Core Viewpoint - Jiangsu Yueda Investment Co., Ltd. reported a significant decrease in revenue for the first half of 2025, with a total revenue of approximately 1.36 billion yuan, a decline of 22.01% compared to the same period last year, while net profit attributable to shareholders increased by 27.62% to approximately 14 million yuan [2][3][11]. Company Overview and Financial Indicators - The company is headquartered in Yancheng, Jiangsu Province, and operates in various sectors including new energy, textiles, and specialized vehicles [2][3]. - Key financial metrics for the first half of 2025 include: - Total revenue: 1,358,178,119.31 yuan - Total profit: 10,348,380.66 yuan - Net profit attributable to shareholders: 14,024,716.17 yuan - Total assets: 10,000,537,285.24 yuan - Net assets attributable to shareholders: 4,377,757,979.26 yuan [2][3]. Business Segments - **New Energy**: The company focuses on developing and operating new energy projects, including wind and solar power, with significant investments in projects like the 150MW solar project and the 100MW/200MWh energy storage project [7][12]. - **Textiles**: The textile segment has shown resilience, with a production capacity of 42,000 tons of high-end knitted yarn and 28.8 million meters of home textile fabric [6][11]. - **Specialized Vehicles**: The specialized vehicle segment includes products like garbage trucks and street cleaning vehicles, with a focus on environmentally friendly technologies [6][11]. Industry Context - The new energy sector in China is experiencing rapid growth, with installed capacity for solar power reaching 110 million kilowatts, a year-on-year increase of 54.2% [8][9]. - The carbon market is also expanding, with a cumulative transaction volume of carbon emission allowances reaching 669 million tons by mid-2025 [9][10]. - The agricultural machinery market is facing challenges, with a decline in traditional tractor sales, but high-end products are gaining traction due to policy and technological advancements [10][11]. Operational Highlights - The company has made strategic acquisitions, including a 51% stake in Yueda Energy Service Company, to enhance its capabilities in energy management and sales [12][14]. - The company is actively pursuing projects in carbon asset management and has established a biomass fuel production base to support renewable energy initiatives [13][14]. - The company is also focusing on digital transformation and management innovation to improve operational efficiency and market competitiveness [16].

Core Points - Jiangsu Yueda Investment Co., Ltd. reported a total asset increase of 4.32% compared to the end of the previous year, reaching approximately 10.00 billion yuan [1] - The company's operating revenue decreased by 22.01% year-on-year, amounting to approximately 1.36 billion yuan [1] - The net profit attributable to shareholders was approximately 11.94 million yuan, a significant recovery from a loss of about 57.07 million yuan in the same period last year [1] Company Overview - The company is listed on the Shanghai Stock Exchange under the stock code 600805, with the stock name "Yueda Investment" [1] - The total number of shareholders as of the report date is 38,681 [1] Shareholding Structure - Jiangsu Yueda Group Co., Ltd. holds 34.00% of the shares, amounting to approximately 289.26 million shares, with 136.12 million shares pledged [2] - Other notable shareholders include Sun Tao with 1.84% and Jiangsu Huanghai Financial Holdings Group with 1.46% [2] - The report indicates that there are no restrictions on the shares held by the top shareholders [2] Important Matters - The report does not indicate any significant changes in the company's operating conditions during the reporting period [4]

Group 1 - The board of directors of Jiangsu Yueda Investment Co., Ltd. held its sixth meeting of the twelfth session on August 15, 2025, via telecommunication voting, with all 11 directors present [1] - The board approved the "2025 Half-Year Report" and its summary, with the audit committee confirming that the financial report accurately reflects the company's financial status as of June 30, 2025 [1] - The board also approved the risk assessment report for Jiangsu Yueda Group Financial Co., Ltd. for the first half of 2025, indicating that the financial services provided are manageable and do not adversely affect the company's financial independence [2]

Group 1 - The financial company, Jiangsu Yueda Group Financial Co., Ltd., was established on December 23, 2015, with a registered capital of 1.1 billion RMB, and is primarily engaged in providing financial services to its parent group [1][2] - The ownership structure of the financial company includes Jiangsu Yueda Group Co., Ltd. (51%), Jiangsu Yueda Investment Co., Ltd. (25%), and Yueda Capital Co., Ltd. (24%) [1] - The financial company has established a comprehensive internal control system, including a board of directors, a supervisory board, and a risk management committee to ensure effective governance and risk management [2][4] Group 2 - As of June 30, 2025, the financial company reported total assets of 4.966 billion RMB, with loans and advances amounting to 3.129 billion RMB and interbank deposits of 1.025 billion RMB [12] - The financial company has implemented a robust risk management framework to identify and assess credit risk, liquidity risk, and operational risk, ensuring a balanced approach to risk and return [4][6][7] - The financial company has established a credit rating system for clients, categorizing them into six credit levels (AAA to B) based on various financial and non-financial indicators [5] Group 3 - The financial company has developed a liquidity risk management policy that emphasizes both risk control and pursuit of benefits, ensuring that liquidity risks are maintained within manageable limits [6][10] - The internal audit department operates independently to oversee compliance and effectiveness of internal controls, providing recommendations for improvement based on audit findings [11] - As of June 30, 2025, the financial company has met all regulatory requirements set forth by the relevant financial authorities, indicating a sound financial position and effective risk management practices [15]

Core Viewpoint - Jiangsu Yueda Investment Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven primarily by advancements in solar and energy storage projects [1][2]. Financial Performance - The company achieved an operating income of 1.358 billion yuan and a net profit attributable to shareholders of 14.0247 million yuan, marking a year-on-year increase of 27.62% [1]. Solar Projects - Yueda Investment has made substantial progress in its solar projects, particularly the 150MW and 70MW fish-solar complementary projects in Xiangshui, Yancheng, with the main engineering of the 150MW project completed and successfully connected to the grid in August 2025 [2]. - The Huafeng 378MW fish-solar complementary project, launched at the end of 2024, has generated revenue of 63.06 million yuan and a net profit of 17.23 million yuan from January to June 2025, achieving an annualized capital return rate exceeding 10% [2]. - This project is expected to produce an average annual power generation of 400 million kWh, contributing to both stable electricity sales and significant environmental benefits, including a reduction of 36,650 tons of CO2 emissions and saving 133,400 tons of standard coal annually [2]. Distributed Solar Projects - The company has initiated new distributed solar projects, including the Yueda Smart Center (0.1MW) and the Dianfen project (0.94MW), aiming for operational status by the end of 2025 [3]. - These projects are expected to enhance overall profitability and support the achievement of annual operational goals [3]. Energy Storage Developments - Yueda Investment has rapidly established a 100MW/200MWh shared energy storage power station in Dongtai, which was completed in just 81 days and began operations on June 24, 2025, setting a record in the domestic sector [3]. - The project is projected to generate an average annual revenue of 32 million yuan over its 25-year operational period [3]. - As of June 2025, the company has accumulated a new energy storage capacity of 260MW/520MWh, positioning itself as a key player in the regional energy storage network [3]. Future Initiatives - The company is actively pursuing the development of commercial microgrid projects and has signed strategic cooperation agreements for the construction of a national-level zero-carbon park in collaboration with the Yancheng Economic Development Zone [3].

（文章来源：每日经济新闻） 悦达投资（SH 600805，收盘价：5.53元）8月15日晚间发布半年度业绩报告称，2025年上半年营业收入 约13.58亿元，同比减少22.01%；归属于上市公司股东的净利润约1402万元，同比增加27.62%；基本每 股收益0.02元，同比增加27.62%。 ...

悦达投资（SH 600805，收盘价：5.53元）8月15日晚间发布公告称，公司第十二届第六次董事会会议于 2025年8月15日以通讯表决方式召开。会议审议了《关于江苏悦达集团财务有限公司2025年上半年风险 评估报告的议案》等文件。 2024年1至12月份，悦达投资的营业收入构成为：制造业占比61.29%，商品流通占比21.22%，服务业占 比8.7%，其他业务占比7.54%，电力和热力生产和供应业占比1.25%。 （文章来源：每日经济新闻） ...

2025 年上半年风险评估报告 关于江苏悦达集团财务有限公司 一、 财务公司的基本情况 财务公司系由江苏悦达集团有限公司、江苏悦达投资股份有限公 司、悦达资本股份有限公司共同组建，于 2015 年 12 月 23 日取得盐 城市工商行政管理局城南分局核发的企业法人营业执照（注册号： 91320913MA1MD84H62）。财务公司注册地址：江苏省盐城市城南新区 世纪大道东路 2 号悦达集团总部大楼；注册资本：110,000 万元；法 定 代 表 人 ： 李 小 虎 。 财 务 公 司 属 金 融 业 ， 金 融 许 可 证 编 码:L0232H232090001，经营范围主要包括：企业集团财务公司服务（依 法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营 项目以审批结果为准）。 财务公司所属的企业集团为江苏悦达集团有限公司，股东明细及 持股比例如下： | 股东名称 | 出资额 | 出资比例 | | --- | --- | --- | | | （金额单位：人民币元） | | | 江苏悦达集团有限公司 | 561,000,000.00 | 51.00% | | 江苏悦达投资股份有限公司 | 275,0 ...

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。 一、董事会会议召开情况 江苏悦达投资股份有限公司于 2025 年 8 月 8 日以邮件方式向全 体董事发出会议通知和会议资料，并于 2025 年 8 月 15 日以通讯表决 方式召开第十二届董事会第六次会议。本次会议由董事长张乃文先生 主持，应当出席会议的董事 11 人，实际出席会议的董事 11 人（其中： 委托出席的董事 0 人；以通讯表决方式出席的董事 11 人），缺席会议 的董事 0 人，符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 二、董事会会议审议情况 （一）审议通过《2025 年半年度报告》、《2025 年半年度报告摘 要》 审计委员会认为：公司编制的《2025 年半年度财务报告》符合 国家有关法规和证券监管部门的要求，符合公司生产经营实际情况， 真实、可靠、完整地反映了公司 2025 年 6 月 30 日的财务状况以及 2025 年半年度的经营成果。 证券代码:600805 证券简称:悦达投资 编号：临 2025－024 号 江苏悦达投资股份有限 ...

Definitions This section provides definitions for common terms used throughout the report to ensure clarity and understanding Definitions of Common Terms | Common Term | Meaning | | :--- | :--- | | Yueda Group | Refers to Jiangsu Yueda Group Co., Ltd | | Yueda Textile | Refers to Jiangsu Yueda Textile Group Co., Ltd | | Yueda Cotton Spinning Co. | Refers to Jiangsu Yueda Cotton Spinning Co., Ltd | | Yueda Intelligent Agricultural Equipment Co. | Refers to Jiangsu Yueda Intelligent Agricultural Equipment Co., Ltd | | Yueda Special Purpose Vehicle Co. | Refers to Jiangsu Yueda Special Purpose Vehicle Co., Ltd | | Weima Yueda Co. | Refers to Jiangsu Weima Yueda Intelligent Equipment Co., Ltd | | Yueda Zhixing Co. | Refers to Shanghai Yueda Zhixing Automobile Service Co., Ltd | | Yueda Changjiu Logistics Co. | Refers to Jiangsu Yueda Changjiu Logistics Co., Ltd | | Hong Kong Runde | Refers to Runde Co., Ltd | | Yueda Group Finance Co. | Refers to Jiangsu Yueda Group Finance Co., Ltd | | Yueda Financial Leasing Co. | Refers to Yueda Financial Leasing Co., Ltd | | Chenjiagang Power Plant | Refers to Guoneng Chenjiagang Power Generation Co., Ltd | | Hengchuang Nano | Refers to Jiangsu Hengchuang Nano Technology Co., Ltd | | Jinghu Co. | Refers to Jiangsu Jinghu Expressway Co., Ltd | | Yueda Low Carbon Co. | Refers to Jiangsu Yueda Low Carbon Technology Development Co., Ltd | | Yueda Energy Storage Co. | Refers to Jiangsu Yueda Energy Storage Technology Co., Ltd | | Dafeng Runlong Co. | Refers to Dafeng Runlong Wind Power Co., Ltd | | Haona New Energy Co. | Refers to Jiangsu Haona New Energy Technology Co., Ltd | | Yueda Hecarbon Co. | Refers to Jiangsu Yueda Hecarbon Environmental Technology Co., Ltd | | Arcfox | Refers to Arcfox Automotive Technology Co., Ltd | | Yueda Kia Co. | Refers to Jiangsu Yueda Kia Motors Co., Ltd | | Yueda Energy Service Co. | Refers to Jiangsu Yueda Integrated Energy Service Co., Ltd | | Yuehai New Energy Co. | Refers to Yancheng Yuehai New Energy Development Co., Ltd | | Yuexiang New Energy Co. | Refers to Yancheng Yuexiang New Energy Development Co., Ltd | | Yuerong New Materials Co. | Refers to Jiangsu Yuerong New Materials Technology Co., Ltd | [Company Profile and Key Financial Indicators](index=4&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) The company discloses its basic information, contact details, changes in registered address, information disclosure channels, and stock overview; during the reporting period, operating revenue decreased by 22.01% year-on-year, while net profit attributable to shareholders increased by 27.62%, primarily due to improved operating efficiency and non-recurring gains and losses [Company Information](index=4&type=section&id=Company%20Information) This section provides fundamental details about the company, including its official name, abbreviation, and legal representative - Company's Chinese name is Jiangsu Yueda Investment Co., Ltd., abbreviated as Yueda Investment, with Zhang Naiwen as the legal representative[14](index=14&type=chunk) [Contact Person and Information](index=4&type=section&id=Contact%20Person%20and%20Information) Details the primary contact persons for the company, including the Board Secretary and Securities Affairs Representative, along with their contact address - Board Secretary is Qin Dagang, Securities Affairs Representative is Xiong Wei, both located at No. 2, East Century Avenue, Yancheng City, Jiangsu Province[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) Outlines significant changes to the company's fundamental information, specifically regarding its registered address - The company's registered address changed to No. 2, East Century Avenue, Yancheng City, Jiangsu Province in 2012[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) Describes the company's designated channels for information disclosure and the website for accessing its semi-annual reports - The company's designated information disclosure newspapers are "Shanghai Securities News", "Securities Daily", and "Securities Times", with the semi-annual report available on www.sse.com.cn[17](index=17&type=chunk) [Company Stock Overview](index=5&type=section&id=Company%20Stock%20Overview) Provides a brief overview of the company's stock listing details, including its exchange, ticker symbol, and stock code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Yueda Investment" and stock code 600805[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the reporting period, highlighting changes compared to the previous year Key Accounting Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,358,178,119.31 | 1,741,485,774.74 | -22.01 | | Total Profit | 10,348,380.66 | -6,378,127.87 | N/A | | Net Profit Attributable to Shareholders of Listed Company | 14,024,716.17 | 10,989,825.04 | 27.62 | | Net Cash Flow from Operating Activities | 5,587,033.14 | -65,919,555.54 | N/A | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) (Yuan/share) | Prior Year Period (Yuan/share) | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.02 | 0.01 | 27.62 | | Diluted Earnings Per Share | 0.02 | 0.01 | 27.62 | | Weighted Average Return on Net Assets (%) | 0.27 | 0.23 | Increased by 0.04 percentage points | - The company acquired Yueda Energy Service Co. under common control, leading to adjustments in comparative figures and opening balances[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Details the specific items and corresponding amounts categorized as non-recurring gains and losses for the reporting period Non-Recurring Gains and Losses Items (Unit: Yuan) | Non-Recurring Gains and Losses Item | Amount (Yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Disposal gains and losses of non-current assets | 48,905.72 | | | Government grants recognized in profit or loss for the current period | 7,434,597.48 | Primarily due to various government grants received by the company and its controlled subsidiaries from January to June | | Fair value changes and disposal gains/losses of financial assets and liabilities held by non-financial enterprises | -4,181,758.49 | Primarily due to price fluctuations of the company's financial assets held for trading during the reporting period | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 114,674.34 | | | Net profit or loss of subsidiaries from the beginning of the period to the consolidation date arising from business combinations under common control | 35,341.45 | | | Other non-operating income and expenses apart from the above items | -2,308,266.44 | | | Less: Income tax impact | -1,045,439.62 | | | Minority interest impact (after tax) | 103,395.57 | | | **Total** | **2,085,538.11** | | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) During the reporting period, the company focused on new energy industry transformation, successfully commissioned its first controlled shared energy storage project, and actively promoted fishery-solar hybrid projects and the acquisition of Yueda Energy Service Co. equity to optimize its industrial layout; the company also made progress in diversified business areas such as new energy, new materials, and intelligent manufacturing, but faces risks including market competition, new product development uncertainties, and raw material price fluctuations [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company's main business spans diversified sectors including new energy (wind/solar power, energy storage, carbon trading, biomass, power sales), new materials (LMFP cathode materials, carbonation steel slag utilization), and intelligent manufacturing (agricultural equipment, textiles, special purpose vehicles, machine tools), alongside other operations like logistics, highway transportation, thermal power, and financial services [New Energy](index=7&type=section&id=New%20Energy) Yueda Low Carbon focuses on wind and solar power station investment and operation, Yueda Energy Storage develops large-scale and industrial/commercial projects, and Yueda Hecarbon targets CCER development rights and carbon trading - Yueda Low Carbon serves as an investment, construction, and operation platform for new energy power stations, focusing on wind and solar power businesses[26](index=26&type=chunk) - Yueda Energy Storage advances large-scale shared energy storage and industrial/commercial energy storage projects, offering capacity leasing and auxiliary services[27](index=27&type=chunk) - Yueda Hecarbon primarily engages in carbon trading, supplemented by dual-carbon consulting, aiming to acquire CCER development rights[28](index=28&type=chunk) - Yueda Biomass specializes in biomass energy technical services and plans to invest in a 100,000-ton annual biomass pellet production project[30](index=30&type=chunk) - Yueda Energy Service Co. engages in power sales, energy performance contracting, and is among the first batch of power sales companies in Jiangsu Province[31](index=31&type=chunk) [New Materials](index=8&type=section&id=New%20Materials) The company's new materials segment includes an associate company, Hengchuang Nano, which produces LMFP cathode materials with core patents, and Yuerong New Materials, which converts steel slag into high-value calcium carbonate fillers - Associate company Hengchuang Nano's main product is lithium manganese iron phosphate (LMFP) cathode material, holding core patents[32](index=32&type=chunk) - Associate company Yuerong New Materials Co. utilizes CO2 mineralization technology to convert steel slag into high-value calcium carbonate fillers[32](index=32&type=chunk) [Intelligent Manufacturing](index=8&type=section&id=Intelligent%20Manufacturing) This segment encompasses Yueda Intelligent Agricultural Equipment Co. (tractors), Yueda Textile (high-end yarns, home textiles, printing/dyeing fabrics), Yueda Special Purpose Vehicle Co. (sanitation vehicles), and Weima Yueda Co. (machine tool manufacturing and upgrades) - Yueda Intelligent Agricultural Equipment Co. primarily manufactures and sells intelligent agricultural equipment and tractors, offering a wide product range[33](index=33&type=chunk) - Yueda Textile is a comprehensive textile enterprise with capabilities in high-end knitted yarns, home textile grey fabrics, printed and dyed fabrics, and finished products[34](index=34&type=chunk) - Yueda Special Purpose Vehicle Co. mainly produces special sanitation vehicles, incorporating advanced Japanese technology[35](index=35&type=chunk) - Weima Yueda Co. focuses on machine tool manufacturing and upgrades, aiming to be a high-end CNC machine tool solution provider[36](index=36&type=chunk) [Other Businesses](index=8&type=section&id=Other%20Businesses) As a comprehensive investment company, its other businesses include logistics, highway transportation, thermal power, and financial services, with future plans to increase investment in emerging industries like new energy and new materials - As a comprehensive investment company, its businesses also include logistics services, highway transportation, thermal power, and financial services, with future plans to increase investment in emerging industries such as new energy and new materials[37](index=37&type=chunk) [Main Business Models During the Reporting Period](index=8&type=section&id=Main%20Business%20Models%20During%20the%20Reporting%20Period) The company's new energy business generates revenue through project development, construction, and operation, while intelligent manufacturing involves non-customized mass production for textiles and customized small-batch production for agricultural equipment and special purpose vehicles [New Energy Business Model](index=8&type=section&id=New%20Energy%20Business%20Model) The new energy business model involves three stages: project development, construction, and operation, with revenue primarily derived from electricity sales - New energy business generates revenue through project development, construction, and operation, with electricity sales as the primary income source, divided into three stages: project development, construction, and operation[38](index=38&type=chunk)[39](index=39&type=chunk) [Intelligent Manufacturing Business Model](index=9&type=section&id=Intelligent%20Manufacturing%20Business%20Model) The intelligent manufacturing segment's textile business focuses on non-customized mass production for direct enterprise sales, while intelligent agricultural equipment and special purpose vehicles involve customized small-batch production sold through dealers or government channels - The textile business primarily involves non-customized mass production, mainly for direct sales to enterprises[40](index=40&type=chunk) - Intelligent agricultural equipment and special purpose vehicle businesses focus on customized small-batch production, sold through dealers or government departments[40](index=40&type=chunk) [Explanation of the Company's Industry Situation During the Reporting Period](index=9&type=section&id=Explanation%20of%20the%20Company's%20Industry%20Situation%20During%20the%20Reporting%20Period) During the reporting period, the new energy sector saw rapid growth in power generation and energy storage, alongside an active carbon market; the new materials sector maintained stable growth in the lithium battery industry, with a significant increase in LMFP battery installations; the agricultural machinery market experienced a decline in traditional products but strong potential in high-end offerings, while the textile industry showed stable domestic demand and resilient foreign trade, and the new energy sanitation vehicle market saw a substantial sales increase [New Energy Industry](index=9&type=section&id=New%20Energy%20Industry) The new energy industry experienced significant growth in total, solar, and wind power installed capacity, alongside a substantial increase in new energy storage scale and active carbon market trading National Power Generation Installed Capacity and Growth (as of end of June 2025) | Indicator | Capacity (GW) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Cumulative Power Generation Installed Capacity | 36.5 | 18.7 | | Solar Power Installed Capacity | 11.0 | 54.2 | | Wind Power Installed Capacity | 5.7 | 22.7 | National New Energy Storage Installed Capacity and Growth (as of H1 2025) | Indicator | Scale (GW/GWh) | Growth vs. End of 2024 (%) | | :--- | :--- | :--- | | New Energy Storage Installed Capacity | 9,491 / 2.22 | Approx. 29 | - The national carbon market's cumulative trading volume for carbon emission allowances (CEA) reached **669 million tons**, with a cumulative transaction value of **45.93 billion Yuan**, indicating healthy and orderly market operation[41](index=41&type=chunk) - In the first half of 2025, the national cumulative market-traded electricity volume reached **2.95 trillion kWh**, a 4.8% year-on-year increase, with green electricity trading volume at **154 billion kWh**, up 49.3% year-on-year[42](index=42&type=chunk) [New Materials Industry](index=9&type=section&id=New%20Materials%20Industry) China's lithium battery industry maintains a leading position globally in production capacity and advanced technology, showing stable long-term growth, with a notable increase in LMFP battery installations in new energy vehicles - Chinese lithium battery enterprises demonstrate significant advantages in global power battery industrial scale production capacity and high-end technology, maintaining long-term stable growth[43](index=43&type=chunk) China's Cumulative Sales and Growth of Power and Other Batteries (H1 2025) | Indicator | Sales (GWh) | Cumulative Year-on-Year Growth (%) | | :--- | :--- | :--- | | Cumulative Sales of Power and Other Batteries | 659.0 | 63.3 | | Cumulative Sales of Power Batteries | 485.5 | 51.6 | | Cumulative Sales of Other Batteries | 173.5 | 108.5 | New Energy Vehicle Production, Sales, and Power Battery Installations (H1 2025) | Indicator | Quantity/Installations | Year-on-Year Growth (%) | | :--- | :--- | :--- | | New Energy Vehicle Production/Sales | 6.968 million units / 6.937 million units | 41.4% / 40.3% | | New Energy Penetration Rate | 44.3% | | | Cumulative Power Battery Installations | 299.6 GWh | 47.3 | | Of which: Ternary Batteries | 55.5 GWh | -10.8 | | Lithium Iron Phosphate Batteries | 244.0 GWh | 73.0 | [Intelligent Manufacturing Industry Situation](index=9&type=section&id=Intelligent%20Manufacturing%20Industry%20Situation) The agricultural machinery market saw a decline in traditional tractor sales but strong potential in high-end products, while the textile industry experienced stable domestic demand and resilient foreign trade despite revenue and profit declines for large enterprises, and the new energy sanitation vehicle market grew significantly - The agricultural machinery market experienced a decline in traditional tractor production and sales, while high-end tractor products showed strong development potential[45](index=45&type=chunk) Tractor Production and Exports (H1 2025) | Indicator | Production/Quantity (Units) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Large Tractor Production | 64,359 | -4.1 | | Medium Tractor Production | 137,585 | -6.9 | | Small Tractor Production | 64,000 | -15.8 | | Cumulative Tractor Exports | 90,056 | 11.9 | - Domestic consumption of textiles and apparel grew steadily, and foreign trade showed strong resilience, but operating revenue and total profit of large-scale enterprises decreased year-on-year[46](index=46&type=chunk) Key Data for the Textile Industry (January-June 2025) | Indicator | Change (%) | | :--- | :--- | | Industrial Added Value of Large-Scale Textile Enterprises | +3.1 | | Operating Revenue | -3.0 | | Total Profit | -9.4 | - The new energy sanitation vehicle market developed rapidly, with cumulative sales reaching **6,745 units** in the first half of 2025, a 70% year-on-year increase[47](index=47&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company actively advanced its new energy industrial layout, successfully commissioned the Dongtai shared energy storage project, accelerated photovoltaic project construction, and acquired Yueda Energy Service equity; new materials saw Hengchuang Nano's LMFP products lead the market, while intelligent manufacturing achieved growth through R&D, smart upgrades, and market expansion; other businesses like logistics, highway tolls, thermal power, and financial services maintained stable operations [New Energy Operations Analysis](index=10&type=section&id=New%20Energy%20Operations%20Analysis) Yueda Low Carbon completed its 150MW project and started a 70MW project, while Yueda Energy Storage commissioned its 100MW/200MWh project; Yueda Hecarbon advanced dual-carbon consulting, and Yueda Biomass established a straw collection system; Yueda Energy Service Co. expanded its power sales agency business - Yueda Low Carbon completed the main construction of its Guandong 150MW project, commenced the Touzeng 70MW project, and developed new distributed photovoltaic projects for Yueda Digital Intelligence Center and Triumph[48](index=48&type=chunk) - Yueda Energy Storage's Dongtai 100MW/200MWh energy storage project achieved full capacity grid connection and operation, while industrial and commercial microgrid projects continued to advance, and the company participated in zero-carbon park planning and construction[49](index=49&type=chunk) - Yueda Hecarbon actively promoted dual-carbon consulting services, successfully bid for the CCER development of Yancheng Guoneng Dafeng Offshore Wind Power Project, and participated in national-level zero-carbon park construction[50](index=50&type=chunk) - Yueda Biomass established a basic straw collection and storage system, planned pellet production capacity in multiple locations, and signed cooperation agreements for co-firing with three power plants[51](index=51&type=chunk) - Yueda Energy Service Co. signed 32 agency power purchase and sales users, with an annual agency electricity volume of **255 million kWh**, and participated in drafting zero-carbon park construction plans[52](index=52&type=chunk) [New Materials Operations Analysis](index=11&type=section&id=New%20Materials%20Operations%20Analysis) Hengchuang Nano secured 140 million Yuan in financing, launched its 10,000-ton annual production line, and achieved over fourfold growth in product shipments, capturing more than 45% market share - Hengchuang Nano's LMFP project secured **140 million Yuan** in financing, with its 10,000-ton annual production line commencing operation, achieving over **fourfold growth** in product shipments and a market share exceeding **45%**[53](index=53&type=chunk) [Intelligent Manufacturing Operations Analysis](index=11&type=section&id=Intelligent%20Manufacturing%20Operations%20Analysis) Yueda Intelligent Agricultural Equipment Co. upgraded its 300-horsepower electric-hybrid tractor technology and developed intelligent weeding robots, expanding into new markets; Yueda Textile implemented profit-enhancing measures and smart manufacturing initiatives; Yueda Special Purpose Vehicle Co. focused on R&D and explored unmanned industry applications - Yueda Intelligent Agricultural Equipment Co. advanced the technological upgrade of its 300-horsepower electric-hybrid tractor, completed the development of an intelligent weeding robot, expanded into emerging markets, and saw sales of products above 100 horsepower increase by **46.7%** year-on-year[54](index=54&type=chunk) - Yueda Textile implemented measures to increase profits and reduce losses, strengthened intelligent manufacturing empowerment, launched smart warehousing projects, with specialty yarns and printed/dyed fabrics accounting for **84.5%** and **70.9%** of sales, respectively[55](index=55&type=chunk) - Yueda Special Purpose Vehicle Co. adopted a strategy of "consolidating existing business and breaking through new growth," intensified product R&D, independently developed its third-generation compression vehicle, and explored the layout of the unmanned industry[56](index=56&type=chunk) [Other Business Operations Analysis](index=11&type=section&id=Other%20Business%20Operations%20Analysis) Yueda Changjiu Logistics Co. achieved 128 million Yuan in revenue, with increased market shares in Yueda Kia and FAW Bestune vehicle transportation; Jinghu Co. and Chenjiagang Power Plant reported significant revenues and net profits, as did Yueda Group Finance Co. and Yueda Financial Leasing Co. - Yueda Changjiu Logistics Co. achieved operating revenue of **128 million Yuan**, with Yueda Kia's port collection business share increasing to **35%** and FAW Bestune's complete vehicle transportation share reaching **20%**[57](index=57&type=chunk) - Jinghu Co. achieved operating revenue of **5.53 billion Yuan** and a net profit of **567 million Yuan**[58](index=58&type=chunk) - Chenjiagang Power Plant achieved operating revenue of **1.05 billion Yuan** and a net profit of **45 million Yuan**[59](index=59&type=chunk) - Yueda Group Finance Co. achieved operating revenue of **50 million Yuan** and a net profit of **30 million Yuan**; Yueda Financial Leasing Co. achieved operating revenue of **89 million Yuan** and a net profit of **30 million Yuan**[60](index=60&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=12&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from strong state-owned enterprise backing, a diversified investment model that mitigates risk and fosters emerging industries, continuous R&D to enhance product competitiveness, and improved operational efficiency through systematic and digital management - The controlling shareholder, Yueda Group, is a strong state-owned enterprise, providing robust support for the company's development[61](index=61&type=chunk) - As a comprehensive investment company, its diverse business scope across multiple industries allows for risk diversification and stable cash flow[62](index=62&type=chunk) - The company strengthens its R&D team and accelerates product transformation and upgrading, mastering core technologies in textiles, intelligent agricultural equipment, special purpose vehicles, and machine tool manufacturing[63](index=63&type=chunk) - The company enhances its operational management and decision-making efficiency by cultivating excellent talent and promoting systematic and digital management transformation[64](index=64&type=chunk) [Key Operating Performance During the Reporting Period](index=12&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue decreased by 22.01% primarily due to the deconsolidation of Yueda Zhixing Co., but net profit attributable to the parent company increased by 27.62%; the asset-liability structure remained stable with total assets growing by 4.32%; the company continued to invest in new energy and successfully disposed of some land and factory buildings of Yueda Intelligent Agricultural Equipment; among major subsidiaries and associates, Yueda Textile, Yueda New Energy, and Yueda Special Purpose Vehicle were profitable, while Yueda Intelligent Agricultural Equipment incurred losses [Main Business Analysis](index=12&type=section&id=Main%20Business%20Analysis) This section analyzes the changes in key financial statement items, including operating revenue, costs, and expenses, explaining the primary drivers behind their fluctuations Analysis of Financial Statement Items Changes (January-June 2025 vs. Prior Year Period) | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,358,178,119.31 | 1,741,485,774.74 | -22.01 | Primarily due to the inclusion of revenue from the deconsolidated Yueda Zhixing Co. in the prior year period | | Operating Cost | 1,219,055,494.13 | 1,640,174,524.72 | -25.68 | Primarily due to the inclusion of costs from the deconsolidated Yueda Zhixing Co. in the prior year period | | Selling Expenses | 36,939,808.04 | 73,993,688.73 | -50.08 | Primarily due to the inclusion of expenses from the deconsolidated Yueda Zhixing Co. in the prior year period | | Administrative Expenses | 94,301,882.48 | 112,614,751.23 | -16.26 | Primarily due to the inclusion of expenses from the deconsolidated Yueda Zhixing Co. in the prior year period | | Financial Expenses | 45,251,890.41 | 27,508,030.05 | 64.50 | Primarily due to an increase in bank loan scale and the capitalization of fund expenses after construction in progress was transferred to fixed assets during the reporting period | | Research and Development Expenses | 11,169,469.58 | 8,166,567.01 | 36.77 | Primarily due to increased R&D investment during the reporting period | | Net Cash Flow from Operating Activities | 5,587,033.14 | -65,919,555.54 | N/A | Primarily due to improved operating conditions of the company in the current period, while the prior year period included cash flow from operating activities of the deconsolidated Yueda Zhixing Co. | | Investment Income | 63,831,192.93 | 115,512,220.39 | -44.74 | Primarily due to the recognition of gains from the transfer of Aivande equity in the prior year period | | Net Profit Attributable to Parent Company Shareholders | 14,024,716.17 | 10,989,825.04 | 27.62 | Primarily due to improved operating efficiency of the company during the reporting period | [Asset and Liability Analysis](index=13&type=section&id=Asset%20and%20Liability%20Analysis) This section provides an analysis of the company's asset and liability status, detailing significant changes in items such as notes receivable, fixed assets, construction in progress, long-term borrowings, and non-current liabilities due within one year Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (Yuan) | Prior Year-end Amount (Yuan) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 94,142,135.24 | 53,879,260.17 | 74.73 | Primarily due to an increase in the company's notes receivable business during the reporting period | | Fixed Assets | 2,662,757,096.74 | 2,088,687,569.79 | 27.48 | | | Construction in Progress | 466,665,042.18 | 691,986,076.74 | -32.56 | Primarily due to the transfer of construction in progress to fixed assets during the reporting period | | Long-Term Borrowings | 1,510,815,245.44 | 1,285,605,456.49 | 17.52 | | | Non-Current Liabilities Due Within One Year | 154,549,909.36 | 81,519,132.40 | 89.59 | Primarily due to an increase in long-term borrowings due within one year during the reporting period | | Other Current Liabilities | 119,071,792.86 | 82,735,877.36 | 43.92 | Primarily due to an increase in endorsed but unmatured bank bills during the reporting period | [Investment Status Analysis](index=14&type=section&id=Investment%20Status%20Analysis) The company's long-term equity investments increased by 2.40% at the end of the reporting period, with a significant investment in the Dongtai 100MW/200MWh shared energy storage power station project, and a detailed breakdown of financial assets measured at fair value - At the end of the reporting period, the company's total long-term equity investments amounted to **2.777 billion Yuan**, an increase of **2.40%** from the beginning of the period[74](index=74&type=chunk) - The company's controlled subsidiary, Dongtai Dongyue New Energy Technology Co., Ltd., invested approximately **260 million Yuan** in the construction of a 100MW/200MWh shared energy storage power station project[75](index=75&type=chunk) Financial Assets Measured at Fair Value (Unit: Yuan) | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | | Stocks | 96,436,471.30 | -4,181,758.49 | 92,254,712.81 | | Total | 96,436,471.30 | -4,181,758.49 | 92,254,712.81 | [Significant Asset and Equity Sales](index=16&type=section&id=Significant%20Asset%20and%20Equity%20Sales) Yueda Intelligent Agricultural Equipment Co. signed a land expropriation compensation agreement with the New Energy Vehicle Industrial Park Office, totaling approximately 123 million Yuan - Yueda Intelligent Agricultural Equipment Co. signed a land expropriation compensation agreement with the New Energy Vehicle Industrial Park Office, with a total compensation of approximately **123 million Yuan**[78](index=78&type=chunk) [Analysis of Major Holding and Participating Companies](index=17&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section provides an overview of the financial performance of the company's major subsidiaries and associates, including their operating revenue and net profit, and highlights the acquisition of Jiangsu Yueda Integrated Energy Service Co. Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit (Unit: 10,000 Yuan) | Company Name | Company Type | Operating Revenue (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Yueda Textile | Subsidiary | 86,044.14 | 121.25 | | Yueda New Energy Co. | Subsidiary | 6,383.97 | 1,798.93 | | Yueda Intelligent Agricultural Equipment Co. | Subsidiary | 11,781.58 | -2,223.48 | | Yueda Special Purpose Vehicle Co. | Subsidiary | 16,656.36 | 25.44 | | Yueda Changjiu Logistics Co. | Subsidiary | 12,849.23 | 418.91 | | Yueda Energy Storage Co. | Subsidiary | 900.16 | 225.74 | | Yueda Low Carbon Co. | Subsidiary | 2,438.74 | 372.21 | | Yueda Energy Service Co. | Subsidiary | 363.28 | 30.76 | | Chenjiagang Power Plant | Associate | 105,376.02 | 4,459.55 | | Yueda Financial Leasing Co. | Associate | 8,867.94 | 3,014.08 | | Yueda Group Finance Co. | Associate | 4,966.81 | 3,022.80 | | Jinghu Co. | Associate | 552,867.32 | 56,679.54 | - During the reporting period, the company acquired Jiangsu Yueda Integrated Energy Service Co., Ltd. through equity acquisition, which is beneficial for the company's strategic transformation towards new energy[81](index=81&type=chunk) [Other Disclosures](index=19&type=section&id=Other%20Disclosures) The company faces market risks from product structure, operational risks from new product development uncertainty and rising raw material costs, and investment risks from new projects' incubation period; it continues to focus on new energy transformation, with successful project commissioning, completion of share increase by controlling shareholder's concerted parties, and cash dividend distribution [Potential Risks](index=19&type=section&id=Potential%20Risks) The company identifies market risks related to product structure, operational risks concerning new product development and raw material prices, and investment risks associated with the incubation period of new projects - Market Risk: Yueda Textile's differentiated products have low market share and influence, with product structure constraining profitability[82](index=82&type=chunk) - Operational Risk: Yueda Intelligent Agricultural Equipment faces uncertainties in new product development; Yueda Special Purpose Vehicle's gross profit margin is at risk of decline due to rising raw material prices and reduced government procurement spending[82](index=82&type=chunk) - Investment Risk: The company's new investment areas, such as new energy and new materials, require a certain incubation period[82](index=82&type=chunk) [Other Disclosures (Sub-section)](index=19&type=section&id=Other%20Disclosures%20(Sub-section)) The company continues to focus on new energy development, with the successful grid connection of the Dongtai shared energy storage power station and Xiangshui fishery-solar hybrid project, and the equity transfer of Yueda Energy Service Co. to optimize asset structure; Yueda Capital and Yueda Liquan completed their share increase plan, and the company implemented a cash dividend distribution - The company continues to focus on new energy industry development, with the Dongtai shared energy storage power station project successfully connected to the grid, the Xiangshui fishery-solar hybrid project connected to the grid, and the equity transfer of Yueda Energy Service Co. optimizing the asset structure[83](index=83&type=chunk) - Yueda Capital Co. and Yueda Liquan Co. cumulatively increased their shareholding in the company by **17,017,864 shares**, accounting for **2%** of the total share capital, with a total increase amount of **66.5785 million Yuan**[84](index=84&type=chunk) - On June 6, 2025, the company implemented a cash dividend plan, distributing a cash dividend of **0.05 Yuan per share** (tax inclusive), totaling **42,544,724.70 Yuan**[84](index=84&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=Corporate%20Governance,%20Environment,%20and%20Society) During the reporting period, there were changes in the company's directors, supervisors, and senior management, with Zhao Shanhu resigning as director and deputy general manager; the company will not distribute profits or convert capital reserves into share capital for the semi-annual period; Jiangsu Yueda Textile Group Co., Ltd. was included in the list of enterprises required to disclose environmental information by law [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) This section reports on personnel changes within the company's board of directors, supervisory board, and senior management team - Zhao Shanhu resigned as the company's director and deputy general manager[86](index=86&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=20&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) States the company's plan regarding profit distribution and capital reserve conversion for the semi-annual period - The company will not conduct cash dividends or bonus shares, nor convert capital reserves into share capital for the semi-annual period[86](index=86&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=20&type=section&id=Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) Identifies the company's subsidiary that has been designated for mandatory environmental information disclosure - Jiangsu Yueda Textile Group Co., Ltd. was included in the list of enterprises required to disclose environmental information by law[88](index=88&type=chunk) [Significant Matters](index=22&type=section&id=Significant%20Matters) During the reporting period, the company's controlling shareholder's concerted parties fulfilled their share increase commitment, and multiple related party transactions were disclosed, including commodity purchases/sales, labor services, asset acquisition, and fund transfers; the company also disclosed several external guarantees, primarily for its controlling shareholder, Jiangsu Yueda Group Co., Ltd [Fulfillment of Commitments](index=22&type=section&id=Fulfillment%20of%20Commitments) Confirms that the concerted parties of Yueda Group, the controlling shareholder, have completed their commitment to increase their shareholding in the company - Yueda Group's concerted parties, Yueda Capital Co., Ltd. and Yueda Liquan Investment Management (Shanghai) Co., Ltd., have fulfilled their commitment to increase the company's shares, with an increase ratio not exceeding **2%** of the total share capital and an amount between **50 million Yuan** and **86 million Yuan**[90](index=90&type=chunk)[91](index=91&type=chunk) [Significant Related Party Transactions](index=24&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in multiple significant related party transactions during the reporting period, including commodity purchases and sales, provision of labor services, asset acquisition (21% equity of Yueda Energy Service Co.), deposit services with Yueda Group Finance Co., and fund borrowing from Yueda Group (Hong Kong) Co., Ltd [Related Party Transactions Related to Daily Operations](index=24&type=section&id=Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) Details various daily operational transactions with related parties, such as purchasing raw materials, selling products, and providing transportation services - Yueda Cotton Spinning Co. purchased raw materials like cotton and yarn from Jiangsu Yueda Southern Holdings Co., Ltd. and its subsidiaries[93](index=93&type=chunk) - Yancheng Yueda Daika Innovation Auto Parts Co., Ltd. sold wheel hubs to Yueda Kia Co.[93](index=93&type=chunk) - Yueda Changjiu Logistics Co. provided transportation services to Jiangsu Yueda Mobis Trading Co., Ltd.[93](index=93&type=chunk) [Related Party Transactions Involving Asset or Equity Acquisition/Disposal](index=24&type=section&id=Related%20Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisition/Disposal) Reports on the company's acquisition of a 21% equity stake in Yueda Energy Service Co. from Shanghai Yueda New Industrial Group Co., Ltd., a transaction aimed at promoting strategic transformation - The company acquired a **21%** equity stake in Yueda Energy Service Co. from Shanghai Yueda New Industrial Group Co., Ltd. for **8.19 million Yuan**, which is beneficial for promoting the company's strategic transformation[95](index=95&type=chunk) [Significant Related Party Transactions Involving Joint External Investment](index=26&type=section&id=Significant%20Related%20Party%20Transactions%20Involving%20Joint%20External%20Investment) Details a joint capital increase by the company's wholly-owned subsidiary, Yueda Energy Storage Co., and Yueda Capital (Hong Kong) Co., Ltd. into Dongtai Dongyue New Energy Technology Co., Ltd - The company's wholly-owned subsidiary, Yueda Energy Storage Co., and Yueda Capital (Hong Kong) Co., Ltd. jointly increased capital in Dongtai Dongyue New Energy Technology Co., Ltd. by **69 million Yuan**[96](index=96&type=chunk) [Related Party Debt and Credit Transactions](index=26&type=section&id=Related%20Party%20Debt%20and%20Credit%20Transactions) Discloses the company's fund borrowing activities with Yueda Group (Hong Kong) Co., Ltd., including the outstanding balance and terms Related Party Fund Borrowing (Unit: 10,000 Yuan) | Related Party | Related Relationship | Beginning Balance (10,000 Yuan) | Amount Incurred in Current Period (10,000 Yuan) | Period-End Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Yueda Group (Hong Kong) Co., Ltd. | Controlling shareholder's controlled subsidiary | 1,516.04 | 30.84 | 1,546.88 | - Yueda Group (Hong Kong) Co., Ltd. provides funds to the listed company at an interest rate not higher than the loan prime rate, and the listed company does not require collateral[98](index=98&type=chunk) [Financial Business Between the Company and Related Financial Companies, and Between the Company's Controlled Financial Companies and Related Parties](index=26&type=section&id=Financial%20Business%20Between%20the%20Company%20and%20Related%20Financial%20Companies,%20and%20Between%20the%20Company's%20Controlled%20Financial%20Companies%20and%20Related%20Parties) Details the company's deposit business with Jiangsu Yueda Group Finance Co., Ltd., including the maximum daily deposit limit, interest rate range, and balances Deposit Business (Unit: Yuan) | Related Party | Related Relationship | Maximum Daily Deposit Limit (Yuan) | Deposit Interest Rate Range | Beginning Balance (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Yueda Group Finance Co., Ltd. | Under common control | 1,000,000,000.00 | 0.05%-1.35% | 995,042,772.82 | 753,600,715.45 | [Significant Contracts and Their Performance](index=27&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company's total external guarantees amounted to 890 million Yuan, representing 20.21% of its net assets, with all guarantees counter-guaranteed by Yueda Real Estate Group Co., Ltd [Significant Guarantees Performed and Not Yet Performed During the Reporting Period](index=28&type=section&id=Significant%20Guarantees%20Performed%20and%20Not%20Yet%20Performed%20During%20the%20Reporting%20Period) Provides a detailed list of the company's external guarantees, excluding those to subsidiaries, including the guarantor, guaranteed party, amount, dates, and fulfillment status Company's External Guarantees (Excluding Guarantees to Subsidiaries) (Unit: 10,000 Yuan) | Guarantor | Guaranteed Party | Guarantee Amount (10,000 Yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | Relationship between Guarantor and Listed Company | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company Headquarters | Yueda Group | 7,000 | 2022-12-19 | 2025-06-21 | Yes | Controlling Shareholder | | Company Headquarters | Yueda Group | 7,000 | 2022-12-19 | 2025-12-16 | No | Controlling Shareholder | | Company Headquarters | Yueda Group | 9,000 | 2024-11-06 | 2025-11-06 | No | Controlling Shareholder | | Company Headquarters | Yueda Group | 9,000 | 2024-01-08 | 2025-01-08 | Yes | Controlling Shareholder | | Company Headquarters | Yueda Group | 9,000 | 2025-01-10 | 2028-01-10 | No | Controlling Shareholder | | Company Headquarters | Yueda Group | 19,000 | 2024-05-17 | 2025-05-16 | Yes | Controlling Shareholder | | Company Headquarters | Yueda Group | 12,000 | 2025-05-27 | 2026-05-26 | No | Controlling Shareholder | - The total guarantee balance at the end of the reporting period (excluding guarantees to subsidiaries) was **890 million Yuan**, accounting for **20.21%** of the company's net assets[102](index=102&type=chunk) [Share Changes and Shareholder Information](index=29&type=section&id=Share%20Changes%20and%20Shareholder%20Information) During the reporting period, the company's total share capital and equity structure remained unchanged; as of the end of the reporting period, there were 38,681 common shareholders, with Jiangsu Yueda Group Co., Ltd. being the largest shareholder at 34.00%, and a portion of its shares pledged [Share Capital Change](index=29&type=section&id=Share%20Capital%20Change) States that there were no changes in the company's total share capital or equity structure during the reporting period - During the reporting period, there were no changes in the company's total share capital or equity structure[104](index=104&type=chunk) [Shareholder Information](index=29&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 38,681 common shareholders; among the top ten shareholders, Jiangsu Yueda Group Co., Ltd. held the highest proportion of shares, with a portion of its shares pledged [Total Number of Shareholders](index=29&type=section&id=Total%20Number%20of%20Shareholders) Provides the total count of common shareholders at the end of the reporting period - As of the end of the reporting period, the total number of common shareholders was **38,681**[105](index=105&type=chunk) [Top Ten Shareholders and Top Ten Circulating Shareholders (or Non-Restricted Shareholders) Shareholding at the End of the Reporting Period](index=29&type=section&id=Top%20Ten%20Shareholders%20and%20Top%20Ten%20Circulating%20Shareholders%20(or%20Non-Restricted%20Shareholders)%20Shareholding%20at%20the%20End%20of%20the%20Reporting%20Period) Lists the top ten shareholders, their shareholdings, percentages, and any pledge status, along with their nature Top Ten Shareholders' Shareholding (Unit: Shares) | Shareholder Name | Period-End Shareholding (Shares) | Proportion (%) | Share Status | Quantity (Shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Yueda Group Co., Ltd. | 289,264,449 | 34.00 | Pledged | 136,123,281 | State-owned Legal Person | | Sun Tao | 15,680,000 | 1.84 | Unrestricted | 0 | Domestic Natural Person | | Jiangsu Huanghai Financial Holding Group Co., Ltd. | 12,400,000 | 1.46 | Unrestricted | 0 | State-owned Legal Person | | GF Fund - Agricultural Bank of China - GF CSI Financial Asset Management Plan | 8,967,600 | 1.05 | Unrestricted | 0 | Other | | Southern Fund - Agricultural Bank of China - Southern CSI Financial Asset Management Plan | 8,945,100 | 1.05 | Unrestricted | 0 | Other | | Dacheng Fund - Agricultural Bank of China - Dacheng CSI Financial Asset Management Plan | 8,856,600 | 1.04 | Unrestricted | 0 | Other | | Yinhua Fund - Agricultural Bank of China - Yinhua CSI Financial Asset Management Plan | 8,792,387 | 1.03 | Unrestricted | 0 | Other | | Yueda Capital Co., Ltd. | 8,456,300 | 0.99 | Unrestricted | 0 | State-owned Legal Person | | Harvest Fund - Agricultural Bank of China - Harvest CSI Financial Asset Management Plan | 8,094,100 | 0.95 | Unrestricted | 0 | Other | | Liu Shuang | 7,584,529 | 0.89 | Unrestricted | 0 | Domestic Natural Person | - Jiangsu Yueda Group Co., Ltd. is a concerted party with Yueda Capital Co., Ltd. and Yueda Liquan Investment Management (Shanghai) Co., Ltd. - Yueda Liquan - Yueshun No. 2 Private Securities Investment Fund[109](index=109&type=chunk) [Shareholding and Restriction Conditions of Top Ten Restricted Shareholders](index=31&type=section&id=Shareholding%20and%20Restriction%20Conditions%20of%20Top%20Ten%20Restricted%20Shareholders) Details the top ten restricted shareholders, their shareholdings, and the specific conditions for their share restrictions Top Ten Restricted Shareholders' Shareholding (Unit: Shares) | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (Shares) | Date Available for Listing | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Dongtai Agricultural Machinery Co., Ltd. | 153,317 | 2007-10-23 | Unpaid share reform consideration | | 2 | Huaiyin Agricultural Machinery General Company | 102,211 | 2007-10-23 | Unpaid share reform consideration | | 3 | Dafeng County Agricultural Machinery Company | 102,211 | 2007-10-23 | Unpaid share reform consideration | | 4 | Yancheng Urban Area Xincun Valve Factory | 56,216 | 2007-10-23 | Unpaid share reform consideration | | 5 | Jiangsu Dafeng County Steel Casting Factory | 51,105 | 2007-10-23 | Unpaid share reform consideration | | 6 | Yancheng Vehicle Factory | 51,105 | 2007-10-23 | Unpaid share reform consideration | | 7 | Yancheng Dahua Co., Ltd. | 17,887 | 2007-10-23 | Unpaid share reform consideration | | 8 | Sheyang Ronghua Aquatic Products Company | 7,666 | 2007-10-23 | Unpaid share reform consideration | | 9 | Jianhu Hydraulic Accessories Factory | 5,111 | 2007-10-23 | Unpaid share reform consideration | [Bond-Related Information](index=32&type=section&id=Bond-Related%20Information) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - During the reporting period, the company had no corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments[113](index=113&type=chunk) - During the reporting period, the company had no convertible corporate bonds[113](index=113&type=chunk) [Financial Report](index=33&type=section&id=Financial%20Report) This section comprehensively discloses 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 notes on company background, accounting policies, taxation, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, fair value disclosures, related parties and transactions, share-based payments, commitments and contingencies, post-balance sheet events, other significant matters, and supplementary information [Audit Report](index=33&type=section&id=Audit%20Report) States that the semi-annual report has not been audited - This semi-annual report is unaudited[5](index=5&type=chunk) [Financial Statements](index=33&type=section&id=Financial%20Statements) This section includes the company's consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements, cash flow statements, and statements of changes in owners' equity for January-June 2025, providing a comprehensive view of the company's financial position, operating results, and cash flows during the reporting period - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[115](index=115&type=chunk)[118](index=118&type=chunk)[122](index=122&type=chunk)[126](index=126&type=chunk)[129](index=129&type=chunk)[132](index=132&type=chunk)[134](index=134&type=chunk)[140](index=140&type=chunk) [Company's Basic Information](index=54&type=section&id=Company's%20Basic%20Information) The company, formerly Jiangsu Huanghai Co., Ltd. (Group), was renamed Jiangsu Yueda Investment Co., Ltd. in 2000, with stock code 600805, and has a broad business scope including power generation, investment, new energy services, agricultural machinery, textile processing, and environmental protection equipment sales - The company was listed on the Shanghai Stock Exchange on January 3, 1994, under the stock abbreviation "Jiangsu Yueda", and was renamed "Jiangsu Yueda Investment Co., Ltd." in December 2000, with the stock abbreviation changed to "Yueda Investment" and securities code 600805[145](index=145&type=chunk) - The company's business scope includes power generation, transmission, and distribution, investment activities with self-owned funds, solar/wind power technology services, energy storage technology services, biomass fuel processing, agricultural machinery manufacturing, textile processing, and environmental protection equipment sales[147](index=147&type=chunk) - The company's main products for external provision are textile products, agricultural tractors, special purpose vehicles, and photovoltaic power, with main services including logistics and urban services[147](index=147&type=chunk) [Basis of Financial Statement Preparation](index=55&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, using the accrual basis and historical cost measurement, with provisions for potential asset impairment, and no significant doubts about its going concern ability within 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis, following enterprise accounting standards, using the accrual basis and historical cost measurement[148](index=148&type=chunk) - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[149](index=149&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The company follows enterprise accounting standards, with a fiscal year from January 1 to December 31, using a 12-month standard for asset and liability liquidity classification, and RMB as the functional currency; this section details specific accounting policies and estimation methods for business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, 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 company's accounting year runs from January 1 to December 31, with 12 months used as the standard for classifying asset and liability liquidity, and the functional currency is Renminbi[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - The company adopts the pooling of interests method for business combinations under common control and the acquisition method for business combinations not under common control[156](index=156&type=chunk)[157](index=157&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[185](index=185&type=chunk) - The company recognizes revenue when it has satisfied a performance obligation in the contract, meaning when the customer obtains control of the related goods[282](index=282&type=chunk) - The company accounts for income tax using the balance sheet liability method, recognizing deferred income tax assets or liabilities[303](index=303&type=chunk)[304](index=304&type=chunk) [Taxation](index=84&type=section&id=Taxation) The company's main taxes include VAT, urban maintenance and construction tax, education surcharge, and corporate income tax; some subsidiaries enjoy a 15% preferential tax rate as high-tech enterprises, some small-profit enterprises pay corporate income tax at 20% on 25% of taxable income, and some public infrastructure projects receive a "three-year exemption, three-year half reduction" corporate income tax policy Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | Output tax - deductible input tax | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax paid | 7% | | Education Surcharge | Amount of turnover tax paid | 5% | | Corporate Income Tax | Taxable income | 25%, 15% | - Jiangsu Yueda Cotton Spinning Co., Ltd., Jiangsu Yueda Intelligent Agricultural Equipment Co., Ltd., and other high-tech enterprises enjoy a **15%** preferential corporate income tax rate[323](index=323&type=chunk) - Jiangsu Coastal Agricultural Machinery Testing Co., Ltd., Jiangsu Yueda Hecarbon Environmental Technology Co., Ltd., and other small-profit enterprises enjoy a corporate income tax policy where taxable income is calculated at **25%** and taxed at a **20%** rate[324](index=324&type=chunk) - Yancheng Yueda Huaxu Photovoltaic Power Co., Ltd., Jiangsu Yueda New Energy Technology Development Co., Ltd., and other companies engaged in nationally encouraged public infrastructure projects enjoy a corporate income tax policy of "three-year exemption, three-year half reduction"[324](index=324&type=chunk) [Notes to Consolidated Financial Statement Items](index=85&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed classification, disclosure, and explanation for each asset, liability, owner's equity, and profit/loss item in the consolidated financial statements, including monetary funds, financial assets held for trading, notes receivable, accounts receivable, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, short-term borrowings, accounts payable, employee compensation payable, taxes payable, other payables, long-term borrowings, lease liabilities, and deferred income, along with explanations for changes and accounting treatments - Monetary funds at period-end totaled **1.21 billion Yuan**, including **79.476 million Yuan** in bank acceptance bill deposits and **2 million Yuan** in letter of guarantee deposits[327](index=327&type=chunk) - Financial assets held for trading at period-end totaled **375.767 million Yuan**, primarily equity instrument investments[329](index=329&type=chunk) - Accounts receivable at period-end had a book value of **457.279 million Yuan**, with **66.294 million Yuan** provided for bad debts on an individual basis[337](index=337&type=chunk) - Long-term equity investments at period-end totaled **2.777 billion Yuan**, increasing by **65.201 million Yuan** during the period, mainly due to investment gains and other equity changes recognized under the equity method[379](index=379&type=chunk) - Fixed assets at period-end had a book value of **2.663 billion Yuan**, increasing by **662.293 million Yuan** during the period, primarily due to transfers from construction in progress[386](index=386&type=chunk)[387](index=387&type=chunk) - Short-term borrowings at period-end totaled **1.906 billion Yuan**, mainly comprising pledged borrowings, mortgaged borrowings, and guaranteed borrowings[422](index=422&type=chunk) - Operating revenue for the current period was **1.358 billion Yuan**, and operating cost was **1.219 billion Yuan**[466](index=466&type=chunk) [Research and Development Expenses](index=151&type=section&id=Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenses amounted to 11.169 million Yuan, all expensed, primarily consisting of employee compensation, material costs, and depreciation of R&D equipment R&D Expenses by Nature of Expense (Unit: Yuan) | Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 8,775,457.15 | 5,634,535.68 | | Material Costs | 539,602.61 | 1,128,921.12 | | R&D Equipment Depreciation | 384,424.80 | 367,892.05 | | Technology Development Fees | 19,468.40 | 444,451.28 | | Travel Expenses | 129,058.25 | 89,274.37 | | Product Trial Production, Testing | 138,881.78 | 19,449.61 | | Other | 1,182,576.59 | 482,042.90 | | **Total** | **11,169,469.58** | **8,166,567.01** | | Of which: Expensed R&D Expenditure | 11,169,469.58 | 8,166,567.01 | [Changes in Consolidation Scope](index=152&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company underwent a business combination under common control by acquiring a 21% equity stake in Jiangsu Yueda Integrated Energy Service Co., Ltd., established three new subsidiaries (Suqian Yuexiu Energy Storage Technology Co., Ltd., Yancheng Yuewei New Energy Development Co., Ltd., and Yancheng Yuechun New Energy Development Co., Ltd.), and deregistered two subsidiaries (Yancheng Yueda Weiyu Photovoltaic Power Co., Ltd. and Yancheng Yueda Chunyuan Photovoltaic Power Co., Ltd.) - A business combination under common control occurred this period, with the acquisition of a **21%** equity stake in Jiangsu Yueda Integrated Energy Service Co., Ltd. for **8.19 million Yuan** in cash[504](index=504&type=chunk)[506](index=506&type=chunk) - Three new subsidiaries were established: Suqian Yuexiu Energy Storage Technology Co., Ltd., Yancheng Yuewei New Energy Development Co., Ltd., and Yancheng Yuechun New Energy Development Co., Ltd.[509](index=509&type=chunk) - Two subsidiaries, Yancheng Yueda Weiyu Photovoltaic Power Co., Ltd. and Yancheng Yueda Chunyuan Photovoltaic Power Co., Ltd., were deregistered[509](index=509&type=chunk) [Interests in Other Entities](index=155&type=section&id=Interests%20in%20Other%20Entities) The company discloses its corporate group structure, including significant subsidiaries like Shaanxi Xitong Expressway Co., Ltd., Jiangsu Yueda Textile Group Co., Ltd., and Jiangsu Yueda Intelligent Agricultural Equipment Co., Ltd., as well as important associates such as Yueda Financial Leasing Co., Ltd., Jiangsu Jinghu Expressway Co., Ltd., Guoneng Chenjiagang Power Generation Co., Ltd., and Jiangsu Yueda Group Finance Co., Ltd.; certain non-wholly-owned subsidiaries significantly impact minority shareholder profit and equity balances - The company holds significant subsidiaries including Shaanxi Xitong Expressway Co., Ltd., Jiangsu Yueda Carter New Energy Co., Ltd., Jiangsu Yueda Textile Group Co., Ltd., Jiangsu Yueda Intelligent Agricultural Equipment Co., Ltd., etc[511](index=511&type=chunk)[512](index=512&type=chunk)[513](index=513&type=chunk)[514](index=514&type=chunk) - The company holds significant associate companies including Yueda Financial Leasing Co., Ltd., Jiangsu Jinghu Expressway Co., Ltd., Guoneng Chenjiagang Power Generation Co., Ltd., and Jiangsu Yueda Group Finance Co., Ltd.[524](index=524&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiaries (Unit: Yuan) | Subsidiary Name | Minority Shareholding Proportion (%) | Net Profit Attributable to Minority Shareholders for Current Period (Yuan) | Minority Shareholder Equity Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Jiangsu Yueda Home Textile Co., Ltd. | 4.68 | -273,594.87 | 14,338,436.58 | | Shaanxi Xitong Expressway Co., Ltd. | 30 | -36,391.99 | 402,203,780.61 | | Jiangsu Yueda Intelligent Agricultural Equipment Co., Ltd. | 49 | -10,895,048.90 | 108,369,536.86 | | Jiangsu Yueda New Energy Technology Development Co., Ltd. | 30 | 5,396,776.92 | 128,613,841.23 | | **Total** | | **-5,808,258.84** | **5