Group 1 - The stock price of Chunan Co., Ltd. decreased by 2.05% on September 15, trading at 5.26 CNY per share with a market capitalization of 2.732 billion CNY [1] - Year-to-date, the stock price has increased by 17.94%, with a slight decline of 0.19% over the last five trading days and a 2.41% drop over the last 20 days [2] - The company reported a revenue of 47.0264 million CNY for the first half of 2025, representing a year-on-year growth of 6.02%, while the net profit attributable to shareholders decreased by 1.05% to 119 million CNY [2] Group 2 - Chunan Co., Ltd. has a main business revenue composition of 59.81% from air conditioning products and 40.19% from other sources [2] - The company has distributed a total of 1.326 billion CNY in dividends since its A-share listing, with 195 million CNY distributed over the last three years [3] - As of June 30, 2025, the number of shareholders increased to 28,800, with an average of 18,006 circulating shares per shareholder, a decrease of 1.93% from the previous period [2]

证券代码：600854 证券简称：春兰股份 公告编号：2025-014 江苏春兰制冷设备股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 12 日 （星期五） 至 09 月 18 日 （星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 clgfzqb@chunlan.com 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 江苏春兰制冷设备股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 19 日（星期五）13:00-14:00 举行 2025 年半年度业绩说明 会，就投资者关心的问题进行交流。 一、 说明会类 ...

Financial Performance - Company reported a total revenue of 47.03 million yuan for the first half of 2025, an increase of 6.02% year-on-year [1] - Net profit attributable to shareholders was 119 million yuan, a decrease of 1.05% year-on-year [1] - Gross margin decreased to 26.61%, down 25.13% year-on-year, while net margin decreased to 252.82%, down 7.19% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 4.17 million yuan, representing 8.87% of revenue, a significant increase of 16,438.33% year-on-year [1] - Operating cash flow per share decreased to 0.02 yuan, down 25.3% year-on-year [1] Asset and Liabilities - Cash and cash equivalents increased to 1.097 billion yuan, a rise of 9.79% year-on-year [1] - Accounts receivable decreased to 3.3752 million yuan, down 6.92% year-on-year [1] - Interest-bearing liabilities increased to 735,400 yuan, up 3.31% year-on-year [1] Return on Investment - The company's return on invested capital (ROIC) was reported at 4.6%, indicating weak capital returns [3] - Historical data shows a median ROIC of 1.08% over the past decade, with a notable low of -1.6% in 2017 [3] Inventory Management - The inventory to revenue ratio reached 176.03%, suggesting a need for attention to inventory levels [3]

Core Viewpoint - Chunan Co., Ltd. has reported an increase in shareholder accounts and a rise in stock price over the recent quarter, although it still lags behind industry averages in terms of shareholder metrics [1][2]. Group 1: Shareholder Metrics - As of June 30, 2025, the number of shareholders for Chunan Co., Ltd. reached 28,848, an increase of 556 accounts or 1.97% compared to March 31, 2025 [1][2]. - The average number of shares held per shareholder decreased from 18,400 shares to 18,000 shares, with an average market value of 93,600 yuan per account [1][2]. - The average number of shareholders in the real estate development industry is 62,100, indicating that Chunan Co., Ltd. has a lower shareholder count compared to the industry average [1]. Group 2: Stock Performance - From March 31, 2025, to June 30, 2025, Chunan Co., Ltd. experienced a stock price increase of 14.8%, coinciding with the increase in shareholder accounts [1][2]. - In the previous quarter (December 31, 2024), the stock price had decreased by 1.93%, and the number of shareholders had dropped by 2,159 [2]. - The net inflow of main funds during the period was 46.67 million yuan, while retail investors experienced a net outflow of 14.33 million yuan [2].

Group 1 - The semi-annual report summary is derived from the full report, and investors are encouraged to read the complete report for a comprehensive understanding of the company's performance, financial status, and future plans [1] - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, and they bear individual and joint legal responsibility for any false records, misleading statements, or significant omissions [1] - There is no profit distribution plan or capital reserve transfer to increase share capital for the reporting period [1] Group 2 - The company profile and major financial data are included in the report, with financial data presented in Renminbi [2] - There is no change in the controlling shareholder or actual controller during the reporting period [2] - The report indicates that there are no significant changes in the company's operating conditions or any major events that would impact the company's operations during the reporting period [2]

Group 1 - The company reported a revenue of 47.0264 million yuan for the first half of the year, representing a year-on-year increase of 6.02% [1] - The net profit attributable to shareholders of the listed company was 118.7228 million yuan, showing a year-on-year decrease of 1.05% [1] - The slow de-stocking of existing residential properties has impacted the growth rate of the company's revenue and profit [1]

江苏春兰制冷设备股份有限公司2025 年半年度报告 公司代码：600854 公司简称：春兰股份 江苏春兰制冷设备股份有限公司 2025 年半年度报告 1 / 117 江苏春兰制冷设备股份有限公司2025 年半年度报告 重要提示 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人徐群、主管会计工作负责人秦晓军及会计机构负责人（会计主管人员）王爱军 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司中期无利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声明 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性 ...

Group 1 - The core viewpoint of the news is that Chunan Co., Ltd. (春兰股份) has shown a mixed performance in its latest financial results, with a decrease in total revenue but a significant increase in net profit [1] - As of August 11, 2025, Chunan's stock price closed at 5.6 yuan, reflecting a 1.08% increase, with a trading volume of 90,300 lots and a transaction amount of 50.43 million yuan [1] - The company's latest quarterly report indicates total revenue of 18.18 million yuan, a year-on-year decrease of 3.95%, while net profit attributable to shareholders reached 2.96 million yuan, a year-on-year increase of 316.40% [1] Group 2 - Chunan Co., Ltd. has a current liquidity ratio of 8.915, a quick ratio of 7.834, and a debt-to-asset ratio of 7.76% [1] - The company has made investments in 7 enterprises and participated in 25 bidding projects, along with holding 47 patents and 6 administrative licenses [2] - Established in 1988 and located in Taizhou, Jiangsu, Chunan Co., Ltd. primarily engages in the manufacturing of general equipment [1][2]

General Provisions - The audit committee of Jiangsu Chunlan Refrigeration Equipment Co., Ltd. is established to enhance the supervision of financial information, internal control, and auditing processes, ensuring compliance with relevant laws and regulations [1][2] - The audit committee is responsible for reviewing financial information, supervising internal and external audits, and providing decision-making support to the board of directors [1][2] Composition of the Committee - The audit committee consists of three directors, with a majority being independent directors, including at least one accounting professional [2][3] - Members must possess the necessary professional knowledge and experience to effectively oversee auditing processes and ensure accurate financial reporting [2][3] Responsibilities and Authority - The main responsibilities of the audit committee include reviewing financial information, supervising external audits, evaluating internal audits, and ensuring effective internal controls [5][6] - The committee has the authority to propose the hiring or dismissal of external auditors and to oversee the audit process [6][7] Decision-Making Procedures - The audit committee must meet at least quarterly and can convene additional meetings as necessary, ensuring that all members are informed and able to participate [14][15] - Decisions made by the committee require a majority vote from the members present at the meeting [15] Reporting and Accountability - The audit committee is required to report its findings and recommendations to the board of directors, ensuring transparency and accountability in its operations [14][15] - The committee has the right to request information from external auditors and other relevant personnel to fulfill its oversight responsibilities [15][16]

Core Points - The company has established a system for the deferral and exemption of information disclosure to ensure compliance with relevant laws and regulations [1][2][3] - The system outlines conditions under which information can be deferred or exempted from disclosure, particularly concerning state secrets and commercial secrets [2][3][5] - The company must maintain confidentiality and prevent the leakage of sensitive information through various means [3][4][5] Summary by Sections Information Disclosure Management - The system is designed to regulate the deferral and exemption of information disclosure in accordance with the Securities Law and the Shanghai Stock Exchange rules [1] - Information disclosure obligations must be fulfilled by the company and related parties as per the established regulations [1][2] Conditions for Deferral and Exemption - Information can be deferred or exempted if it involves state secrets or commercial secrets that could lead to unfair competition or harm to the company's interests [2][3] - The definition of commercial secrets includes information that is not publicly known, provides economic benefits, and is subject to confidentiality measures [2][3] Procedures and Responsibilities - The company must document any deferral or exemption decisions, including the reasons and the individuals privy to the information [4][5] - Any deferred or exempted information must be disclosed promptly if the reasons for deferral are no longer valid or if the information becomes public [3][5] Compliance and Accountability - The company is responsible for ensuring that any deferral or exemption complies with the relevant rules and must take corrective actions if there are violations [5][6] - The board of directors is tasked with interpreting and revising the system, which will take effect upon approval [6]