Core Insights - Yongji Co., Ltd. reported a revenue of 428 million yuan for the first half of 2025, representing a year-on-year increase of 11.91% [1] - The company's net profit attributable to shareholders was 56.61 million yuan, a decrease of 27.67% year-on-year, while the net profit after deducting non-recurring gains and losses was 45.33 million yuan, down 41.12% year-on-year [1][2] - The basic earnings per share for the first half of 2025 was 0.13 yuan [2] Financial Performance - The gross profit margin for the first half of 2025 was 32.80%, down 10.90 percentage points year-on-year, and the net profit margin was 14.67%, a decrease of 6.88 percentage points compared to the same period last year [2] - In Q2 2025, the gross profit margin was 27.91%, down 20.43 percentage points year-on-year and down 9.21 percentage points quarter-on-quarter; the net profit margin was 11.28%, down 13.43 percentage points year-on-year and down 6.38 percentage points quarter-on-quarter [2] - Total operating expenses for the first half of 2025 were 81.11 million yuan, an increase of 7.78 million yuan year-on-year, with an expense ratio of 18.96%, a decrease of 0.22 percentage points year-on-year [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 18,400, an increase of 1,503 shareholders or 8.90% from the end of the previous quarter [2] - The average market value per shareholder decreased from 202,100 yuan at the end of the previous quarter to 199,500 yuan, a decline of 1.28% [2] Company Overview - Yongji Co., Ltd. is located in Guiyang, Guizhou Province, and was established on March 12, 1997, with its listing date on December 23, 2016 [3] - The company's main business includes the design, production, and sales of cigarette labels and other packaging printing products, with revenue composition as follows: cigarette labels 65.54%, paper products and components 40.14%, medical controlled drugs 15.73%, wine boxes 10.25%, aluminum paper and frame paper 3.97%, others 3.31%, and medicine boxes 1.20% [3]

证券代码：603058 证券简称：永吉股份 公告编号：2025-083 转债代码：113646 转债简称：永吉转债 监事会认为：公司编制和审核《公司2025年半年度报告》及摘要的程序符 合法律法规的规定，报告内容真实、准确、完整地反映了公司2025年半年度的 实际运营状况，不存在任何虚假记载、误导性陈述或者重大遗漏。 相 关 内 容 请 查 阅 公 司 在 指 定 信 息 披 露 媒 体 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的公司《2025年半年度报告》及摘要。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 贵州永吉印务股份有限公司 第六届监事会第八次会议决议公告 一、监事会会议召开情况 贵州永吉印务股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日以 书面、电话、微信等方式向公司全体监事发出监事会通知。第六届监事会第八 次会议于 2025 年 8 月 29 日以现场会议方式召开。会议由监事会主席赵明强先 生召集并主持，会议应出席监事 3 名，实际出席监事 3 名。会议召集及召开方 式符合《中华人民共和国公司法》《贵州永吉印务股份有限公司章程》等有关 ...

| 证券代码：603058 | 证券简称：永吉股份 | 公告编号：2025-082 | | --- | --- | --- | | 转债代码：113646 | 转债简称：永吉转债 | | 贵州永吉印务股份有限公司 第六届董事会第十二次会议决议公告 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。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 （二）审议通过《关于2025年半年度募集资金存放与实际使用情况专项报告 的议案》 相 关 内 容 请 查 阅 公 司 在 指 定 信 息 披 露 媒 体 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的公司《2025年半年度募集资金存放与实际使用情况的 专项报告》。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 一、 董事会会议召开情况 贵州永吉印务股份有限公司（以下简称"公司"）于2025年8月19日以书面、 电话、微信等方式向公司全体董事发出董事会通知。第六届董事会第十二次会议 于2025年8月29日在公司会议室以现场结合线上通讯方式召开。会议应 ...

Part I Definitions [Definitions of Common Terms](index=5&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section provides definitions of common terms used in the report, including company names, subsidiary names, relevant industry terms (e.g., fine paper packaging, cigarette labels, wine labels, semiconductors, epitaxial equipment), and the reporting period, to ensure clear understanding of the report content - Company entity definition: Yongji Co./Company/The Company refers to Guizhou Yongji Printing Co., Ltd.; TB refers to Tasmanian Botanics Pty Ltd; Phytoca Holdings refers to Phytoca Holdings Pty Ltd[14](index=14&type=chunk) - Core business terms: Fine paper packaging refers to packaging made from high-quality paper as the core raw material, crafted through precision processes to combine functionality, aesthetic value, and customized design, including the company's cigarette and wine label products[14](index=14&type=chunk) - Reporting period: January 1, 2025, to June 30, 2025[14](index=14&type=chunk) Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, stock profile, and key financial performance for the first half of 2025, highlighting revenue growth driven by overseas controlled substances and a decline in net profit due to paper packaging market conditions [1. Company Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the basic information of Guizhou Yongji Printing Co., Ltd., including its Chinese name, abbreviation, foreign name, legal representative, providing investors with fundamental identification details - Company Chinese Name: Guizhou Yongji Printing Co., Ltd[17](index=17&type=chunk) - Company Chinese Abbreviation: Yongji Co[17](index=17&type=chunk) - Company Legal Representative: Deng Daixing[17](index=17&type=chunk) [2. Contact Person and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating information inquiries and communication for investors - Board Secretary: Yu Genxiao, contact number **0851-86607332**, email ygx_787@sina.com[18](index=18&type=chunk) - Securities Affairs Representative: Zhang Yingzhi, contact number **0851-86607332**, email dsh@yongjigf.com[18](index=18&type=chunk) [3. Brief Introduction to Changes in Basic Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section introduces the company's registered and office addresses and states that there were no historical changes to these addresses during the reporting period - The company's registered and office addresses are both No. 198 Guanshan East Road, Yunyan District, Guiyang City, Guizhou Province[19](index=19&type=chunk) - Historical changes to the company's registered address: Not applicable[19](index=19&type=chunk) [4. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the newspapers selected by the company for information disclosure, the website address for publishing semi-annual reports, and the location where the company's semi-annual reports are kept, ensuring investors can access public company information promptly - Newspapers selected by the company for information disclosure: "Shanghai Securities News", "Securities Times", "China Securities Journal", "Securities Daily"[20](index=20&type=chunk) - Website address for publishing semi-annual reports: www.sse.com.cn[20](index=20&type=chunk) - Location for keeping the company's semi-annual reports: Company Board Secretary's Office[20](index=20&type=chunk) [5. Company Stock Profile](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides brief information on the company's stock, including stock type, listing exchange, stock abbreviation, and stock code, to facilitate investor identification and trading of company shares - Stock Type: A-share[21](index=21&type=chunk) - Stock Listing Exchange: Shanghai Stock Exchange[21](index=21&type=chunk) - Stock Abbreviation: Yongji Co., Stock Code: **603058**[21](index=21&type=chunk) [7. 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) This section details the company's key accounting data and financial indicators for the first half of 2025, comparing them with the same period last year. During the reporting period, the company's operating revenue increased by 11.91% year-on-year, but net profit attributable to shareholders decreased by 27.67% year-on-year, mainly due to a decrease in sales prices of paper packaging products. Revenue from overseas controlled substances business grew significantly, becoming a new performance driver - Operating revenue increased by **11.91%**, primarily due to a significant year-on-year increase in revenue from the overseas controlled substances business[23](index=23&type=chunk) - Net profit attributable to shareholders, basic earnings per share, and return on net assets all decreased year-on-year, mainly due to the macroeconomic environment and increasing competition in the printing and packaging industry, leading to a decrease in sales prices of the company's main paper packaging products, with some key product unit prices falling by over **15%**, resulting in a year-on-year decrease in profit for the current period[24](index=24&type=chunk) [(1) Key Accounting Data](index=7&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) This section lists the company's key accounting data for the first half of 2025, including operating revenue, total profit, net profit, net cash flow from operating activities, net assets, and total assets, comparing them with the same period last year and the end of the previous year Main Accounting Data (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 427,804,602.29 yuan | 382,288,425.78 yuan | 11.91 | | Total Profit | 74,786,358.04 yuan | 97,506,963.06 yuan | -23.30 | | Net Profit Attributable to Shareholders of the Listed Company | 56,605,072.61 yuan | 78,254,888.62 yuan | -27.67 | | Net Cash Flow from Operating Activities | 189,900,628.11 yuan | 122,706,086.35 yuan | 54.76 | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 1,222,000,874.85 yuan | 1,195,360,708.43 yuan | 2.23 | | Total Assets (End of Period) | 1,944,301,733.82 yuan | 1,953,011,439.17 yuan | -0.45 | [(2) Key Financial Indicators](index=7&type=section&id=%28%E4%BA%8C%29%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section lists the company's key financial indicators for the first half of 2025, including earnings per share and return on net assets, comparing them with the same period last year, showing a decline in profitability and shareholder returns Main Financial Indicators (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.1348 | 0.1883 | -28.41 | | Diluted Earnings Per Share (yuan/share) | 0.1343 | 0.1856 | -27.64 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.1080 | 0.1852 | -41.68 | | Weighted Average Return on Net Assets (%) | 4.60 | 7.07 | Decrease of 2.47 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 3.68 | 6.96 | Decrease of 3.28 percentage points | [9. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section discloses the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling 11,274,892.44 yuan, primarily including fair value change gains and losses and government subsidies Non-Recurring Gains and Losses Items and Amounts (Jan-Jun 2025) | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 381.64 | | Government grants recognized in current profit or loss | 801,366.59 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 12,134,593.18 | | Other non-operating income and expenses | 277,121.26 | | Less: Income tax impact | 1,936,564.07 | | Impact on minority interests (after tax) | 2,006.16 | | Total | 11,274,892.44 | [10. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) This section discloses the company's net profit after deducting the impact of share-based payments, which is 55,655,224.69 yuan, a year-on-year decrease of 25.96%, providing clearer operating profit data Net Profit After Deducting Share-Based Payment Impact (Jan-Jun 2025 vs. Same Period Last Year) | Key Accounting Data | Current Period (Jan-Jun) | Same Period Last Year | Current Period vs. Same Period Last Year Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 55,655,224.69 yuan | 75,170,677.40 yuan | -25.96 | Part III Management Discussion and Analysis This section discusses the company's industry landscape, main business operations, core competencies, and key financial performance drivers, emphasizing the growth of the overseas controlled substances business and strategic initiatives in new markets [1. Explanation of the Company's Industry and Main Business During the Reporting Period](index=9&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 company's main business is fine paper packaging, benefiting from consumption upgrades and green transformation, with the industry moving towards environmental friendliness, intelligence, and high-end development. Concurrently, the company has entered the overseas controlled substances industry through investment, a market rapidly growing globally, especially strong in Australia, becoming the company's second main business - The company's main business involves the design, R&D, production, and sales of fine paper packaging products, actively exploring the overseas controlled substances industry as its second core business[33](index=33&type=chunk) - The fine paper packaging industry is upgrading towards environmental friendliness, intelligence, and high-end development, driven by consumption upgrades and green transformation[30](index=30&type=chunk) - The controlled substances industry faces global opportunities, with a global market value of **$37 billion in 2024**, projected to reach **$87.4 billion by 2030**, at a compound annual growth rate (CAGR) of **20.50%**[31](index=31&type=chunk) [(1) Industry Development Overview](index=9&type=section&id=%28%E4%B8%80%29%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) This section analyzes the development status and trends of the fine paper packaging industry and the overseas controlled substances industry in which the company operates. The fine paper packaging industry is moving towards high-end and sustainable development, driven by consumption upgrades and environmental demands; the controlled substances industry shows rapid growth globally, especially in Australia - The fine paper packaging industry benefits from stable domestic economic growth, consumption upgrades, and green transformation demands, with continuous market expansion and an upgrade towards environmental friendliness, intelligence, and high-end products[30](index=30&type=chunk) - The global controlled substances industry faces unprecedented opportunities, with **57 countries having legalized it by 2025**, a global market value of **$37 billion in 2024**, projected to reach **$87.4 billion by 2030**, at a compound annual growth rate (CAGR) of **20.50%**[31](index=31&type=chunk) - The Australian controlled substances market shows exponential growth, with sales reaching **$402 million in the first six months of 2024**, and is expected to expand to **$2 billion by 2028** with a **46% CAGR** from 2020-2028[32](index=32&type=chunk) [(2) Company's Main Business and Products](index=10&type=section&id=%28%E4%BA%8C%29%20%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%BA%A7%E5%93%81) This section details the company's main business of designing, researching, developing, producing, and selling fine paper packaging products, actively expanding into social printing markets such as tobacco, liquor, and pharmaceuticals. Additionally, the company has entered the overseas controlled substances industry through investment, cultivating new growth curves, with main products including dried flower and essential oil controlled substances - The company's main business is the design, R&D, production, and sales of fine paper packaging products, continuously increasing R&D investment and expanding into social printing markets for tobacco, liquor, and pharmaceutical businesses[33](index=33&type=chunk) - The company has entered the overseas controlled substances industry through investment, actively exploring a second main business and optimizing its industrial layout[33](index=33&type=chunk) - Fine paper packaging products primarily include outer packaging for tobacco products, alcoholic beverages, and some pharmaceutical products, involving famous brands such as "Guiyan", "Maotai 1935", and "Xijiu"[34](index=34&type=chunk) - Overseas controlled substances business is mainly in Australia, used for treating chronic pain, cancer pain relief, and childhood epilepsy, with products categorized into dried flower types (e.g., T-Opal) and essential oil types (e.g., C100)[35](index=35&type=chunk)[36](index=36&type=chunk) [(3) Company's Main Operating Model](index=11&type=section&id=%28%E4%B8%89%29%20%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) This section elaborates on the company's "production-to-order" operating model, detailing the procurement, production, and sales processes. The company obtains orders through bidding, has established a strict supplier management and quality control system, and its overseas business operates on a distribution model - The company's operating model is typically "production-to-order", organizing production based on downstream customer order demands[37](index=37&type=chunk) - Procurement model: The Material Management Department prepares procurement plans based on orders and production schedules, obtains approval, then solicits quotes, compares prices, and places orders with qualified suppliers, establishing a strict supplier selection and management system[38](index=38&type=chunk) - Production model: Production is order-based, with the Production Management Department preparing production plans, the Process Management Department setting technical standards, production workshops arranging production, and the Quality Inspection Department monitoring the entire process[39](index=39&type=chunk) - Sales model: Fine paper packaging business obtains orders through public bidding and signs supply contracts; overseas business adopts a distribution model, selling products through clinics, pharmacies, and professional pharmaceutical distributors[40](index=40&type=chunk) [(4) Key Performance Drivers During the Reporting Period](index=12&type=section&id=%28%E5%9B%9B%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) This section highlights that the company's performance is primarily driven by its main business, with stable development in fine paper packaging, and new orders secured through technological innovation and market expansion. Additionally, the overseas controlled substances business has gradually become the company's second main business, with revenue second only to tobacco product packaging - The company's performance primarily stems from its main business, having focused on fine paper packaging for over two decades, accumulating a strong market reputation and customer recognition[41](index=41&type=chunk) - The company continuously introduces professional talent, pursues technological innovation, conducts various business activities in an orderly manner, and intensifies efforts to expand markets and secure new projects and orders[41](index=41&type=chunk) - The overseas controlled substances business has gradually become the company's second main business, with revenue exceeding that of liquor packaging and second only to tobacco product packaging revenue[41](index=41&type=chunk) [(5) Company's Industry Position](index=12&type=section&id=%28%E4%BA%94%29%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) This section emphasizes the company's extensive experience in supplying and servicing fine paper packaging, ranking among the industry leaders in process technology, corporate qualifications, brand, and market share, and having received multiple honorary titles. In the controlled substances business, subsidiary TB has also won several annual awards, demonstrating its leading position in the Australian market - The company has extensive experience in supplying and servicing fine paper packaging products, ranking among the industry leaders in process technology, corporate qualifications, brand, and market share[42](index=42&type=chunk) - The company supplies supporting products including outer packaging for tobacco products, alcoholic beverages, and some pharmaceutical products, involving brands such as Kweichow Moutai, Xijiu, and well-known tobacco products[42](index=42&type=chunk) - The company has received multiple honorary titles, including "2024 Guizhou Province Green Manufacturing Factory" and "Top Ten Private Enterprises in Guiyang City"[42](index=42&type=chunk) - In the controlled substances business, subsidiary TB received multiple awards in Australia for 2024, including "Cultivator of the Year", "Manufacturer of the Year", and "Company of the Year", among others[43](index=43&type=chunk) [2. Discussion and Analysis of Operations](index=13&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company's operating revenue increased by 11.91% year-on-year, but net profit decreased by 27.67%. The fine paper packaging business saw a 9.52% year-on-year decrease in revenue due to intensified market competition and price reductions. Revenue from the overseas controlled substances business significantly increased by 101.13% year-on-year, becoming a crucial growth point for the company, which is also actively exploring new card game business - From January to June 2025, the company achieved operating revenue of **427.8046 million yuan**, a year-on-year increase of **11.91%**; net profit attributable to shareholders was **56.6051 million yuan**, a year-on-year decrease of **27.67%**[44](index=44&type=chunk) - Fine paper packaging business operating revenue was **280.5356 million yuan**, a year-on-year decrease of **9.52%**, mainly due to the macroeconomic environment and intensified industry competition, leading to a slight decrease in product sales prices[44](index=44&type=chunk)[47](index=47&type=chunk) - Overseas controlled substances related business operating revenue was **113.7304 million yuan**, a year-on-year increase of **101.13%**[44](index=44&type=chunk) [1、Fine Paper Packaging Business](index=13&type=section&id=1%E3%80%81%E7%B2%BE%E5%93%81%E7%BA%B8%E5%8C%85%E8%A3%85%E4%B8%9A%E5%8A%A1) In the first half of 2025, the company's fine paper packaging business operating revenue decreased by 9.52% year-on-year, primarily due to the macroeconomic environment and intensified industry competition leading to a decrease in product sales prices. The company continuously improves R&D, production, and marketing quality control, consolidating existing markets and expanding into potential ones - In the first half of 2025, the fine paper packaging business achieved operating revenue of **280.5356 million yuan**, a year-on-year decrease of **9.52%**[44](index=44&type=chunk)[47](index=47&type=chunk) - The business decline was mainly due to the macroeconomic environment and increasing competition in the fine packaging industry, leading to a slight decrease in sales prices of the company's main fine paper packaging products[47](index=47&type=chunk) - The company continuously improves full-process quality control for R&D, production, and marketing, enhancing management efficiency and quality, strengthening full-chain service capabilities, and consolidating existing markets while expanding into potential ones[46](index=46&type=chunk) [2、Controlled Substances Business](index=14&type=section&id=2%E3%80%81%E7%AE%A1%E5%88%B6%E8%8D%AF%E5%93%81%E4%B8%9A%E5%8A%A1) The company's controlled substances business achieved rapid growth in Australia, with subsidiary TB maintaining stable production capacity and continuously expanding sales channels, generating operating revenue of 70.9913 million yuan, a year-on-year increase of 25.55%. The company also further improved its industry chain through the acquisition of Phytoca Pty, which generated 38.1771 million yuan in operating revenue from April to June 2025, exceeding expectations and creating synergistic effects - The company owns approximately **20 acres of controlled substances cultivation base** in Tasmania, Australia, with subsidiary TB utilizing natural advantages for indoor greenhouse and outdoor cultivation[47](index=47&type=chunk) - TB subsidiary achieved operating revenue of **70.9913 million yuan** in the first half of 2025, a year-on-year increase of **25.55%**[47](index=47&type=chunk) - TB subsidiary optimized its product structure, with dried flower products accounting for approximately **60% of sales**, and greenhouse dried flowers consistently in high demand, with T23 and T25 dried flowers as key products[48](index=48&type=chunk) - In February 2025, the company, through its subsidiary Y Cannabis, acquired **100% equity of Phytoca Holdings**, indirectly obtaining **100% equity of Phytoca Pty**, with the first phase of equity transfer completed in April, giving Y Cannabis a **60% stake**[50](index=50&type=chunk) - Phytoca Pty achieved operating revenue of **38.1771 million yuan (AUD 8.2457 million)** from April to June 2025, exceeding sales expectations, with its sales network covering multiple Australian states[51](index=51&type=chunk) - Phytoca Pty and TB formed synergistic effects, completing the industry chain from raw material cultivation and processing to sales and import/export, to seize the rapidly growing market opportunities in Australia[54](index=54&type=chunk) - In the industrial hemp sector, Qujing Yunma continued trial production of industrial hemp flower and leaf processing for cannabidiol (CBD) projects and completed the experimental cultivation task for June 2025[54](index=54&type=chunk)[57](index=57&type=chunk) [3、Active Exploration of Card Business](index=17&type=section&id=3%E3%80%81%E5%8D%A1%E7%89%8C%E4%B8%9A%E5%8A%A1%E7%9A%84%E7%A7%AF%E6%9E%81%E6%8E%A2%E7%B4%A2) On June 27, 2025, the company established Shanghai Card Artisan Cultural Creative Co., Ltd., aiming to leverage its advantages in printing craftsmanship and supply chain to actively explore new cultural consumption markets and address bottlenecks in traditional printing business development. The card business is expected to officially operate in August 2025 - On June 27, 2025, the company established Shanghai Card Artisan Cultural Creative Co., Ltd. as the operating platform for its card business[57](index=57&type=chunk) - The card industry market size is growing rapidly, with the collectible card market reaching **26.3 billion yuan in 2024**, projected to exceed **35.1 billion yuan by 2027**[58](index=58&type=chunk) - The establishment of Card Artisan Culture aims to leverage the company's strengths in printing craftsmanship and printing supply chain to explore new initiatives for adjusting the printing business structure[58](index=58&type=chunk) - Card Artisan Culture's organizational structure is complete, and the card production process flow has been established, with official operations expected to commence in August 2025[58](index=58&type=chunk) [3. Analysis of Core Competencies During the Reporting Period](index=17&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include geographical advantages (packaging demand from Guizhou's major liquor, traditional Chinese medicine, and tobacco industries), technological R&D advantages (multiple core technologies, cooperation with research institutes), scaled production advantages (advanced equipment, full closed-loop management), and talent advantages (stable management team, rich industry experience) - The company fully leverages Guizhou's geographical and industrial advantages as a major province for traditional liquor, traditional Chinese medicine, and tobacco, establishing stable cooperative relationships with key customers[59](index=59&type=chunk) - The company possesses multiple core printing and packaging technologies, has established long-term stable cooperative relationships with research institutes such as Guizhou University and advanced suppliers, and is undertaking over **30 joint development projects**[61](index=61&type=chunk) - The company owns advanced, ultra-high precision, and highly stable imported printing equipment, forming a standardized and unified professional printing and packaging production process and quality control system, achieving cost reduction and efficiency improvement[62](index=62&type=chunk) - The company's middle and senior management team is well-structured, long-term stable, and possesses rich experience in packaging and printing product production, management, technology, and service, capable of keeping pace with industry development trends[63](index=63&type=chunk) [4. Key Operating Performance During the Reporting Period](index=18&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 financial statement item changes, asset and liability situation, and investment status during the reporting period. Operating revenue growth was primarily driven by the controlled substances business, but operating costs, administrative expenses, and financial expenses also saw significant increases. The company expanded its overseas controlled substances business through acquisitions and divested equity in an associate company to optimize its asset structure - During the reporting period, the company's operating revenue increased by **11.91%**, mainly due to a significant year-on-year increase in revenue from controlled substances[64](index=64&type=chunk)[65](index=65&type=chunk) - Operating costs, administrative expenses, and financial expenses increased by **33.58%**, **24.42%**, and **130.73%** year-on-year, respectively, primarily due to revenue growth and increased interest expenses[64](index=64&type=chunk)[65](index=65&type=chunk) - Net cash flow from investment activities was **-104.4774872 million yuan**, mainly due to increased cash payments for acquiring subsidiaries and other business units[64](index=64&type=chunk)[65](index=65&type=chunk) - The company, through its subsidiary Y Cannabis, acquired a **60% stake in Phytoca Holdings** in Australia, further expanding its overseas controlled substances business[70](index=70&type=chunk) - The company sold a **22.131% stake in Guizhou Xiniu Wang Printing Co., Ltd.** for **55.23598132 million yuan**, aiming to integrate and optimize its asset structure and focus on its main business[76](index=76&type=chunk) [(1) Main Business Analysis](index=18&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section analyzes the changes in financial statement items related to the company's main business. During the reporting period, operating revenue increased significantly due to the controlled substances business, but operating costs, administrative expenses, and financial expenses also rose considerably, while selling expenses decreased Financial Statement Item Change Analysis (Current Period vs. Same Period Last Year) | Item | Current Period (yuan) | Same Period Last Year (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 427,804,602.29 | 382,288,425.78 | 11.91 | Significant year-on-year increase in controlled substances operating revenue | | Operating Cost | 287,478,515.21 | 215,210,878.37 | 33.58 | Increased with operating revenue | | Selling Expenses | 4,689,493.77 | 10,116,667.73 | -53.65 | Mainly due to decreased employee compensation and packaging fees compared to the same period last year | | Administrative Expenses | 50,331,546.68 | 40,451,617.74 | 24.42 | Mainly due to increased employee compensation with revenue growth | | Financial Expenses | 8,026,394.42 | 3,478,636.89 | 130.73 | Increased interest expenses, etc., year-on-year | | R&D Expenses | 18,058,640.05 | 19,278,180.46 | -6.33 | | | Net Cash Flow from Operating Activities | 189,900,628.11 | 122,706,086.35 | 54.76 | Mainly due to increased cash collection from customers compared to the same period last year | | Net Cash Flow from Investing Activities | -104,477,487.20 | -47,008,829.50 | Not applicable | Increased net cash paid for acquiring subsidiaries and other business units | | Net Cash Flow from Financing Activities | -85,403,481.54 | -45,889,650.32 | Not applicable | Increased cash paid for debt repayment year-on-year | [(3) Analysis of Assets and Liabilities](index=19&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This section analyzes the changes in the company's asset and liability structure at the end of the reporting period. Trading financial assets and goodwill significantly increased due to investment activities, while accounts receivable and long-term equity investments decreased. Overseas assets account for a high proportion of total assets, and some monetary funds are restricted - At the end of the period, overseas assets totaled **500.96394941 million yuan**, accounting for **25.77% of total assets**[68](index=68&type=chunk) - Monetary funds at the end of the reporting period included **6.60080504 million yuan** in bank acceptance bill deposits[69](index=69&type=chunk) Asset and Liability Status Changes (End of Current Period vs. End of Previous Year) | Item Name | Current Period End (yuan) | Previous Year End (yuan) | Change from Previous Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 115,154,600.50 | 53,020,007.32 | 117.19 | Increased private equity securities investments year-on-year | | Accounts Receivable | 174,295,256.37 | 300,995,778.55 | -42.09 | Increased customer collections | | Notes Receivable Financing | 54,447,967.27 | 82,482,189.33 | -33.99 | Decreased bank acceptance bills year-on-year | | Prepayments | 52,704,000.93 | 16,175,009.13 | 225.84 | Increased prepaid material costs year-on-year | | Long-term Equity Investments | 854,170.39 | 56,313,885.99 | -98.48 | Recovered investment in associate company | | Goodwill | 183,761,116.43 | 81,543,542.00 | 125.35 | Increased due to premium acquisition of new subsidiaries | | Short-term Borrowings | 84,392,514.47 | 40,000,000.00 | 110.98 | Increased working capital loans obtained | | Notes Payable | 22,000,000.00 | 47,700,000.00 | -53.88 | Decreased balance of bank acceptance bills issued year-on-year | | Deferred Income Tax Liabilities | 7,702,143.12 | 5,881,954.14 | 30.95 | Increased deferred income tax liabilities due to fair value changes in trading financial assets | [(4) Investment Status Analysis](index=20&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) This section analyzes the company's investment activities, primarily including the acquisition of equity in controlled substances supplier Phytoca Holdings in Australia through subsidiary Y Cannabis, and the company's holdings of financial assets measured at fair value and private equity fund investments - In February 2025, the company, through its subsidiary Y Cannabis, acquired **100% equity of licensed pharmaceutical supplier Phytoca Holdings** in Australia in three phases, with the first phase of equity transfer completed in April, giving Y Cannabis a **60% stake**[70](index=70&type=chunk) - Phytoca Pty's main business includes sales, channel services, and import/export of its own brand controlled substances[73](index=73&type=chunk) Financial Assets Measured at Fair Value (End of Period) | Asset Category | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 53,020,007.32 | 50,000,000.00 | 115,154,600.50 | | Notes Receivable Financing | 82,482,189.33 | | 54,447,967.27 | | Other Non-Current Financial Assets | 180,100,124.96 | | 177,920,124.96 | | Other Equity Instrument Investments | 10,000,000.00 | | 10,000,000.00 | | Total | 325,602,321.61 | 50,000,000.00 | 357,522,692.73 | Private Equity Fund Investment (End of Period Balance) | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 115,154,600.50 | 53,020,007.32 | | Other Non-Current Financial Assets | 177,920,124.96 | 180,100,124.96 | | Total | 293,074,725.46 | 233,120,132.28 | [(5) Significant Asset and Equity Disposals](index=22&type=section&id=%28%E4%BA%94%29%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) This section discloses the company's significant disposal of a 22.131% equity stake in its associate company, Guizhou Xiniu Wang Printing Co., Ltd., for a transaction amount of 55.23598132 million yuan. This disposal aims to optimize asset structure, focus on core business, improve asset liquidity, and enhance cash flow - The company resolved on March 3, 2025, to sell its **22.131% equity stake in Guizhou Xiniu Wang Printing Co., Ltd.** for a transaction amount of **55.23598132 million yuan**[76](index=76&type=chunk) - This transaction is beneficial for integrating and optimizing the company's asset structure, focusing on its main business, improving asset liquidity and utilization efficiency, and simultaneously increasing operating funds and improving the company's cash flow situation[76](index=76&type=chunk) - As of March 12, 2025, the company had received the full equity transfer payment and completed the industrial and commercial change registration procedures, with the equity transfer fully completed[76](index=76&type=chunk) [(6) Analysis of Major Holding and Associate Companies](index=22&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the basic information and financial data of the company's major holding and associate subsidiaries, including registered capital, total assets, net assets, operating revenue, operating profit, and net profit, and explains the methods of acquiring and disposing of subsidiaries during the reporting period and their impact on the company's operations and performance Major Subsidiary Financial Data (Jan-Jun 2025) | Company Name | Company Type | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Jianzheng Yongji Venture Capital Partnership (Limited Partnership) | Subsidiary | 145.00 | 178.6512 | 178.6511 | 0 | -0.2216 | -0.2216 | | Guizhou Jinma Packaging Materials Co., Ltd. | Subsidiary | 35.00 | 236.9643 | 66.2359 | 114.7152 | 32.5450 | 27.6603 | | Guizhou Yongji Shenglong Packaging Co., Ltd. | Subsidiary | 40.00 | 277.1866 | 36.8915 | 73.3088 | 1.3706 | 1.2413 | | Qiannan Yongji Printing Co., Ltd. | Subsidiary | 100.00 | 328.0023 | 97.0020 | 63.8911 | 0.1557 | -0.0293 | | Pijen No 22 Pty Ltd | Subsidiary | | 224.3831 | 161.8057 | 70.9913 | 7.9479 | 7.6479 | | Phytoca Holdings Pty Ltd | Subsidiary | | 65.6886 | 29.3561 | 38.1771 | 11.7783 | 11.5783 | - During the reporting period, the company established subsidiaries including Cannabis (Fujian) Trading Co., Ltd., Cannabis (Shanghai) Technology Co., Ltd., Shanghai Card Artisan Cultural Creative Co., Ltd., Yongji Health Limited (HK), and Yongji Health Ltd (NZ)[78](index=78&type=chunk) - The company acquired Phytoca Holdings Pty Ltd, Phytoca Pty Ltd, Caelum Holdings Ltd (HK), and Aeris Health Pty Ltd (AU) through non-same-control mergers, which is beneficial for further improving the company's controlled substances business sales network, expanding sales scale, and developing international markets[78](index=78&type=chunk) - On April 15, 2025, the company established Yongji Health Limited (HK) and acquired Caelum Holdings Ltd (HK) to strategically expand into the Asian controlled substances market[79](index=79&type=chunk) [5. Other Disclosure Matters](index=23&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) The company faces multiple risks including macroeconomic environment and policies, customer concentration, declining product sales prices, raw material price fluctuations, implementation of overseas investment projects, securities investments, intensified market competition, and exchange rate fluctuations. The company has formulated corresponding countermeasures, including increasing R&D investment, expanding new customers, optimizing the supply chain, improving management efficiency, and perfecting risk management mechanisms - The company's main business is affected by macroeconomic fluctuations and changes in national policies, which may have a certain impact on business development[80](index=80&type=chunk) - The company's sales to its largest customer (Guizhou Zhongyan) remain high, posing a risk of customer concentration[82](index=82&type=chunk) - Intense competition in the fine paper packaging industry and pressure from downstream customers to reduce costs and increase efficiency may lead to a decrease in the company's product sales prices, affecting profitability[83](index=83&type=chunk) - Fluctuations in raw material prices have a significant impact on the company's operating costs and gross profit margin, posing a risk of raw and auxiliary material price fluctuations[84](index=84&type=chunk) - Overseas investment projects face operational risks arising from macroeconomic, industry policy, political, legal, and cultural differences[86](index=86&type=chunk) - Securities investment involves both returns and risks, influenced by various factors, which may adversely affect the company's operating performance[87](index=87&type=chunk) - Intensified competition in the packaging and printing industry demands higher requirements for enterprises' printing processes, equipment production capacity, timely supply capability, and R&D design capabilities[88](index=88&type=chunk) - The company is actively expanding into international markets, and exchange rate fluctuations may adversely affect its operating performance[90](index=90&type=chunk) Part IV Corporate Governance, Environment, and Society This section covers changes in the company's board and management, profit distribution plans, equity incentive programs, and contributions to poverty alleviation and rural revitalization efforts [1. Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%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) This section states that there were no changes in the company's directors, supervisors, and senior management during the reporting period - No changes in the company's directors, supervisors, and senior management during the reporting period[93](index=93&type=chunk) [2. Profit Distribution or Capital Reserve Conversion Plan](index=27&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) This section discloses that the company's proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan is "none", meaning no profit distribution or capital reserve conversion will be carried out - The proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan is "none"[93](index=93&type=chunk) [3. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) This section discloses the implementation progress of the company's 2022 Restricted Stock Incentive Plan, where the second vesting period for the initial grant and the first vesting period for the reserved grant have been unlocked, with related matters disclosed in temporary announcements - The second vesting period for the initial grant and the first vesting period for the reserved grant under the company's 2022 Restricted Stock Incentive Plan have been unlocked[94](index=94&type=chunk) - Related equity incentive matters have been disclosed on the Shanghai Stock Exchange website (www.sse.com.cn)[94](index=94&type=chunk) [5. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=28&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) This section discloses the company's specific actions in consolidating and expanding poverty alleviation achievements and rural revitalization, including a 6,000 yuan donation by a company subsidiary in May 2025 to help repair farmland irrigation ditches in Tuanjie Village, Longli County - In May 2025, a company subsidiary donated **6,000 yuan** to help repair farmland irrigation ditches in Tuanjie Village, Longli County, contributing to rural revitalization[95](index=95&type=chunk) Part V Significant Matters This section addresses the fulfillment of commitments, absence of fund occupation or irregular guarantees, audit status, significant litigation, integrity of controlling parties, related party transactions, major contracts, and the progress of raised funds utilization [1. Fulfillment of Commitments](index=29&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the commitments made by the company's controlling shareholder, actual controller, directors, and senior management regarding measures to mitigate the dilutive effect of convertible bonds on immediate returns, as well as commitments under the company's 2022 Restricted Stock Incentive Plan, all of which have been strictly fulfilled on time - The company's controlling shareholder and actual controller commit not to overstep their authority in interfering with the listed company's operations, not to infringe upon the listed company's interests, and to earnestly fulfill the return compensation measures[99](index=99&type=chunk) - The company's directors and senior management commit to faithfully and diligently perform their duties, not to transfer benefits to other entities or individuals without compensation or under unfair conditions, and to restrain their job-related consumption behaviors[100](index=100&type=chunk) - The company commits not to provide loans or other financial assistance to incentive recipients for acquiring restricted shares[102](index=102&type=chunk) - Incentive recipients commit to returning all benefits obtained from the incentive plan if the company's information disclosure documents contain false records, misleading statements, or major omissions[102](index=102&type=chunk) [2. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=33&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) This section states that there was no non-operating fund occupation by the controlling shareholder and other related parties during the reporting period - No non-operating fund occupation by the controlling shareholder and other related parties during the reporting period[9](index=9&type=chunk) [3. Irregular Guarantees](index=33&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) This section states that there were no instances of the company providing external guarantees in violation of prescribed decision-making procedures during the reporting period - No instances of the company providing external guarantees in violation of prescribed decision-making procedures during the reporting period[9](index=9&type=chunk) [4. Semi-Annual Report Audit Status](index=34&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This section states that the company's 2025 semi-annual report was not audited - This semi-annual report is unaudited[7](index=7&type=chunk) [7. Significant Litigation and Arbitration Matters](index=34&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) This section states that there were no significant litigation or arbitration matters for the company during the reporting period - No significant litigation or arbitration matters for the company during this reporting period[104](index=104&type=chunk) [9. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=34&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) This section states that the company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no unfulfilled obligations determined by effective court legal documents or overdue large debts - The company, its controlling shareholder, and actual controller have no unfulfilled obligations determined by effective court legal documents or large overdue debts[104](index=104&type=chunk) [10. Significant Related Party Transactions](index=34&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) This section discloses the progress of the company's daily operating related party transactions during the reporting period, primarily involving sales of products to and purchases of goods from related parties - The company expects to sell products totaling **3.5 million yuan** to related party Guizhou Huangguoshu Lishuang Pharmaceutical Co., Ltd. in 2025, with **1.14781915 million yuan** incurred during the reporting period[106](index=106&type=chunk) - The company expects to sell products totaling **5.5 million yuan** to related party Guizhou Sanli Pharmaceutical Co., Ltd. in 2025, with **1.79319938 million yuan** incurred during the reporting period[106](index=106&type=chunk) - The company expects to purchase goods totaling **600,000 yuan** from related party Guizhou Xiniu Wang Printing Co., Ltd. in 2025, with **101,413.50 yuan** incurred during the reporting period[106](index=106&type=chunk) [11. Significant Contracts and Their Fulfillment](index=37&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the significant guarantee situations fulfilled and not yet fulfilled by the company during the reporting period. As of the end of the reporting period, all external guarantees provided by the company were for its subsidiaries, totaling 432 million yuan, accounting for 36.14% of the company's net assets - As of the disclosure date of this announcement, all external guarantees provided by the company are for its subsidiaries[111](index=111&type=chunk) Company Guarantee Total (As of End of Reporting Period) | Indicator | Amount (billion yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 0.432 | | Total outstanding guarantees to subsidiaries at the end of the reporting period (B) | 0.432 | | Total guarantees (A+B) | 0.432 | | Ratio of total guarantees to company net assets (%) | 36.14 | [12. Explanation of Progress in Use of Raised Funds](index=38&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) This section details the progress in the use of funds raised from the company's convertible bonds. During the reporting period, the fundraising projects "Yongji Shenglong Wine Box Production Base Construction Project" and "Repayment of Australian Acquisition Project Loan" have both been completed and closed, with the remaining raised funds permanently supplementing working capital and the special account closed - The net amount of funds raised from the company's convertible bonds was **141.10405019 million yuan**[113](index=113&type=chunk) - As of the end of the reporting period, the cumulative amount of raised funds invested totaled **135.51343707 million yuan**, with an investment progress of **96.04%**[113](index=113&type=chunk) - The fundraising project "Yongji Shenglong Wine Box Production Base Construction Project" has been completed and reached its intended usable state[117](index=117&type=chunk) - The fundraising project "Repayment of Australian Acquisition Project Loan" has been fully repaid, and the company has closed all fundraising projects for the 2022 publicly issued convertible bonds[117](index=117&type=chunk) - The company has permanently supplemented working capital with the remaining balance of raised funds in the special account, for use in the company's daily production and operation activities, and completed the closure of the special account on May 29, 2025[118](index=118&type=chunk) Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, including restricted and unrestricted shares, and provides comprehensive information on the total number of shareholders, top ten shareholders, and equity incentive holdings of directors and management [1. Share Capital Changes](index=42&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital slightly decreased, restricted shares decreased due to the unlocking of equity incentives, and unrestricted tradable shares increased accordingly, mainly affected by share repurchases and cancellations, and convertible bond conversions - On February 25, 2025, the company canceled **175,800 repurchased shares** in the special repurchase securities account[123](index=123&type=chunk) - As of June 30, 2025, the total number of shares converted from convertible bonds was **10,020 shares**[123](index=123&type=chunk) - The second vesting period for the initial grant and the first vesting period for the reserved grant under the company's 2022 Restricted Stock Incentive Plan unlocked **1,400,960 shares**, which became tradable on April 9, 2025[124](index=124&type=chunk) Share Change Table (Unit: Shares) | Item | Quantity Before This Change | Proportion Before This Change (%) | Increase/Decrease in This Change (+, -) Subtotal | Quantity After This Change | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,451,600 | 0.58 | -1,400,960 | 1,050,640 | 0.25 | | Of which: Shares held by domestic natural persons | 2,451,600 | 0.58 | -1,400,960 | 1,050,640 | 0.25 | | II. Unrestricted Tradable Shares | 417,608,342 | 99.42 | 1,235,180 | 418,843,522 | 99.75 | | Of which: RMB ordinary shares | 417,608,342 | 99.42 | 1,235,180 | 418,843,522 | 99.75 | | III. Total Shares | 420,059,942 | 100 | -165,780 | 419,894,162 | 100 | [2. Shareholder Information](index=44&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the total number of shareholders, the top ten shareholders, and the top ten unrestricted tradable share shareholders' holdings as of the end of the reporting period, as well as the number of shares held by the top ten restricted share shareholders and their restriction conditions. The controlling shareholder, Guizhou Yongji Holding Co., Ltd., holds 34.19% of the shares - As of the end of the reporting period, the total number of ordinary shareholders was **18,395**[128](index=128&type=chunk) - Guizhou Yongji Holding Co., Ltd. and Mr. Deng Daixing constitute a concerted action relationship[131](index=131&type=chunk) - Shares held by the top ten restricted shareholders are restricted shares granted under the 2022 Restricted Stock Incentive Plan, some of which became tradable on April 9, 2025[133](index=133&type=chunk) Top Ten Shareholders' Holdings (As of End of Reporting Period) | Shareholder Name | Change During Reporting Period (shares) | Shares Held at End of Period (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Share Status | Pledged, Marked, or Frozen Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guizhou Yongji Holding Co., Ltd. | -7,984,600 | 143,581,600 | 34.19 | 0 | Pledged | 57,480,000 | Domestic Non-State-Owned Legal Person | | Guizhou Yunshang Printing Co., Ltd. | 0 | 28,845,900 | 6.87 | 0 | Unrestricted | - | Domestic Non-State-Owned Legal Person | | Zhang Hai | -1,050,000 | 20,950,000 | 4.99 | 0 | Unrestricted | - | Domestic Natural Person | | Deng Daixing | 0 | 19,291,500 | 4.59 | 0 | Unrestricted | - | Domestic Natural Person | | Gao Xiang | 0 | 14,000,000 | 3.33 | 0 | Unrestricted | - | Domestic Natural Person | | Guizhou Xiongrun Printing Co., Ltd. | 0 | 12,027,900 | 2.86 | 0 | Unrestricted | - | Domestic Non-State-Owned Legal Person | | Yuan Yi | 3,709,017 | 4,222,300 | 1.01 | 0 | Pledged | 2,940,000 | Domestic Natural Person | | Beijing Jinhao Pharmaceutical Co., Ltd. | 0 | 4,141,000 | 0.99 | 0 | Unrestricted | - | Domestic Non-State-Owned Legal Person | | Zou Hanbin | 4,113,000 | 4,113,000 | 0.98 | 0 | Unrestricted | - | Domestic Natural Person | | Zhang Wang | 514,500 | 4,000,000 | 0.95 | 0 | Unrestricted | - | Domestic Natural Person | [3. Information on Directors, Supervisors, and Senior Management](index=47&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) This section discloses the equity incentive status of the company's directors, supervisors, and senior management during the reporting period, including the number of restricted shares held at the beginning of the period, unlocked, and held at the end of the period Equity Incentive Status of Directors, Supervisors, and Senior Management (Unit: Shares) | Name | Position | Restricted Shares Held at Beginning of Period | Unlocked Shares | Unlocked Shares | Restricted Shares Held at End of Period | | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Kai | Director & Senior Management | 150,000 | 120,000 | 30,000 | 30,000 | | Wang Chen | Senior Management | 200,000 | 160,000 | 40,000 | 40,000 | | Yu Genxiao | Director & Senior Management | 150,000 | 120,000 | 30,000 | 30,000 | | Wu Tianyi | Director | 300,000 | 240,000 | 60,000 | 60,000 | | Total | / | 800,000 | 640,000 | 160,000 | 160,000 | Part VII Bond-Related Information This section provides details on the company's convertible corporate bonds, including issuance, conversion status, pricing adjustments, and the company's credit rating and repayment capabilities [2. Convertible Corporate Bonds](index=48&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company issued 145.868 million yuan in convertible corporate bonds (Yongji Convertible Bonds) in April 2022, with a six-year term, convertible into shares from October 20, 2022. During the reporting period, Yongji Convertible Bonds cumulatively converted 10,020 shares, with the conversion price adjusted multiple times, most recently to 8.07 yuan/share. The company's asset-liability structure is stable, with a credit rating of AA- and a stable outlook, demonstrating repayment capability - The company publicly issued **145.868 million yuan** in convertible corporate bonds on April 14, 2022, with a total of **1,458,680 bonds** and a six-year term[140](index=140&type=chunk) - Yongji Convertible Bonds became convertible into company shares from October 20, 2022[140](index=140&type=chunk) - During the reporting period, Yongji Convertible Bonds converted **82,000 yuan** into **10,020 shares**, with a cumulative conversion of **995,562 shares**[145](index=145&type=chunk) - As of the end of this reporting period, the latest conversion price was **8.07 yuan/share** (adjusted on June 3, 2025)[148](index=148&type=chunk) - As of June 30, 2025, the company's asset-liability ratio was **29.11%**, with a main credit rating of **AA-** and a stable outlook[149](index=149&type=chunk) - The convertible bond fundraising projects have been closed, and the remaining raised funds have permanently supplemented working capital and the special account has been closed[150](index=150&type=chunk)[151](index=151&type=chunk) Part VIII Financial Report This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and notes on significant accounting policies, taxation, and financial risks [2. Financial Statements](index=52&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides Guizhou Yongji Printing Co., Ltd.'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, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flows during the reporting period - The company's 2025 semi-annual report is unaudited[7](index=7&type=chunk) Consolidated Balance Sheet Key Data (As of June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 1,944,301,733.82 | | Total Liabilities | 565,986,413.06 | | Total Owners' Equity Attributable to Parent Company | 1,222,000,874.85 | Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 427,804,602.29 | | Total Profit | 74,786,358.04 | | Net Profit | 62,758,397.23 | | Net Profit Attributable to Parent Company Shareholders | 56,605,072.61 | Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 189,900,628.11 | | Net Cash Flow from Investing Activities | -104,477,487.20 | | Net Cash Flow from Financing Activities | -85,403,481.54 | [3. Company Basic Information](index=75&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces the overview of Guizhou Yongji Printing Co., Ltd., including its company name, unified social credit code, type, domicile, legal representative, registered capital, establishment date, industry nature, and business scope, and reviews the company's historical evolution and share capital changes since its establishment - Company Name: Guizhou Yongji Printing Co., Ltd., Unified Social Credit Code: **91520100214435085H**[189](index=189&type=chunk) - Registered Capital: **419.979443 million yuan**, Establishment Date: March 12, 1997[189](index=189&type=chunk) - Industry Nature: Printing and reproduction of recorded media, Business Scope includes packaging and decoration printing, sales of printing materials, chemical products, etc[187](index=187&type=chunk) - As of June 30, 2025, the company's total shares were **420.059942 million shares**, including **1.05064 million restricted tradable shares** and **418.843522 million unrestricted tradable shares**[191](index=191&type=chunk) [4. Basis of Financial Statement Preparation](index=76&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 in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and are evaluated based on the going concern assumption, with no significant doubts about going concern ability identified - The company prepares its financial statements in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"[192](index=192&type=chunk) - The company evaluated its going concern ability for the 12 months from the end of the reporting period and found no significant doubts or circumstances regarding its going concern ability, thus the financial statements are prepared on a going concern basis[193](index=193&type=chunk) [5. Significant Accounting Policies and Estimates](index=76&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 significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, and other aspects, aiming to ensure the truthfulness, accuracy, and completeness of financial information - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, cash flows, and other relevant information for the reporting period[195](index=195&type=chunk) - The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries use Australian Dollars as their functional currency[198](index=198&type=chunk) - The company classifies fina

| 证券代码：603058 | 证券简称：永吉股份 | 公告编号：2025-085 | | --- | --- | --- | | 转债代码：113646 | 转债简称：永吉转债 | | 贵州永吉印务股份有限公司 2025 年半年度募集资金存放与实际使用情况 的专项报告 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。 根据上海证券交易所印发的《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》及相关格式指引的规定，将贵州永吉印务股份有限公司（以下简 称"公司"）2025 年半年度募集资金存放与使用情况专项说明如下： 截至 2025 年 6 月 30 日，公司募集资金使用和结余情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会出具的《关于核准贵州永吉印务股份有限公司公 开发行可转换公司债券的批复》（证监许可[2021]2509 号），公司于 2022 年 4 月 20 日公开发行可转换公司债券 1,458,680 张，每张面值为人民币 100.00 元， 募集资金总额为人民 ...

Core Viewpoint - The article discusses the recent surge in mergers and acquisitions (M&A) within the semiconductor industry in China's A-share market, highlighting various companies' strategies and the underlying motivations driving these transactions [3][15][26]. Group 1: M&A Activity in Semiconductor Sector - Over 20 M&A transactions related to the semiconductor industry have been reported in the second half of the year, with companies from diverse sectors, including real estate and printing, participating in these deals [3][4]. - The acquisition of Nanjing Turnafly Electronic Technology Co., Ltd. by Yongji Co., Ltd. was terminated after a half-month suspension, leading to a 10.02% drop in its stock price upon resumption of trading [1][26]. - Greenway Technology's acquisition of Jiangsu Damo Semiconductor Technology Co., Ltd. involved a premium rate exceeding 300%, despite the company's projected net profit decline of 54% from 2022 to 2024 [3][11]. Group 2: Focus Areas in M&A - The two main focal points in the semiconductor M&A landscape are the photolithography machine and GPU industry chains, with significant investments directed towards these areas [4][6]. - Companies are targeting various segments within the photolithography machine supply chain, from foundational technologies to key materials and equipment [6][12]. Group 3: Investment Strategies - Some companies are investing in foundational technologies, such as Fudan Fuhua's investment in Lian Guang Yuan He, which focuses on optical technology and aims to develop integrated systems for communication [7][8]. - Other investments are aimed at acquiring core technologies and talent, exemplified by United Chemical's investment in Zhaoguang Rui, a startup developing projection lithography machines, led by a former ASML employee [9][10]. - Companies like Zhengfan Technology are seeking to enter the supply chains of leading international manufacturers, as seen in their acquisition of Han Jing Semiconductor, which supplies critical components for semiconductor manufacturing [10][18]. Group 4: Diverse Approaches to M&A - The article identifies two distinct paths in the M&A landscape: one led by industry players seeking to enhance their capabilities and another by cross-industry players pursuing high-risk, complex transactions [15][21]. - Traditional industry companies are attempting to pivot into the semiconductor sector, as demonstrated by Greenway Technology's acquisition of Damo Semiconductor, despite its own declining performance [22][25]. - The complexity of transactions is illustrated by Kaipu Cloud's acquisition of Jin Taike's storage business, which involves multiple steps to separate valuable assets from liabilities [23][24].

永吉股份(603058)今日跌停，全天换手率0.68%，成交额2782.32万元。龙虎榜数据显示，营业部席位合 计净卖出2450.63万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-11.16%上榜，营业部席位合计净卖出2450.63万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交3019.43万元，其中，买入成交额为 284.40万元，卖出成交额为2735.03万元，合计净卖出2450.63万元。 具体来看，今日上榜营业部中，第一大买入营业部为国金证券股份有限公司成都东城根街证券营业部， 买入金额为88.21万元，第一大卖出营业部为中国银河证券股份有限公司上海肇嘉浜路证券营业部，卖 出金额为1061.57万元。 资金流向方面，今日该股主力资金净流出2513.97万元，其中，特大单净流出2716.43万元，大单资金净 流入202.46万元。近5日主力资金净流出2513.97万元。 4月29日公司发布的一季报数据显示，一季度公司共实现营业收入2.27亿元，同比增长1.24%，实现净利 润3742.24万元，同比下降7.58%。 永吉股份8月28日交易公开信息 买/卖会员营业部名称买入金额( ...

永吉股份(603058)今日跌停，全天换手率0.68%，成交额2782.32万元。龙虎榜数据显示，营业部席位合 计净卖出2450.63万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-11.16%上榜，营业部席位合计净卖出2450.63万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交3019.43万元，其中，买入成交额为 284.40万元，卖出成交额为2735.03万元，合计净卖出2450.63万元。 具体来看，今日上榜营业部中，第一大买入营业部为国金证券股份有限公司成都东城根街证券营业部， 买入金额为88.21万元，第一大卖出营业部为中国银河证券股份有限公司上海肇嘉浜路证券营业部，卖 出金额为1061.57万元。 资金流向方面，今日该股主力资金净流出2513.97万元，其中，特大单净流出2716.43万元，大单资金净 流入202.46万元。近5日主力资金净流出2513.97万元。 4月29日公司发布的一季报数据显示，一季度公司共实现营业收入2.27亿元，同比增长1.24%，实现净利 润3742.24万元，同比下降7.58%。（数据宝） 永吉股份8月28日交易公开信息 | 买/ | 会员营 ...

永吉股份指出，本次发行股份购买资产事项尚处于筹划阶段，前期重大资产重组事项未签署实质性 协议，交易各方对终止本次发行股份购买资产事项无需承担违约责任。终止筹划本次发行股份购买资产 事项不会影响公司的正常经营和发展。经公司向上海证券交易所申请，公司股票（证券简称：永吉股 份，证券代码：603058）、可转债（转债简称：永吉转债，转债代码：113646）债券以及可转债转股于 2025年8月28日（星期四）开市起复牌。 （责任编辑：华青剑） 中国经济网北京8月28日讯 永吉股份(603058.SH)今日复牌一字跌停，截至发稿报9.79元，跌幅 10.02%。 永吉股份昨晚发布关于终止发行股份购买资产暨公司复牌的公告，公司于2025年8月14日披露了 《关于筹划重大资产重组的停牌公告》（公告编号：2025-077），公司拟筹划发行股份及支付现金的方 式收购南京特纳飞电子技术有限公司的控制权，并向不超过35名特定投资者发行股份募集配套资金。永 吉股份表示，截至目前，相关各方对重大资产重组交易方案进行多轮协商和谈判后，认为短期内实施重 大资产重组的条件暂不成熟，决定终止筹划本次发行股份购买资产事项。 ...

消息面上，8月27日晚间，永吉股份披露公告称，公司原拟筹划发行股份及支付现金的方式收购南京特 纳飞电子技术有限公司的控制权，并向不超过35名特定投资者发行股份募集配套资金。截至目前，相关 各方对重大资产重组交易方案进行多轮协商和谈判后，认为短期内实施重大资产重组的条件暂不成熟， 决定终止筹划本次发行股份购买资产事项。 北京商报讯（记者 马换换 王蔓蕾）8月28日，永吉股份（603058）开盘跌停。截至北京商报记者发稿， 公司股价仍未打开跌停板，报跌停价9.79元/股。 ...