| 物产中大集团股份有限公司2025 | 年半年度报告摘要 | | | | --- | --- | --- | --- | | 公司代码：600704 | 公司简称：物产中大 | | | | 物产中大集团股份有限公司 | | | | | 物产中大集团股份有限公司2025 | 年半年度报告摘要 | | | | 第一节 | 重要提示 | | | | 展规划，投资者应当到 | www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | 无 | | | | | 第二节 | 公司基本情况 | | | | 公司股票简况 | | | | | 股票种类 | 股票上市交易所 股票简称 | 股票代码 | 变 | | 更前股票简称 | | | | | A股 | 上海证券交易所 物产中大 | 600704 中大股份 | | | 联系人和 | 董事会秘书 证券事务代表 | 证券事务代 | | | 表 | 证券事务代表 | | | | 联系方式 | | | | | 姓名 殷畅 | 何枫 杜昕 | 张旭慧 | | | 电话 05 ...

物产中大集团股份有限公司董事会 证券代码：600704 证券简称：物产中大 编号：2025—056 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。 物产中大集团股份有限公司（以下简称"公司"）十届三十次董事会会议通 知于 2025 年 8 月 12 日以书面、传真和电子邮件方式发出，会议于 2025 年 8 月 与表决董事 9 人，实际参与表决董事 9 人。公司监事、高管列席了此次会议。会 议符合《公司法》和《公司章程》的有关规定，会议审议并通过如下议案： 一、审议2025年半年度经营工作报告； 表决结果：9 票同意、0 票反对、0 票弃权。 二、审议2025年半年度报告及摘要； [详见当日《中国证券报》 《上海证券报》 《证券时报》 《证券日报》及上海证 券交易所网站（http://www.sse.com.cn）] 本议案经公司董事会审计委员会审议通过。 表决结果：9 票同意、0 票反对、0 票弃权。 三、审议2025年半年度募集资金存放与使用情况的专项报告。 [详见当日《中国证券报》 《上海证券报》 《证券时报》 《 ...

证券代码：600704 证券简称：物产中大 编号：2025—057 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。 物产中大集团股份有限公司（以下简称"公司"）十届十四次监事会会议通 知于 2025 年 8 月 12 日以书面、传真和电子邮件方式发出。会议于 2025 年 8 月 华女士主持，应出席会议监事 5 人，实际出席会议监事 5 人。会议符合《公司法》 和《公司章程》的有关规定。 会议审议通过如下议案： 一、审议 2025 年半年度报告及摘要 [详见当日《中国证券报》 二、审议 2025 年半年度募集资金存放与使用情况的专项报告 公司监事会认为公司 2025 年半年度募集资金存放与实际使用情况符合中国 证监会、上海证券交易所相关法律法规及公司《募集资金管理办法》的规定。 [详见当日《中国证券报》 《上海证券报》 《证券时报》 《证券日报》及上海证 券交易所网站（http://www.sse.com.cn）刊登的"物产中大关于 2025 年半年度 募集资金存放与使用情况的专项报告"] 《上海证券报》 《证券时报》 ...

Core Insights - The company reported a revenue of 288.54 billion yuan for the first half of 2025, a year-on-year decrease of 1.92% [1] - The total profit reached 3.74 billion yuan, reflecting a year-on-year increase of 16.03% [1] - The net profit attributable to shareholders was 2.04 billion yuan, showing a year-on-year growth of 29.65% [1] Business Strategy - The company is advancing towards its vision of becoming an industrial ecosystem organizer while focusing on its "one body, two wings" strategy [1] - It is actively exploring opportunities in public service sectors such as the elderly care industry and environmental public utilities, which align with government requirements and market demands [1] Industry Initiatives - In the elderly care sector, the company has laid out 47 quality projects under the "Common Prosperity Elderly Care" initiative, with a planned capacity of over 15,500 beds [1] - In the environmental public utility sector, the company is continuing the construction of green low-carbon smart water plants, with wastewater project capacity exceeding 535,000 tons per day [1]

[Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, including abbreviations for the company and its main subsidiaries - Definitions of common terms used in the reporting period, including abbreviations for the company and its main subsidiaries[12](index=12&type=chunk) - Wuchan Zhongda, the Company, or the Listed Company refers to Wuchan Zhongda Group Co., Ltd[12](index=12&type=chunk) - Lists the full names and abbreviations of several major subsidiaries, including Wuchan Zhongda Metal, Yuantong Auto, and Wuchan Zhongda Cloud Business[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance metrics [Company Information](index=4&type=section&id=I.%20Company%20Information) This section introduces the company's basic information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's legal representative is Chen Xin[14](index=14&type=chunk) [Contacts and Contact Information](index=4&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email - The Board Secretary is Yin Chang, with contact address at No. 56 Huancheng West Road, Hangzhou, phone 0571-85777029, and email stock@wzgroup.cn[15](index=15&type=chunk)[16](index=16&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section briefly outlines historical changes in the company's registered and office addresses, along with its website and email address - The company's registered and office address is No. 56 Huancheng West Road, Hangzhou, and its website is www.wzgroup.cn[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section details the company's selected newspapers for information disclosure, the website for semi-annual reports, and the location for report storage - The company's selected newspapers for information disclosure include "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily"[18](index=18&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn[18](index=18&type=chunk) [Summary of Company Stock Information](index=5&type=section&id=V.%20Summary%20of%20Company%20Stock%20Information) This section provides basic information about the company's stock, including its type, listing exchange, stock abbreviation, and code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Wuchan Zhongda" and stock code 600704[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue slightly decreased, but total profit, net profit attributable to shareholders, and net profit after non-recurring gains and losses all significantly increased, along with a substantial rise in EPS and ROE Key Accounting Data (January-June 2025) | Indicator | Current Period (CNY) | Same Period Last Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 288,537,345,445.09 | 294,172,227,986.79 | -1.92 | | Total Profit | 3,736,701,744.62 | 3,220,596,825.79 | 16.03 | | Net Profit Attributable to Shareholders of Listed Company | 2,039,881,586.35 | 1,573,405,380.82 | 29.65 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 1,843,329,208.37 | 1,367,372,085.40 | 34.81 | | Net Cash Flow from Operating Activities | -2,763,156,291.06 | -6,263,085,547.77 | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 42,533,170,436.37 | 42,230,680,940.63 | 0.72 | | Total Assets (Period-end) | 204,654,222,649.06 | 175,878,580,897.81 | 16.36 | Key Financial Indicators (January-June 2025) | Indicator | Current Period | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.39 | 0.29 | 34.48 | | Diluted Earnings Per Share (CNY/share) | 0.39 | 0.29 | 34.48 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (CNY/share) | 0.36 | 0.26 | 38.46 | | Weighted Average Return on Net Assets (%) | 5.00 | 4.27 | Increased by 0.73 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 4.52 | 3.69 | Increased by 0.83 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's non-recurring gains and losses totaled **CNY 197 million** during the reporting period, mainly from government subsidies and disposal gains/losses of non-current assets, while tax refund for withholding individual income tax was classified as recurring income Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the reversal of impairment provisions already made | 74,153,598.78 | | Government subsidies recognized in current profit or loss, excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 246,078,115.85 | | Other non-operating income and expenses apart from the above items | 24,745,487.31 | | Less: Income tax impact | 76,441,344.88 | | Minority interests impact (after tax) | 80,707,748.91 | | Total | 196,552,377.98 | - The company classified the **CNY 8,421,343.73** refund of individual income tax withholding fees as recurring gains and losses, as it complies with national policies and occurs continuously[24](index=24&type=chunk) [Net Profit After Deducting Impact of Share-based Payments](index=7&type=section&id=X.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Impact%20of%20Share-based%20Payments) After deducting the impact of share-based payments, the company's net profit for the reporting period was **CNY 2.053 billion**, representing a **26.89% year-on-year increase** Net Profit After Deducting Impact of Share-based Payments (January-June 2025) | Key Accounting Data | Current Period (CNY) | Same Period Last Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-based Payments | 2,053,110,632.54 | 1,618,070,742.63 | 26.89 | [Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operational performance, financial condition, and future outlook [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company is a leading integrated supply chain service provider in China, ranked 149th in the Fortune Global 500 in 2025, focusing on smart supply chain, financial services, and high-end manufacturing, with strategic expansion into public services [Business Model](index=7&type=section&id=(I)%20Business%20Model) The company's business model spans smart supply chain integrated services, financial services, and high-end manufacturing, leveraging "five-pronged" capabilities to link "four flows" and build an industrial ecosystem, while also exploring public service sectors - The company's smart supply chain integrated services leverage resource organization, network channels, and brand operation advantages, utilizing platform-based, integrated, intelligent, international, and financial "five-pronged" systemic capabilities to link commercial flow, logistics, capital flow, and information flow "four flows", building an industrial ecosystem around key categories such as metals, energy, chemicals, and automobiles[29](index=29&type=chunk) - Metal supply chain integrated services cover the entire steel industry chain, possessing rich international procurement channels and a nationwide steel resource network, with market reach extending to over **70 countries and regions**[31](index=31&type=chunk) - Energy supply chain integrated services actively fulfill national key power coal supply responsibilities, developing a "dual-driven" model of energy trade and energy industry, and expanding into environmental businesses such as solid waste disposal and new energy power generation[33](index=33&type=chunk) - Chemical supply chain integrated services achieve "well-drilling" vertical industry chain integration, providing services such as raw material procurement, capacity enhancement, finished product sales, futures and spot trading, and supply chain finance, focusing on petrochemicals, rubber tires, and agricultural products industries[36](index=36&type=chunk) - Automotive supply chain integrated services hold nearly **50 automotive brand agency authorizations** and over **200 service outlets**, with core businesses covering automotive sales and services, used cars and international trade, automotive finance, and automotive lifestyle services, while actively expanding into innovative industries such as new energy vehicles, automotive electronics, and automotive semiconductors[38](index=38&type=chunk) - Global mid-to-high-end consumer goods brand comprehensive services, primarily led by Wuchan Zhongda Cloud Business, deeply cultivate industries such as beauty, medical aesthetics, alcoholic beverages, and smart home appliances, collaborating with over **200 brands**, including Kweichow Moutai, Amorepacific, and Dyson[39](index=39&type=chunk)[40](index=40&type=chunk) - The smart supply chain logistics system, primarily carried by Wuchan Zhongda Logistics, has **206 network nodes** in **26 large and medium-sized cities** in China, with an annual comprehensive logistics volume exceeding **85 million tons** and an annual processing capacity of **13.14 million tons**[41](index=41&type=chunk)[43](index=43&type=chunk) - Financial services deepen the value of core financial licenses such as financial leasing, finance companies, and futures, strategically investing in **33% equity** of Xintai Insurance, and promoting the unveiling of the "Zhejiang International Bulk Commodity Exchange" to build an integrated futures and spot over-the-counter trading market[45](index=45&type=chunk) - High-end manufacturing is strategically positioned in industries such as wire and cable, cogeneration, tire manufacturing, magnesium mining, and magnesium alloy processing, boasting **4 national-level "Little Giant" enterprises** specializing in niche sectors and **264 invention patents**[46](index=46&type=chunk) - The company also strategically invests in public service industries such as elderly care (**47 quality projects**, over **15,500 planned beds**) and environmental utilities (operating wastewater projects with a capacity exceeding **535,000 tons/day**)[46](index=46&type=chunk) [Industry Overview](index=11&type=section&id=(II)%20Industry%20Overview) The smart supply chain integrated services industry benefits from national policies, while the bulk commodity market undergoes structural adjustments; financial services remain stable, and high-end manufacturing sectors like wire and cable, tire, cogeneration, and magnesium alloy processing show positive development prospects - The "Special Action Plan for Accelerating the Development of Smart Digital Supply Chains" aims to deepen supply chain innovation and application, fostering around **100 national leading smart digital supply chain enterprises by 2030**[47](index=47&type=chunk) - In the first half of 2025, the international bulk commodity market showed a mixed trend of "weak energy, strong precious metals, differentiated metals, and mild agricultural products", with domestic construction steel prices fluctuating down by **12.91%**[48](index=48&type=chunk) - China's wire and cable market size is expected to exceed **CNY 1.5 trillion** in 2025, with an average annual compound growth rate maintained at **4%-5%**[50](index=50&type=chunk) - From January to June 2025, China's rubber tire outer casing output increased by **2.0% year-on-year**, and export volume increased by **5.5% year-on-year**[50](index=50&type=chunk) - The cogeneration industry is evolving towards improving energy efficiency, reducing carbon emissions, intelligence, and clean energy, with diversified business models emerging[51](index=51&type=chunk) - Magnesium alloy is a crucial lightweight strategic emerging material in China, widely used in strategic emerging industries such as aviation, aerospace, new energy vehicles, and electronics[51](index=51&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved **CNY 288.537 billion** in operating revenue (-1.92% YoY), **CNY 3.737 billion** in total profit (+16.03% YoY), and **CNY 2.040 billion** in net profit attributable to parent (+29.65% YoY), demonstrating steady main business development, progressive financial services, enhanced high-end manufacturing, and active strategic innovation [Focusing on Core Business and Continuously Deepening the "One Body, Two Wings" Development Strategy](index=13&type=section&id=(I)%20Focusing%20on%20Core%20Business%20and%20Continuously%20Deepening%20the%20%22One%20Body,%20Two%20Wings%22%20Development%20Strategy) The company's "One Body, Two Wings" strategy continues to deepen, with smart supply chain integrated services accounting for over **92% of revenue**, leading in core businesses, while financial services show steady progress, and high-end manufacturing achieves quality and efficiency improvements with significant R&D growth Key Financial Data for H1 2025 | Indicator | Amount (CNY 100 million) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 2,885.37 | -1.92 | | Total Profit | 37.37 | 16.03 | | Net Profit Attributable to Parent | 20.40 | 29.65 | - The smart supply chain integrated services segment achieved operating revenue of **CNY 265.61 billion**, accounting for **92.06%** of the company's total operating revenue[52](index=52&type=chunk) - The bulk metal segment sold **37.972 million tons** of steel, a **6.46% year-on-year increase**; the coal segment sold **31.90 million tons** of coal, a **14.13% year-on-year increase**[52](index=52&type=chunk) - Total import and export volume (including re-export) reached **USD 9.411 billion**, with export volume growing by over **31.75% year-on-year**[53](index=53&type=chunk) - The financial services segment achieved operating revenue of **CNY 6.851 billion**, accounting for **2.37%** of the company's operating revenue; Zhejiang International Bulk Commodity Exchange's H1 capacity pre-sale transaction volume was **CNY 26.263 billion**, a **3.46% year-on-year increase**; Wuchan Zhongda Futures' H1 average margin scale was **CNY 6.868 billion**, a **30.98% year-on-year increase**[54](index=54&type=chunk)[55](index=55&type=chunk) - The high-end manufacturing segment achieved operating revenue of **CNY 16.076 billion**, accounting for **5.57%** of the company's operating revenue; R&D expenses were **CNY 655 million**, a **27.96% year-on-year increase**[55](index=55&type=chunk) - In wire and cable, H1 operating revenue reached **CNY 5.666 billion**, a **24.97% year-on-year increase**[55](index=55&type=chunk) - In magnesium mining and magnesium alloy processing, H1 operating revenue reached **CNY 928 million**, with primary magnesium production and sales continuing to rank among the top tier domestically; after acquiring Anhui Shunfu Precision Technology Co., Ltd., H1 operating revenue was **CNY 391 million**, a **45.52% year-on-year increase**, and total profit was **CNY 23 million**, a **54.22% year-on-year increase**[56](index=56&type=chunk) [Serving the Overall National Strategy and Firmly Shouldering the Responsibility of a Leading State-owned Enterprise](index=14&type=section&id=(II)%20Serving%20the%20Overall%20National%20Strategy%20and%20Firmly%20Shouldering%20the%20Responsibility%20of%20a%20Leading%20State-owned%20Enterprise) The company actively supports national strategies, promotes integrated development in the Yangtze River Delta, participates in the "Belt and Road" initiative, and builds "common prosperity" achievements by expanding elderly care and upgrading new energy - Focusing efforts to promote integrated development of the Yangtze River Delta, leading the integration and establishment of the Zhejiang International Bulk Commodity Exchange, which has been officially unveiled and is operational[57](index=57&type=chunk) - Deeply participating in the joint construction of the "Belt and Road" initiative, accelerating the "going out" strategy, and actively expanding business in countries along the route[57](index=57&type=chunk) - Continuously creating landmark achievements for "common prosperity", with "common prosperity elderly care" having **47 quality projects** and over **15,500 planned beds**[57](index=57&type=chunk) [Accelerating Reform and Innovation to Fully Activate New Engines for High-Quality Company Development](index=14&type=section&id=(III)%20Accelerating%20Reform%20and%20Innovation%20to%20Fully%20Activate%20New%20Engines%20for%20High-Quality%20Company%20Development) The company is advancing a new round of state-owned enterprise reform, initiating the "15th Five-Year Plan" strategy, accelerating "AI+" industry exploration, and deepening industrial chain integration to drive transformation through technological innovation - Continuously advancing a new round of state-owned enterprise reform and enhancement actions, ensuring accountability for reform responsibilities at all levels[58](index=58&type=chunk) - Initiating the compilation of the "15th Five-Year Plan" strategic plan ahead of schedule, with proactive planning and strengthened strategic layout[58](index=58&type=chunk) - Accelerating the exploration of "AI+" industries, with Wuchan Zhongda Jinshi Elderly Care Institution's AI integrated management and Wuchan Zhongda Logistics' bulk commodity logistics base inspection and patrol selected as the first batch of "AI+" open scenarios for Zhejiang state-owned enterprises[58](index=58&type=chunk) - Deepening industrial chain integration and extension, continuously forging a "perfect magnesium" industrial chain, with Wuchan Huaneng advancing the acquisition of Huzhou Nantaihu Power, further strengthening the cogeneration segment[59](index=59&type=chunk) [Adhering to Value Creation, Continuously Enhancing Group Governance Efficiency and Risk Control System Construction](index=15&type=section&id=(IV)%20Adhering%20to%20Value%20Creation,%20Continuously%20Enhancing%20Group%20Governance%20Efficiency%20and%20Risk%20Control%20System%20Construction) The company continuously optimizes its governance framework, integrating market value management into subsidiary board evaluations, implementing share buybacks and increasing cash dividends, and significantly improving its internal control system, ranking 3rd in the provincial listed company internal control index - Consolidating and optimizing the governance system foundation, continuously deepening the construction of subsidiary boards of directors, and for the first time incorporating market value management into the performance evaluation of subsidiary boards[60](index=60&type=chunk) - Implementing a "combination punch" of multiple measures for market value management, including share buyback and cancellation at the parent level, promoting Wuchan Jinlun to implement share buybacks, and increasing the cash dividend ratio to **35.27%**[60](index=60&type=chunk) - Comprehensively enhancing the internal control system, steadily advancing the "Internal Control Deepening and Improvement" project, and ranking **3rd** in the provincial listed company internal control index[60](index=60&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=15&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its leading industry position, innovative business model, optimized management mechanisms, and strong resource acquisition capabilities, transitioning from a traditional trader to a supply chain integrated service provider with an AAA credit rating - The company has been continuously listed in the Fortune Global 500 since 2011, is a leader in China's supply chain integrated services, and is a super-large state-owned holding enterprise group directly under Zhejiang Province[61](index=61&type=chunk) - The company transitioned early from a traditional trader earning price differences to a supply chain integrated service provider, committed to becoming an industrial ecosystem organizer and building a "supply chain+" industrial ecosystem, with its return on net assets ranking among the top comparable listed companies in the industry[62](index=62&type=chunk) - As an enterprise selected for "12 Samples of State-owned Enterprise Reform", the company has long adhered to management reform and innovation, stimulating employee vitality through employee stock ownership, "secondary mixed-ownership reform", and equity incentives, resulting in a more modernized governance system and standardized operational management[62](index=62&type=chunk)[63](index=63&type=chunk) - The company holds an **AAA credit rating**, giving it an advantage in acquiring relatively low-cost capital and other resources; headquartered in Hangzhou, it enjoys market reputation and strong government-enterprise relations, possessing powerful capabilities for optimizing domestic and international resource allocation[63](index=63&type=chunk) [Main Operating Conditions During the Reporting Period](index=16&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the changes in the company's financial statement items and details its asset and liability situation, including significant increases in monetary funds, trading financial assets, prepayments, short-term borrowings, notes payable, and contract liabilities, with overseas assets accounting for **7.17%** of total assets [Analysis of Main Business](index=16&type=section&id=(I)%20Analysis%20of%20Main%20Business) This period, the company's operating revenue decreased by **1.92%** year-on-year, and operating costs decreased by **1.42%** year-on-year; net cash flows from operating, investing, and financing activities all decreased compared to the prior year, mainly due to increased inventory, reduced external investments, and lower operating cash demand Analysis Table of Financial Statement Items Changes (January-June 2025) | Item | Current Period Amount (CNY) | Same Period Last Year Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 288,537,345,445.09 | 294,172,227,986.79 | -1.92 | | Operating Cost | 282,705,831,861.18 | 286,766,982,201.30 | -1.42 | | R&D Expenses | 654,829,642.12 | 511,754,044.80 | 27.96 | | Net Cash Flow from Operating Activities | -2,763,156,291.06 | -6,263,085,547.77 | Not Applicable | | Net Cash Flow from Investing Activities | -563,372,676.76 | -1,831,296,976.96 | Not Applicable | | Net Cash Flow from Financing Activities | 5,847,780,944.96 | 11,397,801,952.87 | -48.69 | - Reason for change in net cash flow from operating activities: primarily due to a smaller increase in inventory this period compared to the same period last year, leading to reduced operating capital occupation[65](index=65&type=chunk) - Reason for change in net cash flow from investing activities: primarily due to a decrease in external investments this period compared to the same period last year[65](index=65&type=chunk) - Reason for change in net cash flow from financing activities: primarily due to reduced cash demand for operating activities this period, leading to lower capital requirements compared to the same period last year[65](index=65&type=chunk) [Analysis of Assets and Liabilities](index=17&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's total assets at period-end were **CNY 204.654 billion**, a **16.36% increase** from the previous year-end, with significant growth in monetary funds, trading financial assets, prepayments, short-term borrowings, notes payable, and contract liabilities; overseas assets amounted to **CNY 14.691 billion**, representing **7.17%** of total assets, and restricted assets totaled **CNY 21.364 billion**, mainly for various deposits and pledged/mortgaged loans Changes in Assets and Liabilities (Period-end vs. Previous Year-end) | Item Name | Current Period-end Amount (CNY 10,000) | Proportion of Total Assets at Current Period-end (%) | Previous Year-end Amount (CNY 10,000) | Proportion of Total Assets at Previous Year-end (%) | Change Percentage of Current Period-end Amount vs. Previous Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,108,499.82 | 15.18 | 2,352,395.26 | 13.38 | 32.14 | Primarily due to an increase in bill deposits and futures margins at period-end compared to the beginning of the period | | Trading Financial Assets | 475,323.81 | 2.32 | 248,225.52 | 1.41 | 91.49 | Primarily due to an increase in equity instrument investments and reverse repurchase agreements on government bonds at period-end | | Receivables Financing | 315,861.48 | 1.54 | 178,861.01 | 1.02 | 76.60 | Primarily due to an increase in bank acceptance bills and commercial acceptance bills receivable at period-end compared to the beginning of the period | | Prepayments | 2,721,878.54 | 13.29 | 1,905,454.79 | 10.83 | 42.85 | Primarily due to an increase in prepayments to suppliers mid-year | | Loans and Advances | 476,271.40 | 2.33 | 318,030.74 | 1.81 | 49.76 | Primarily due to an increase in loans issued by pawn companies | | Debt Investments | 82,148.55 | 0.40 | 34,531.46 | 0.20 | 137.89 | Primarily due to an increase in debt investments by subsidiary Wuchan Asset Management Company | | Construction in Progress | 147,107.39 | 0.72 | 107,918.77 | 0.61 | 36.31 | Primarily due to increased investment in subsidiary factory buildings and production lines | | Development Expenditures | 1,532.58 | 0.01 | 1,132.73 | 0.01 | 35.30 | Primarily due to increased software development expenditures by subsidiary Wuchan Cloud Business Company | | Short-term Borrowings | 3,056,149.70 | 14.92 | 2,178,330.85 | 12.39 | 40.30 | Primarily due to increased operating capital demand mid-year | | Notes Payable | 2,831,435.12 | 13.84 | 1,958,665.14 | 11.14 | 44.56 | Primarily due to an increase in notes payable to suppliers at period-end | | Contract Liabilities | 2,519,573.09 | 12.30 | 1,706,579.74 | 9.70 | 47.64 | Primarily due to an increase in customer prepayments mid-year | | Employee Benefits Payable | 117,579.85 | 0.57 | 181,846.27 | 1.03 | -35.34 | Primarily due to bonuses accrued at the end of last year being paid this year | | Non-current Liabilities Due Within One Year | 272,372.83 | 1.33 | 621,984.50 | 3.54 | -56.21 | Primarily due to a decrease in bonds payable due within 1 year being redeemed this period | | Bonds Payable | 961,542.39 | 4.70 | 556,622.47 | 3.16 | 72.75 | Primarily due to the issuance of CNY 4 billion in medium-term notes this period | - Overseas assets amounted to **CNY 14.691 billion**, accounting for **7.17%** of total assets[70](index=70&type=chunk) Major Restricted Assets at the End of the Reporting Period | Item | Period-end Book Balance (CNY) | Period-end Book Value (CNY) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 16,030,999,235.37 | 16,030,999,235.37 | Frozen, etc | Various deposits, frozen funds, etc | | Accounts Receivable | 305,042,040.72 | 305,042,040.72 | Pledged | Pledged loans, factoring | | Receivables Financing | 185,042,040.72 | 185,042,040.72 | Pledged | Bill pool pledge | | Inventories | 878,880,958.06 | 878,880,958.06 | Pledged | Car certificate/warehouse receipt pledged loans, mortgage loans, etc | | Long-term Receivables | 1,755,894,536.72 | 1,755,894,536.72 | Pledged | Pledged loans | | Investment Properties | 450,758,600.00 | 450,758,600.00 | Mortgaged | For bank credit line application | | Fixed Assets | 1,188,129,612.46 | 911,051,423.76 | Mortgaged | Mortgage loans, for applying for bank acceptance bills, etc | | Intangible Assets | 568,702,222.90 | 468,510,848.17 | Mortgaged | Mortgage loans, for applying for bank acceptance bills, etc | | Other Non-current Assets | 100,000.00 | 100,000.00 | Frozen | Operating deposit | | Total | 21,363,549,246.95 | 20,986,279,683.52 | / | / | [Analysis of Investment Status](index=19&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company's external equity investments totaled **CNY 134 million** this period, primarily in venture capital funds and a metal supply chain joint venture; it holds financial assets such as stocks, trust products, private equity funds, futures, and derivatives, engaging in hedging activities to mitigate market risks - The company's external equity investment expenditures totaled **CNY 134 million**, mainly due to its subsidiary Hangzhou Junze No. 1 Enterprise Service Partnership (Limited Partnership) investing **CNY 49 million** in Suzhou Rongshang Wuyi Venture Capital Fund Partnership (Limited Partnership), and its subsidiary Wuchan Zhongda Metal investing **CNY 49 million** in Xianggang Wuchan Metal (Zhejiang) Co., Ltd[74](index=74&type=chunk) Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (CNY) | | :--- | :--- | | Stocks | 710,096,059.25 | | Trust Products | 92,964,560.92 | | Private Equity Funds | 804,977,456.80 | | Futures | 90,622,971.68 | | Derivative Instruments | 409,990,882.41 | | Others | 6,843,974,115.71 | | Total | 8,952,626,046.77 | - The company and its controlled subsidiaries engage in commodity and foreign exchange derivative transactions for hedging purposes, to mitigate adverse effects from significant price and exchange rate fluctuations, ensuring the company's financial security and main business profitability[78](index=78&type=chunk) Derivative Investments for Hedging Purposes (Period-end) | Derivative Investment Type | Period-end Book Value (CNY 10,000) | Proportion of Period-end Book Value to Company's Net Assets at Period-end (%) | | :--- | :--- | :--- | | Commodity Options and Futures Contracts | 439,503.96 | 7.48 | | Foreign Exchange Contracts | 3,405.36 | 0.06 | | Total | 442,909.32 | 7.54 | [Analysis of Major Controlled and Invested Companies](index=25&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) The company's major controlled subsidiaries, including Wuchan Zhongda Metal, Wuchan Zhongda Industrial, Wuchan Huaneng, Wuchan Zhongda International, Wuchan Zhongda Chemical, and Yuantong Auto (New), significantly contribute to operating revenue and net profit in supply chain integrated services, high-end manufacturing, and financial services; during the reporting period, the company acquired control of Zhejiang Natural Gas Trading Market Co., Ltd., Zhejiang Seaport Bulk Commodity Exchange Co., Ltd., and Anhui Shunfu Precision Technology Co., Ltd Key Financial Data of Major Subsidiaries (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Operating Revenue (CNY 10,000) | Operating Profit (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuchan Zhongda Metal | Subsidiary | Supply Chain Integrated Services | 30,000.00 | 3,555,305.02 | 732,206.05 | 7,054,275.01 | 52,148.08 | 39,711.33 | | Wuchan Zhongda Industrial | Subsidiary | Supply Chain Integrated Services, High-end Manufacturing | 54,500.00 | 1,917,212.16 | 571,077.24 | 1,685,495.77 | 50,178.03 | 46,821.08 | | Wuchan Huaneng | Subsidiary | Supply Chain Integrated Services, High-end Manufacturing | 55,795.44 | 1,214,655.49 | 654,509.49 | 1,842,178.08 | 47,587.28 | 38,463.51 | | Wuchan Zhongda International | Subsidiary | Supply Chain Integrated Services | 49,271.16 | 2,378,080.47 | 479,569.06 | 7,407,242.78 | 46,629.56 | 34,487.73 | | Wuchan Zhongda Chemical | Subsidiary | Supply Chain Integrated Services | 50,000.00 | 1,715,868.57 | 350,254.31 | 4,945,473.87 | 31,304.80 | 26,075.09 | | Yuantong Auto (New) | Subsidiary | Supply Chain Integrated Services | 80,000.00 | 1,281,701.45 | 226,517.92 | 1,857,301.21 | 21,160.03 | 13,914.93 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance (CNY) | | :--- | :--- | :--- | | Zhejiang Natural Gas Trading Market Co., Ltd. | Purchase | -936,182.67 | | Zhejiang Seaport Bulk Commodity Exchange Co., Ltd. | Purchase | -498,997.51 | | Anhui Shunfu Precision Technology Co., Ltd. | Purchase | 20,091,760.92 | [Information on Structured Entities Controlled by the Company](index=27&type=section&id=(VII)%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) As of the end of the reporting period, the company's private equity fund investments as a manager totaled **CNY 2.391 billion**, with details provided for the period-end owner's equity and net profit of several structured entities, including Junyue Anxin No. 1 Private Equity Investment Fund and Junyue Kexin No. 1 Private Securities Investment Fund - As of the end of the reporting period, the investment balance of

截至发稿，物产中大市值为298亿元。 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？ 每经AI快讯，物产中大（SH 600704，收盘价：5.76元）8月25日晚间发布半年度业绩报告称，2025年上 半年营业收入约2885.37亿元，同比减少1.92%；归属于上市公司股东的净利润约20.4亿元，同比增加 29.65%；基本每股收益0.39元，同比增加34.48%。 （记者 王晓波） ...

格隆汇8月25日丨物产中大(600704.SH)公布半年度报告，2025年以来，公司进一步深化改革、强化创 新、优化结构，持续推进新一轮国企改革深化提升行动，因地制宜发展新质生产力，积极构建有物产中 大特色的现代化产业体系，不断增强核心功能、提升核心竞争力,加快打造"大而强、富而美"受人尊敬 的优秀上市公司。2025年上半年，公司实现营业收入2,885.37亿元，同比下降1.92%；利润总额37.37亿 元，同比增长16.03%；归母净利润20.40亿元，同比增长29.65%。 ...

证券代码：600704 证券简称：物产中大 编号：2025-058 物产中大关于 2025 年半年度募集资金存放与使用 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。 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于核准物产中大集团股份有限公司非公开 发行股票的批复》（证监发行字〔2019〕1159 号），本公司由主承销商华泰联 合证券有限责任公司采用非公开发行方式，向特定对象发行人民币普通股（A 股） 股票 75,549.96 万股，发行价为每股人民币 5.05 元，共计募集资金 381,527.31 万元，坐扣承销和保荐费用 1,236 万元后的募集资金为 380,291.31 万元，已由 主承销商华泰联合证券有限责任公司于 2019 年 10 月 30 日汇入本公司募集资金 监管账户。另减除上网发行费、申报会计师费、律师费等与发行权益性证券直接 相关的新增外部费用392.64万元后，公司本次募集资金净额为379,898.67万元。 上述募集资金到位情况业 ...

证券代码：600704 证券简称： 物产中大 公告编号：2025-059 物产中大关于召开2025年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 1、为了更好地安排本次活动，公司欢迎有意向参加本次说明会的投资者在 2025 年 8 月 31 日前通过本公告后附的电话或者电子邮件联系公司，并提出所关 注的问题。公司将在说明会上就投资者关注的问题进行统一回答。 会议地点：同花顺路演平台 （https://board.10jqka.com.cn/rs/pc/detail?roadshowId=1010592） 会议召开方式：网络在线交流 二、公司参会人员 公司董事长、独立董事、董秘、财务总监、证券事务代表及相关部门负责人 等。 三、投资者参加方式 物产中大集团股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日披露 公司《2025 年半年度报告》。为方便广大投资者更加全面深入地了解公司经营情 况、未来发展等情况，公司定于 2025 年 9 月 4 日通过同花顺路演平台召开 ...

证券代码：600704 证券简称：物产中大 编号：2025—057 物产中大集团股份有限公司（以下简称"公司"）十届十四次监事会会议通 知于 2025 年 8 月 12 日以书面、传真和电子邮件方式发出。会议于 2025 年 8 月 22 日在公司以现场结合通讯方式召开，会议由公司监事会主席（监事长）骆敏 华女士主持，应出席会议监事 5 人，实际出席会议监事 5 人。会议符合《公司法》 和《公司章程》的有关规定。 会议审议通过如下议案： 一、审议 2025 年半年度报告及摘要 公司监事会认为公司 2025 年半年度募集资金存放与实际使用情况符合中国 证监会、上海证券交易所相关法律法规及公司《募集资金管理办法》的规定。 [详见当日《中国证券报》《上海证券报》《证券时报》《证券日报》及上海证 券交易所网站（http://www.sse.com.cn）刊登的"物产中大关于 2025 年半年度 募集资金存放与使用情况的专项报告"] 物产中大十届十四次监事会决议公告 表决结果：5 票同意、0 票反对、0 票弃权。 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 ...