2、《公司 2025 年半年度报告》的内容和格式符合中国证监会和上海证券交 易所的各项规定，所包含的信息能从各个方面真实、准确、完整地反映出公司 2024 年半年度的经营成果和财务状况； 证券代码：600318 证券简称：新力金融 公告编号：临 2025-030 安徽新力金融股份有限公司 第九届监事会第十六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 安徽新力金融股份有限公司（以下简称"公司"）第九届监事会第十六次会 议于 2025 年 8 月 14 日以现场方式在公司会议室召开。会议通知于 2025 年 8 月 8 日以电子邮件、微信方式发出。会议由监事会主席刘洋先生主持。会议应到监 事 3 人，实到 3 人。本次会议的召集和召开程序符合《公司法》和《公司章程》 的有关规定，会议合法、有效。 二、监事会会议审议情况 经出席本次会议的全体监事审议，以投票表决方式全票通过以下议案： （一）、审议通过《关于公司 2025 年半年度报告及其摘要的议案》，并发表 如下审核意见： 1、《公 ...

证券代码：600318 证券简称：新力金融 公告编号：临 2025-029 安徽新力金融股份有限公司 第九届董事会第十七次会议决议公告 二、董事会会议审议情况 本议案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，并 提交公司董事会审议。 详情请参阅公司同日于上海证券交易所网站（www.sse.com.cn）上披露的《安 徽新力金融股份有限公司 2025 年半年度报告》及《安徽新力金融股份有限公司 2025 年半年度报告摘要》。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 特此公告。 安徽新力金融股份有限公司董事会 2025 年 8 月 16 日 经出席本次会议的全体董事审议，以投票表决方式全票通过以下议案： （一）、审议通过《关于公司 2025 年半年度报告及其摘要的议案》 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、董事会会议召开情况 安徽新力金融股份有限公司（以下简称"公司"）第九届董事会第十七次会 议于 2025 年 8 月 14 日以现场方式在公司会议室召开。会议通知于 202 ...

Definitions [Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This section provides definitions for common terms used in the report, including company names, abbreviations, major subsidiary names, financial measurement units, and reporting periods, to ensure clear understanding of the report content - The reporting period is from **January 1, 2025, to June 30, 2025**[17](index=17&type=chunk) Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=2.1%20Company%20Information) This section discloses the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Anhui Xinli Finance Co., Ltd., abbreviated as Xinli Finance, with Meng Qingli as its legal representative[14](index=14&type=chunk) [Contacts and Contact Information](index=4&type=section&id=2.2%20Contacts%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses - The Board Secretary is Dong Fei, the Securities Affairs Representative is Lu Hu, and both can be reached at **0551-63542170**[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=4&type=section&id=2.3%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section outlines the historical changes in the company's registered address, from Chaohu City, Anhui Province, to Hefei High-tech Zone - The company's registered address changed on **May 15, 2023**, to Yonghe Building, Southwest Corner of Hongfeng Road and West Second Ring Road Auxiliary Road Intersection, Hefei High-tech Zone[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=2.4%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section specifies the company's chosen newspapers for information disclosure, the website address for publishing semi-annual reports, and the location for report storage - The company's information disclosure newspapers are "Shanghai Securities News," "Securities Times," and "China Securities Journal," with the website address **http://www.sse.com.cn**[19](index=19&type=chunk) [Overview of Company Shares](index=5&type=section&id=2.5%20Overview%20of%20Company%20Shares) This section provides an overview of the company's shares, including type, listing exchange, stock abbreviation, code, and previous abbreviation - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "**Xinli Finance**" and code "**600318**"; the previous abbreviation was "Chaodong Shares"[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=2.6%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section details the company's key accounting data and financial indicators for the current and prior year periods, explaining the primary reasons for net profit growth Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 171,028,838.56 | 155,525,035.62 | 9.97 | | Total Profit | 89,017,604.00 | 80,000,754.84 | 11.27 | | Net Profit Attributable to Shareholders of Listed Company | 23,736,482.41 | 18,159,272.82 | 30.71 | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | 23,673,727.21 | 17,034,946.13 | 38.97 | | Net Cash Flow from Operating Activities | -301,654,049.34 | 63,805,027.64 | -572.77 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 1,075,018,295.82 | 1,060,476,921.18 | 1.37 | | Total Assets (End of Period) | 4,514,340,084.55 | 4,048,822,951.93 | 11.50 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.0463 | 0.0354 | 30.79 | | Diluted Earnings Per Share (RMB/share) | 0.0463 | 0.0354 | 30.79 | | Basic EPS After Non-Recurring Gains and Losses (RMB/share) | 0.0462 | 0.0332 | 39.16 | | Weighted Average Return on Net Assets (%) | 2.22 | 1.73 | Increased by 0.49 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains and Losses (%) | 2.22 | 1.62 | Increased by 0.60 percentage points | - The primary factors contributing to the increase in net profit attributable to shareholders of the listed company include: 1. Enhanced business development efforts, leading to a year-over-year increase in financing lease business volume and an overall revenue growth of **9.97%**. 2. Strengthened cost control, resulting in varying degrees of year-over-year reduction in various expenses[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.7%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the reporting period, totaling **RMB 62,755.20** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -2,017.34 | | Other Non-Operating Income and Expenses Apart from the Above | 110,640.73 | | Less: Income Tax Impact | 22,061.59 | | Impact on Minority Interests (After Tax) | 23,806.60 | | **Total** | **62,755.20** | Management Discussion and Analysis [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=3.1%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section elaborates on the industry background, policy orientation, market trends, and specific business models and operational analysis for each of the company's diversified financial businesses (financing lease, micro-lending, software and information technology services, pawnbroking, financing guarantee, supply chain services) [Explanation of the Company's Industry During the Reporting Period](index=7&type=section&id=3.1.1%20Explanation%20of%20the%20Company's%20Industry%20During%20the%20Reporting%20Period) This section outlines the macroeconomic environment, policy changes, market trends, and competitive landscape for the company's main business segments, including the downward trend in the financing lease market, standardization of the micro-lending industry, opportunities in software and information technology services, strong regulation and digital transformation in the pawnbroking industry, and policy-driven growth in financing guarantee and supply chain services - The financing lease market continues its downward trend, with shrinking scale and fewer participants; funds are directed towards livelihood and infrastructure projects, and industry competition is shifting towards **flexible operations and risk control**, intensifying financing landscape differentiation[29](index=29&type=chunk) - The micro-lending industry is regulated by the "Interim Measures for the Supervision and Administration of Micro-lending Companies," emphasizing **small-amount, dispersed, and inclusive finance** concepts to serve small and micro enterprises, individual businesses, farmers, and individual consumers[30](index=30&type=chunk) - The software and information technology services industry benefits from national strategies, emerging technologies, and demand growth, with its market size expected to continue expanding; **digital transformation and emerging technology applications** are future development directions[30](index=30&type=chunk) - The pawnbroking industry faces strong regulation and competition from mainstream financial institutions; **digital transformation (AI appraisal, VR viewing, blockchain notarization)** is a significant trend, with future focus on niche markets and differentiated competition[31](index=31&type=chunk) - The financing guarantee industry is driven towards high-quality development by the "Administrative Measures for the Development of Government-backed Financing Guarantees," emphasizing a **quasi-public positioning** to serve small and micro enterprises and the "three rural" sectors[31](index=31&type=chunk) - The supply chain industry is influenced by policy promotion and growth in e-commerce, intelligent manufacturing, and other fields; technologies such as the **Internet of Things, big data, and blockchain** are driving the industry towards intelligent, green, and global evolution[32](index=32&type=chunk)[33](index=33&type=chunk) [Explanation of the Company's Main Business Operations During the Reporting Period](index=9&type=section&id=3.1.2%20Explanation%20of%20the%20Company's%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section provides a detailed introduction to the business models and operational analysis for each of the company's business segments (financing lease, micro-lending, software and information technology services, pawnbroking, financing guarantee, supply chain services) during the reporting period - The financing lease business model primarily provides comprehensive financial services through direct equipment leasing and sale-leaseback, with profit sources including **lease interest spread, leverage income, and handling/consulting fees**. Derun Leasing's first-half revenue was **RMB 120 million**, with a net profit of **RMB 53.9318 million**[33](index=33&type=chunk)[34](index=34&type=chunk) - The micro-lending business model involves issuing small loans and collecting interest; Deshan Micro-lending's first-half revenue was **RMB 34.2125 million**, with a net profit of **RMB 19.2958 million**, focusing on the emergency financial market[34](index=34&type=chunk) - The software and information technology services business primarily engages in software and hardware development and sales, system integration, and maintenance; Shoufutong, amidst the integration of small and medium-sized banks, has enriched its product system and promoted the development and launch of **e-banking, foreign bank, and electronic bill businesses**[34](index=34&type=chunk)[35](index=35&type=chunk) - The pawnbroking business provides pawn services through real estate mortgages, property rights pledges, and movable property pledges, collecting comprehensive service fees and interest. Dehe Pawnbroking focuses on **small and micro enterprises and revolving businesses**, optimizing its business structure[36](index=36&type=chunk) - The financing guarantee business provides loan guarantees and bill acceptance guarantees for small and medium-sized enterprises and the "three rural" sectors, generating guarantee fee income. Dexin Guarantee strictly controls credit quality, with new projects performing normally, and reversed guarantee business provisions of approximately **RMB 3.2656 million**[36](index=36&type=chunk) - Supply chain services include the parent company's bulk commodity material supply and its subsidiaries' raw material procurement services. The parent company's business focuses on **national and provincial key projects**, while Runzhi Supply Chain is based in the Greater Bay Area, providing services to physical manufacturing enterprises[36](index=36&type=chunk)[37](index=37&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved growth in operating revenue and net profit attributable to the parent company, with stable operations across all business segments, improved management efficiency, talent development, and Party building, driving high-quality company development Key Operating Performance for H1 2025 | Indicator | Amount (RMB 10,000) | Year-over-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 17,102.88 | 9.97 | | Net Profit Attributable to Shareholders of Listed Company | 2,373.65 | 30.71 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 107,501.83 | 1.37 (vs. End of Prior Year) | [Main Business Operations Stable, Operating Indicators Improving](index=10&type=section&id=3.2.1%20Main%20Business%20Operations%20Stable,%20Operating%20Indicators%20Improving) All business segments focused on their core operations, actively responded to market changes, seized development opportunities, achieved breakthroughs in operating indicators, and continuously improved development quality and efficiency - Derun Leasing increased reserves in key regions and industries such as **new energy, livelihood, consumption, and education**, acting as a "ballast stone" and "main engine"[39](index=39&type=chunk) - Deshan Micro-lending maintained its positioning as an "**emergency capital service provider for small and micro economic entities**," expanded its client base to include urban investment and municipal-level large-scale clients, and broadened the coverage of inclusive financial services[39](index=39&type=chunk) - Shoufutong innovated the "**domestic trade procurement + credit insurance business**" model, stabilizing its core business and implementing innovative services[39](index=39&type=chunk) - Dexin Guarantee insisted on **strict control of credit quality**, with new projects performing normally and improved project quality. Dehe Pawnbroking focused on small and micro enterprises and revolving businesses, building a "refined, small, and excellent" characteristic business system[39](index=39&type=chunk) [Management Efficiency Enhanced](index=11&type=section&id=3.2.2%20Management%20Efficiency%20Enhanced) The company comprehensively enhanced management efficiency by strengthening risk prevention and control, ensuring stable and orderly fund operations, and improving safety management - Improved the risk internal control management organizational system and strengthened **risk information collection and assessment**[40](index=40&type=chunk) - Expanded financing channels, with Derun Leasing successfully issuing **RMB 300 million in corporate bonds**, optimizing its financing structure[40](index=40&type=chunk) - Strictly implemented safety management, achieving **zero safety production accidents**[40](index=40&type=chunk) [Comprehensive Promotion of Talent Team Building](index=11&type=section&id=3.2.3%20Comprehensive%20Promotion%20of%20Talent%20Team%20Building) The company adheres to a talent-strengthening strategy, reinforcing its technology, management, and skilled talent teams through internal training, school-enterprise cooperation, and external exchanges to enhance employee capabilities and sense of belonging - Organized the "**Xinli Lecture Hall**" and conducted learning on DeepSeek technology research and application exploration[41](index=41&type=chunk) - Signed a school-enterprise talent co-cultivation agreement with Anhui University of Finance and Economics' School of Finance, launching student internship programs[41](index=41&type=chunk) [Party Building Guides Root Strengthening and Soul Forging](index=11&type=section&id=3.2.4%20Party%20Building%20Guides%20Root%20Strengthening%20and%20Soul%20Forging) Through in-depth study and education, inspection rectifications, and warning education activities, the company strengthened Party building leadership, ensured the correct direction of reform and development, and promoted deep integration of Party building and business - Solidly advanced the study and education of the spirit of the Central Eight Provisions and special rectification of prominent issues, and held a Party committee leadership team democratic life meeting for inspection rectification[42](index=42&type=chunk) - Resolutely implemented the Party's lines, principles, and policies, as well as superior decisions and deployments, promoting **deep integration of Party building and business**[42](index=42&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=3.3%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) During the reporting period, the company's core competitiveness remained largely unchanged, primarily reflected in its professional, efficient, and integrated financial service capabilities, the vitality of its core talent team, extensive capital channel financing expansion capabilities, and continuously improving risk control capabilities - The company possesses operating qualifications for leasing, micro-lending, pawnbroking, and guarantees, capable of meeting the needs of small and micro enterprises and various clients; Shoufutong holds **58 core technologies and software copyrights** and has obtained high-tech enterprise qualifications[43](index=43&type=chunk) - Focused on building a strong cadre and employee team, enhancing business capabilities through internal training and external exchanges, and **stimulating team vitality**[44](index=44&type=chunk) - Fully expanded financing channels, broadened cooperation with large commercial banks and joint-stock banks, with Derun Leasing successfully issuing **RMB 300 million in corporate bonds**[44](index=44&type=chunk) - Improved risk systems, deepened risk compliance culture construction, optimized the comprehensive risk management system, and **enhanced proactive risk prevention capabilities**[44](index=44&type=chunk) [Key Operating Performance During the Reporting Period](index=12&type=section&id=3.4%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's financial statement item changes, asset and liability status, and operating performance of major controlled and investee companies during the reporting period [Main Business Analysis](index=12&type=section&id=3.4.1%20Main%20Business%20Analysis) Analysis of financial statement items shows significant changes in operating revenue, operating costs, net cash flow from investing activities, and net cash flow from financing activities Analysis of Financial Statement Item Changes (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (RMB) | Prior Year Period (RMB) | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 171,028,838.56 | 155,525,035.62 | 9.97 | | Operating Cost | 32,208,844.26 | 27,185,252.66 | 18.48 | | Selling Expenses | 469,939.31 | 492,456.66 | -4.57 | | Administrative Expenses | 36,269,734.01 | 37,251,469.10 | -2.64 | | Financial Expenses | 17,130,852.57 | 22,714,983.28 | -24.58 | | R&D Expenses | 3,297,793.50 | 3,794,309.13 | -13.09 | | Net Cash Flow from Operating Activities | -301,654,049.34 | 63,805,027.64 | -572.77 | | Net Cash Flow from Investing Activities | 6,589,390.04 | 59,535.34 | 10,968.03 | | Net Cash Flow from Financing Activities | 294,527,966.42 | -119,921,119.64 | 345.60 | - The change in net cash flow from operating activities was primarily due to the **increased investment scale of Derun Leasing** in the current period[47](index=47&type=chunk) - The change in net cash flow from investing activities was primarily due to **dividends received from Zhong'an Finance** in the current period[47](index=47&type=chunk) - The change in net cash flow from financing activities was primarily due to **Derun Leasing's issuance of corporate bonds for financing** in the current period[47](index=47&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=3.4.2%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and total liabilities both increased, with significant changes in items such as notes receivable, notes payable, and advances from customers, primarily influenced by supply chain business and Dexin Guarantee business Changes in Assets and Liabilities (End of Period vs. End of Prior Year) | Item Name | Current Period End (RMB) | Prior Year End (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 3,120,111.74 | 22,327,800.00 | -86.03 | Decrease in commercial bills received from supply chain business | | Accounts Receivable | 10,273,875.55 | 7,285,945.39 | 41.01 | Increase in Shoufutong's accounts receivable this period | | Prepayments | 709,883.52 | 247,667.35 | 186.63 | Increase in Shoufutong's prepayments this period | | Intangible Assets | 9,308.40 | 30,503.47 | -69.48 | Due to amortization this period | | Long-term Deferred Expenses | 588,376.34 | 209,764.59 | 180.49 | Due to new renovations this period | | Notes Payable | 2,280,000.00 | 36,000,000.00 | -93.67 | Decrease in bills issued by supply chain business | | Advances from Customers | 0.00 | 1,098,363.43 | -100.00 | Dexin Guarantee's advance rent transferred to revenue | | Employee Benefits Payable | 18,323,303.04 | 10,752,370.55 | 70.41 | Accrued but not yet disbursed this period | | Other Current Liabilities | 6,171,551.25 | 26,385,101.29 | -76.61 | Decrease in endorsed and unexpired bills from supply chain business | | Long-term Borrowings | 554,192,849.28 | 385,774,803.87 | 43.66 | New long-term borrowings by the head office | - As of the end of the reporting period, details of the company's major restricted assets can be found in "Section VIII Financial Report," "VII. Notes to Consolidated Financial Statements," "32. Assets with Restricted Ownership or Use Rights"[50](index=50&type=chunk) [Analysis of Investment Status](index=14&type=section&id=3.4.3%20Analysis%20of%20Investment%20Status) This section does not disclose significant equity investments, non-equity investments, financial assets measured at fair value, securities investments, private equity fund investments, or derivative investments - There were no significant equity investments, non-equity investments, financial assets measured at fair value, securities investments, private equity fund investments, or derivative investments during the reporting period[52](index=52&type=chunk) [Analysis of Major Controlled and Investee Companies](index=15&type=section&id=3.4.4%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) This section discloses the financial data of the company's major controlled subsidiaries and investee companies with a net profit impact exceeding 10%, including Derun Leasing, Deshan Micro-lending, Dehe Pawnbroking, Dexin Guarantee, Dezhong Finance, Shoufutong, and Zhong'an Finance Financial Data of Major Controlled and Investee Companies (Unit: RMB 10,000) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Derun Leasing | Subsidiary | Financing Lease | 81,666.67 | 273,402.63 | 124,843.62 | 11,986.70 | 7,172.13 | 5,393.18 | | Deshan Micro-lending | Subsidiary | Micro-lending | 33,000.00 | 75,964.61 | 68,953.92 | 3,421.25 | 2,562.23 | 1,929.58 | | Dehe Pawnbroking | Subsidiary | Pawnbroking Business | 22,000.00 | 35,492.31 | 34,705.55 | 1,028.76 | 567.89 | 425.92 | | Dexin Guarantee | Subsidiary | Financing Guarantee | 27,000.00 | 39,411.32 | 33,586.13 | 1,014.29 | 782.65 | 586.99 | | Dezhong Finance | Subsidiary | Online Lending Information Intermediary Services | 2,000.00 | 171.88 | -415.87 | 0.00 | -29.52 | -29.52 | | Shoufutong | Subsidiary | Software and Information Technology Services | 2,124.83 | 13,537.79 | 8,632.69 | 1,018.30 | 499.05 | 473.48 | | Zhong'an Finance | Investee Company | Asset Management | 400,000.00 | 1,345,905.74 | 473,726.46 | 35,835.12 | 20,767.60 | 14,615.90 | [Other Disclosure Matters](index=16&type=section&id=3.5%20Other%20Disclosure%20Matters) This section primarily discloses the market, credit, and liquidity risks the company may face, as well as specific risks faced by Shoufutong and supply chain businesses [Potential Risks](index=16&type=section&id=3.5.1%20Potential%20Risks) The company's diversified financial businesses face market risks (exchange rates, interest rates), credit risks (counterparty default), and liquidity risks (fund shortages). Shoufutong faces market competition, technology R&D, and human resource risks, while supply chain businesses face industry competition and contract default risks - The company's diversified financial businesses collectively face **market risks (exchange rate, interest rate fluctuations), credit risks (counterparty default), and liquidity risks (fund shortages)**[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) - Shoufutong primarily faces **market competition risk, technology and product R&D risk, and human resource risk**; the company will address these by enhancing product services, technological innovation, and talent development[56](index=56&type=chunk)[57](index=57&type=chunk) - Supply chain businesses primarily face **industry competition risk and contract default risk**, influenced by macroeconomic uncertainties[58](index=58&type=chunk) Corporate Governance, Environment, and Society [Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=4.1%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution plan is to not distribute cash dividends, not issue bonus shares, and not convert capital reserves into share capital - The company plans for the semi-annual period **not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital**[61](index=61&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=19&type=section&id=4.2%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company is an asset-light entity, not listed among heavily polluting enterprises by environmental authorities, experienced no major environmental protection incidents during the reporting period, and actively promotes green office practices and supports green industry development - The company is an asset-light entity, **not listed among heavily polluting enterprises** by environmental authorities, and falls outside the scope of key polluters[62](index=62&type=chunk) - No major environmental protection incidents occurred during the reporting period, and subsidiaries provided financing lease services to clients in industries such as **wastewater treatment and new energy**, supporting green industry development[62](index=62&type=chunk) Significant Matters [Major Litigation and Arbitration Matters](index=22&type=section&id=5.1%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company was involved in multiple litigation and arbitration matters, primarily concerning financing lease, micro-lending, pawnbroking, and guarantee contract disputes, with some cases filed, heard, or mediated, and some won and entered the enforcement stage Details of Litigation Cases Below RMB 10 Million Occurring During the Reporting Period (Unit: RMB 10,000) | Plaintiff (Applicant) | Basic Information of Litigation (Arbitration) | Amount Involved in Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | | Shenzhen Derun | Filed a lawsuit with Hefei Shushan District People's Court due to overdue contract rent | 980.00 | Case filed | | Derun Leasing | Filed a lawsuit with Hefei Shushan District People's Court due to overdue contract rent | 939.23 | Hearing concluded, awaiting judgment | | Derun Leasing | Filed a lawsuit with Hefei Shushan District People's Court due to overdue contract rent | 666.67 | Mediated | | Other 20 cases below RMB 5 million each | - | 2,328.45 | - | Details of Litigation Cases Above RMB 10 Million Occurring During the Reporting Period (Unit: RMB 10,000) | Plaintiff (Applicant) | Basic Information of Litigation (Arbitration) | Amount Involved in Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | | Derun Leasing | Filed a lawsuit with Hefei Shushan District People's Court due to overdue contract rent | 3,690.00 | Mediated | - As of the disclosure date, the cumulative amount received from unsettled litigation cases prior to 2025 is **RMB 569.6189 million**[74](index=74&type=chunk) - Impairment provisions of **RMB 199.9345 million** have been made for the aforementioned contract dispute litigations[75](index=75&type=chunk) [Major Related Party Transactions](index=27&type=section&id=5.2%20Major%20Related%20Party%20Transactions) During the reporting period, the company engaged in a significant related party transaction: the cash acquisition of minority shareholder equity in controlled subsidiaries Derun Leasing and Deshan Micro-lending, aimed at strengthening control and optimizing equity structure - The company plans to acquire **0.6429% equity in Derun Leasing** held by Runxin Machinery for **RMB 7.371 million**, and **1.0606% equity in Deshan Micro-lending** held by Aoqi Exhibition for **RMB 5.3886 million**[77](index=77&type=chunk) - Upon completion of the transaction, the company will directly hold **59.9235% equity in Derun Leasing** and **57.5682% equity in Deshan Micro-lending**, thereby strengthening its control[77](index=77&type=chunk) - This equity acquisition constitutes a related party transaction, which has been approved by the Board of Directors and the Supervisory Board, and the **equity transfer payment has been completed**[78](index=78&type=chunk) [Major Contracts and Their Performance](index=29&type=section&id=5.3%20Major%20Contracts%20and%20Their%20Performance) During the reporting period, the company's external guarantees primarily involved guarantees for subsidiaries, with the total guarantee amount accounting for **72.55%** of the company's net assets, and the portion exceeding 50% of net assets amounting to **RMB 242,410,104.29** Company's External Guarantee Status (Unit: RMB) | Indicator | Amount | | :--- | :--- | | Total Guarantees Issued to Subsidiaries During the Reporting Period | 496,320,000.00 | | Total Guarantee Balance for Subsidiaries at End of Reporting Period (B) | 779,919,252.20 | | Total Guarantee Amount (A+B) | 779,919,252.20 | | Ratio of Total Guarantee Amount to Company's Net Assets (%) | 72.55 | | Amount of Total Guarantee Exceeding 50% of Net Assets (E) | 242,410,104.29 | | Total of the Above Three Guarantee Amounts (C+D+E) | 242,410,104.29 | Share Changes and Shareholder Information [Changes in Share Capital](index=31&type=section&id=6.1%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were **no changes in the company's total share capital or share structure**[84](index=84&type=chunk) [Shareholder Information](index=31&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the company had **79,660** common shareholders. Among the top ten shareholders, Anhui Huilong Investment Group Co., Ltd. is the largest shareholder with **23.60%** of shares, and a portion of its shares are pledged - As of the end of the reporting period, the total number of common shareholders was **79,660**[85](index=85&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Share Status | Pledged Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Huilong Investment Group Co., Ltd. | 120,999,907 | 23.60 | Pledged | 72,599,900 | Domestic Non-State-Owned Legal Person | | Anhui Conch Cement Co., Ltd. | 7,230,050 | 1.41 | None | 0 | State-Owned Legal Person | | UBS AG | 5,127,921 | 1.00 | None | 0 | Unknown | | Teng Dezhan | 3,947,500 | 0.77 | None | 0 | Domestic Natural Person | | Goldman Sachs International - Proprietary Funds | 3,812,346 | 0.74 | None | 0 | Unknown | | BARCLAYS BANK PLC | 3,585,926 | 0.70 | None | 0 | Unknown | | Shen Qiang | 2,423,200 | 0.47 | None | 0 | Domestic Natural Person | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 2,422,134 | 0.47 | None | 0 | Unknown | | Ai Dongsheng | 1,550,300 | 0.30 | None | 0 | Domestic Natural Person | | MERRILL LYNCH INTERNATIONAL | 1,244,368 | 0.24 | None | 0 | Unknown | Bond-Related Information [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=7.1%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company did not disclose information regarding corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments - The company **did not disclose information** regarding corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments[91](index=91&type=chunk) Financial Report [Financial Statements](index=35&type=section&id=8.1%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively illustrating the company's financial position, operating results, and cash flow situation Consolidated Balance Sheet Summary (June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Current Assets | 2,070,904,351.16 | 1,818,608,151.40 | | Total Non-Current Assets | 2,443,435,733.39 | 2,230,214,800.53 | | Total Assets | 4,514,340,084.55 | 4,048,822,951.93 | | Total Current Liabilities | 1,351,883,887.98 | 1,364,479,677.98 | | Total Non-Current Liabilities | 1,037,875,353.89 | 578,668,235.81 | | Total Liabilities | 2,389,759,241.87 | 1,943,147,913.79 | | Total Equity Attributable to Parent Company Owners | 1,075,018,295.82 | 1,060,476,921.18 | | Minority Interests | 1,049,562,546.86 | 1,045,198,116.96 | | Total Owners' Equity | 2,124,580,842.68 | 2,105,675,038.14 | | Total Liabilities and Owners' Equity | 4,514,340,084.55 | 4,048,822,951.93 | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 171,028,838.56 | 155,525,035.62 | | Total Operating Cost | 90,115,202.07 | 94,486,310.06 | | Total Profit | 89,017,604.00 | 80,000,754.84 | | Net Profit | 61,695,916.33 | 53,724,768.25 | | Net Profit Attributable to Parent Company Shareholders | 23,736,482.41 | 18,159,272.82 | | Minority Shareholder Profit/Loss | 37,959,433.92 | 35,565,495.43 | | Total Comprehensive Income | 62,714,514.74 | 53,988,827.31 | | Basic Earnings Per Share (RMB/share) | 0.0463 | 0.0354 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -301,654,049.34 | 63,805,027.64 | | Net Cash Flow from Investing Activities | 6,589,390.04 | 59,535.34 | | Net Cash Flow from Financing Activities | 294,527,966.42 | -119,921,119.64 | | Net Increase in Cash and Cash Equivalents | -536,692.88 | -56,056,556.66 | | Cash and Cash Equivalents at End of Period | 141,267,011.31 | 87,731,334.79 | [Company Basic Information](index=54&type=section&id=8.2%20Company%20Basic%20Information) This section provides an overview of the company, including registration information, historical evolution, share capital changes, changes in controlling shareholders, and main business activities such as financing lease, software and information technology services, micro-lending, pawnbroking, and financing guarantee - The company's registered capital is **RMB 512,727,632.00**, and its shares are listed on the Shanghai Stock Exchange[124](index=124&type=chunk) - On **November 8, 2024**, Anhui Huilong Investment Group Co., Ltd. became the company's controlling shareholder, holding **23.60%** of the total share capital[128](index=128&type=chunk) - The company's main business activities include **financing lease, software and information technology services, micro-lending, pawnbroking, and financing guarantee**[128](index=128&type=chunk) [Basis of Financial Statement Preparation](index=55&type=section&id=8.3%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission, with management believing no significant doubts exist regarding the going concern assumption for the next 12 months - The financial statements are prepared on a **going concern basis**, complying with enterprise accounting standards and the requirements of the China Securities Regulatory Commission's "Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"[129](index=129&type=chunk) - The company's management believes that there are **no matters or circumstances that would cast significant doubt on the going concern assumption** for the 12 months from the end of the reporting period[131](index=131&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=8.4%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering aspects such as business combinations, consolidated financial statement preparation, financial instrument recognition and measurement, asset impairment, and revenue recognition, ensuring the truthfulness and completeness of financial reporting - The company has formulated specific accounting policies and estimates based on its actual production and operating characteristics, primarily reflected in the **measurement of expected credit losses for receivables, inventory valuation methods, and revenue recognition and measurement**[132](index=132&type=chunk) - Detailed explanations are provided for the **classification, measurement, and impairment of financial instruments** (including methods for measuring expected credit losses and criteria for judging significant increases in credit risk), as well as the accounting treatment for financial asset transfers and offsetting[167](index=167&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[203](index=203&type=chunk) - The general principles for **revenue recognition and measurement** are explained, including recognizing revenue when customers obtain control of related goods, and specific revenue recognition methods for micro-lending interest, usage fees, financing leases, guarantee businesses, internet banking cloud services, and financial software development[274](index=274&type=chunk)[275](index=275&type=chunk)[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk) [Taxation](index=94&type=section&id=8.5%20Taxation) This section discloses the company's main tax categories and rates, including VAT and corporate income tax, and details the **15% corporate income tax preferential policy** enjoyed by subsidiary Shenzhen Shoufutong Technology Co., Ltd. as a high-tech enterprise Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Sales Amount | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7%, 5% | | Education Surcharge | Amount of Turnover Tax Payable | 3%, 2% | | Corporate Income Tax | Taxable Income | 25%, 15% | - Subsidiary Shenzhen Shoufutong Technology Co., Ltd. enjoys a **15% preferential corporate income tax rate** due to its recognition as a high-tech enterprise[301](index=301&type=chunk)[304](index=304&type=chunk) - VAT preferential policies include **exemption from VAT for technology transfer and development**, using the balance after deducting loan interest, bond issuance interest, and vehicle purchase tax from the total price and extra-price fees as the sales amount for financing lease services, and an **immediate refund policy for VAT burdens exceeding 3%**[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk) [Notes to Consolidated Financial Statement Items](index=95&type=section&id=8.6%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, including period-end balances, beginning balances, reasons for changes, and related accounting treatments, offering detailed information on the company's financial position and operating results Composition and Restriction of Monetary Funds (Unit: RMB) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Cash on Hand | 5,463.00 | 1,002.96 | | Bank Deposits | 141,505,512.74 | 142,127,819.52 | | Other Monetary Funds | 35,840,641.31 | 41,998,641.21 | | **Total** | **177,351,617.05** | **184,127,463.69** | | Of which: Total Restricted Monetary Funds | 36,084,605.74 | 42,323,759.50 | - Notes receivable at period-end decreased by **86.03%** compared to the beginning of the period, primarily due to a **reduction in commercial bills received from supply chain business**[317](index=317&type=chunk) - Accounts receivable at period-end increased by **41.01%** compared to the beginning of the period, primarily due to an **increase in Shoufutong's accounts receivable** in the current period[328](index=328&type=chunk) - Net cash flow from operating activities was **RMB -301,654,049.34** this period, compared to **RMB 63,805,027.64** in the prior period, primarily due to the **increased investment scale of Derun Leasing** in the current period[47](index=47&type=chunk)[516](index=516&type=chunk) - Net cash flow from investing activities was **RMB 6,589,390.04** this period, compared to **RMB 59,535.34** in the prior period, primarily due to **dividends received from Zhong'an Finance** in the current period[47](index=47&type=chunk)[516](index=516&type=chunk) - Net cash flow from financing activities was **RMB 294,527,966.42** this period, compared to **RMB -119,921,119.64** in the prior period, primarily due to **Derun Leasing's issuance of corporate bonds for financing** in the current period[47](index=47&type=chunk)[516](index=516&type=chunk) [Research and Development Expenses](index=146&type=section&id=8.7%20Research%20and%20Development%20Expenses) This section discloses the company's R&D expenditures during the reporting period, primarily expensed R&D, including employee compensation, depreciation, and other expenses R&D Expenses by Nature of Expense (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee Compensation | 3,187,518.29 | 3,684,944.08 | | Depreciation and Others | 110,275.21 | 109,365.05 | | **Total** | **3,297,793.50** | **3,794,309.13** | | Of which: Expensed R&D | 3,297,793.50 | 3,794,309.13 | [Changes in Consolidation Scope](index=147&type=section&id=8.8%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed due to the establishment of a new subsidiary, Shenzhen Runzhi Supply Chain Co., Ltd., which was set up by Shoufutong with its own funds, and the company indirectly holds 100% equity - On **March 20, 2025**, Shoufutong established Shenzhen Runzhi Supply Chain Co., Ltd. in Shenzhen with a registered capital of **RMB 50 million**, and the company indirectly holds **100%** equity[529](index=529&type=chunk) [Interests in Other Entities](index=149&type=section&id=8.9%20Interests%20in%20Other%20Entities) This section details the composition of the company's enterprise group, including the shareholding ratios, registered capital, and business nature of major subsidiaries, as well as key financial information of significant non-wholly owned subsidiaries and important associates (Anhui Zhong'an Financial Asset Management Co., Ltd.) - The company owns multiple subsidiaries, including Derun Leasing, Dexin Guarantee, Dezhong Finance, Deshan Micro-lending, Dehe Pawnbroking, and Shoufutong, with shareholding ratios ranging from **56.51% to 100%**[533](index=533&type=chunk) - Derun Leasing, Deshan Micro-lending, Dehe Pawnbroking, and Dezhong Finance are significant non-wholly owned subsidiaries, with minority shareholder equity ratios of **40.72%, 43.49%, 22.95%, and 32.50%**, respectively[538](index=538&type=chunk) Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Current Period Amount, Unit: RMB) | Subsidiary Name | Operating Revenue | Net Profit | Total Comprehensive Income | Cash Flow from Operating Activities | | :--- | :--- | :--- | :--- | :--- | | Derun Leasing | 119,867,013.45 | 53,931,781.33 | 53,931,781.33 | -263,537,893.77 | | Deshan Micro-lending | 34,212,530.64 | 19,295,820.30 | 19,295,820.30 | -21,841,543.48 | | Dehe Pawnbroking | 10,287,578.52 | 4,259,188.01 | 4,259,188.01 | -16,298,565.98 | | Dezhong Finance | 1.81 | -295,170.60 | -295,170.60 | -13,979.02 | - Anhui Zhong'an Financial Asset Management Co., Ltd. is a significant associate of the company, with the company holding **10.00%** equity and accounting for it using the equity method[547](index=547&type=chunk) [Government Grants](index=155&type=section&id=8.10%20Government%20Grants) This section discloses that the company's government grants recognized in profit or loss for the current period amounted to **RMB 1,359,190.37**, primarily consisting of income-related government grants Government Grants Recognized in Profit or Loss (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Income-Related | 1,359,190.37 | 2,998,104.84 | | **Total** | **1,359,190.37** | **2,998,104.84** | [Risks Related to Financial Instruments](index=156&type=section&id=8.11%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risk (interest rate risk), credit risk (counterparty default), and liquidity risk (fund shortages). The company controls these risks by formulating risk management policies, assessing client creditworthiness, and dynamically managing debtors - The company's main financial instruments include borrowings, receivables, and payables, facing **market risk (interest rate risk), credit risk, and liquidity risk**[554](index=554&type=chunk)[555](index=555&type=chunk)[556](index=556&type=chunk)[560](index=560&type=chunk) - Credit risk management involves pre-event, in-event, and post-event measures such as **assessing client creditworthiness, obtaining guarantees, establishing systems, due diligence, risk assessment, and post-loan follow-up**[556](index=556&type=chunk)[557](index=557&type=chunk) - Criteria for judging a significant increase in credit risk include **rising probability of default, adverse changes in the debtor's operations and financials, and unfavorable changes in the regulatory environment**[557](index=557&type=chunk)[558](index=558&type=chunk)[559](index=559&type=chunk) [Fair Value Disclosures](index=159&type=section&id=8.12%20Fair%20Value%20Disclosures) This section discloses the period-end fair values of the company's assets and liabilities measured at fair value, primarily involving other equity instrument investments, and explains the basis for determining and valuation techniques for each level of fair value measurement Period-End Fair Value of Assets and Liabilities Measured at Fair Value (Unit: RMB) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 0 | 37,260,200.45 | 17,942,426.85 | 55,202,627.30 | | **Total Assets Continuously Measured at Fair Value** | **0** | **37,260,200.45** | **17,942,426.85** | **55,202,627.30** | - Continuous Level 2 fair value measurement items are valued based on **observable inputs from relevant quoting institutions** that reflect market conditions[565](index=565&type=chunk) - Continuous Level 3 fair value measurement items (e.g., restricted shares, unlisted equity investments) use **valuation techniques (option pricing models, market approach, income approach, cost approach)** to determine fair value, considering unobservable inputs such as liquidity discounts[566](index=566&type=chunk) [Related Parties and Related Party Transactions](index=161&type=section&id=8.13%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's parent company, ultimate controlling party, subsidiaries, and other related parties, and details related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, related party leases, and related party guarantees - The company's parent company is Anhui Huilong Investment Group Co., Ltd., and the ultimate controlling party is the **Anhui Provincial Supply and Marketing Cooperative Federation**[569](index=569&type=chunk) Purchases of Goods/Acceptance of Services (Unit: RMB) | Related Party | Related Party Transaction Content | Current Period Amount | | :--- | :--- | :--- | | Anhui Huibeilou Supply Chain Management Co., Ltd. | Agricultural and Sideline Products | 157,440.00 | | Anhui Ruifeng Agricultural Chemical Co., Ltd. | Agricultural and Sideline Products | 19,274.34 | | Anhui Yingkesong E-commerce Co., Ltd. | Property Management Fee | 15,136.66 | | Anhui Yingkesong E-commerce Co., Ltd. | Agricultural and Sideline Products | 8,076.83 | | Anhui Ruilong Printing Co., Ltd. | Printing Fee | 6,469.02 | | Hefei Green Leaf Ecological Landscape Group Co., Ltd. | Green Plant Leasing | 4,556.60 | | Huoshan Huilong Junlan Hotel Co., Ltd. | Services | 2,022.64 | Sales of Goods/Provision of Services (Unit: RMB) | Related Party | Related Party Transaction Content | Current Period Amount | | :--- | :--- | :--- | | Anhui Provincial Supply and Marketing Group Co., Ltd. | Services | 283,018.87 | | Anhui Huilong Agricultural Materials Group Co., Ltd. | Services | 21,900.94 | | Anhui Huilong Group Agricultural Materials Chain Co., Ltd. | Services | 8,392.45 | | Anhui Xinli Sci-Tech Group Co., Ltd. | Services | 7,547.17 | - As of **June 30, 2025**, Anhui Provincial Supply and Marketing Group's guarantee balance for Xinli Finance and its subsidiaries was **RMB 685.4580 million**, and the company paid **RMB 2,995,089.31** in guarantee fees to it[578](index=578&type=chunk)[579](index=579&type=chunk) [Share-based Payment](index=166&type=section&id=8.14%20Share-based%20Payment) This section does not disclose information on the company's equity instruments, equity-settled share-based payments, cash-settled share-based payments, current period share-based payment expenses, or modifications and terminations of share-based payments - **No share-based payment related information** was disclosed during the reporting period[587](index=587&type=chunk) [Commitments and Contingencies](index=167&type=section&id=8.15%20Commitments%20and%20Contingencies) This section discloses multiple significant litigation or arbitration cases involving the company and its subsidiaries (Derun Leasing, Deshan Micro-lending, Dehe Pawnbroking, Dexin Guarantee, Dezhong Finance) at the balance sheet date, primarily concerning financing lease, micro-lending, pawnbroking, and guarantee contract disputes, as well as the risk clearance status of Dezhong Finance - Derun Leasing is involved in **39 financing lease contract disputes**, with a book principal balance of **RMB 207,483,518.29** and impairment provisions of **RMB 62,989,706.92**[587](index=587&type=chunk) - Deshan Micro-lending is involved in **105 micro-lending contract disputes**, with a loan balance of **RMB 124,060,260.68** and impairment provisions of **RMB 51,042,656.97**[587](index=587&type=chunk) - Dehe Pawnbroking is involved in **23 pawnbroking contract disputes**, with a loan balance of **RMB 48,877,496.64** and impairment provisions of **RMB 19,766,287.74**[588](index=588&type=chunk) - Dexin Guarantee is involved in **29 guarantee contract disputes**, with a receivable subrogation balance of **RMB 77,828,489.49** and impairment provisions of **RMB 37,024,635.16**[588](index=588&type=chunk) - Dezhong Finance is involved in **31 litigation or arbitration cases**, with a total litigation amount of **RMB 24.3942 million**, and has cleared risks by acquiring **RMB 17.5310 million** in claims with its own funds[589](index=589&type=chunk)[590](index=590&type=chunk) [Events After the Balance Sheet Date](index=168&type=section&id=8.16%20Events%20After%20the%20Balance%20Sheet%20Date) This section discloses the profit distribution plan approved by the company's 2024 Annual General Meeting, which is a cash dividend of **RMB 0.02 per share (tax inclusive)**, totaling **RMB 10,254,552.64**, and was fully distributed on **August 8, 2025** - The company's 2024 Annual General Meeting approved a cash dividend of **RMB 0.02 per share (tax inclusive)**, based on a total share capital of **512,727,632 shares**, totaling **RMB 10,254,552.64**[592](index=592&type=chunk) - The cash dividend was **fully distributed on August 8, 2025**[592](index=592&type=chunk) [Other Significant Matters](index=168&type=section&id=8.17%20Other%20Significant%20Matters) This section discloses changes in the company's guarantee balance during the reporting period, the equity pledge status of the largest shareholder Anhui Huilong Investment Group Co., Ltd., and details of the company's bank borrowings secured by subsidiary equity pledges Changes in Guarantee Balance (Unit: RMB) | Item | Amount | | :--- | :--- | | Guarantee Balance at End of 2024 | 369,783,694.55 | | Increase in Guarantee Balance This Period | 81,332,200.00 | | Guarantee Balance Released This Period | 155,558,480.00 | | Guarantee Balance as of June 30, 2025 | 295,557,414.55 | - On **January 21, 2025**, Anhui Huilong Investment Group Co., Ltd., the company's largest shareholder, pledged **72,599,900 unrestricted tradable shares** to Agricultural Bank of China, representing **60.00%** of its total shareholding[596](index=596&type=chunk) Details of Subsidiary Equity Pledges (June 30, 2025, Unit: shares) | Item | Number of Pledged Shares | Pledgee | | :--- | :--- | :--- | | Derun Financial Leasing (Shenzhen) Co., Ltd. | 270,000,000 | Huishang Bank Co., Ltd. Tongling Beilu Branch | | Shenzhen Shoufutong Technology Co., Ltd. | 21,248,256 | Bank of Communications Co., Ltd. Anhui Branch | | **Total** | **291,248,256** | | [Notes to Parent Company Financial Statement Items](index=171&type=section&id=8.18%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income, covering period-end balances, beginning balances, reasons for changes, and related accounting treatments Composition of Parent Company's Other Receivables (Unit: RMB) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Dividends Receivable | 44,066,500.00 | 0 | | Other Receivables | 161,666,510.79 | 192,084,612.75 | | **Total** | **205,733,010.79** | **192,084,612.75** | Details of Parent Company's Dividends Receivable (Unit: RMB) | Item (or Investee) | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Derun Leasing | 29,047,500.00 | 0 | | Deshan Micro-lending | 7,459,000.00 | 0 | | Dexin Guarantee | 7,560,000.00 | 0 | | **Total** | **44,066,500.00** | **0** | Composition of Parent Company's Long-term Equity Investments (Unit: RMB) | Item | Period-End Balance (Book Value) | Period-Beginning Balance (Book Value) | | :--- | :--- | :--- | | Investments in Subsidiaries | 2,124,154,362.24 | 2,124,154,362.24 | | Investments in Associates and Joint Ventures | 473,726,458.73 | 465,531,333.92 | | **Total** | **2,597,880,820.97** | **2,589,685,696.16** | Parent Company Investment Income (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Cost Method | 44,066,500.00 | 109,051,726.80 | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | 14,615,900.84 | 14,607,376.64 | | Dividend Income from Other Equity Instrument Investments During Holding Period | 0 | 315,000.00 | | **Total** | **58,682,400.84** | **123,974,103.44** | [Supplementary Information](index=180&type=section&id=8.19%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses and return on net assets and earnings per share, with total non-recurring gains and losses amounting to **RMB 62,755.20** and the weighted average return on net assets attributable to common shareholders being **2.22%** Current Period Non-Recurring Gains and Losses Details (Unit: RMB) | Item | Amount | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -2,017.34 | | Other Non-Operating Income and Expenses Apart from the Above | 110,640.73 | | Less: Income Tax Impact | 22,061.59 | | Impact on Minority Interests (After Tax) | 23,806.60 | | **Total** | **62,755.20** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (RMB) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 2.22 | 0.0463 | | Net Profit Attributable to Common Shareholders of the Company After Non-Recurring Gains and Losses | 2.22 | 0.0462 |

Market Overview - On August 15, the diversified financial sector rose by 1.59% compared to the previous trading day, with ST Yalian leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - ST Yalian (002316) closed at 6.20, with a gain of 5.08% and a trading volume of 224,600 shares, amounting to a transaction value of 137 million [1] - Other notable performers included: - 377178888 (001236) at 13.69, up 4.98%, with a volume of 868,500 shares and a transaction value of 1.164 billion [1] - Nanhua Futures (603093) at 25.58, up 4.32%, with a volume of 512,900 shares and a transaction value of 1.287 billion [1] - Ruida Futures (002961) at 23.94, up 3.82%, with a volume of 192,400 shares and a transaction value of 457 million [1] Capital Flow - The diversified financial sector saw a net inflow of 306 million from institutional investors, while retail investors experienced a net outflow of 101 million [2][3] - Key stocks with significant capital flow included: - Zhongliang Capital (002423) with a net inflow of 1.82 billion from institutional investors [3] - Yuexiu Capital (000987) with a net inflow of 80.82 million from institutional investors [3] - Wukuang Capital (600390) with a net inflow of 73.71 million from institutional investors [3]

Group 1 - The diversified financial sector increased by 0.38% on August 14, with Nanhua Futures leading the gains [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] - Key stocks in the diversified financial sector showed varied performance, with Nanhua Futures rising by 6.52% to a closing price of 24.52 [1] Group 2 - Major stocks that declined included Jiuding Investment, which fell by 9.98% to a closing price of 19.48 [2] - The overall net capital flow in the diversified financial sector showed a net inflow of 49.12 million yuan from main funds, while retail investors contributed a net inflow of 15.2 million yuan [2] - The trading volume and turnover for various stocks in the sector varied significantly, with Lakala achieving a turnover of 3.774 billion yuan [1][2]

从资金流向上来看，当日多元金融板块主力资金净流入6.06亿元，游资资金净流入7046.85万元，散户资 金净流出6.76亿元。多元金融板块个股资金流向见下表： 证券之星消息，8月12日多元金融板块较上一交易日上涨1.39%，九鼎投资领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。多元金融板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600053 | 九鼎投资 | 19.67 | 10.01% | 5.28万 | | 1.04亿 | | 603093 | 南华期货 | 23.20 | 5.84% | 42.49万 | | 9.72亿 | | 600318 | 新力金融 | 10.39 | 4.95% | 103.26万 | | 10.72亿 | | 300773 | 拉卡拉 | 28.05 | 4.70% | 80.41万 | | 22.07亿 | | 002316 | ST亚联 | 5.73 | 4. ...

8月12日，A股三大指数早间小幅高开。深证成指、创业板指盘初跳水翻绿，随后大幅拉升。截至发稿，三大指数集体飘红。 | 3662.31 | | --- | 盘面上，上午大金融持续发力，医疗保健、贵金属、煤炭、航运等板块走高，光模块、消费电子代工、鸡产业等概念股活跃；稀土、锂 矿板块明显回调。 | | | Wind热门概念指数 | | | --- | --- | --- | --- | | 医疗器械 2.79% | 光模块(CPO) 1.92% | 脑机接口 1.87% | 鸡产业 1.67% | | 射频及天线 1.66% | 消费电子代工 1.49% | 液冷服务器 1.30% | 央企银行 1.16% | | 航运 1.14% | 煤炭开采 1.07% | 锂电正极 -1.30% | 硅脂源 -1.33% | | 超硬材料 -1.36% | 水泥制造 -1.38% | PEEK材料 -1.45% | 卫星互联网 -1.50% | | 锂矿 -1.83% | 培育钻石 -1.85% | 點期標題 -1.90% | 稀土 -2.03% | 港股市场上午窄幅震荡，截至发稿，三大指数小幅下跌；康师傅控股跌超3%，领 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Xinli Financial, which closed at 9.9 yuan with a PE ratio of 144.34 times, significantly higher than the industry average of 47.77 times [1][2] - Xinli Financial's total market capitalization is reported at 50.76 billion yuan, ranking 18th in the multi-financial industry based on PE ratio [1][2] - As of March 31, 2025, Xinli Financial has 84,726 shareholders, an increase of 20,527 from the previous count, with an average holding value of 352,800 yuan per shareholder [1] Group 2 - The main business activities of Xinli Financial include financing leasing, small loans, software and information technology services, pawn services, financing guarantees, and supply chain services [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating income of 89.88 million yuan, a year-on-year increase of 7.13%, and a net profit of 17.43 million yuan, reflecting a year-on-year growth of 29.83% [1] - The gross profit margin for Xinli Financial stands at 81.55% [1]

(本文来自第一财经) 多元金融板块异动拉升，九鼎投资直线涨停，弘业期货、五矿资本、新力金融、南华期货、中粮资本等 跟涨。 ...

8月7日晚间，新力金融发布公告称，公司为全资子公司手付通提供800万元连带责任保证担保。本次担 保后，公司及控股子公司对外担保总额约7.79亿元，占最近一期经审计净资产的73.43%。 风险提示：投资有风险，入市需谨慎。 新力金融主营业务涵盖融资租赁、小额贷款、软件和信息技术服务等，是安徽省内重要的金融类企业。 截至2025年8月7日收盘，新力金融股价报9.78元，较前一交易日下跌1.01%，成交额2.57亿元。 ...