | -444.20 | -439.44 | | Hainan Yedao E-commerce Co., Ltd. | Subsidiary | Liquor sales | 257.87 | -32.70 | -32.67 | | Hainan Yedao Liquor Sales Co., Ltd. | Subsidiary | Liquor sales | 97.99 | -93.58 | -90.23 | | Shenzhen Yedao Sales Co., Ltd. | Subsidiary | Liquor sales | 1,519.75 | -293.47 | -450.43 | | Hainan Yedao Liquor Sales Co., Ltd. | Subsidiary | Liquor sales | 4,275.40 | 106.32 | 106.77 | | Guizhou Renhuai Yedao Hutuwine Co., Ltd. | Subsidiary | Liquor sales | 116.06 | -241.50 | -273.84 | | Hainan Yedao Food & Beverage Co., Ltd. | Subsidiary | Beverage production and sales | 1,703.41 | 22.86 | 22.86 | | Hainan Yedao Sunshine Real Estate Co., Ltd. | Associate | Real estate operations | 469.72 | -254.55 | -254.55 | [V. Other Disclosures](index=17&type=section&id=五、其他披露事项) The company faces multiple risks, including policy, market, quality control, storage, environmental, and raw material price fluctuations, and has implemented mitigation strategies - Industrial policy risk: national standards for liquor and food beverages are rising, requiring the company to adjust strategies promptly[51](index=51&type=chunk) - Market environment risk: intense competition in the health liquor industry necessitates strengthening brand culture and channel capabilities[53](index=53&type=chunk) - Health and quality control risk: complex food quality management requires improving production technology and strengthening risk control[53](index=53&type=chunk) - Finished liquor storage risk: large storage scale demands strict inventory management regulations and regular safety inspections[54](index=54&type=chunk) - Environmental protection risk: liquor production generates "three wastes," requiring increased environmental investment and promotion of clean production[54](index=54&type=chunk) - Raw material price fluctuation risk: raw material costs are a significant component, requiring the company to implement measures to control costs[54](index=54&type=chunk) Section 4 Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, the company's senior management saw changes, including a general manager's resignation and new appointments for Board Secretary and CFO Changes in Directors, Supervisors, and Senior Management | Name | Position | Change | | :--- | :--- | :--- | | Ma He | General Manager | Resignation | | Wang Zhiming | Board Secretary | Appointment | | Wang Feiyan | Chief Financial Officer | Appointment | [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=二、利润分配或资本公积金转增预案) The company's proposed semi-annual profit distribution or capital reserve conversion plan is none, with no distribution or conversion - The company will not distribute or convert shares in the first half of the year[57](index=57&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=19&type=section&id=四、纳入环境信息依法披露企业名单的上市公司及其主要子公司的环境信息情况) Hainan Yedao Liquor Development Co., Ltd. is a subsidiary required to disclose environmental information, with its report available on the Hainan Provincial Department of Ecology and Environment website - Hainan Yedao Liquor Development Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[59](index=59&type=chunk) - The environmental information disclosure report can be found on the Hainan Provincial Department of Ecology and Environment website[59](index=59&type=chunk) Section 5 Significant Matters [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Year's Annual Report](index=20&type=section&id=五、上年年度报告非标准审计意见涉及事项的变化及处理情况) The company's 2024 financial statements received a qualified audit opinion due to insufficient evidence and going concern uncertainty, prompting active measures to resolve issues and improve operations - The 2024 audit report was a **qualified opinion**, due to insufficient audit evidence for prepayments and off-site inventory of Guizhou Renhuai Yedao Hutuwine Co., Ltd[61](index=61&type=chunk) - The company incurred a **net loss of 138 million yuan** in 2024, with **undistributed profits of -578 million yuan**, **current liabilities exceeding current assets by 106 million yuan**, and an **asset-liability ratio of 84.34%**, indicating significant uncertainty regarding its going concern ability[61](index=61&type=chunk) - The company is actively negotiating to resolve debt issues of Yedao Hutuwine Co., Ltd. and implementing measures such as shareholder support, strengthening product promotion, expanding dealer cooperation, and improving internal controls to enhance its operating condition[62](index=62&type=chunk) [VII. Major Litigation and Arbitration Matters](index=21&type=section&id=七、重大诉讼、仲裁事项) The company is involved in numerous significant disclosed and undisclosed litigation and arbitration cases, primarily contract and labor disputes, with potential impacts on its financial and operational results - Disclosed litigations include multiple contract disputes with Sichuan Bodao Brand Marketing Planning Co., Ltd., Shenzhen Duan Gaofeng Design Co., Ltd., Jiangxi Lingdong Media Co., Ltd., Baoli Grain & Oil (Jiangsu) Co., Ltd., Shanghai Kaijun Trading Co., Ltd., Foshan Zhiming Advertising Co., Ltd., Shanghai Dishuining Health Food Co., Ltd., Zhuang Chengchun, Desheng (Hainan) Liquor Trade Co., Ltd., Sichuan Tianfu Haoliangyou Co., Ltd., Guangxi Jieyun Logistics Co., Ltd., Henan Dongfu New Material Co., Ltd., Huizhou Shuxiang Plastic Packaging Co., Ltd., some of which have effective judgments and have entered the enforcement stage[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - Undisclosed litigations include labor disputes with three individuals including Xiao (settled), contract disputes with Hainan Guangxin Printing Co., Ltd. (settled, partially enforced), Hainan Huirui Advertising Co., Ltd. (settled), Hefei Yituobang Brand Management Co., Ltd. (closed), Zhuzhou Tianwang Food Co., Ltd. (awaiting second-instance judgment), Sinopec Sales Co., Ltd. Hainan Petroleum Branch (closed), Hainan Daoliang Design Co., Ltd. (first-instance judgment), Hebei Henghuyuan Brewing Co., Ltd. (awaiting judgment), Guitai (Zhejiang) Brand Operations Co., Ltd. (awaiting judgment), Guitai (Fujian) Brand Operations Co., Ltd. (awaiting judgment), Guizhou Renhuai Maotai Town Hutuwine (Group) Sales Co., Ltd. (awaiting second-instance review), Juping Technology (Beijing) Co., Ltd. (second-instance judgment), and Zunyi Jiuyi Packaging Technology Co., Ltd. (closed)[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) [X. Major Related Party Transactions](index=28&type=section&id=十、重大关联交易) The company engages in significant related party transactions, including intercompany loans and guarantees, with its controlling shareholder and associates, providing crucial financial support - Related party State-owned Assets Company provided the company with a loan of **20 million yuan**, for a term of **1 year**, with interest at the LPR rate, requiring no collateral or guarantee[75](index=75&type=chunk) - Related party Hainan Yedao Sunshine Real Estate Co., Ltd. provided the company with a loan balance of **11 million yuan**, for a term of **1 year**, with interest at the LPR rate, requiring no collateral or guarantee[77](index=77&type=chunk) - Related party Quand Energy (Jiangsu) Co., Ltd. can provide the company with future loans of up to **300 million yuan**, with a current balance of **80 million yuan**, for a term of **1 year**, with interest at the LPR rate, requiring no collateral or guarantee[79](index=79&type=chunk) - Controlling shareholder Haikou State-owned Assets Management Co., Ltd. provided the company with a loan of **2.9 million yuan**, with an ending balance of **22.9 million yuan**, interest at the LPR rate, requiring no collateral or guarantee[79](index=79&type=chunk) - In July 2025, related party State-owned Assets Company provided the company with a loan of **6 million yuan**, for a term of **60 days**, with interest at the LPR rate, requiring no collateral or guarantee[79](index=79&type=chunk) [XI. Major Contracts and Their Performance](index=30&type=section&id=十一、重大合同及其履行情况) During the reporting period, the company had significant guarantees, primarily for its controlling shareholder, totaling **61.268 million yuan**, representing **87.77%** of its net assets Company's External Guarantees (Excluding Guarantees for Subsidiaries) | Guaranteed Party | Guaranteed Amount (10,000 yuan) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Haikou State-owned Assets Management Co., Ltd. | 6,126.80 | June 13, 2016 | May 29, 2029 | No | Company's Total Guarantees (Including Guarantees for Subsidiaries) | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Guarantees (A+B) | 8,126.80 | | Total Guarantees as % of Company's Net Assets | 87.77 | Section 6 Share Changes and Shareholder Information [I. Changes in Share Capital](index=32&type=section&id=一、股本变动情况) During the reporting period, the company's total share capital and share structure remained unchanged - During the reporting period, the company's total share capital and share structure remained unchanged[84](index=84&type=chunk) [II. Shareholder Information](index=32&type=section&id=二、股东情况) As of the reporting period end, the company had **54,395** common shareholders, with the controlling shareholder holding **13.48%** and some shares being frozen or restricted - As of the end of the reporting period, the total number of common shareholders was **54,395**[85](index=85&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | | Haikou State-owned Assets Management Co., Ltd. | 60,407,815 | 13.48 | None | | | Quand Energy (Jiangsu) Co., Ltd. | 22,628,040 | 5.05 | None | | | Hunyuan Trading (Ningbo) Co., Ltd. | 17,706,273 | 3.95 | None | | | Hu Yanbin | 14,055,000 | 3.14 | None | | | Beijing Dongfang Junsheng Investment Management Co., Ltd. | 11,004,490 | 2.46 | Frozen | 11,004,490 | - Haikou State-owned Assets Management Co., Ltd. is the company's **controlling shareholder**[87](index=87&type=chunk) - The **11,004,490 shares** held by Beijing Dongfang Junsheng Investment Management Co., Ltd. are in a **frozen state**[89](index=89&type=chunk) - Among the top ten shareholders with restricted shares, the restriction for unnamed holders, Hainan Yiheng Environmental Art Company, Hainan Zhengtong Leasing Company, Hainan Zhongdian Moshen Trading Company, Hainan Wuhuan High-Tech Development Company, Hainan Provincial Animal Husbandry and Veterinary Medicine Company, Chen Zhiqiang, and others is that shares can only be circulated after repaying the shares advanced by the State-owned Assets Company due to equity division reform and subsequent application[89](index=89&type=chunk) Section 7 Bond-Related Information [Section 7 Bond-Related Information](index=36&type=section&id=第七节%20债券相关情况) During the reporting period, the company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period[93](index=93&type=chunk) Section 8 Financial Report [I. Audit Report](index=37&type=section&id=一、审计报告) This semi-annual report has not been audited - This semi-annual report has not been audited[6](index=6&type=chunk) [II. Financial Statements](index=37&type=section&id=二、财务报表) This section provides the company's consolidated and parent company financial statements, offering a comprehensive view of its financial position, performance, and cash flows [Consolidated Balance Sheet](index=37&type=section&id=合并资产负债表) As of June 30, 2025, consolidated total assets were **865.03 million yuan** (down **2.41%**), total liabilities **742.70 million yuan** (down **0.66%**), and parent company equity **92.59 million yuan** (down **14.55%**) Major Data from Consolidated Balance Sheet (June 30, 2025 vs Dec 31, 2024) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 4,129,026.89 | 16,290,646.47 | -74.65 | | Inventories | 260,398,726.06 | 266,609,989.33 | -2.33 | | Long-Term Equity Investments | 175,811,743.88 | 176,828,362.05 | -0.57 | | Short-Term Borrowings | 70,088,472.22 | 80,104,805.55 | -12.50 | | Long-Term Borrowings | 66,000,000.00 | 105,860,000.00 | -37.65 | | Non-Current Liabilities Due Within One Year | 63,259,633.66 | 34,434,696.16 | 83.71 | | Owners' Equity Attributable to Parent Company | 92,586,952.24 | 108,355,841.15 | -14.55 | | Total Assets | 865,032,292.23 | 886,385,629.89 | -2.41 | | Total Liabilities | 742,699,385.59 | 747,609,625.01 | -0.66 | [Consolidated Income Statement](index=41&type=section&id=合并利润表) For Jan-Jun 2025, consolidated total operating revenue was **89.21 million yuan** (down **26.62%**), and net profit was a loss of **16.44 million yuan** (down **389.95%**), primarily due to revenue decline and insufficient gross profit Major Data from Consolidated Income Statement (Jan-Jun 2025 vs Jan-Jun 2024) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 89,207,180.44 | 121,576,532.66 | -26.62 | | Total Operating Costs | 99,238,017.56 | 128,003,762.82 | -22.47 | | Operating Profit | -15,044,027.02 | -1,568,617.17 | -858.44 | | Total Profit | -16,412,342.58 | 6,368,207.45 | -357.72 | | Net Profit | -16,439,209.07 | 5,669,763.89 | -389.95 | | Net Profit Attributable to Parent Company Shareholders | -15,764,999.74 | 4,628,261.51 | -440.62 | | Basic Earnings Per Share (yuan/share) | -0.04 | 0.01 | -500.00 | - Net profit loss was mainly due to the current period's operating revenue decline, with gross profit unable to cover operating expenses, resulting in an operating loss[36](index=36&type=chunk) [Consolidated Cash Flow Statement](index=44&type=section&id=合并现金流量表) For Jan-Jun 2025, net cash flow from operating activities increased by **405.66%** to **15.78 million yuan**, while investing and financing activities both showed increased net outflows Major Data from Consolidated Cash Flow Statement (Jan-Jun 2025 vs Jan-Jun 2024) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 15,782,715.25 | 3,121,219.19 | | Net Cash Flow from Investing Activities | -3,088,544.32 | -646,851.78 | | Net Cash Flow from Financing Activities | -24,199,888.06 | -20,840,104.69 | | Net Increase in Cash and Cash Equivalents | -11,505,717.13 | -18,365,737.28 | - Net cash flow from operating activities changed primarily due to reduced outflows for payments for goods and services and cash paid to employees in the current period[35](index=35&type=chunk) - Net cash flow from investing activities changed primarily due to increased outflow for engineering and equipment investments in the current period[35](index=35&type=chunk) - Net cash flow from financing activities changed primarily due to bank loan inflows in the prior year period[35](index=35&type=chunk) [III. Company Basic Information](index=52&type=section&id=三、公司基本情况) Hainan Yedao (Group) Co., Ltd., established on **March 27, 1993**, primarily engages in liquor and beverage production and sales, with its financial report approved on **August 29, 2025** - The company was registered on **March 27, 1993**, with its current registered address at No. 2, Yaogu Second Horizontal Road, Yaogu Phase II, Xiuying District, Haikou City, Hainan Province[121](index=121&type=chunk) - The company and its subsidiaries primarily engage in the production and sale of liquor products, and the sale of beverage products[121](index=121&type=chunk) - This financial report was approved for issuance by the company's 8th Board of Directors at its 48th meeting on **August 29, 2025**[121](index=121&type=chunk) [IV. Basis of Preparation of Financial Statements](index=52&type=section&id=四、财务报表的编制基础) The financial statements are prepared on a going concern basis, despite significant uncertainties, as management has implemented measures to ensure continued operations - Financial statements are prepared on a **going concern basis**, in accordance with enterprise accounting standards and the "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports (Revised 2023)" of the China Securities Regulatory Commission[122](index=122&type=chunk) - The company incurred a **net loss of 137,607,494.41 yuan** in 2024, with **undistributed profits of -578,470,228.36 yuan**, **current liabilities exceeding current assets by 106,128,382.94 yuan**, and an **asset-liability ratio of 84.34%**, raising significant doubts about its going concern ability[123](index=123&type=chunk) - Company management has implemented measures such as seeking shareholder support, strengthening product promotion, expanding dealer cooperation, and improving internal controls to support the company's going concern within the next **12 months**[123](index=123&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=52&type=section&id=五、重要会计政策及会计估计) This section details the company's key accounting policies and estimates for financial instruments, receivables, inventories, investments, assets, revenue, and taxes, highlighting their impact on financial reporting - The company classifies financial assets into three categories—measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss—based on its business model for managing financial assets and contractual cash flow characteristics[148](index=148&type=chunk) - The company measures loss provisions for accounts receivable and contract assets (regardless of whether they contain significant financing components) and lease receivables at an amount equal to the expected credit losses over their entire lifetime[151](index=151&type=chunk)[153](index=153&type=chunk) - Inventories are initially measured at actual cost, valued using the weighted average method upon issuance, and measured at the lower of cost and net realizable value at period-end, with impairment provisions made accordingly[167](index=167&type=chunk)[169](index=169&type=chunk) - The company accounts for long-term equity investments where it has joint control or significant influence using the equity method, and for those where it can exercise control using the cost method[180](index=180&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **20-30 years** for buildings, **10-15 years** for machinery, **5-8 years** for transportation equipment, and **3-5 years** for other equipment[194](index=194&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, with major revenue sources being liquor product sales, beverage product sales, and trade[221](index=221&type=chunk)[224](index=224&type=chunk) - The company exercises significant accounting judgments and estimates for items such as financial asset impairment, inventory impairment provisions, fair value of financial instruments, long-term asset impairment provisions, depreciation and amortization, and deferred income tax assets when applying accounting policies[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk) [VI. Taxation](index=83&type=section&id=六、税项) This section outlines the company's main tax categories and rates, including VAT, consumption tax, and corporate income tax, noting preferential policies for some subsidiaries Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 5%, 6%, 9%, 13% | | Consumption Tax | Baijiu, rice wine 20% (ad valorem) + 0.50 yuan/jin (specific tax); Lugui liquor, blended liquor 10% (ad valorem) | | Urban Maintenance and Construction Tax | 1%, 5% or 7% | | Corporate Income Tax | Small and micro-enterprises 20%, other companies 25% | | Education Surcharge | Shanghai region 0.03%, other regions 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2% or 12% | | Land Value-Added Tax | Four-tier progressive tax rate | - The corporate income tax rate for Hainan Yedao Liquor Development Co., Ltd. and Hainan Yedao E-commerce Co., Ltd. is **15%**[247](index=247&type=chunk) - Small and micro-profit enterprises are subject to corporate income tax at a **20% rate** on **25% of their taxable income**, a policy extended until **December 31, 2027**[248](index=248&type=chunk) - Advanced manufacturing enterprises can deduct an additional **5%** of the current period's deductible input VAT from their payable VAT, a policy extended until **December 31, 2027**[248](index=248&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=84&type=section&id=七、合并财务报表项目注释) This section provides detailed explanations for major consolidated financial statement items, including balances, changes, and reasons, covering assets, liabilities, equity, revenue, expenses, and cash flows Monetary Funds (End of Period vs Beginning of Period) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 3,736,720.83 | 15,796,401.31 | | Other Monetary Funds | 392,306.06 | 494,245.16 | | Total | 4,129,026.89 | 16,290,646.47 | - Details of restricted monetary funds at period-end are in Note VII.31; there are no funds held overseas with restricted repatriation[250](index=250&type=chunk) Accounts Receivable Aging Distribution (End of Period vs Beginning of Period) | Aging | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 32,087,808.67 | 28,920,820.43 | | 1-2 years | 18,085,841.51 | 16,122,277.27 | | 2-3 years | 9,827,649.30 | 24,016,691.92 | | Over 3 years | 85,326,117.57 | 68,595,209.79 | | Total | 145,327,417.05 | 137,654,999.41 | - Accounts receivable for which impairment provisions were individually made totaled **39,547,257.22 yuan** at period-end, with a **100% provision rate**, mainly due to expected inability to recover[255](index=255&type=chunk) Inventory Classification (End of Period vs Beginning of Period) | Item | Period-End Book Value (yuan) | Period-Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 79,870,973.42 | 89,022,966.79 | | Work in Progress | 7,917,048.88 | 7,351,473.33 | | Finished Goods | 94,261,980.97 | 79,361,573.93 | | Development Products | 72,653,686.68 | 72,653,686.68 | | Goods in Transit | 5,695,036.11 | 18,220,288.60 | | Total | 260,398,726.06 | 266,609,989.33 | Restricted Assets (End of Period vs Beginning of Period) | Item | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 2,868,675.48 | 3,524,577.93 | Litigation, sales deposit, etc. | | Inventories | 57,002,858.14 | 57,002,858.14 | Loan collateral | | Fixed Assets | 93,450,047.17 | 94,238,383.66 | Loan collateral | | Intangible Assets | 16,196,880.45 | 16,456,832.07 | Loan collateral | | Investment Properties | 9,932,514.54 | 10,190,203.08 | Loan collateral | | Total | 179,450,975.78 | 181,412,854.88 | / | - Restricted assets are primarily used for loan collateral, litigation, and guarantees, involving multiple bank loan contracts[324](index=324&type=chunk)[325](index=325&type=chunk)[326](index=326&type=chunk)[327](index=327&type=chunk)[328](index=328&type=chunk)[329](index=329&type=chunk) Operating Revenue and Operating Costs (Current Period vs Previous Period) | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Operating Revenue | 89,207,180.44 | 121,576,532.66 | | Operating Costs | 55,314,371.43 | 74,079,787.12 | - Current period operating revenue primarily came from liquor (**70,416,000.54 yuan**) and food and beverage (**16,997,144.54 yuan**), all from domestic sales[387](index=387&type=chunk) Investment Income (Current Period vs Previous Period) | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | -1,016,618.17 | -1,821,633.03 | | Investment income from disposal of long-term equity investments | | -8,074.19 | | Total | -1,016,618.17 | -1,829,707.22 | Credit Impairment Losses (Current Period vs Previous Period) | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Bad debt losses on accounts receivable | -3,534,263.41 | 1,262,758.69 | | Bad debt losses on other receivables | -683,930.82 | 260,550.97 | | Total | -4,218,194.23 | 2,823,309.66 | Asset Impairment Losses (Current Period vs Previous Period) | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Inventory depreciation losses and contract performance cost impairment losses | -803,298.93 | -481,635.98 | | Total | -803,298.93 | -481,635.98 | [IX. Changes in Consolidation Scope](index=132&type=section&id=九、合并范围的变更) During the reporting period, the company's consolidation scope changed with the establishment of a new controlled grandchild company and the deregistration of a wholly-owned subsidiary - During the reporting period, the company established a new controlled grandchild company, **Hainan Yeben Beverage Co., Ltd.**[422](index=422&type=chunk) - During the reporting period, the company deregistered its wholly-owned subsidiary **Yedao Guowei Health Liquor (Hainan) Co., Ltd.**, which is no longer included in the consolidation scope[422](index=422&type=chunk) [X. Interests in Other Entities](index=132&type=section&id=十、在其他主体中的权益) This section details the company's equity interests in its subsidiaries, joint ventures, and associates, including their financial performance and specific investment agreements Shareholding Ratios of Some Subsidiaries | Subsidiary Name | Direct Shareholding (%) | Indirect Shareholding (%) | | :--- | :--- | :--- | | Shanghai Yepeng Trading Co., Ltd. | 100 | | | Yedao Energy (Jiangxi) Co., Ltd. | 60 | | | Hainan Yedao Liquor Sales Co., Ltd. | 100 | | | Hainan Yedao Food & Beverage Co., Ltd. | 100 | | | Hainan Yedao Liquor Development Co., Ltd. | 100 | | | Guizhou Renhuai Yedao Hutuwine Co., Ltd. | | 80 | | Hainan Yeben Beverage Co., Ltd. | | 51 | - The investment agreement for Hainan Yedao Investment Management Co., Ltd. stipulates that China Agricultural Development Key Construction Fund Co., Ltd. will increase its capital, enjoy an annual investment return rate of **1.2%**, and has the right to require the controlling shareholder to acquire its equity under specific conditions[427](index=427&type=chunk)[428](index=428&type=chunk)[429](index=429&type=chunk) Major Financial Information of Important Non-Wholly-Owned Subsidiaries (June 30, 2025) | Subsidiary Name | Minority Shareholding (%) | Current Period Net Profit Attributable to Minority Shareholders (yuan) | Period-End Minority Interest Balance (yuan) | | :--- | :--- | :--- | :--- | | Guizhou Renhuai Yedao Hutuwine Co., Ltd. | 20 | -547,686.88 | 29,103,001.06 | Major Financial Information of Important Associates (June 30, 2025) | Item | Hainan Yedao Sunshine Real Estate Co., Ltd. (yuan) | | :--- | :--- | | Total Assets | 526,658,189.38 | | Total Liabilities | 109,500,324.93 | | Owners' Equity Attributable to Parent Company | 417,157,864.45 | | Net Profit | -2,545,498.45 | | Total Comprehensive Income | -2,545,498.45 | [XI. Government Grants](index=140&type=section&id=十一、政府补助) During the reporting period, the company recognized **865,448.72 yuan** in government grants, comprising asset-related deferred income amortization and income-related subsidies Government Grants Recognized in Profit or Loss (Current Period vs Previous Period) | Type | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 730,656.69 | 730,656.69 | | Income-related | 134,792.03 | 224,994.00 | | Total | 865,448.72 | 955,650.69 | - Deferred income had a beginning balance of **2,988,656.60 yuan**, with **730,656.69 yuan** transferred to other income in the current period, resulting in an ending balance of **2,257,999.96 yuan**, all of which are asset-related government grants[440](index=440&type=chunk) [XII. Risks Related to Financial Instruments](index=141&type=section&id=十二、与金融工具相关的风险) The company manages market, credit, and liquidity risks associated with financial instruments through monitoring, credit limits, and maintaining sufficient cash to balance risk and return - Market risk: foreign exchange risk is minimal; interest rate risk is low due to fixed bank loan rates; other price risks primarily arise from financial assets measured at fair value[442](index=442&type=chunk) - Credit risk: mainly stems from financial asset losses and financial guarantees due to counterparty non-performance, mitigated through credit limits, approval, and monitoring procedures[443](index=443&type=chunk) - Liquidity risk: managed by maintaining sufficient cash and cash equivalents and monitoring bank loan utilization to meet operational needs and reduce cash flow volatility[444](index=444&type=chunk) [XIII. Disclosure of Fair Value](index=143&type=section&id=十三、公允价值的披露) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, with other equity instrument investments measured at Level 2 fair value Total Assets Measured at Fair Value on a Recurring Basis (Period-End) | Item | Level 2 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Investments in other equity instruments | 664,108.77 | 664,108.77 | | Total assets measured at fair value on a recurring basis | 664,108.77 | 664,108.77 | - Investments in other equity instruments are valued using the market approach, with significant observable inputs being value ratios of comparable listed companies[448](index=448&type=chunk) [XIV. Related Parties and Related Party Transactions](index=144&type=section&id=十四、关联方及关联交易) The company's ultimate controlling party is Haikou State-owned Assets Supervision and Administration Commission, with significant related party transactions including intercompany loans, purchases, leases, and guarantees - The ultimate controlling party of the enterprise is **Haikou State-owned Assets Supervision and Administration Commission**[450](index=450&type=chunk) - Related parties include associates Hainan Yedao Sunshine Real Estate Co., Ltd., Hainan Horse World Cultural Tourism Industry Co., Ltd., and Guangdong Guitai Shengshi Mingzhu Liquor Co., Ltd[450](index=450&type=chunk) - Other related parties include Yedao Liangzao (Chengdu) Liquor Co., Ltd., Yedao Liangzao (Hengshui) Liquor Co., Ltd., Beijing Dongfang Junsheng Investment Management Co., Ltd., Quand Energy (Jiangsu) Co., Ltd., and others[451](index=451&type=chunk) - The company purchased goods totaling **3,576.00 yuan** from related party Hainan Yedao Ecological Liquor Co., Ltd. in the current period[452](index=452&type=chunk) - The company recognized property lease income of **88,135.60 yuan** from related party Hainan Yedao Sunshine Real Estate Co., Ltd. in the current period[456](index=456&type=chunk) - The company, as guarantor, provided a guarantee of **61.268 million yuan** for its controlling shareholder Haikou State-owned Assets Management Co., Ltd[458](index=458&type=chunk) - The company, as the guaranteed party, received a guarantee of **61.268 million yuan** from Haikou State-owned Assets Management Co., Ltd[459](index=459&type=chunk) - The company borrowed funds from related parties Hainan Yedao Sunshine Real Estate Co., Ltd., Haikou State-owned Assets Management Co., Ltd., Quand Energy (Jiangsu) Co., Ltd., and others, with a total period-end balance of **148,900,435.06 yuan**[463](index=463&type=chunk) [XVII. Events After the Balance Sheet Date](index=150&type=section&id=十七、资产负债表日后事项) After the balance sheet date, the company and its affiliates were ordered to pay **3,241,071.29 yuan** plus interest and fees to Juping Technology (Beijing) Co., Ltd. following an effective second-instance judgment in a contract dispute - The second-instance judgment in the contract dispute case between the company and Juping Technology (Beijing) Co., Ltd. has become effective[467](index=467&type=chunk) - The company and its affiliated companies are required to pay Juping Technology **3,241,071.29 yuan** plus overdue interest, legal fees, and preservation fees from **August 24, 2024**, and bear joint and several liability[467](index=467&type=chunk) [XVIII. Other Significant Matters](index=151&type=section&id=十八、其他重要事项) The company operates with four reportable segments—liquor production and sales, trade, food and beverage, and others—each managed and evaluated separately for operating results - The company has identified four reportable segments: liquor production and sales, trade, food and beverage, and others[468](index=468&type=chunk) - Each segment offers different products or services, and management manages and regularly evaluates their operating results separately[468](index=468&type=chunk) Financial Information of Reportable Segments (Jan-Jun 2025) | Item | Liquor Production and Sales Segment (yuan) | Trade (yuan) | Beverages (yuan) | Other (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | External Operating Revenue | 70,416,000.54 | | 16,997,144.54 | 1,794,035.36 | 89,207,180.44 | | Selling Expenses | 4,942,337.65 | | 736.90 | 111,747.05 | 5,054,821.60 | | Total Profit (Loss) | -16,032,400.26 | -143,080.20 | 228,570.22 | -465,432.34 | -16,412,342.58 | | Total Assets | 2,513,184,209.50 | 36,418,905.65 | 29,676,914.99 | 101,029,309.82 | 865,032,292.23 | | Total Liabilities | 1,587,282,396.54 | 15,492,836.10 | 17,024,234.08 | 8,875,567.40 | 742,699,385.59 | [XIX. Notes to Parent Company Financial Statement Items](index=153&type=section&id=十九、母公司财务报表主要项目注释) This section provides detailed notes on the parent company's key financial statement items, including accounts receivable, other receivables, long-term equity investments, revenue, costs, and investment income Parent Company Accounts Receivable Aging Distribution (End of Period vs Beginning of Period) | Aging | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 13,655,702.26 | 18,930,673.28 | | 1-2 years | 2,490,315.93 | 19,854.35 | | Over 3 years | 200,000.00 | 200,000.00 | | Total | 16,346,018.19 | 19,150,527.63 | Parent Company Other Receivables Aging Distribution (End of Period vs Beginning of Period) | Aging | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 82,069,481.53 | 74,533,408.98 | | 1-2 years | 63,458,625.30 | 93,513,591.07 | | 2-3 years | 87,012,830.65 | 130,314,051.60 | | Over 3 years | 220,074,986.53 | 126,597,060.50 | | Total | 452,615,924.01 | 424,958,112.15 | Parent Company Long-Term Equity Investments (End of Period vs Beginning of Period) | Item | Period-End Book Value (yuan) | Period-Beginning Book Value (yuan) | | :--- | :--- | :--- | | Investments in subsidiaries | 535,474,507.34 | 545,474,507.34 | | Investments in associates and joint ventures | 144,302,300.18 | 145,165,926.05 | | Total | 679,776,807.52 | 690,640,433.39 | Parent Company Operating Revenue and Operating Costs (Current Period vs Previous Period) | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Operating Revenue | 67,369,753.80 | 42,708,791.26 | | Operating Costs | 45,483,862.01 | 21,698,242.01 | Parent Company Investment Income (Current Period vs Previous Period) | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using the cost method | -375.93 | -8,074.19 | | Investment income from long-term equity investments accounted for using the equity method | -863,625.87 | -1,722,204.38 | | Total | -864,001.80 | -1,730,278.57 | [XX. Supplementary Information](index=164&type=section&id=二十、补充资料) This section provides additional financial details for the first half of 2025, including a breakdown of non-recurring gains and losses and key per-share metrics Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -1,473.08 | | Government grants recognized in current profit or loss | 157,315.34 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 90,051.37 | | Other non-operating income and expenses | -1,366,842.48 | | Less: Income tax impact | 146,888.11 | | Minority interest impact (after tax) | -61,558.21 | | Total | -1,206,278.75 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan) | Diluted Earnings Per Share (yuan) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | -15.69 | -0.04 | -0.04 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | -14.49 | -0.03 | -0.03 |