倍加洁集团股份有限公司 第三届董事会提名委员会 关于独立董事候选人任职资格的审查意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司独立董 事管理办法》、《上海证券交易所上市公司自律监管指引第 1 号—规范运作》等法 律法规、规范性文件及《倍加洁集团股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，倍加洁集团股份有限公司（以下简称"公司"）第三届董事会提名 委员会对拟提交第三届董事会第二十一次会议审议的《关于董事会换届选举暨提 名第四届董事会独立董事候选人的议案》进行了认真审阅，对独立董事候选人的 任职资格进行了审核，发表审查意见如下： 经审阅李刚先生、李志斌先生、程德俊先生的个人履历等相关资料，其中李 志斌先生为会计专业人士，上述候选人均已参加培训并取得上海证券交易所认可 的相关培训证明材料，未持有公司股份，与公司控股股东、实际控制人、持有公 司 5%以上股份的股东及其他董事、监事、高级管理人员之间不存在关联关系， 不存在《公司法》、《公司章程》规定的不得担任董事的情形，不存在被中国证监 会确定为市场禁入者且尚在禁入期的情形，也不存在被上海证券交易所公开认定 不适合担任上市公司 ...

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。 倍加洁集团股份有限公司（以下简称"公司"）根据《上海证券交易所上市 公司自律监管指引第 3 号——行业信息披露 第十三号 化工》有关规定，将公司 2025 年半年度主要经营数据披露如下： 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况 单位：元/支、片 证券代码：603059 证券简称：倍加洁 公告编号：2025-046 倍加洁集团股份有限公司 关于 2025 年半年度主要经营数据的公告 一、2025 年半年度主要产品的产量、销量及收入实现情况 主要产品 产量(万支、万片) 销量(万支、万片) 营业收入（万元） 牙刷 17,717.37 20,185.06 23,833.32 湿巾 239,240.99 237,848.21 17,790.66 2025 年半年度比 2024 年半年度采购均价下降 12,059.33 元/吨(不含税),降 幅约 8.37%。 2、塑料粒子 2025 年半年度比 2024 年半年度采购均价下降 29.6 元/吨(不含税),降幅约 0 ...

证券代码：603059 证券简称：倍加洁 公告编号：2025-047 倍加洁集团股份有限公司 第三届董事会第二十一次会议决议公告 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 倍加洁集团股份有限公司（以下简称"公司"）于 2025 年 8 月 16 日以邮件方式向各位董事发出了召开第三届董事会第二十 一次会议的通知。会议于 2025 年 8 月 27 日在公司 8 号会议室以 现场结合通讯表决方式召开。会议由董事长张文生先生主持，本 次会议应出席董事 7 人，实际出席董事 7 人，其中现场参会董事 3 名，以通讯表决方式参会董事 4 名。本次董事会会议的召开符 合《中华人民共和国公司法》等法律、行政法规、部门规章、规 范性文件以及《倍加洁集团股份有限公司章程》（以下简称"《公 司章程》"）的有关规定。 二、董事会会议审议情况 （一）审议通过《倍加洁 2025 年半年度报告及摘要》 经审核，董事会认为公司 2025 年半年度报告的编制和审议 程序符合相关法律、行政法规等的规定，报告内容真实、准确、 完 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines key terms, including the reporting period, company names, subsidiary names, and business model abbreviations like ODM, OEM, and OBM, to ensure clarity for readers - The reporting period is defined as **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) - Company, the Company, and Perfect Group all refer to **Perfect Group Corp.,Ltd**[13](index=13&type=chunk) - **ODM** refers to Original Design Manufacturer, **OEM** to Original Equipment Manufacturer, and **OBM** to Original Brand Manufacturer[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides the company's basic registration details, including its official Chinese and English names, abbreviations, and legal representative - The company's Chinese name is **倍加洁集团股份有限公司**, abbreviated as **倍加洁**[15](index=15&type=chunk) - The company's English name is **Perfect Group Corp.,Ltd**, abbreviated as **Perfect**[15](index=15&type=chunk) - The company's legal representative is **Zhang Wensheng**[15](index=15&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative for stakeholder communication - The Board Secretary is **Xue Yunpu**, and the Securities Affairs Representative is **Wei Wei**[16](index=16&type=chunk) - The contact address is **Hangji Industrial Park, Yangzhou City, Jiangsu Province**, and the telephone number is **0514-87497666**[16](index=16&type=chunk) [III. Overview of Basic Information Changes](index=5&type=section&id=III.%20Overview%20of%20Basic%20Information%20Changes) This section briefly outlines historical changes to the company's registered address and provides its current office address and postal code - The company's registered address changed from Hangji Town to **Hangji Industrial Park, Yangzhou City** in **June 2016**[17](index=17&type=chunk) - The company's office address is **Hangji Industrial Park, Yangzhou City, Jiangsu Province**, with postal code **225111**[17](index=17&type=chunk) [IV. Overview of Information Disclosure and Document Custody Location Changes](index=5&type=section&id=IV.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location for report custody - The company's selected newspapers for information disclosure are **Shanghai Securities News** and **Securities Times**[18](index=18&type=chunk) - The semi-annual report is published on **www.sse.com.cn**[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing information, including stock type, exchange, ticker symbol, and code - The company's stock is **A-shares**, listed on the **Shanghai Stock Exchange**[19](index=19&type=chunk) - The stock ticker symbol is **倍加洁**, and the stock code is **603059**[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for H1 2025, showing significant growth in revenue and net profit attributable to parent, alongside improved profitability and asset efficiency H1 2025 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 717,135,913.92 | 620,160,522.82 | 15.64 | | Net Profit Attributable to Shareholders of Listed Company | 43,520,285.26 | 33,142,878.09 | 31.31 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 39,874,083.27 | 31,482,910.36 | 26.65 | | Net Cash Flow from Operating Activities | 79,702,338.49 | 65,410,112.97 | 21.85 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 1,039,177,655.26 | 994,947,499.08 | 4.45 | | Total Assets (End of Period) | 2,210,083,165.68 | 2,143,200,598.80 | 3.12 | H1 2025 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.43 | 0.33 | 30.30 | | Diluted Earnings Per Share (Yuan/share) | 0.43 | 0.33 | 30.30 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (Yuan/share) | 0.40 | 0.31 | 29.03 | | Weighted Average Return on Net Assets (%) | 4.19 | 2.65 | Increase by 1.54 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 3.84 | 2.52 | Increase by 1.32 percentage points | H1 2025 Non-Recurring Gains and Losses | Non-Recurring Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -500,713.40 | | Government grants recognized in current profit or loss | 3,534,317.96 | | Gains and losses from fair value changes and disposal of financial assets | 2,189,293.47 | | Gains and losses from entrusted investment or asset management | 15,365.92 | | Other non-operating income and expenses | -454,708.71 | | Less: Income tax impact | 1,134,418.61 | | Impact on minority interests (after tax) | 2,934.64 | | Total | 3,646,201.99 | Section III Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business in the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20in%20the%20Reporting%20Period) This section details the market conditions and development trends of the oral care, wet wipes, and probiotics industries, along with the company's main businesses, product lines, and operating models in these sectors [ (I) Industry Overview](index=7&type=section&id=(I)%20Industry%20Overview) The oral care market continues to grow, with toothpaste and toothbrushes remaining dominant, while electric toothbrushes and mouth sprays are rapidly developing new categories. The wet wipes industry shows steady global and Chinese market growth, with general, baby, and flushable wipes as key segments. The probiotics market is expanding, but domestic strain research needs to adapt to the characteristics of the Chinese gut - China's oral care market is projected to reach **55.16 billion Yuan by 2029**, with a **CAGR of 2.2% from 2025-2029**[29](index=29&type=chunk) - Toothpaste and toothbrushes collectively account for **82.0% of the oral care market**, with electric toothbrushes holding a **19.6% market share**[29](index=29&type=chunk)[30](index=30&type=chunk) - The global wet wipes market is projected to reach **22.99 billion USD by 2029**, and China's wet wipes market is projected to reach **16.45 billion Yuan by 2029**[31](index=31&type=chunk) - China's probiotic end-market reached **134.89 billion Yuan in 2024**, with a **CAGR of approximately 13% from 2018-2024**[32](index=32&type=chunk) [ (II) Company's Main Businesses](index=9&type=section&id=(II)%20Company's%20Main%20Businesses) The company primarily engages in R&D, production, and sales of oral care products (toothbrushes, toothpaste, dental floss), disposable hygiene products (wet wipes), and probiotic products (raw bacterial powder, consumer products), offering a rich product line covering multiple efficacies and segmented populations - The company's main businesses include **oral care products, disposable hygiene products, and probiotic products**[33](index=33&type=chunk) - Oral care products cover manual toothbrushes, electric toothbrushes, children's/adult toothpaste, dental floss picks, interdental brushes, denture cleaning tablets, mouth sprays, and mouthwashes[34](index=34&type=chunk)[35](index=35&type=chunk) - Disposable hygiene products include patient wipes, baby wipes, sterilizing hygiene wipes, flushable wipes, pet cleaning wipes, household cleaning wipes, and makeup remover wipes[36](index=36&type=chunk)[37](index=37&type=chunk) - Probiotic products include probiotic raw bacterial powder (traditional probiotics, postbiotics, Akkermansia muciniphila), probiotic OEM/ODM contract manufacturing, and probiotic CDMO services[37](index=37&type=chunk) [ (III) Company's Operating Model](index=12&type=section&id=(III)%20Company's%20Operating%20Model) The company's oral care and wet wipes businesses primarily operate on an ODM model, supplemented by proprietary brands ("Perfect Group", "HEY PERFECT"), utilizing a "production-to-order" approach and multi-channel sales. The probiotic products business focuses on R&D innovation, with its own production base, offering raw bacterial powder, OEM/ODM, and CDMO services - Oral care products and wet wipes businesses primarily adopt **ODM and proprietary brand ("Perfect Group", "HEY PERFECT")** operating models[37](index=37&type=chunk)[38](index=38&type=chunk) - The production model is **"production-to-order"**, with contract manufacturing used to address capacity shortages[38](index=38&type=chunk) - Sales channels include domestic private label sales, proprietary brand distribution, consignment, e-commerce direct sales, and international market sales[39](index=39&type=chunk) - The probiotic products business centers on R&D innovation, with a probiotic production base in Suzhou, Anhui, providing raw bacterial powder, OEM/ODM, and CDMO services[39](index=39&type=chunk)[40](index=40&type=chunk) [I. Discussion and Analysis of Operating Performance](index=13&type=section&id=I.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the company achieved growth in both operating revenue and net profit attributable to parent, overcoming industry competition and international uncertainties. Both ODM and proprietary brands in oral care and wet wipes performed well, with continuous R&D innovation, effective quality management, enhanced production efficiency through smart manufacturing, and optimized talent structure. The probiotic products business also made breakthroughs in R&D, production, and market promotion H1 2025 Operating Performance | Indicator | Amount (Yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 717,135,913.92 | 15.64 | | Net Profit Attributable to Parent | 43,520,285.26 | 31.31 | - In oral care products and wet wipes, **ODM business revenue grew steadily**, with toothpaste products exceeding budget; proprietary brand revenue increased by **35.89% YoY**[41](index=41&type=chunk) - The company holds **350 invention, utility model, and design patents**, and launched a PLM information project to support new product development management[42](index=42&type=chunk) - The probiotic products business added **over 500 core strains**, including Bifidobacterium and AKK, obtained **16 Chinese invention patents**, and completed **US GRAS certification for AKK PROBIO live bacteria**[44](index=44&type=chunk) [II. Analysis of Core Competitiveness in the Reporting Period](index=14&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness%20in%20the%20Reporting%20Period) The company's core competitiveness lies in its strong R&D, industry position, extensive product lines, and quality control advantages in oral care and wet wipes, as well as its R&D technology, accumulated technical achievements, product features, food safety management, experienced management team, and advanced production equipment in probiotic products [ (I) Oral Care Products and Wet Wipes Business](index=14&type=section&id=(I)%20Oral%20Care%20Products%20and%20Wet%20Wipes%20Business) The company possesses strong R&D capabilities in oral care and wet wipes, including over 200 R&D personnel and 350 patents, along with a CNAS-certified R&D and testing center. The company holds a significant industry position, offers a comprehensive product line covering all oral care and various wet wipes products, and has established a strict, full-process quality control system and stable, high-quality customer resources - The company owns the **Jiangsu Provincial Engineering Technology Center for Oral Care Products** and a **CNAS-certified R&D and testing center**, with **over 200 R&D and technical personnel** and **350 various patents**[47](index=47&type=chunk)[48](index=48&type=chunk) - The company has a production capacity of **672 million toothbrushes and 18 billion wet wipes annually**, with product lines covering a full range of oral care products (toothpaste, toothbrushes, dental floss, mouthwash, mouth spray, electric toothbrushes) and various wet wipes (baby, makeup remover, sterilizing)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - The company's quality control system covers new product development, supplier management, process inspection, and customer feedback, holding **ISO9001, ISO13485, BRC, FDA820** and other system certifications[53](index=53&type=chunk) - The company has established long-term partnerships with high-quality clients including **Chongqing Denkang, Weimeizi, Yunnan Baiyao, Medline, and CARDINAL HEALTH**[54](index=54&type=chunk) [ (II) Probiotic Products Business](index=16&type=section&id=(II)%20Probiotic%20Products%20Business) Shanenkang demonstrates significant R&D and technological advantages in probiotic products, with two R&D centers, over 40 professional R&D personnel, and a strain library of over 12,000 strains, mastering core preparation technologies and participating in multiple industry standard formulations. Its products feature "three new" characteristics and "three good" advantages, supported by a stringent food safety and quality management system, an experienced management team, and advanced production equipment - Shanenkang has **two R&D centers**, **over 40 R&D personnel**, a strain library containing **over 12,000 strains**, and masters core probiotic fermentation and freeze-drying preparation technologies[54](index=54&type=chunk) - Shanenkang participated in formulating multiple industry standards and successfully passed **US GRAS safety certification for Akkermansia muciniphila AKK PROBIO live probiotics** on **February 14, 2025**[55](index=55&type=chunk)[56](index=56&type=chunk) - Shanenkang products feature "three new" characteristics (new generation probiotic preparation core technology, new generation probiotic star products, new CDMO business model) and "three good" advantages (good safety, good scientific basis, good activity)[58](index=58&type=chunk) - Shanenkang has obtained international system certifications including **NSF cGMP, FSSC 22000, ISO 22000, HACCP, HALAL, and KOSHER**[58](index=58&type=chunk) [III. Major Operating Performance in the Reporting Period](index=17&type=section&id=III.%20Major%20Operating%20Performance%20in%20the%20Reporting%20Period) This section analyzes the company's financial statement changes, asset and liability status, investment situation, and the operating performance of major controlled and investee companies during the reporting period, revealing specific details of revenue growth, cash flow improvement, asset structure optimization, and subsidiary synergistic development [ (I) Main Business Analysis](index=17&type=section&id=(I)%20Main%20Business%20Analysis) The company's operating revenue increased by 15.64% in H1 2025, primarily due to increased oral care product sales; operating costs grew by 13.70%. Selling expenses rose by 31.22% due to increased operational investment, financial expenses surged by 1024.55% due to exchange rate fluctuations, and R&D expenses increased by 18.18% due to external commissioned research and development. Net cash flow from operating activities increased by 21.85% H1 2025 Financial Statement Related Account Changes | Account | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 717,135,913.92 | 620,160,522.82 | 15.64 | | Operating Cost | 526,925,840.97 | 463,448,932.88 | 13.70 | | Selling Expenses | 57,875,709.88 | 44,104,877.71 | 31.22 | | Administrative Expenses | 27,171,684.43 | 25,906,967.51 | 4.88 | | Financial Expenses | 7,334,096.85 | 652,177.84 | 1,024.55 | | R&D Expenses | 24,497,800.12 | 20,729,096.00 | 18.18 | | Net Cash Flow from Operating Activities | 79,702,338.49 | 65,410,112.97 | 21.85 | | Net Cash Flow from Investing Activities | -28,051,716.86 | -145,864,105.72 | Not applicable | | Net Cash Flow from Financing Activities | 2,997,548.04 | 77,336,329.21 | -96.12 | - Operating revenue growth is primarily due to **increased sales of oral care products**[61](index=61&type=chunk) - The significant increase in financial expenses is mainly due to **exchange gains and losses from exchange rate fluctuations**[61](index=61&type=chunk) - Net cash flow from financing activities significantly decreased by **96.12%**, primarily due to **increased cash payments for debt repayment**[62](index=62&type=chunk) [ (III) Analysis of Assets and Liabilities](index=18&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds increased by 74.65% to 126.71 million Yuan, mainly due to increased foreign currency deposits. Other current assets decreased by 72.85% due to a reduction in deductible VAT. Prepayments increased by 61.34% due to increased prepayments for materials. Non-current liabilities due within one year decreased by 52.21% due to a reduction in long-term borrowings. Total assets and net assets attributable to parent increased by 3.12% and 4.45%, respectively H1 2025 Asset and Liability Status Changes | Item Name | Current Period End (Yuan) | Current Period End as % of Total Assets | Prior Year End (Yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 126,711,263.43 | 5.73 | 72,553,561.49 | 3.39 | 74.65 | Mainly due to increased holdings of foreign currency deposits | | Other Current Assets | 4,372,457.58 | 0.20 | 16,103,951.70 | 0.75 | -72.85 | Mainly due to decreased deductible VAT at period end | | Non-current Liabilities Due Within One Year | 41,068,227.33 | 1.86 | 85,935,883.23 | 4.01 | -52.21 | Mainly due to decreased long-term borrowings due within one year | | Prepayments | 24,204,388.61 | 1.10 | 15,032,924.35 | 0.70 | 61.34 | Mainly due to increased prepayments for materials | | Other Non-current Assets | 15,033,370.41 | 0.68 | 5,019,026.90 | 0.23 | 199.53 | Mainly due to increased payments for fixed asset purchases | | Taxes Payable | 11,927,641.18 | 0.54 | 7,838,706.49 | 0.37 | 52.16 | Mainly due to increased corporate income tax payable | H1 2025 End of Period Restricted Assets | Item | Book Balance (Yuan) | Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 18,398,700.90 | 18,398,700.90 | Frozen | Used for bank acceptance bill deposits, forward foreign exchange deposits, and letter of credit deposits | | Fixed Assets | 132,077,592.56 | 132,077,592.56 | Mortgage | Mortgaged for borrowings and issuance of bank acceptance bills | | Intangible Assets | 23,588,227.07 | 23,588,227.07 | Mortgage | Mortgaged for borrowings and issuance of bank acceptance bills | | Net Assets Attributable to Parent Company | 96,144,223.18 | 96,144,223.18 | Pledge | Pledged for borrowings | | Total | 270,208,743.71 | 270,208,743.71 | / | / | [ (IV) Investment Status Analysis](index=19&type=section&id=(IV)%20Investment%20Status%20Analysis) The company holds 52.0006% equity in Shanenkang and 33.8590% equity in Weimeizi, with no new or reduced equity investments during the reporting period. The Vietnam production base project is still under construction. The company's financial assets measured at fair value totaled 113 million Yuan at period-end, primarily comprising private equity funds, derivative instruments, and public funds - The company holds **52.0006% equity in Shanenkang** and **33.8590% equity in Weimeizi**, with **no new or reduced external equity investments** during the reporting period[67](index=67&type=chunk) - The company's Vietnam production base project is still in the preparatory stage, with the establishment of a **wholly-owned Singapore subsidiary completed in October 2024**[68](index=68&type=chunk) H1 2025 End of Period Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Private Equity Funds | 53,694,401.43 | -1,226,114.65 | 52,468,286.77 | | Derivative Instruments | 51,916,236.29 | 85,242.50 | 52,001,478.79 | | Public Funds | 8,477,952.38 | 450,571.25 | 8,928,523.64 | | Total | 114,088,590.10 | -690,300.90 | 113,398,289.20 | [ (VI) Analysis of Major Controlled and Investee Companies](index=22&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) This section lists the individual operating data for the company's major controlled subsidiaries and investee companies with a net profit impact exceeding 10%, including total assets, net assets, operating revenue, operating profit, and net profit, demonstrating each subsidiary's operating contribution H1 2025 Major Controlled and Investee Companies Operating Data | Company Name | Company Type | Main Business | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yangzhou Perfect Daily Chemical Co., Ltd. | Subsidiary | Wet wipes production, sales | 506,897,544.54 | 222,277,449.14 | 276,228,010.97 | 26,726,332.20 | | Yangzhou Meixing Oral Care Products Co., Ltd. | Subsidiary | Oral care products production, sales | 318,274,886.80 | 152,742,042.93 | 153,873,482.78 | 22,516,389.06 | | Jiangsu Yangzhou Rural Commercial Bank Co., Ltd. | Investee Company | Banking business | 70,504,780,709.14 | 4,083,657,139.87 | 1,215,225,051.61 | 207,254,682.35 | | Weimeizi Industrial (Guangdong) Co., Ltd. | Investee Company | Daily chemical products manufacturing, sales | 1,296,800,670 | 683,994,958 | 974,875,384 | -31,099,216 | | Shanenkang Biotechnology (Suzhou) Co., Ltd. | Subsidiary | Probiotic products R&D, production, and sales | 151,812,558.95 | 115,152,797.08 | 49,760,570.12 | 8,380,732.17 | [IV. Other Disclosure Matters](index=25&type=section&id=IV.%20Other%20Disclosure%20Matters) This section discloses various risks the company may face, including raw material price fluctuations, market competition, downstream market volatility, overseas market risks, exchange rate fluctuations, core technology leakage, unfulfilled performance commitments, and long-term equity investment impairment risks. Concurrently, the company actively responds to the "Quality Improvement, Efficiency Enhancement, and Return" action plan by pursuing organic and inorganic growth, implementing interim dividends, strengthening information disclosure, and improving corporate governance to protect investor interests [ (I) Potential Risks](index=25&type=section&id=(I)%20Potential%20Risks) The company faces risks from fluctuations in major raw material prices, intense competition in the oral care and probiotic markets, volatility in downstream customer demand, overseas market risks (especially US tariff policies), and exchange rate fluctuations. Additionally, core technology leakage, unfulfilled performance commitments by Shanenkang, and impairment of long-term equity investment in Weimeizi (due to losses and equity disputes) are significant potential risks - Fluctuations in prices of major raw materials (brush filaments, non-woven fabrics, plastic particles, etc.) may **reduce the company's profitability**[76](index=76&type=chunk) - The oral care industry has low entry barriers, with high-end markets dominated by foreign enterprises; the probiotic raw material market is foreign-led, with prominent domestic homogeneous competition[76](index=76&type=chunk)[77](index=77&type=chunk) - In H1 2025, the company's overseas market revenue was **382 million Yuan**, accounting for **53.26% of total revenue**, with the US market contributing **19.92%**, facing uncertainties from US tariff policies and exchange rate fluctuations[78](index=78&type=chunk)[79](index=79&type=chunk) - Shanenkang's net profit (excluding non-recurring items) in 2024 was **-902,600 Yuan**, failing to meet the **12 million Yuan commitment**, resulting in a **39.62 million Yuan goodwill impairment**, with continued risk of unfulfilled performance commitments in 2025[80](index=80&type=chunk) - Weimeizi's net profit in H1 2025 was **-31.10 million Yuan**, and there are equity disputes between founding shareholders and other shareholders, posing a **long-term equity investment impairment risk** for the company[81](index=81&type=chunk) [ (II) Other Disclosure Matters](index=26&type=section&id=(II)%20Other%20Disclosure%20Matters) The company actively implements the "Quality Improvement, Efficiency Enhancement, and Return" action plan, enhancing operational quality through "organic growth + inorganic growth" strategies, achieving revenue and net profit attributable to parent growth in H1 2025. The company prioritizes investor returns, plans to implement interim cash dividends, strengthens information disclosure and investor relations management, improves corporate governance, and reinforces the responsibilities of "key minorities" to promote healthy capital market development - The company adheres to a **"organic growth + inorganic growth" strategy**, with H1 2025 revenue increasing by **15.64%** and net profit attributable to parent increasing by **31.31%**[82](index=82&type=chunk) - The company plans to implement an interim dividend, distributing a cash dividend of **0.08 Yuan per share (tax inclusive)** to all shareholders, totaling **8,035,896.00 Yuan**[83](index=83&type=chunk) - The company strengthens communication with investors through diverse channels including **information disclosure, performance briefings, SSE e-interaction platform, and investor conferences**[84](index=84&type=chunk) - The company revised its **"Subsidiary Management System"** and other regulations, and formulated the **"Independent Director Special Meeting System"** to advance corporate governance system reform[85](index=85&type=chunk) Section IV Corporate Governance, Environment and Social [II. Profit Distribution or Capital Reserve Conversion Plan](index=28&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors approved the H1 2025 profit distribution plan, proposing a cash dividend of 0.08 Yuan per share (tax inclusive) to all shareholders, totaling 8,035,896.00 Yuan, with no capital reserve conversion to share capital or bonus shares - The company plans to distribute a cash dividend of **0.08 Yuan per share (tax inclusive)** to all shareholders based on the total share capital registered on the equity distribution record date[88](index=88&type=chunk) - As of June 30, 2025, the company's total share capital is **100,448,700 shares**, with a total proposed cash dividend of **8,035,896.00 Yuan (tax inclusive)**[88](index=88&type=chunk) - This profit distribution plan does not involve **capital reserve conversion to share capital or bonus shares**[88](index=88&type=chunk) [III. Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=28&type=section&id=III.%20Company's%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company has disclosed adjustments to its 2021 stock option incentive plan in temporary announcements, including exercise price adjustments and cancellation of some stock options, with no subsequent progress or changes during the reporting period - The company has adjusted the **exercise price** of its **2021 stock option incentive plan** and **cancelled some stock options**[90](index=90&type=chunk) - Related matters were announced on **April 30, 2025**, with **no subsequent progress or changes** during the reporting period[90](index=90&type=chunk) Section V Important Matters [I. Fulfillment of Commitments](index=30&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, and directors, supervisors, and senior management have strictly fulfilled their commitments related to the initial public offering, including resolving horizontal competition, standardizing related-party transactions, and share lock-ups, ensuring compliance and protecting investor interests - Actual controller **Zhang Wensheng** committed not to engage in products or businesses that compete with the company and to avoid horizontal competition[94](index=94&type=chunk) - Nanjing Xiaobei No. 1 and Nanjing Xiaobei No. 2 committed not to participate in any business or activities that compete with the company while holding **over 5% of the company's shares**[94](index=94&type=chunk)[95](index=95&type=chunk) - All company directors, supervisors, and senior management committed not to engage in activities that compete with the company's main business or products and to prioritize commercial opportunities for the company[95](index=95&type=chunk) - **Zhang Wensheng** and other directors, supervisors, and senior management committed not to transfer more than **25% of their total shares annually** during their tenure, and not to transfer shares within **six months after resignation**[95](index=95&type=chunk)[96](index=96&type=chunk) [VII. Major Litigation and Arbitration Matters](index=33&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had two major litigation/arbitration matters during the reporting period, both involving equity repurchase disputes related to Weimeizi. Oceanview Express Company Limited (Lansheng Asia) initiated arbitration against Weimeizi's founding shareholders and Weimeizi for equity repurchase, which the Shenzhen International Arbitration Court rejected, but Lansheng Asia has applied for enforcement. Suzhou Zhongding and Ningbo Zhongding also initiated arbitration against Weimeizi's founding shareholders for equity repurchase, adding Weimeizi and Lansheng Asia as respondents; this case has been heard but no ruling has been issued yet - Oceanview Express Company Limited (Lansheng Asia) issued a **"Repurchase Notice"** to Weimeizi's founding shareholders and Weimeizi on **November 8, 2024**, demanding the repurchase of its **14.2761% stake in Weimeizi**, with the repurchase consideration provisionally calculated at **88,310,137.2 USD** as of December 20, 2023[100](index=100&type=chunk)[101](index=101&type=chunk) - The Shenzhen International Arbitration Court issued an award on **March 28, 2025**, rejecting Lansheng Asia's arbitration request, but Lansheng Asia has applied for enforcement with the **Guangzhou Intermediate People's Court**[100](index=100&type=chunk) - Suzhou Zhongding and Ningbo Zhongding submitted an **"Arbitration Application"** to the Shenzhen International Arbitration Court on **March 18, 2024**, demanding Weimeizi's founding shareholders pay equity repurchase consideration, provisionally totaling approximately **103 million Yuan**[102](index=102&type=chunk)[103](index=103&type=chunk) - Suzhou Zhongding and Ningbo Zhongding subsequently added Weimeizi and Lansheng Asia as respondents, requesting a ruling that Weimeizi bears **joint and several liability** for the equity repurchase claim[103](index=103&type=chunk)[104](index=104&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller in the Reporting Period](index=39&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20in%20the%20Reporting%20Period) The company declares that during the reporting period, neither the company nor its controlling shareholder or actual controller had any unfulfilled effective court judgments or large overdue debts, maintaining a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller had **no unfulfilled effective court judgments**[105](index=105&type=chunk) - During the reporting period, the company, its controlling shareholder, and actual controller had **no large overdue debts**[105](index=105&type=chunk) [X. Major Related-Party Transactions](index=39&type=section&id=X.%20Major%20Related-Party%20Transactions) The company's board of directors and shareholders' meeting have approved the resolutions for the confirmation of 2024 daily related-party transactions and the estimation of 2025 daily related-party transactions, with relevant matters disclosed on the Shanghai Stock Exchange website - The company's **Third Board of Directors' Twentieth Meeting** and **Third Supervisory Board's Thirteenth Meeting** approved the "Resolution on the Confirmation of 2024 Daily Related-Party Transactions and the Estimation of 2025 Daily Related-Party Transactions"[106](index=106&type=chunk) - The company's **2024 Annual Shareholders' Meeting** approved the aforementioned resolution[106](index=106&type=chunk) [XI. Major Contracts and Their Fulfillment](index=40&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) [ (II) Major Guarantees Performed and Unfulfilled During the Reporting Period](index=41&type=section&id=(II)%20Major%20Guarantees%20Performed%20and%20Unfulfilled%20During%20the%20Reporting%20Period) During the reporting period, the company provided guarantees totaling 40 million Yuan to its subsidiaries, with the total outstanding guarantee balance for subsidiaries at period-end being 306 million Yuan, representing 29.44% of the company's net assets. As a guaranteed party, the company's guarantees are primarily provided by actual controller Zhang Wensheng and subsidiaries, totaling 545 million Yuan H1 2025 Company Guarantee Total | Indicator | Amount (Yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 40,000,000.00 | | Total outstanding guarantees to subsidiaries at period-end (B) | 305,985,734.12 | | Total guarantees (A+B) | 305,985,734.12 | | Total guarantees as % of company's net assets | 29.44 | - As a guarantor, the company primarily provides guarantees for **Yangzhou Meixing Oral Care Products Co., Ltd.** and **Yangzhou Perfect Daily Chemical Co., Ltd.**[161](index=161&type=chunk)[162](index=162&type=chunk) - As a guaranteed party, the company is primarily guaranteed by **Zhang Wensheng** and **Yangzhou Perfect Daily Chemical Co., Ltd.**[162](index=162&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=42&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were **no changes** in the company's total share capital or share capital structure[113](index=113&type=chunk) [II. Shareholder Information](index=42&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 4,787 common shareholders. Among the top ten shareholders, Zhang Wensheng held the largest stake at 62.72%, with Nanjing Xiaobei No. 1 and Nanjing Xiaobei No. 2 also ranking prominently. The top ten unrestricted shareholders were largely consistent with the top ten shareholders - As of the end of the reporting period, the company had a total of **4,787 common shareholders**[114](index=114&type=chunk) H1 2025 End of Period Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhang Wensheng | 63,000,000 | 62.72 | Domestic Natural Person | | Nanjing Xiaobei No. 1 Enterprise Management Consulting Partnership (Limited Partnership) | 6,875,000 | 6.84 | Domestic Non-State-Owned Legal Person | | Nanjing Xiaobei No. 2 Enterprise Management Consulting Partnership (Limited Partnership) | 4,125,000 | 4.11 | Domestic Non-State-Owned Legal Person | | Shi Heping | 769,575 | 0.77 | Domestic Natural Person | | National Social Security Fund 604 Portfolio | 490,000 | 0.49 | Other | | CITIC Securities - Industrial and Commercial Bank of China - CITIC Securities Zhenxuan Return Two-Year Holding Period Mixed Collective Asset Management Plan | 428,400 | 0.43 | Other | | China Life Reinsurance Co., Ltd. - China Life Reinsurance Co., Ltd. Entrusted CITIC Securities Co., Ltd. Allocation-Type Bond Investment Portfolio Directed Asset Management Plan | 413,200 | 0.41 | Other | | Zhang Bing | 410,900 | 0.41 | Domestic Natural Person | | Guo Shuhua | 371,700 | 0.37 | Domestic Natural Person | | Hu Xucang | 369,800 | 0.37 | Domestic Natural Person | - **Zhang Wensheng** serves as the executive partner for Nanjing Xiaobei No. 1 and Nanjing Xiaobei No. 2, indicating a **related-party relationship**[118](index=118&type=chunk) [III. Directors, Supervisors, and Senior Management Information](index=44&type=section&id=III.%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20Information) During the reporting period, the shareholdings of some directors and senior management changed, with Ji Yufang, Xue Yunpu, and Jiang Qiang reducing their holdings through centralized bidding H1 2025 Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ji Yufang | Non-Independent Director, CFO | 16,000 | 12,000 | -4,000 | Centralized bidding reduction | | Xue Yunpu | Non-Independent Director, Board Secretary | 16,000 | 12,000 | -4,000 | Centralized bidding reduction | | Jiang Qiang | Deputy General Manager | 31,800 | 23,900 | -7,900 | Centralized bidding reduction | Section VII Bond Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=46&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments**[123](index=123&type=chunk) [II. Convertible Corporate Bonds](index=46&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company has **no convertible corporate bonds**[123](index=123&type=chunk) Section VIII Financial Report [II. Financial Statements](index=47&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, comprehensively presenting the financial position, operating results, and cash flow of both the company and its parent [Consolidated Balance Sheet](index=47&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 2.21 billion Yuan, total liabilities were 1.10 billion Yuan, and total owners' equity attributable to the parent company was 1.04 billion Yuan June 30, 2025 Consolidated Balance Sheet Summary | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 2,210,083,165.68 | 2,143,200,598.80 | | Total Liabilities | 1,098,798,190.81 | 1,079,291,600.20 | | Total Owners' Equity Attributable to Parent Company | 1,039,177,655.26 | 994,947,499.08 | [Parent Company Balance Sheet](index=49&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 1.85 billion Yuan, total liabilities were 830 million Yuan, and total owners' equity was 1.02 billion Yuan June 30, 2025 Parent Company Balance Sheet Summary | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,854,829,996.96 | 1,826,951,605.15 | | Total Liabilities | 829,971,370.90 | 806,674,645.63 | | Total Owners' Equity | 1,024,858,626.06 | 1,020,276,959.52 | [Consolidated Income Statement](index=51&type=section&id=Consolidated%20Income%20Statement) In H1 2025, the company achieved consolidated total operating revenue of 717.14 million Yuan, a 15.64% YoY increase; net profit attributable to parent company shareholders was 43.52 million Yuan, a 31.31% YoY increase; basic earnings per share were 0.43 Yuan Jan-Jun 2025 Consolidated Income Statement Summary | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 717,135,913.92 | 620,160,522.82 | | Total Operating Costs | 649,944,998.50 | 561,282,304.80 | | Operating Profit | 57,598,663.41 | 44,402,367.49 | | Total Profit | 57,203,954.70 | 44,315,795.90 | | Net Profit | 46,666,105.35 | 31,933,112.90 | | Net Profit Attributable to Parent Company Shareholders | 43,520,285.26 | 33,142,878.09 | | Basic Earnings Per Share (Yuan/share) | 0.43 | 0.33 | [Parent Company Income Statement](index=54&type=section&id=Parent%20Company%20Income%20Statement) In H1 2025, the parent company achieved operating revenue of 338.49 million Yuan, net profit of 3.87 million Yuan, and basic earnings per share of 0.04 Yuan Jan-Jun 2025 Parent Company Income Statement Summary | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 338,494,326.10 | 328,087,084.21 | | Operating Profit | 4,114,227.26 | 12,819,229.34 | | Total Profit | 4,122,874.87 | 12,713,886.05 | | Net Profit | 3,871,795.62 | 10,351,403.15 | | Basic Earnings Per Share (Yuan/share) | 0.04 | 0.10 | [Consolidated Cash Flow Statement](index=55&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, the company's net cash flow from operating activities was 79.70 million Yuan, a 21.85% YoY increase; net cash outflow from investing activities was 28.05 million Yuan, a significant decrease from the prior year; net cash inflow from financing activities was 2.99 million Yuan, a substantial 96.12% YoY decrease Jan-Jun 2025 Consolidated Cash Flow Statement Summary | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 79,702,338.49 | 65,410,112.97 | | Net Cash Flow from Investing Activities | -28,051,716.86 | -145,864,105.72 | | Net Cash Flow from Financing Activities | 2,997,548.04 | 77,336,329.21 | | Net Increase in Cash and Cash Equivalents | 54,648,169.67 | -3,117,663.54 | [Parent Company Cash Flow Statement](index=57&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, the parent company's net cash flow from operating activities was 53.92 million Yuan; net cash outflow from investing activities was 41.06 million Yuan; net cash inflow from financing activities was 3.18 million Yuan Jan-Jun 2025 Parent Company Cash Flow Statement Summary | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 53,921,886.45 | 61,643,539.02 | | Net Cash Flow from Investing Activities | -41,059,132.31 | -142,852,606.51 | | Net Cash Flow from Financing Activities | 3,180,463.47 | 85,848,703.21 | | Net Increase in Cash and Cash Equivalents | 16,043,217.61 | 4,639,635.72 | [Consolidated Statement of Changes in Owners' Equity](index=59&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In H1 2025, the company's consolidated total owners' equity increased by 47.38 million Yuan, primarily due to an increase in total comprehensive income, with owners' equity attributable to the parent company increasing by 44.23 million Yuan Jan-Jun 2025 Consolidated Statement of Changes in Owners' Equity Summary | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Owners' Equity | 1,111,284,974.87 | 1,063,908,998.60 | | Total Owners' Equity Attributable to Parent Company | 1,039,177,655.26 | 994,947,499.08 | | Amount of Change for Current Period (decrease indicated by "-") | 47,375,976.27 | -70,675,724.01 | | Of which: Total Comprehensive Income | 47,375,976.27 | 32,844,256.20 | [Parent Company Statement of Changes in Owners' Equity](index=62&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In H1 2025, the parent company's total owners' equity increased by 4.58 million Yuan, primarily due to an increase in total comprehensive income Jan-Jun 2025 Parent Company Statement of Changes in Owners' Equity Summary | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Owners' Equity | 1,024,858,626.06 | 1,020,276,959.52 | | Amount of Change for Current Period (decrease indicated by "-") | 4,581,666.54 | -162,816,790.75 | | Of which: Total Comprehensive Income | 4,581,666.54 | 11,262,546.45 | [III. Company Basic Information](index=65&type=section&id=III.%20Company%20Basic%20Information) This section introduces Perfect Group Corp.,Ltd's establishment history, share capital changes, registered address, main business scope, and actual controller information, providing foundational context for understanding the company's operations and financial reports - The company was established on **June 6, 2016**, and listed on the **Shanghai Stock Exchange in March 2018**[153](index=153&type=chunk) - The company's total share capital increased from **80 million shares to 100 million shares in June 2019**, and further to **100.4487 million shares in 2023** due to stock option exercise[153](index=153&type=chunk) - The company's main business scope includes R&D, production, and sales of **toothbrushes, wet wipes, toothpaste, probiotic products**, and more[154](index=154&type=chunk) - The company's actual controller is **Mr. Zhang Wensheng**[154](index=154&type=chunk) [IV. Basis of Financial Statement Preparation](index=65&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section explains that the company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis - Financial statements are prepared in accordance with the **"Accounting Standards for Business Enterprises"** issued by the Ministry of Finance and **"No. 15 - General Provisions for Financial Reports"** of the China Securities Regulatory Commission's Information Disclosure Rules for Companies Issuing Securities to the Public[155](index=155&type=chunk) - The company's financial statements are prepared on a **going concern basis**[156](index=156&type=chunk) [V. Significant Accounting Policies and Estimates](index=66&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, borrowing costs, employee benefits, revenue recognition, government grants, deferred income tax, and leases, ensuring the accuracy and comparability of financial information - The company classifies financial assets into three categories: **measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss**[172](index=172&type=chunk) - The company's revenue recognition principle is to recognize revenue when **performance obligations in the contract are satisfied**, i.e., when the customer obtains control of the related goods or services[228](index=228&type=chunk) - The company uses the **straight-line method for fixed asset depreciation**, with buildings depreciated over **20 years** and machinery over **10 years**[205](index=205&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[188](index=188&type=chunk) [VI. Taxation](index=90&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including VAT and corporate income tax. It also lists subsidiaries enjoying a 15% high-tech enterprise preferential tax rate and Yangzhou Shuoyang New Energy Co., Ltd.'s "three-year exemption, three-year half reduction" policy - The company's main tax categories are **VAT (13% rate)** and **Corporate Income Tax (25% rate)**[244](index=244&type=chunk) - **Yangzhou Hengsheng Precision Mold Co., Ltd., Yangzhou Perfect Daily Chemical Co., Ltd., Yangzhou Meixing Oral Care Products Co., Ltd., and Shanenkang Biotechnology (Suzhou) Co., Ltd.** all enjoy a **15% high-tech enterprise preferential tax rate**[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk) - **Yangzhou Shuoyang New Energy Co., Ltd.**, engaged in public infrastructure projects, enjoys a **"three-year exemption, three-year half reduction" corporate income tax policy** and is classified as a small and micro-profit enterprise[246](index=246&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=91&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, trading financial assets, accounts receivable, inventories, long-term equity investments, fixed assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, short-term borrowings, accounts payable, employee benefits payable, taxes payable, long-term borrowings, long-term payables, deferred income, and assets restricted in ownership or use, explaining their composition, reasons for changes, and related accounting treatments June 30, 2025 Monetary Funds Composition | Item | Ending Balance (Yuan) | | :--- | :--- | | Cash on hand | 5,674.69 | | Bank deposits | 100,758,365.14 | | Other monetary funds | 25,947,223.60 | | Total | 126,711,263.43 | - The ending balance of accounts receivable was **289 million Yuan**, with **99.28%** due within 1 year[255](index=255&type=chunk)[256](index=256&type=chunk) - The ending book value of inventory was **179 million Yuan**, including **57.11 million Yuan in raw materials** and **82.42 million Yuan in finished goods**[282](index=282&type=chunk) - The ending book value of long-term equity investments was **814 million Yuan**, primarily including investments in **Jiangsu Yangzhou Rural Commercial Bank Co., Ltd.** and **Weimeizi Industrial (Guangdong) Co., Ltd.**[292](index=292&type=chunk) - The ending original book value of goodwill was **91.01 million Yuan**, with **39.62 million Yuan** already provided for impairment[311](index=311&type=chunk)[312](index=312&type=chunk) [VIII. Research and Development Expenses](index=143&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section lists the company's R&D expenditures during the reporting period, totaling 24.50 million Yuan, primarily composed of salaries and direct inputs, all recognized as expensed R&D expenditures H1 2025 R&D Expenditure Composition | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Direct Input | 4,928,346.59 | 5,295,701.54 | | Salaries | 14,579,846.20 | 11,550,504.69 | | Depreciation and Long-term Deferred Expenses | 1,343,106.85 | 999,739.78 | | Amortization of Intangible Assets | 141,664.05 | 507,301.19 | | Other Related Expenses | 3,504,836.43 | 2,205,897.50 | | External Commissioned Research and Development Expenses | 1,928,608.05 | 0 | | Total | 24,497,800.12 | 20,729,096.00 | | Of which: Expensed R&D Expenditures | 24,497,800.12 | 20,729,096.00 | | Capitalized R&D Expenditures | 0 | 0 | [IX. Changes in Consolidation Scope](index=144&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section explains the changes in the company's consolidation scope, primarily the establishment of Akkermansia Biotechnology (Hong Kong) Co., Ltd., a wholly-owned subsidiary, by its controlled subsidiary Shanenkang Biotechnology (Suzhou) Co., Ltd. during the reporting period - The company's controlled subsidiary **Shanenkang Biotechnology (Suzhou) Co., Ltd.** established a wholly-owned subsidiary, **Akkermansia Biotechnology (Hong Kong) Co., Ltd.**, in **May 2025**[394](index=394&type=chunk) [X. Interests in Other Entities](index=145&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, key non-wholly-owned subsidiaries and their main financial information, and key associates and their main financial information, particularly investments in Shanenkang and Weimeizi - The company owns **17 subsidiaries**, including Yangzhou Perfect Daily Chemical Co., Ltd., Yangzhou Meixing Oral Care Products Co., Ltd., and Shanenkang Biotechnology (Suzhou) Co., Ltd.[397](index=397&type=chunk)[398](index=398&type=chunk) - **Shanenkang Biotechnology (Suzhou) Co., Ltd.** is a significant non-wholly-owned subsidiary, with minority shareholders holding **42.8569%**, and profit attributable to minority shareholders for the current period was **3.15 million Yuan**[401](index=401&type=chunk) H1 2025 Shanenkang Biotechnology (Suzhou) Co., Ltd. Key Financial Information | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 49,760,570.12 | 15,180,508.97 | | Net Profit | 7,340,296.12 | -2,975,554.43 | | Total Comprehensive Income | 7,340,296.12 | -2,975,554.43 | | Cash Flow from Operating Activities | 12,773,840.21 | 3,210,176.12 | - The company's significant associates include **Jiangsu Yangzhou Rural Commercial Bank Co., Ltd. (2.98% stake)** and **Weimeizi Industrial (Guangdong) Co., Ltd. (33.859% stake)**[407](index=407&type=chunk) H1 2025 Weimeizi Industrial (Guangdong) Co., Ltd. Key Financial Information | Item | Ending Balance/Amount for Current Period (Yuan) | | :--- | :--- | | Total Assets | 1,742,734,003.79 | | Total Liabilities | 724,289,045.56 | | Operating Revenue | 974,875,384.34 | | Net Profit | -53,816,715.57 | | Total Comprehensive Income | -53,816,715.57 | [XI. Government Grants](index=153&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant liability items and the amount of government grants recognized in current profit or loss during the reporting period. The deferred income balance for government grants at period-end was 8.90 million Yuan, and the total government grants recognized in current profit or loss for the current period was 3.38 million Yuan H1 2025 Government Grant Liability Items | Financial Statement Item | Beginning Balance (Yuan) | New Grants for Current Period (Yuan) | Transferred to Other Income for Current Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 7,076,496.11 | 2,570,900.00 | 745,872.16 | 8,901,523.95 | Asset-related | H1 2025 Government Grants Recognized in Current Profit or Loss | Type | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Asset-related | 745,872.16 | 274,195.48 | | Income-related | 2,630,241.82 | 2,226,548.18 | | Total | 3,376,113.98 | 2,500,743.66 | [XII. Risks Related to Financial Instruments](index=154&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section details the credit risk, liquidity risk, and market risk (including interest rate risk, exchange rate risk, and other price risks) faced by the company, and describes the policies and measures taken to identify, assess, and manage these risks, including customer credit management, cash flow monitoring, and foreign currency financial asset and liability exchange rate exposure - The company faces **credit risk, liquidity risk, and market risk** (exchange rate risk, interest rate risk, and other price risks)[416](index=416&type=chunk) - Credit risk is managed by establishing **customer files, credit evaluations, and regular review of accounts receivable aging**[417](index=417&type=chunk) - Liquidity risk is managed by monitoring **cash balances, marketable securities, and future 12-month cash flow forecasts**[417](index=417&type=chunk) June 30, 2025 Analysis of Undiscounted Contractual Cash Flows of Financial Liabilities by Maturity | Item | Immediately Repayable (Yuan) | Within 1 Year (Yuan) | 1-2 Years (Yuan) | 2-5 Years (Yuan) | Over 5 Years (Yuan) | Total Undiscounted Contractual Amount (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | | 449,721,676.39 | | | | 449,721,676.39 | 449,721,676.39 | | Notes Payable | | 71,671,727.94 | | | | 71,671,727.94 | 71,671,727.94 | | Accounts Payable | | 186,606,502.56 | | | | 186,606,502.56 | 186,606,502.56 | | Other Payables | | 19,466,092.57 | | | | 19,466,092.57 | 19,466,092.57 | | Non-current Liabilities Due Within One Year | | 41,068,227.33 | | | | 41,068,227.33 | 41,068,227.33 | | Long-term Borrowings | | | 21,952,780.00 | 38,858,340.00 | 12,952,782.80 | 73,763,902.80 | 73,763,902.80 | | Long-term Payables | | | | 173,094,992.26 | | 173,094,992.26 | 155,687,557.29 | | Total | | 768,534,226.79 | 21,952,780.00 | 211,953,332.26 | 12,952,782.80 | 1,015,393,121.85 | 997,985,686.88 | - The company faces exchange rate risk from financial assets and liabilities denominated in **USD and EUR**[421](index=421&type=chunk) [XIII. Fair Value Disclosure](index=157&type=section&id=XIII.%20Fair%20Value%20Disclosure) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the period, classified by fair value measurement hierarchy (Level 1, Level 2, Level 3), and explains the basis for determining fair value and valuation techniques for each level June 30, 2025 Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | | | (I) Trading Financial Assets | 10,222,823.64 | | 52,047,218.00 | 62,270,041.64 | | (II) Receivables Financing | | 2,698,419.67 | | 2,698,419.67 | | (IV) Other Non-current Financial Assets | | | 51,173,986.77 | 51,173,986.77 | | Total Recurring Fair Value Measured Assets | 10,222,823.64 | 2,698,419.67 | 103,221,204.77 | 116,142,448.08 | | (VI) Trading Financial Liabilities | 45,739.21 | | | 45,739.21 | | Total Recurring Fair Value Measured Liabilities | 45,739.21 | | | 45,739.21 | - Level 1 fair value measurement items are primarily determined based on **market quotes or net asset value quotes**[431](index=431&type=chunk) - Level 2 fair value measurement items (receivables financing) are valued using **market prices acceptable to suppliers**[432](index=432&type=chunk) - Level 3 fair value measurement items (closed-end private equity funds, equity investment derivative financial instruments with special power clauses) are determined using **net asset value or valuation techniques** such as the BS model and scenario analysis[433](index=433&type=chunk)[434](index=434&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=160&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section discloses the company's related parties, including entities controlled by close relatives of the actual controller, entities controlled by associates, and related-party transactions during the reporting period such as goods purchases and sales, provision of services, related-party guarantees, and fund borrowings, and lists the balances of accounts receivable and payable with related parties at period-end - The company's related parties include **Yangzhou Rongmaoji Packaging Materials Co., Ltd., Yangzhou Xinchangcheng Plastics Co., Ltd., Yangzhou Dingliu Packaging Products Co., Ltd.** (controlled or managed by close relatives of the actual controller), and **Guangzhou Shuker Technology Co., Ltd., Guangzhou Shuker Industrial Co., Ltd.** (controlled by associates)[437](index=437&type=chunk) H1 2025 Related-Party Transactions for Goods Purchase/Sale and Services Received | Related Party | Related Transaction Content | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | :--- | | Yangzhou Dingliu Packaging Products Co., Ltd. | Purchase of goods | 4,155,823.23 | 870,324.77 | | Yangzhou Rongmaoji Packaging Materials Co., Ltd. | Purchase of goods | 6,351,394.09 | 6,761,852.50 | | Yangzhou Xinchangcheng Plastics Co., Ltd. | Purchase of goods | 10,207,421.90 | 292,329.16 | | Tianchang Shuker Technology Co., Ltd. | Sale of goods | 33,521,138.62 | 29,777,220.51 | | Guangzhou Shuker Industrial Co., Ltd. | Sale of goods | 9,317,292.89 | 1,277,501.40 | - As a guarantor, the company provides multiple guarantees for **Yangzhou Meixing Oral Care Products Co., Ltd.** and **Yangzhou Perfect Daily Chemical Co., Ltd.**[440](index=440&type=chunk)[441](index=441&type=chunk) - As a guaranteed party, the company is primarily guaranteed by **Zhang Wensheng** and **Yangzhou Perfect Daily Chemical Co., Ltd.**[442](index=442&type=chunk) June 30, 2025 Accounts Receivable/Payable with Related Parties | Item Name | Related Party | Ending Book Balance (Yuan) | | :--- | :--- | :--- | | Accounts Receivable | Tianchang Shuker Technology Co., Ltd. | 25,920,664.44 | | Accounts Receivable | Guangzhou Shuker Industrial Co., Ltd. | 7,188,623.37 | | Receivables Financing | Tianchang Shuker Technology Co., Ltd. | 1,338,419.67 | | Accounts Payable | Yangzhou Xinchangcheng Plastics Co., Ltd. | 6,126,148.03 | | Accounts Payable | Yangzhou Rongmaoji Packaging Materials Co., Ltd. | 4,179,518.06 | | Accounts Payable | Yangzhou Dingliu Packaging Products Co., Ltd. | 2,826,507.26 | [XV. Share-Based Payment](index=163&type=section&id=XV.%20Share-Based%20Payment) This section discloses the company's equity-settled share-based payment arrangements, including the method for determining the fair value of equity instruments at grant date (Black-Scholes option pricing model), key parameters, and the basis for determining the number of exercisable equity instruments. As of the end of the reporting period, the cumulative amount of equity-settled share-based payments recognized in capital reserve was 1.75 million Yuan - Equity-settled share-based payments are granted to employees, with the fair value of equity instruments at grant date determined by the **Black-Scholes option pricing model**[451](index=451&type=chunk) - The number of exercisable equity instruments is estimated based on changes in the number of exercisable employees and expected performance achievement[451](index=451&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserve is **1,748,560.66 Yuan**[451](index=451&type=chunk) [XVI. Commitments and Contingencies](index=164&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section states that the company had no significant commitments or contingencies requiring disclosure at the balance sheet date - The company has **no significant commitments** requiring disclosure[452](index=452&type=chunk) - The company has **no significant contingencies** requiring disclosure[452](index=452&type=chunk) [XVII. Post-Balance Sheet Events](index=164&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) This section discloses profit distribution events occurring after the balance sheet date, with the company planning to distribute profits or dividends totaling 8.04 million Yuan Post-Balance Sheet Profit Distri

Market Overview - The personal care products sector increased by 0.74% on August 21, with Jieya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Jieya Co., Ltd. (301108) closed at 30.18, up 10.23% with a trading volume of 73,200 shares and a turnover of 219 million yuan [1] - Yiyi Co., Ltd. (001206) closed at 27.01, up 3.17% with a trading volume of 99,000 shares and a turnover of 265 million yuan [1] - Zhongshun Jierou (002511) closed at 8.91, up 2.65% with a trading volume of 450,700 shares and a turnover of 403 million yuan [1] - Other notable performances include: - Liangmian Needle (600249) up 1.36% - Beijia Clean (603059) up 1.13% - Wanjian Medical (300888) up 0.62% [1] Capital Flow - The personal care products sector experienced a net outflow of 42.6484 million yuan from institutional investors, while retail investors saw a net inflow of 67.9388 million yuan [2] - The detailed capital flow for key stocks shows: - Wanjian Medical had a net inflow of 23.3464 million yuan from institutional investors [3] - Jieya Co., Ltd. had a net inflow of 9.9211 million yuan from institutional investors [3] - Zhongshun Jierou had a net inflow of 1.121 million yuan from retail investors [3]

证券之星消息，8月20日个护用品板块较上一交易日上涨0.51%，中顺洁柔领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。个护用品板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002511 | 中顺洁桑 | -3096.41万 | 7.76% | -2426.83万 | -6.08% | -669.58万 | -1.68% | | 300888 | 稳健医疗 | 1411.75万 | 4.25% | -713.36万 | -2.15% | -698.39万 | -2.10% | | 300658 延江股份 | | 601.92万 | 9.66% | -174.45万 | -2.80% | -427.47万 | -6.86% | | 603059 | 倍加洁 | 333.41万 | 3.48% | -465.39万 | -4.86% | 13 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603193 | 润本股份 | 30.79 | -3.45% | 9.95万 | 3.08亿 | | 603059 | 倍加洁 | 31.56 | -0.57% | 3.03万 | 9565.37万 | | 300888 | 稳健医疗 | 41.28 | -0.34% | 6.24万 | 2.58亿 | | 003006 | 自亚股份 | 30.20 | -0.10% | 7.17万 | 2.14亿 | | 600249 | 两面针 | 5.84 | 0.69% | 12.82万 | 7484.16万 | | 001206 | 依依股份 | 25.86 | 0.70% | 5.33万 | 1.38亿 | | 605009 | 豪悦护理 | 42.10 | 0.74% | 5.44万 | 2.28亿 | | 001328 | 登康口腔 | 45.12 | 1.62% | 2.58万 | 1.15亿 | | 301108 | 洁雅股份 | 27.24 ...

Market Overview - The personal care products sector increased by 0.86% on August 18, with Baiya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with notable gainers including: - Ziya Co., Ltd. (003006) at 30.23, up 1.85% with a trading volume of 88,300 shares and a turnover of 263 million yuan [1] - Dengkang Oral (001328) at 44.40, up 1.72% with a trading volume of 32,300 shares and a turnover of 143 million yuan [1] - Stable Medical (300888) at 41.42, up 1.40% with a trading volume of 90,500 shares and a turnover of 374 million yuan [1] Capital Flow - The personal care products sector experienced a net outflow of 70.33 million yuan from institutional investors, while retail investors saw a net inflow of 102 million yuan [2] - The capital flow data indicates that: - Yanjing Co., Ltd. (300658) had a net inflow of 13.68 million yuan from institutional investors [3] - Zhongshun Jierou (002511) had a net inflow of 11.00 million yuan from institutional investors [3] - However, several stocks like Reliable Co., Ltd. (301009) and Baijia Co., Ltd. (605009) faced significant net outflows from institutional investors [3]

Market Overview - The personal care products sector increased by 0.63% on August 15, with Jieya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - Jieya Co., Ltd. (301108) closed at 26.43, with a rise of 1.69% and a trading volume of 15,100 shares, totaling a transaction value of 39.64 million yuan [1] - Dengkang Oral Care (001328) closed at 43.65, up 1.61%, with a trading volume of 21,600 shares and a transaction value of 93.90 million yuan [1] - Stable Medical (300888) closed at 40.85, increasing by 1.44%, with a trading volume of 65,900 shares and a transaction value of 268 million yuan [1] - Mengni Nursing (605009) closed at 41.47, up 1.15%, with a trading volume of 44,900 shares and a transaction value of 185 million yuan [1] - Zhongshun Jiesang (002511) closed at 8.10, with a slight increase of 0.50%, trading 196,600 shares for a total of 158 million yuan [1] - Reliable Co., Ltd. (301009) closed at 15.00, up 0.47%, with a trading volume of 94,900 shares and a transaction value of 141 million yuan [1] - Baiya Co., Ltd. (003006) closed at 29.68, increasing by 0.44%, with a trading volume of 70,200 shares and a transaction value of 208 million yuan [1] - Liangmian Needle (600249) closed at 5.76, up 0.35%, with a trading volume of 101,700 shares and a transaction value of 5.85 million yuan [1] - Beijia Clean (603059) remained unchanged at 31.64, with a trading volume of 35,200 shares and a transaction value of 111 million yuan [1] - Runben Co., Ltd. (603193) closed at 31.92, down 0.22%, with a trading volume of 52,800 shares and a transaction value of 167 million yuan [1] Fund Flow Analysis - The personal care products sector saw a net inflow of 16.01 million yuan from institutional investors, while retail investors contributed a net inflow of 28.22 million yuan [2] - However, there was a net outflow of 44.24 million yuan from speculative funds [2]

Market Overview - The personal care products sector experienced a decline of 0.25% on August 14, with Jieya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Stock Performance - Notable gainers included: - Ziya Co., Ltd. (003006) with a closing price of 29.55, up 1.90% [1] - Haoyue Nursing (605009) at 41.00, up 1.89% [1] - Runben Co., Ltd. (603193) at 31.99, up 1.56% [1] - Significant decliners included: - Jieya Co., Ltd. (301108) at 25.99, down 2.91% [2] - Yiyi Co., Ltd. (001206) at 25.60, down 2.66% [2] - Dengkang Oral (001328) at 42.96, down 2.63% [2] Capital Flow - The personal care products sector saw a net outflow of 33.13 million yuan from institutional investors, while retail investors contributed a net inflow of 5.13 million yuan [2] - The capital flow details indicate: - Runben Co., Ltd. had a net inflow of 25.75 million yuan from institutional investors [3] - Jieya Co., Ltd. experienced a net outflow of 2.27 million yuan from institutional investors [3] - Retail investors showed a net inflow of 1.75 million yuan into Baijia Co., Ltd. [3]