Core Viewpoint - *ST Haichin (600753) reported significant improvements in financial performance for the first half of 2025, with a notable increase in revenue and net profit compared to the previous year [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 325 million yuan, a year-on-year increase of 50.38% [1]. - The net profit attributable to shareholders was 7.47 million yuan, up 120.41% from the previous year [1]. - In Q2 2025, total revenue was 242 million yuan, reflecting a staggering year-on-year increase of 541.4% [1]. - The net profit for Q2 2025 was 8.99 million yuan, an increase of 151.99% year-on-year [1]. - Gross margin improved significantly to 5.24%, up 704.48% year-on-year, while net margin reached 2.3%, an increase of 113.58% [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 7.77 million yuan, representing only 2.39% of revenue, a decrease of 84.96% year-on-year [1]. - The company reported a significant reduction in accounts receivable, down 70.78% to 38.35 million yuan, indicating improved cash flow management [1][3]. - Interest-bearing liabilities decreased by 77.58% to 4.52 million yuan, reflecting a stronger balance sheet [1]. Cash Flow and Investment Insights - Operating cash flow per share was -0.06 yuan, a decrease of 15.66% year-on-year, indicating challenges in cash generation despite improved profitability [1][4]. - The company experienced a 42.87% increase in cash flow from investing activities, attributed to reduced long-term asset investments in the charging service business [3]. - Financing activities saw a dramatic increase of 2608.55% in cash flow, primarily due to new borrowings from major shareholders for raw material purchases [3]. Business Operations and Strategic Developments - The company has expanded its LPG distribution business, which has contributed to the significant revenue growth [3]. - There was a notable increase in inventory levels by 1728.39%, driven by the procurement of raw materials for the LPG business [3]. - The company has also shut down inefficient charging stations, leading to asset disposal gains that significantly impacted financial results [4].

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Board of Directors and Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's Board of Directors and senior management affirm the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility; the report is unaudited, and key financial officers declare the financial statements are true, accurate, and complete - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[3](index=3&type=chunk) - All company directors attended the board meeting; the report is unaudited[4](index=4&type=chunk)[5](index=5&type=chunk) - The company's head, chief accounting officer, and head of accounting department declare the financial report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution and Risk Statement](index=2&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) This period has no profit distribution or capital reserve to share capital plan; the company warns investors that forward-looking statements are not substantive commitments and carry investment risks, with no non-operating fund occupation or illegal external guarantees by controlling shareholders or related parties - There is no profit distribution or capital reserve to share capital plan for this reporting period[6](index=6&type=chunk) - The company states that forward-looking descriptions do not constitute substantive commitments, reminding investors of investment risks[6](index=6&type=chunk) - The company has no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees violating prescribed decision-making procedures[6](index=6&type=chunk) - The company has detailed major risks in 'Section III Management Discussion and Analysis'[6](index=6&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) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including regulatory bodies, currency units, and abbreviations for the company, its controlling shareholder, and major subsidiaries, ensuring accuracy and consistency - Clarified abbreviations for regulatory bodies, currency units, the company, and its related parties mentioned in the report[10](index=10&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) [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the company's Chinese name, abbreviation, foreign name, and legal representative, providing fundamental identification information for investors - The company's Chinese name is Fujian Haiqin Energy Group Co., Ltd., abbreviated as Haiqin Shares, with Zhao Chenchen as legal representative[12](index=12&type=chunk) [Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, facilitating investor inquiries and communication - The Board Secretary is Tang Fengfeng, and the Securities Affairs Representative is Peng Dongran; both share the contact address at Building 17, Xinde Garden, No. 1856 Nanjiang Road, Dongzha Street, Nanhu District, Jiaxing City, Zhejiang Province[13](index=13&type=chunk) [Changes in Company Registration and Office Address](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section details the company's historical changes in registered address, now located at Fuzhou, Fujian, and specifies its current office address, website, and email - The company's registered address has undergone multiple changes, finally settling at Room 306, R&D Building 1, China Southeast Big Data Industrial Park, No. 2 Hujiang Road, Wenwusha Town, Changle District, Fuzhou City, Fujian Province[14](index=14&type=chunk) - The company's office address is Building 17, Xinde Garden, No. 1856 Nanjiang Road, Dongzha Street, Nanhu District, Jiaxing City, Zhejiang Province, and its website is https://www.gengstar.com/[14](index=14&type=chunk) [Information Disclosure Channels](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the company's designated information disclosure newspapers (Shanghai Securities News, Securities Times), website (www.sse.com.cn), and the location for semi-annual report availability (Board Secretary's Office), ensuring transparency - The company's information disclosure newspapers are Shanghai Securities News and Securities Times, and its website is www.sse.com.cn[15](index=15&type=chunk) [Company Stock Information](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides the company's stock exchange, stock abbreviation, stock code, and previous abbreviation, aiding investor identification and trading - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation '**ST Haiqin**' and stock code '**600753**', previously 'Gengxing Shares'[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue grew by **50.38% to CNY 325.32 million**, with net profit attributable to shareholders turning profitable at **CNY 7.47 million**, indicating significant operational improvement Key Accounting Data (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 325,318,322.41 | 216,332,863.89 | 50.38 | | Total Profit | 10,933,950.20 | -36,479,744.87 | Not applicable | | Net Profit Attributable to Shareholders | 7,468,714.47 | -36,588,380.57 | Not applicable | | Net Profit Attributable to Shareholders excl. Non-Recurring G&L | 5,163,115.45 | -35,877,923.59 | Not applicable | | Net Cash Flow from Operating Activities | -13,802,435.34 | -11,933,822.76 | Not applicable | | **Current Period-End vs. Prior Year-End** | | | | | Net Assets Attributable to Shareholders | 4,029,104.69 | -3,439,609.78 | Not applicable | | Total Assets | 306,697,379.63 | 162,003,552.78 | 89.32 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Period) | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (CNY/share) | 0.032 | -0.159 | Not applicable | | Diluted EPS (CNY/share) | 0.032 | -0.159 | Not applicable | | Basic EPS excl. Non-Recurring G&L (CNY/share) | 0.022 | -0.156 | Not applicable | | Weighted Average ROE (%) | 2,533.94 | -16.76 | Increase 2,550.70 percentage points | | Weighted Average ROE excl. Non-Recurring G&L (%) | 1,751.71 | -16.44 | Increase 1,768.15 percentage points | [Analysis of Non-Recurring Gains and Losses](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **CNY 2.31 million**, primarily from disposal of non-current assets and reversal of impairment provisions for individually tested receivables, positively impacting current profit Non-Recurring Gains and Losses Items and Amounts | Non-Recurring G&L Item | Amount (CNY) | | :--- | :--- | | Disposal Gains/Losses on Non-Current Assets | 2,043,821.21 | | Reversal of Impairment Provisions for Individually Tested Receivables | 1,041,422.93 | | Other Non-Operating Income and Expenses | -816,644.06 | | Other G&L Items Meeting Non-Recurring Definition (Individual Income Tax Handling Fee Refund) | 36,998.94 | | **Total** | **2,305,599.02** | [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) [Industry and Principal Business Overview](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) The company primarily operates in bulk commodity supply chain (LPG) and EV charging services, benefiting from national strategic support for digitalization and green transformation, growing LPG demand, and EV growth, despite increasing market competition - The company's principal businesses are bulk commodity supply chain (primarily **LPG**) and electric vehicle charging services[28](index=28&type=chunk) - The bulk commodity supply chain industry benefits from national policy support, emphasizing optimized resource flow, cost reduction, efficiency improvement, and promoting digitalization and green transformation[24](index=24&type=chunk) - **LPG** demand continues to grow in chemical applications and economically underdeveloped regions, with the industry expected to develop systematically under the 'Energy Law of the People's Republic of China'[25](index=25&type=chunk) - The charging infrastructure operation industry benefits from growing new energy vehicle ownership and 'new infrastructure' policy support, but market competition is intensifying, with market share concentrated among leading enterprises[26](index=26&type=chunk)[27](index=27&type=chunk) [Industry Overview](index=8&type=section&id=(%E4%B8%80)%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%E6%83%85%E5%86%B5) This section details the status, policy guidance, and development trends of the bulk commodity supply chain, LPG, and EV charging industries, offering a macro perspective on the company's business environment - The bulk commodity supply chain industry has been elevated to a national strategic level, with policies supporting digital platforms and supply chain enterprises to reduce logistics costs and increase efficiency[24](index=24&type=chunk) - **LPG** demand is dominated by chemical uses, environmental policies are driving increased industrial applications, and the Energy Law will have a systemic impact on the industry[25](index=25&type=chunk) - New energy vehicle ownership continues to grow, charging infrastructure receives strong policy support as 'new infrastructure', and technological innovation and county-level construction are new growth points[26](index=26&type=chunk)[27](index=27&type=chunk) [Principal Business Operations](index=9&type=section&id=(%E4%BA%8C)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's principal business is LPG supply chain, distributing nearly **70,000 tons** and expanding into Southeast Asia, while EV charging services served **840,000 users** with over **19 million kWh** charged - The company's principal business is **LPG** supply chain, sourcing raw materials from abroad, providing blended **LPG** to customers via port warehousing services, and expanding into Southeast Asian markets through a distribution model[28](index=28&type=chunk) - During the reporting period, the company cumulatively distributed nearly **70,000 tons of LPG**, serving users in provinces such as Guangxi, Guizhou, Yunnan, and Hunan[28](index=28&type=chunk) - For electric vehicle charging services, the company cumulatively served nearly **840,000 users**, with total charging volume exceeding **19 million kWh**[28](index=28&type=chunk) [Discussion and Analysis of Operations](index=9&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 focused on its core LPG business, leveraging Qinzhou Port, expanding into Southeast Asia, achieving **CNY 322 million** in revenue and **CNY 17.76 million** in gross profit, significantly improving profitability - The company concentrated resources on its principal business, optimized product categories, strengthened business models, and achieved steady growth in **LPG** distribution[29](index=29&type=chunk) - Achieving **CNY 322 million** in operating revenue and **CNY 17.76 million** in gross profit from **LPG** distribution was the primary reason for the company's return to profitability[29](index=29&type=chunk) - The company increased capital in its EV charging service operating entities through debt-to-equity conversion, improving the asset-liability structure, and dismantled inefficient stations, significantly reducing losses in this business[30](index=30&type=chunk) - The company strictly managed its budget, controlled non-essential expenditures, leading to a significant reduction in sales and administrative expenses, and actively responded to litigation disputes to protect its legitimate rights[30](index=30&type=chunk) [Analysis of Core Competencies](index=9&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 regional market advantage in Southwest China's rigid LPG demand, industrial resource advantage through Qinzhou Port partnerships, and international procurement creditworthiness supported by its controlling shareholder, aiding cost reduction - The company's **LPG** distribution business is based in Qinzhou, serving Southwest provinces, fully meeting rigid regional market demand and establishing a strong regional market advantage[32](index=32&type=chunk) - The company established close cooperation with Guangxi Huayi **LPG** Terminal and Tiansheng Port's multi-functional liquid chemical terminal, forming an industrial resource advantage related to warehousing and terminals in the Qinzhou Port area[32](index=32&type=chunk) - Leveraging the chemical industry background of its controlling shareholder and related parties, the company can relatively quickly obtain good international procurement creditworthiness, helping to reduce procurement costs[32](index=32&type=chunk) [Key Operating Performance](index=10&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) Operating revenue increased by **50.38%** due to LPG distribution growth, while sales and administrative expenses significantly decreased; the balance sheet saw substantial changes with increased receivables and inventory, and strategic equity investments were made - Operating revenue increased by **50.38%**, primarily due to the steady growth in **LPG** distribution business scale[34](index=34&type=chunk) - Sales and administrative expenses decreased by **93.61%** and **72.40%** respectively, mainly due to the company reducing unnecessary administrative office expenditures and strictly controlling expenses[34](index=34&type=chunk)[35](index=35&type=chunk) - Net assets attributable to shareholders turned positive, and total assets grew by **89.32%**, primarily due to increased **LPG** re-export business and raw material procurement[20](index=20&type=chunk) - The company's external equity investments include establishing a Hong Kong subsidiary, deregistering Shanghai Gengyun and Fujian Gengyun, and converting debt to equity for Shanghai Gengxing and Fuzhou Gengxing to optimize asset structure and business layout[41](index=41&type=chunk)[42](index=42&type=chunk) [Principal Business Analysis](index=10&type=section&id=(%E4%B8%80)%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) Operating revenue and costs significantly increased, while sales, administrative, and financial expenses decreased; investment income changed due to equity reclassification, asset disposal gains rose, and income tax expenses increased with higher profitability Analysis of Financial Statement Item Changes (Jan-Jun 2025 vs. Prior Period) | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 325,318,322.41 | 216,332,863.89 | 50.38 | | Operating Cost | 308,257,341.30 | 214,922,662.06 | 43.43 | | Selling Expenses | 674,998.03 | 10,567,128.41 | -93.61 | | Administrative Expenses | 6,116,676.94 | 22,165,879.41 | -72.40 | | Financial Expenses | 977,231.83 | 1,606,463.53 | -39.17 | | Net Cash Flow from Operating Activities | -13,802,435.34 | -11,933,822.76 | Not applicable | | Net Cash Flow from Investing Activities | -6,947,134.14 | -12,160,041.75 | Not applicable | | Net Cash Flow from Financing Activities | 13,207,301.67 | 487,615.61 | 2,608.55 | | Investment Income | 5,282.42 | -3,023,085.10 | Not applicable | | Asset Disposal Gains | 2,423,990.58 | 67,170.05 | 3,508.74 | | Income Tax Expense | 3,465,322.68 | 94,644.60 | 3,561.41 | - The change in asset disposal gains primarily resulted from the closure of inefficient charging stations during this period[36](index=36&type=chunk) - The significant increase in income tax expense is mainly due to a substantial increase in the company's principal business profitability this period[36](index=36&type=chunk) [Analysis of Assets and Liabilities](index=11&type=section&id=(%E4%B8%89)%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At period-end, accounts receivable and inventory significantly increased due to LPG re-export and raw material procurement, with accounts payable and long-term deferred expenses also rising, and some cash frozen due to litigation Changes in Assets and Liabilities (Period-End vs. Prior Year-End) | Item Name | Current Period-End (CNY) | Share of Total Assets (%) | Prior Year-End (CNY) | Share of Total Assets (Prior Year-End) (%) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 38,349,542.40 | 12.50 | 938,635.83 | 0.58 | 3,985.67 | | Inventory | 124,682,781.04 | 40.65 | 6,819,250.30 | 4.21 | 1,728.39 | | Construction in Progress | 2,189,858.40 | 0.71 | 1,345,121.69 | 0.83 | 62.80 | | Long-Term Deferred Expenses | 45,098.10 | 0.01 | 2,435.34 | 0.00 | 1,751.82 | | Accounts Payable | 198,774,514.24 | 64.81 | 70,616,028.53 | 43.59 | 181.49 | | Contract Liabilities | 8,506,764.37 | 2.77 | 13,001,710.26 | 8.03 | -34.57 | | Taxes Payable | 4,160,364.88 | 1.36 | 627,324.22 | 0.39 | 563.19 | | Other Payables | 56,459,251.25 | 18.41 | 40,439,961.36 | 24.96 | 39.61 | - Period-end monetary funds of **CNY 2,338,302.86** were frozen due to litigation and other reasons[40](index=40&type=chunk) [Analysis of Investment Status](index=12&type=section&id=(%E5%9B%9B)%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company made several equity investment adjustments, including establishing a Hong Kong subsidiary, liquidating two domestic subsidiaries, and converting debt to equity for **CNY 73 million** in two charging service subsidiaries to optimize business structure and balance sheets - The company's board approved the establishment of a wholly-owned subsidiary in Hong Kong, which is still in the process of being set up as of the report date[41](index=41&type=chunk) - The company deregistered its wholly-owned subsidiary Fujian Gengyun (completed business deregistration) and is in the process of deregistering Shanghai Gengyun[41](index=41&type=chunk) - The company and Fuzhou Xinggeng increased capital in Shanghai Gengxing by **CNY 62 million** through debt-to-equity conversion, and the company increased capital in Fuzhou Gengxing by **CNY 11 million**, with business change procedures completed[42](index=42&type=chunk)[45](index=45&type=chunk) [Analysis of Major Holding and Participating Companies](index=14&type=section&id=(%E5%85%AD)%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Among major subsidiaries, Guangxi Gengxing Energy excelled in LPG supply chain with **CNY 322 million** revenue and **CNY 10.20 million** net profit, while Shanghai Gengxing and Fuzhou Gengxing, both charging service subsidiaries, remained in minor losses Major Subsidiary Financial Data (Jan-Jun 2025) | Company Name | Company Type | Principal Business | Registered Capital (CNY '0,000) | Total Assets (CNY '0,000) | Net Assets (CNY '0,000) | Operating Revenue (CNY '0,000) | Operating Profit (CNY '0,000) | Net Profit (CNY '0,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Gengxing | Subsidiary | Charging services | 9,200.00 | 4,145.65 | -37.32 | 347.77 | -204.35 | -256.72 | | Fuzhou Gengxing | Subsidiary | Charging services | 2,100.00 | 2,288.84 | -50.33 | 197.56 | -115.51 | -115.37 | | Guangxi Gengxing | Subsidiary | LPG supply chain | 50.00 | 20,946.11 | 1,173.21 | 32,159.40 | 1,377.79 | 1,019.74 | [Risk Warning](index=14&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 multiple risks including macroeconomic and substitute impacts, geopolitical and exchange rate fluctuations, safety production, human resources, and delisting, with 2024 financial indicators triggering delisting risk warnings - The company faces macroeconomic fluctuations, natural gas replacing **LPG**, geopolitical conflicts, exchange rate volatility, safety production accidents and a shortage of professional talent[48](index=48&type=chunk) - The company's 2024 financial indicators (lower of total profit, net profit, or non-recurring net profit being negative, and negative period-end net assets) have triggered a financial delisting risk warning; if not improved in the next year, its shares may be delisted[48](index=48&type=chunk) [Major Risk Categories](index=14&type=section&id=(%E4%B8%80)%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) This section details five major risk categories: macroeconomic and substitute impacts, geopolitical and exchange rate fluctuations, safety production, human resources, and stock delisting risk, with the latter being particularly prominent due to poor 2024 financial indicators - Macroeconomic fluctuations and natural gas substitution for **LPG** may adversely affect the company's market expansion and operating performance[48](index=48&type=chunk) - Geopolitical conflicts, trade disputes, or extreme weather events may lead to increased raw material procurement costs and exchange loss risks[48](index=48&type=chunk) - **LPG** business carries safety production risks, where improper operations could lead to major accidents[48](index=48&type=chunk) - Insufficient professional talent in the Southwest region may hinder the company's business expansion and profitability improvement[48](index=48&type=chunk) - The company's 2024 financial indicators have triggered a financial delisting risk warning; if not improved in the next year, its shares may be delisted[48](index=48&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=16&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) [Changes in Directors and Senior Management](index=16&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company experienced multiple changes in its Board and senior management, including the dissolution of the Supervisory Board, resignations of a Vice Chairman/General Manager and a non-independent director, and the appointment of a new General Manager and Vice Chairman - The company abolished the Supervisory Board, with supervisors Huang Guoyun, Ge Jianshu, and Song Limiao resigning; the Supervisory Board's functions are now exercised by the Board's Audit Committee[53](index=53&type=chunk) - Vice Chairman and General Manager Jiang Binbin resigned from all positions due to personal reasons[54](index=54&type=chunk) - Mr. Lei Anhua was appointed as the company's General Manager and elected as a Director and Vice Chairman[54](index=54&type=chunk)[55](index=55&type=chunk) - Non-independent director Ms. Zhou Wenyao resigned due to personal reasons[55](index=55&type=chunk) [Profit Distribution Plan](index=16&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's semi-annual profit distribution or capital reserve to share capital plan is 'No', meaning no bonus shares, dividends, or capital increase from reserves - The company's semi-annual profit distribution or capital reserve to share capital plan is 'No', with no bonus shares, dividends, or capital increase from reserves[56](index=56&type=chunk)[57](index=57&type=chunk) [Section V Significant Matters](index=18&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) [Fulfillment of Commitments](index=18&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The controlling shareholder and actual controller strictly fulfilled commitments regarding personnel, asset, business, financial, and institutional independence, as well as resolving horizontal competition and related party transactions, with no instances of non-compliance - The controlling shareholder and actual controller committed to and fulfilled independence in personnel, assets, business, finance, and organization, without influencing listed company personnel appointments beyond exercising proposal and voting rights[59](index=59&type=chunk) - The controlling shareholder and actual controller committed not to engage in horizontal competition with the listed company and to ensure no harm to the company's and other shareholders' interests[59](index=59&type=chunk) - The controlling shareholder and actual controller committed to minimize and regulate related party transactions with the listed company and its controlled subsidiaries, adhering to fair and just principles[60](index=60&type=chunk) - All commitments were timely and strictly fulfilled, with no specific reasons for unfulfilled commitments or future plans[59](index=59&type=chunk)[60](index=60&type=chunk) [Changes and Handling of Non-Standard Audit Opinions from Previous Year](index=21&type=section&id=%E4%BA%94%E3%80%81%E4%B8%8A%E5%B9%B4%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E6%B6%89%E5%8F%8A%E4%BA%8B%E9%A1%B9%E7%9A%84%E5%8F%98%E5%8C%96%E5%8F%8A%E5%A4%84%E7%90%86%E6%83%85%E5%86%B5) Addressing the 2024 audit report's going concern uncertainty, the company achieved profitability in H1 2025, with positive net assets and **50.38%** revenue growth, enhancing its going concern ability, while a CSRC investigation remains ongoing without conclusion - The 2024 audit report highlighted significant going concern uncertainties due to net losses, negative net assets, and current liabilities exceeding current assets[63](index=63&type=chunk) - In H1 2025, net profit attributable to shareholders and non-recurring net profit both turned positive, net assets became positive, and operating revenue grew by **50.38%**, significantly improving going concern ability[64](index=64&type=chunk) - The company will continue to promote healthy development through strengthening its principal business, enhancing profitability, scientific management, improving quality and efficiency, compliant governance, and perfecting internal controls[64](index=64&type=chunk)[65](index=65&type=chunk) - The China Securities Regulatory Commission (CSRC) initiated an investigation into the company for alleged information disclosure violations; as of the report date, no conclusive opinion has been reached, and the company will cooperate and fulfill disclosure obligations[65](index=65&type=chunk)[66](index=66&type=chunk) [Significant Litigation and Arbitration](index=21&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company faced multiple significant litigations and arbitrations, including a **CNY 122 million** coal supply chain dispute and a settled sales contract dispute, with **43 new cases totaling CNY 198 million** in the past twelve months - Ningbo Xinggeng's coal supply chain dispute with Shaanxi Weitian Tengda Technology Co., Ltd. involves approximately **CNY 122 million** in goods and agency fees, with a lawsuit filed in Shanghai Minhang District People's Court[68](index=68&type=chunk) - Ningbo Xinggeng's sales contract dispute with Shanxi Lu'an Mining (Group) Zhangjiagang International Trade Co., Ltd. has been mediated, and part of the amount has been executed[68](index=68&type=chunk) - The company and its subsidiaries had **43 new cumulative litigation and arbitration cases** in the past twelve months, involving a total of approximately **CNY 198 million**[68](index=68&type=chunk) [Violations, Penalties, and Rectification by the Company, Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller](index=22&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company received a CSRC investigation notice on January 15, 2024, for alleged information disclosure violations; the investigation is ongoing without conclusion, and the company will cooperate and fulfill disclosure obligations - On January 15, 2024, the company received a 'Notice of Case Filing' from the CSRC, initiating an investigation for alleged information disclosure violations[69](index=69&type=chunk) - As of the report date, the aforementioned investigation has not reached a conclusive opinion; the company will actively cooperate and strictly fulfill its information disclosure obligations[69](index=69&type=chunk) [Explanation of Integrity Status of the Company, Controlling Shareholder, and Actual Controller](index=22&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) At period-end, a subsidiary had unfulfilled court judgments and frozen bank accounts, while the controlling shareholder and actual controller maintained good integrity - A subsidiary of the company has unfulfilled effective court judgments and frozen bank accounts[70](index=70&type=chunk) - During the reporting period, the integrity status of the company's controlling shareholder and actual controller was good[70](index=70&type=chunk) [Significant Related Party Transactions](index=22&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine related party transactions with Zhejiang Hongji Petrochemical and Guangxi Tiansheng Port, primarily for raw material purchases and logistics services, totaling **CNY 184 million**, within the annual estimated limit Actual Amount of Routine Related Party Transactions in H1 2025 | Related Party Transaction Type | Related Party | 2025 Annual Estimated Amount (CNY '0,000) | H1 2025 Actual Amount (CNY '0,000) | | :--- | :--- | :--- | :--- | | Purchase of raw materials from related parties | Zhejiang Hongji Petrochemical Co., Ltd. | 50,000.00 | 17,761.93 | | Acceptance of loading, unloading, warehousing and other comprehensive labor services from related parties | Guangxi Tiansheng Port Co., Ltd. | 1,000.00 | 674.68 | | **Total** | | **51,000.00** | **18,436.61** | - The actual amount of daily related party transactions with related parties did not exceed the annual estimated limit[73](index=73&type=chunk) [Other Significant Matters](index=24&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company name changed from 'Gengxing Energy Group Co., Ltd.' to 'Fujian Haiqin Energy Group Co., Ltd.', and the stock abbreviation from '*ST Gengxing' to '*ST Haiqin (Haiqin Shares)', with the stock code unchanged - The company name changed from 'Gengxing Energy Group Co., Ltd.' to 'Fujian Haiqin Energy Group Co., Ltd.'[75](index=75&type=chunk) - The stock abbreviation changed from '*ST Gengxing' to '**ST Haiqin (Haiqin Shares)**', with stock code '**600753**' remaining unchanged[75](index=75&type=chunk) [Section VI Share Changes and Shareholder Information](index=25&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) [Changes in Share Capital](index=25&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[77](index=77&type=chunk) [Shareholding Information](index=25&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **12,648** common shareholders; Zhejiang Haixin Energy held **25.00%** as the controlling shareholder, Fujian Ruishan Technology **10.60%**, and Shanghai Jieyu Asset Management **7.92%**, with **2 million shares** held by Zhonggeng Real Estate Group frozen - As of the reporting period end, the company had **12,648** common shareholders[78](index=78&type=chunk) Top Ten Shareholders' Shareholding (As of Report Period End) | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Haixin Energy Co., Ltd. | 57,576,845 | 25.00 | Unrestricted | 0 | | Fujian Ruishan Technology Co., Ltd. | 24,422,425 | 10.60 | Unrestricted | 0 | | Shanghai Jieyu Asset Management Co., Ltd. | 18,239,075 | 7.92 | Unrestricted | 0 | | Chen Shuxin | 7,184,475 | 3.12 | Unrestricted | 0 | | Nanjing Hengdatong Trading Co., Ltd. | 5,860,000 | 2.54 | Unrestricted | 0 | | Ge Jinqi | 2,436,820 | 1.06 | Unrestricted | 0 | | Lu Xiaobin | 2,065,300 | 0.90 | Unrestricted | 0 | | Zhonggeng Real Estate Group Co., Ltd. | 2,000,000 | 0.87 | Frozen | 2,000,000 | | Li Jinhua | 1,599,800 | 0.69 | Unrestricted | 0 | | Yang Bin | 1,515,000 | 0.66 | Unrestricted | 0 | - Controlling shareholder Zhejiang Haixin has no related party relationship with the other top ten shareholders; the company is unaware if other shareholders have related party relationships or are acting in concert[81](index=81&type=chunk) [Section VII Bond-Related Information](index=27&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) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[84](index=84&type=chunk) [Convertible Corporate Bonds](index=27&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[84](index=84&type=chunk) [Section VIII Financial Report](index=28&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) [Audit Report](index=28&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 - This semi-annual report is unaudited[86](index=86&type=chunk) [Financial Statements](index=28&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 H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, showing significant growth in consolidated total assets and owner's equity, and a return to profitability - The consolidated balance sheet shows that as of June 30, 2025, total assets were **CNY 306.70 million**, and total owner's equity attributable to the parent company was **CNY 4.03 million**, turning positive from the previous year-end[88](index=88&type=chunk) - The consolidated income statement shows that in H1 2025, the company achieved a net profit of **CNY 7.47 million**, with net profit attributable to parent company shareholders at **CNY 7.47 million**, returning to profitability[94](index=94&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-CNY 13.80 million**, from investing activities of **-CNY 6.95 million**, and from financing activities of **CNY 13.21 million**[99](index=99&type=chunk) [Consolidated Balance Sheet](index=28&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, total current assets were **CNY 207 million**, non-current assets **CNY 99.7 million**, total assets **CNY 307 million**; total current liabilities **CNY 277 million**, non-current liabilities **CNY 25.9 million**, total liabilities **CNY 303 million**, with owner's equity turning positive at **CNY 4.03 million** Consolidated Balance Sheet Key Data (June 30, 2025 vs. Dec 31, 2024) | Item | June 30, 2025 (CNY) | Dec 31, 2024 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 23,362,205.05 | 28,974,524.81 | | Accounts Receivable | 38,349,542.40 | 938,635.83 | | Inventory | 124,682,781.04 | 6,819,250.30 | | Total Current Assets | 206,982,884.49 | 55,375,710.09 | | Total Assets | 306,697,379.63 | 162,003,552.78 | | Accounts Payable | 198,774,514.24 | 70,616,028.53 | | Total Current Liabilities | 276,738,030.53 | 133,660,239.29 | | Total Liabilities | 302,605,609.80 | 165,380,410.47 | | Total Owner's Equity Attributable to Parent Company | 4,029,104.69 | -3,439,609.78 | [Consolidated Income Statement](index=32&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, total operating revenue reached **CNY 325 million**, a **50.38%** increase, with operating profit, total profit, and net profit all turning positive, and net profit attributable to parent company shareholders at **CNY 7.47 million**, significantly improving EPS to **CNY 0.032/share** Consolidated Income Statement Key Data (H1 2025 vs. H1 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 325,318,322.41 | 216,332,863.89 | | Total Operating Cost | 316,261,003.71 | 249,523,395.26 | | Operating Profit | 12,130,763.63 | -35,551,667.58 | | Total Profit | 10,933,950.20 | -36,479,744.87 | | Net Profit | 7,468,627.52 | -36,574,389.47 | | Net Profit Attributable to Parent Company Shareholders | 7,468,714.47 | -36,588,380.57 | | Basic EPS (CNY/share) | 0.032 | -0.159 | [Consolidated Cash Flow Statement](index=35&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, operating activities resulted in a net cash outflow of **CNY 13.80 million**, investing activities a net outflow of **CNY 6.95 million**, and financing activities a net inflow of **CNY 13.21 million**, with cash and cash equivalents totaling **CNY 21.02 million** at period-end Consolidated Cash Flow Statement Key Data (H1 2025 vs. H1 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -13,802,435.34 | -11,933,822.76 | | Net Cash Flow from Investing Activities | -6,947,134.14 | -12,160,041.75 | | Net Cash Flow from Financing Activities | 13,207,301.67 | 487,615.61 | | Net Increase in Cash and Cash Equivalents | -7,540,649.24 | -23,606,248.90 | | Period-End Cash and Cash Equivalents Balance | 21,023,902.19 | 14,927,678.57 | [Company Basic Information](index=46&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 has a registered capital of **CNY 230 million** and **230 million shares**, with stock abbreviation '*ST Haiqin' and code '600753'; its history includes multiple name and share capital changes, ultimately controlled by Zhong Renhai, operating in LPG wholesale and EV charging services within the wholesale and retail industry - The company's registered capital is **CNY 230,307,175.00**, total share capital is **230,307,175.00 shares**, stock abbreviation is '**ST Haiqin**', and stock code is '**600753**'[114](index=114&type=chunk) - The company primarily operates in **LPG** wholesale and electric vehicle charging services, belonging to the wholesale and retail industry[119](index=119&type=chunk) - The company's parent company is Zhejiang Haixin Energy Co., Ltd., and the ultimate actual controller is Zhong Renhai[119](index=119&type=chunk) [Basis of Financial Statement Preparation](index=47&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 Group's financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and CSRC disclosure regulations, using accrual accounting and historical cost measurement, with provisions for asset impairment - The Group's financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and relevant CSRC disclosure regulations[120](index=120&type=chunk) - Accounting is based on the accrual method, measured at historical cost except for certain financial instruments, with provisions for asset impairment[120](index=120&type=chunk) [Significant Accounting Policies and Estimates](index=47&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 business combinations, financial instruments, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, and deferred income tax, ensuring transparency and comparability - The company adheres to Enterprise Accounting Standards, accurately and completely reflecting its financial position and operating results[124](index=124&type=chunk) - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[143](index=143&type=chunk) - The company conducts impairment tests on non-current non-financial assets such as fixed assets, construction in progress, right-of-use assets, and intangible assets with finite useful lives[185](index=185&type=chunk) - Revenue is recognized when customers obtain control of goods; **LPG** business revenue is recognized upon goods dispatch, and charging service revenue upon completion of charging services[198](index=198&type=chunk) [Taxation](index=67&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (**6%, 9%, 13%**), Urban Maintenance and Construction Tax (**7%**), and Corporate Income Tax (**25% or 20%**), benefiting from small-profit enterprise income tax reductions and partial tax and fee exemptions Major Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income | 6%、9%、13% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7% | | Corporate Income Tax | See table below | 25%、20% | - The company's registered capital is **CNY 230,307,175.00**, total share capital is **230,307,175.00 shares**, stock abbreviation is '**ST Haiqin**', and stock code is '**600753**'[213](index=213&type=chunk)[214](index=214&type=chunk) - The company enjoys tax incentives for small-scale VAT taxpayers, small-profit enterprises, and individual businesses, including a 50% reduction in resource tax, urban maintenance and construction tax, property tax, urban land use tax, and stamp duty[214](index=214&type=chunk) [Notes to Consolidated Financial Statement Items](index=68&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 key consolidated financial statement items, including cash, receivables, inventory, fixed assets, and revenue, explaining period-end balances, changes, and accounting treatments - Period-end monetary funds totaled **CNY 23.36 million**, of which **CNY 2.34 million** was frozen due to litigation[216](index=216&type=chunk) - Period-end accounts receivable totaled **CNY 38.35 million**, with bad debt provisions of **CNY 149.7 million**, mainly due to expected unrecoverable receivables from Shaanxi Weitian Tengda Technology Co., Ltd. and Ningxia Weizhong Energy Technology Co., Ltd.[219](index=219&type=chunk)[220](index=220&type=chunk) - Period-end inventory totaled **CNY 124.7 million**, an increase of **1,728.39%** from the beginning of the period, primarily due to increased raw material purchases for **LPG** distribution expansion[38](index=38&type=chunk)[243](index=243&type=chunk) - Operating revenue was **CNY 325 million**, operating cost **CNY 308 million**, with principal business revenue mainly from bulk commodity supply chain (**CNY 321.5 million**) and charging services (**CNY 3.68 million**)[310](index=310&type=chunk)[313](index=313&type=chunk) - Period-end retained earnings were **-CNY 361.8 million**, a decrease from the beginning of the period, but net profit attributable to parent company owners for this period was **CNY 7.47 million**[307](index=307&type=chunk) [Research and Development Expenses](index=110&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company had no capitalized R&D project expenditures or significant externally acquired in-progress projects - The company has no capitalized R&D project expenditures[340](index=340&type=chunk) - The company has no significant externally acquired in-progress projects[341](index=341&type=chunk) [Changes in Consolidation Scope](index=111&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 Group deregistered one subsidiary, Fujian Gengyun Data Technology Co., Ltd., on May 7, 2025 - During the reporting period, the Group deregistered one subsidiary, Fujian Gengyun Data Technology Co., Ltd., on May 7, 2025[341](index=341&type=chunk) [Interests in Other Entities](index=112&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) The company owns several wholly-owned or controlled subsidiaries engaged in commodity sales, new energy sales, and information services, with registered capital ranging from **CNY 0.1 million to CNY 92 million**, forming the scope of consolidated financial statements Composition of Major Subsidiaries | Subsidiary Name | Principal Place of Business | Registered Capital | Business Nature | Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Ningbo Xinggeng Supply Chain Management Co., Ltd. | Ningbo | 40,000,000 | Commodity sales | 100 | | Shanghai Gengxing Energy Co., Ltd. | Shanghai | 92,000,000 | New energy sales | 62.50 (Direct), 37.50 (Indirect) | | Guangxi Haiqin Energy Co., Ltd. | Qinzhou | 500,000 | Commodity sales | 100 | | Fuzhou Gengxing Energy Co., Ltd. | Fuzhou | 21,000,000 | New energy sales | 100 | - The company has control over all listed subsidiaries and includes them in the consolidation scope[343](index=343&type=chunk) [Government Grants](index=113&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, government grants recognized in current profit or loss primarily consisted of individual income tax refund handling fees, totaling **CNY 36,998.94** Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Income-Related (Individual Income Tax Handling Fee Refund) | 36,998.94 | 40,709.08 | | Income-Related (Government Grant) | 0 | 10,000.00 | | **Total** | **36,998.94** | **50,709.08** | [Financial Instrument Risk Management](index=114&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's main financial instruments, including borrowings, receivables, and payables, expose it to market (exchange rate, interest rate, other price), credit, and liquidity risks, managed through credit limits, approvals, monitoring, and maintaining sufficient cash - The company's main financial instruments, including borrowings, accounts receivable, and accounts payable, expose it to market risks (exchange rate, interest rate, other prices), credit risk, and liquidity risk[347](index=347&type=chunk)[348](index=348&type=chunk) - The company mitigates credit risk by setting credit limits, conducting credit approvals, and monitoring procedures, and by depositing liquid funds in banks with higher credit ratings[349](index=349&type=chunk) - Company management monitors bank loan usage to ensure compliance with loan agreements, meet operational needs, and reduce the impact of cash flow fluctuations[350](index=350&type=chunk) [Fair Value Disclosure](index=115&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) At period-end, financial assets measured at fair value primarily comprised other equity instrument investments totaling **CNY 41.02 million**, valued using Level 3 fair value measurement via the 'listed company comparison method' Period-End Fair Value Measurement Items | Item | Period-End Fair Value (CNY) | | :--- | :--- | | Other Equity Instrument Investments | 41,016,700.00 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **41,016,700.00** | - The fair value measurement of other equity instrument investments uses the 'listed company comparison method' for valuation, belonging to Level 3 fair value measurement[354](index=354&type=chunk)[355](index=355&type=chunk) [Related Parties and Related Party Transactions](index=117&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) The company's parent is Zhejiang Haixin Energy, ultimately controlled by Zhong Renhai; significant related party transactions for goods and services totaled **CNY 184 million**, alongside related party leases, fund borrowings, and outstanding balances - The company's parent company is Zhejiang Haixin Energy Co., Ltd., and the ultimate controlling party is Zhong Renhai[356](index=356&type=chunk)[357](index=357&type=chunk) Related Party Transactions for Goods/Services (Current Period Amount) | Related Party | Related Party Transaction Content | Current Period Amount (CNY) | | :--- | :--- | :--- | | Zhejiang Hongji Petrochemical Co., Ltd. | Liquefied petroleum gas | 177,619,266.05 | | Guangxi Tiansheng Port Co., Ltd. | Loading, unloading, warehousing and other comprehensive labor services | 6,746,837.11 | - The company has multiple related party leases, including office properties and parking spaces, with some variable rents[363](index=363&type=chunk)[364](index=364&type=chunk)[365](index=365&type=chunk)[366](index=366&type=chunk) - The company has multiple intercompany borrowings with Zhejiang Haixin Energy Co., Ltd., ranging from **CNY 3 million to CNY 25 million**[368](index=368&type=chunk) - Period-end payables to related parties include **CNY 102 million** for goods to Zhejiang Hongji Petrochemical Co., Ltd. and **CNY 43.76 million** for intercompany funds to Zhejiang Haixin Energy Co., Ltd.[377](index=377&type=chunk) [Share-Based Payments](index=124&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) During the reporting period, the company had no share-based payment transactions, including equity-settled or cash-settled, and incurred no share-based payment expenses - During the reporting period, the company had no share-based payment transactions[379](index=379&type=chunk) [Commitments and Contingencies](index=125&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) As of June 30, 2025, the Group had no significant commitments or material contingencies requiring disclosure - As of June 30, 2025, the Group had no significant commitments requiring disclosure[379](index=379&type=chunk) - The company has no material contingencies requiring disclosure[380](index=380&type=chunk) [Events After the Balance Sheet Date](index=125&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) From the reporting period end to the financial report approval date, the company had no significant non-adjusting events, profit distribution, or sales return matters - From the reporting period end to the financial report approval date, the company had no significant non-adjusting events, profit distribution, or sales return matters[380](index=380&type=chunk)[381](index=381&type=chunk) [Other Significant Matters](index=126&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) During the reporting period, the company had no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information disclosures, or other material transactions affecting investor decisions - The company had no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information disclosures, or other significant matters[381](index=381&type=chunk) [Notes to Parent Company Financial Statement Items](index=127&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 details parent company financial statement items, including zero accounts receivable, **CNY

Market Overview - On August 22, the logistics sector declined by 0.49%, with Hengji Daxin leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Notable gainers in the logistics sector included: - Furande (605050) with a closing price of 16.50, up 6.04% and a trading volume of 128,200 shares, totaling 205 million yuan [1] - ST Yuanshang (603813) closed at 16.13, up 5.01% with a trading volume of 4,983 shares, totaling approximately 800,000 yuan [1] - Major decliners included: - Hengji Daxin (002492) closed at 7.24, down 2.82% with a trading volume of 131,800 shares, totaling approximately 96.3 million yuan [2] - Huami Duhai (872351) closed at 29.92, down 2.54% with a trading volume of 26,700 shares, totaling approximately 80.1 million yuan [2] Capital Flow - The logistics sector experienced a net outflow of 317 million yuan from institutional investors, while retail investors saw a net inflow of 245 million yuan [2] - Notable capital flows included: - Donghang Logistics (601156) had a net inflow of 66.26 million yuan from institutional investors, but a net outflow of 46.13 million yuan from retail investors [3] - Furande (605050) saw a net inflow of 33.59 million yuan from institutional investors, with retail investors experiencing a net outflow of 12.39 million yuan [3]

证券代码：600753 证券简称：*ST 海钦 公告编号：2025-069 福建海钦能源集团股份有限公司 关于累计诉讼、仲裁情况的公告 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： 上市公司所处的当事人地位：在本次新增累计诉讼、仲裁案件中,2 件为原 告，3 件为被告。 涉案的金额：福建海钦能源集团股份有限公司（以下简称"公司"）及下 属子公司自前次披露至今新增累计的诉讼、仲裁案件涉及金额合计约人民币 10,605,498.60 元（部分案件未考虑延迟支付的利息及违约金、诉讼费等，下同）。 对上市公司的影响：公司本次部分新增诉讼、仲裁案件尚未开庭审理或尚 未结案，具体影响金额将根据法院最终判决和执行金额确定，公司将依据企业会 计准则的要求和实际情况进行相应的会计处理。 一、新增累计诉讼、仲裁事项情况 自公司前期于 2025 年 5 月 26 日在上海证券交易所网站（www.sse.com.cn） 披露《关于重大诉讼进展及累计诉讼、仲裁进展的公告》（公告编号：2025-048） 至本公告披露日，公司及下属 ...

Market Overview - On August 14, the logistics sector declined by 0.66%, with Wanlin Logistics leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Individual Stock Performance - Hengji Dazheng (002492) saw a significant increase of 10.01%, closing at 7.69 with a trading volume of 500,900 shares and a turnover of 371 million yuan [1] - Jianfa Co. (600153) increased by 5.42%, closing at 10.90 with a trading volume of 706,000 shares and a turnover of 763 million yuan [1] - Wanlin Logistics (603117) experienced a decline of 5.34%, closing at 5.50 with a trading volume of 248,700 shares and a turnover of 138 million yuan [2] Capital Flow Analysis - The logistics sector experienced a net outflow of 510 million yuan from institutional investors, while retail investors saw a net inflow of 426 million yuan [2] - The table of capital flow indicates that Hengji Dazheng had a net inflow of 74.71 million yuan from institutional investors, while retail investors had a net outflow of 37.49 million yuan [3] Summary of Key Stocks - The top performers in terms of net inflow from institutional investors included Hengji Dazheng and Shunfeng Holdings (002352), which had a net inflow of 55.99 million yuan [3] - Other notable stocks with significant trading activity included Mierkewei (603713) and ST Guangwu (600603), with net inflows of 14.32 million yuan and 12.32 million yuan from institutional investors, respectively [3]

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、本次银行账户冻结情况概述 证券代码：600753 证券简称：*ST 海钦 公告编号：2025-068 福建海钦能源集团股份有限公司 关于全资子公司银行账户被冻结的公告 福建海钦能源集团股份有限公司（以下简称"公司"）财务人员近日查询银 行账户时获悉，公司全资子公司福州庚星能源有限公司（以下简称"福州庚星"） 新增银行账户被冻结，具体情况如下： | 户名 | 开户行 | 账户 | 账号 | 申请冻结金额 | 实际冻结金额 | | --- | --- | --- | --- | --- | --- | | | | 性质 | | （元） | （元） | | 福州庚星能 | 工行福州闽都 | 基本户 | 14************ | 136,305.00 | 136,305.00 | | 源有限公司 | 支行营业部 | | ***30 | | | | | 合计 | | | 136,305.00 | 136,305.00 | 二、本次银行账户冻结原因 经公司自查，本次福州庚星 ...

证券代码：600753 证券简称：*ST 海钦 公告编号：2025-064 福建海钦能源集团股份有限公司 第八届董事会第三十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 福建海钦能源集团股份有限公司（以下简称"公司"）第八届董事会第三十 三次会议于 2025 年 8 月 11 日，以现场结合通讯表决方式，在公司会议室召开， 会议应出席董事 8 名，实际出席董事 8 名。本次会议通知于 2025 年 8 月 8 日以邮 件形式向全体董事发出，本次会议由董事长赵晨晨先生召集并主持，公司全体高 级管理人员列席本次会议，会议的召集、召开程序符合《公司法》和《公司章程》 的有关规定。 二、董事会会议审议表决 （一）审议通过了《关于追加2025年度日常关联交易预计的议案》 公司根据业务发展的实际情况，预计原日常关联交易预计额度不能满足公司 经营发展需求，为保证公司日常经营业务持续、正常进行，公司拟追加与关联方 详情请见公司同日刊载于上海证券交易所网站（www.sse.com.cn）的《关于 ...

证券代码：600753 证券简称：*ST 海钦 公告编号：2025-067 非累积投票议案 福建海钦能源集团股份有限公司 关于召开2025年第四次临时股东会的通知 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： 一、 召开会议的基本情况 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间 本次股东会审议议案及投票股东类型 投票股东类型 序号 议案名称 A 股股东 上述议案已经公司第八届董事会第三十三次会议审议通过。具体内容请见公 司同日在上海证券交易所网站（www.sse.com.cn）披露的相关公告。 应回避表决的关联股东名称：浙江海歆能源有限责任公司 ? 股东会召开日期：2025年8月27日 ? 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (一) 股东会类型和届次 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 8 月 27 日 14 ...

Core Viewpoint - The company is convening its fourth extraordinary general meeting of shareholders in 2025 to discuss and approve the proposed additional daily related transactions for the year, ensuring compliance with legal and regulatory requirements [1][5][12]. Group 1: Meeting Details - The extraordinary general meeting is scheduled for August 27, 2025, at 14:30, located at 1856 Nanjing Road, Xinde Garden, Jiaxing City, Zhejiang Province [3]. - The meeting will be presided over by the chairman of the board, with the board secretary responsible for recording the proceedings [3][4]. Group 2: Agenda Items - The primary agenda item is the proposal for additional daily related transactions, which requires shareholder approval [5][12]. - The company has previously held board meetings to discuss the related transactions, with independent directors providing their opinions on the matter [5][6]. Group 3: Related Transactions - The company plans to increase the estimated amount of daily related transactions due to the original estimates being insufficient for operational needs, with the total expected amount rising from 51 million to 74 million yuan [6][10]. - The transactions include purchasing raw materials from Zhejiang Hongji Petrochemical Co., Ltd. and receiving comprehensive labor services from Guangxi Tiansheng Port Co., Ltd. [6][10]. Group 4: Related Parties - Zhejiang Hongji Petrochemical Co., Ltd. is a related party, with the actual controller holding 93.55% of its shares, and the chairman of the company also serving as a director there [8]. - Guangxi Tiansheng Port Co., Ltd. is another related party, with the same actual controller, indicating a close business relationship [9]. Group 5: Governance and Compliance - The company emphasizes that the related transactions are conducted at market prices and adhere to principles of fairness and transparency, ensuring no adverse effects on the company's financial status or independence [6][10]. - The meeting will also address the election of a new non-independent director, Mr. Jiang Weiwei, to enhance the governance structure [12][13].

姜卫威先生简历如下： 姜卫威，男，中国国籍，无境外永久居留权，1970 年 5 月出生，大学学历。 曾任职于河南大学出版社，曾担任深圳市九墨轩文化发展有限公司董事、法定代 表人，武汉敏声新技术有限公司董事。现任职于深圳粤康中医馆，并担任福建瑞 善科技有限公司董事、法定代表人。 姜卫威先生系公司股东福建瑞善科技有限公司的实际控制人，福建瑞善科技 有限公司持有公司 24,422,425 股股票，占公司总股本的 10.60%，姜卫威先生未 直接持有公司股份，不存在《公司法》等法律、法规、规范性文件、监管要求及 《公司章程》规定的不得担任公司董事的情形，从未受过中国证监会及其他有关 部门的处罚和证券交易所惩戒。 证券代码：600753 证券简称：*ST 海钦 公告编号：2025-066 福建海钦能源集团股份有限公司 关于补选董事的公告 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。 根据《公司法》《公司章程》的相关规定，为保证福建海钦能源集团股份有 限公司（以下简称"公司"）董事会的正常运作，完善公司治理结构，提升公司 治理水平 ...