[Glossary](index=4&type=section&id=Part%20I%20Glossary) This section defines key terms and abbreviations used throughout the report, ensuring clarity and consistent understanding of financial and operational terminology [Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This chapter defines key terms used in the report, covering professional terminology for company entities, reporting periods, and main business products like edible fungi, ham, and coffee, ensuring clarity and consistency - The reporting period is defined as **January 1, 2025, to June 30, 2025**[12](index=12&type=chunk) - The company's full name is Yunnan Bowent Technology Industrial Co., Ltd., stock abbreviation Bowent Technology, stock code **600883**[12](index=12&type=chunk) - Major subsidiaries include Kunming Bowent Technology Development Co., Ltd., Shangri-La Bowent Food Co., Ltd., Nujiang Bowent Coffee Co., Ltd., and Yunnan Nuodeng Jintui Food Technology Co., Ltd[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This chapter provides essential company registration details, contact information, and a summary of key accounting data and financial indicators for the reporting period [Company Information and Contact Details](index=5&type=section&id=2.1%20Company%20Information%20and%20Contact%20Details) This section provides the company's basic registration information, legal representative, contact details, and information disclosure channels, offering investors important avenues to access public company information - The company's legal representative is **Liu Zhibo**[16](index=16&type=chunk) - The company's registered address is Xiaobaozi, Yongsheng Street, Longyang District, Baoshan City, Yunnan Province (Baoshan Industrial Park), and its office address is Room 806, Donghang Investment Building, No. 219 Chuncheng Road, Guandu District, Kunming City, Yunnan Province[18](index=18&type=chunk) - The company's stock abbreviation is **'Bowent Technology'**, stock code **'600883'**, listed on the Shanghai Stock Exchange[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a significant year-on-year increase in operating revenue, but a substantial decrease in total profit and net profit attributable to shareholders, with negative net cash flow from operating activities Key Accounting Data for H1 2025 | Item | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 28,689,692.67 | 16,701,183.10 | 71.78 | | Total Profit | 13,983,240.35 | 39,164,521.58 | -64.30 | | Net Profit Attributable to Shareholders of Listed Company | 14,351,381.57 | 39,744,271.72 | -63.89 | | Net Cash Flow from Operating Activities | -4,921,919.78 | -1,789,010.60 | N/A | Key Financial Indicators for H1 2025 | Item | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.0608 | 0.1683 | -63.87 | | Diluted Earnings Per Share (RMB/share) | 0.0608 | 0.1683 | -63.87 | | Basic EPS after Non-recurring Gains/Losses (RMB/share) | 0.0607 | 0.1408 | -56.89 | | Weighted Average Return on Net Assets (%) | 1.4545 | 4.3043 | Decrease by 2.8498 percentage points | - Total non-recurring gains and losses amounted to **RMB 26,810.88**[25](index=25&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This chapter offers a comprehensive analysis of the company's industry, main business operations, core competencies, and significant financial performance during the reporting period [Industry and Main Business Overview for the Reporting Period](index=7&type=section&id=3.1%20Industry%20and%20Main%20Business%20Overview%20for%20the%20Reporting%20Period) This section details the industry overview for the company's three main businesses—edible fungi, ham, and coffee—including national and Yunnan province market size, development trends, competitive landscape, and the company's operating model and product status. During the reporting period, edible fungi and coffee business revenues achieved significant growth, while ham business revenue slightly decreased but gross profit margin improved - The company's main business scope includes three segments: **edible fungi, ham, and coffee**[27](index=27&type=chunk) Edible Fungi Business Performance | Item | Current Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 19,431,425.82 | 44.26 | | Gross Profit Margin | -2.2 percentage points | Decrease by 2.2 percentage points | Ham Business Performance | Item | Current Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 2,027,595.80 | -10.54 | | Gross Profit Margin | +2.42 percentage points | Increase by 2.42 percentage points | Coffee Business Performance | Item | Current Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 7,128,884.86 | 719.22 | | Gross Profit Margin | +40.54 percentage points | Increase by 40.54 percentage points | [Discussion and Analysis of Operations](index=14&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) This section summarizes the company's operational management efforts during the reporting period, focusing on stable operations, synergistic management, continuous exploration, and risk control, emphasizing the implementation of its main business transformation strategy and the management of long-term equity investments and entrusted wealth management. The company's operating revenue significantly increased, but net profit attributable to the parent company substantially decreased due to reduced investment income from associates - The company maintained stable operations, guided by market demand, improving the operating efficiency of its edible fungi business, resulting in **year-on-year growth in operating revenue**[51](index=51&type=chunk) - Strengthened efforts in the ham business to 'expand markets and reduce inventory,' achieving a **slight increase in gross profit margin** through adjusted operating strategies and production cost control[51](index=51&type=chunk)[52](index=52&type=chunk) - Continuously explored the coffee business, focusing on green coffee bean trade and deep-processed products, expanding operations, and gradually entering the entire coffee industry chain[52](index=52&type=chunk) - Strengthened long-term equity investment management, with the company holding **6.65% of Xinjiang Zhonghe shares**, making it the second-largest shareholder, participating in its major operating decisions by appointing directors and supervisors[53](index=53&type=chunk) - Steadily conducted entrusted wealth management business, investing **no more than RMB 100 million** of its own funds in highly secure and liquid wealth management products[53](index=53&type=chunk) - During the reporting period, the company achieved cumulative operating revenue of **RMB 28,689,692.67**, a **71.78% year-on-year increase**; net profit attributable to parent company shareholders was **RMB 14,351,381.57**, a **63.89% year-on-year decrease**[54](index=54&type=chunk) [Analysis of Core Competencies for the Reporting Period](index=15&type=section&id=3.3%20Analysis%20of%20Core%20Competencies%20for%20the%20Reporting%20Period) This section analyzes the company's core competencies in its three main businesses—edible fungi, ham, and coffee—noting that the main business transformation and upgrading structure has largely formed, but each business segment still needs further improvement in brand influence, market competitive advantage, and operational management experience, while facing market and policy risks - The company's main business is agricultural and sideline food processing (edible fungi, ham, and coffee businesses) with Yunnan plateau characteristics, and the pattern of main business transformation and upgrading has largely formed[55](index=55&type=chunk) - The edible fungi business has a single product structure, and the competitive influence of its self-created **'Geli La' brand** in domestic and international markets needs further enhancement[55](index=55&type=chunk) - The ham business core team possesses key processing technologies for Nuodeng ham and owns the **'Yitui' trademark**, but market competitive advantage and brand effect require further improvement[55](index=55&type=chunk) - The coffee business is still in its early stages of operation, facing risks of not achieving expected operating targets due to factors such as production and operation management experience, industry policies, and market competition[56](index=56&type=chunk) [Major Operating Performance for the Reporting Period](index=16&type=section&id=3.4%20Major%20Operating%20Performance%20for%20the%20Reporting%20Period) This section provides a detailed analysis of the company's major operating performance during the reporting period, including changes in financial statement items, the impact of non-core businesses on profit, asset and liability status, and investment conditions, along with an analysis of major controlled and associated companies. Operating revenue and net cash flow from investing activities significantly increased, but total profit and fair value change gains substantially decreased Analysis of Changes in Financial Statement Items | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 28,689,692.67 | 16,701,183.10 | 71.78 | | Operating Cost | 27,085,453.30 | 15,894,612.55 | 70.41 | | Selling Expenses | 2,139,540.79 | 1,541,322.78 | 38.81 | | Total Profit | 13,983,240.35 | 39,164,521.58 | -64.30 | | Net Cash Flow from Operating Activities | -4,921,919.78 | -1,789,010.60 | N/A | | Net Cash Flow from Investing Activities | 86,305,644.22 | -21,893,597.60 | N/A | Profit Changes from Non-Core Businesses | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Entrusted Wealth Management Income | 233,702.68 | 271,203.13 | -13.83 | | Securities Investment Dividend Income | 797,979.00 | 1,398,651.80 | -42.95 | | Fair Value Change Gains | -2,501,844.00 | 4,652,800.00 | -153.77 | Changes in Asset and Liability Status | Item Name | Current Period End (RMB) | Prior Period End (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 107,377,557.04 | 34,816,072.54 | 208.41 | | Accounts Receivable | 2,276,751.09 | 3,359,197.05 | -32.22 | | Non-current Assets Due Within One Year | 0 | 32,875,315.07 | -100.00 | | Accounts Payable | 652,360.59 | 4,439,140.96 | -85.30 | - The company established a wholly-owned subsidiary, Nujiang Bowent Coffee Co., Ltd., in Lushui City, Nujiang Lisu Autonomous Prefecture, Yunnan Province, with **RMB 20 million** of its own funds, and invested in a coffee planting base project with an estimated total of **RMB 16 million**[64](index=64&type=chunk)[65](index=65&type=chunk)[70](index=70&type=chunk) - As of the end of the reporting period, the company held **RMB 37,568,986.00** in Yunnan Baiyao shares and **RMB 62,325,500.00** in Zhonghe convertible bonds[71](index=71&type=chunk)[72](index=72&type=chunk) - Investment income from long-term equity investment in associate Xinjiang Zhonghe Co., Ltd., accounted for using the equity method, was **RMB 26.2533 million**, a **39.66% year-on-year decrease**[79](index=79&type=chunk) [Other Disclosures](index=25&type=section&id=3.5%20Other%20Disclosures) This section discloses potential risks faced by the company, including operational risks in the edible fungi business, pork price fluctuations and food safety risks in the ham business, operational uncertainties in the coffee business, market fluctuation risks in long-term equity investments, and fair value change risks in securities investments, with a particular emphasis on delisting risks if certain financial indicators are not met - The edible fungi business faces operational risks such as a single product structure, raw material production affected by seasonality and natural factors, and intense market competition[81](index=81&type=chunk) - The ham business faces risks including the impact of pork price fluctuations on costs, food quality and safety risks, liquidity risks due to the long production cycle of Nuodeng ham, and risks of investments not meeting expectations[81](index=81&type=chunk)[82](index=82&type=chunk) - As a new business, the coffee business faces operational uncertainties and price fluctuation risks due to factors such as policy changes, market competition, lack of operational management experience, international coffee supply and demand, and exchange rate changes[83](index=83&type=chunk) - Long-term equity investments (e.g., Xinjiang Zhonghe) and securities investments (e.g., Yunnan Baiyao shares and Zhonghe convertible bonds) are affected by securities market fluctuations, posing risks of uncertain investment returns and fair value changes[84](index=84&type=chunk) - The company faces delisting risk; if its net profit after deducting non-recurring gains and losses is negative and operating revenue is **below RMB 300 million** in 2025, it will trigger mandatory delisting indicators based on financial criteria[85](index=85&type=chunk) [Corporate Governance, Environment and Society](index=27&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This chapter outlines the company's corporate governance structure, including personnel changes and profit distribution plans, alongside its environmental and social responsibility initiatives [Corporate Governance and Profit Distribution](index=27&type=section&id=4.1%20Corporate%20Governance%20and%20Profit%20Distribution) This section states that there were no changes in the company's directors, supervisors, or senior management during the reporting period, and no half-year profit distribution or capital reserve capitalization plan was formulated - Changes in the company's directors, supervisors, and senior management during the reporting period were **'not applicable'**, meaning no changes occurred[88](index=88&type=chunk) - No half-year profit distribution plan or capital reserve capitalization plan was proposed[88](index=88&type=chunk) [Environmental and Social Responsibility](index=27&type=section&id=4.2%20Environmental%20and%20Social%20Responsibility) This section discloses that the company and its major subsidiaries were not listed as key pollutant discharge units for 2025, and no poverty alleviation or rural revitalization work was carried out during the reporting period, but the company commits to actively fulfilling social responsibilities in the future - Neither the company nor its major subsidiaries were listed as key pollutant discharge units in their respective locations for **2025**[89](index=89&type=chunk) - The company did not carry out poverty alleviation or rural revitalization work during the reporting period but commits to actively fulfilling social responsibilities in the future[90](index=90&type=chunk) [Significant Matters](index=28&type=section&id=Part%20V%20Significant%20Matters) This chapter details the company's fulfillment of commitments, significant litigation and arbitration cases, and its integrity status, including related party transactions and guarantees [Fulfillment of Commitments](index=28&type=section&id=5.1%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments by the company's actual controller, shareholders, and related parties during or continuing into the reporting period, primarily involving share lock-up commitments and profit forecasts and compensation commitments for controlled subsidiaries, all of which were fulfilled on schedule or are ongoing - Shenzhen Derong Investment Development Co., Ltd.'s share lock-up commitment has been fulfilled or is ongoing[92](index=92&type=chunk) - Share lock-up commitments by shareholders such as Beijing Peking University Resources Technology Co., Ltd. and Yunnan Chuanqi Investment Co., Ltd. have been fulfilled or are ongoing[92](index=92&type=chunk) - Majinqiao Company committed to the net profit achieved by Jintui Company from **2023 to 2027** and formulated cash and equity compensation plans[92](index=92&type=chunk)[94](index=94&type=chunk) [Significant Litigation and Arbitration Matters](index=30&type=section&id=5.2%20Significant%20Litigation%20and%20Arbitration%20Matters) This section discloses significant litigation and arbitration matters involving the company during the reporting period, primarily cement sales contract disputes, with some cases concluding execution proceedings due to the absence of executable assets from the defendants - The company sued Yunnan Baiyi Construction Engineering Co., Ltd. and Liu Zhongzhen over a cement sales contract dispute; the court ruled to terminate the current enforcement proceedings as the defendants currently have no executable assets[96](index=96&type=chunk) - The company sued Zhang Xueming over a cement sales contract dispute; an agreement was reached through mediation, but the defendant failed to fulfill repayment obligations, leading the company to apply for compulsory enforcement[96](index=96&type=chunk) - The company sued Lin Shengliang over a cement sales contract dispute; an agreement was reached through mediation, but the defendant failed to repay the debt, and the court ruled to terminate the current enforcement proceedings due to the absence of other executable assets from the defendant[96](index=96&type=chunk)[98](index=98&type=chunk) [Integrity Status and Related Party Transactions](index=31&type=section&id=5.3%20Integrity%20Status%20and%20Related%20Party%20Transactions) This section states that during the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no illegal activities, penalties, or investigations, and no irregular guarantees or significant related party transactions - During the reporting period, the company, its largest shareholder, and actual controller strictly complied with national laws and regulations, maintaining **good integrity**[99](index=99&type=chunk) - There were no instances of failing to fulfill obligations determined by effective court legal documents or significant overdue debts remaining unpaid[99](index=99&type=chunk) - There were no instances of being investigated by competent authorities, receiving criminal penalties, administrative penalties, or administrative regulatory measures[99](index=99&type=chunk) - During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties[95](index=95&type=chunk) - During the reporting period, there were no instances of providing external guarantees in violation of prescribed decision-making procedures[95](index=95&type=chunk) [Share Changes and Shareholder Information](index=34&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This chapter presents information on the company's share capital structure, any changes during the period, and the details of its major shareholders [Changes in Share Capital](index=34&type=section&id=6.1%20Changes%20in%20Share%20Capital) This section states that there were no changes in the company's total share capital or share structure during the reporting period - During the reporting period, there were **no changes** in the company's total share capital or share structure[104](index=104&type=chunk) [Shareholder Information](index=34&type=section&id=6.2%20Shareholder%20Information) This section discloses the total number of common shareholders and the shareholding status of the top ten shareholders and top ten unrestricted tradable share shareholders as of the end of the reporting period, with Shenzhen Derong Investment Development Co., Ltd. being the largest shareholder - As of the end of the reporting period, the total number of common shareholders was **13,169**[105](index=105&type=chunk) Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shenzhen Derong Investment Development Co., Ltd. | 40,500,000 | 17.15 | Domestic Non-State-Owned Legal Person | | Beijing Peking University Resources Technology Co., Ltd. | 27,836,605 | 11.79 | Domestic Non-State-Owned Legal Person | | Yunnan Chuanqi Investment Co., Ltd. | 25,190,000 | 10.67 | Domestic Non-State-Owned Legal Person | | Shanghai Depeng Industrial Co., Ltd. | 15,531,700 | 6.58 | Domestic Non-State-Owned Legal Person | | Wang Guowei | 2,066,800 | 0.88 | Domestic Natural Person | - Shenzhen Derong Investment Development Co., Ltd. is the company's largest shareholder, with a shareholding ratio of **17.15%**[109](index=109&type=chunk) [Bond-Related Information](index=37&type=section&id=Part%20VII%20Bond-Related%20Information) This chapter confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Bond-Related Information](index=37&type=section&id=7.1%20Bond-Related%20Information) This section states that the company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments[113](index=113&type=chunk) - The company has **no convertible corporate bonds**[113](index=113&type=chunk) [Financial Report](index=38&type=section&id=Part%20VIII%20Financial%20Report) This chapter contains the company's unaudited financial statements, including the balance sheet, income statement, cash flow statement, and detailed notes on accounting policies and financial items [Audit Report](index=38&type=section&id=8.1%20Audit%20Report) This section states that this semi-annual report has not been audited - This semi-annual report is **unaudited**[5](index=5&type=chunk) [Financial Statements](index=38&type=section&id=8.2%20Financial%20Statements) This section includes the company's unaudited consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively presenting the company's financial position at the end of the reporting period, operating results, and cash flow during the reporting period Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 107,377,557.04 | 34,816,072.54 | | Financial Assets Held for Trading | 99,894,486.00 | 132,396,330.00 | | Long-term Equity Investments | 749,232,455.66 | 757,218,175.10 | | Total Assets | 1,035,908,717.08 | 1,044,393,826.69 | | Total Liabilities | 60,192,645.42 | 59,460,750.85 | | Total Equity Attributable to Parent Company Owners | 970,667,670.06 | 979,516,533.02 | Key Consolidated Income Statement Data (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 28,689,692.67 | 16,701,183.10 | | Total Operating Cost | 39,722,580.68 | 26,997,523.94 | | Total Profit | 13,983,240.35 | 39,164,521.58 | | Net Profit Attributable to Parent Company Shareholders | 14,351,381.57 | 39,744,271.72 | Key Consolidated Cash Flow Statement Data (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -4,921,919.78 | -1,789,010.60 | | Net Cash Flow from Investing Activities | 86,305,644.22 | -21,893,597.60 | | Net Cash Flow from Financing Activities | -8,896,110.54 | -10,638,714.90 | | Net Increase in Cash and Cash Equivalents | 72,561,484.50 | -34,119,186.74 | [Company Basic Information](index=57&type=section&id=8.3%20Company%20Basic%20Information) This section introduces the company's historical evolution, registration information, main business scope, and primary products, clarifying its positioning as a listed company in the agricultural and sideline food processing industry - The company was listed on the Shanghai Stock Exchange on **December 8, 1995**, with the stock abbreviation **'Bowent Technology'**[162](index=162&type=chunk) - The company and its subsidiaries are primarily engaged in the procurement and sales of edible fungi and related products, production and sales of ham and related products, and production and sales of coffee and related products[163](index=163&type=chunk) - The company's main products include matsutake and its products, edible fungi and their products; ham and its products, cured meats, and canned foods; green coffee beans, and coffee products[164](index=164&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and relevant regulations of the China Securities Regulatory Commission, and measured at historical cost - The Group's financial statements are prepared on a **going concern basis**, in accordance with actual transactions and events, and the disclosure requirements of the 'Enterprise Accounting Standards' issued by the Ministry of Finance and 'Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)' by the China Securities Regulatory Commission[166](index=166&type=chunk) - The Group's accounting is based on the **accrual basis**, and except for certain financial instruments, these financial statements are measured at **historical cost**[166](index=166&type=chunk) [Significant Accounting Policies and Estimates](index=57&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for revenue recognition, financial instruments, long-term equity investments, fixed assets, intangible assets, impairment of long-term assets, employee compensation, provisions, share-based payments, government grants, and deferred income tax, as well as changes in accounting policies for the current period - The company classifies financial assets into three categories based on the business model for managing financial assets and contractual cash flow characteristics: **measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss**[191](index=191&type=chunk) - The company accounts for long-term equity investments where it has joint control or significant influence over the investee using the **equity method**, and for long-term equity investments where it exercises control over the investee using the **cost method**[219](index=219&type=chunk) - Fixed assets are initially measured at cost, considering the impact of estimated dismantling costs, and **depreciation is calculated using the straight-line method**[229](index=229&type=chunk)[230](index=230&type=chunk) - The company recognizes government grants related to assets as **deferred income**, amortizing them into profit or loss over the useful life of the related assets; government grants related to income are recognized in profit or loss or offset against related costs and expenses based on the compensation period[266](index=266&type=chunk) - The company implemented 'Interpretation No. 17 of Enterprise Accounting Standards' and 'Interpretation No. 18 of Enterprise Accounting Standards' from **January 1, 2024**, which had **no significant impact** on its financial position and operating results[285](index=285&type=chunk) [Taxation](index=82&type=section&id=8.6%20Taxation) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, corporate income tax, land use tax, and property tax, and explains the tax preferential policies enjoyed by the company, such as 'six taxes and two fees' reductions and VAT credit refunds Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Receivable Sales Revenue | 13% for sales of matsutake and edible fungi products, ham products, coffee products, and resale of electricity; 9% for sales of fresh matsutake, ham raw materials and cured product raw materials, green coffee beans, and resale of water; 5% for leasing services | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | Calculated at 5% or 7% of actual turnover tax paid | | Corporate Income Tax | Taxable Income | Calculated at 20% or 25% of taxable income | - The company enjoys the **'six taxes and two fees' reduction policy**, allowing small and micro-profit enterprises to reduce resource tax, urban maintenance and construction tax, property tax, urban land use tax, stamp duty, etc., by up to **50%** of the tax amount[287](index=287&type=chunk) - Eligible small and micro enterprises can apply for **VAT credit refunds** at the end of the period[288](index=288&type=chunk) [Notes to Consolidated Financial Statement Items](index=83&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including cash and cash equivalents, financial assets held for trading, accounts receivable, other receivables, inventories, long-term equity investments, fixed assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax, short-term borrowings, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, lease liabilities, deferred income, share capital, capital reserves, other comprehensive income, surplus reserves, retained earnings, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, non-operating income and expenses, cash flow statement items, and foreign currency monetary items, detailing their period-end balances, period-beginning balances, current period changes, and related accounting treatments Cash and Cash Equivalents Period-End Balance | Item | Period-End Balance (RMB) | | :--- | :--- | | Cash on Hand | 6,095.71 | | Bank Deposits | 106,371,055.19 | | Other Cash and Cash Equivalents | 1,000,406.14 | | Total | 107,377,557.04 | Financial Assets Held for Trading Period-End Balance | Item | Period-End Balance (RMB) | | :--- | :--- | | Equity Instrument Investments | 37,568,986.00 | | Hybrid Instrument Investments | 62,325,500.00 | | Total | 99,894,486.00 | - The company holds **673,400 shares of Yunnan Baiyao stock**, with a period-end market value of **RMB 37,568,986.00**; it holds **500,000 units of Zhonghe convertible bonds**, with a period-end market value of **RMB 62,325,500.00**[293](index=293&type=chunk)[294](index=294&type=chunk) Operating Revenue and Operating Cost | Item | Current Period Amount - Revenue (RMB) | Current Period Amount - Cost (RMB) | | :--- | :--- | :--- | | Main Business | 28,587,906.48 | 26,995,236.45 | | Other Businesses | 101,786.19 | 90,216.85 | | Total | 28,689,692.67 | 27,085,453.30 | Investment Income | Item | Current Period Amount (RMB) | | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | 26,253,279.34 | | Investment Income from Financial Assets Held for Trading During Holding Period | 797,979.00 | | Investment Income from Disposal of Financial Assets Held for Trading | 233,702.68 | | Total | 27,284,961.02 | [R&D Expenses](index=127&type=section&id=8.8%20R%26D%20Expenses) This section discloses the company's R&D expenditures during the reporting period, including expensed R&D and development expenditures for R&D projects eligible for capitalization, primarily involving coffee product R&D and ham R&D R&D Expenditure | Item | Current Period Amount (RMB) | | :--- | :--- | | Coffee Product R&D | 153,242.64 | | Ham R&D | 25,930.90 | | Total | 179,173.54 | | Of which: Expensed R&D | 179,173.54 | - The R&D project eligible for capitalization is **'New Utility Patent - A New Edible Fungi Cleaning Equipment'**, with a period-end balance of **RMB 8,910.88**[436](index=436&type=chunk) [Changes in Consolidation Scope](index=129&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) This section states that the company's consolidation scope changed during the reporting period due to the establishment of a new subsidiary, Nujiang Bowent Coffee Co., Ltd - On **March 25, 2025**, the company established a wholly-owned subsidiary, Nujiang Bowent Coffee Co., Ltd., with a registered capital of **RMB 20 million**, which has completed industrial and commercial registration procedures and was included in the consolidation scope for the current period[438](index=438&type=chunk) [Interests in Other Entities](index=130&type=section&id=8.10%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries and associates, including the composition of the enterprise group, and key financial information of significant non-wholly-owned subsidiaries and associates - The company holds **100% equity** in Kunming Bowent Technology Development Co., Ltd., Shangri-La Bowent Food Co., Ltd., and Nujiang Bowent Coffee Co., Ltd., and **51% equity** in Yunnan Nuodeng Jintui Food Technology Co., Ltd[441](index=441&type=chunk) - Yunnan Nuodeng Jintui Food Technology Co., Ltd. is a significant non-wholly-owned subsidiary, with a **49% minority interest**[443](index=443&type=chunk) - Xinjiang Zhonghe Co., Ltd. is a significant associate of the company, with a **6.6501% shareholding**, accounted for using the equity method[447](index=447&type=chunk) Key Financial Information of Significant Associate Xinjiang Zhonghe Co., Ltd. | Item | Current Period Amount / Period-End Balance (RMB) | | :--- | :--- | | Total Assets | 19,666,804,444.82 | | Total Liabilities | 7,680,109,913.06 | | Equity Attributable to Parent Company Shareholders | 11,197,614,030.31 | | Operating Revenue | 4,003,340,079.54 | | Net Profit | 393,869,820.27 | | Total Comprehensive Income | 323,557,614.90 | [Government Grants](index=134&type=section&id=8.11%20Government%20Grants) This section discloses government grant-related liability items and government grants recognized in profit or loss during the reporting period, primarily deferred income related to assets and various income-related grants Government Grant-Related Liability Items | Financial Statement Item | Period-Beginning Balance (RMB) | Amount Recognized in Non-Operating Income for Current Period (RMB) | Transferred to Other Income for Current Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,613,176.31 | 0 | 120,362.56 | 2,492,813.75 | Asset-related | Government Grants Recognized in Profit or Loss for the Current Period | Type | Current Period Amount (RMB) | | :--- | :--- | | Fiscal Interest Subsidy | 633.34 | | Fiscal R&D Expense Subsidy | 25,930.90 | | Individual Income Tax Withholding Fee | 13,661.81 | | Market Development Exhibition Subsidy | 96,001.17 | | Government Grant for Renovation | 94,431.66 | | Export Credit Insurance Premium Subsidy | 30,079.68 | | Total | 260,738.56 | [Risks Related to Financial Instruments](index=134&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) This section describes the market risks (including exchange rate risk, interest rate risk, and other price risks), credit risk, and liquidity risk faced by the company, and outlines the company's objectives and strategies for managing these risks - The company faces **exchange rate risk**, primarily related to the US dollar, but has not yet taken measures to hedge against it[452](index=452&type=chunk)[454](index=454&type=chunk) - **Interest rate risk** primarily arises from interest-bearing debts such as bank borrowings; the Group's interest-bearing debts are mainly RMB-denominated fixed-rate loan contracts[454](index=454&type=chunk) - **Other price risks** mainly stem from investments in financial assets measured at fair value, bearing the risk of securities market price fluctuations[454](index=454&type=chunk) - **Credit risk** primarily arises from losses on financial assets due to the failure of a counterparty to fulfill its obligations; the company mitigates this risk by establishing credit limits, credit approval, and monitoring procedures[455](index=455&type=chunk) - **Liquidity risk** refers to the risk of cash shortages when an enterprise fulfills obligations settled by delivering cash or other financial assets; the company manages this risk by maintaining sufficient cash and cash equivalents[455](index=455&type=chunk) [Disclosure of Fair Value](index=136&type=section&id=8.13%20Disclosure%20of%20Fair%20Value) This section discloses the period-end fair value of the company's assets and liabilities measured at fair value, primarily including financial assets held for trading, and explains the basis for determining market prices for Level 1 fair value measurement items Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Period-End Fair Value (RMB) | | :--- | :--- | | Financial Assets Held for Trading | | | Equity Instrument Investments | 37,568,986.00 | | Hybrid Instrument Investments | 62,325,500.00 | | Total Assets Continuously Measured at Fair Value | 99,894,486.00 | - The fair value of the company's equity instrument investments (Yunnan Baiyao shares) and hybrid instrument investments (Xinjiang Zhonghe convertible bonds) is determined by their **closing prices on the secondary market as of June 30, 2025**[461](index=461&type=chunk) [Related Parties and Related Party Transactions](index=138&type=section&id=8.14%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's parent company, subsidiaries, associates, and other related parties, and describes the status of receivables from related parties during the reporting period - The company's parent company is Shenzhen Derong Investment Development Co., Ltd., with a **17.15% shareholding**, and the ultimate controlling party is **Wang Suiyi**[464](index=464&type=chunk) - Other related parties include shareholders holding **over 5%** (Beijing Peking University Resources Technology Co., Ltd., Yunnan Chuanqi Investment Co., Ltd., Shanghai Depeng Industrial Co., Ltd.), minority shareholders of significant subsidiaries (Yunlong County Nuodeng Majinqiao Commercial and Trade Co., Ltd.), and key management personnel[465](index=465&type=chunk) Period-End Balance of Receivables from Related Parties | Item Name | Related Party | Period-End Book Balance (RMB) | | :--- | :--- | :--- | | Prepayments | Yunlong County Nuodeng Majinqiao Commercial and Trade Co., Ltd. | 515,115.05 | [Commitments and Contingencies](index=141&type=section&id=8.15%20Commitments%20and%20Contingencies) This section discloses significant commitments existing at the balance sheet date, primarily involving profit forecasts and compensation arrangements for controlled subsidiaries - According to the 'Capital Increase and Share Expansion Agreement,' Majinqiao Company committed to the net profit achieved by Jintui Company from **2023 to 2027** and stipulated cash and equity compensation arrangements[471](index=471&type=chunk) [Events After the Balance Sheet Date](index=142&type=section&id=8.16%20Events%20After%20the%20Balance%20Sheet%20Date) This section discloses significant non-adjusting events occurring after the balance sheet date, specifically the establishment of a new wholly-owned subsidiary, Nujiang Bowent Coffee Co., Ltd - On **March 26, 2025**, the company announced its intention to establish a wholly-owned subsidiary, Nujiang Bowent Coffee Co., Ltd., in Lushui City, Nujiang Lisu Autonomous Prefecture, Yunnan Province, with **RMB 20 million** of its own funds, primarily engaged in coffee cultivation and preliminary processing, and has completed industrial and commercial registration procedures[473](index=473&type=chunk) [Notes to Parent Company Financial Statement Items](index=143&type=section&id=8.17%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for the main items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income, reflecting the parent company's financial position and operating results Parent Company Accounts Receivable Period-End Balance | Aging | Period-End Book Balance (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 62,082.47 | | 1 to 2 years | 2,440.00 | | Over 5 years | 5,974,844.57 | | Total | 6,039,367.04 | | Less: Provision for Bad Debts | 5,978,192.69 | | Total | 61,174.35 | Parent Company Other Receivables Period-End Balance | Item | Period-End Balance (RMB) | | :--- | :--- | | Interest Receivable | 1,741,216.44 | | Other Receivables | 30,389,924.03 | | Total | 32,131,140.47 | Parent Company Investments in Subsidiaries Period-End Balance | Investee | Period-End Balance (Book Value) (RMB) | | :--- | :--- | | Kunming Bowent Technology Development Co., Ltd. | 33,111,040.45 | | Shangri-La Bowent Food Co., Ltd. | 30,000,000.00 | | Yunnan Nuodeng Jintui Food Technology Co., Ltd. | 15,044,400.00 | | Nujiang Bowent Coffee Co., Ltd. | 1,500,000.00 | | Total | 79,655,440.45 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Amount - Revenue (RMB) | Current Period Amount - Cost (RMB) | | :--- | :--- | :--- | | Main Business | 7,113,965.65 | 6,384,589.93 | | Other Businesses | 20,081.91 | 2,707.31 | | Total | 7,134,047.56 | 6,387,297.24 | Parent Company Investment Income | Item | Current Period Amount (RMB) | | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | 26,253,279.34 | | Investment Income from Financial Assets Held for Trading During Holding Period | 797,979.00 | | Investment Income from Disposal of Financial Assets Held for Trading | 233,702.68 | | Total | 27,284,961.02 | [Supplementary Information](index=153&type=section&id=8.18%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses for the current period, return on net assets, and earnings per share, further detailing the company's financial performance Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Government Grants Recognized in Profit or Loss for the Current Period | 260,105.22 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | -1,703,865.00 | | Gains and Losses from Entrusted Investment or Asset Management | 233,702.68 | | Other Non-Operating Income and Expenses Apart from the Above | -1,924.70 | | Other Income and Expense Items Meeting the Definition of Non-Recurring Gains and Losses | 1,254,563.03 | | Less: Income Tax Impact | 0 | | Minority Interest Impact (After Tax) | 15,770.35 | | Total | 26,810.88 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share - Basic Earnings Per Share | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 1.4545 | 0.0608 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 1.4518 | 0.0607 |

（二）本次会议通知和材料于 2025 年 8 月 24 日以电子邮件和专人送达的方 式发出。 云南博闻科技实业股份有限公司 第十二届监事会第七次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 （一）本次会议的召开符合《公司法》、公司《章程》等有关规定。 证券代码：600883 证券简称：博闻科技 公告编号：临 2025-026 （三）本次会议于 2025 年 8 月 29 日以通讯表决的方式召开。 （四）本次会议应表决监事 3 人，实际表决监事 3 人。 （五）本次会议由公司监事会主席汪洪生先生召集并主持。公司高级管理人 员列席了本次会议。 二、监事会会议审议情况 通过公司 2025 年半年度报告全文及摘要（内容详见 2025 年 8 月 30 日刊登 在上海证券交易所网站上的《云南博闻科技实业股份有限公司 2025 年半年度报 告》）。监事对公司 2025 年半年度报告签署了书面确认意见；并对 2025 年半年 度报告提出书面审核意见如下： （二）公司 2025 年半年度报告的内容和格式 ...

证券代码：600883 证券简称：博闻科技 公告编号：临 2025-025 云南博闻科技实业股份有限公司 第十二届董事会第八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （一）本次会议的召开符合《公司法》、公司《章程》等有关规定。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 （二）通过公司 2025 年半年度报告全文及摘要（内容详见 2025 年 8 月 30 日刊登在上海证券交易所网站上的《云南博闻科技实业股份有限公司 2025 年半 年度报告》）。本议案在提交董事会审议前，已经公司董事会审计委员会 2025 年 第三次（定期）会议审议通过，并一致同意提交本次董事会审议。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 （三）通过关于修订公司《信息披露暂缓与豁免业务内部管理制度》的议案 [公司《信息披露暂缓与豁免业务内部管理制度》（2025 年 8 月修订）内容详见 上海证券交易所网站）]。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 特此公告。 云南博闻科 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600883 证券简称：博闻科技 公告编号：2025-024 云南博闻科技实业股份有限公司 关于持股5%以上股东权益变动触及1%刻度的提示性公告 投资者上海德朋实业有限公司保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： ■ 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 ■ 2.信息披露义务人信息 ■ 3.一致行动人信息 上海德朋实业有限公司无一致行动人。 二、权益变动触及1%刻度的基本情况 云南博闻科技实业股份有限公司（以下简称公司）持股5%以上股东上海德朋实业有限公司（以下简称 上海德朋）因自身经营发展需要，拟通过集中竞价交易及/或大宗交易方式合计减持所持有的本公司股 份不超过7,082,640股，即不超过公司总股本的3%，减持期间为2025年7月15日至2025年10月12日[内容 详见2025年6月24日刊登于上海证券交易所网站、《上海证券报》和《证券时报》上的《云南博闻科技 实业股份有限公司关于持股5%以上股东减持股 ...

Core Viewpoint - The announcement details a change in the equity stake of a major shareholder, Shanghai DePeng Industrial Co., Ltd., in Yunnan Bowen Technology Industrial Co., Ltd., indicating a reduction in shareholding from 6.58% to 6.00% through a planned share reduction [1][2]. Group 1: Shareholder Information - The major shareholder, Shanghai DePeng Industrial Co., Ltd., plans to reduce its holdings by up to 7,082,640 shares, which represents no more than 3% of the total share capital of the company [1]. - The reduction period is set from July 15, 2025, to October 12, 2025 [1]. Group 2: Equity Change Details - Prior to the reduction, Shanghai DePeng held 1,553.17 million shares, equating to 6.58% of the total shares [1]. - After the reduction, the shareholding will decrease to 1,415.992 million shares, representing 6.00% [1]. Group 3: Impact on Company Structure - The equity change does not trigger mandatory tender offer obligations and will not lead to changes in the company's controlling shareholder or actual controller [2]. - The company governance structure and ongoing operations are expected to remain unaffected by this equity change [2].

Overview - Yunnan is the largest coffee production base in China, with significant support from the provincial government, making the coffee industry a key sector for agricultural and rural economic development [1][14] - In 2023, the coffee planting area in Yunnan reached 76,400 hectares, with a harvest area of 67,800 hectares and a production volume of 143,400 tons, projected to increase to 150,200 tons in 2024 [1][14] Development History - The history of coffee cultivation in Yunnan began in 1904, with the first coffee seedling planted in Dali, and significant development occurred after 1951 with the introduction of coffee seedlings [5] - The industry saw a shift towards the Catimor variety around 2000, which is suitable for instant coffee production, but faced challenges leading to a focus on quality improvement and brand building in recent years [5][26] Industry Chain - The coffee industry chain in Yunnan includes upstream activities such as coffee planting and raw bean trading, midstream processing including initial and deep processing, and downstream sales through various channels [8] Market Policies - Recent policies from the Yunnan provincial government aim to promote high-quality development in the coffee industry, including action plans for specific regions and financial support for coffee cooperatives [11][13] Current Status - The coffee industry in Yunnan has rapidly developed, becoming a distinctive advantage for economic growth and farmer income, with a significant increase in planting and production areas [14] Competitive Landscape - The coffee market in Yunnan has seen the emergence of influential brands, with notable companies recognized in various coffee competitions, indicating a growing competitive environment [16][17] Development Trends - The trend towards enhancing coffee quality is expected to continue, with a decrease in the proportion of the Catimor variety and an increase in the cultivation of higher-quality varieties like Geisha and Typica [26]

Core Viewpoint - Yunnan Bowen Technology Co., Ltd. has announced the sale of its convertible bonds held in Xinjiang Zhonghe Co., Ltd., indicating a strategic move based on operational needs and expected positive financial impact from the transaction [1][4][10] Transaction Overview - The company held 500,000 convertible bonds of Xinjiang Zhonghe, accounting for 3.636% of the total issuance [4] - The bonds were sold through a centralized bidding process on the Shanghai Stock Exchange from July 17, 2025, to August 8, 2025, with a total transaction amount of 64.9187 million yuan [4][10] - After deducting initial investment costs and transaction fees, the expected investment gain is approximately 14.0612 million yuan, representing 19.49% of the company's audited net profit for 2024 [4][10] Approval Process - The board of directors approved the proposal to authorize management to dispose of securities investment products on April 18, 2025, with unanimous support [6] - The annual general meeting on May 15, 2025, ratified the management's authority to handle the sale of the convertible bonds, valid for 12 months from the approval date [2][6] Bond Ownership and Transaction Details - The convertible bonds are free from any encumbrances, legal disputes, or restrictions on transfer [7] - The company acquired the bonds on July 18, 2023, using 50 million yuan of its own funds, which was classified as a financial asset measured at fair value [8]

Group 1 - The company holds 500,000 convertible bonds of Xinjiang Zhonghe Co., Ltd., accounting for 3.636% of the total issuance of the bonds [1] - The company plans to reduce its holdings of the convertible bonds through centralized bidding on the Shanghai Stock Exchange from July 17, 2025, to August 8, 2025 [1] - The total transaction amount during the reduction period is expected to be 64.9187 million yuan, with an estimated investment gain of approximately 14.0612 million yuan, representing 19.49% of the company's audited net profit attributable to shareholders for the year 2024 [1] Group 2 - After the completion of the reduction, the company will no longer hold any convertible bonds of Xinjiang Zhonghe [1]

证券代码：600883 证券简称：博闻科技 公告编号：2025-023 本公司董事会、全体董事及相关股东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： 交易简要内容 云南博闻科技实业股份有限公司持有新疆众和股份有限公司可转换公司债 券（债券代码：110094，债券简称：众和转债）500,000 张，占新疆众和可转债 发行总额的 3.636%。公司根据经营发展需要，通过上海证券交易所集中竞价交 易方式减持所持有的众和转债 500,000 张，减持时间自 2025 年 7 月 17 日至 2025 年 8 月 8 日，减持期间累计成交金额 6,491.87 万元，扣除初始投资成本及交易 产生的手续费、增值税等税费后，预计实现投资收益约 1,406.12 万元（具体以 审计结果为准），占公司 2024 年度经审计归母净利润的 19.49%。本次减持完成 后，公司不再持有众和转债。 云南博闻科技实业股份有限公司 关于出售所持有的新疆众和股份有限公司可转换公 司债券的公告 交易已履行的审议程序 2025 年 5 月 15 日，公司 2024 ...

Group 1 - The core viewpoint of the news is that companies are actively engaging in share buyback and employee stock ownership plans to enhance investor confidence and align management interests with shareholders [1][2]. - Shenzhen Overseas Chinese Town Holdings Company plans to increase its stake in Huaqiang City A by investing between 111 million and 220 million RMB within six months, currently holding 48.78% of the total shares [1]. - Chengyi Pharmaceutical announced an employee stock ownership plan for 2025, targeting to raise up to 48.2864 million RMB, with a share price set at 5.02 RMB per share, covering up to 228 employees [1][2]. Group 2 - The employee stock ownership plan has performance targets for revenue and net profit from 2025 to 2027, with growth rates set at 30%, 55%, and 85% for revenue, and 35%, 65%, and 100% for net profit [2]. - Several companies have announced plans for share reductions by executives and major shareholders, including Jinzheng Co., which plans to reduce up to 28.8 million shares, equivalent to approximately 568 million RMB [3][4][5]. - The reduction plans are set to commence from July 15, indicating a trend of liquidity events in the market as companies adjust their shareholder structures [7][8].