北京大成律师事务所 关于 上海耀皮玻璃集团股份有限公司 2025 年度向特定对象发行 A 股股票 之 补充法律意见书（一） 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） 16-21F, Tower B, ZT INTERNATIONAL CENTER, No.10, Chaoyangmen Nandajie, Chaoyang District, 100020, Beijing, China Tel: 8610-58137799 Fax: 8610-58137788 www.dentons.cn 7-3-1 | 目 录 2 | | --- | | 释 义 3 | | 第一部分 对《审核问询函》的回复 5 | | 《审核问询函》问题 3.1 5 | | 《审核问询函》问题 3.2 9 | | 第二部分 对补充核查期间和新增报告期事项的补充披露 16 | | 一、本次发行的批准和授权 16 | | 二、发行人本次发行的主体资格 16 | | 三、本次发行的实质条件 16 | | 四、发行人的设立 17 | | 五、发行人的独立性 17 | | 六、发行人的股东和实际控制人 ...

上海耀皮玻璃集团股份有限公司（以下简称"公司"或"上市公司"））于 2025 年 8 月 8 日收到上海证券交易所（以下简称"上交所"）出具的《关于上海 耀皮玻璃集团股份有限公司向特定对象发行股票申请文件的审核问询函》（上证 上审（再融资）〔2025〕240 号）（以下简称"《审核问询函》"），上交所审核中心 对公司提交的向特定对象发行股票申请文件进行了审核，并形成了审核问询问题。 公司收到审核问询函后，会同相关中介机构对《审核问询函》所列问题进行 了认真研究和逐项落实，对有关问题进行了说明、论证分析和逐项回复，并对募 集说明书等申请文件进行了补充和更新。鉴于公司 2025 年半年度报告已公开披 露，公司会同相关中介机构对募集说明书等申请文件中涉及的财务数据等内容进 行了相应的更新。具体内容详见公司于同日在上交所网站（http://www.sse.com.cn） 披露的相关公告文件。 公司本次向特定对象发行 A 股股票事项尚需上交所审核通过，并获得中国 证券监督管理委员会（以下简称"中国证监会"）同意注册后方可实施。最终能 否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存在不确定性。 公司将根据进 ...

关于上海耀皮玻璃集团股份有限公司 向特定对象发行股票申请文件 的审核问询函之回复报告 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年九月 上海证券交易所： 贵所于 2025 年 8 月 8 日出具的《关于上海耀皮玻璃集团股份有限公司向特 定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕240 号） （以下简称"审核问询函"）已收悉。上海耀皮玻璃集团股份有限公司（以下简 称"耀皮玻璃"、"发行人"或"公司"）与国泰海通证券股份有限公司（以下 简称"国泰海通"或"保荐人"）、北京大成律师事务所（以下简称"发行人律 师"）、上会会计师事务所（特殊普通合伙）（以下简称"申报会计师"）等相 关方对审核问询函所列问题进行了逐项核查，现回复如下，请予审核。 如无特别说明，本问询函回复使用的简称与《上海耀皮玻璃集团股份有限公 司 2025 年度向特定对象发行 A 股股票募集说明书》（以下简称"募集说明书"） 中的释义相同。 本问询函回复的字体代表以下含义： | 审核问询函所列问题 | 黑体（不加粗） | | --- | --- | | 对问题的回复 | 宋体（不加粗） | ...

Market Performance - On September 5, the glass and fiberglass sector rose by 3.37% compared to the previous trading day, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Zhongcai Technology (002080) closed at 32.72, up 5.38% with a trading volume of 449,300 shares and a transaction value of 1.455 billion [1] - Jiuding New Materials (002201) closed at 8.45, up 4.71% with a trading volume of 230,900 shares and a transaction value of 193 million [1] - Honghe Technology (603256) closed at 36.45, up 4.38% with a trading volume of 209,000 shares and a transaction value of 749 million [1] - Other notable stocks include Yaopi Glass (618009) up 3.91%, Jinjing Technology (600586) up 3.64%, and Qibin Group (601636) up 2.95% [1] Capital Flow Analysis - The glass and fiberglass sector saw a net inflow of 309 million from main funds, while retail funds experienced a net outflow of 188 million [1] - Main fund inflows were led by Honghe Technology with 91.83 million, followed by Zhongcai Technology with 24.20 million [2] - Retail funds saw significant outflows from Jiuding New Materials and Jinjing Technology, with outflows of 628,820 and 2.69 million respectively [2]

Core Viewpoint - The company plans to raise up to RMB 300 million through a private placement of A-shares to enhance its capital strength and profitability, focusing on energy-saving upgrades and automation of its glass production lines [1][2][6]. Group 1: Background and Purpose of the Issuance - The glass industry is a significant part of the manufacturing sector in China, which has become the largest glass producer and consumer globally, covering various segments such as construction, automotive, photovoltaic, and electronic glass [2][3]. - Recent technological advancements and environmental awareness are driving the industry towards high-end, intelligent, and green manufacturing, supported by multiple national policies [2][3]. - The company aims to address structural issues in the glass industry, such as the insufficient supply of high-performance products, by enhancing its manufacturing capabilities through this fundraising initiative [6][7]. Group 2: Investment Projects - The total investment for the energy-saving upgrade and automation of the Dalian glass production line is estimated at RMB 404.75 million, with the company planning to allocate RMB 300 million from the fundraising to this project [1][9]. - The projects are aligned with the company's main business and are expected to optimize product structure and enhance market competitiveness, particularly in high-end glass markets [8][24]. Group 3: Financial Impact and Shareholder Considerations - The issuance is expected to increase the company's total assets and net assets, enhancing its financial strength and risk resistance [10][19]. - The company has conducted analyses on the potential dilution of immediate returns for existing shareholders and has proposed measures to mitigate this impact [22][23]. - The fundraising is projected to support the company's long-term sustainable development and improve its profitability in the automotive, photovoltaic, home appliance, and construction sectors [7][8][26]. Group 4: Compliance and Fairness of the Issuance - The issuance plan has undergone necessary approvals from the board and shareholders, ensuring compliance with relevant laws and regulations [19][20]. - The selection of specific investors for the issuance is deemed appropriate, with a maximum of 35 qualified investors participating [11][12]. - The pricing mechanism for the shares is based on a fair valuation process, ensuring that the interests of all shareholders are considered [18][21].

Core Viewpoint - Shanghai Yaohua Pilkington Glass Group Co., Ltd. plans to issue A-shares to specific investors to optimize its product structure and enhance market competitiveness, addressing the growing demand for high-end glass products in various industries [12][15][24]. Group 1: Issuance Plan - The company intends to raise a total of up to 300 million yuan (30,000 million) through this issuance, with the net proceeds allocated to specific projects [20][25]. - The issuance will be subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [2][24]. - The final issuance price will not be lower than 80% of the average trading price over the 20 trading days prior to the pricing date [17][19]. Group 2: Investment Projects - The funds will be used for projects including energy-saving upgrades and automation improvements at the Dalian and Tianjin production lines, with a total investment requirement of approximately 404.75 million yuan [21][26]. - The Dalian project aims to enhance the production line's energy efficiency and product quality through technological upgrades [26]. Group 3: Market Context - The glass industry is experiencing a transformation towards high-end, energy-efficient products, driven by increasing demand in sectors such as automotive, photovoltaic, and construction [13][15]. - The company is positioned as a leading player in the glass industry, focusing on technological innovation and product upgrades to meet market needs [14][15]. Group 4: Financial Implications - The issuance is expected to strengthen the company's capital structure and improve its ability to respond to market changes, thereby enhancing its long-term sustainability [15][24]. - The company plans to utilize self-raised funds for project initiation before the issuance proceeds are available, ensuring project timelines are met [25].

Core Viewpoint - The company plans to issue A-shares to specific investors, which may dilute immediate returns, but has outlined measures to mitigate this impact and protect the interests of minority shareholders [1][2][4]. Financial Impact of the Issuance - The total share capital before the issuance is 934,916,069 shares, which will increase to 1,006,515,114 shares post-issuance [2]. - The company analyzed three scenarios for net profit in 2025 compared to 2024: 1. No change in net profit, resulting in basic earnings per share (EPS) of 0.12 [3]. 2. A 10% increase in net profit, leading to an EPS of 0.14 [3]. 3. A 10% decrease in net profit, resulting in an EPS of 0.11 [3]. Necessity and Rationality of the Issuance - The funds raised will enhance the company's competitive strength and support sustainable development, aligning with national industrial policies and market trends [4][5]. - The investment projects include energy upgrades and automation improvements in existing production lines, which are crucial for maintaining technological leadership and market share [5][6]. Relationship of Investment Projects to Existing Business - The fundraising will primarily support energy upgrades and automation in production lines, directly related to the company's core business [5][6]. - The company aims to improve operational efficiency and reduce financial risk through better capital structure and increased liquidity [5][6]. Measures to Mitigate Dilution of Immediate Returns - The company will strengthen its core business and enhance profitability through R&D and market expansion [7][8]. - Strict management of raised funds will be implemented to ensure effective utilization and compliance with regulations [8][9]. - The company will improve governance and internal controls to protect shareholder interests and enhance operational efficiency [9][10]. Commitments from Key Stakeholders - Company directors and senior management have committed to fulfilling measures to mitigate the dilution of immediate returns [10]. - The controlling shareholder has also made commitments to uphold shareholder rights and ensure the effective implementation of return compensation measures [10].

Core Viewpoint - Shanghai Yaopi Glass Group Co., Ltd. has announced the second revised draft of its plan to issue A-shares to specific targets for the year 2025, which was approved by the board of directors on August 28, 2025 [1]. Group 1 - The board of directors and all directors of the company guarantee that the announcement does not contain any false records, misleading statements, or major omissions, and they bear individual and joint responsibility for the authenticity, accuracy, and completeness of its content [1]. - The revised plan for the issuance of A-shares has been disclosed on the Shanghai Stock Exchange website, and investors are advised to review it [1]. - The disclosure of this plan does not represent a substantive judgment, confirmation, approval, or registration by the approval authority regarding the issuance matters, and the related matters are subject to review by the Shanghai Stock Exchange and approval by the China Securities Regulatory Commission before implementation [1].

Fundraising Plan - The company plans to raise a total of up to 300 million RMB through a private placement of A-shares, with all proceeds intended for specific investment projects after deducting related issuance costs [1][2] - The actual amount raised will not exceed the funding requirements of the investment projects, and if the funds are insufficient, the company will adjust the investment amounts based on actual needs [2][3] Investment Projects - The first project is the energy-saving upgrade and automation transformation of the Dalian float glass production line, with a total investment of 288.31 million RMB, of which 188.31 million RMB will be funded by the raised capital [2][4] - The project aims to enhance production efficiency and reduce costs through the upgrade of core equipment and automation systems, addressing the aging of the production line and increasing energy consumption [5][6] Market Demand and Trends - There is a growing demand for high-value-added glass products in various sectors, including automotive, photovoltaic, and industrial applications, driven by technological advancements and market trends [6][8] - The company has established a stable customer base across multiple industries, ensuring steady revenue streams post-project completion [7][8] Financial Impact - The internal rate of return for the Dalian project is projected at 14.62%, with a payback period of approximately 7.80 years [9] - The second project, focusing on energy-saving upgrades and coating process improvements at the Tianjin plant, has a total investment of 99.65 million RMB, with 94.90 million RMB sourced from the raised funds [10][11] Strategic Alignment - The fundraising and investment projects align with national policies aimed at reducing carbon emissions and enhancing energy efficiency in the glass manufacturing industry [5][12] - The company aims to optimize its product structure and enhance competitiveness in high-end glass markets, particularly in response to the growing demand for energy-efficient and high-performance glass products [13][16]

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and senior management confirm the unaudited semi-annual report's accuracy, proposing a 2025 interim cash dividend of RMB 0.28 per 10 shares (30.31% of net profit), cautioning investors on forward-looking statements, and affirming no unauthorized fund occupation or guarantees 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Proposed Cash Dividend (tax inclusive) | 26,177,649.93 RMB | | Dividend per 10 shares | 0.28 RMB | | Percentage of Net Profit Attributable to Shareholders for the Reporting Period | 30.31% | | Total Share Capital | 934,916,069 shares | Unaudited Financial Data for January-June 2025 | Indicator | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Owners of the Parent Company | 86,366,014.84 | | Undistributed Profits Carried Forward from Prior Year | 821,697,297.15 | | Less: 2024 Annual Cash Dividend | 6,544,412.48 | | Actual Distributable Profits | 901,518,899.51 | - This semi-annual report is unaudited[5](index=5&type=chunk) - Forward-looking statements regarding future plans or projections in this report do not constitute a substantive commitment by the company to investors, who should maintain adequate risk awareness[8](index=8&type=chunk) - There is no non-operating occupation of funds by controlling shareholders or other related parties[9](index=9&type=chunk) - There are no instances of providing external guarantees in violation of prescribed decision-making procedures[9](index=9&type=chunk) [Section I Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms and entities used in the report, including regulatory bodies, exchanges, company and subsidiary names, and specialized technical terms like float glass and TCO glass, clarifying the reporting period as January 1 to June 30, 2025 - Common terms such as CSRC, SSE, Group or Company or Yaopi Glass are defined[15](index=15&type=chunk) - Multiple subsidiary names are listed, including Shanghai Yaopi Architectural Glass Co., Ltd., and Tianjin Yaopi Glass Co., Ltd[15](index=15&type=chunk) - Professional technical terms such as TCO glass (Transparent Conductive Oxide substrate glass), CSP glass (Concentrated Solar Power glass), Auto-Low E glass (on-line coated low-emissivity automotive glass), and BIPV (Building Integrated Photovoltaics) are explained[15](index=15&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information, contact details, stock overview, and key accounting data and financial indicators for the first half of 2025, highlighting enhanced profitability due to optimized operating strategies, product structure adjustments, and reduced raw material prices, despite a slight decrease in operating revenue [Company Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) The company's Chinese name is Shanghai Yaopi Glass Group Co., Ltd., abbreviated as Yaopi Glass, with Yin Jun as its legal representative, and its A-shares (600819) and B-shares (900918) are listed on the Shanghai Stock Exchange - The company's Chinese name is Shanghai Yaopi Glass Group Co., Ltd., abbreviated as Yaopi Glass[17](index=17&type=chunk) - The company's legal representative is Yin Jun[17](index=17&type=chunk) - The company's stock types include A-shares (stock code 600819) and B-shares (stock code 900918), both listed on the Shanghai Stock Exchange[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue decreased by 4.81% year-on-year, but total profit and net profit attributable to shareholders increased by 52.44% and 37.92% respectively, with improved basic earnings per share and weighted average return on net assets, driven by optimized operating strategies, product structure adjustments, refined management, and lower raw material prices Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,617,934,265.73 | 2,750,117,861.12 | -4.81 | | Total Profit | 125,383,863.45 | 82,249,417.14 | 52.44 | | Net Profit Attributable to Shareholders | 86,366,014.84 | 62,621,744.88 | 37.92 | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses | 82,496,128.70 | 51,052,994.14 | 61.59 | | Net Cash Flow from Operating Activities | 163,468,448.64 | 267,039,683.92 | -38.78 | | Net Assets Attributable to Shareholders (End of Current Period) | 3,531,592,963.17 | 3,451,771,360.81 | 2.31 | | Total Assets (End of Current Period) | 8,358,918,225.52 | 7,978,369,008.10 | 4.77 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.09 | 0.07 | 28.57 | | Diluted Earnings Per Share (RMB/share) | 0.09 | 0.07 | 28.57 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (RMB/share) | 0.09 | 0.05 | 80.00 | | Weighted Average Return on Net Assets (%) | 2.47 | 1.84 | Increased by 0.63 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 2.36 | 1.50 | Increased by 0.86 percentage points | - In the first half of 2025, the company continued to deepen its "upstream and downstream integration, product differentiation" operating strategy, optimizing product structure, actively expanding into high-value-added glass markets, strengthening internal refined management to improve production efficiency, and benefiting from favorable factors such as declining raw material prices, leading to an increase in gross profit margin for its main business and enhanced profitability[24](index=24&type=chunk) [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) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 3,869,886.14**, primarily including gains and losses from disposal of non-current assets, government subsidies recognized in current profit or loss, fair value changes and disposal gains/losses of financial assets and liabilities, and reversal of impairment provisions for accounts receivable Non-Recurring Gains and Losses for H1 2025 | Non-Recurring Gain/Loss Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -1,478,634.20 | | Government subsidies recognized in current profit or loss | 1,108,384.05 | | Gains and losses from changes in fair value of financial assets and liabilities and disposal gains/losses, excluding hedging activities | 26,848.84 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 3,838,592.25 | | Other non-operating income and expenses apart from the above | -1,122,088.47 | | Less: Income tax impact | -725,613.35 | | Minority interest impact (after tax) | -771,170.32 | | **Total** | **3,869,886.14** | [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the glass manufacturing industry's development, including market dynamics for float glass, architectural processed glass, and automotive processed glass, highlighting the company's "upstream and downstream integration, product differentiation" strategy, technological innovation, and refined management to enhance profitability, achieving RMB 2.618 billion in operating revenue and a 37.92% year-on-year increase in net profit attributable to shareholders, while also analyzing core competencies, asset-liability status, investment, and risks with corresponding strategies [Industry and Main Business Overview for 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) The glass manufacturing industry is pursuing high-quality development and transformation, but sub-markets show divergence, with float glass facing worsening supply-demand and high inventory, architectural glass experiencing low demand due to real estate downturn, and automotive glass seeing overall growth, particularly in new energy vehicles, while the company focuses on float, architectural, and automotive glass through innovation and differentiation [Industry Development](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) In the first half of 2025, the float glass industry experienced worsening supply-demand, declining operating rates and output, yet increasing inventory; architectural processed glass demand remained low due to the real estate market downturn, with significantly reduced order days; while the automotive processed glass industry saw double-digit growth in production and sales, with new energy vehicles being a significant highlight, accounting for 44.3% of total sales - In the first half of 2025, float glass supply and demand deteriorated, prices declined, the average operating rate from January to May decreased by **8.58%** compared to the same period last year, and output decreased by **10%** year-on-year[30](index=30&type=chunk) - As of late June, float glass inventory reached **69.887 million weight cases**, an increase of **54.54%** from the end of last year and **16.82%** year-on-year[30](index=30&type=chunk) - In the first half of 2025, architectural glass demand declined year-on-year, with real estate completion area decreasing by **14.3%** year-on-year, and the average order days for deep processing enterprises being only **6.8 days**, a significant year-on-year decrease of **39.3%**[30](index=30&type=chunk) - In the first half of 2025, China's automobile production and sales both exceeded **15 million units** for the first time, achieving double-digit growth, with new energy vehicle production and sales reaching **6.968 million units** and **6.937 million units** respectively, increasing by **41.4%** and **40.3%** year-on-year, accounting for **44.3%** of total sales[31](index=31&type=chunk) [Company's Main Business](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business involves the research, development, production, and sale of float glass, architectural processed glass, and automotive processed glass, continuously optimizing its product structure, expanding application scenarios, and consolidating its leading position through technological innovation, refined management, and resource integration - The company's main business is the research, development, production, and sale of float glass, architectural processed glass, and automotive processed glass[32](index=32&type=chunk) - The float glass segment operates **5** advanced high-end float glass production lines, with key differentiated products including high-quality automotive glass, on-line coated low-emissivity glass, TCO glass, and CSP glass, with a primary future direction being to support the development of the solar energy industry[32](index=32&type=chunk) - The architectural processed glass segment is a supplier of high-quality engineered architectural processed glass, focusing on energy-saving, energy-generating glass, off-line low-emissivity coated glass, BIPV, and other high-performance, energy-efficient, and environmentally friendly architectural processed glass, with products widely used in landmark buildings globally[32](index=32&type=chunk) - The automotive processed glass segment is committed to innovation-driven development, vigorously developing energy-saving, heatable, smart, and HUD display technology-linked coated automotive glass, large panoramic sunroof glass, etc., and is a high-quality supplier to renowned automakers such as SAIC Volkswagen, Geely, and BYD[33](index=33&type=chunk) [Operating Model](index=9&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's production model primarily involves continuous, year-round operation for float glass and build-to-order for processed glass; sales are mainly direct and domestic; procurement is centrally managed by the headquarters' logistics department; and R&D is led by the Yaopi Glass Research Institute, focusing on product high-end, intelligent, and green development - Float glass production is characterized by continuous, year-round operation, with each production base scientifically formulating production plans; architectural processed glass and automotive processed glass primarily adopt a build-to-order production management model, supplemented by planned production[34](index=34&type=chunk) - The company's sales model is primarily direct sales, with a focus on domestic sales and supplementary export sales[34](index=34&type=chunk) - The company's headquarters logistics department formulates procurement policies, supplier policies, bidding strategies, etc., and conducts centralized bidding and pricing for procurement logistics[34](index=34&type=chunk) - The company's Yaopi Glass Research Institute serves as the main body for technological innovation and new product R&D, continuously conducting independent research and development focused on product high-end, intelligent, and green development[34](index=34&type=chunk) [Market Position](index=9&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) The company is one of China's earliest listed glass manufacturers, with a full-产业链布局 covering float glass, architectural processed glass, and automotive processed glass, leveraging deep technical expertise, diversified products, and R&D talent, with many products recognized as "China Famous Brand Products" and "Shanghai Famous Brand Products," and holding a leading domestic position in high-end float glass and TCO glass - The company is one of China's earliest listed glass manufacturers and a representative high-quality glass producer in the country[35](index=35&type=chunk) - The company has formed a full industry chain layout covering float glass, architectural processed glass, and automotive processed glass, with float glass and architectural glass products recognized as "China Famous Brand Products" and "Shanghai Famous Brand Products"[35](index=35&type=chunk) - In 2024, the company was selected by China Curtain Wall Network as one of the Top Ten Preferred Brands for Architectural Glass in the 20th AL-Survey Architectural Doors, Windows, and Curtain Wall Industry Brand List for 2024-2025[35](index=35&type=chunk) - The company is one of the few domestic manufacturers capable of producing high-quality automotive-grade float glass and one of the few domestic companies capable of producing 2mm ultra-thin on-line coated Low-E glass[36](index=36&type=chunk) - The company's TCO glass production technology is in a leading position domestically, and its wholly-owned subsidiary Dalian Yaopi is China's earliest manufacturer to achieve commercial production of solar photovoltaic TCO glass[36](index=36&type=chunk) [Performance Drivers](index=10&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) The company's performance is primarily driven by technological innovation, deep integration of its "upstream and downstream industry integration" strategy, active strengthening of its differentiated product matrix, and accelerated construction of a new quality productive force system centered on "technological innovation + green intelligent manufacturing," aiming to comprehensively solidify its core competitiveness in the high-end glass sector and enhance profitability - The company relies on the Yaopi Research Institute as an innovation engine, deeply integrating its "upstream and downstream industry integration" strategy, and actively strengthening its differentiated product matrix[37](index=37&type=chunk) - It continuously promotes product structure upgrades towards high-value-added and high-tech content, accelerating the construction of a new quality productive force system centered on "technological innovation + green intelligent manufacturing"[37](index=37&type=chunk) - This comprehensively solidifies the company's core competitiveness in the high-end glass sector and enhances its profitability[37](index=37&type=chunk) [Discussion and Analysis of Operating Performance](index=10&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, amidst a complex market environment, the company focused on "innovation breakthroughs" and product high-end, intelligent, and green development, achieving operating revenue of **RMB 2.618 billion**, total profit of **RMB 125 million**, and net profit attributable to shareholders of **RMB 86.366 million**, a year-on-year increase of **37.92%**, with all business segments making positive progress in quality and efficiency improvement, differentiated sales, and new energy market expansion - In the first half of 2025, the company achieved operating revenue of **RMB 2.618 billion**, net cash flow of **RMB 163 million**, total profit of **RMB 125 million**, a year-on-year increase of **52.44%**, and net profit attributable to shareholders of **RMB 86.366 million**, a year-on-year increase of **37.92%**[10](index=10&type=chunk) - The float glass segment focused on "quality and efficiency improvement," dynamically adjusting product structure, concentrating on high-value-added products, maintaining stable and high production, achieving significant cost reductions in main materials, and continuously improving operating performance[10](index=10&type=chunk) - In the solar energy sector, the company fully leveraged its first-mover advantage and technological leadership in TCO glass for cadmium telluride and perovskite thin-film solar power glass, maintaining stable sales and establishing strategic partnerships with leading companies[38](index=38&type=chunk) - The architectural processed glass segment continued to strengthen differentiated product sales, with BIPV products applied in multiple projects, and breakthroughs achieved in technical modifications for various differentiated products such as irregular and special-sized glass, enhancing risk resistance capabilities[38](index=38&type=chunk) - The automotive processed glass segment actively expanded new energy customers, with sales revenue of high-value-added products increasing year-on-year, and product structure optimization coupled with domestic material substitution leading to scientific cost reduction, further improving gross profit margin, and securing new business such as the German Audi door project[39](index=39&type=chunk)[40](index=40&type=chunk) - The Research Institute actively promoted its annual plan, continuously carried out multiple R&D efforts, conducted basic development for new Low-E products for Changshu Auto Glass's four-silver coating line, and developed several market-filling products such as silver-free series, super insulation series, and near-zero energy consumption series[41](index=41&type=chunk) [Analysis of Core Competitiveness for the Reporting Period](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its professional management and R&D teams, strong independent R&D and technological innovation capabilities, excellent corporate culture, good customer relationships, and sound corporate governance structure, all of which collectively drive its continuous development in the high-end glass sector and meet the diverse needs of global customers - The company emphasizes talent development, possessing a proactive, innovative management team and technical backbone with rich professional experience[42](index=42&type=chunk) - The company consistently prioritizes R&D investment in new technologies and products, actively promoting product upgrades and technological innovation based on absorbing and digesting international advanced technologies, and continuously developing new products and technologies with independent intellectual property rights[43](index=43&type=chunk) - The company adheres to the corporate philosophy of "always pursuing new goals" and the operating strategy of "customer-oriented, with refined management and differentiated competition as means"[43](index=43&type=chunk) - The company focuses on establishing good communication relationships with customers, comprehensively understanding customer needs, and providing comprehensive professional glass solutions, earning customer and market recognition for product quality, technical content, supply capability, and commercial reputation[43](index=43&type=chunk) - The company, based on a sound corporate governance structure and standardized management systems, continuously innovates its operating mechanisms and strictly controls operating risks, laying a solid foundation for its sustained and stable development[43](index=43&type=chunk) [Key Operating Performance for the Reporting Period](index=11&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's major financial statement item changes, asset-liability status, and investment activities during the reporting period, noting a significant decrease in financial expenses due to increased exchange gains and a decline in net cash flow from operating activities due to increased working capital occupation, alongside increased construction in progress investments and significant growth in short-term borrowings and non-current liabilities due within one year, while the company continues to advance multiple non-equity investment projects and holds a certain scale of financial assets measured at fair value [Analysis of Main Business](index=11&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) During the reporting period, the company's operating revenue decreased by 4.81% year-on-year, but operating costs decreased by 8.44%, and financial expenses significantly reduced due to increased exchange gains; net cash flow from operating activities decreased by 38.78% due to increased working capital occupation, and net cash flows from investing and financing activities also experienced significant changes Analysis of Financial Statement Items | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,617,934,265.73 | 2,750,117,861.12 | -4.81 | | Operating Cost | 2,124,681,721.45 | 2,320,573,590.05 | -8.44 | | Selling Expenses | 64,540,654.87 | 67,536,687.27 | -4.44 | | Administrative Expenses | 148,144,351.29 | 147,745,325.12 | 0.27 | | Financial Expenses | -7,695,008.27 | 13,245,123.37 | N/A | | R&D Expenses | 118,744,133.80 | 116,634,492.92 | 1.81 | | Net Cash Flow from Operating Activities | 163,468,448.64 | 267,039,683.92 | -38.78 | | Net Cash Flow from Investing Activities | -268,974,039.06 | -151,425,482.02 | N/A | | Net Cash Flow from Financing Activities | 188,905,298.57 | -85,373,648.31 | N/A | - The change in financial expenses is mainly due to an increase in exchange gains in the current period[45](index=45&type=chunk) - The change in net cash flow from operating activities is mainly due to an increase in working capital occupation in the current period compared to the prior period[45](index=45&type=chunk) - The change in net cash flow from investing activities is mainly due to increased investment expenditures in projects under construction in the current period[47](index=47&type=chunk) - The change in net cash flow from financing activities is mainly due to a net increase in interest-bearing liabilities in the current period compared to the prior period[47](index=47&type=chunk) [Analysis of Assets and Liabilities](index=12&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%A0%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets were **RMB 8.359 billion**, an increase of 4.77% from the end of the previous year, with accounts receivable significantly decreasing by 67.18% and accounts receivable financing increasing by 41.51%, while construction in progress and right-of-use assets grew substantially due to project construction and new leases, and short-term borrowings and non-current liabilities due within one year significantly increased due to working capital and project funding needs Analysis of Changes in Assets and Liabilities | Item Name | End of Current Period (RMB) | Percentage of Total Assets at End of Current Period (%) | End of Prior Year (RMB) | Percentage of Total Assets at End of Prior Year (%) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 38,053,251.59 | 0.46 | 115,961,428.29 | 1.45 | -67.18 | Strengthened bill management, decrease in bank acceptance bills included in notes receivable at period-end | | Accounts Receivable Financing | 477,762,889.97 | 5.72 | 337,625,013.56 | 4.23 | 41.51 | Strengthened bill management and collection management, increase in bank acceptance bills receivable at period-end | | Construction in Progress | 835,064,627.61 | 9.99 | 577,381,827.59 | 7.24 | 44.63 | Projects under construction at Tianjin Yaopi, Dalian Yaopi, Changshu Auto Glass, and Yizheng Auto Glass in current period, increasing period-end balance | | Right-of-Use Assets | 28,411,616.65 | 0.34 | 19,780,306.29 | 0.25 | 43.64 | New factory lease at Guilin Auto Glass in current period, increasing right-of-use assets | | Short-Term Borrowings | 398,974,812.63 | 4.77 | 283,812,186.30 | 3.56 | 40.58 | Increased working capital and project funding needs in current period | | Non-Current Liabilities Due Within One Year | 243,649,999.52 | 2.91 | 56,216,435.39 | 0.70 | 333.41 | Increase in long-term borrowings due within one year in current period | - The balance of overseas assets at the end of the period is **RMB 6,412,627.35**, accounting for **0.08%** of total assets[50](index=50&type=chunk) [Analysis of Investment Activities](index=13&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) The company had no significant equity investments during the reporting period but continued to advance multiple non-equity investment projects, primarily in automotive glass coating production lines, fire-resistant glass technical upgrades, bulletproof glass production lines, four-silver low-carbon high-tech special glass innovation demonstration lines, and float glass production line cold repair technical upgrades and energy-saving renovations, while also holding a certain scale of transactional financial assets and fund investments - The second phase project of Changshu Yaopi Automotive Glass Co., Ltd. (coating production line and front windshield pressing line) is under construction, with a total investment of **RMB 443.84 million**[52](index=52&type=chunk) - The tempered/laminated small sunroof and side window production line project of Yizheng Yaopi Automotive Glass Co., Ltd. is undergoing installation and commissioning, with an investment of **RMB 105 million**[52](index=52&type=chunk) - The high borosilicate fire-resistant glass technical upgrade project of Changshu Yaopi Special Glass Co., Ltd. is undergoing upgrade and renovation, with an investment of **RMB 81.7 million**[53](index=53&type=chunk) - The bulletproof glass project for special vehicles at Wuhan Yaopi Kangqiao Automotive Glass Co., Ltd. is under construction, with an investment of **RMB 34.17 million**[54](index=54&type=chunk) - The Shanghai Industrial Glass four-silver low-carbon high-tech special glass innovation demonstration line project is in preparation, with an investment of **RMB 284.22 million**[55](index=55&type=chunk) - The Tianjin Yaopi Glass Co., Ltd. production line cold repair technical upgrade project and the Tianjin Yaopi production line energy-saving upgrade and coating process renovation project are under construction[55](index=55&type=chunk) - The Dalian Yaopi melting furnace energy-saving upgrade and float glass production line automation renovation project is under construction, with a total investment of **RMB 288.3099 million**[55](index=55&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Project Name | Period-End Amount (RMB) | Period-Beginning Amount (RMB) | | :--- | :--- | :--- | :--- | | Other | Transactional Financial Assets - Bank Wealth Management Products | 386,066,238.37 | 340,961,353.43 | | Other | Other Non-Current Financial Assets - Fund Investments | 25,247,528.25 | 25,445,455.23 | | Other | Accounts Receivable Financing | 477,762,889.97 | 337,625,013.56 | | **Total** | | **889,076,656.59** | **704,031,822.22** | [Other Disclosures](index=16&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 section discloses the company's exposure to domestic and international economic volatility, raw material price fluctuations, intense market competition, customer credit risk, and environmental protection risks, along with corresponding mitigation strategies, while also detailing the company's ongoing "quality and efficiency improvement, value return" action plan, including deepening operating strategies, strengthening investor relations, implementing profit distribution, and shareholding increases by the controlling shareholder - The company faces domestic and international economic volatility, raw material price fluctuations, intense market competition, customer credit risk, and environmental protection risks[60](index=60&type=chunk)[61](index=61&type=chunk) - Risk mitigation strategies include increasing R&D investment, optimizing product structure, strengthening refined management, expanding markets, improving credit policies, and enhancing environmental protection efforts[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - The company continues to deepen its "upstream and downstream integration, product differentiation" operating strategy, focusing on product high-end, intelligent, and green development, achieving good operating results, with net profit attributable to shareholders of **RMB 86.37 million** for January-June 2025, a year-on-year increase of **37.92%**[63](index=63&type=chunk) - The company highly values investor relations, strengthening communication through performance briefings, investor hotlines, the SSE E-interaction platform, and investor surveys[64](index=64&type=chunk) - The company actively practices the "investor-centric" development philosophy, completing **two** profit distributions in 2024 and **one** in July 2025[64](index=64&type=chunk) - The controlling shareholder, Shanghai Building Materials (Group) Co., Ltd., and its concerted action party, Hong Kong Haijian Industrial Co., Ltd., successfully completed their share increase plan, acquiring **9,357,400 A-shares** and **5,216,463 B-shares**[64](index=64&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=18&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 section discloses changes in the company's board of directors, including the election of Sun Dahai as an employee director, and reiterates the 2025 interim profit distribution plan to pay a cash dividend of RMB 0.28 per 10 shares, while confirming no equity incentive or employee stock ownership plans were implemented, and listing seven subsidiaries included in the environmental information disclosure list with details on how to access their environmental information [Changes in Directors and Senior Management](index=18&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) On June 13, 2025, the company's annual general meeting approved the revision of the Articles of Association and the cancellation of the supervisory board, with the board of directors adding one employee director, Sun Dahai, who was subsequently elected - On June 13, 2025, the company held its 2024 Annual General Meeting, which approved the "Proposal on Revising the Articles of Association and Proposing to Cancel the Supervisory Board"; according to the revised Articles of Association, the company's board of directors added **one** employee director[66](index=66&type=chunk) - Sun Dahai was elected as an employee director[66](index=66&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company proposes a 2025 semi-annual cash dividend of RMB 0.28 per 10 shares (tax inclusive) to all shareholders, totaling **RMB 26,177,649.93**, representing 30.31% of the net profit attributable to listed company shareholders for the reporting period, with no capital reserve conversion to share capital or bonus shares planned for this period 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Distribution or Capitalization | No | | Dividend per 10 shares (RMB) (tax inclusive) | 0.28 | | Proposed Cash Dividend (tax inclusive) | 26,177,649.93 RMB | | Percentage of Net Profit Attributable to Shareholders for the Reporting Period | 30.31% | - No capital reserve conversion to share capital or bonus shares will be conducted in this reporting period[67](index=67&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the Environmental Information Disclosure List](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company has seven subsidiaries included in the environmental information disclosure list, such as Tianjin Yaopi Glass Co., Ltd. and Dalian Yaopi Glass Co., Ltd., with environmental information accessible through the Enterprise Environmental Information Disclosure System or the National Pollutant Discharge Permit Information Management Platform - The company has **seven** subsidiaries included in the environmental information disclosure list[69](index=69&type=chunk) - Subsidiaries included in the list are Tianjin Yaopi Glass Co., Ltd., Dalian Yaopi Glass Co., Ltd., Jiangsu Pilkington Yaopi Glass Co., Ltd., Changshu Special Glass Co., Ltd., Shanghai Yaopi Architectural Glass Co., Ltd., Shanghai Yaopi Engineering Glass Co., Ltd., and Tianjin Yaopi Engineering Glass Co., Ltd[69](index=69&type=chunk) - Environmental information can be queried through the Enterprise Environmental Information Disclosure System or the National Pollutant Discharge Permit Information Management Platform[69](index=69&type=chunk) [Section V Significant Matters](index=19&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section reports no significant abnormalities in the company's commitment fulfillment, fund occupation, unauthorized guarantees, audit, or bankruptcy reorganization, discloses two major litigation and arbitration cases, one of which has been settled with a payment of **USD 185,000** recorded as a provision, and the other still in the document disclosure phase with an unpredictable outcome, notes the company received a rectification order from the Shanghai Securities Regulatory Bureau for information disclosure issues and has completed rectification, confirms the company and its controlling shareholder and actual controller have good credit standing, and details significant related party transactions including sales and purchases of goods, technical services, equipment procurement, and creditor-debtor relationships with NSG UK ENTERPRISES LIMITED and its affiliates, Shanghai Building Materials and its subsidiaries, and Luanzhou Xiaochuan Glass Silica Sand Co., Ltd [Major Litigation and Arbitration Matters](index=20&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) As of June 30, 2025, the company is a defendant in two major outstanding litigation and arbitration cases totaling **USD 23.5693 million**, with one sales contract lawsuit settled in July 2025 requiring a **USD 185,000** payment recorded as a provision, and the other still in the document disclosure phase with an unpredictable outcome - As of June 30, 2025, the company is a defendant in two major outstanding litigation and arbitration cases with a total involved amount of **USD 23.5693 million**, equivalent to approximately **RMB 169.4258 million**[473](index=473&type=chunk) - Case one is a sales contract lawsuit involving tempered glass supply for a building in Texas, USA, with the plaintiff claiming **USD 14.5119 million**; a settlement was reached in July 2025, requiring the company to pay **USD 185,000** (approximately **RMB 1,324,341.00**) in settlement fees, which has been recorded as a provision[72](index=72&type=chunk)[73](index=73&type=chunk)[369](index=369&type=chunk) - Case two is a sales contract lawsuit (arbitration) involving tempered glass supply for a New Jersey project in the USA, with the client claiming **USD 9.0574 million**; both parties are currently in the document disclosure phase, and the outcome of the lawsuit is not yet predictable[73](index=73&type=chunk)[74](index=74&type=chunk) [Illegal Activities, Penalties, and Rectification of Listed Companies, Their Directors, Senior Management, Controlling Shareholders, and Actual Controllers](index=21&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) On June 16, 2025, the company received a "Decision on Taking Corrective Measures Against Shanghai Yaopi Glass Group Co., Ltd." from the China Securities Regulatory Commission Shanghai Bureau, and has since completed the required rectifications within the specified timeframe - On June 16, 2025, the company received the "Decision on Taking Corrective Measures Against Shanghai Yaopi Glass Group Co., Ltd." (Hu Zheng Jian Jue [2025] No. 121) issued by the China Securities Regulatory Commission Shanghai Bureau on June 10, 2025[75](index=75&type=chunk) - The company has completed the relevant rectifications within the specified timeframe as required by the decision, and the rectification report has been submitted to the China Securities Regulatory Commission Shanghai Bureau[75](index=75&type=chunk) [Statement on the Integrity of the Company, Its Controlling Shareholder, and Actual Controller During the Reporting Period](index=21&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, its controlling shareholder, and actual controller maintained good credit standing, with no instances of dishonesty, unfulfilled effective court judgments, or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no instances of dishonesty, unfulfilled effective court judgments, or large overdue debts[76](index=76&type=chunk) [Significant Related Party Transactions](index=21&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in transactions with NSG UK ENTERPRISES LIMITED and its affiliates, Shanghai Building Materials (Group) Co., Ltd. and its subsidiaries, and Luanzhou Xiaochuan Glass Silica Sand Co., Ltd., involving sales and purchases of goods, technical services, equipment procurement, and creditor-debtor relationships, notably with significant sales to NSG UK ENTERPRISES LIMITED and its affiliates, and an outstanding payable for industrial support funds from Shanghai Building Materials (Group) Co., Ltd [Related Party Transactions in Ordinary Operations](index=21&type=section&id=%28%E4%B8%80%29%20%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in ordinary operating related party transactions, including procurement of goods, acceptance of services, and sales of goods, with NSG UK ENTERPRISES LIMITED and its affiliates, Shanghai Building Materials (Group) Co., Ltd. and its subsidiaries, and Luanzhou Xiaochuan Glass Silica Sand Co., Ltd Procurement of Goods/Acceptance of Services (Unit: RMB 10,000) | Related Party | Transaction Content | Current Period Amount | 2025 Estimated Amount | | :--- | :--- | :--- | :--- | | NSG UK ENTERPRISES LIMITED and its Affiliates | Equipment Purchase Fee | 43.69 | 4,000.00 | | NSG UK ENTERPRISES LIMITED and its Affiliates | Procurement of Goods | 249.31 | 500.00 | | NSG UK ENTERPRISES LIMITED and its Affiliates | Technical Service Fee | - | 800.00 | | Luanzhou Xiaochuan Glass Silica Sand Co., Ltd. | Procurement of Raw Materials | 1,712.31 | 4,000.00 | Sales of Goods/Provision of Services (Unit: RMB 10,000) | Related Party | Related Transaction Content | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | :--- | | NSG UK ENTERPRISES LIMITED and its Affiliates | Sales of Goods | 14,968.32 | 12,158.99 | | Shanghai Building Materials (Group) Co., Ltd. and its Subsidiaries | Sales of Goods | 250.63 | - | [Related Party Creditor-Debtor Relationships](index=22&type=section&id=%28%E5%9B%9B%29%20%E5%85%B3%E8%81%94%E5%80%BA%E6%9D%83%E5%80%BA%E5%8A%A1%E5%BE%80%E6%9D%A5) The company has related party creditor-debtor relationships with Luanzhou Xiaochuan Glass Silica Sand Co., Ltd., NSG UK Enterprises Limited and its affiliates, Shanghai Building Materials (Group) Co., Ltd., and Shanghai Boji Intelligent Curtain Wall Co., Ltd., with Shanghai Building Materials (Group) Co., Ltd. providing **RMB 82.3 million** in industrial support funds to the company Related Party Creditor-Debtor Relationships (Unit: RMB 10,000) | Related Party | Related Party Relationship | Funds Provided to Related Party (Period-End Balance) | Funds Provided by Related Party to Listed Company (Period-End Balance) | | :--- | :--- | :--- | :--- | | Luanzhou Xiaochuan Glass Silica Sand Co., Ltd. | Associate Company | 538.25 | 519.26 | | NSG UK Enterprises Limited and its Affiliates | Associate Shareholder | 9,071.04 | 91.63 | | Shanghai Building Materials (Group) Co., Ltd. | Controlling Shareholder | - | 8,230.00 | | Shanghai Boji Intelligent Curtain Wall Co., Ltd. and its Subsidiaries | Controlling Subsidiary of Parent Company | 4.42 | 0 | - The creditor-debtor relationship with Shanghai Building Materials (Group) Co., Ltd. pertains to industrial support funds provided by them to the company[81](index=81&type=chunk) [Section VI Changes in Shares and Shareholder Information](index=23&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) During the reporting period, the company's total share capital and structure remained unchanged, with **42,300** common shareholders at period-end, and Shanghai Building Materials (Group) Co., Ltd. as the controlling shareholder with **31.83%** ownership, followed by China Composites Group Co., Ltd. and NSG UK ENTERPRISES LIMITED as the second and third largest shareholders [Changes in Share Capital](index=23&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[84](index=84&type=chunk) [Shareholder Information](index=24&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 company had **42,300** common shareholders, with Shanghai Building Materials (Group) Co., Ltd. as the controlling shareholder holding **31.83%**, and China Composites Group Co., Ltd. and NSG UK ENTERPRISES LIMITED holding **10.74%** and **10.70%** respectively - Total number of common shareholders at the end of the reporting period: **42,300** households[86](index=86&type=chunk) Top Ten Shareholders' Shareholding at Period-End | Shareholder Name | Number of Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Building Materials (Group) Co., Ltd. | 297,625,385 | 31.83 | State-owned Legal Person | | China Composites Group Co., Ltd. | 100,392,175 | 10.74 | State-owned Legal Person | | NSG UK ENTERPRISES LIMITED | 100,046,672 | 10.70 | Overseas Legal Person | | HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED-ACCOUNT CLIENT | 23,992,017 | 2.57 | Other | | Hong Kong Haijian Industrial Co., Ltd. | 8,817,534 | 0.94 | Overseas Legal Person | | MORGAN STANLEY & CO.INTERNATIONAL PLC. | 7,854,663 | 0.84 | Overseas Legal Person | | Baoning Capital Co., Ltd. - Baoning Emerging Markets Small and Medium-sized Enterprise Fund (USA) | 5,741,300 | 0.61 | Overseas Legal Person | | Li Lizhen | 4,482,702 | 0.48 | Overseas Natural Person | | UBS AG | 2,849,511 | 0.30 | Overseas Legal Person | | Industrial and Commercial Bank of China Co., Ltd. - CSI Shanghai State-owned Enterprise ETF | 2,803,830 | 0.30 | Other | - Shanghai Building Materials (Group) Co., Ltd. and Hong Kong Haijian Industrial Co., Ltd. have an associated relationship, collectively holding **32.78%** of the company's total share capital[132](index=132&type=chunk) [Section VII Bond-Related Information](index=26&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 section states that 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 has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[91](index=91&type=chunk) - The company has no convertible corporate bonds[91](index=91&type=chunk) [Section VIII Financial Report](index=27&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section comprises the company's unaudited consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, 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 expenditures, changes in consolidation scope, equity in other entities, government grants, financial instrument risks, fair value disclosures, related parties and related party transactions, commitments and contingencies, post-balance sheet events, and supplementary information [Audit Report](index=27&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[5](index=5&type=chunk)[93](index=93&type=chunk) [Financial Statements](index=27&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively illustrating the financial position, operating results, and cash flows at the end of the reporting period [Consolidated Balance Sheet](index=27&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **RMB 8.359 billion**, a 4.77% increase from the beginning of the period, with total current assets of **RMB 3.862 billion** and total non-current assets of **RMB 4.497 billion**, while total liabilities amounted to **RMB 3.627 billion** and total owners' equity was **RMB 4.732 billion** Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Cash and Bank Balances | 736,804,384.21 | 725,079,932.88 | | Transactional Financial Assets | 386,066,238.37 | 340,961,353.43 | | Notes Receivable | 38,053,251.59 | 115,961,428.29 | | Accounts Receivable | 774,917,107.73 | 748,074,406.38 | | Accounts Receivable Financing | 477,762,889.97 | 337,625,013.56 | | Inventories | 1,356,747,437.78 | 1,255,025,526.95 | | Fixed Assets | 2,873,508,550.97 | 3,069,886,248.95 | | Construction in Progress | 835,064,627.61 | 577,381,827.59 | | Short-Term Borrowings | 398,974,812.63 | 283,812,186.30 | | Notes Payable | 867,428,298.87 | 824,259,451.60 | | Accounts Payable | 1,011,049,467.20 | 948,363,711.33 | | Contract Liabilities | 144,587,731.46 | 135,472,238.10 | | Non-Current Liabilities Due Within One Year | 243,649,999.52 | 56,216,435.39 | | Total Owners' Equity Attributable to Parent Company | 3,531,592,963.17 | 3,451,771,360.81 | | Minority Interests | 1,200,433,853.54 | 1,173,286,677.80 | | Total Assets | 8,358,918,225.52 | 7,978,369,008.10 | | Total Liabilities and Owners' Equity | 8,358,918,225.52 | 7,978,369,008.10 | [Consolidated Income Statement](index=31&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For January-June 2025, the company achieved total operating revenue of **RMB 2.618 billion**, a 4.81% year-on-year decrease, with total profit of **RMB 125 million**, a 52.44% year-on-year increase, and net profit attributable to parent company shareholders of **RMB 86.366 million**, a 37.92% year-on-year increase, resulting in basic earnings per share of **RMB 0.09** Key Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 2,617,934,265.73 | 2,750,117,861.12 | | II. Total Operating Costs | 2,476,062,197.52 | 2,693,338,950.79 | | Including: Operating Costs | 2,124,681,721.45 | 2,320,573,590.05 | | Financial Expenses | -7,695,008.27 | 13,245,123.37 | | Add: Other Income | 31,504,308.10 | 36,188,712.51 | | Investment Income (Losses indicated by "－") | -1,399,035.75 | 3,383,039.70 | | III. Operating Profit (Losses indicated by "－") | 126,746,408.26 | 81,578,866.38 | | IV. Total Profit (Total losses indicated by "－") | 125,383,863.45 | 82,249,417.14 | | V. Net Profit (Net losses indicated by "－") | 113,513,190.58 | 71,623,129.55 | | Net Profit Attributable to Parent Company Shareholders | 86,366,014.84 | 62,621,744.88 | | Minority Interest Income | 27,147,175.74 | 9,001,384.67 | | VIII. Earnings Per Share: Basic Earnings Per Share (RMB/share) | 0.09 | 0.07 | [Consolidated Cash Flow Statement](index=35&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For January-June 2025, the company's net cash flow from operating activities was **RMB 163 million**, a 38.78% year-on-year decrease, while net cash flow from investing activities was **-RMB 269 million**, primarily due to increased investment expenditures in projects under construction, and net cash flow from financing activities was **RMB 189 million**, mainly due to a net increase in interest-bearing liabilities Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 2,922,446,323.63 | 3,145,732,860.65 | | Subtotal of Cash Outflows from Operating Activities | 2,758,977,874.99 | 2,878,693,176.73 | | Net Cash Flow from Operating Activities | 163,468,448.64 | 267,039,683.92 | | Subtotal of Cash Inflows from Investing Activities | 763,432,251.87 | 693,666,751.21 | | Subtotal of Cash Outflows from Investing Activities | 1,032,406,290.93 | 845,092,233.23 | | Net Cash Flow from Investing Activities | -268,974,039.06 | -151,425,482.02 | | Subtotal of Cash Inflows from Financing Activities | 390,312,079.91 | 537,828,352.51 | | Subtotal of Cash Outflows from Financing Activities | 201,406,781.34 | 623,202,000.82 | | Net Cash Flow from Financing Activities | 188,905,298.57 | -85,373,648.31 | | Net Increase in Cash and Cash Equivalents | 88,154,095.36 | 32,344,802.39 | [Company Basic Information](index=47&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, established in 1983 and listed in 1993, has a registered capital of **RMB 934.9 million**, with its headquarters in China (Shanghai) Pilot Free Trade Zone, primarily engaged in the R&D, production, and sale of various glass products, and controlled by Shanghai Building Materials (Group) Co., Ltd. and ultimately by Shanghai Real Estate (Group) Co., Ltd - Shanghai Yaopi Glass Group Co., Ltd. was established on June 7, 1983, restructured and listed in September 1993, with A-shares listed on January 28, 1994, and B-shares listed on December 10, 1993[124](index=124&type=chunk) - The company's registered capital is **RMB 934,916,069.00**[124](index=124&type=chunk) - The company's registered and office address is Building 4-5, No. 1388 Zhangdong Road, China (Shanghai) Pilot Free Trade Zone[125](index=125&type=chunk) - The company's main business is the research, development, production, and sale of various float glass, rolled glass, automotive processed glass, architectural deep-processed glass, and other special glass series products, as well as the sale of self-produced products[126](index=126&type=chunk) - The company's largest shareholder is Shanghai Building Materials (Group) Co., Ltd., and the ultimate controlling party is Shanghai Real Estate (Group) Co., Ltd[127](index=127&type=chunk) [Basis of Financial Statement Preparation](index=47&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, using the accrual basis of accounting, primarily measuring accounting elements at historical cost, while also employing replacement cost, net realizable value, present value, and fair value when the amounts of determined accounting elements can be obtained and reliably measured, affirming the company's good going concern ability - The company prepares its financial statements on a going concern basis and uses the accrual basis of accounting[129](index=129&type=chunk) - The company generally measures accounting elements at historical cost, and uses replacement cost, net realizable value, present value, and fair value when the amounts of determined accounting elements can be obtained and reliably measured[129](index=129&type=chunk) - Based on the company's assessment, its going concern ability is good for the **12 months** from the end of the reporting period, and there are no factors that would cause significant doubt about its ability to continue as a going concern in the current period[130](index=130&type=chunk) [Significant Accounting Policies and Estimates](index=47&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, and other areas, including financial asset classification, impairment provision, inventory valuation, fixed asset depreciation, intangible asset amortization, R&D expenditure capitalization, long-term asset impairment, contract liabilities, employee compensation, provisions, revenue recognition, contract costs, government grants, deferred income tax, and leases, all in accordance with the materiality principle and subject to regular review of significant accounting judgments and estimates - The company classifies financial assets into three categories based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[152](index=152&type=chunk) - The company performs impairment accounting and recognizes loss provisions for accounts receivable, lease receivables, loan commitments, and financial guarantee contracts based on expected credit losses[160](index=160&type=chunk) - Inventories are measured at the lower of cost and net realizable value; if the cost of inventory is higher than its net realizable value, an inventory impairment provision is made[181](index=181&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **20-30 years** for buildings and structures, **5-15 years** for machinery and equipment, **5-10 years** for office and other equipment, and **5 years** for transportation equipment[199](index=199&type=chunk) - Intangible assets include land use rights, franchise fees, and software, which are amortized on a straight-line basis over their estimated useful lives[203](index=203&type=chunk)[204](index=204&type=chunk) - R&D expenditures are divided into research phase expenditures and development phase expenditures, with development phase expenditures recognized as intangible assets when specific conditions are met simultaneously[205](index=205&type=chunk) - The company recognizes revenue when performance obligations are satisfied at a point in time, specifically when products are delivered to the agreed-upon location according to the contract and accepted by the buyer[220](index=220&type=chunk) - In applying accounting policies, the company makes significant accounting judgments and estimates for the carrying amounts of financial instrument impairment, inventory impairment provisions, long-term asset impairment provisions, depreciation, and amortization, and conducts regular reviews[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) [Taxation](index=71&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include Value-Added Tax, Urban Maintenance and Construction Tax, Education Surcharge, and Corporate Income Tax, with the company and several subsidiaries recognized as high-tech enterprises, enjoying a 15% corporate income tax preferential rate Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value Added | 13%, 9%, 6%, 0% | | Urban Maintenance and Construction Tax | VAT, Consumption Tax Payable | Paid according to company's location policy | | Education Surcharge | VAT, Consumption Tax Payable | Paid according to company's location policy | | Corporate Income Tax | Taxable Income | See table below | Subsidiaries Enjoying 15% Corporate Income Tax Preferential Rate | Company Name | Applicable Tax Rate (%) | | :--- | :--- | | Shanghai Yaopi Engineering Glass Co., Ltd. | 15 | | Tianjin Yaopi Engineering Glass Co., Ltd. | 15 | | Jiangmen Yaopi Engineering Glass Co., Ltd. | 15 | | Chongqing Yaopi Engineering Glass Co., Ltd. | 15 | | Tianjin Yaopi Glass Co., Ltd. | 15 | | Shanghai Yaopi Kangqiao Automotive Glass Co., Ltd. | 15 | | Wuhan Yaopi Kangqiao Automotive Glass Co., Ltd. | 15 | | Yizheng Yaopi Automotive Glass Co., Ltd. | 15 | | Changshu Yaopi Automotive Glass Co., Ltd. | 15 | | Tianjin Yaopi Automotive Glass Co., Ltd. | 15 | | Guilin Pilkington Safety Glass Co., Ltd. | 15 | [Notes to Consolidated Financial Statement Items](index=72&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for major items in the consolidated financial statements, including cash and bank balances, transactional financial assets, notes receivable, accounts receivable, accounts receivable financing, inventories, construction in progress, fixed assets, intangible assets, goodwill, short-term borrowings, non-current liabilities due within one year, long-term borrowings, provisions, operating revenue and cost, financial expenses, investment income, asset impairment losses, and cash flows, highlighting increased investment in construction in progress, significant growth in short-term borrowings and non-current liabilities due within one year, and reduced financial expenses due to exchange gains - Cash and bank balances at period-end were **RMB 737 million**, of which restricted cash and bank balances were **RMB 188 million**, mainly comprising bank acceptance bill deposits, large-denomination certificates of deposit/time deposits, and other restricted funds[249](index=249&type=chunk) - Transactional financial assets at period-end were **RMB 386 million**, primarily floating-rate wealth management products[251](index=251&type=chunk) - Notes receivable at period-end were **RMB 38.0533 million**, a **67.18%** decrease from the beginning of the period[253](index=253&type=chunk) - Accounts receivable at period-end had a carrying value of **RMB 775 million**, with an impairment provision of **RMB 193 million**, including a **90%** impairment provision for Evergrande-related accounts receivable[262](index=262&type=chunk)[263](index=263&type=chunk) - Accounts receivable financing at period-end was **RMB 478 million**, a **41.51%** increase from the beginning of the period[273](index=273&type=chunk) - Inventories at period-end had a carrying value of **RMB 1.357 billion**, with an inventory impairment provision of **RMB 194 million**[293](index=293&type=chunk) - Construction in progress at period-end had a carrying value of **RMB 792 million**, a **37.73%** increase from the beginning of the period, mainly due to projects such as Changshu fire-resistant glass technical upgrade, Tianjin second line cold repair, and Dalian melting furnace energy-saving upgrade[312](index=312&type=chunk) - Goodwill at period-end had an original carrying value of **RMB 39.2323 million**, with an impairment provision of **RMB 16.328 million**, and an impairment provision of **RMB 1.8694 million** recognized in the current period, mainly due to non-core goodwill corresponding to deferred income tax liabilities arising from non-taxable mergers[322](index=322&type=chunk)[324](index=324&type=chunk) - Short-term borrowings at period-end were **RMB 399 million**, a **40.58%** increase from the beginning of the period, mainly comprising secured borrowings and credit borrowings[339](index=339&type=chunk) - Non-current liabilities due within one year at period-end were **RMB 244 million**, a **333.41%** increase from the beginning of the period, mainly due to long-term borrowings due within one year[359](index=359&type=chunk) - Long-term borrowings at period-end were **RMB 177 million**, a **35.49%** decrease from the beginning of the period, mainly comprising secured borrowings and credit borrowings[362](index=362&type=chunk) - Provisions at period-end were **RMB 1.3243 million**, representing settlement fees for pending litigation[368](index=368&type=chunk)[369](index=369&type=chunk) - Operating revenue was **RMB 2.618 billion**, including **RMB 858 million** from float glass, **RMB 922 million** from architectural processed glass, and **RMB 1.014 billion** from automotive processed glass[381](