Core Viewpoint - HNA Technology reported a significant increase in revenue but a decline in net profit for the first half of 2025, indicating challenges in profitability despite growth in sales [1] Financial Performance Summary - Total revenue reached 675 million yuan, up 30.1% year-on-year, while net profit fell to 71.5 million yuan, down 23.89% [1] - In Q2 2025, revenue was 414 million yuan, an increase of 84.62% year-on-year, but net profit decreased by 25.65% to 28.5 million yuan [1] - Gross margin was 4.67%, down 40.29% year-on-year, and net margin was 10.58%, down 41.55% [1] - Total expenses (selling, administrative, and financial) amounted to 7.96 million yuan, representing 1.18% of revenue, an increase of 804.05% [1] - Earnings per share decreased to 0.02 yuan, down 23.77% year-on-year, while operating cash flow per share was -0.03 yuan, a decline of 168.47% [1] Changes in Financial Items - Accounts receivable increased by 328.72% due to growth in the company's trading business [3] - Short-term borrowings rose by 84.43% as a result of increased internal transactions [3] - Revenue growth of 30.1% was attributed to the expansion of the trading business [3] - Operating cash flow decreased significantly due to increased payments for agency services [3] Business Strategy and Future Outlook - The company aims to drive growth through a dual focus on shipping and trading, enhancing operational efficiency in its shipping business while expanding trading activities [4] - The company successfully revitalized its property assets, with hotel operations expected to improve asset returns [5] - Management is focused on improving the performance of its shipping business through strategic measures such as locking in short-term capacity and expanding into high-profit routes [7]

Core Viewpoint - The company, HNA Technology Co., Ltd., is set to hold a half-year performance briefing on August 27, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [5][6][10]. Group 1: Company Overview - HNA Technology Co., Ltd. has confirmed that all board members attended the board meeting [2]. - The half-year report has not been audited [2]. - There are no proposed profit distribution plans or capital reserve transfers for the reporting period [3]. Group 2: Important Events - The company will conduct an investor briefing via the Shanghai Stock Exchange Roadshow Center, scheduled for August 27, 2025, from 13:00 to 14:00 [5][8]. - Investors can submit questions for the briefing from August 20 to August 26, 2025, through the Roadshow Center or via email [9]. - The briefing aims to address common investor concerns regarding the company's performance and financial metrics [6][7].

证券日报网讯 8月19日晚间，海航科技发布2025年半年度报告摘要称，2025年半年度公司实现营业收入 为675，453，719.28元，同比增长30.10%；实现归属于上市公司股东的净利润为71，495，736.63元， 同比下降23.89%。 （文章来源：证券日报） ...

Core Insights - HNA Technology reported a revenue of 675 million yuan for the first half of 2025, marking a year-on-year increase of 30.1%, with a net profit attributable to shareholders of 71.5 million yuan [1] - The company is engaged in international dry bulk shipping and related commodity trading, leveraging over 30 years of operational experience in the shipping industry [1] - HNA Technology aims to create a complete logistics service loop by integrating upstream resource holding, midstream capacity provision, and downstream customer engagement [1] Business Operations - The company owns 9 dry bulk vessels with a total capacity of approximately 750,000 deadweight tons, including 6 Supramax, 2 Capesize, and 1 Panamax vessels [1] - During the reporting period, HNA Technology increased its fleet capacity by leasing 4 additional Supramax vessels, bringing total controllable capacity to around 1 million deadweight tons [1] Trade Expansion - In response to national policies, HNA Technology established Hainan Xuanqi International Trade Co., Ltd. in 2023 to participate in the Hainan Free Trade Port's international trade services [2] - The company focuses on trading non-ferrous metals and agricultural products, and has signed a cooperation framework agreement with CWT International Limited to enhance profitability in copper trading [2] - HNA Technology has expanded its shipping routes to cover regions including South America, North America, Australia, Southeast Asia, the Middle East, and West and East Africa, transporting various commodities [2] - The company plans to acquire an 180,000-ton Capesize bulk carrier post-reporting period, with delivery expected in September 2025 [2]

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and management guarantee the report's accuracy, the report is unaudited, and no profit distribution plan exists for the period - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, bearing individual and joint legal responsibilities[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - The company head, chief accountant, and accounting department head declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - No profit distribution or capital reserve to share capital plan for this reporting period[6](index=6&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment to investors; investors are advised to be aware of investment risks[6](index=6&type=chunk) - No non-operating funds occupied by controlling shareholders or other related parties, nor any external guarantees provided in violation of decision-making procedures[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms used throughout the report, including company names, reporting period, and industry-specific terminology - Company, this company, HNA Technology, listed company refer to HNA Technology Co., Ltd., formerly "Tianjin Tianhai Investment Development Co., Ltd."[12](index=12&type=chunk) - Reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Baltic Dry Index (BDI) is a major economic indicator for the shipping industry, calculated by weighting spot freight rates of several main routes[12](index=12&type=chunk) - Time charter refers to a business model where a shipowner provides a crewed vessel to a charterer for a specified period and use, in exchange for rent[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information, stock listings, and a summary of key financial performance and position indicators for the first half of 2025 - Company's Chinese name is HNA Technology Co., Ltd., legal representative is Zhu Yong[14](index=14&type=chunk) - Company's A-shares are "HNA Technology" (code 600751) and B-shares are "HNA B" (code 900938), both listed on the Shanghai Stock Exchange[18](index=18&type=chunk) 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) (million RMB) | Prior Period (million RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 675.45 | 519.18 | 30.10 | | Total Profit | 74.61 | 94.80 | -21.30 | | Net Profit Attributable to Shareholders of Listed Company | 71.50 | 93.94 | -23.89 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 54.21 | 86.72 | -37.49 | | Net Cash Flow from Operating Activities | -79.55 | 116.17 | -168.47 | | Total Assets (Period-end) | 9,379.60 | 8,641.69 | 8.54 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 7,559.80 | 7,492.48 | 0.90 | 2025 H1 Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0247 | 0.0324 | -23.77 | | Diluted Earnings Per Share (yuan/share) | 0.0247 | 0.0324 | -23.77 | | Basic Earnings Per Share (Excluding Non-recurring Gains/Losses) (yuan/share) | 0.0187 | 0.0299 | -37.46 | | Weighted Average Return on Net Assets (%) | 0.94 | 1.27 | Decrease of 0.33 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 0.71 | 1.17 | Decrease of 0.46 percentage points | - Non-recurring gains and losses primarily include a reversal of impairment for financial contract guarantees of **RMB 18,477,030.54** and fair value changes from financial assets and liabilities of **-RMB 2,575,471.25**[21](index=21&type=chunk) [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's industry, operations, core competencies, and financial performance during the reporting period [I. Description of Industry and Main Business during the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In H1 2025, the international dry bulk shipping market overall remained weak, with the BDI index significantly declining by 30% year-on-year; the company maintained approximately 1 million DWT capacity and actively expanded its shipping and commodity trading businesses to mitigate market volatility - In H1 2025, the international dry bulk shipping market overall continued its weak trend, with the BDI index averaging **1,290 points**, a **30% year-on-year decline**[24](index=24&type=chunk) - Global dry bulk fleet reached **14,300 vessels** with a total capacity of **1.049 billion deadweight tons (DWT)**, a **3.1% year-on-year increase**; new vessel orders significantly decreased by **78.5%**[25](index=25&type=chunk) - Shipping demand saw global iron ore shipments remain largely flat year-on-year, international seaborne coal trade vessel loadings decrease by **7.9%**, and China's cumulative grain imports reduce by **25.4%**[28](index=28&type=chunk) - The company primarily engages in international ocean dry bulk shipping and related commodity trading, possessing nearly **30 years of shipping operations experience**[30](index=30&type=chunk) - The company maintains a fleet of **9 owned dry bulk vessels** with over **750,000 DWT capacity**, and charters **4 handy-size vessels**, totaling approximately **1 million DWT** of controllable capacity[31](index=31&type=chunk) - The company expanded over **ten routes** and diversified cargo types, extending beyond traditional dry bulk to bauxite and nickel ore for new energy-related transportation[33](index=33&type=chunk) - The company primarily conducts trading in non-ferrous metals and agricultural products, and signed a "Cooperation Framework Agreement" with international copper trader CWT International Limited[34](index=34&type=chunk) [II. Discussion and Analysis of Operations](index=11&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company achieved **RMB 675 million** in operating revenue, a **30.10% YoY increase**, by optimizing shipping and expanding commodity trade, while net profit declined, and total assets and net assets grew steadily, with an asset-liability ratio of **19.40%** 2025 H1 Key Operating Results | Indicator | Amount (hundred million RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 6.75 | 30.10 | | Net Profit Attributable to Shareholders of Listed Company | 0.71 | -23.89 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 0.54 | -37.49 | | Total Assets (Period-end) | 93.80 | 8.54 (vs. 2024 year-end) | | Net Assets Attributable to Listed Company (Period-end) | 75.60 | 0.90 (vs. 2024 year-end) | | Asset-Liability Ratio (Period-end) | 19.40% | - | - The company's total controllable capacity is approximately **1 million DWT**, including **9 owned dry bulk vessels** and **4 chartered handy-size vessels**[36](index=36&type=chunk) - During the reporting period, the company operated **55 voyages**, transporting over **4 million DWT** of cargo[36](index=36&type=chunk) - The company plans to acquire a **180,000 DWT Capesize bulk carrier** after this reporting period, with an expected delivery in September 2025[37](index=37&type=chunk) - The company signed a "Cooperation Framework Agreement" with international copper trader CWT for strategic cooperation in cathode copper and other commodity trading[39](index=39&type=chunk) - The company revised its "Articles of Association" and "Rules of Procedure for Shareholder Meetings," abolishing the Supervisory Board, with the Board's Audit Committee exercising the functions stipulated by the "Company Law"[40](index=40&type=chunk)[71](index=71&type=chunk) - The company achieved a **100% annual safety operation rate**, conducted **3 special safety inspections**, and organized **133 emergency drills**[42](index=42&type=chunk) - The company actively promotes energy conservation and emission reduction, researching new energy-saving and emission-reducing equipment or measures, and has preliminarily piloted the installation of shaft generators[43](index=43&type=chunk) [III. Analysis of Core Competencies during the Reporting Period](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include extensive shipping business experience and resources, a reasonable fleet structure with flexible routes, synergistic development of shipping and commodity trade, and an advantage in building a new green, low-carbon, and intelligent fleet - The company possesses over **30 years of shipping operations experience**, with a professional operating and management team, and maintains friendly cooperative relationships with major domestic and international cargo owners[44](index=44&type=chunk) - The company's **9 owned vessels** were purchased with self-owned funds, providing stronger cost advantages, bargaining power, and risk resistance[45](index=45&type=chunk) - The company's fleet structure primarily consists of handy-size vessels, supplemented by Capesize vessels, and also includes Panamax vessels, offering greater flexibility in cargo types and route selection[45](index=45&type=chunk) - The company actively expands commodity trading, achieving mutual integration and promotion between shipping business and upstream/downstream resources and key clients, building a complete logistics service system, and effectively mitigating cyclical risks[47](index=47&type=chunk) - The company continuously implements sustainable development concepts, promoting new energy and technology applications, and reasonably planning vessel equipment updates to build a specialized, intelligent, green, and energy-efficient fleet[48](index=48&type=chunk) [IV. Key Operating Performance during the Reporting Period](index=14&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the changes in key financial statement items, including revenue, costs, sales, administrative, and financial expenses, and cash flows, along with detailed disclosures on asset and liability status, derivative investments, and subsidiary financial data Analysis of Changes in Financial Statement Items | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 675,453,719.28 | 519,177,472.61 | 30.10 | Mainly due to the growth in the company's commodity trading business scale compared to the prior period | | Operating Cost | 643,886,787.89 | 478,540,799.80 | 34.55 | Mainly due to the growth in the company's commodity trading business scale compared to the prior period | | Selling Expenses | 11,138,302.59 | 5,557,901.11 | 100.40 | Mainly due to the growth in the company's commodity trading business scale compared to the prior period | | Administrative Expenses | 31,164,194.27 | 29,964,652.98 | 4.00 | Mainly due to the overall growth in the company's business scale compared to the prior period | | Financial Expenses | -34,343,281.25 | -36,391,484.94 | Not applicable | Mainly due to a decrease in interest income during the current period | | Net Cash Flow from Operating Activities | -79,549,401.54 | 116,173,042.22 | -168.47 | Mainly due to increased payments for agency business during the current period | | Net Cash Flow from Investing Activities | -424,243,465.42 | -398,687,661.72 | Not applicable | Mainly due to the purchase of large-denomination certificates of deposit during the current period | | Net Cash Flow from Financing Activities | 243,042,582.77 | -55,116,793.35 | 540.96 | Mainly due to bill discounting during the current period | - Accounts receivable financing at period-end was **RMB 108,401,166.19**, a **681.33% increase** from the prior year-end, mainly due to financing received from bank acceptance bills[53](index=53&type=chunk) - Long-term receivables at period-end were **RMB 150,864,948.21**, a **100.00% increase** from the prior year-end, mainly due to new vessel sub-leasing business in the shipping segment during the reporting period[54](index=54&type=chunk) - Short-term borrowings at period-end were **RMB 628,720,556.48**, an **84.43% increase** from the prior year-end, mainly due to increased bill discounting from internal transactions of subsidiaries during the reporting period[54](index=54&type=chunk) - Lease liabilities at period-end were **RMB 162,948,532.56**, a **1,064.75% increase** from the prior year-end, mainly due to new vessel sub-leasing business in the shipping segment during the reporting period[55](index=55&type=chunk) - Overseas assets amounted to **USD 234.87 million**, accounting for **17.93%** of total assets[56](index=56&type=chunk) Derivative Investments for Hedging Purposes | Derivative Investment Type | Initial Investment Amount (ten thousand RMB) | Period-start Book Value (ten thousand RMB) | Current Period Fair Value Change Gain/Loss (ten thousand RMB) | Period-end Book Value (ten thousand RMB) | Period-end Book Value as % of Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Freight Futures | 32.69 | 4.29 | 2.25 | 25.43 | 0.004 | | Total | 32.69 | 4.29 | 2.25 | 25.43 | 0.004 | - During the reporting period, the company's actual derivative business loss was **USD 351,000**, with a **USD 373,500 loss** from closed futures positions and a **USD 22,500 gain** from fair value changes of held futures[61](index=61&type=chunk) Financial Information of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (ten thousand RMB) | Total Assets (ten thousand RMB) | Net Assets (ten thousand RMB) | Operating Revenue (ten thousand RMB) | Operating Profit (ten thousand RMB) | Net Profit (ten thousand RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | ASIAN EAGLE SHIPPING LIMITED | Subsidiary | Shipping | 1 HKD | 76,388.49 | 5,024.89 | 16,304.02 | 1,592.78 | 1,592.78 | | Hainan Xuansong International Trade Co., Ltd. | Subsidiary | Trade and Agency | 50,000 RMB | 161,451.58 | 50,952.23 | 44,685.97 | 824.25 | 601.29 | | Shanghai Xingyi International Trade Co., Ltd. | Subsidiary | Trade and Agency | 25,000 RMB | 59,190.56 | 24,049.24 | 39,022.62 | 58.60 | 58.60 | | Hainan Xuanqi International Trade Co., Ltd. | Subsidiary | Trade and Agency | 10,000 RMB | 10,416.34 | 8,790.60 | 14,903.95 | -331.27 | -331.27 | [V. Other Disclosures](index=22&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from macroeconomic changes, operational safety, geopolitical factors, exchange rate fluctuations, and investment management, potentially impacting trade, efficiency, costs, and profits - Risks arising from changes in the macroeconomic environment: Slowdown in global trade or normalization of supply chains may lead to overcapacity and falling freight rates in the shipping market, while commodity trading may face inventory backlog or poor sales due to market supply-demand imbalances[66](index=66&type=chunk) - Safety operation risks: Adverse weather, technical failures, or human errors during vessel operations can easily lead to accidents, and complex commodity trading operations may result in cargo damage or transport delays[66](index=66&type=chunk) - Geopolitical and policy risks: Geopolitical conflicts may obstruct important shipping lanes, and trade restrictions or sanctions can disrupt normal shipping operations[66](index=66&type=chunk) - Exchange rate fluctuation risks: The company's overseas business is primarily settled in USD and other currencies, and fluctuations in RMB exchange rates against USD, JPY, HKD, etc., impact the company's profits[67](index=67&type=chunk) - Investment management risks: Valuation risks of invested projects, operational risks of investee companies, and investment decision risks may lead to fluctuations in investment income or impairment provisions for assets[67](index=67&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=23&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) The company completed board re-election, abolished the Supervisory Board, and actively participated in poverty alleviation efforts during H1 2025 - The company's board of directors completed re-election; Mr. Jiang Tao no longer serves as director and board secretary, and Mr. Hu Zhengliang and Ms. Bai Jing no longer serve as independent directors[70](index=70&type=chunk) - Jiang Hao was elected as a director, Yan Honggang was appointed as board secretary, and Peng Chengxin and Qi Yinliang were elected as independent directors[70](index=70&type=chunk) - The company revised its "Articles of Association" and "Rules of Procedure for Shareholder Meetings," abolishing the Supervisory Board, with the Board's Audit Committee exercising the functions stipulated by the "Company Law"[71](index=71&type=chunk) - The proposed profit distribution or capital reserve to share capital plan for the semi-annual period is "No," meaning no distribution or transfer[72](index=72&type=chunk) - In H1 2025, the company actively participated in Tianjin Hexi District government's poverty alleviation efforts, providing financial and material donations to support local initiatives[74](index=74&type=chunk) [Section V Significant Matters](index=25&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the fulfillment of commitments, ongoing legal disputes, strategic cooperation agreements, and significant external guarantees provided by the company - All commitments made by the company's actual controller, shareholders, related parties, acquirers, and the company itself were fulfilled during or continued into the reporting period[76](index=76&type=chunk) - The company's controlling shareholder, HNA Technology Group, and its concerted parties committed to maintaining the independence of the listed company, avoiding horizontal competition, and reducing and standardizing related-party transactions[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - The company is involved in a container leasing dispute with Seaco Global Limited, with a claim amount of **USD 2,244,462.90** plus interest; the company lost in the first instance and has appealed, with the case currently in second instance proceedings[80](index=80&type=chunk) - The company signed a "Cooperation Framework Agreement" with international copper trader CWT International Limited for strategic cooperation in cathode copper and other commodity trading, with a three-year term, planned total investment not exceeding **RMB 250 million**, and cumulative annual trade volume not exceeding **RMB 1.5 billion**[84](index=84&type=chunk) - The company's wholly-owned subsidiary GTS Shipping Management Co. Limited signed its first sales contract with CWT's indirect wholly-owned subsidiary MRI Trading AG to purchase **239 tons of electrolytic copper**[85](index=85&type=chunk) Company's External Guarantees (Excluding Guarantees to Subsidiaries) | Guarantor | Guaranteed Party | Guarantee Amount (RMB) | Guarantee Balance (RMB) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HNA Technology Co., Ltd. Headquarters | HNA Group Co., Ltd. | 1,995,014,185.84 | 75,312,990.43 | 2018/3/22 | 2022/1/11 | No | | HNA Technology Co., Ltd. Headquarters | HNA Group Co., Ltd. | 890,205,333.33 | 280,125,000.00 | 2018/8/29 | 2021/10/28 | No | | HNA Technology Co., Ltd. Headquarters | HNA Eco-Tech Group Co., Ltd. | 535,059,722.22 | 25,000,000.00 | 2017/5/27 | 2022/11/26 | No | | HNA Technology Co., Ltd. Headquarters | Shanghai Shangrong Supply Chain Management Co., Ltd. | 462,278,800.87 | 26,405,035.61 | 2018/7/2 | 2022/8/1 | No | | HNA Technology Co., Ltd. Headquarters | HNA Technology Group | 331,735,662.92 | 37,700,000.00 | 2018/12/12 | 2023/3/12 | No | | HNA Technology Co., Ltd. Headquarters | HNA Eco-Tech Group Co., Ltd. | 325,535,858.24 | 22,805,200.40 | 2018/5/11 | 2022/6/29 | No | | HNA Technology Co., Ltd. Headquarters | HNA Technology Group | 257,356,253.89 | 8,830,762.00 | 2019/3/11 | 2023/3/9 | No | | HNA Technology Co., Ltd. Headquarters | Yihang Technology | 41,580,265.71 | 11,780,265.71 | 2017/11/28 | 2023/6/28 | No | | HNA Technology Co., Ltd. Headquarters | HNA Group | 5,722,342.08 | 5,722,342.08 | 2019/1/4 | 2021/6/30 | No | - Total guarantees at period-end (A+B) amounted to **RMB 688,681,596.23**, representing **9.11%** of the company's net assets[90](index=90&type=chunk) - Guarantees provided to shareholders, actual controllers, and their related parties (C) amounted to **RMB 481,901,330.52**; debt guarantees provided directly or indirectly to guaranteed parties with an asset-liability ratio exceeding 70% (D) also amounted to **RMB 481,901,330.52**[90](index=90&type=chunk) [Section VI Share Changes and Shareholder Information](index=37&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section reports no changes in the company's total share capital or structure during the period, and details the top ten shareholders and their holdings - During the reporting period, there were no changes in the company's total share capital or share structure[93](index=93&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **88,709**[94](index=94&type=chunk) Top Ten Shareholders' Holdings (Excluding Shares Lent via Securities Lending) | Shareholder Name (Full Name) | Change During Period | Period-end Shareholding Quantity | Proportion (%) | Number of Restricted Shares Held | Pledge, Mark, or Freeze Status (Share Status/Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HNA Technology Group Co., Ltd. | 0 | 602,006,689 | 20.76 | 0 | Pledged/418,000,000 | Domestic Non-State-Owned Legal Person | | China Life Insurance Co., Ltd. - Universal Account III | 0 | 415,565,400 | 14.33 | 0 | None/0 | Unknown | | Grand China Logistics Holding (Group) Co., Ltd. | 0 | 251,436,596 | 8.67 | 0 | Pledged/213,132,800 | Domestic Non-State-Owned Legal Person | | China Merchants Securities (Hong Kong) Co., Ltd. | 9,845,392 | 16,184,134 | 0.56 | 0 | None/0 | Unknown | | Hong Kong Securities Clearing Company Limited | -5,173,986 | 15,915,891 | 0.55 | 0 | None/0 | Unknown | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | -303,200 | 14,630,900 | 0.50 | 0 | None/0 | Unknown | | Wang Yaping | 0 | 10,732,500 | 0.37 | 0 | None/0 | Domestic Natural Person | | Jin Mingfei | -110,700 | 10,369,300 | 0.36 | 0 | None/0 | Domestic Natural Person | | Song Wenqing | 6,753,700 | 9,719,185 | 0.34 | 0 | None/0 | Domestic Natural Person | | Shanghai Chiyao Investment Co., Ltd. - Chiyao No. 10 Private Securities Investment Fund | 9,568,500 | 9,568,500 | 0.33 | 0 | None/0 | Unknown | - As of the end of the reporting period, HNA Technology Group and its concerted party Grand China Logistics Holding jointly held **853,443,285 shares**, accounting for **29.44%** of the company's total share capital; the cumulative pledged shares amounted to **631,132,800 shares**, accounting for **21.77%** of the company's total share capital[98](index=98&type=chunk) [Section VII Bond-Related Information](index=41&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no outstanding corporate bonds or convertible bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[101](index=101&type=chunk) - The company has no convertible corporate bonds[101](index=101&type=chunk) [Section VIII Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity [I. Audit Report](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited, therefore no audit report is included [II. Financial Statements](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) 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 H1 2025 Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Amount (million RMB) | | :--- | :--- | | Monetary Funds | 3,820.08 | | Total Current Assets | 4,612.44 | | Total Non-current Assets | 4,767.16 | | Total Assets | 9,379.60 | | Total Current Liabilities | 1,373.42 | | Total Non-current Liabilities | 446.51 | | Total Liabilities | 1,819.94 | | Total Owners' Equity Attributable to Parent Company | 7,559.80 | | Total Owners' Equity | 7,559.66 | | Total Liabilities and Owners' Equity | 9,379.60 | [Consolidated Balance Sheet](index=42&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were **RMB 9.38 billion**, total liabilities **RMB 1.82 billion**, and owners' equity attributable to the parent company **RMB 7.56 billion** Consolidated Balance Sheet Major Data (June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Monetary Funds | 3,820,082,111.74 | 3,759,001,168.87 | | Accounts Receivable | 38,350,422.90 | 2,404,483.36 | | Accounts Receivable Financing | 108,401,166.19 | 13,873,883.63 | | Inventories | 205,628,389.82 | 167,859,255.96 | | Total Current Assets | 4,612,436,427.25 | 4,329,644,966.50 | | Long-term Equity Investments | 2,148,363,554.02 | 2,154,598,180.98 | | Fixed Assets | 1,084,211,426.49 | 1,116,213,863.05 | | Other Non-current Assets | 1,314,348,296.94 | 966,955,010.73 | | Total Assets | 9,379,596,689.87 | 8,641,692,662.46 | | Short-term Borrowings | 628,720,556.48 | 340,904,095.52 | | Notes Payable | 385,454,687.68 | 141,929,276.73 | | Total Current Liabilities | 1,373,424,400.20 | 849,817,206.76 | | Lease Liabilities | 162,948,532.56 | 13,989,946.09 | | Total Liabilities | 1,819,938,028.06 | 1,147,372,248.15 | | Total Owners' Equity Attributable to Parent Company | 7,559,797,543.35 | 7,492,476,280.99 | | Total Liabilities and Owners' Equity | 9,379,596,689.87 | 8,641,692,662.46 | [Parent Company Balance Sheet](index=44&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, parent company total assets were **RMB 7.88 billion**, total liabilities **RMB 542 million**, and owners' equity **RMB 7.34 billion** Parent Company Balance Sheet Major Data (June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Monetary Funds | 723,091.27 | 617,577.35 | | Other Receivables | 3,957,907,092.13 | 3,921,724,925.61 | | Total Current Assets | 3,958,835,382.17 | 3,922,938,853.58 | | Long-term Equity Investments | 3,859,769,154.02 | 3,866,003,780.98 | | Total Assets | 7,879,623,233.62 | 7,856,091,578.66 | | Total Current Liabilities | 248,627,209.90 | 260,721,749.11 | | Total Liabilities | 541,819,302.74 | 558,276,790.50 | | Total Owners' Equity | 7,337,803,930.88 | 7,297,814,788.16 | | Total Liabilities and Owners' Equity | 7,879,623,233.62 | 7,856,091,578.66 | Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount (million RMB) | | :--- | :--- | | Total Operating Revenue | 675.45 | | Total Operating Cost | 653.32 | | Total Profit | 74.61 | | Net Profit | 71.49 | | Net Profit Attributable to Parent Company Shareholders | 71.50 | | Basic Earnings Per Share (yuan/share) | 0.0247 | | Diluted Earnings Per Share (yuan/share) | 0.0247 | [Consolidated Income Statement](index=47&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, consolidated total operating revenue was **RMB 675 million**, a **30.10% YoY increase**, while total profit and net profit attributable to parent company shareholders decreased Consolidated Income Statement Major Data (Jan-Jun 2025) | Item | 2025 Semi-annual (RMB) | 2024 Semi-annual (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 675,453,719.28 | 519,177,472.61 | | Total Operating Cost | 653,322,305.66 | 478,646,734.77 | | Operating Profit | 73,722,443.33 | 94,638,483.17 | | Total Profit | 74,606,458.10 | 94,798,483.19 | | Net Profit | 71,491,877.07 | 94,014,400.07 | | Net Profit Attributable to Parent Company Shareholders | 71,495,736.63 | 93,940,878.38 | | Basic Earnings Per Share (yuan/share) | 0.0247 | 0.0324 | | Diluted Earnings Per Share (yuan/share) | 0.0247 | 0.0324 | [Parent Company Income Statement](index=49&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, parent company operating revenue was **RMB 2.61 million**, with total profit and net profit both at **RMB 39.97 million**, showing an increase from the prior period Parent Company Income Statement Major Data (Jan-Jun 2025) | Item | 2025 Semi-annual (RMB) | 2024 Semi-annual (RMB) | | :--- | :--- | :--- | | Operating Revenue | 2,614,807.39 | 2,541,383.45 | | Operating Cost | 2,017,698.21 | 2,061,977.27 | | Financial Expenses | 8,417,352.57 | 21,131,163.44 | | Investment Income | 33,675,661.30 | 45,910,708.90 | | Operating Profit | 39,971,430.98 | 19,253,601.33 | | Total Profit | 39,969,430.98 | 19,251,601.33 | | Net Profit | 39,969,430.98 | 19,251,601.33 | Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (million RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -79.55 | | Net Cash Flow from Investing Activities | -424.24 | | Net Cash Flow from Financing Activities | 243.04 | | Net Increase in Cash and Cash Equivalents | -264.62 | | Period-end Cash and Cash Equivalents Balance | 2,408.49 | [Consolidated Cash Flow Statement](index=51&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, consolidated net cash flow from operating activities was **-RMB 79.55 million**, from investing activities **-RMB 424.24 million**, and from financing activities **RMB 243.04 million** Consolidated Cash Flow Statement Major Data (Jan-Jun 2025) | Item | 2025 Semi-annual (RMB) | 2024 Semi-annual (RMB) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 1,032,953,923.20 | 1,162,070,036.35 | | Subtotal of Cash Outflows from Operating Activities | 1,112,503,324.74 | 1,045,896,994.13 | | Net Cash Flow from Operating Activities | -79,549,401.54 | 116,173,042.22 | | Subtotal of Cash Inflows from Investing Activities | 44,340,741.47 | 33,080,635.46 | | Subtotal of Cash Outflows from Investing Activities | 468,584,206.89 | 431,768,297.18 | | Net Cash Flow from Investing Activities | -424,243,465.42 | -398,687,661.72 | | Subtotal of Cash Inflows from Financing Activities | 630,062,405.24 | 0 | | Subtotal of Cash Outflows from Financing Activities | 387,019,822.47 | 55,116,793.35 | | Net Cash Flow from Financing Activities | 243,042,582.77 | -55,116,793.35 | | Net Increase in Cash and Cash Equivalents | -264,624,359.48 | -332,867,535.15 | | Period-end Cash and Cash Equivalents Balance | 2,408,485,239.21 | 3,608,271,113.59 | [Parent Company Cash Flow Statement](index=52&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, parent company net cash flow from operating activities was **-RMB 34.93 million**, from investing activities **RMB 39.91 million**, and from financing activities **-RMB 4.87 million** Parent Company Cash Flow Statement Major Data (Jan-Jun 2025) | Item | 2025 Semi-annual (RMB) | 2024 Semi-annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -34,932,176.66 | 438,330.61 | | Net Cash Flow from Investing Activities | 39,911,000.00 | 0 | | Net Cash Flow from Financing Activities | -4,873,309.42 | -719,860.88 | | Net Increase in Cash and Cash Equivalents | 105,513.92 | -281,530.27 | | Period-end Cash and Cash Equivalents Balance | 530,447.97 | 147,747.78 | [Consolidated Statement of Changes in Owners' Equity](index=55&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, consolidated owners' equity increased from **RMB 7.49 billion** to **RMB 7.56 billion**, primarily driven by net profit attributable to parent company owners, though other comprehensive income decreased Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Period-start Balance (RMB) | Current Period Change Amount (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,899,337,783.00 | 0 | 2,899,337,783.00 | | Capital Reserve | 10,207,959,250.94 | 4,104.67 | 10,207,963,355.61 | | Other Comprehensive Income | -42,201,627.77 | -4,178,578.94 | -46,380,206.71 | | Surplus Reserve | 111,291,540.31 | 0 | 111,291,540.31 | | Undistributed Profit | -5,683,910,665.49 | 71,495,736.63 | -5,612,414,928.86 | | Total Owners' Equity Attributable to Parent Company | 7,492,476,280.99 | 67,321,262.36 | 7,559,797,543.35 | | Minority Interests | 1,844,133.32 | -1,983,014.86 | -138,881.54 | | Total Owners' Equity | 7,494,320,414.31 | 65,338,247.50 | 7,559,658,661.81 | [Parent Company Statement of Changes in Owners' Equity](index=61&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, parent company owners' equity increased from **RMB 7.30 billion** to **RMB 7.34 billion**, mainly due to net profit contribution, with other comprehensive income slightly increasing Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Period-start Balance (RMB) | Current Period Change Amount (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,899,337,783.00 | 0 | 2,899,337,783.00 | | Capital Reserve | 9,746,458,502.23 | 0 | 9,746,458,502.23 | | Other Comprehensive Income | -93,679,917.27 | 19,711.74 | -93,660,205.53 | | Surplus Reserve | 111,291,540.12 | 0 | 111,291,540.12 | | Undistributed Profit | -5,365,593,119.92 | 39,969,430.98 | -5,325,623,688.94 | | Total Owners' Equity | 7,297,814,788.16 | 39,989,142.72 | 7,337,803,930.88 | [III. Company Basic Information](index=65&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, formerly Tianjin Tianhai Investment Development Co., Ltd., was established in 1992, listed in 1996, and primarily engages in shipping, commodity trading, and hotel services - HNA Technology Co., Ltd. (formerly "Tianjin Tianhai Investment Development Co., Ltd.") was established on December 1, 1992[134](index=134&type=chunk) - The company's A-shares and domestically listed foreign shares (B-shares) are both listed on the Shanghai Stock Exchange[134](index=134&type=chunk) - The company's registered address is Room 803, Huaying Building, Central Avenue, Airport Economic Zone, Tianjin Free Trade Zone, and its headquarters is at No. 143 Chongqing Road, Heping District, Tianjin[135](index=135&type=chunk)[136](index=136&type=chunk) - The company and its subsidiaries primarily engage in shipping, commodity trading, and hotel services[137](index=137&type=chunk) [IV. Basis of Financial Statement Preparation](index=65&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant regulations, primarily using historical cost measurement - The company's financial statements are prepared on a going concern basis[138](index=138&type=chunk) - These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations, and disclose financial information according to the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 – General Provisions for Financial Reports (Revised 2023)"[139](index=139&type=chunk) - The company's accounting is based on the accrual method; except for certain financial instruments, these financial statements are measured at historical cost[140](index=140&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=65&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates for financial instruments, inventories, fixed assets, revenue recognition, deferred income tax, and business combinations, including significant judgments - At initial recognition, the company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on the business model for managing financial assets and their contractual cash flow characteristics[160](index=160&type=chunk) - The company applies impairment accounting and recognizes loss provisions for notes receivable, accounts receivable, accounts receivable financing, other receivables, contract assets, lease receivables, financial guarantee contracts, and other items based on expected credit losses[169](index=169&type=chunk)[170](index=170&type=chunk) - For notes receivable, accounts receivable, and contract assets, regardless of whether a significant financing component exists, the company always measures loss provisions at an amount equal to the expected credit losses over the entire lifetime[173](index=173&type=chunk) - The company's inventories are initially measured at actual cost, and when consumed or issued, are valued using the first-in, first-out method or specific identification method; revolving materials are accounted for using the amortization method[185](index=185&type=chunk) - The company depreciates fixed assets using the straight-line method, with an annual depreciation rate of **2.83%-1.70%** for vessels and auxiliary equipment[203](index=203&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services[224](index=224&type=chunk) - Shipping revenue is recognized over time based on the progress of services completed; commodity trading revenue is recognized when control of the goods has been transferred and proof of goods transfer is obtained[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities for all leases, except for simplified short-term leases and low-value asset leases[238](index=238&type=chunk) - As a lessor, the company classifies leases that substantially transfer all risks and rewards incidental to ownership of an asset as finance leases, and all other leases as operating leases[242](index=242&type=chunk) - Significant accounting judgments and estimates include the measurement of financial guarantee contract losses, classification of financial assets, measurement of expected credit losses for accounts receivable, inventory impairment provisions, and income tax and deferred income tax[259](index=259&type=chunk)[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk) [VI. Taxation](index=95&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section outlines the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, property tax, and education surcharges, with specific rates for domestic and overseas subsidiaries Main Tax Categories and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods or provision of taxable services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 25% | | Property Tax | Based on original value of property after a 30% deduction, taxed at 1.2%; based on rental income, taxed at 12% | 1.2%, 12% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - The company's overseas subsidiaries, such as ASIAN EAGLE SHIPPING LIMITED, pay profit tax at **16.5%** of assessable profits; ASIAN EAGLE SHIPPING PTE.LTD. pays at **17%**; ASIAN EAGLE SHIPPING LIMITED (BVI) is exempt from corporate income tax[265](index=265&type=chunk)[266](index=266&type=chunk) - Domestic subsidiaries like Hainan Xuanhao Logistics Co., Ltd. are eligible for preferential corporate income tax policies for small and micro-profit enterprises[266](index=266&type=chunk) - According to relevant announcements, for small and micro-profit enterprises, the portion of annual taxable income not exceeding **RMB 1 million** is subject to a **25% reduction** in taxable income and a **20% corporate income tax rate**; the portion exceeding **RMB 1 million** but not exceeding **RMB 3 million** is also subject to a **25% reduction** in taxable income and a **20% corporate income tax rate**, with this policy extended until December 31, 2027[267](index=267&type=chunk)[268](index=268&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=97&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including balances, changes, impairment provisions, restricted assets, and related party transactions - Of the period-end monetary funds, **RMB 599,679,440.38** was restricted due to pledged bills, and **RMB 192,643.30** was restricted due to frozen accounts[269](index=269&type=chunk) - Accounts receivable period-end book balance was **RMB 78,845,072.14**, of which **RMB 39,770,392.14** was fully impaired (**100% provision**) on an individual basis[275](index=275&type=chunk) - Accounts receivable financing period-end balance was **RMB 108,401,166.19**, primarily bank acceptance bills; notes receivable endorsed or discounted but not yet due and derecognized amounted to **RMB 631,006,000.00**[300](index=300&type=chunk)[303](index=303&type=chunk) - Other receivables period-end book balance was **RMB 523,962,499.84**, mainly comprising receivables from agency business and futures margin[311](index=311&type=chunk) - Inventory period-end balance was **RMB 205,628,389.82**, mainly consisting of vessel fuel and merchandise inventory; **RMB 2,509,403.91** in merchandise inventory impairment provision was reversed or written off during the period[320](index=320&type=chunk)[323](index=323&type=chunk) - Long-term equity investments period-end book value was **RMB 2,148,363,554.02**, primarily an investment in the associate Zhonghe Guarantee[341](index=341&type=chunk) - Fixed assets period-end book value was **RMB 1,084,211,426.49**, mainly comprising vessels and auxiliary equipment[347](index=347&type=chunk) - Total restricted assets by ownership or use at period-end amounted to **RMB 1,930,556,187.21**, including monetary funds, other non-current assets, and long-term equity investments[372](index=372&type=chunk) - Short-term borrowings period-end balance was **RMB 628,720,556.48**, primarily from bill discounting[375](index=375&type=chunk) - Operating revenue for the current period was **RMB 675,453,719.28**, including **RMB 224,697,662.57** from shipping and **RMB 444,239,592.21** from commodity trading[418](index=418&type=chunk) - Investment income for the current period was **RMB 31,020,204.71**, mainly from long-term equity investments accounted for using the equity method, totaling **RMB 33,675,661.30**[432](index=432&type=chunk) - Credit impairment losses for the current period amounted to **RMB 17,960,966.17**, primarily due to a reversal of impairment for financial guarantees of **RMB 18,477,030.54**[434](index=434&type=chunk) [VIII. Research and Development Expenses](index=166&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) No information on research and development expenses is disclosed for this reporting period [IX. Changes in Consolidation Scope](index=166&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company established and consolidated Sichuan Xuanji International Trade Co., Ltd., ASIAN COURAGE SHIPPING LIMITED, and ASIAN WISDOM SHIPPING LIMITED - The company established Sichuan Xuanji International Trade Co., Ltd., ASIAN COURAGE SHIPPING LIMITED, and ASIAN WISDOM SHIPPING LIMITED, which were included in the company's consolidation scope during the reporting period[463](index=463&type=chunk) [X. Interests in Other Entities](index=168&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the company's corporate group structure, including major subsidiaries and their equity interests, and the financial information of its significant associate, Zhonghe Small and Medium Enterprise Guarantee Co., Ltd. - The company owns multiple wholly-owned subsidiaries whose business nature covers agency services, investment management, supply chain management, scientific research and technical services, shipping, logistics and warehousing, information technology services, trade and agency, business services, property management, hotel management, wholesale, and retail[465](index=465&type=chunk)[466](index=466&type=chunk)[467](index=467&type=chunk)[468](index=468&type=chunk) - The company's significant associate is Zhonghe Small and Medium Enterprise Guarantee Co., Ltd., with an equity interest of **26.62%**, accounted for using the equity method[473](index=473&type=chunk) Key Financial Information of Significant Associate Zhonghe Guarantee (June 30, 2025) | Item | Period-end Balance (RMB) | | :--- | :--- | | Total Assets | 9,810,625,768.44 | | Total Liabilities | 2,292,921,158.54 | | Owners' Equity Attributable to Parent Company | 7,517,704,609.90 | | Book Value of Equity Investment in Associate | 2,148,363,554.02 | | Operating Revenue | 224,058,399.49 | | Net Profit | 126,505,113.82 | | Total Comprehensive Income | 126,579,162.43 | | Dividends Received from Associate in Current Year | 39,930,000.00 | [XI. Government Grants](index=175&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses government grants recognized in profit or loss for the period, totaling **RMB 26,196.90**, primarily for job stabilization, housing, and fiscal support Government Grants Recognized in Profit or Loss (Jan-Jun 2025) | Type | Amount Recognized in Profit or Loss for Current Period (RMB) | Amount Recognized in Profit or Loss for Prior Period (RMB) | Reporting Item for Profit or Loss | | :--- | :--- | :--- | :--- | | Job Stabilization Subsidy | 1,446.90 | 0 | Other Income | | Housing Subsidy | 24,750.00 | 6,000.00 | Other Income | | Fiscal Support | 0 | 1,150,522.10 | Other Income | | Total | 26,196.90 | 1,156,522.10 | - | [XII. Risks Related to Financial Instruments](index=176&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks (primarily exchange rate risk) associated with its financial instruments through credit assessments, cash flow monitoring, and derivative instruments - The main risks arising from the company's financial instruments are credit risk, liquidity risk, and market risk (primarily exchange rate risk)[480](index=480&type=chunk) - Credit risk primarily arises from bank deposits, notes receivable, accounts receivable, and other receivables; the company controls credit risk by assessing customer creditworthiness, regular monitoring, and shortening or canceling credit periods[480](index=480&type=chunk)[481](index=481&type=chunk) - Liquidity risk is managed by maintaining and monitoring sufficient cash and cash equivalents, and by obtaining standby funding commitments from major financial institutions[482](index=482&type=chunk) Analysis of Maturity Periods for Period-End Financial Liabilities and Off-Balance Sheet Guarantees by Undiscounted Remaining Contractual Cash Flows (Unit: ten thousand RMB) | Item | Within 1 Year | 1 to 2 Years | 2 to 5 Years | Over 5 Years | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Financial Liabilities | 67,842.92 | 18,703.45 | 17,789.78 | 14,203.82 | 118,539.97 | | Financial Guarantees | 19,587.76 | 16,337.50 | 13,442.90 | 0 | 49,368.16 | - Market risk is primarily exchange rate risk, stemming from financial instruments denominated in currencies other than the functional currency, with major business settled in USD[488](index=488&type=chunk) - The company monitors its capital structure based on the asset-liability ratio (total liabilities divided by total assets); at period-end, the company's asset-liability ratio was **19.40%** (prior year-end: **13.28%**)[488](index=488&type=chunk) - The company conducts freight futures for risk management, but these are not designated as hedging instruments or do not meet hedge accounting criteria, so fair value changes are recognized directly in profit or loss[489](index=489&type=chunk) [XIII. Disclosure of Fair Value](index=179&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of assets and liabilities measured at fair value, primarily accounts receivable financing, categorized by fair value hierarchy, and explains the valuation techniques used - At period-end, the company's total assets continuously measured at fair value amounted to **RMB 108,401,166.19**, all of which were accounts receivable financing, classified as Level 3 fair value measurements[493](index=493&type=chunk)[498](index=498&type=chunk) - For financial instruments traded in active markets, the company determines fair value using their active market quotes; for those not traded in active markets, the company employs valuation techniques, primarily the discounted cash flow model and market comparable company model[499](index=499&type=chunk) - Financial assets and liabilities not measured at fair value but for which fair value is disclosed primarily include monetary funds, notes receivable, accounts receivable, other receivables, short-term borrowings, notes payable, accounts payable, other payables, and long-term payables[501](index=501&type=chunk) [XIV. Related Parties and Related Party Transactions](index=182&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section identifies the company's related parties and details related party transactions during the period, including purchases, services, leases, guarantees, and outstanding balances - As of June 30, 2025, HNA Technology Group held a **20.76%** stake in the company, making it the controlling shareholder; the company's ultimate controlling party is "no actual controller"[503](index=503&type=chunk) - The company engaged in related party transactions: purchasing goods from Huaan Property Insurance Co., Ltd. Beijing Branch for **RMB 28,294.53**, and purchasing services from Beijing HNA Digital Technology Holding Co., Ltd. for **RMB 3,335.09**[509](index=509&type=chunk) - The company provided services to Zhonghe Small and Medium Enterprise Guarantee Co., Ltd., with a current period amount of **RMB 162,790.86**[510](index=510&type=chunk) - As a lessor, the company leased properties to Shanghai Shangrong Supply Chain Management Co., Ltd. and Jinhai Smart Manufacturing Co., Ltd., recognizing lease income of **RMB 99,930.16** and **RMB 71,378.68**, respectively, for the current period[511](index=511&type=chunk) - As a guarantor, the company provided guarantees for related parties including HNA Group, HNA Eco-Tech Group Co., Ltd., and Shanghai Shangrong Supply Chain Management Co., Ltd., with outstanding guarantee balances totaling **RMB 493,681,596.23** at period-end[513](index=513&type=chunk) - Through equity investment in the current period, Hainan Xuntong International Logistics Co., Ltd. transferred its **10%** equity in Hainan Xuanqi International Trade Co., Ltd. to the company's wholly-owned subsidiary, resulting in the company holding **100%** equity in Hainan Xuanqi International Trade Co., Ltd.[514](index=514&type=chunk) - Receivables from related parties primarily include **RMB 38,048,071.00** from Tianhai Jinfu (Shenzhen) Co., Ltd. and other receivables[517](index=517&type=chunk) - Payables to related parties primarily include **RMB 3,313,837.49** to Grand China Shipping (Yantai) Co., Ltd. and other payables[518](index=518&type=chunk) [XV. Share-based Payment](index=189&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) No share-based payment related matters occurred during this reporting period [XVI. Commitments and Contingencies](index=190&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) This section discloses significant contingencies, primarily a container leasing dispute with Seaco Global Limited for **USD 2,244,462.90** plus interest, currently under second instance appeal - The company has a container leasing contract dispute with Seaco Global Limited, with a claim amount of **USD 2,244,462.90** plus interest[520](index=520&type=chunk) - The company lost in the first instance and was ordered to pay overdue container lease fees; the case is currently under second instance appeal[520](index=520&type=chunk) - As of June 30, 2025, the company had no other disclosable contingent matters[521](index=521&type=chunk) [XVII. Post-Balance Sheet Events](index=191&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) This section discloses post-balance sheet events, including the acquisition of a Capesize vessel and a proposed resolution to use capital reserves to cover parent company accumulated losses, pending shareholder approval - On August 5, 2025, the company signed a vessel purchase agreement with Herun Zhejiang Shipping Company Limited to acquire a Capesize vessel, HERUN ZHEJIANG, for **USD 48,025,000**, with expected delivery in September 2025[522](index=522&type=chunk) - On August 11, 2025, the company's board of directors approved a proposal to use **RMB 111,291,540.12** from parent company surplus reserves and **RMB 5,254,301,579.80** from capital reserves, totaling **RMB 5,365,593,119.92**, to cover parent company accumulated losses[523](index=523&type=chunk) - This loss coverage plan requires approval at the company's second extraordinary general meeting of shareholders in 2025[523](index=523&type=chunk) - As of August 19, 2025, the company had no other disclosable post-balance sheet events[524](index=524&type=chunk) [XVIII. Other Significant Matters](index=191&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details a settlement agreement with Xiamen International Trust Co., Ltd. regarding a debt, which the company's legal counsel believes will not ultimately require the company to bear - The company signed a "Settlement Agreement" with Xiamen International Trust Co., Ltd., committing to pay **RMB 84,421,729.49** in cash under specific conditions to acquire the income rights of retained debt claims[528](index=528&type=chunk) - If Xiamen Trust fails to obtain confirmation and/or settlement of the retained debt claims by December 20, 2027, HNA Technology will fulfill its guarantee obligation by making a one-time cash settlement before that date[528](index=528&type=chunk) - According to the opinion issued by Jingtian & Gongcheng Law Firm, considering current circumstances and comprehensive factors, the company is not expected to ultimately bear this debt[528](index=528&type=chunk) - The company's main businesses are shipping and commodity trading, and management monitors the operating performance of business units as a whole, thus only one operating segment exists, and no separate analysis of segment performance is required for reporting purposes[526](index=526&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=193&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the parent company's key financial statement items, including accounts receivable, other receivables, long-term equity investments, revenue, costs, and investment income - Parent company accounts receivable period-end book balance was **RMB 38,748,447.84**, all of which was fully impaired (**100% provision**) on an individual basis[193](index=193&type=chunk)[194](index=194&type=chunk) - Parent company other receivables period-end book balance was **RMB 4,100,312,257.29**, mainly comprising **RMB 3,955,141,584.48** due from subsidiaries[198](index=198&type=chunk) - Parent company long-term equity investments period-end book value was **RMB 3,859,769,154.02**, including **RMB 1,711,405,600.00** in investments in subsidiaries and **RMB 2,148,363,554.02** in investments in associates and joint ventures[201](index=201&type=chunk) - Parent company operating revenue for the current period was **RMB 2,614,807.39**, primarily from other business income[204](index=204&type=chunk) - Parent company investment income for the current period was **RMB 33,675,661.30**, entirely from long-term equity investments accounted for using the equity method[204](index=204&type=chunk)[205](index=205&type=chunk) [XX. Supplementary Information](index=205&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary information for H1 2025, including a detailed statement of non-recurring gains and losses and key ratios like return on net assets and earnings per share Current Period Non-Recurring Gains and Losses Details (Jan-Jun 2025) | Item | Amount (RMB) | | :--- | :--- | | Government Grants Recognized in Current Period Profit or Loss | 1,446.90 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises (Excluding Effective Hedging Related to Normal Business Operations) | -2,575,471.25 | | Reversal of Impairment for Financial Contract Guarantees | 18,477,030.54 | | Other Non-operating Income and Expenses Apart from the Above Items | 1,604,962.23 | | Less: Income Tax Impact | 221,516.19 | | Total | 17,286,452.23 | Return on Net Assets and Earnings Per Share (Jan-Jun 2025) | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 0.94 | 0.0247 | | Net Profit Attributable to Common Shareholders of the Company (Excluding Non-recurring Gains/Losses) | 0.71 | 0.0187 |

证券代码：600751 900938 证券简称：海航科技 海科 B 编号：临 2025-034 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法律责任。 海航科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 重要内容提示： 投资者可于 2025 年 8 月 20 日（星期三）至 8 月 26 日（星期二）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 600751@hnatech.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 （一） 会议召开时间：2025 年 8 月 27 日（星期三）13:00-14:00 会议召开时间：2025 年 8 月 27 日（星期三）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、参加人员 ...

转自：证券时报 人民财讯8月19日电，海航科技(600751)8月19日晚间披露2025年半年报，公司上半年实现营业收入6.75 亿元，同比增长30.1%；归母净利润为7149.57万元，同比下降23.89%。基本每股收益0.0247元。 ...

海航科技公告，2025年上半年营业收入6.75亿元，同比增长30.10%。净利润7149.57万元，同比下降 23.89%。 ...

证券之星消息，8月19日航运港口板块较上一交易日下跌0.27%，海航科技领跌。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。航运港口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) | | | --- | --- | --- | --- | --- | --- | --- | | 600717 | 天津港 | 5.01 | 2.66% | 60.02万 | | 3.01亿 | | 002320 | 海峡股份 | 8.43 | 1.57% | 72.65万 | | 6.17亿 | | 000905 | 厦门港务 | 8.31 | 1.22% | 21.99万 | | 1.83亿 | | 001872 | 招商港口 | 20.53 | 0.64% | 2.72万 | | 5570.28万 | | 600017 | 日照港 | 3.24 | 0.62% | 21.84万 | | 7055.66万 | | 600179 | 安通控股 | 3.25 | 0.62% | 58.60万 | | 1.89亿 | | 00 ...

从资金流向上来看，当日航运港口板块主力资金净流出8256.08万元，游资资金净流出6202.6万元，散户 资金净流入1.45亿元。航运港口板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601919 | 中远海控 | 7231.51万 | 4.40% | -1.94(乙 | -11.84% | 1.22亿 | 7.44% | | 600751 海航科技 | | 5349.69万 | 8.98% | -1564.09万 | -2.62% | -3785.60万 | -6.35% | | 002320 海峡股份 | | 4284.43万 | 7.16% | -2451.76万 | -4.10% | -1832.67万 | -3.06% | | 600428 | 中远海特 | 2468.73万 | 7.93% | -442.70万 | -1.42% | -2026.03万 | -6.51% | ...