Core Viewpoint - The company plans to distribute a cash dividend of RMB 0.30 per share (including tax) to all shareholders, amounting to a total of RMB 49,365,000, which represents 79.25% of the net profit attributable to shareholders for the first half of 2025 [3][7][19]. Company Overview - The company is named Shandong Jiahua Biotechnology Co., Ltd. and is listed under the stock code 603182 [5][13]. - The total share capital of the company as of June 30, 2025, is 164,550,000 shares [3][7]. Profit Distribution Plan - The proposed cash dividend distribution is based on the total share capital as of the equity distribution registration date, which will be specified in a future announcement [6][19]. - The company’s retained earnings as of June 30, 2025, amount to RMB 445,952,469.52 [7]. - The distribution plan does not require approval from the shareholders' meeting as it falls within the authorization granted at the 2024 annual shareholders' meeting [8][9]. Decision-Making Process - The board of directors approved the profit distribution plan during the sixth board meeting held on August 18, 2025, with unanimous support [10][19]. - The supervisory board also reviewed and approved the profit distribution plan, affirming its alignment with the company's performance and growth potential [11][25].

证券日报网讯 8月19日晚间，嘉华股份发布公告称，公司第六届董事会第五次会议审议通过了《关于 2025年半年度报告及其摘要的议案》等。 （文章来源：证券日报） ...

证券日报网讯 8月19日晚间，嘉华股份发布公告称，公司第六届监事会第四次会议审议通过了《关于 2025年半年度报告及其摘要的议案》等。 （文章来源：证券日报） ...

资金面上看，该股今日主力资金净流出62.60万元，近5日主力资金净流入525.53万元。 按申万行业统计，嘉华股份所属的农林牧渔行业共有7家公司公布了2025半年度分配方案，派现金额最 多的是海大集团，派现金额为3.33亿元，其次是益生股份、立华股份，派现金额分别为1.63亿元、 8372.70万元。（数据宝） 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派3元（含税） | 0.49 | 2.38 | | 2024.12.31 | 10派1元（含税） | 0.16 | 0.83 | | 2023.12.31 | 10派4元（含税） | 0.66 | 2.39 | | 2022.12.31 | 10派3元（含税） | 0.49 | 1.56 | 证券时报·数据宝统计显示，公司今日公布了半年报，共实现营业收入6.81亿元，同比下降12.86%，实 现净利润6229.12万元，同比增长7.79%，基本每股收益为0.38元，加权平均净资产收益率为5.64%。 | 代码 | 简 ...

Core Insights - The core viewpoint of the article highlights the financial performance of Jia Hua Co., which reported a decline in revenue but an increase in net profit for the first half of 2025 [1] Financial Performance - Jia Hua Co. reported a revenue of 681 million yuan, representing a year-on-year decrease of 12.9% [1] - The net profit attributable to shareholders was 62.29 million yuan, showing a year-on-year increase of 7.8% [1] Business Operations - The company is primarily engaged in the research, production, and sales of soybean protein and related by-products [1] - Despite a complex market environment, the company maintained stable operations in its main business [1] - During the reporting period, Jia Hua Co. actively advanced multiple new investment projects, gradually releasing production capacity, which led to stable growth in the output of its main products [1] Market Challenges - The year-on-year decline in revenue was mainly attributed to the impact of raw material prices, which resulted in a decrease in product sales prices and consequently reduced sales revenue [1]

证券代码：603182 证券简称：嘉华股份 公告编号：2025-019 山东嘉华生物科技股份有限公司 2025 年半年度主要经营数据公告 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。 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：第十四 号——食品制造》的相关要求，山东嘉华生物科技股份有限公司（以下简称"公 司"）现将 2025 年半年度主要经营数据公告如下： | | | 单位：万元 | | --- | --- | --- | | 项目 | 金额 | 比例（%） | | 大豆蛋白 | 39,554.66 | 58.23 | | 大豆油 | 14,944.04 | 22.00 | | 大豆膳食纤维 | 4,158.90 | 6.12 | | 低温食用豆粕 | 2,426.80 | 3.57 | | 蒸汽 | 3,115.44 | 4.59 | | 电力 | 1,666.80 | 2.45 | | 副产品 | 2,067.26 | 3.04 | | 合计 | 67,933.90 | 100.00 | 一、按产品 ...

证券代码：603182 证券简称：嘉华股份 公告编号：2025-021 山东嘉华生物科技股份有限公司 第六届监事会第四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 山东嘉华生物科技股份有限公司（以下简称"公司"）第六届监事会第四次 会议的通知于 2025 年 8 月 8 日以通讯方式发出，会议于 2025 年 8 月 18 日在公 司会议室以现场方式召开。会议应出席监事 3 名，实际出席监事 3 名，监事会主 席贾辉先生主持了本次会议。会议的通知、召集、召开和表决程序符合《中华人 民共和国公司法》等有关法律、法规及《公司章程》的规定。 二、监事会会议审议情况 （一）审议通过《关于 2025 年半年度报告及其摘要的议案》 监事会认为，公司 2025 年半年度报告的编制符合法律、法规、《公司章程》 和公司内部管理制度的各项规定。公司严格按照上市公司财务制度规范运作， 2025 年半年度报告真实、准确地反映了公司 2025 年半年度的财务状况和经营成 果，不存在任何虚假记载、误导性陈述或者重 ...

表决结果：8 票赞成，0 票反对，0 票弃权。 本报告中的相关财务信息已经董事会审计委员会审议通过。 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）及指定信息披 露媒体披露的《2025 年半年度报告》全文及摘要。 证券代码：603182 证券简称：嘉华股份 公告编号：2025-020 山东嘉华生物科技股份有限公司 第六届董事会第五次会议决议公告 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 山东嘉华生物科技股份有限公司（以下简称"公司"）第六届董事会第五次 会议的通知于 2025 年 8 月 8 日以通讯方式发出，会议于 2025 年 8 月 18 日在公 司会议室以现场结合通讯方式召开。会议应出席董事 8 名，实际出席董事 8 名， 董事长李广庆先生主持了本次会议，公司监事及高级管理人员列席会议。会议的 通知、召集、召开和表决程序符合《中华人民共和国公司法》等有关法律、法规 及《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于 2025 年半年度报告及其摘要的议 ...

每股分配比例:每股派发现金红利人民币 0.30 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本 发生变动的，拟维持每股分配比例不变，相应调整分配总额，并将在相关公告中 披露。 证券代码：603182 证券简称：嘉华股份 公告编号：2025-018 山东嘉华生物科技股份有限公司 2025 年半年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、利润分配方案内容 截至2025年6月30日，公司母公司报表中期末未分配利润为人民币 445,952,469.52元。经董事会决议，公司2025年半年度拟以实施权益分派股权登 记日登记的总股本为基数分配利润，本次利润分配方案如下： 公司拟向全体股东每股派发现金红利0.30元（含税）。截至2025年6月30日， 公司总股本164,550,000股，以此计算合计拟派发现金红利49,365,000.00元（含 税），占公司2025年半年度归属于上市公司股东净利润 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section provides key information regarding profit distribution, forward-looking statements, and significant risks [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The Board of Directors proposes a cash dividend of 0.30 Yuan per share (tax inclusive), totaling 49.365 million Yuan, representing 79.25% of the net profit attributable to shareholders for the first half of 2025 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount (Tax Inclusive) | | :--- | :--- | | Cash dividend per share | 0.30 Yuan | | Total proposed cash dividend | 49,365,000.00 Yuan | | Percentage of semi-annual net profit attributable to parent company | 79.25% | - If the total share capital changes, the company intends to maintain the **same per-share distribution ratio**, adjusting the total distribution amount accordingly[6](index=6&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking descriptions in the report, including future plans and development strategies, do not constitute substantial commitments to investors, who should be aware of investment risks - Forward-looking descriptions do not constitute substantial commitments, and investors need to be aware of investment risks[7](index=7&type=chunk) [Significant Risk Alert](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company had no particularly significant risks materially impacting its operations during the reporting period; detailed risks are in the "Management Discussion and Analysis" section - No particularly significant risks materially impacting production and operations were present during the reporting period, with detailed risks disclosed in the "Management Discussion and Analysis" section[8](index=8&type=chunk) [Section I Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, subsidiaries, actual controllers, institutional names, and currency units [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 defines common terms used in the report, including company names, subsidiaries, actual controllers, institutional names, and currency units, specifying the reporting period as January 1 to June 30, 2025 Definitions | Common Term | Definition | | :--- | :--- | | Jiahua Shares, Company, This Company | Shandong Jiahua Biotechnology Co., Ltd. | | Qingdao Sinoglory | Qingdao Sinoglory Import and Export Co., Ltd., a wholly-owned subsidiary of the Company | | Jiahua Energy | Shenxian Jiahua Energy Co., Ltd., a wholly-owned subsidiary of the Company | | Liaocheng Zhongjia | Liaocheng Zhongjia International Trade Co., Ltd., a wholly-owned subsidiary of the Company | | Actual Controllers | Zhang Guanling, Huang Ruihua, Zhang Xiaowei, Li Guangqing, Jia Hui, Gao Zelin | | Reporting Period, This Reporting Period | January 1, 2025 to June 30, 2025 | [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information, contact details, changes in fundamental situation, information disclosure, stock overview, and key financial data and indicators [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its Chinese name, abbreviation, English name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 山东嘉华生物科技股份有限公司 | | Chinese Abbreviation | 嘉华股份 | | English Name | Shandong Sinoglory Health Food Co., Ltd. | | Legal Representative | Li Guangqing | [Contact Persons and Information](index=5&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 lists the contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses Contact Information | Position | Name | Contact Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Tian Feng | 0635-2909010 | sinoglory@sinoglorygroup.com | | Securities Affairs Representative | Li Bo | 0635-2909010 | sinoglory@sinoglorygroup.com | [Overview of Changes in Basic Information](index=5&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) The company's registered address changed in 2013 and 2024, with its current office at No. 19 Hongtu Street, Shenxian, Liaocheng City, Shandong Province, and an additional operating address - The company's registered address changed from "East End of Beihuan Road, Shenxian" to "No. 19 Hongtu Street, Shenxian" in **2013**[17](index=17&type=chunk) - In **2024**, the company added an operating address: "No. 88 Gengshen Street, Shenxian, Liaocheng City, Shandong Province"[17](index=17&type=chunk) - The company's website is www.sinoglorygroup.com[17](index=17&type=chunk) [Overview of 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) The company designates five newspapers for information disclosure, publishes its semi-annual report on the Shanghai Stock Exchange website, and keeps it available at the company's securities department - The company's selected information disclosure newspapers include *China Securities Journal*, *Shanghai Securities News*, *Securities Times*, *Securities Daily*, and *Economic Information Daily*[18](index=18&type=chunk) - The semi-annual report is published on www.sse.com.cn[18](index=18&type=chunk) [Company Stock Overview](index=6&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) The company's A-shares are listed and traded on the Shanghai Stock Exchange under the stock abbreviation Jiahua Shares and stock code 603182 Company Stock Information | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Jiahua Shares | 603182 | [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, operating revenue decreased by 12.86% to 681.11 million Yuan, while net profit attributable to shareholders increased by 7.79% to 62.29 million Yuan, and non-recurring net profit grew by 9.34% 2025 Semi-Annual Key Accounting Data | Indicator | This Reporting Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 681,108,089.56 Yuan | 781,617,613.30 Yuan | -12.86% | | Total Profit | 82,181,403.20 Yuan | 75,794,485.90 Yuan | 8.43% | | Net Profit Attributable to Shareholders of the Listed Company | 62,291,239.70 Yuan | 57,786,824.19 Yuan | 7.79% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 61,761,342.97 Yuan | 56,484,375.36 Yuan | 9.34% | | Net Cash Flow from Operating Activities | 4,060,940.47 Yuan | 54,231,099.31 Yuan | -92.51% | | **End of This Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders of the Listed Company | 1,121,434,659.33 Yuan | 1,075,317,844.81 Yuan | 4.29% | | Total Assets | 1,365,825,167.71 Yuan | 1,432,076,811.08 Yuan | -4.63% | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicator | This Reporting Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.38 | 0.35 | 8.57% | | Diluted Earnings Per Share (Yuan/share) | 0.38 | 0.35 | 8.57% | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.38 | 0.34 | 11.76% | | Weighted Average Return on Net Assets (%) | 5.64 | 5.52 | Increase of 0.12 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 5.59 | 5.39 | Increase of 0.20 percentage points | - The change in net cash flow from operating activities was primarily due to a decrease in sales revenue and accounts payable[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses for the first half of 2025 amounted to 529,896.73 Yuan, primarily from government grants, fair value changes of financial assets, and disposal of non-current assets 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -278,229.46 | | Government grants recognized in current profit or loss | 823,000.00 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 148,171.51 | | Other non-operating income and expenses | 13,586.92 | | Less: Income tax impact | 176,632.24 | | Total | 529,896.73 | [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section discusses the company's industry, main business, operating performance, core competitiveness, and potential risks during the reporting period [Company's Industry and Main Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company primarily engages in R&D, production, and sales of soy protein and related by-products within the agricultural and sideline food processing industry, with a complete industry chain and global sales network - The company's industry falls under "C Manufacturing," specifically "C13 Agricultural and Sideline Food Processing Industry," and more precisely "C1392 Bean Product Manufacturing"[25](index=25&type=chunk) - Soy protein has broad application areas, including meat products, casual bean products, dairy products, nutritional products, pet food, special medical diets, and pharmaceuticals[25](index=25&type=chunk)[29](index=29&type=chunk) - The global soy protein market shows stable growth, while the Chinese industry faces diversified competition, raw material price fluctuations, and increased capacity, leading to pressure on corporate profits and higher market concentration[26](index=26&type=chunk) - The company has established a complete industry chain from soybean storage, low-temperature edible soybean meal processing, and soybean oil refining to the R&D, production, and sales of soy protein and soy dietary fiber[28](index=28&type=chunk) [Industry Development](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%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) The soy protein industry benefits from health consumption trends and expanding downstream applications, experiencing stable global market growth, while domestic competition intensifies - The soy protein industry is in the midstream of the food industry chain, primarily using non-GMO soybeans as raw materials[25](index=25&type=chunk) - Downstream applications have expanded to include meat pre-products, snack foods, plant-based meat, and low-temperature frozen foods, with diversified and refined demand[26](index=26&type=chunk) - Influenced by macroeconomic conditions and trade barriers, competition in China's soy protein industry has intensified, putting pressure on profit margins, and leading to the concentration of advantageous resources among leading enterprises[26](index=26&type=chunk) [Company's Main Business](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) As a deep-processing enterprise, the company focuses on soy protein as its core product, with a sales network spanning nearly a hundred countries and a complete industry chain from soybean procurement to product sales - The company's main business is deep processing of soy protein, with sales markets covering China and nearly a hundred countries and regions including the EU, USA, Australia, and Japan[27](index=27&type=chunk) - The company is committed to continuously improving product process levels and production capacity, achieving comprehensive utilization and clean production of soybean resources[28](index=28&type=chunk) [Main Products and Their Uses](index=9&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) The company's main products include soy protein isolate, soy protein concentrate, textured soy protein, soybean oil, soy dietary fiber, and low-temperature edible soybean meal, widely used in various food and nutritional products - Main products include soy protein isolate, soy protein concentrate, textured soy protein, soybean oil, soy dietary fiber, and low-temperature edible soybean meal[29](index=29&type=chunk) - Soy protein products possess various functional properties such as gelling, water absorption, oil absorption, solubility, foaming, and dispersibility[29](index=29&type=chunk) [Business Model](index=9&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%85%AC%E5%8F%B8%E7%9A%84%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company procures non-GMO soybeans, combines production planning with make-to-order manufacturing, and employs a direct sales-led approach domestically and a distribution-led approach internationally - Procurement Model: Primarily non-GMO soybeans, with a sound procurement management system, differentiated supplier management, and strict acceptance procedures[30](index=30&type=chunk) - Production Model: Low-temperature edible soybean meal primarily follows production plans, while soy protein and dietary fiber production is based on customer orders and delivery times, with small quantities of general models kept in stock[32](index=32&type=chunk) - Sales Model: Domestic market is primarily direct sales with supplementary distribution; international market is primarily distribution with supplementary direct sales, facilitating rapid expansion into global markets[32](index=32&type=chunk) [Industry Position](index=10&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%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) As one of the earliest soy protein producers in China, the company holds a leading position in the industry, leveraging advantages in brand, channels, R&D, quality, and a complete industry chain - The company is one of the earliest soy protein producers in China, with enterprise scale and export volume ranking among the top in the industry[33](index=33&type=chunk) - Possesses advantages in brand, operating channels, product R&D, quality control, production processes, enterprise scale, and industry chain extension[33](index=33&type=chunk) - Awarded "National Key Leading Enterprise in Agricultural Industrialization" and "National Green Factory" honors, with the Jiahua (SINOGLORY) brand becoming a well-known brand domestically and internationally[33](index=33&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company maintained stable operations and profit growth despite a 12.86% revenue decrease due to raw material prices, achieving 7.79% net profit growth and 9.34% non-recurring net profit growth 2025 Semi-Annual Operating Performance Overview | Indicator | This Reporting Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 681.11 million Yuan | 781.62 million Yuan | -12.86% | | Net Profit Attributable to Shareholders of the Listed Company | 62.29 million Yuan | 57.79 million Yuan | 7.79% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 61.76 million Yuan | 56.48 million Yuan | 9.34% | - The decrease in operating revenue was primarily due to lower product sales prices influenced by raw material prices[34](index=34&type=chunk) - Newly invested project capacities are gradually being released, with stable growth in main product output, and both textured protein and concentrated protein production lines achieving expected targets[35](index=35&type=chunk) - The company actively expanded into new markets, achieving increased domestic and international sales volumes for its main products[35](index=35&type=chunk) - Systematically promoted the improvement of internal control governance, conducting comprehensive governance in key areas such as brand, quality, and internal control[36](index=36&type=chunk) - Strengthened R&D drive, achieving breakthroughs in areas such as soy protein isolate for plant-based beverages and key technologies for improving gelling soy protein isolate, and established a Functional Active Protein Industry Technology Research Institute in cooperation with Qingdao Agricultural University[37](index=37&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include production and process advantages, strong brand and customer resources, and an extended industry chain with circular economy benefits, enhancing product quality and market share - Production and Process Advantages: Possesses mature soy protein production processes and technologies, enhancing product functional properties through bio-enzyme modification and flash deodorization, and achieving a circular economy through biogas power generation and bio-organic fertilizer projects[38](index=38&type=chunk)[39](index=39&type=chunk) - Brand and Customer Resource Advantages: The Jiahua brand (SINOGLORY) enjoys a good reputation in the international market, having established long-term stable cooperative relationships with numerous excellent enterprises domestically and internationally[39](index=39&type=chunk) - Industry Chain Extension and Circular Economy Advantages: Through the "soybean - low-temperature soybean meal and oil - soy protein - soy dietary fiber" model, the industry has transformed from deep processing to refined deep processing, increasing industrial added value[39](index=39&type=chunk) [Key Operating Performance](index=12&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) During the reporting period, the company experienced decreased revenue and costs but increased total profit and net profit, while net cash flow from operating activities significantly declined due to lower sales and accounts payable Main Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 681,108,089.56 | 781,617,613.30 | -12.86 | | Operating Cost | 572,121,852.71 | 678,452,424.13 | -15.67 | | Selling Expenses | 6,522,243.39 | 6,103,158.98 | 6.87 | | Administrative Expenses | 12,645,623.10 | 12,948,605.12 | -2.34 | | Financial Expenses | -2,440,600.30 | -5,509,119.85 | Not applicable | | Research and Development Expenses | 4,992,789.34 | 5,433,457.69 | -8.11 | | Net Cash Flow from Operating Activities | 4,060,940.47 | 54,231,099.31 | -92.51 | | Net Cash Flow from Investing Activities | -35,786,101.80 | -105,240,823.61 | Not applicable | | Net Cash Flow from Financing Activities | -41,652,944.43 | -78,324,094.85 | Not applicable | - Net cash flow from operating activities significantly decreased by **92.51%**, primarily due to lower sales revenue and accounts payable[40](index=40&type=chunk) [(I) Analysis of Main Business](index=12&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue decreased by 12.86% and operating costs by 15.67% year-on-year, with stable selling and administrative expenses, while net cash flow from operating activities significantly dropped by 92.51% [(III) Analysis of Assets and Liabilities](index=13&type=section&id=(%E4%B8%89)%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) At the end of the reporting period, cash and cash equivalents significantly decreased due to loan repayments and bank acceptance bill settlements, while notes receivable, prepayments, and other receivables increased Asset and Liability Status Changes | Item Name | End of Current Period Amount (Yuan) | End of Current Period as % of Total Assets | End of Prior Year Amount (Yuan) | End of Prior Year as % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 75,316,348.17 | 5.51 | 147,277,481.35 | 10.28 | -48.86 | Primarily due to repayment of borrowings and settlement of bank acceptance bills | | Notes Receivable | 7,854,340.00 | 0.58 | 3,245,200.00 | 0.23 | 142.03 | Primarily due to increased settlement via bank acceptance bills | | Prepayments | 8,791,855.19 | 0.64 | 1,118,063.63 | 0.08 | 686.35 | Primarily due to increased prepayments for utilities | | Other Receivables | 25,836,966.83 | 1.89 | 14,271,707.23 | 1.00 | 81.04 | Primarily due to increased receivables | | Construction in Progress | 377,433.63 | 0.03 | - | - | 100.00 | Primarily due to equipment and installation expenditures for some projects | | Other Non-Current Assets | 2,630,085.00 | 0.19 | 466,750.00 | 0.03 | 463.49 | Primarily due to increased payments for equipment procurement | | Short-Term Borrowings | - | - | 25,000,000.00 | 1.75 | 100.00 | Primarily due to repayment of borrowings during the reporting period | | Notes Payable | - | - | 50,000,000.00 | 3.49 | 100.00 | Primarily due to settlement of matured notes | | Employee Benefits Payable | 6,384,997.26 | 0.47 | 13,453,672.58 | 0.94 | -52.54 | Primarily due to decreased bonus payments | | Other Current Liabilities | 7,855,099.01 | 0.58 | 3,735,391.97 | 0.26 | 110.29 | Primarily due to an increase in endorsed but not derecognized notes | - The main restricted assets at period-end were notes receivable of **7,470,980.75 Yuan**, which were endorsed and transferred but did not meet derecognition criteria[46](index=46&type=chunk) [(VI) Analysis of Major Holding and Investee Companies](index=15&type=section&id=(%E5%85%AD)%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) The company's main subsidiaries include Qingdao Sinoglory Import and Export Co., Ltd. and Shenxian Jiahua Energy Co., Ltd., with Jiahua Energy significantly impacting net profit, and a newly established subsidiary, Liaocheng Zhongjia International Trade Co., Ltd., having no major impact Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (Ten Thousand Yuan) | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qingdao Sinoglory | Subsidiary | Import and Export of Goods, Technology Import and Export | 100.00 | 1,937.18 | 446.89 | 7,192.28 | 8.86 | 8.21 | | Jiahua Energy | Subsidiary | Electricity and Heat Production and Supply | 2,000.00 | 30,145.50 | 9,082.28 | 10,280.13 | 2,295.36 | 1,663.44 | | Liaocheng Zhongjia | Subsidiary | Trade | 100.00 | - | - | - | - | - | - Liaocheng Zhongjia International Trade Co., Ltd. is a newly established wholly-owned subsidiary during the reporting period, which has not yet commenced operations and has no significant impact on the listed company[50](index=50&type=chunk) [Other Disclosure Matters](index=16&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks including food safety, new product development, market competition, raw material price fluctuations, safety production, and environmental protection, while actively implementing "quality improvement and efficiency enhancement" initiatives - The company faces six major risks: food safety, new product development, intensified market competition, major raw material price fluctuations, production safety, and environmental protection[51](index=51&type=chunk)[52](index=52&type=chunk) - The company has established a mature and effective food safety control system and obtained multiple quality management system certifications, with no food safety incidents during the reporting period[51](index=51&type=chunk) - The company actively responded to the "quality improvement and efficiency enhancement for shareholder returns" special action, achieving breakthroughs in market share and brand influence, upgrades in technological innovation and industry chain synergy, and a dual harvest in economic and social benefits through its "five-refinement, six-standardization, dual-circulation" green development model[53](index=53&type=chunk) - The company highly values investor returns, proposing a cash dividend of **0.30 Yuan per share** (tax inclusive) for the first half of 2025, representing **79.25%** of the net profit attributable to the parent company[54](index=54&type=chunk) - The company strengthens investor relations management through performance briefings, SSE E-interaction, and investor hotlines, enhancing corporate transparency[54](index=54&type=chunk) [(I) Potential Risks](index=16&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company may face risks related to food safety, new product development, intensified market competition, raw material price volatility, production safety, and environmental compliance, for which it has established management systems - Food Safety Risk: The company has established a mature and effective food safety control system and obtained multiple certifications including ISO9001, ISO22000, and HACCP, with no food safety incidents during the reporting period[51](index=51&type=chunk) - New Product Development Risk: If R&D direction deviates from downstream demand or R&D progress is slow, it may affect market competitiveness and operating performance[51](index=51&type=chunk) - Intensified Market Competition Risk: The soy protein industry has huge market potential, facing challenges from other domestic enterprises, new entrants, and powerful overseas companies[51](index=51&type=chunk) - Major Raw Material Price Fluctuation Risk: Fluctuations in non-GMO soybean prices significantly impact main business costs; if product prices cannot be adjusted in time, it will affect operating performance[51](index=51&type=chunk) - Production Safety Risk: The company highly values production safety management, with no major production safety accidents during the reporting period, but continuous management strengthening is still required[51](index=51&type=chunk) - Environmental Risk: The company's production processes generate wastewater, exhaust gas, solid waste, and noise, with emissions meeting standards and no penalties during the reporting period, but the risk of future environmental pollution incidents exists[52](index=52&type=chunk) [(II) Other Disclosure Matters](index=17&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company actively pursues "quality improvement and efficiency enhancement," achieving 7.79% net profit growth in H1 2025, implementing 2024 profit distribution, and proposing a 2025 interim dividend of 0.30 Yuan per share - The company summarized and improved its "five-refinement, six-standardization, dual-circulation" green development model to promote high-quality sustainable development[53](index=53&type=chunk) - In the first half of 2025, the company achieved a net profit of **62.29 million Yuan**, a **7.79%** increase compared to the prior year period[53](index=53&type=chunk) - The company has implemented the **2024 annual profit distribution**, with a cash dividend of **0.10 Yuan per share** (tax inclusive), totaling **16.455 million Yuan**[53](index=53&type=chunk) - For this reporting period, a cash dividend of **0.30 Yuan per share** (tax inclusive) is proposed to all shareholders, totaling **49.365 million Yuan**, representing **79.25%** of the 2025 semi-annual net profit attributable to the parent company[54](index=54&type=chunk) - The company strengthens investor relations management through performance briefings, SSE E-interaction, investor hotlines, and other channels, and strictly fulfills information disclosure obligations[54](index=54&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=19&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers the company's profit distribution plan and environmental information disclosure, highlighting its commitment to corporate governance and social responsibility [Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 3.00 Yuan per 10 shares (tax inclusive), authorized by the 2024 annual general meeting Profit Distribution or Capital Reserve Conversion Items | Distribution or Conversion Item | Amount | | :--- | :--- | | Number of bonus shares per 10 shares (shares) | 0 | | Cash dividend per 10 shares (Yuan) (tax inclusive) | 3.00 | | Number of shares converted from capital reserve per 10 shares (shares) | 0 | - This profit distribution plan falls within the scope authorized by the company's **2024 Annual General Meeting**[57](index=57&type=chunk) - The Board of Supervisors believes the plan is consistent with the company's operating performance and growth, complies with relevant regulations, and is conducive to the company's healthy development[58](index=58&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company is included in the list of enterprises required to disclose environmental information by law and has publicly disclosed its environmental data on the Enterprise Environmental Information Disclosure System (Shandong) - The company is included in the list of enterprises required to disclose environmental information by law, with **1** such enterprise[59](index=59&type=chunk) - The environmental information disclosure report can be found on the Enterprise Environmental Information Disclosure System (Shandong)[60](index=60&type=chunk) [Section V Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the fulfillment of commitments by the company and its related parties, as well as the company's and its controlling shareholders' integrity status [Fulfillment of Commitments](index=21&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) All commitments made by the company, its actual controllers, shareholders, and related parties, including share lock-ups, related party transactions, and stable stock prices, were strictly fulfilled during the reporting period - The actual controllers, shareholders, related parties, and the company itself, as relevant commitment parties, have **strictly fulfilled** all commitments during the reporting period[62](index=62&type=chunk) - Commitment types include share lock-ups, resolution of related party transactions, avoidance of horizontal competition, stock price stabilization, measures to mitigate dilution of immediate returns, restrictive measures for non-fulfillment of commitments, prospectus information disclosure, and participation in social insurance and housing provident funds[62](index=62&type=chunk) - The company's original actual controllers and their close relatives committed not to transfer their shares within **36 months** from the stock listing date, and the reduction price will not be lower than the offering price for two years after the lock-up period expires[63](index=63&type=chunk) - The company's original actual controllers committed to avoid horizontal competition, not directly or indirectly engaging in any business that is the same, similar, or related to the issuer's competitive business[70](index=70&type=chunk) - The company and relevant entities committed to take measures such as share repurchases and增持 (share increases) to stabilize the stock price if it falls below the net asset value per share[72](index=72&type=chunk) - The company and its directors and senior management committed to take measures to mitigate the dilution of immediate returns, including actively implementing fund-raising projects, strengthening fund management, and deepening development strategies[77](index=77&type=chunk)[79](index=79&type=chunk) [Statement on Integrity Status](index=30&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled court judgments or overdue large debts - The company, its controlling shareholders, and actual controllers maintained **good integrity**[90](index=90&type=chunk) - There were no unfulfilled effective court judgments or large overdue debts during the reporting period[90](index=90&type=chunk) [Section VI Share Changes and Shareholder Information](index=33&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital changes and shareholder structure, including the total number of shareholders and the top ten shareholders [Share Capital Changes](index=33&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) The company's total share capital and share structure remained unchanged during the reporting period - The company's total share capital and share structure remained **unchanged** during the reporting period[95](index=95&type=chunk) [Shareholder Information](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 10,242 common shareholders, with Zhang Guanling holding the largest stake among the top ten shareholders, who include six parties acting in concert Total Number of Common Shareholders at Period-End | Indicator | Quantity | | :--- | :--- | | Total number of common shareholders (households) | 10,242 | Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Zhang Guanling | 22,372,688 | 13.60 | 21,753,242 | Domestic Natural Person | | YUWEI WU | 7,251,080 | 4.41 | 7,251,080 | Domestic Natural Person | | Gao Zelin | 7,239,100 | 4.40 | 6,839,100 | Domestic Natural Person | | Li Guangqing | 7,225,378 | 4.39 | 7,184,378 | Domestic Natural Person | | Jia Hui | 7,051,455 | 4.29 | 7,051,455 | Domestic Natural Person | | Huang Ruihua | 6,966,370 | 4.23 | 6,849,570 | Domestic Natural Person | | Shandong Haige Investment Management Co., Ltd. - Jinan Minyun Jiahua Equity Investment Fund Partnership (Limited Partnership) | 6,188,600 | 3.76 | 0 | Domestic Non-State-Owned Legal Person | | Zhang Xiaowei | 6,097,500 | 3.71 | 6,097,500 | Domestic Natural Person | | Meng Haidong | 4,480,000 | 2.72 | 0 | Domestic Natural Person | | Shao Jincai | 4,000,000 | 2.43 | 0 | Domestic Natural Person | - Zhang Guanling and YUWEI WU are mother and son; Zhang Guanling, Li Guangqing, Jia Hui, Huang Ruihua, Gao Zelin, and Zhang Xiaowei are **six parties acting in concert**[99](index=99&type=chunk) - The shares held by the top ten restricted shareholders are all **initial public offering (IPO) restricted shares**, which will become tradable on **September 9, 2025**[101](index=101&type=chunk) [Section VII Bond-Related Information](index=36&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period [Convertible Corporate Bonds](index=36&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 had no convertible corporate bonds during the reporting period [Section VIII Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section includes the audit report, comprehensive financial statements, company basic information, accounting policies, taxation details, and notes to the consolidated financial statements [Audit Report](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is **unaudited**[5](index=5&type=chunk) [Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - The consolidated balance sheet shows total assets of **1,365,825,167.71 Yuan**, total liabilities of **244,390,508.38 Yuan**, and owners' equity attributable to the parent company of **1,121,434,659.33 Yuan**[108](index=108&type=chunk) - The consolidated income statement shows operating revenue of **681,108,089.56 Yuan** and net profit of **62,291,239.70 Yuan** for the current period[115](index=115&type=chunk)[117](index=117&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **4,060,940.47 Yuan**, net cash flow from investing activities of **-35,786,101.80 Yuan**, and net cash flow from financing activities of **-41,652,944.43 Yuan**[123](index=123&type=chunk) [Consolidated Balance Sheet](index=37&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were 1.366 billion Yuan, total liabilities were 244.39 million Yuan, and owners' equity attributable to the parent company was 1.121 billion Yuan Consolidated Balance Sheet Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 75,316,348.17 | 147,277,481.35 | | Notes Receivable | 7,854,340.00 | 3,245,200.00 | | Prepayments | 8,791,855.19 | 1,118,063.63 | | Other Receivables | 25,836,966.83 | 14,271,707.23 | | Inventories | 227,232,665.34 | 225,498,541.32 | | Total Current Assets | 503,304,817.77 | 540,749,473.77 | | Fixed Assets | 720,760,870.85 | 750,772,714.60 | | Construction in Progress | 377,433.63 | - | | Intangible Assets | 102,755,896.93 | 103,948,012.39 | | Total Non-Current Assets | 862,520,349.94 | 891,327,337.31 | | Total Assets | 1,365,825,167.71 | 1,432,076,811.08 | | Short-Term Borrowings | - | 25,000,000.00 | | Notes Payable | - | 50,000,000.00 | | Accounts Payable | 90,135,897.66 | 120,750,814.27 | | Employee Benefits Payable | 6,384,997.26 | 13,453,672.58 | | Total Current Liabilities | 177,154,884.41 | 290,309,305.70 | | Total Liabilities | 244,390,508.38 | 356,758,966.27 | | Total Owners' Equity Attributable to Parent Company | 1,121,434,659.33 | 1,075,317,844.81 | [Parent Company Balance Sheet](index=39&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, parent company total assets were 1.242 billion Yuan, total liabilities were 191.07 million Yuan, and owners' equity was 1.051 billion Yuan Parent Company Balance Sheet Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 73,817,228.62 | 112,252,229.20 | | Accounts Receivable | 76,732,077.13 | 69,677,970.01 | | Prepayments | 12,092,402.11 | 43,162,397.02 | | Other Receivables | 160,051,327.17 | 160,419,809.15 | | Inventories | 217,000,824.99 | 207,603,697.65 | | Total Current Assets | 591,006,766.21 | 640,508,318.00 | | Fixed Assets | 505,515,992.33 | 530,966,211.20 | | Long-Term Equity Investments | 21,000,000.00 | 21,000,000.00 | | Total Assets | 1,241,855,837.33 | 1,316,292,136.98 | | Short-Term Borrowings | - | 25,000,000.00 | | Notes Payable | - | 50,000,000.00 | | Accounts Payable | 85,443,283.02 | 113,643,579.53 | | Total Current Liabilities | 123,833,198.57 | 228,178,051.15 | | Total Liabilities | 191,068,822.54 | 294,627,711.72 | | Total Owners' Equity | 1,050,787,014.79 | 1,021,664,425.26 | [Consolidated Income Statement](index=41&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, consolidated operating revenue was 681.11 million Yuan, a 12.86% decrease, while total profit increased by 8.43% to 82.18 million Yuan, and net profit increased by 7.79% to 62.29 million Yuan Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 681,108,089.56 | 781,617,613.30 | | Total Operating Cost | 599,063,166.29 | 703,949,100.37 | | Total Profit | 82,181,403.20 | 75,794,485.90 | | Net Profit | 62,291,239.70 | 57,786,824.19 | | Net Profit Attributable to Parent Company Shareholders | 62,291,239.70 | 57,786,824.19 | | Basic Earnings Per Share (Yuan/share) | 0.38 | 0.35 | | Diluted Earnings Per Share (Yuan/share) | 0.38 | 0.35 | [Parent Company Income Statement](index=43&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, parent company operating revenue was 632.27 million Yuan, a 11.97% decrease, while total profit increased by 5.88% to 59.14 million Yuan, and net profit increased by 5.30% to 45.58 million Yuan Parent Company Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 632,272,336.78 | 718,256,596.74 | | Operating Cost | 556,583,609.52 | 646,511,264.08 | | Total Profit | 59,142,885.69 | 55,858,061.15 | | Net Profit | 45,577,589.53 | 43,294,543.11 | [Consolidated Cash Flow Statement](index=45&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, net cash flow from operating activities was 4.06 million Yuan, a significant 92.51% decrease, with net cash outflows from investing and financing activities Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 765,736,391.52 | 839,459,903.86 | | Subtotal of Cash Outflows from Operating Activities | 761,675,451.05 | 785,228,804.55 | | Net Cash Flow from Operating Activities | 4,060,940.47 | 54,231,099.31 | | Net Cash Flow from Investing Activities | -35,786,101.80 | -105,240,823.61 | | Net Cash Flow from Financing Activities | -41,652,944.43 | -78,324,094.85 | | Net Increase in Cash and Cash Equivalents | -71,961,133.18 | -125,484,515.07 | | Cash and Cash Equivalents at Period-End | 75,316,348.17 | 180,638,176.16 | [Parent Company Cash Flow Statement](index=46&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, net cash flow from operating activities was 33.49 million Yuan, a 34.93% decrease, with net cash outflows from investing and financing activities Parent Company Cash Flow Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 33,490,871.29 | 51,546,307.91 | | Net Cash Flow from Investing Activities | -31,384,267.13 | -97,392,771.52 | | Net Cash Flow from Financing Activities | -41,652,944.43 | -68,177,328.19 | | Net Increase in Cash and Cash Equivalents | -38,435,000.58 | -111,312,669.14 | | Cash and Cash Equivalents at Period-End | 73,817,228.62 | 175,446,410.14 | [Consolidated Statement of Changes in Owners' Equity](index=48&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, consolidated owners' equity increased by 46.12 million Yuan, primarily from comprehensive income of 62.29 million Yuan and a 16.46 million Yuan reduction from profit distribution Consolidated Statement of Changes in Owners' Equity Key Data | Item | Beginning Balance of 2025 Semi-Annual (Yuan) | Change Amount for Current Period (Yuan) | Ending Balance of 2025 Semi-Annual (Yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 164,550,000.00 | 0 | 164,550,000.00 | | Capital Reserve | 358,889,045.78 | 0 | 358,889,045.78 | | Special Reserves | 7,701,498.17 | 280,574.82 | 7,982,072.99 | | Surplus Reserve | 81,395,499.49 | 0 | 81,395,499.49 | | Retained Earnings | 462,781,801.37 | 45,836,239.70 | 508,618,041.07 | | Total Owners' Equity Attributable to Parent Company | 1,075,317,844.81 | 46,116,814.52 | 1,121,434,659.33 | - Total comprehensive income for the current period was **62,291,239.70 Yuan**, and profit distribution decreased by **16,455,000.00 Yuan**[128](index=128&type=chunk)[129](index=129&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=52&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, parent company owners' equity increased by 29.12 million Yuan, primarily from comprehensive income of 45.58 million Yuan and a 16.46 million Yuan reduction from profit distribution Parent Company Statement of Changes in Owners' Equity Key Data | Item | Beginning Balance of 2025 Semi-Annual (Yuan) | Change Amount for Current Period (Yuan) | Ending Balance of 2025 Semi-Annual (Yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 164,550,000.00 | 0 | 164,550,000.00 | | Capital Reserve | 358,889,045.78 | 0 | 358,889,045.78 | | Surplus Reserve | 81,395,499.49 | 0 | 81,395,499.49 | | Retained Earnings | 416,829,879.99 | 29,122,589.53 | 445,952,469.52 | | Total Owners' Equity | 1,021,664,425.26 | 29,122,589.53 | 1,050,787,014.79 | - Total comprehensive income for the current period was **45,577,589.53 Yuan**, and profit distribution decreased by **16,455,000.00 Yuan**[135](index=135&type=chunk) [Company Basic Information](index=56&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) Shandong Jiahua Biotechnology Co., Ltd., formerly Shandong Ahua Health Products Co., Ltd., was restructured in 2009 and listed on the Shanghai Stock Exchange on September 9, 2022, operating in the agricultural and sideline food processing industry - The company, formerly Shandong Ahua Health Products Co., Ltd., was restructured into a joint-stock company in **2009** and listed on the Shanghai Stock Exchange on **September 9, 2022**[138](index=138&type=chunk) - The company's registered capital is **164.55 million Yuan**, with a total of **164.55 million shares**, including **71.4713 million restricted A-shares** and **93.0787 million unrestricted A-shares**[138](index=138&type=chunk) - Its main business activities involve the R&D, production, and sales of soy protein, soybean oil, soy dietary fiber, and low-temperature edible soybean meal[139](index=139&type=chunk) - The consolidated financial statement scope for this period includes three subsidiaries: Qingdao Sinoglory Import and Export Co., Ltd., Shenxian Jiahua Energy Co., Ltd., and Liaocheng Zhongjia International Trade Co., Ltd.[139](index=139&type=chunk) [Basis of Financial Statement Preparation](index=56&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months from the end of the reporting period - The company's financial statements are prepared on a **going concern basis**[140](index=140&type=chunk) - There are no events or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the **12 months** from the end of the reporting period[141](index=141&type=chunk) [Significant Accounting Policies and Estimates](index=56&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) The company has established specific accounting policies and estimates for various transactions, including impairment, inventory, fixed assets, and revenue recognition, and adopted new accounting standards with no financial impact - The company has formulated specific accounting policies and estimates for transactions and events such as impairment losses, inventories, depreciation of fixed assets, construction in progress, intangible assets, and revenue recognition, based on its actual production and operating characteristics[142](index=142&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar, and its functional currency is the **Renminbi**[144](index=144&type=chunk)[146](index=146&type=chunk) - The company's operating cycle is short, using **12 months** as the standard for classifying assets and liabilities as current or non-current[145](index=145&type=chunk) - The company implemented new accounting policies, including "Interpretation No. 17" and "Interpretation No. 18" of Enterprise Accounting Standards issued by the Ministry of Finance, effective January 1, 2024, but these changes have no impact on the company's financial statements[216](index=216&type=chunk) [Statement of Compliance with Enterprise Accounting Standards](index=56&type=section&id=1%E3%80%81%E9%81%B5%E5%BE%AA%E4%BC%81%E4%B8%9A%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E7%9A%84%E5%A3%B0%E6%98%8E) The company declares that its financial statements comply with Enterprise Accounting Standards, accurately reflecting its financial position, operating results, changes in shareholders' equity, and cash flows - The company's financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting its financial position, operating results, changes in shareholders' equity, and cash flows[143](index=143&type=chunk) [Methods and Basis for Determining Materiality Standards](index=57&type=section&id=5%E3%80%81%E9%87%8D%E8%A6%81%E6%80%A7%E6%A0%87%E5%87%86%E7%A1%AE%E5%AE%9A%E6%96%B9%E6%B3%95%E5%92%8C%E9%80%89%E6%8B%A9%E4%BE%9D%E6%8D%AE) The company has set materiality thresholds for various financial indicators, such as accounts receivable exceeding 0.5% of total assets for individual bad debt provisions, to guide financial reporting disclosures Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individually assessed accounts receivable for bad debt provision | Single amount exceeds 0.5% of total assets | | Significant individually assessed other receivables for bad debt provision | Single amount exceeds 0.5% of total assets | | Significant prepayments overdue by more than 1 year | Single amount exceeds 0.5% of total assets | | Significant construction in progress projects | Single project investment total exceeds 0.5% of total assets | | Significant accounts payable overdue by more than 1 year | Single amount exceeds 0.5% of total assets | | Significant other payables overdue by more than 1 year | Single amount exceeds 0.5% of total assets | | Significant contract liabilities overdue by more than 1 year | Single amount exceeds 0.5% of total assets | | Significant cash flows from investing activities | Single amount exceeds 5% of total assets | | Significant subsidiaries | Total profit exceeds 15% of the group's total profit | [Financial Instruments](index=58&type=section&id=11%E3%80%81%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7) The company classifies financial instruments into three categories based on measurement, applies impairment based on expected credit losses using a three-stage model or simplified method, and follows relevant accounting standards for recognition and measurement - Financial assets are classified at initial recognition into those measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[153](index=153&type=chunk) - The company performs impairment assessments for financial assets measured at amortized cost and debt instrument investments measured at fair value through other comprehensive income, based on expected credit losses[158](index=158&type=chunk) - For lease receivables, accounts receivable, and contract assets, the company applies a simplified measurement approach, measuring loss allowances at an amount equal to the lifetime expected credit losses[159](index=159&type=chunk) Accounts Receivable - Aging Portfolio and Lifetime Expected Credit Loss Rate Comparison Table | Aging | Expected Credit Loss Rate (%) | | :--- | :--- | | Within 1 year (inclusive) | 5.00 | | 1-2 years | 10.00 | | 2-3 years | 20.00 | | 3-4 years | 50.00 | | 4-5 years | 80.00 | | Over 5 years | 100.00 | [Fixed Assets](index=66&type=section&id=21%E3%80%81%E5%9B%BA%E5%AE%9A%E8%B5%84%E4%BA%A7) Fixed assets are initially measured at cost and depreciated using the straight-line method over their useful lives, with specific depreciation rates, useful lives, and residual value rates defined for each category - Fixed assets are tangible assets held for the production of goods, provision of services, rental, or for operational and administrative purposes, with a useful life exceeding one accounting year[182](index=182&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Useful Life (Years) | Residual Value Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 20 | 3% | 4.85% | | Machinery and Equipment | Straight-line method | 10-20 | 3% | 4.85-9.70% | | Transportation Vehicles | Straight-line method | 4 | 3% | 24.25% | | Electronic Equipment | Straight-line method | 3 | 3% | 32.33% | | Tools and Appliances | Straight-line method | 5 | 3% | 19.40% | [Intangible Assets](index=68&type=section&id=26%E3%80%81%E6%97%A0%E5%BD%A2%E8%B5%84%E4%BA%A7) Intangible assets primarily include land use rights, which are initially measured at cost and amortized using the straight-line method over their useful lives, with R&D expenditures expensed or capitalized based on development stage criteria - Intangible assets, including land use rights, are initially measured at cost and amortized using the straight-line method[189](index=189&type=chunk) Intangible Asset Amortization Methods | Item | Useful Life and Basis for Determination | Amortization Method | | :--- | :--- | :--- | | Land Use Rights | 50 years; term of property rights | Straight-line method | - R&D expenditures are categorized into personnel costs, direct input costs, depreciation costs, intangible asset amortization costs, design costs, and other costs[190](index=190&type=chunk)[192](index=192&type=chunk) - Expenditures in the research phase of internal R&D projects are recognized in current profit or loss, while development phase expenditures are recognized as intangible assets if they meet conditions such as technical feasibility, intention to use or sell, generation of economic benefits, resource support, and reliable measurement[193](index=193&type=chunk) [Revenue Recognition and Measurement](index=71&type=section&id=34%E3%80%81%E6%94%B6%E5%85%A5) The company recognizes revenue when performance obligations are satisfied, either over time or at a point in time when the customer obtains control of goods or services, and measures revenue based on the transaction price allocated to each obligation - Revenue Recognition Principle: Performance obligations are assessed at the contract inception date to determine if they are satisfied over time or at a point in time[203](index=203&type=chunk) - For performance obligations satisfied at a point in time, revenue is recognized when the customer obtains control of the related goods or services[203](index=203&type=chunk) - Revenue Measurement Principle: Revenue is measured at the transaction price allocated to each distinct performance obligation, considering variable consideration and significant financing components[204](index=204&type=chunk)[205](index=205&type=chunk) - Specific Methods: Domestic sales revenue is recognized when products are delivered to the agreed location and accepted by the customer; export sales revenue is recognized upon customs declaration, obtaining bills of lading, and receiving payment or the right to receive payment[205](index=205&type=chunk) [Other Significant Accounting Policies and Estimates](index=75&type=section&id=39%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E7%9A%84%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%92%8C%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company extracts and uses safety production expenses in accordance with regulations, recognizing them in product costs or current profit/loss and special reserves, and determines operating segments based on internal management structures - Safety Production Expenses: Extracted and used in accordance with the "Administrative Measures for the Extraction and Use of Enterprise Safety Production Expenses," recognized in relevant product costs or current profit or loss, and simultaneously recorded in the "Special Reserves" account[215](index=215&type=chunk) - Segment Reporting: Operating segments are determined based on internal organizational structure, management requirements, and internal reporting systems[215](index=215&type=chunk) [Changes in Significant Accounting Policies and Estimates](index=75&type=section&id=40%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%92%8C%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1%E7%9A%84%E5%8F%98%E6%9B%B4) The company adopted new accounting policies, including "Interpretation No. 17" and "Interpretation No. 18" of Enterprise Accounting Standards, effective January 1, 2024, with no impact on its financial statements - The company implemented "Interpretation No. 17" and "Interpretation No. 18" of Enterprise Accounting Standards issued by the Ministry of Finance, effective **January 1, 2024**[216](index=216&type=chunk) - These changes in accounting policies have **no impact** on the company's financial statements[216](index=216&type=chunk) [Taxation](index=76&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, property tax, urban maintenance and construction tax, education surcharges, and corporate income tax, with certain subsidiaries enjoying preferential tax policies Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%; export goods are subject to "exemption, offset, and refund" policy, with a refund rate of 13% | | Property Tax | 1.2% of the original value of property after a one-time deduction of 30% | 1.2% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Corporate Income Tax | Taxable income | 25%, 20% | - Qingdao Sinoglory Import and Export Co., Ltd. qualifies as a small-profit enterprise and pays corporate income tax at a **20%** rate[221](index=221&type=chunk) - Shenxian Jiahua Energy Co., Ltd. meets relevant conditions and enjoys preferential environmental protection tax reductions and exemptions[221](index=221&type=chunk) [Notes to Consolidated Financial Statement Items](index=77&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed disclosures of consolidated financial statement items, including cash and cash equivalents, receivables, inventories, fixed assets, and liabilities, with explanations for significant changes - Cash and cash equivalents at period-end were **75.32 million Yuan**, a **48.86%** decrease from the beginning of the period, primarily due to repayment of borrowings and settlement of bank acceptance bills[223](index=223&type=chunk)[43](index=43&type=chunk) - Notes receivable at period-end were **7.85 million Yuan**, a **142.03%** increase from the beginning of the period, primarily due to increased settlement via bank acceptance bills[225](index=225&type=chunk)[43](index=43&type=chunk) - Accounts receivable at period-end had a carrying value of **92.33 million Yuan**, with a bad debt provision rate of **6.26%**[233](index=233&type=chunk) - Inventories at period-end had a carrying value of **227.23 million Yuan**, with an inventory impairment provision of **466,400 Yuan**[260](index=260&type=chunk)[262](index=262&type=chunk) - Fixed assets at period-end had a carrying value of **720.76 million Yuan**, with accumulated depreciation of **277.99 million Yuan**[277](index=277&type=chunk) - Short-term borrowings and notes payable at period-end were both **0**, a significant decrease from the beginning of the period, primarily due to repayment of borrowings and settlement of matured notes during the reporting period[293](index=293&type=chunk)[294](index=294&type=chunk)[43](index=43&type=chunk) [Research and Development Expenses](index=123&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) In the first half of 2025, total R&D expenses were 4.99 million Yuan, an 8.11% decrease from the prior year, primarily comprising personnel, material, and steam costs, with all expenditures expensed R&D Expense Details | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Personnel Costs | 1,918,887.59 | 2,377,833.44 | | Material Costs | 1,856,398.17 | 1,742,103.24 | | Steam Costs | 464,587.00 | 707,966.26 | | Depreciation Costs | 308,997.73 | 297,380.31 | | Spare Par