证券代码：600770 证券简称：综艺股份 公告编号：2025-044 江苏综艺股份有限公司 关于重大资产购买报告书（草案）及摘要的修订说明公告 | 章节 | 标题 | 修订内容 | | --- | --- | --- | | 易标的评估 | 估情况 | 屋建筑物"、"4、固定资产-设备类资产"中分别补充披露 | | 情况 | | 对标的公司实际评估的案例，在"（四）资产基础法评估情 | | | | 况"之"12、资产基础法评估结果"中补充说明采用资产基 | | | | 础法评估结果与账面值相比各科目增减情况、资产基础法各 | | | | 科目评估值的合理性及采用其作为评估结果的合理性； | | | | 2、在"（五）收益法评估情况"之"3、收益法评估过程" | | | | 中补充说明收益法测算中标的公司未来收入预测的细节； | | | | 3、在"（六）评估结论"之"2、评估结论及分析"中结合 | | | | 收益法预测情况补充说明资产是否存在减值及合理性。 | | | | 1、在"（一）财务状况分析"之"1、资产结构分析"中补 充披露标的公司在建工程项目的建设情况及其可能带来的 | | | 三、标的公司的 ...

证券代码：600770 证券简称：综艺股份 公告编号：2025-046 江苏综艺股份有限公司 关于召开2025年第一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法律责任。 重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2025 年 9 月 12 日 9 点 00 分 (一) 股东会类型和届次 2025年第一次临时股东会 (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 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投票，应 按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》等有关规定执行。 (七) 涉及公开征集股东投票权 召开地点：江苏省南通市通州区兴东街道综艺数码城 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 12 日 至2025 年 9 月 12 日 采用上海证券交易所网络投票系 ...

格隆汇8月26日丨综艺股份(600770.SH)发布2025半年度报告，公司上半年实现营业收入2.13亿元，同比 增长40.82%；归母净利润1989.61万元，同比增长203.09%；扣非归母净利润-713.75万元，同比增长 79.66%。 ...

注：上网电价包括出售给电网的电价、政府补贴、能源卡收入等几部分组成，每个单 体电站项目的价格均不相同。 以上数据为阶段统计数据，未经审计。 证券代码：600770 证券简称：综艺股份 公告编号：临 2025-043 江苏综艺股份有限公司 2025 年半年度光伏电站经营数据公告 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。 特此公告！ 江苏综艺股份有限公司 二零二五年八月二十七日 区域 装机容量 (MW) 发电量 (Kwh) 上网电量(Kwh) 结算电量(Kwh) 上网电价 （元/KWH）注 新疆 20 7,861,000.00 7,861,000.00 7,861,000.00 0.72 江苏 11.8 7,647,460.00 7,647,460.00 7,647,460.00 0.70-0.92 美国 19 13,156,092.00 13,156,092.00 13,156,092.00 1.70 保加利亚 16.9 10,144,998.00 10,144,998.00 10,144,998.00 1.50- ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This chapter emphasizes the board and management's assurance of the semi-annual report's truthfulness, accuracy, and completeness, stating it's unaudited, with no profit distribution plan proposed, and highlights investment risks from forward-looking statements and significant risks in management discussion - Company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions, assuming individual and joint legal responsibility[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - No profit distribution or capital reserve capitalization plan is proposed for this reporting period[6](index=6&type=chunk) - Forward-looking statements regarding the company's future plans and development strategies do not constitute substantial commitments to investors; investors are advised to note investment risks[6](index=6&type=chunk) - The company has no non-operating fund occupation by controlling shareholders or related parties, nor any external guarantees 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 common terms used in the report, covering company names, regulatory bodies, key subsidiaries, business models, and technical jargon, to aid reader comprehension - "The Company, Zongyi Stock" refers to "Jiangsu Zongyi Co., Ltd."[12](index=12&type=chunk) - Lists names and abbreviations of major subsidiaries, such as "Tianyi Integrated," "Shenzhou Loongson," "Yinengda"[12](index=12&type=chunk) - Explains professional terms like "Fabless" (integrated circuit operation model focusing solely on design without manufacturing), "SOC" (System-on-Chip), "SREC" (Solar Renewable Energy Certificates)[12](index=12&type=chunk)[13](index=13&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%90%A5%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This chapter provides the company's basic information, contact details, stock overview, and key accounting data and financial indicators for the first half of 2025, showing operating revenue increased by 40.82% year-on-year, net profit attributable to parent company turned profitable, but net cash flow from operating activities significantly decreased, also detailing non-recurring gains and losses and explaining why certain investment income and fair value changes were classified as recurring [I. Company 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 discloses the company's Chinese name, abbreviation, foreign name and abbreviation, and legal representative information - Company Chinese name: Jiangsu Zongyi Co., Ltd., Abbreviation: Zongyi Stock[15](index=15&type=chunk) - Legal Representative: Zan Shengda[15](index=15&type=chunk) [II. Contact Persons and 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 the names, contact addresses, telephone numbers, fax numbers, and email addresses of the Board Secretary and Securities Affairs Representative - Board Secretary: Gu Zhengwei, Securities Affairs Representative: Xing Yumei[16](index=16&type=chunk) - Contact Address: Zongyi Digital City, Xingdong Street, Tongzhou District, Nantong City, Jiangsu Province[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](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 introduces the company's registered address, office address, postal code, company website, and email address - Company Registered Address: Huangjin Village, Xingdong Street, Tongzhou District, Nantong City, Jiangsu Province[17](index=17&type=chunk) - Company Website: http://www.600770.com[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](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 newspapers selected by the company for information disclosure, the website address for semi-annual reports, and the location for report storage - Newspapers selected for information disclosure: "Shanghai Securities News," "Securities Times," "China Securities Journal"[18](index=18&type=chunk) - Website address for semi-annual reports: http://www.sse.com.cn[18](index=18&type=chunk) [V. Company Stock Overview](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 type, listing exchange, stock abbreviation, and code - Stock Type: A-share, Listing Exchange: Shanghai Stock Exchange[19](index=19&type=chunk) - Stock Abbreviation: Zongyi Stock, Stock Code: 600770[19](index=19&type=chunk) [VII. 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%90%A5%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) This section discloses key accounting data and financial indicators for the current reporting period (January-June) compared to the same period last year, showing a 40.82% year-on-year increase in operating revenue and a turnaround to net profit attributable to parent company, but a significant decrease in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 213,149,581.25 | 151,367,880.46 | 40.82 | New consolidated subsidiary Jiangsu Xinju Environmental revenue, other subsidiaries' revenue increase | | Total Profit | 31,370,513.30 | -37,635,194.12 | N/A | Turned profitable | | Net Profit Attributable to Shareholders | 19,896,104.66 | -19,300,074.61 | N/A | Turned profitable, subsidiary Jiangsu Gaotou turned profitable, overseas subsidiary financial asset investment income increased | | Net Profit After Non-Recurring Items | -7,137,513.94 | -35,091,876.78 | N/A | Loss significantly reduced, operating revenue stable with growth, Jiangsu Gaotou turned profitable | | Net Cash Flow from Operating Activities | 3,844,470.59 | 40,260,614.15 | -90.45 | Increased cash payments for goods purchased by subsidiaries | | Net Assets Attributable to Shareholders (End of Period) | 3,365,869,494.37 | 3,257,346,762.39 | 3.33 | | | Total Assets (End of Period) | 5,483,615,868.70 | 5,438,047,248.23 | 0.84 | | | Basic EPS (yuan/share) | 0.02 | -0.01 | N/A | | | Diluted EPS (yuan/share) | 0.02 | -0.01 | N/A | | | Weighted Average ROE (%) | 0.60 | -0.60 | Increased by 1.2 percentage points | | [IX. Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section lists the non-recurring gains and losses and their amounts for the current reporting period, totaling 27,033,618.60 yuan, with the company classifying certain investment income and fair value changes as recurring gains and losses because equity investment is its main business - Total non-recurring gains and losses for this reporting period: **27,033,618.60 yuan**[26](index=26&type=chunk) - Among these, fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises amounted to **30,318,082.63 yuan**[26](index=26&type=chunk) - The company classified investment income from disposal of trading financial assets (**10,874,883.43 yuan**) and fair value change income (**26,480,032.44 yuan**) of subsidiary Jiangsu Gaotou as recurring gains and losses, as equity investment is its main business[28](index=28&type=chunk)[601](index=601&type=chunk)[602](index=602&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 chapter comprehensively analyzes the company's operating performance, industry, and main business development during the reporting period, delving into its core competitiveness and potential risks, with the company steadily developing around information technology, new energy, and equity investment, actively expanding markets, and planning to acquire Jilai Micro through a major asset restructuring, strategically focusing on the information technology sector, while management will address various risks by closely tracking policies, increasing technological innovation, improving foreign exchange management, and perfecting internal control systems [I. Explanation of the Company's Industry and Main Business Operations 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) During the reporting period, the company steadily developed around information technology, new energy, and equity investment, actively expanding markets and business areas, with chip design and application (integrated circuits, smart cards) and mobile game businesses continuing to grow in information technology, new energy business primarily focusing on solar power plant operations and expanding into VOCs adsorption and recovery technical services, and the equity investment market seeing a structural recovery, with the company aiming for medium-to-long-term returns through equity investments [(1) Information Technology](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%BF%A1%E6%81%AF%E7%A7%91%E6%8A%80) Information technology is a key focus area for the company, including chip design and application (integrated circuits, smart cards), mobile games, and information technology services, with the integrated circuit industry driven by emerging technologies like 5G and AI, showing optimistic prospects, the hearing aid chip market being competitive but seeing growing demand for domestic alternatives, the smart card industry maturing and benefiting from the popularization of contactless payments and growing demand in emerging markets, and mobile game business focusing on role-playing games, generating revenue through proprietary and co-operated platforms - Information technology is a key development area for the company, covering chip design and application, mobile games, and information technology services[31](index=31&type=chunk) - The integrated circuit industry is driven by emerging technologies like 5G, AI, and IoT, with continuous growth in scale and enhanced independent innovation capabilities[31](index=31&type=chunk) - The hearing aid chip market is highly competitive, but breakthroughs in domestic digital chip technology have led to sustained growth in demand for **cost-effective digital hearing aid chips**[33](index=33&type=chunk) - The smart card industry is maturing, benefiting from EMV migration in emerging markets and the popularization of contactless payments, with global market demand expected to grow[38](index=38&type=chunk) - Mobile game business primarily operates role-playing games, generating revenue from virtual value-added services and revenue sharing through proprietary and co-operated platforms[43](index=43&type=chunk) [(2) New Energy](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%96%B0%E8%83%BD%E6%BA%90) The company's new energy business primarily involves the construction and operation management of solar power plants, with grid-connected stations in multiple global locations, generating revenue from grid electricity fees, government subsidies, and energy certificates, while overseas power plants face risks from policy changes and electricity price fluctuations, but the company's team closely monitors and actively responds, and wholly-owned subsidiary Zongyi Photovoltaic acquired Xinju Environmental, expanding into VOCs adsorption and recovery technical services, possessing core competencies in ACF materials and energy-saving environmental protection equipment - The company's new energy business primarily focuses on solar power plant construction and operation management, with a total installed capacity of **97.54 MW** as of June 2025, all grid-connected[45](index=45&type=chunk)[46](index=46&type=chunk) - Revenue sources include grid electricity fees, government subsidies from the power plant's host country, and energy certificate income[46](index=46&type=chunk) - Overseas power plants face risks from changes in new energy policies in investment countries, geopolitical conflicts, and electricity price fluctuations[47](index=47&type=chunk) - Zongyi America obtains additional subsidy income through SREC card transactions; the Italian government amended energy laws to protect investors' interests; Romania's green energy certificate trading policy extended its validity[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - Wholly-owned subsidiary Zongyi Photovoltaic acquired Xinju Environmental, expanding into volatile organic compound (VOCs) adsorption and recovery technical services[50](index=50&type=chunk) - Xinju Environmental's main business includes ACF materials, VOCs adsorption solvent recovery equipment, and environmental equipment manufacturing, providing a one-stop service system[50](index=50&type=chunk)[51](index=51&type=chunk) [(3) Equity Investment](index=13&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84) In the first half of 2025, China's equity investment market showed structural differentiation and partial recovery, with fundraising and investment increasing year-on-year, and hard technology being a hot spot, while subsidiary Jiangsu Gaotou primarily engages in equity investment, providing equity capital to high-tech, high-growth enterprises, expecting medium-to-long-term returns through listings or equity transfers - In the first half of 2025, China's equity investment market saw year-on-year increases in fundraising and investment, with hard technology sectors (IT, semiconductors, biotechnology, AI, etc.) being market hotspots[52](index=52&type=chunk) - Jiangsu Gaotou primarily engages in equity investment, providing equity capital to high-tech, high-growth startups, aiming for high medium-to-long-term returns through listings or equity transfers[53](index=53&type=chunk) [II. Discussion and Analysis of Operating Performance](index=13&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) During the reporting period, the company steadily operated around its core businesses of information technology, new energy, and equity investment, optimizing its management system, promoting quality and efficiency improvements in its main businesses, and strengthening internal growth drivers, while concurrently actively exploring external synergistic development, planning to acquire Jilai Micro through a major asset restructuring, strategically focusing on the information technology sector, with each business segment making specific progress, but some subsidiaries faced market pressure leading to performance challenges [(1) Information Technology](index=13&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%BF%A1%E6%81%AF%E7%A7%91%E6%8A%80) During the reporting period, the company's information technology sector developed steadily, with chip design and application businesses continuously improving efficiency, and mobile game and information technology services remaining stable, while Nanjing Tianyue's hearing aid chip business was stable, with increased domestic market share, Shenzhou Loongson's integrated circuit business continued to expand, with sales of the new generation high-performance processor GSC32A0, but net profit was negative due to sales volume, gross margin pressure, and increased R&D investment, and Yinengda's smart card business faced market competition, enhancing competitiveness by consolidating traditional areas, expanding into emerging markets, optimizing the supply chain, and increasing R&D investment - Nanjing Tianyue's hearing aid chip business was generally stable, with本土 market share gradually increasing, focusing on mid-to-low-end OTC market demand[55](index=55&type=chunk) - Shenzhou Loongson's new generation high-performance processor GSC32A0 achieved external sales, but net profit for this reporting period was **negative** due to factors such as sales volume, gross margin pressure, and increased R&D investment[56](index=56&type=chunk) - Yinengda's smart card business continued to deeply cultivate traditional areas like financial social security cards and urban one-card systems, and actively expanded into emerging markets such as Southeast Asia and Africa, achieving year-on-year growth in export sales[58](index=58&type=chunk)[59](index=59&type=chunk) - Palm Pearl maintained basic stability in its main business revenue by optimizing existing games and expanding new cooperation channels, but performance showed a **slight loss**[60](index=60&type=chunk) - The company plans to acquire a controlling stake in Jiangsu Jilai Microelectronics Co., Ltd. through a major asset restructuring, focusing on improving quality and efficiency in the core industrial segment of information technology[61](index=61&type=chunk) [(2) New Energy](index=15&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%96%B0%E8%83%BD%E6%BA%90) The company's new energy business primarily focuses on the operation, maintenance, and management of existing power plants, distributed across multiple countries both domestically and internationally, with the O&M team ensuring stable operation and maximizing economic benefits through professional management, while the European photovoltaic market, driven by geopolitical factors and carbon neutrality goals, saw increased electricity revenue for some power plants, and subsidiary Xinju Environmental, through a "civilian product scale + industrial product specialization" dual-driven strategy, made positive progress in activated carbon fiber materials and energy-saving environmental protection equipment, and deepened synergistic development in the phenolic fiber industrial chain - The company's new energy business primarily involves the operation, maintenance, and management of existing power plants, distributed across multiple countries and regions both domestically and internationally, including the United States, Italy, Bulgaria, Romania, Xinjiang, and Jiangsu[62](index=62&type=chunk) - The company's power plant O&M team ensured stable operation of the power plant systems and maximized overall power generation and economic benefits through scientific and efficient solutions[62](index=62&type=chunk) - The European photovoltaic market, influenced by unstable energy imports after the Russia-Ukraine conflict and the EU's demand for reduced carbon emissions, saw increased electricity revenue for some of the company's power plants[63](index=63&type=chunk) - Xinju Environmental consolidated its market advantage in industrial adsorption and recovery in the activated carbon fiber business, actively expanded into the civilian market, and deepened synergistic development in the phenolic fiber industrial chain[64](index=64&type=chunk) - Xinju Environmental focused on niche markets in energy-saving environmental protection equipment, continuously improving equipment energy efficiency through technological innovation, with significantly enhanced market recognition[64](index=64&type=chunk) [(3) Equity Investment](index=16&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84) Subsidiary Jiangsu Gaotou, following the strategy of "optimizing existing assets and planning new investments," strengthened management of existing projects, promoted the listing of high-quality projects, and disposed of projects not aligned with its strategy, while for new project reserves, it focused on hard technology sectors such as semiconductors, artificial intelligence, and new energy, completing an investment in Shandong Zhongke Jilian Optoelectronic Integrated Technology Research Institute Co., Ltd. in the first half of the year - Jiangsu Gaotou operated under the overall strategy of "optimizing existing assets and planning new investments," promoting efficient management and orderly exit of existing projects through differentiated management strategies[65](index=65&type=chunk) - Among existing projects, Jiangsu Yadian Technology Co., Ltd. and Shanghai Baiying Biotechnology Co., Ltd.'s listing applications were accepted by the STAR Market and Beijing Stock Exchange, respectively; Nanjing Pu'ai Medical Equipment Co., Ltd. submitted an application for listing on the main board of the Hong Kong Stock Exchange[65](index=65&type=chunk) - New project reserves focused on strategic emerging industries such as semiconductors, artificial intelligence, new energy, aerospace, humanoid robots, and high-end equipment manufacturing[66](index=66&type=chunk) - In the first half of the year, Jiangsu Gaotou completed an investment in Shandong Zhongke Jilian Optoelectronic Integrated Technology Research Institute Co., Ltd.[66](index=66&type=chunk) [Significant Changes in the Company's Operating Performance During the Reporting Period, and Matters with Significant Impact on the Company's Operating Performance During the Reporting Period and Expected Future Significant Impact](index=17&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%EF%BC%8C%E4%BB%A5%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8F%91%E7%94%9F%E7%9A%84%E5%AF%B9%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E6%9C%89%E9%87%8D%E5%A4%A7%E5%BD%B1%E5%93%8D%E5%92%8C%E9%A2%84%E8%AE%A1%E6%9C%AA%E6%9D%A5%E4%BC%9A%E6%9C%89%E9%87%8D%E5%A4%A7%E5%BD%B1%E5%93%8D%E7%9A%84%E4%BA%8B%E9%A1%B9) During the reporting period, the company initiated a major asset restructuring project, planning to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. through cash capital increase and voting rights entrustment, which, if successfully completed, will add R&D, production, and sales of power semiconductor chips and devices, optimize the company's industrial chain layout, strategically focus on the core information technology industry, and is expected to expand operating revenue and profitability, enhancing risk resistance - The company initiated a major asset restructuring project to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. through cash capital increase and voting rights entrustment[67](index=67&type=chunk) - Jilai Micro specializes in the R&D, production, and sales of power semiconductor chips and devices, and is a national-level "specialized, refined, unique, and new" small giant enterprise[67](index=67&type=chunk) - If this major asset restructuring is successfully completed, the company will add R&D, production, and sales of power semiconductor chips and devices, optimizing its industrial chain layout and strategically focusing on the core industrial segment of information technology[67](index=67&type=chunk) - This restructuring is expected to expand the company's operating revenue and profitability, improve overall operating efficiency, and enhance the company's risk resistance[67](index=67&type=chunk) - This major asset acquisition is subject to approval by the company's shareholders' meeting and requires approval, ratification, or consent from competent regulatory authorities before formal implementation[67](index=67&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=17&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) During the reporting period, there were no significant changes in the company's core competitiveness across its business segments, with Nanjing Tianyue developing independent core technologies in hearing aid chip algorithms and R&D, Shenzhou Loongson possessing proprietary processor design technology and full industrial chain development and operation capabilities, and Yinengda having comprehensive business qualifications, leading R&D and production processes, and stable customer resources in smart cards and equipment, while in new energy, the company has integrated capabilities and a professional team in photovoltaic power plant development, construction, and operation, with most power plants enjoying high government subsidies, and Xinju Environmental provides adsorption and recovery solutions and environmental materials/equipment in ACF materials and VOCs waste gas treatment, and in equity investment, Jiangsu Gaotou, with over two decades of experience, possesses resource integration capabilities, an experienced team, a value investment philosophy, and a dynamic risk management system [(1) Information Technology](index=17&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%BF%A1%E6%81%AF%E7%A7%91%E6%8A%80) The company's core competitiveness in information technology lies in chip design and application and mobile game businesses, with Nanjing Tianyue developing independent core technologies in hearing aid chip algorithms and R&D, Shenzhou Loongson possessing proprietary Loongson processor design technology and full industrial chain development and operation capabilities, Yinengda, as a professional manufacturer of smart cards and related equipment, having comprehensive business qualifications, leading R&D and production processes, and stable customer resources, and Palm Pearl, as a mobile game developer, accumulating deep industry experience, mature technical reserves, and rich user and IP resources - Nanjing Tianyue has developed independent core technologies in hearing aid chip algorithm R&D (feedback cancellation, noise suppression, multi-microphone pickup, and power optimization) and chip R&D (HA3950, HA350D platforms), and was the first in China to achieve industrialization of digital hearing aid products[68](index=68&type=chunk) - Shenzhou Loongson possesses proprietary Loongson processor design technology, inheriting industrial-grade chip wide temperature range, high reliability, and low power SOC design technology, forming full industrial chain development and operation capabilities from chips to boards, solutions, and end products[69](index=69&type=chunk)[70](index=70&type=chunk) - Yinengda, as one of the earliest professional manufacturers of smart cards and related equipment in China, has built comprehensive business qualifications and domestic leading R&D, production processes, and manufacturing levels for smart cards and related self-service equipment applications, backed by **30 years of steady operation and technological accumulation**, and has obtained multiple international certifications such as ICCRA, VISA, and MasterCard[71](index=71&type=chunk) - Palm Pearl is one of China's first mobile game developers and operators, accumulating deep industry experience, mature technical reserves, excellent mid-to-heavy RPG game genes, and rich game user and IP resources[72](index=72&type=chunk) [(2) New Energy Business](index=18&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%96%B0%E8%83%BD%E6%BA%90%E4%B8%9A%E5%8A%A1) The company's core competitiveness in new energy business lies in its integrated capabilities for photovoltaic power plant development, construction, and operation, and business expansion, with the company having deployed photovoltaic power plants domestically and internationally since 2010, possessing a professional and highly capable team, forming a scientific and efficient control mechanism to maximize power plant returns, and enjoying high government subsidies, while subsidiary Xinju Environmental provides adsorption and recovery solutions, ACF environmental materials, and related equipment in the field of VOCs waste gas adsorption, recovery, and separation treatment, building multi-dimensional competitive advantages through technological innovation and strategic upgrades - Since 2010, the company has deployed photovoltaic power plants in multiple countries and regions both domestically and internationally, building a team with exquisite professional technology and outstanding management capabilities, possessing integrated capabilities from photovoltaic power plant development, construction to operation[73](index=73&type=chunk) - Most of the company's power plants, built earlier, enjoy relatively stable government subsidies that are **higher than those for later-built and grid-connected photovoltaic power plants**[73](index=73&type=chunk) - Xinju Environmental, as one of the few high-tech enterprises in China that can provide both adsorption and recovery solutions and ACF environmental materials and related equipment to customers, has long been deeply involved in ACF materials and VOCs waste gas adsorption, recovery, and separation treatment[73](index=73&type=chunk) - Xinju Environmental builds multi-dimensional competitive advantages through production line upgrades, expansion into civilian markets, integration and improvement of technology, and optimization of management systems[73](index=73&type=chunk) [(3) Equity Investment Business](index=18&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E4%B8%9A%E5%8A%A1) Jiangsu Gaotou has been deeply involved in equity investment for over two decades, possessing brand influence, forming unique resource integration capabilities, an experienced and highly stable core team, a value investment philosophy, and a dynamic and rigorous risk management system, ensuring asset preservation and appreciation - Jiangsu Gaotou has been deeply involved in the equity investment sector for **over two decades**, possessing significant brand influence and a good reputation within the industry[75](index=75&type=chunk) - It has forged unique and sustainable core competencies, including resource integration capabilities, an experienced and highly stable core team, adherence to a value investment philosophy, and the establishment of a dynamic and rigorous risk management system[75](index=75&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=19&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 chapter details the company's key operating performance during the reporting period, including changes in financial statement items, impact of non-core businesses on profit, asset and liability status, and investment situation, with both operating revenue and costs seeing significant growth, net profit attributable to parent company turning profitable, but net cash flow from operating activities significantly decreasing, while overseas assets account for a high proportion of total assets, primarily due to overseas solar power plant projects, and the company pledged its 51.70% equity in Yinengda to guarantee a 180 million yuan comprehensive credit line for Yinengda from Shenzhen Rural Commercial Bank, with the company's investment amounting to 25.92 million yuan, mainly from subsidiary Jiangsu Gaotou's investment in Shandong Zhongke Jilian Optoelectronic Integrated Technology Research Institute Co., Ltd. [(1) Analysis of Main Business](index=19&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section details the changes in operating revenue, operating costs, selling expenses, administrative expenses, financial expenses, R&D expenses, and net cash flows for the current reporting period compared to the same period last year, along with their main reasons, showing both the company's operating revenue and costs saw significant growth, R&D expenses increased substantially, but net cash flow from operating activities significantly decreased Financial Statement Related Item Changes Analysis | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 213,149,581.25 | 151,367,880.46 | 40.82 | New consolidated subsidiary Jiangsu Xinju Environmental revenue, other subsidiaries' revenue increase | | Operating Cost | 164,146,697.72 | 108,450,700.13 | 51.36 | Increase in operating revenue | | Selling Expenses | 7,943,932.87 | 7,118,265.23 | 11.60 | | | Administrative Expenses | 64,112,099.10 | 59,819,782.64 | 7.18 | | | Financial Expenses | 134,050.20 | -750,011.81 | N/A | | | R&D Expenses | 7,575,100.92 | 4,393,398.06 | 72.42 | New consolidated subsidiary Jiangsu Xinju Environmental R&D expenses | | Net Cash Flow from Operating Activities | 3,844,470.59 | 40,260,614.15 | -90.45 | Increased cash payments for goods purchased by subsidiaries | | Net Cash Flow from Investing Activities | 10,922,113.46 | -41,350,504.20 | N/A | Last period, subsidiary Jiangsu Gaotou purchased more wealth management products | | Net Cash Flow from Financing Activities | -21,727,599.13 | -38,773,521.84 | N/A | Last period, more matured bank loans were repaid | [(2) Explanation of Significant Profit Changes Due to Non-Core Businesses](index=19&type=section&id=%28%E4%BA%8C%29%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%AF%BC%E8%87%B4%E5%88%A9%E6%B6%A6%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E7%9A%84%E8%AF%B4%E6%98%8E) Investment income significantly increased this period, mainly due to overseas subsidiaries utilizing idle funds for securities investment and realizing gains from disposing of some invested targets - Investment income for this period was **24,466,325.69 yuan**, compared to 0 yuan in the same period last year, primarily due to overseas subsidiaries utilizing a portion of their idle funds for securities investment and realizing gains from disposing of some invested targets this period[79](index=79&type=chunk) [(3) Analysis of Assets and Liabilities](index=20&type=section&id=%28%E4%B8%89%29%20%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 the end of the reporting period, both the company's total assets and net assets attributable to shareholders increased, with monetary funds, receivables, and long-term borrowings increasing, while inventories, short-term borrowings, and contract liabilities decreased, and overseas assets accounted for a high proportion of total assets, mainly due to overseas solar power plant projects, and the company pledged its 51.70% equity in Yinengda to guarantee a 180 million yuan comprehensive credit line for Yinengda from Shenzhen Rural Commercial Bank Asset and Liability Status Changes | Item Name | Current Period End (yuan) | Current Period End as % of Total Assets | Prior Period End (yuan) | Prior Period End as % of Total Assets | Change from Prior Period End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,065,657,982.61 | 19.43 | 1,048,464,217.91 | 19.28 | 1.64 | | Receivables | 183,924,409.86 | 3.35 | 175,902,885.10 | 3.23 | 4.56 | | Inventories | 124,968,126.77 | 2.28 | 131,410,639.19 | 2.42 | -4.90 | | Long-term Equity Investments | 157,238,964.39 | 2.87 | 184,952,867.33 | 3.40 | -14.98 | | Fixed Assets | 1,185,465,401.92 | 21.62 | 1,194,460,163.49 | 21.96 | -0.75 | | Short-term Borrowings | 118,789,896.60 | 2.17 | 158,343,437.35 | 2.91 | -24.98 | | Contract Liabilities | 57,504,180.69 | 1.05 | 72,252,132.66 | 1.33 | -20.41 | | Long-term Borrowings | 171,517,500.00 | 3.13 | 160,505,000.00 | 2.95 | 6.86 | - Overseas assets at the end of the reporting period amounted to **1,656.7068 million yuan**, accounting for **30.21%** of total assets, primarily consisting of assets on overseas subsidiaries' books and foreign currency deposits, stocks, and other financial assets consolidated in UBS Hong Kong accounts[81](index=81&type=chunk)[82](index=82&type=chunk) - The company pledged its **51.70%** equity in Yinengda to guarantee a **180 million yuan** comprehensive credit line for Yinengda from Shenzhen Rural Commercial Bank Sub-branch[83](index=83&type=chunk) [(4) Analysis of Investment Status](index=21&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment amounted to 25.92 million yuan, mainly from subsidiary Jiangsu Gaotou's investment in Shandong Zhongke Jilian Optoelectronic Integrated Technology Research Institute Co., Ltd., and as of the end of the reporting period, the total fair value of financial assets measured at fair value was 2,310,358,114.24 yuan, primarily including trading financial assets (stocks, wealth management products) and other non-current financial assets (funds) - During the reporting period, the company's investment amounted to **25.92 million yuan**, mainly from subsidiary Jiangsu Gaotou's investment in Shandong Zhongke Jilian Optoelectronic Integrated Technology Research Institute Co., Ltd., accounting for **1.9003%** of the invested company's equity[86](index=86&type=chunk) Overview of Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Amount Purchased for Current Period (yuan) | Amount Sold/Redeemed for Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets - Stocks | 353,428,519.03 | 6,326,277.69 | 168,250,924.66 | -4,692,720.15 | 268,654,433.09 | | Wealth Management Products | 251,285,439.26 | 385,198.69 | 399,844,479.23 | 268,315,456.69 | 385,148,501.45 | | Other Equity Instrument Investments | 118,953,899.99 | -20,000.00 | 0 | 0 | 118,933,899.99 | | Other Non-current Financial Assets | 1,503,419,007.17 | 25,459,516.62 | 25,920,000.00 | 15,646,666.67 | 1,537,621,279.71 | | **Total** | **2,227,086,865.45** | **32,170,993.00** | **474,167,980.93** | **452,213,048.02** | **2,310,358,114.24** | [(6) Analysis of Major Holding and Participating Companies](index=24&type=section&id=%28%E5%85%AD%29%20%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) This section lists the basic information of the company's major holding and participating companies, including company type, main business, registered capital, total assets, net assets, operating revenue, operating profit, and net profit, with subsidiaries like Jiangsu Gaotou, Zongyi Photovoltaic, and Zongyi Solar (USA) achieving profitability, while Shenzhen Yinengda, Nanjing Tianyue, and Beijing Palm Pearl incurred losses Major Holding and Participating Companies Financial Overview (Unit: 10,000 yuan) | Company Name | Company Type | Main Business | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu High-tech Industrial Investment Co., Ltd. | Subsidiary | Investment | 255,938.77 | 228,568.37 | 3,954.72 | 3,873.04 | 3,873.04 | | Shenzhen Yinengda Financial Information Co., Ltd. | Subsidiary | Smart card production and sales | 57,843.94 | 22,112.76 | 5,272.32 | -1,990.93 | -1,984.80 | | Jiangsu Zongyi Photovoltaic Co., Ltd. | Subsidiary | Solar cells, solar power plants | 43,652.56 | 24,309.65 | 5,674.26 | 210.77 | 185.49 | | Nanjing Tianyue Electronic Technology Co., Ltd. | Subsidiary | Integrated circuit design | 5,097.05 | 3,524.95 | 244.95 | -716.72 | -716.72 | | Zongyi (Italy) Sicily Photovoltaic Co., Ltd. | Subsidiary | Product design, engineering construction and installation technical consulting for solar power generation systems, sales of solar cells and components | 37,981.74 | 32,128.87 | 2,134.42 | 262.94 | 262.94 | | Zongyi Solar (Luxembourg) Co., Ltd. | Subsidiary | Product design, engineering construction for solar power generation systems | 36,392.16 | 15,418.26 | 533.27 | 1,063.38 | 1,063.25 | | Zongyi (Cayman) Solar Power Co., Ltd. | Subsidiary | Product design, engineering construction for solar power generation systems | 26,840.03 | 15,294.50 | 0.00 | 1,793.80 | 1,793.80 | | Zongyi (Kezhou) New Energy Co., Ltd. | Subsidiary | Product design, engineering construction for solar power generation systems | 14,926.89 | 10,530.30 | 564.88 | 76.22 | 67.01 | | Zongyi Solar (USA) Co., Ltd. | Subsidiary | Product design, engineering construction for solar power generation systems | 89,319.23 | 80,883.94 | 2,188.02 | 696.39 | 591.94 | | Beijing Palm Pearl Technology Co., Ltd. | Subsidiary | R&D, operation and distribution of mobile online games | 3,561.22 | 3,279.42 | 421.05 | -148.04 | -148.04 | [V. Other Disclosure Matters](index=25&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) This chapter discloses potential risks faced by the company, including macro and industry policy risks, technological risks, exchange rate risks, management risks, and other risks (such as the uncertainty of major asset restructuring), with the company's management addressing these risks by closely tracking policies, increasing technological innovation, improving foreign exchange management, and perfecting internal control systems - The company's businesses involve technology, energy, and investment sectors, facing macro and industry policy risks, especially overseas energy businesses affected by geopolitical situations, economic conditions, and new energy policy adjustments[92](index=92&type=chunk) - The company's high-tech subsidiaries face technological risks, requiring continuous investment in technological innovation to maintain competitive advantages in relevant niche areas[92](index=92&type=chunk) - The company's overseas power plant business settles in USD or EUR, facing exchange rate risks; the company will continue to closely monitor exchange rate trends and improve foreign exchange management[93](index=93&type=chunk) - As an investment holding company with a complex and diversified business structure, the company faces management risks, requiring comprehensive and detailed internal control systems to enhance control effectiveness[93](index=93&type=chunk) - The company is actively promoting a major asset acquisition transaction to acquire control of Jilai Micro, which is subject to approval by the company's shareholders' meeting and requires approval, ratification, or consent from competent regulatory authorities before formal implementation, thus presenting uncertainty[94](index=94&type=chunk) [Section IV Corporate Governance, Environment and Society](index=26&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) This chapter discloses changes in the company's directors and senior management, as well as the profit distribution plan, with the board of directors and supervisory board completing their re-election during the reporting period, Yang Meng elected as Chairman and General Manager, and the company no longer having a supervisory board, its functions exercised by the board's audit committee, and no profit distribution or capital reserve capitalization plan proposed for this reporting period [I. Changes in Company Directors and Senior Management](index=26&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 terms of the eleventh board of directors and supervisory board expired, and re-elections were completed in June 2025, with Yang Meng elected as Chairman and General Manager, Gu Zhengwei and Qian Zhihua as Deputy General Managers, Gu Zhengwei also serving as Board Secretary and Qian Zhihua as Financial Officer, and the company no longer having a supervisory board, its functions exercised by the board's audit committee - The terms of the eleventh board of directors and supervisory board expired, and the company completed re-elections in **June 2025**[96](index=96&type=chunk) - Yang Meng was elected as Chairman of the twelfth board of directors and appointed as General Manager[97](index=97&type=chunk) - The company no longer has a supervisory board, and its functions are exercised by the board's audit committee[96](index=96&type=chunk) - Gu Zhengwei and Qian Zhihua were appointed as Deputy General Managers, with Gu Zhengwei also serving as Board Secretary and Qian Zhihua as Financial Officer[97](index=97&type=chunk) [II. Profit Distribution or Capital Reserve Capitalization Plan](index=26&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) No profit distribution or capital reserve capitalization plan was proposed for this reporting period - The proposed profit distribution plan and capital reserve capitalization plan for this semi-annual period is "No," with **0 shares** for bonus issues, dividends, and capitalization per 10 shares[98](index=98&type=chunk) [Section V Significant Matters](index=28&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 chapter details significant matters during the reporting period, including the fulfillment of commitments, major litigations and arbitrations, integrity status, significant guarantees, and other major events, with all company commitments strictly fulfilled on time, no major litigations or arbitrations, and the controlling shareholder and actual controller maintaining good integrity, while at the end of the reporting period, the company's total guarantee amounted to 194.11 million yuan, mainly for subsidiaries, and additionally, the company initiated a major asset restructuring project to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. through cash capital increase and voting rights entrustment, aiming to deepen its strategic layout in emerging industries and focus on core information technology [I. Fulfillment of Commitments](index=28&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) This section details the commitments made by the company's actual controller, shareholders, related parties, and the company itself during or continuing into the reporting period, and their fulfillment status, with key commitments involving information truthfulness, absence of illegal activities, non-participation in major asset restructuring, principled opinions on transactions, no share reduction plans, confidentiality measures, reduction and standardization of related-party transactions, avoidance of horizontal competition, ensuring independence of the listed company, avoidance of fund occupation, and performance commitments, and all commitments were strictly fulfilled on time, with no specific reasons for failure to fulfill - The company, controlling shareholder, actual controller, directors, supervisors, and senior management commit to the truthfulness, accuracy, and completeness of the information provided, and bear corresponding legal responsibilities[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - Commitment that there are no illegal or non-compliant acts, and no circumstances preventing participation in any major asset restructuring of a listed company[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - Controlling shareholder and actual controller commit to reducing and standardizing related-party transactions, avoiding horizontal competition, ensuring the independence of the listed company, and avoiding fund occupation[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - Performance guarantors (Yang Suchuan, Wu Tiantian) commit that Xinju Environmental's net profit will reach **4 million yuan** and operating revenue **80 million yuan** in 2024; net profit **6 million yuan** and operating revenue **90 million yuan** in 2025; net profit **8 million yuan** and operating revenue **100 million yuan** in 2026[134](index=134&type=chunk) - All commitments were strictly fulfilled on time, with no specific reasons for failure to fulfill[101](index=101&type=chunk)[102](index=102&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=37&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties[135](index=135&type=chunk) [III. Irregular Guarantees](index=37&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, there were no irregular guarantees - During the reporting period, there were no irregular guarantees[135](index=135&type=chunk) [VII. Major Litigations and Arbitrations](index=38&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) There were no major litigations or arbitrations for the company during this reporting period - There were no major litigations or arbitrations for the company during this reporting period[136](index=136&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=38&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) During the reporting period, the company's controlling shareholder and actual controller had no adverse integrity issues such as failure to comply with effective court judgments or large overdue debts - During the reporting period, the company's controlling shareholder and actual controller had no adverse integrity issues such as failure to comply with effective court judgments or large overdue debts[136](index=136&type=chunk) [XI. Major Contracts and Their Fulfillment](index=39&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the company's major guarantees that were fulfilled or remained unfulfilled during the reporting period, with the company's total guarantee amounting to **194.11 million yuan** at the end of the reporting period, accounting for **5.77%** of the company's net assets, primarily for subsidiaries Company Total Guarantee Situation (Unit: 10,000 yuan) | Indicator | Amount | | :--- | :--- | | Total guarantee amount incurred during the reporting period (excluding guarantees for subsidiaries) | 0 | | Total guarantee balance at the end of the reporting period (A) (excluding guarantees for subsidiaries) | 0 | | Total guarantee amount incurred for subsidiaries during the reporting period | 0 | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 19,411 | | **Total Guarantee (A+B)** | **19,411** | | Ratio of total guarantee to company's net assets (%) | 5.77 | | Amount of guarantees provided for shareholders, actual controllers, and their related parties (C) | 0 | | Amount of debt guarantees provided directly or indirectly for guaranteed parties with asset-liability ratio exceeding 70% (D) | 430 | | Amount of total guarantee exceeding 50% of net assets (E) | 0 | | Total of the above three guarantee amounts (C+D+E) | 430 | - The **180 million yuan** guarantee was provided by the company for subsidiary Yinengda in 2020, approved by the company's ninth board of directors' twenty-fourth meeting[141](index=141&type=chunk) - The **14.11 million yuan** guarantee was between Xinju Environmental, a newly acquired subsidiary from last year's investment and acquisition, and its subsidiary Anhui Xinju, occurring before the company's investment and acquisition[141](index=141&type=chunk) [XIII. Explanation of Other Significant Matters](index=41&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 initiated a major asset restructuring project, planning to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. through cash capital increase and voting rights entrustment, with Jilai Micro being a national-level "specialized, refined, unique, and new" small giant enterprise, specializing in the R&D, production, and sales of power semiconductor chips and devices, with products already applied by well-known end-users such as Midea, Xiaomi, and BYD, and this transaction aims to deepen the strategic layout in emerging industries, focus on core information technology, and promote high-quality development of the company, with the transaction subject to shareholder meeting approval and regulatory body approval - The company initiated a major asset restructuring during the reporting period, planning to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. through cash capital increase and voting rights entrustment[142](index=142&type=chunk) - Jilai Micro is a power semiconductor chip and device manufacturing enterprise primarily engaged in vertically integrated operations of chip design, wafer manufacturing, and packaging and testing, and is a national-level "specialized, refined, unique, and new" small giant enterprise[142](index=142&type=chunk) - Jilai Micro's power semiconductor chips and devices have been applied by numerous well-known domestic end-users, covering home appliances (Midea, Xiaomi), industrial (Zhejiang Chint Electric), network communication and security (ZTE, Hikvision), automotive electronics (BYD), and other fields[142](index=142&type=chunk) - This transaction aims to deeply implement the concept of developing new quality productive forces, deepen the forward-looking strategic layout in emerging industries, strategically focus on and strengthen the core information technology industry, and promote higher quality development of the company[142](index=142&type=chunk) - This transaction is subject to approval by the company's shareholders' meeting and requires approval, ratification, or consent from competent regulatory authorities before formal implementation[143](index=143&type=chunk) [Section VI Share Changes and Shareholder Information](index=41&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 chapter discloses the company's share changes and shareholder information during the reporting period, with the company's total share capital and share structure remaining unchanged, and as of the end of the reporting period, the total number of common shareholders was 77,814, with the top two shareholders being Nantong Zongyi Investment Co., Ltd. and Zan Shengda, holding 19.92% and 18.45% respectively, both with pledged shares, and Zan Shengda and his concerted parties collectively holding 38.60% of the company's voting rights [I. Changes in Share Capital](index=41&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, the company's total share capital and share structure remained unchanged - During the reporting period, the company's total share capital and share structure remained unchanged[145](index=145&type=chunk) [II. Shareholder Information](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the total number of common shareholders was 77,814, with the top two shareholders being Nantong Zongyi Investment Co., Ltd. and Zan Shengda, holding 19.92% and 18.45% respectively, both with pledged shares, and among the top ten shareholders, Nantong Zongyi Investment Co., Ltd. is the controlling shareholder of Nantong Daxing Garment Embroidery Co., Ltd., and Zan Shengda is the actual controller of Nantong Zongyi Investment Co., Ltd., forming an associated relationship or concerted parties - Total number of common shareholders at the end of the reporting period: **77,814**[147](index=147&type=chunk) Top Ten Shareholders' Shareholding at the End of the Reporting Period | Shareholder Name | Ending Shareholding (shares) | Percentage (%) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Nantong Zongyi Investment Co., Ltd. | 258,955,709 | 19.92 | Pledged | 137,000,000 | Domestic non-state-owned legal person | | Zan Shengda | 239,885,029 | 18.45 | Pledged | 84,700,000 | Domestic natural person | | Hai'an Ruihai Urbanization Investment and Construction Co., Ltd. | 75,000,000 | 5.77 | Unpledged | 0 | State-owned legal person | | Hong Kong Securities Clearing Company Limited | 18,875,703 | 1.45 | Unpledged | 0 | Unknown | | Yin Chao | 9,919,800 | 0.76 | Unpledged | 0 | Domestic natural person | | Yu Hejia | 5,238,110 | 0.40 | Unpledged | 0 | Domestic natural person | | Wu Zhijian | 4,680,000 | 0.36 | Unpledged | 0 | Domestic natural person | | Yu Wangbang | 4,590,303 | 0.35 | Unpledged | 0 | Domestic natural person | | Shen Qianzhen | 3,998,091 | 0.31 | Unpledged | 0 | Domestic natural person | | Nantong Daxing Garment Embroidery Co., Ltd. | 2,984,441 | 0.23 | Unpledged | 0 | Domestic non-state-owned legal person | - Among the top ten shareholders, the first, Nantong Zongyi Investment Co., Ltd., is the controlling shareholder of the tenth, Nantong Daxing Garment Embroidery Co., Ltd.; the second, Zan Shengda, is the actual controller of the first, Nantong Zongyi Investment Co., Ltd.; Nantong Zongyi Investment Co., Ltd. has no associated relationship or concerted action with the other seven shareholders[149](index=149&type=chunk) [Section VII Bond-Related Information](index=44&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) This chapter states that the company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[152](index=152&type=chunk) - The company has no convertible corporate bonds[152](index=152&type=chunk) [Section VIII Financial Report](index=45&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 chapter provides the company's consolidated and parent company financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed disclosures on the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, taxation, notes to consolidated financial statement items, R&D expenses, changes in consolidation scope, equity in other entities, government grants, financial instrument-related risks, fair value disclosures, related parties and related-party transactions, commitments and contingencies, post-balance sheet events, other significant matters, and supplementary information, with operating revenue and costs seeing significant growth, net profit attributable to parent company turning profitable, but net cash flow from operating activities significantly decreasing, and the company facing financial risks such as credit, liquidity, and market risks, and having initiated a major asset restructuring project [I. Audit Report](index=45&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[154](index=154&type=chunk) [II. Financial Statements](index=45&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flows - Provides consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[154](index=154&type=chunk)[158](index=158&type=chunk)[162](index=162&type=chunk)[166](index=166&type=chunk)[169](index=169&type=chunk)[172](index=172&type=chunk)[175](index=175&type=chunk)[180](index=180&type=chunk) [III. Company Basic Information](index=61&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) This section introduces Jiangsu Zongyi Co., Ltd.'s overview, including its listing date, history of share capital changes, registered capital, industry, main business scope, and registered address, with the company's registered capital and share capital amounting to **1,300 million yuan** as of June 30, 2025, since its listing in 1996 - Jiangsu Zongyi Co., Ltd. was approved for listing by the China Securities Regulatory Commission on October 22, 1996, and its shares were listed on the Shanghai Stock Exchange on November 20, 1996[185](index=185&type=chunk) - As of June 30, 2025, the company's registered capital and share capital amounted to **1,300 million yuan**[188](index=188&type=chunk) - The company operates in the industrial sector, with main business scope including new energy, solar cells, integrated circuit design and application product development, computer software development, and technology investment[188](index=188&type=chunk) [IV. Basis of Financial Statement Preparation](index=62&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 company's financial statements are prepared on a going concern basis, and there are no matters or circumstances that would cast significant doubt on its ability to continue as a going concern for the 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[190](index=190&type=chunk) - There are no matters or circumstances that would cast significant doubt on the company's ability to continue as a going concern for the 12 months from the end of the reporting period[191](index=191&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=62&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 chapter details the company's significant accounting policies and estimates for financial statement preparation, including enterprise accounting standards, accounting period, operating cycle, functional currency, materiality determination methods, business combination accounting, consolidated financial statement preparation, cash and cash equivalents criteria, foreign currency transactions and translation, financial instrument classification and measurement, inventories, contract assets, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[193](index=193&type=chunk) - Discloses the classification, recognition criteria, and measurement methods of financial instruments, including financial assets and liabilities measured at amortized cost, fair value through other comprehensive in

Market Overview - On August 26, the comprehensive sector rose by 1.13% compared to the previous trading day, with Zongyi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Zongyi Co., Ltd. (600770) closed at 6.25 with a gain of 2.97%, trading volume of 659,700 shares and a turnover of 410 million yuan [1] - Sanmu Group (000632) closed at 4.22, up 2.43%, with a trading volume of 191,800 shares and a turnover of 80.16 million yuan [1] - Zhangzhou Development (000753) closed at 7.44, gaining 2.20%, with a trading volume of 1,270,700 shares and a turnover of 934 million yuan [1] - Dongyangguang (600673) closed at 20.57, up 1.68%, with a trading volume of 1,137,500 shares and a turnover of 2.382 billion yuan [1] Capital Flow - The comprehensive sector experienced a net outflow of 143 million yuan from main funds, while retail funds saw a net inflow of 1.27 billion yuan [2] - The net inflow from speculative funds was 16.05 million yuan [2] Individual Stock Capital Flow - Nanjing New Hundred (600682) had a main fund net inflow of 19.37 million yuan, but a net outflow of 24.12 million yuan from retail investors [3] - Zhangzhou Development (000753) saw a main fund net inflow of 13.86 million yuan, with a significant net outflow of 38.44 million yuan from speculative funds [3] - Shanghai Sanmao (600689) experienced a main fund net outflow of 4.17 million yuan, while speculative funds had a net inflow of 2.93 million yuan [3]

通过天眼查大数据分析，江苏综艺股份有限公司共对外投资了16家企业，参与招投标项目1次，知识产 权方面有商标信息13条，此外企业还拥有行政许可1个。 来源：金融界 综艺股份最新一期业绩显示，截至2025一季报，公司营业总收入1.02亿元、同比增长60.54%，归属净利 润649.15万元，同比增长84.66%，扣非净利润155.91万元，同比增长95.23%，流动比率3.444、速动比率 3.224、资产负债率17.47%。 天眼查商业履历信息显示，江苏综艺股份有限公司，成立于1992年，位于南通市，是一家以从事专用设 备制造业为主的企业。企业注册资本130000万人民币，实缴资本32132万人民币。公司法定代表人为昝 圣达。 金融界消息 截至2025年8月25日收盘，综艺股份（600770）报收于6.07元，下跌0.16%，换手率6.21%， 成交量80.69万手，成交金额4.92亿元。 资金流向方面，今日主力资金净流出2451.40万元，占比成交额4.98%。其中，超大单净流出1402.51万 元、占成交额2.85%，大单净流出1048.89万元、占成交额2.13%，中单净流出流出1136.49万元、占成交 ...

Core Insights - The overall activity level of the A-share merger and acquisition market in China has slightly decreased, characterized by high frequency, diverse participants, and broad sectors [1] - A total of 80 merger and acquisition events were disclosed during the period, with a total transaction amount of 601.88 billion RMB, showing a significant increase in both the number and value of major M&A events compared to the previous period [2] - The real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts sectors are particularly active in M&A activities [2][3] - Private enterprises and local state-owned enterprises are actively engaging in horizontal integration and strategic cooperation, indicating diverse motivations for mergers and acquisitions [1][2] - The M&A market is expected to further release integration and value reconstruction potential, supported by regulatory policy optimization, economic recovery, policy encouragement, and capital market reforms [1] M&A Market Overview - The number of major M&A events in the A-share market increased by 60% compared to the previous period, with a total disclosed transaction amount of 601.88 billion RMB, representing a 187.97% increase [2] - Key sectors for M&A activities include real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts [2] - The market is entering a new phase characterized by "efficiency improvement + structural optimization," driven by policy and proactive corporate adjustments [2] Listed Companies' M&A Plans - A total of 44 listed companies announced or planned M&A activities, with an average stock price fluctuation of 7.53% over two weeks [2] - 22 companies made significant progress after announcing M&A plans, with an average stock price fluctuation of 3.76% [2] - The number of major restructuring events increased by 60% compared to the previous period, with research enthusiasm rising by 11.54% [2] Companies with Significant Progress - Companies such as Yunnan Cheng Investment and AnYuan Coal Industry have made notable advancements in their M&A plans, with various strategic objectives including asset adjustments and diversification [10][11] - The progress of these companies reflects a broader trend of active restructuring and strategic realignment within the A-share market [10][11] Market Sentiment and Performance - The restructuring index showed a fluctuation of 5.10% over the two-week period, indicating a positive sentiment in the M&A market [12] - The average price-to-earnings (PE) ratios and market values of companies involved in M&A activities vary significantly, reflecting diverse market conditions and investor sentiments [7][8]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600805 | 悦达投资 | 5.97 | -5.39% | 77.11万 | 4.60亿 | | 600881 | 亚泰集团 | 2.07 | -1.90% | 114.75万 | 2.38亿 | | 000632 | 三木集团 | 4.10 | -0.97% | 18.97万 | 7739.09万 | | 600051 | 宁波联合 | 7.87 | -0.63% | 7.29万 | 5717.41万 | | 000421 | 南京公用 | 6.73 | -0.59% | 14.50万 | 9728.08万 | | 600689 | 上海三毛 | 13.63 | -0.51% | 4.25万 | 5760.75万 | | 002758 | 浙农股份 | 9.28 | -0.43% | 5.86万 | 5423.14万 | | 600620 | 天宸股份 | 6.43 | -0.31% | 8.22万 | 5272.04万 | | 000523 ...

证券之星消息，8月21日综合板块较上一交易日下跌0.87%，亚泰集团领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。综合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) | | --- | --- | --- | --- | --- | --- | | 000753 | 漳州发展 | 6.44 | 10.09% | 80.80万 | 5.07亿 | | 600805 | 悦达投资 | 6.31 | 6.23% | 119.24万 | 7.62亿 | | 000632 | 三木集团 | 4.14 | 1.22% | 17.69万 | 7304.50万 | | 000421 | 南京公用 | 6.77 | 0.74% | 1 12.09万 | 8175.90万 | | 002758 | 浙农股份 | 9.32 | 0.32% | 5.54万 | 5161.66万 | | 600620 | 天宸股份 | 6.45 | 0.16% | 10.22万 | 6588.84万 | | 600051 | 宁波联合 | ...