Group 1 - The core viewpoint of the article highlights Hengshun Vinegar's financial performance in the first half of 2025, showcasing significant growth in both revenue and net profit [1] Group 2 - The company achieved an operating income of 1.13 billion yuan, reflecting a year-on-year increase of 12% [1] - The net profit attributable to shareholders reached 111 million yuan, marking an 18.1% year-on-year growth [1]

（企业公告） 公告表示，下半年，公司紧盯营收、利润等关键指标，一着不让地全力完成年度经营目标，推进打造 以"食品制造为支柱、农副加工为特色、新兴赛道为增量"的恒顺产业格局，努力实现公司高质量发展目 标。 8月25日，恒顺醋业发布2025年半年报。当中披露，2025年上半年，公司实现营业收入11.25亿元，同比 增长12.03%；利润总额1.26亿元，同比增长20.3%；归属净利润1.11亿元，同比增长18.07%。 ...

每经AI快讯，恒顺醋业（SH 600305，收盘价：8.23元）8月25日晚间发布公告称，公司第九届第十一次 董事会会议于2025年8月24日以通讯表决方式召开。会议审议了《公司2025年半年度报告全文及摘要》 等文件。 每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 张喜威） 截至发稿，恒顺醋业市值为91亿元。 2024年1至12月份，恒顺醋业的营业收入构成为：酱醋调味品占比95.32%，其他商品及服务业务占比 4.68%。 ...

江苏恒顺醋业股份有限公司 募集资金使用管理办法 第一章 总 则 第一条 为规范江苏恒顺醋业股份有限公司（以下简称"公司"或"本公司"） 募集资金的使用与管理，最大限度地保障投资者的利益，根据《中华人民共和国公司 法》《中华人民共和国证券法》《首次公开发行股票注册管理办法》《上市公司证券发 行注册管理办法》《上市公司信息披露管理办法》《上市公司募集资金监管规则》《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号-规范运 作》（以下简称"《监管规则适用指引——上市类第 1 号》"）等有关法律、行政法规、 部门规章、规范性文件及《江苏恒顺醋业股份有限公司章程》（以下简称《公司章 程》）的规定，特制定本办法。 第二条 本办法所称募集资金系指公司通过发行股票或者其他具有股权发生的证 券，向投资者募集并用于特定用途的资金，但不包括公司实施股权激励计划募集的资 金。 本办法所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 第三条 本办法是公司募集资金存储、使用和管理的内部控制制度，并对募集资 金存储、管理、使用、改变用途、监督和责任追究等内容予以明确。公司必须按照股 东会、董事会决议 ...

江苏恒顺醋业股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 为规范江苏恒顺醋业股份有限公司（以下简称"公司"或"本公司"） 和其他信息披露义务人信息披露暂缓、豁免行为，加强信息披露监管，保护投资 者合法权益，根据《中华人民共和国保守国家秘密法》《中华人民共和国证券法》 （以下简称《证券法》）《上市公司信息披露管理办法》《上市公司信息披露暂 缓与豁免管理规定》《上海证券交易所股票上市规则》等法律、行政法规和规章， 结合公司实际情况，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称中国证监会）和上海证 券交易所规定或者要求披露的内容，适用本规定。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后实施。暂缓、豁免事项的范围原则上应当与公司股票首次在 上海证券交易所上市时保持一致，在上市后拟增加暂缓、豁免披 ...

信息披露事务管理制度 （2025 年 8 月修订） 二○二五年八月 | | | | 第一章 | 总 则 1 | | | --- | --- | --- | | 第二章 | 信息披露的基本原则 1 | | | 第三章 | 信息披露的内容及标准 4 | | | 第四章 | 信息披露的管理与监督 15 | | | 第五章 | 信息披露的工作流程 19 | | | 第六章 | 信息披露的方式 21 | | | 第七章 | 信息披露的档案管理 22 | | | 第八章 | 保密措施及责任追究 22 | | | 第九章 | 附 则 | 23 | 第一章 总 则 第一条 为规范江苏恒顺醋业股份有限公司（以下简称"公司"或"本公司"）及 其他信息披露义务人（以下统称"信息披露义务人"）的信息披露行为，加强信息披露 事务管理，保护投资者合法权益，根据《中华人民共和国公司法》、《中华人民共和国 证券法》、《上海证券交易所股票上市规则》(以下简称"《上市规则》")、《上市公 司信息披露管理办法》和《上海证券交易所上市公司自律监管指引第2号—信息披露事务管 理》等法律、行政法规以及《公司章程》有关规定，制定本制度。 第二条 本制度所 ...

证券代码：600305 证券简称：恒顺醋业 公告编号：临 2025-047 江苏恒顺醋业股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况 的专项报告 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。 经中国证券监督管理委员会"证监许可〔2022〕1496号"《关于核准江苏恒顺 醋业股份有限公司非公开发行股票的批复》核准，恒顺醋业向特定对象发行人民币 普通股（A股）110,000,000股，发行价格为每股10.39元，募集资金总额为人民币 1,142,900,000.00元，扣除发行费用21,462,499.63元（不含税）后，实际募集资 金净额为1,121,437,500.37元。上述募集资金实际到位时间为2023年4月28日，已 经天衡会计师事务所（特殊普通合伙）审验，并出具了"天衡验字(2023)00057号" 《验资报告》。 (二) 募集金额使用情况和结余情况 2023 年使用募集资金 81,114.71 万元，2024 年使用募集资金 19,076.46 万元， 2025 年 1-6 月使用募集资金 ...

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2025-046 江苏恒顺醋业股份有限公司 2025 年第二季度主要经营数据公告 单位：万元 渠道类型 2025年第二季 度销售收入 2024年第二季 度销售收入 同比增减% 2025年1-6月 份销售收入 2024年1-6月 份销售收入 同比增减% 经销模式 47,454.36 51,391.59 -7.66 105,823.34 93,019.35 13.76 直销模式 857.64 1,281.82 -33.09 3,530.71 2,907.42 21.44 外贸模式 1,067.98 1,232.68 -13.36 1,769.12 1,957.09 -9.60 合计 49,379.98 53,906.09 -8.40 111,123.17 97,883.86 13.53 | 渠道类型 | 2025年第二季 度销售收入 | 2024年第二季 度销售收入 | 同比增减% | 2025年1-6月 份销售收入 | 2024年1-6月 份销售收入 | 同比增减% | | --- | --- | --- | --- | --- | --- | --- ...

Section 1: Definitions [Definitions](index=4&type=section&id=Definitions) This chapter provides definitions of common terms used in the report, including company, regulatory bodies, related parties, and major subsidiaries, ensuring clear understanding of the report content - **China Securities Regulatory Commission**, **Shanghai Stock Exchange**, **Zhenjiang State-owned Assets Supervision and Administration Commission**, **Zhenjiang Industrial Investment**, and **Guokong Group** are defined as regulatory and related parties[15](index=15&type=chunk) - **"Company"**, **"the Company"**, and **"Hengshun Vinegar Industry"** refer to Jiangsu Hengshun Vinegar Industry Co., Ltd., controlled by Jiangsu Hengshun Group Co., Ltd[15](index=15&type=chunk) - The reporting period spans **January 1, 2025, to June 30, 2025**[15](index=15&type=chunk) Section 2: Company Profile and Key Financial Indicators [Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This chapter presents the company's basic information, contact details, address changes, stock overview, and detailed key accounting data and financial indicators for the first half of 2025, including revenue, net profit, and non-recurring items [Company Information](index=5&type=section&id=Company%20Information) This section introduces the company's Chinese name, abbreviation, foreign name, and legal representative - The company's full Chinese name is **Jiangsu Hengshun Vinegar Industry Co., Ltd.**, abbreviated as **Hengshun Vinegar Industry**[17](index=17&type=chunk) - The legal representative is **Gao Yinong**[17](index=17&type=chunk) [Contact Person and Contact Information](index=5&type=section&id=Contact%20Person%20and%20Contact%20Information) Provides contact details for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is **Wei Chenyun**, and the Securities Affairs Representative is **Li Xuefang**[18](index=18&type=chunk) - The company's contact address is **Hengshun Avenue No. 66, Zhenjiang City, Jiangsu Province**[18](index=18&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) Explains the company's registered address change in 2022, noting no change in actual location - The company's registered address changed on **January 25, 2022**, but the actual address remained unchanged[19](index=19&type=chunk) - The company's website is **www.zjhengshun.com**, and its email address is **zhengquan@hengshun.cn**[19](index=19&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) Discloses the company's chosen information disclosure channels and report custody locations, with no changes during the reporting period - The company's selected information disclosure newspaper is **"Shanghai Securities News"**, and the report is published on the **Shanghai Stock Exchange website www.sse.com.cn**[20](index=20&type=chunk) - The company's semi-annual report is available at the company's **Securities Affairs Department** and the **Shanghai Stock Exchange**[20](index=20&type=chunk) [Company Stock Overview](index=5&type=section&id=Company%20Stock%20Overview) Introduces the listing exchange, stock abbreviation, and stock code of the company's A-shares - The company's A-shares are listed on the **Shanghai Stock Exchange**, with stock abbreviation **"Hengshun Vinegar Industry"** and stock code **"600305"**[21](index=21&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Details the key accounting data and financial indicators for the first half of 2025, including operating revenue, total profit, net profit attributable to parent company, net cash flow from operating activities, basic earnings per share, and explains non-recurring gains and losses 2025 H1 Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,125,355,659.57 | 1,004,488,986.73 | 12.03 | | Total Profit | 126,291,058.47 | 104,980,295.01 | 20.30 | | Net Profit Attributable to Shareholders of Listed Company | 110,609,474.90 | 93,684,727.55 | 18.07 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 100,078,380.66 | 81,474,295.12 | 22.83 | | Net Cash Flow from Operating Activities | -42,284,801.62 | 194,328,770.52 | -121.76 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 3,326,551,442.99 | 3,318,005,991.12 | 0.26 | | Total Assets (Period-end) | 4,136,469,753.77 | 4,364,251,278.58 | -5.22 | 2025 H1 Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.10 | 0.08 | 25.00 | | Diluted Earnings Per Share (RMB/share) | 0.10 | 0.08 | 25.00 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (RMB/share) | 0.09 | 0.07 | 28.57 | | Weighted Average Return on Net Assets (%) | 3.33 | 2.81 | Increased by 0.52 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 3.01 | 2.44 | Increased by 0.57 percentage points | Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 68,384.11 | | Government grants included in current profit/loss | 2,075,987.63 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 9,139,217.72 | | Other non-operating income and expenses | 944,624.20 | | Non-recurring gains/losses accounted for by associates | 41,804.62 | | Other gains/losses meeting the definition of non-recurring items | 64,547.65 | | Less: Income tax impact | 1,816,213.43 | | Minority interest impact (after tax) | -12,741.74 | | **Total** | **10,531,094.24** | Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 111,567,292.22 | 91,267,181.19 | 22.24 | Section 3: Management Discussion and Analysis [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This chapter analyzes the condiment industry, the company's market position, products, operating model, and brand strategy, discussing 2025 H1 performance and outlining H2 priorities for core competitiveness, reform, and risk control [Overview of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=Overview%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) Elaborates on China's condiment industry trends, Hengshun Vinegar Industry's leading position, main products (vinegar, cooking wine, sauces) and their brewing processes, as well as sales, production, procurement, and brand strategies [Industry Overview During the Reporting Period](index=9&type=section&id=Industry%20Overview%20During%20the%20Reporting%20Period) The condiment industry, with stable demand and strong anti-cyclical characteristics, is maturing with increasing concentration, benefiting leading enterprises amidst fierce competition and opportunities in new channels - China's condiment industry has a long history, a huge market size, stable demand, and low sensitivity to economic changes, exhibiting strong anti-cyclical characteristics[32](index=32&type=chunk) - The industry shows a significant trend of concentration, with leading enterprises possessing strong brand advantages and channel integration capabilities expected to benefit, as competition shifts towards comprehensive strength including brand power, product quality, marketing capabilities, and standardized management[32](index=32&type=chunk) - The condiment industry is experiencing a moderate recovery, with companies accelerating inventory digestion through promotions amidst fierce competition; the development of chain catering and pre-made dishes industries offers opportunities for condiment companies to expand sales channels and integrate online and offline operations[33](index=33&type=chunk) [Company's Industry Position](index=9&type=section&id=Company%27s%20Industry%20Position) Hengshun Vinegar Industry, founded in 1840, is a leading Chinese vinegar producer and the first listed vinegar company, representing Zhenjiang balsamic vinegar with top market share and brand recognition - Hengshun Vinegar Industry, founded in 1840, is a representative of Zhenjiang balsamic vinegar, one of China's four famous vinegars, and has been recognized as a **"China Well-known Trademark"** and **"Leading Brand in China's Vinegar Industry"**[33](index=33&type=chunk) - The company is China's largest vinegar producer and a national key agricultural industrialization leading enterprise, with an annual vinegar output exceeding **300,000 tons**, widely sold in **84 countries and regions**, and the Hengshun brand consistently ranks first in China's vinegar brand rankings[33](index=33&type=chunk) [Company's Main Products and Businesses](index=10&type=section&id=Company%27s%20Main%20Products%20and%20Businesses) The company's product portfolio includes five major vinegar categories, pure grain brewed cooking wine, and a range of sauces, with 12 patent applications filed and 10 granted during the reporting period - The company's vinegar product system covers five major categories: **"balsamic, aged, white, rice, and fruit"** vinegars, utilizing **"solid-state layered fermentation technique"** (a national intangible cultural heritage), and launching high-end products such as vintage vinegar and organic vinegar[35](index=35&type=chunk) - Cooking wine products originate from Hengshun's traditional Baihua wine process; in 2024, the **100,000-ton annual yellow wine and cooking wine (Phase II) expansion project** was put into operation, and cumulative sales of Hengshun Scallion Ginger Cooking Wine exceeded **100 million bottles**[35](index=35&type=chunk) - The sauce product matrix covers soy sauce, pickles, sauces, and compound seasonings, actively expanding into the compound seasoning field with the launch of the **"one dish, one pack"** series[35](index=35&type=chunk) - During the reporting period, the company filed **12 patent applications** (**6 invention patents**) and obtained **10 granted patents** (**2 Chinese invention patents, 1 Japanese invention patent**)[36](index=36&type=chunk) [Company's Main Operating Model](index=11&type=section&id=Company%27s%20Main%20Operating%20Model) The company employs an "offline + online" omni-channel sales strategy, "production based on sales" model with intelligent upgrades, "Sunshine Procurement Platform" for purchasing, and a brand strategy focused on premiumization, nationalization, health, and youthfulness - The sales model deepens **"offline + online"** omni-channel synergistic development, with offline coverage of over **1,700 dealers nationwide** and terminal outlets exceeding **350,000**, while online accelerates the layout of social e-commerce and community group buying[36](index=36&type=chunk) - The production model is **"production based on sales, with production-sales synergy"**, promoting intelligent and digital transformation through process equipment upgrades, fully utilizing the SAP system, and establishing a **4,500-mu** glutinous rice planting base specifically for balsamic and aged vinegars, strengthening full-chain quality control[37](index=37&type=chunk) - The procurement model adheres to the principles of **"open bidding, legal compliance, transparency, fairness, and justice"**, relying on the **"Sunshine Procurement Platform"** to provide public procurement channels[38](index=38&type=chunk) - Vinegar (balsamic vinegar, aged vinegar) uses traditional solid-state layered fermentation technology, undergoing over **40 processes** and stored for more than **180 days**; cooking wine is based on traditional yellow wine, using a double-fermentation process, selecting high-quality rice, and obtaining compound seasoning liquid through advanced extraction equipment[38](index=38&type=chunk)[39](index=39&type=chunk) - The brand strategy is guided by four main strategic lines: **"premiumization as foundation, nationalization for breakthrough, health empowerment, and youthfulness for disruption"**, utilizing CCTV and popular media for dissemination, deeply exploring the health attributes of vinegar, and creating the **"721 Vinegar Health Day"** IP[39](index=39&type=chunk)[41](index=41&type=chunk) [Discussion and Analysis of Operating Performance](index=13&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the company achieved **RMB 1.125 billion** in revenue, up **12.03%**, and **RMB 111 million** in net profit, up **18.07%**, focusing on core business, reform, and risk control, with plans for a diversified industrial structure in H2 2025 H1 Operating Performance | Indicator | Amount (RMB million) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 1,125.36 | 12.03 | | Total Profit | 126.29 | 20.3 | | Net Profit Attributable to Shareholders of Listed Company | 110.61 | 18.07 | - The company focused on its core business, enhancing core competitiveness through strengthened brand promotion (**"premiumization as foundation, nationalization for breakthrough, health empowerment, and youthfulness for disruption"**), improved product system (**A+X product matrix**), and intensified efforts to release production capacity[42](index=42&type=chunk) - The company deepened reforms, advancing marketing model reform (dealer to service provider, distributor pilot), accelerating salary and performance reform (linked to company benefits), and enhancing digital technology empowerment (AI-based **"thousand stores, thousand faces"** application)[43](index=43&type=chunk)[44](index=44&type=chunk) - The company strengthened regulatory assurance, ensuring food safety control (**"full staff participation, full process control, full chain traceability"**), improving internal regulatory system (leveraging internal audit), and strengthening Party conduct and anti-corruption efforts[45](index=45&type=chunk) - In the second half of the year, the company will closely monitor key indicators such as revenue and profit, strive to achieve annual operating targets, and promote the creation of an industrial structure with **"food manufacturing as the pillar, agricultural and sideline product processing as a feature, and emerging sectors as growth drivers"**[45](index=45&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Hengshun Vinegar Industry, a "China Time-honored Brand" and Zhenjiang balsamic vinegar representative, leverages immense brand value, unique brewing techniques, and a leading R&D and quality management system for significant competitive advantages - The company possesses immense brand value; as a **"China Time-honored Brand"** and representative of Zhenjiang balsamic vinegar, its vinegar products (especially Hengshun balsamic vinegar) as healthy food have huge future consumption potential, with per capita consumption having at least **3 times** or more room for improvement[46](index=46&type=chunk)[47](index=47&type=chunk) - The brewing technique is unique; Zhenjiang Hengshun balsamic vinegar brewing technique is listed as one of the first national intangible cultural heritage items, employing traditional solid-state layered fermentation, with high-end product gross margins exceeding **50%**[47](index=47&type=chunk) - Leading technology research and development, with **6 provincial-level or above scientific research platforms** including a CNAS-certified laboratory and a national-recognized enterprise technology center, having achieved over **70 scientific and technological achievements** and more than **20 provincial/ministerial level scientific and technological awards**, maintaining an advantage in quality management systems[48](index=48&type=chunk) [Main Operating Performance During the Reporting Period](index=15&type=section&id=Main%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes changes in financial statement items, asset and liability status, and investment situation, including significant non-equity investments and financial assets measured at fair value, and discloses the operating performance of major holding and participating companies [Main Business Analysis](index=15&type=section&id=Main%20Business%20Analysis) Detailed analysis of changes and reasons for financial statement items such as operating revenue, operating cost, selling expenses, administrative expenses, financial expenses, and R&D expenses Financial Statement Item Change Analysis | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,125,355,659.57 | 1,004,488,986.73 | 12.03 | Sales revenue growth | | Operating Cost | 693,103,943.38 | 637,368,130.23 | 8.74 | Sales growth and product structure adjustment | | Selling Expenses | 204,194,689.06 | 167,147,091.02 | 22.16 | Increased promotional expenses | | Administrative Expenses | 47,799,880.66 | 52,801,769.21 | -9.47 | Decreased personnel expenses, office expenses, etc. | | Financial Expenses | -324,844.62 | -1,669,364.69 | 80.54 | Decreased interest income | | R&D Expenses | 55,284,925.15 | 42,621,923.02 | 29.71 | Increased investment in product R&D | | Other Income | 13,591,908.39 | 9,885,686.91 | 37.49 | Increased government grants and additional deduction for advanced manufacturing VAT | | Investment Income | -1,951,411.09 | -8,343,167.17 | 76.61 | Increased interest income from time deposits, reduced losses from associates | | Fair Value Change Income | 3,204,356.62 | 9,554,011.16 | -66.46 | Decreased income from wealth management products | | Credit Impairment Loss | -1,908,027.51 | 244,633.78 | -879.95 | Increased provision for doubtful accounts on accounts receivable | | Asset Disposal Income | 83,700.11 | 3,749.41 | 2,132.35 | Increased asset disposal income | | Non-Operating Expenses | 120,997.59 | 10,353.27 | 1,068.69 | Increased fixed asset write-offs | | Net Cash Flow from Operating Activities | -42,284,801.62 | 194,328,770.52 | -121.76 | Increased cash paid for goods purchased and services received, etc. | | Net Cash Flow from Investing Activities | -37,642,007.98 | -146,385,414.75 | 74.29 | Decreased net expenditure on wealth management products | | Net Cash Flow from Financing Activities | -79,828,744.94 | -78,524,776.03 | -1.66 | Partial share repurchase for equity incentive and employee stock ownership plans, payment of some dividends | | Tax Refunds Received | 1,987,835.95 | 3,280,046.87 | -39.40 | Decreased export tax refunds | | Other Cash Received Related to Operating Activities | 21,956,777.24 | 34,835,327.24 | -36.97 | Decreased intercompany receivables | | Cash Paid for Goods Purchased and Services Received | 693,685,436.22 | 500,161,491.05 | 38.69 | Increased payment for goods | | Other Cash Paid Related to Operating Activities | 222,262,156.43 | 169,218,869.86 | 31.35 | Increased payment of various expenses | | Cash Received from Investment Redemption | 1,218,041,412.53 | 690,000,000.00 | 76.53 | Increased redemption of wealth management products | | Cash Received from Investment Income | 5,727,847.23 | 8,418,040.07 | -31.96 | Decreased income from wealth management products | | Net Cash Received from Disposal of Fixed Assets, Intangible Assets, and Other Long-term Assets | 14,253.00 | 66,051.21 | -78.42 | Decreased income from asset disposal | | Cash Paid for Investments | 1,150,000,000.00 | 700,000,000.00 | 64.29 | Increased purchase of wealth management products | | Other Cash Paid Related to Financing Activities | 14,126,187.05 | 1,319,409.47 | 970.64 | Partial share repurchase for equity incentive and employee stock ownership plans | [Analysis of Assets and Liabilities](index=17&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Analyzes the composition and changes of the company's period-end assets and liabilities compared to the previous year, focusing on key items like prepayments, other receivables, other equity instruments investment, accounts payable, contract liabilities, and treasury stock Asset and Liability Status Changes | Item Name | Period-end Amount (RMB) | Period-end Proportion of Total Assets (%) | Prior Year-end Amount (RMB) | Prior Year-end Proportion of Total Assets (%) | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 443,644,516.74 | 10.73 | 604,042,706.68 | 13.84 | -26.55 | | Prepayments | 8,667,121.96 | 0.21 | 24,298,477.35 | 0.56 | -64.33 | | Other Receivables | 5,523,385.47 | 0.13 | 1,906,594.33 | 0.04 | 189.70 | | Other Equity Instruments Investment | 23,871,480.43 | 0.58 | 15,268,243.78 | 0.35 | 56.35 | | Fixed Assets | 1,250,301,399.44 | 30.23 | 1,154,107,888.68 | 26.44 | 8.33 | | Construction in Progress | 344,959,345.81 | 8.34 | 411,023,220.44 | 9.42 | -16.07 | | Accounts Payable | 160,723,766.36 | 3.89 | 239,756,658.78 | 5.49 | -32.96 | | Advances from Customers | 452,539.69 | 0.01 | 3,119,985.41 | 0.07 | -85.50 | | Contract Liabilities | 114,288,865.94 | 2.76 | 250,070,824.25 | 5.73 | -54.30 | | Employee Compensation Payable | 27,229,342.77 | 0.66 | 44,856,563.26 | 1.03 | -39.30 | | Lease Liabilities | 1,570,059.10 | 0.04 | 1,059,046.01 | 0.02 | 48.25 | | Treasury Stock | 13,731,238.80 | 0.33 | 23,326,634.00 | 0.53 | -41.13 | - Prepayments decreased by **64.33%** year-on-year, mainly due to a decrease in prepaid goods at period-end[51](index=51&type=chunk) - Other receivables increased by **189.70%** year-on-year, mainly due to an increase in operating intercompany receivables at period-end[52](index=52&type=chunk) - Other equity instruments investment increased by **56.35%** year-on-year, mainly due to an increase in the fair value of Guoquan equity investment[52](index=52&type=chunk) - Accounts payable decreased by **32.96%** year-on-year, mainly due to increased payment for goods[52](index=52&type=chunk) - Contract liabilities decreased by **54.30%** year-on-year, mainly due to a decrease in advances from customers at period-end[54](index=54&type=chunk) - Treasury stock decreased by **41.13%** year-on-year, mainly due to the repurchase and cancellation of some shares from the equity incentive and employee stock ownership plans during the current period[54](index=54&type=chunk) [Analysis of Investment Status](index=18&type=section&id=Analysis%20of%20Investment%20Status) Discloses the company's financial assets measured at fair value, including balances and changes for trading financial assets, other non-current financial assets, and other equity instruments investment, and explains its role as a cornerstone investor in Guoquan Food's Hong Kong IPO Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Cumulative Fair Value Changes Included in Equity (RMB) | Current Period Purchase Amount (RMB) | Current Period Sale/Redemption Amount (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 534,967,904.09 | -4,644,794.50 | - | 450,000,000.00 | 530,000,000.00 | 450,323,109.59 | | Other Non-Current Financial Assets | 13,689,000.00 | - | - | - | - | 13,689,000.00 | | Other Equity Instruments Investment | 15,268,243.78 | - | 8,603,236.65 | - | - | 23,871,480.43 | | **Total** | **563,925,147.87** | **-4,644,794.50** | **8,603,236.65** | **450,000,000.00** | **530,000,000.00** | **487,883,590.02** | - The company, through a QDII manager-managed product and its controlling shareholder's wholly-owned subsidiary Xinxin (Hong Kong) as a cornerstone investor, participated in the subscription of Guoquan Food (Shanghai) Co., Ltd.'s initial public offering in Hong Kong, with a total subscription amount not exceeding **USD 10 million**, of which the company subscribed for no more than **USD 6.5 million**[57](index=57&type=chunk) Securities Investment Status | Security Code | Security Name | Initial Investment Cost | Source of Funds | Beginning Book Value (RMB) | Cumulative Fair Value Changes Included in Equity (RMB) | Ending Book Value (RMB) | Accounting Subject | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 02517 | Guoquan | - | Own funds | 15,268,243.78 | 8,603,236.65 | 23,871,480.43 | Other Equity Instruments Investment | [Analysis of Major Holding and Participating Companies](index=21&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Lists major subsidiaries and associates impacting company net profit by **10%** or more, noting the company's increased stake in Jiangsu Hengshun Shuyang Condiment Co., Ltd. to **100%** and the liquidation of Jiangsu Hengshun Compound Condiment Co., Ltd Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhenjiang Hengshun Winery Co., Ltd. | Subsidiary | Food production, sales | 16,000 | 33,978.48 | 28,742.80 | 11,609.74 | 1,696.37 | 1,364.35 | | Hengshun Chongqing Condiment Co., Ltd. | Subsidiary | Vinegar, sauce, condiment production, sales | 17,665 | 24,818.13 | 20,024.80 | 2,276.57 | -64.16 | -55.80 | | Xuzhou Hengshun Wantong Food Brewing Co., Ltd. | Subsidiary | Soy sauce, vinegar, sauce product production, sales | 20,060.127682 | 35,275.82 | 22,751.19 | 3,282.60 | -47.53 | -50.57 | | Shanxi Hengshun Aged Vinegar Co., Ltd. | Subsidiary | Food production; condiment production | 14,000 | 15,821.35 | 14,762.45 | 2,424.63 | 48.78 | 37.70 | | Zhenjiang Hengshun New Condiment Co., Ltd. | Subsidiary | Food production, sales | 2,000 | 7,148.19 | 5,919.16 | 2,954.62 | 53.09 | -17.76 | | Jiangsu Hengshun Shuyang Condiment Co., Ltd. | Subsidiary | Food production; condiment production | 2,500 | 4,577.00 | 4,003.79 | 2,302.67 | 97.71 | 92.55 | - During the reporting period, the company increased its stake in Jiangsu Hengshun Shuyang Condiment Co., Ltd. by **6%**, changing its shareholding ratio from **94.00%** to **100.00%**[63](index=63&type=chunk) - Jiangsu Hengshun Compound Condiment Co., Ltd. was liquidated on **April 11, 2025**, due to business strategy adjustments, and deregistration was completed on **May 9, 2025**, thus no longer included in the consolidated financial statements[63](index=63&type=chunk) [Company-Controlled Structured Entities](index=23&type=section&id=Company-Controlled%20Structured%20Entities) The company, through Guojin Asset Management Xinjin Ganghui No. 6 (QDII) Single Asset Management Plan and related party Xinxin (Hong Kong) Co., Ltd., subscribed for Guoquan Food (Shanghai) Co., Ltd. shares as cornerstone investors, consolidating it as a structured entity - The company, through Guojin Asset Management Xinjin Ganghui No. 6 (QDII) Single Asset Management Plan, acted as a cornerstone investor to subscribe for shares in Guoquan Food (Shanghai) Co., Ltd.'s initial public offering in Hong Kong[65](index=65&type=chunk) - Guojin Asset Management Xinjin Ganghui No. 6 (QDII) Single Asset Management Plan is an equity-type single asset management plan, with the company as the sole investor controlling the plan, thus included as a structured entity within the consolidated scope[65](index=65&type=chunk) [Other Disclosures](index=25&type=section&id=Other%20Disclosures) This section discloses potential risks, including raw material price fluctuations, brand infringement, and food safety control, and outlines the controlling shareholder Hengshun Group's share increase plan [Potential Risks](index=25&type=section&id=Potential%20Risks) The company faces risks from raw material price fluctuations, brand infringement, and food safety control, for which management has developed and implemented contingency plans - The company faces risks from fluctuations in raw material prices (e.g., glutinous rice), which may affect gross profit margin and profitability[66](index=66&type=chunk) - The company's brand (Hengshun) faces the risk of infringement, which may lead to reduced consumer trust and impact market sales and performance[66](index=66&type=chunk) - The company faces food safety control risks; product quality issues could affect reputation and sales[67](index=67&type=chunk) [Other Disclosure Matters](index=25&type=section&id=Other%20Disclosure%20Matters) Controlling shareholder Hengshun Group plans to increase its A-share holdings by **RMB 50 million** to **RMB 100 million** through centralized bidding within 12 months from May 24, 2025 - Controlling shareholder Hengshun Group plans to increase its holdings of the company's A-shares through centralized bidding within **12 months** from **May 24, 2025**, with a planned increase amount of no less than **RMB 50 million** and no more than **RMB 100 million**[68](index=68&type=chunk) Section 4: Corporate Governance, Environment, and Society [Corporate Governance, Environment, and Society](index=26&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This chapter discloses changes in directors and senior management, the profit distribution plan, progress of equity incentive and employee stock ownership plans, and environmental information of subsidiaries required to disclose by law [Changes in Company Directors and Senior Management](index=26&type=section&id=Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, Hang Zhuhong resigned as Chairman, and Gao Yinong was elected as his successor - On **January 25, 2025**, Hang Zhuhong resigned as Chairman of the company[70](index=70&type=chunk) - On **February 11, 2025**, Gao Yinong was elected Chairman of the company[70](index=70&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=26&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "none", indicating no distribution or conversion - The company's proposed semi-annual profit distribution or capital reserve conversion plan is **"none"**, with **0** bonus shares, cash dividends, and capital reserve conversions per **10 shares**[71](index=71&type=chunk) [Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=26&type=section&id=Company%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) Details the 2024 Restricted Stock Incentive Plan and Employee Stock Ownership Plan progress, including grants, share transfers, and repurchases due to resignations or unmet performance targets [Equity Incentive Matters Already Disclosed in Interim Announcements with No Subsequent Progress or Changes](index=26&type=section&id=Equity%20Incentive%20Matters%20Already%20Disclosed%20in%20Interim%20Announcements%20with%20No%20Subsequent%20Progress%20or%20Changes) Lists various interim announcements for the 2024 Restricted Stock Incentive Plan, covering approvals, grants, share transfers, and partial repurchases and cancellations - The company's **2024 Restricted Stock Incentive Plan** has been approved by the Zhenjiang State-owned Assets Supervision and Administration Commission and reviewed and approved by the general meeting of shareholders[74](index=74&type=chunk)[75](index=75&type=chunk) - On **July 17, 2024**, the company granted **5.9172 million restricted shares** to **367 incentive recipients**, and completed registration and transfer on **July 26, 2024**[75](index=75&type=chunk)[77](index=77&type=chunk) - On **April 18, 2025**, the company approved the resolution to repurchase and cancel some restricted shares from the 2024 Restricted Stock Incentive Plan, and implemented the repurchase and cancellation of **2.4339 million shares** on **June 16, 2025**[77](index=77&type=chunk) [Employee Stock Ownership Plan Status](index=28&type=section&id=Employee%20Stock%20Ownership%20Plan%20Status) Discloses the establishment, share subscription, and transfer of the 2024 Employee Stock Ownership Plan, as well as the repurchase and cancellation of some shares due to resignation or failure to meet performance targets - The company's **2024 Employee Stock Ownership Plan** was reviewed and approved by the board of directors, supervisory board, and general meeting of shareholders; **91 employees** subscribed for **92,600 shares**, with a total subscription amount of **RMB 545,414**[78](index=78&type=chunk)[79](index=79&type=chunk) - On **July 26, 2024**, **92,600 shares** of the company's stock were transferred to the **"Jiangsu Hengshun Vinegar Industry Co., Ltd. - 2024 Employee Stock Ownership Plan"** securities account[79](index=79&type=chunk) - On **April 18, 2025**, the company approved the resolution to repurchase and cancel some shares from the 2024 Employee Stock Ownership Plan, and implemented the repurchase and cancellation of **38,180 shares** on **June 16, 2025**[80](index=80&type=chunk)[81](index=81&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=29&type=section&id=Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) Lists the company and three subsidiaries (Zhenjiang Hengshun New Condiment Co., Ltd., Xuzhou Hengshun Wantong Food Brewing Co., Ltd.) included in the list of enterprises required to disclose environmental information by law, and provides an inquiry index Number of Enterprises Included in the List of Enterprises Required to Disclose Environmental Information by Law | Indicator | Quantity (units) | | :--- | :--- | | Number of enterprises included in the list of enterprises required to disclose environmental information by law | 3 | - **Jiangsu Hengshun Vinegar Industry Co., Ltd.**, **Zhenjiang Hengshun New Condiment Co., Ltd.**, and **Xuzhou Hengshun Wantong Food Brewing Co., Ltd.** are all included in the list of enterprises required to disclose environmental information by law[82](index=82&type=chunk) Section 5: Important Matters [Important Matters](index=30&type=section&id=Important%20Matters) This chapter details the fulfillment of commitments made by the company during or continuing into the reporting period, including avoiding horizontal competition, maintaining independence, and regulating related-party transactions, also disclosing the progress of ordinary and asset acquisition related-party transactions [Fulfillment of Commitments](index=30&type=section&id=Fulfillment%20of%20Commitments) Discloses commitments made by the company's actual controller, shareholders, related parties, and the company itself, covering horizontal competition, independence, related-party transactions, diluted immediate returns, and real estate business, explaining their fulfillment status - **Zhenjiang Industrial Investment Holding Group Co., Ltd.** committed to avoid horizontal competition with Hengshun Vinegar Industry, maintain the company's independence, and regulate related-party transactions, with the commitment period ending when it ceases to be an indirect controlling shareholder of Hengshun Vinegar Industry[87](index=87&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - **Jiangsu Hengshun Group Co., Ltd.** committed to avoid horizontal competition and bear compensation liability for economic losses caused by breach of commitment[91](index=91&type=chunk) - The company's directors, senior management, and controlling shareholder Hengshun Group committed to implement measures to compensate for diluted immediate returns, not to harm the company's interests, and to restrict job-related consumption behavior[93](index=93&type=chunk)[94](index=94&type=chunk) - The company committed not to engage in real estate development or sales, and that raised funds would not be used for real estate development or sales, and has completed the decision-making process for the sale of relevant real estate assets of its subsidiary Zhenjiang Hengshun Mall Co., Ltd[95](index=95&type=chunk)[96](index=96&type=chunk) [Significant Related-Party Transactions](index=35&type=section&id=Significant%20Related-Party%20Transactions) Discloses related-party transactions in ordinary operations, such as purchasing/selling goods and providing/receiving services, and the progress of asset acquisition related-party transactions by a wholly-owned subsidiary [Related-Party Transactions Related to Ordinary Operations](index=35&type=section&id=Related-Party%20Transactions%20Related%20to%20Ordinary%20Operations) Discloses the estimated amount of the company's 2025 annual ordinary related-party transactions and lists specific details of transactions not disclosed in interim announcements, such as purchasing goods, receiving services, selling goods, and providing services - The company's estimated amount for **2025 annual related-party transactions** for purchasing raw materials and receiving services from related parties is approximately **RMB 138 million**, which has been approved by the general meeting of shareholders[98](index=98&type=chunk)[100](index=100&type=chunk) Ordinary Related-Party Transactions Not Disclosed in Interim Announcements (Purchasing Goods/Receiving Services) | Related Party | Related Relationship | Related Transaction Type | Related Transaction Content | Related Transaction Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Hengshun Group Zhenjiang Henghai Winery Co., Ltd. | Controlling shareholder's controlled subsidiary | Purchasing goods | Purchasing goods | 25.85 | | Zhenjiang Public Transport Co., Ltd. | Other related party | Receiving services | Receiving services | 107.96 | | Zhenjiang City Intercity Asset Management Co., Ltd. | Other related party | Receiving services | Receiving services | 20.78 | | Zhenjiang Hengshun Bioengineering Co., Ltd. | Other related party | Receiving services | Receiving services | 7.30 | | Zhenjiang Xinsheng Material Co., Ltd. | Other related party | Receiving services | Receiving services | 1.67 | | Zhenjiang Hengshun Real Estate Development Co., Ltd. | Controlling shareholder's wholly-owned subsidiary | Receiving services | Receiving services | 0.88 | | Zhenjiang Zhenbin Jiamei Property Management Co., Ltd. | Other related party | Receiving services | Receiving services | 0.33 | Ordinary Related-Party Transactions Not Disclosed in Interim Announcements (Selling Goods/Providing Services) | Related Party | Related Relationship | Related Transaction Type | Related Transaction Content | Related Transaction Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Zhenjiang Henghua Color Printing and Packaging Co., Ltd. | Associate where senior management serves as director | Providing services | Providing services | 4.03 | | Zhenjiang State-owned Investment Holding Group Co., Ltd. | Other related party | Selling goods | Selling goods | 1.09 | | Zhenjiang Hengxin Biotechnology Co., Ltd. | Other related party | Selling goods | Selling goods | 169.90 | | Zhenjiang Hengxin Biotechnology Co., Ltd. | Other related party | Providing services | Providing services | 1.51 | | Zhenjiang Gangfa Green Resources Co., Ltd. | Other related party | Selling goods | Selling goods | 0.28 | | Jiangsu Hengda Times Technology Co., Ltd. | Other related party | Selling goods | Selling goods | 18.43 | [Related-Party Transactions Involving Asset Acquisition or Equity Acquisition/Disposal](index=37&type=section&id=Related-Party%20Transactions%20Involving%20Asset%20Acquisition%20or%20Equity%20Acquisition%2FDisposal) The company's wholly-owned subsidiary Hengshun International Trade purchased property from Hengshun Real Estate, a wholly-owned subsidiary of the controlling shareholder, for **RMB 5.9395 million**, completing the transaction by period-end - The company's wholly-owned subsidiary Hengshun International Trade purchased the property at Room 601, 5th Floor, Building 31, Hengmei Jiayuan from Hengshun Real Estate, a wholly-owned subsidiary of the controlling shareholder Hengshun Group, for **RMB 5.9395 million**[104](index=104&type=chunk) - This asset acquisition related-party transaction was completed by the end of the reporting period[104](index=104&type=chunk) [Other](index=38&type=section&id=Other) Discloses related-party leasing situations where the company acts as lessor and lessee, including types of leased assets and rental income recognized/rent paid during the current period Related-Party Leasing Situations as Lessor | Lessee Name | Type of Leased Asset | Rental Income Recognized in Current Period (RMB 10,000) | | :--- | :--- | :--- | | Zhenjiang Hengxin Biotechnology Co., Ltd. | Property rental | 14.29 | Related-Party Leasing Situations as Lessee (Rent Paid) | Lessor Name | Type of Leased Asset | Rent Paid in Current Period (RMB 10,000) | | :--- | :--- | :--- | | Jiangsu Hengshun Group Zhenjiang International Trade Co., Ltd. | Vehicles | 26.28 | | Zhenjiang Hengshun Bioengineering Co., Ltd. | Buildings and structures | 0.24 | | Zhenjiang Hengshun Real Estate Development Co., Ltd. | Buildings and structures | 9.52 | Section 6: Share Changes and Shareholder Information [Share Changes and Shareholder Information](index=48&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This chapter details the company's share capital changes, including increases and decreases in restricted and unrestricted tradable shares, as well as the shareholding status of the top ten shareholders and top ten restricted shareholders [Share Capital Changes](index=48&type=section&id=Share%20Capital%20Changes) During the reporting period, the company's total shares decreased due to the repurchase and cancellation of restricted shares from the 2024 Restricted Stock Incentive Plan and shares from the 2024 Employee Stock Ownership Plan, affecting both restricted and unrestricted tradable shares Share Capital Change Table | Share Class | Quantity Before Change (shares) | Proportion Before Change (%) | Net Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 5,917,200 | 0.53 | -2,433,900 | 3,483,300 | 0.31 | | II. Unrestricted Tradable Shares | 1,103,026,408 | 99.47 | -38,180 | 1,102,988,228 | 99.69 | | **III. Total Shares** | **1,108,943,608** | **100** | **-2,472,080** | **1,106,471,528** | **100** | - The company repurchased and cancelled **2,433,900 restricted shares** from the 2024 Restricted Stock Incentive Plan and **38,180 shares** from the 2024 Employee Stock Ownership Plan, totaling **2,472,080 shares** repurchased and cancelled[125](index=125&type=chunk)[126](index=126&type=chunk) [Shareholder Information](index=49&type=section&id=Shareholder%20Information) Discloses the total number of common shareholders at period-end, and the shareholding status of the top ten shareholders and top ten unrestricted tradable shareholders, including quantity, proportion, restricted shares, and pledge status - As of the end of the reporting period, the total number of common shareholders was **89,478**[129](index=129&type=chunk) Top Ten Shareholders' Shareholding Status as of the End of the Reporting Period | Shareholder Name | Period-end Shareholding Quantity (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Hengshun Group Co., Ltd. | 447,613,893 | 40.45 | 0 | Pledged | 85,760,000 | State-owned Legal Person | | Zhenjiang Baiwei Investment Partnership (Limited Partnership) | 29,355,149 | 2.65 | 0 | Unknown | 0 | Unknown | | Hong Kong Securities Clearing Company Limited | 16,302,815 | 1.47 | 0 | Unknown | 0 | Unknown | | Zhejiang Zheyuan Holding Co., Ltd. | 9,614,639 | 0.87 | 0 | Unknown | 0 | State-owned Legal Person | | Guolian Trust Co., Ltd. - Guolian Trust · Huiyue 24008 Collective Fund Trust Plan | 9,432,146 | 0.85 | 0 | Unknown | 0 | Unknown | | Jinan Hanxiang Investment Management Partnership (Limited Partnership) | 7,699,711 | 0.70 | 0 | Unknown | 0 | Unknown | | Guangxi Nongken Equity Investment Fund Management Co., Ltd. - Guangxi Nongken Industrial Investment Development Center (Limited Partnership) | 7,699,711 | 0.70 | 0 | Unknown | 0 | Other | | China Merchants Bank Co., Ltd. - Southern CSI 1000 Exchange Traded Fund | 6,151,541 | 0.56 | 0 | Unknown | 0 | Other | | Shandong Guohui Fund Management Co., Ltd. - Jinan Guohui Luyin Industrial Investment Fund Partnership (Limited Partnership) | 4,812,319 | 0.43 | 0 | Unknown | 0 | Other | | Shen Huifeng | 4,423,000 | 0.40 | 0 | Unknown | 0 | Domestic Natural Person | Top Ten Restricted Shareholders' Shareholding Quantity and Restrictions | No. | Restricted Shareholder Name | Number of Restricted Shares Held (shares) | Restriction Conditions | | :--- | :--- | :--- | :--- | | 1 | Wang Zhaoxiang | 108,000 | See the company's 2024 Restricted Stock Incentive Plan disclosed on the Shanghai Stock Exchange website on July 9, 2024. | | 2 | Yang Yongzhong | 54,000 | Same as above | | 3 | Ji Rongpeng | 54,000 | Same as above | | 4 | Wei Chenyun | 54,000 | Same as above | | 5 | Li Gang | 48,360 | Same as above | | 6 | Fu Jie | 37,620 | Same as above | | 7 | Wei Zhengbing | 36,780 | Same as above | | 8 | Wang Bin | 30,000 | Same as above | | 9 | Zhao Peng | 29,400 | Same as above | | 10 | Wei Wei | 28,920 | Same as above | [Directors and Senior Management Information](index=52&type=section&id=Directors%20and%20Senior%20Management%20Information) Discloses changes in shareholdings of directors and senior management during the reporting period, primarily due to the repurchase and cancellation of restricted shares from the incentive plan Changes in Shareholdings of Current and Resigned Directors and Senior Management During the Reporting Period | Name | Position | Beginning Shareholding (shares) | Ending Shareholding (shares) | Change in Shareholding During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Zhaoxiang | Director, Deputy General Manager | 180,000 | 108,000 | -72,000 | Repurchase and cancellation of some restricted shares from the 2024 Restricted Stock Incentive Plan | | Yang Yongzhong | Deputy General Manager | 90,000 | 54,000 | -36,000 | Same as above | | Ji Rongpeng | Deputy General Manager | 90,000 | 54,000 | -36,000 | Same as above | | Wei Chenyun | Board Secretary | 90,000 | 54,000 | -36,000 | Same as above | | Lin Tianzhong | Employee Director | 26,500 | 15,900 | -10,600 | Same as above | Section 7: Bond-Related Information [Bond-Related Information](index=53&type=section&id=Bond-Related%20Information) This chapter states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[141](index=141&type=chunk) - During the reporting period, the company had no convertible corporate bonds[141](index=141&type=chunk) Section 8: Financial Report [Financial Report](index=54&type=section&id=Financial%20Report) This chapter includes the company's 2025 H1 consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with detailed notes covering company basics, accounting policies, taxation, and various financial items [Audit Report](index=54&type=section&id=Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[8](index=8&type=chunk) [Financial Statements](index=54&type=section&id=Financial%20Statements) Provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - Includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[143](index=143&type=chunk)[147](index=147&type=chunk)[150](index=150&type=chunk)[153](index=153&type=chunk)[163](index=163&type=chunk)[173](index=173&type=chunk) [Company Basic Information](index=79&type=section&id=Company%20Basic%20Information) Introduces the company's establishment, history of share capital changes, registered address, main operating activities, and approval date of financial statements - Jiangsu Hengshun Vinegar Industry Co., Ltd. was established on **February 5, 1993**, with its headquarters at **Hengshun Avenue No. 66, Zhenjiang City, Jiangsu Province**[176](index=176&type=chunk)[181](index=181&type=chunk) - The company's share capital has undergone multiple changes; as of **July 8, 2025**, its registered and paid-in capital is **RMB 1,106,471,528.00**[181](index=181&type=chunk) - The company's main business activities include research and development, production, and sales of a series of condiments such as vinegar, soy sauce, pickles, compound seasonings, and flavoring agents, as well as packaging materials[182](index=182&type=chunk) - These financial statements and notes were approved for issuance by the company's **11th meeting of the 9th Board of Directors on August 24, 2025**[182](index=182&type=chunk) [Basis of Financial Statement Preparation](index=80&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and CSRC disclosure regulations, with no significant doubts about the going concern assumption - Financial statements are prepared on a going concern basis, in accordance with the **"Enterprise Accounting Standards"** issued by the Ministry of Finance and the China Securities Regulatory Commission's **"Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"**[183](index=183&type=chunk) - The company has no matters or circumstances that would cause significant doubt about the going concern assumption for the **12 months** from the end of the reporting period[184](index=184&type=chunk) [Significant Accounting Policies and Estimates](index=80&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) Elaborates on the company's compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, and significant accounting policies and estimates for various financial and operational items - The company complies with enterprise accounting standards, accurately and completely reflecting its financial position[186](index=186&type=chunk) - The accounting year runs from **January 1 to December 31** of the Gregorian calendar, with the actual preparation period for these financial statements being **January 1, 2025, to June 30, 2025**[187](index=187&type=chunk) - The company uses **12 months** as an operating cycle and as the standard for classifying assets and liabilities as current or non-current[188](index=188&type=chunk) - The company and its domestic subsidiaries use **RMB** as their functional currency[189](index=189&type=chunk) - Detailed explanations are provided for the classification, recognition criteria, and measurement methods of financial instruments, including financial assets and liabilities measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk) - Revenue recognition is based on the transfer of control, with sales revenue recognized when the customer obtains control of the goods[294](index=294&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk) - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized into profit or loss over the asset's useful life; income-related grants intended to compensate for future costs are recognized as deferred income, while those compensating for incurred costs are directly recognized in profit or loss[302](index=302&type=chunk)[304](index=304&type=chunk) - Deferred income tax assets and liabilities are recognized based on temporary differences between the carrying amounts of assets and liabilities and their tax bases[305](index=305&type=chunk)[306](index=306&type=chunk) - Leases are classified as finance leases or operating leases; as a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than short-term and low-value asset leases[309](index=309&type=chunk)[314](index=314&type=chunk) [Taxation](index=109&type=section&id=Taxation) Discloses the company's main tax types and rates, including VAT, property tax, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge, and explains the tax preferential policies for the company and its subsidiaries Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value added during sales of goods or provision of taxable services | 13%, 9%, 5%, small-scale taxpayer rate | | Property Tax | For value-based assessment, 1.2% of the original value of the property after a one-time deduction of 30%; for rent-based assessment, 12% of rental income | 1.2%, 12% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | Parent company applies 15%; subsidiaries apply 15%, 25%, or small and micro enterprise tax rate | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company has been re-certified as a high-tech enterprise, enjoying a reduced corporate income tax rate of **15%** for three years starting from the **2024 fiscal year**[110](index=110&type=chunk) - Subsidiary Hengshun Chongqing Condiment Co., Ltd., as an enterprise in an encouraged industry in the western region, enjoys a reduced corporate income tax rate of **15%** from **January 1, 2021, to December 31, 2030**[110](index=110&type=chunk) - Several subsidiaries qualify for preferential tax policies for small and micro enterprises, enjoying corporate income tax and **"six taxes and two fees"** reductions[110](index=110&type=chunk) [Notes to Consolidated Financial Statement Items](index=111&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) Provides detailed notes for each item in the consolidated financial statements, including monetary funds, trading financial assets, accounts receivable, prepayments, other receivables, inventories, other current assets, long-term equity investments, other equity instruments investment, other non-current financial assets, investment properties, fixed assets, construction in progress, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, accounts payable, advances from customers, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, long-term payables, deferred income, share capital, capital reserves, treasury stock, other comprehensive income, surplus reserves, undistributed profits, operating revenue and operating cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change income, credit impairment losses, asset disposal income, non-operating income, non-operating expenses, income tax expenses, other comprehensive income, cash flow statement items, supplementary cash flow statement information, assets with restricted ownership or use rights, foreign currency monetary items, and leases Period-end Balance of Monetary Funds | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on hand | 408.04 | 37,798.87 | | Bank deposits | 441,892,108.70 | 601,107,268.12 | | Other monetary funds | 1,752,000.00 | 2,897,639.69 | | **Total** | **443,644,516.74** | **604,042,706.68** | Period-end Balance of Trading Financial Assets | Item | Period-end Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Wealth management products | 450,323,109.59 | 534,967,904.09 | | **Total** | **450,323,109.59** | **534,967,904.09** | Period-end Balance of Accounts Receivable | Category | Book Balance (RMB) | Provision for Bad Debts (RMB) | Book Value (RMB) | | :--- | :--- | :--- | :--- | | Provision for bad debts on individual basis | 13,157,953.55 | 13,157,953.55 | - | | Provision for bad debts on portfolio basis | 42,931,002.52 | 6,760,025.42 | 36,170,977.10 | | **Total** | **56,088,956.07** | **19,917,978.97** | **36,170,977.10** | Period-end Balance of Inventory Classification | Item | Book Balance (RMB) | Provision for Inventory Impairment/Contract Cost Impairment (RMB) | Book Value (RMB) | | :--- | :--- | :--- | :--- | | Raw materials | 46,925,391.88 | 303,226.71 | 46,622,165.17 | | Revolving materials | 34,248,167.18 | 859,979.43 | 33,388,187.75 | | Work in progress | 115,779,757.20 | - | 115,779,757.20 | | Finished goods | 52,616,182.03 | 36,197.43 | 52,579,984.60 | | Goods in transit | 10,028,720.68 | - | 10,028,720.68 | | **Total** | **259,598,218.97** | **1,199,403.57** | **258,398,815.40** | Period-end Balance of Long-term Equity Investments | Investee Name | Period-end Balance (Book Value) (RMB) | Period-end Balance of Impairment Provision (RMB) | | :--- | :--- | :--- | | Jiangsu Wenrun Optoelectronics Co., Ltd. | 33,193,592.65 | - | | Zhenjiang Henghua Color Printing and Packaging Co., Ltd. | 12,242,416.48 | - | | Jiangsu Hengshun Group Zhenjiang International Trade Co., Ltd. | 6,089,832.48 | - | | **Subtotal** | **51,525,841.61** | **-** | Period-end Book Value of Fixed Assets | Item | Buildings and Structures (RMB) | Machinery and Equipment (RMB) | Transportation Equipment (RMB) | Electronic and Other Equipment (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Book Value | 798,314,453.96 | 410,009,249.98 | 4,217,951.16 | 27,342,893.64 | 1,239,884,548.74 | Period-end Book Value of Construction in Progress | Item | Book Value (RMB) | | :--- | :--- | | Xuzhou Hengshun Wantong Food Brewing Co., Ltd. 45,000-ton annual original brewed soy sauce and vinegar intelligent production line project | 109,813,120.47 | | Hengshun Balsamic Vinegar Expansion and Continuation Project (Phase II) | 108,030,143.03 | | 30,000-ton annual brewed vinegar expansion project | 80,404,292.64 | | 100,000-ton annual compound seasoning construction project | 17,835,436.83 | | Other minor projects | 28,876,352.84 | | **Total** | **344,959,345.81** | Share Capital Change Status | Total Shares | Beginning Balance (RMB) | Net Increase/Decrease in Current Change (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Shares | 1,108,943,608.00 | -2,472,080.00 | 1,106,471,528.00 | Capital Reserve Change Status | Item | Beginning Balance (RMB) | Current Period Increase (RMB) | Current Period Decrease (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Capital premium (share premium) | 867,899,119.08 | - | 7,602,268.68 | 860,296,850.40 | | Other capital reserves | 36,593,524.12 | 1,749,332.10 | - | 38,342,856.22 | | **Total** | **904,492,643.20** | **1,749,332.10** | **7,602,268.68** | **898,639,706.62** | Treasury Stock Change Status | Item | Beginning Balance (RMB) | Current Period Decrease (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Restricted shares | 23,326,634.00 | 9,595,395.20 | 13,731,238.80 | | **Total** | **23,326,634.00** | **9,595,395.20** | **13,731,238.80** | Undistributed Profits Change Status | Item | Current Period (RMB) | Prior Year (RMB) | | :--- | :--- | :--- | | Undistributed profits at end of prior period (adjusted) | 1,121,570,754.54 | 1,082,205,666.75 | | Add: Net profit attributable to owners of parent company for current period | 110,609,474.90 | 127,342,058.81 | | Less: Dividends payable on ordinary shares | 110,647,152.80 | 77,205,366.56 | | **Undistributed profits at period-end** | **1,121,533,076.64** | **1,121,570,754.54** | Operating Revenue and Operating Cost Status | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Prior Period Revenue (RMB) | Prior Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main business | 1,116,489,221.50 | 691,520,279.84 | 979,033,817.76 | 632,726,398.47 | | Other business | 8,866,438.07 | 1,583,663.54 | 25,455,168.97 | 4,641,731.76 | | **Total** | **1,125,355,659.57** | **693,103,943.38** | **1,004,488,986.73** | **637,368,130.23** | Selling Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Promotional expenses | 122,882,415.75 | 75,813,523.48 | | Personnel expenses | 60,386,226.27 | 68,553,985.44 | | Advertising expenses | 8,605,786.15 | 13,068,160.20 | | Travel expenses | 8,130,357.78 | 6,728,154.25 | | Office expenses | 1,660,570.96 | 1,796,937.23 | | Depreciation expenses | 814,734.03 | 538,808.10 | | Entertainment expenses | 159,975.94 | 27,404.17 | | Other expenses | 1,554,622.18 | 620,118.15 | | **Total** | **204,194,689.06** | **167,147,091.02** | R&D Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Material and fuel input | 31,247,053.77 | 19,263,134.47 | | Personnel expenses | 15,471,944.76 | 15,809,487.72 | | Depreciation and amortization | 3,373,828.71 | 3,316,196.35 | | Other inputs | 5,192,097.91 | 4,233,104.48 | | **Total** | **55,284,925.15** | **42,621,923.02** | Investment Income | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Interest income from time deposits | 5,936,611.10 | 1,522,888.89 | | Investment income from long-term equity investments accounted for by equity method | -7,888,022.19 | -9,866,056.06 | | **Total** | **-1,951,411.09** | **-8,343,167.17** | Credit Impairment Losses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Bad debt loss on accounts receivable | -1,757,423.15 | 500,390.56 | | Bad debt loss on other receivables | -150,604.36 | -255,756.78 | | **Total** | **-1,908,027.51** | **244,633.78** | Net Cash Flow from Operating Activities | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net cash flow from operating activities | -42,284,801.62 | 194,328,770.52 | [R&D Expenses](index=151&type=section&id=R%26D%20Expenses) Discloses the composition of R&D expenses by nature of expense for the current period, including material and fuel input, employee compensation, depreciation and amortization, and other inputs, all of which are expensed R&D expenditures R&D Expenses by Nature of Expense | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Material an

证券代码：600305 证券简称：恒顺醋业 公告编号：临 2025-045 江苏恒顺醋业股份有限公司 第九届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 江苏恒顺醋业股份有限公司（以下简称"公司"）第九届董事会第十一次会 议于 2025 年 8 月 24 日以通讯表决方式召开。本次会议的通知于 2025 年 8 月 19 日以书面、邮件和电话等方式发出。会议应参与表决董事 9 人，实际参与表决董 事 9 人，本次会议符合《公司法》和《公司章程》的有关规定。会议审议并通过 了如下议案： 一、审议通过《公司 2025 年半年度报告全文及摘要》 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）上的《江 苏恒顺醋业股份有限公司 2025 年半年度报告》、《江苏恒顺醋业股份有限公司 2025 年半年度报告摘要》。 报告中的财务信息已经公司第九届董事会审计委员会 2025 年第五次会议审 议通过。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 二、审议通过《关于 2025 ...