证券代码：603188 证券简称：亚邦股份 公告编号：2025-039 江苏亚邦染料股份有限公司于 2025 年 8 月 8 日在江苏省产权交易所平台 公开挂牌转让持有的连云港市亚染住房租赁有限公司 100%股权，挂牌底价为 7187.69 万元。该价格为截至 2025 年 6 月 30 日连云港市亚染住房租赁有限公司 股东全部权益价值的评估值，并经国有资产监督管理机构备案确认。2025 年 9 月 15 日，根据江苏省产权交易所出具的成交确认书，确认江苏敬业钢铁有限责 任公司为本次股权转让的受让方，成交价为 7187.69 万元。同日，公司与敬业钢 铁签署了产权交易合同。 本次交易不构成关联交易。 本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组事项。 本次交易已经公司第七届董事会第十五次会议审议通过，无需提交公司 股东大会审议。 一、基本情况 江苏亚邦染料股份有限公司 关于公开挂牌转让子公司股权的进展公告 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个别及连带责任。 重要内容提示： 江苏亚邦染料股份有限公司（以下 ...

财通证券股份有限公司 关于 江苏亚邦染料股份有限公司 详式权益变动报告书 之 2025 年半年度 持续督导意见 财务顾问 二零二五年九月 财务顾问声明 | | | 释 义 在本持续督导意见中，除另有说明外，下列词语或简称具有如下特定含义： | 《详式权益变动报告书》 | 指 | 《江苏亚邦染料股份有限公司详式权益变动报告书》 | | | --- | --- | --- | --- | | 持续督导意见、本持续督 | 指 | 财通证券股份有限公司关于江苏亚邦染料股份有限公司详 | | | 导意见 | | 式权益变动报告书之 2025 年半年度持续督导意见 | | | 本持续督导期 | 指 | 2025 年 1 月 1 日至 2025 年 6 月 日 | 30 | | 上市公司、公司、亚邦股 | 指 | 江苏亚邦染料股份有限公司 | | | 份 | | | | | 信息披露义务人、收购 人、国经集团 | 指 | 江苏国经控股集团有限公司 | | | 亚染租赁 | 指 | 连云港市亚染住房租赁有限公司 | | | 亚邦进出口 | 指 | 江苏亚邦进出口有限公司 | | | 亚邦新能源 | 指 | 常州市亚邦新能源有 ...

Group 1 - The core viewpoint of the news is that Yabong Co., Ltd. (603188) reported an increase in revenue but a significant decrease in net profit for the first half of 2025 [1] - The total operating revenue reached 402 million yuan, a year-on-year increase of 9.08%, while the net profit attributable to shareholders was 1.8643 million yuan, a year-on-year decrease of 76.5% [1] - In Q2, the operating revenue was 228 million yuan, up 20.9% year-on-year, but the net profit attributable to shareholders was -1.3204 million yuan, a year-on-year decline of 257.08% [1] Group 2 - The gross profit margin was 14.52%, an increase of 12.83% year-on-year, while the net profit margin was 0.26%, a decrease of 88.57% year-on-year [1] - Total sales, management, and financial expenses amounted to 50.2914 million yuan, accounting for 12.51% of revenue, a year-on-year decrease of 8.05% [1] - The company reported a net asset per share of 1.31 yuan, down 26.63% year-on-year, and an operating cash flow per share of -0.06 yuan, a decrease of 566.92% year-on-year [1] Group 3 - The historical financial performance indicates a median ROIC of -5.85% over the past decade, with the worst year being 2022 at -34.07% [2] - The company has reported losses in 6 out of the 10 years since its IPO, suggesting poor investment attractiveness [2] - The cash flow situation is concerning, with a cash and cash equivalents to current liabilities ratio of only 0.54% and a three-year average operating cash flow to current liabilities ratio of -30.59% [2]

Core Viewpoint - Jiangsu Yabang Dyeing Co., Ltd. reported a significant decline in net profit for the first half of 2025, with a 76.50% decrease compared to the same period last year, despite a 9.08% increase in revenue, indicating challenges in cost management and market conditions [2][4]. Company Overview and Financial Indicators - The company achieved a revenue of 402.13 million yuan, up from 368.67 million yuan in the previous year [2][9]. - Total profit for the period was 3.46 million yuan, a decrease of 72.95% from 12.80 million yuan [2][4]. - The net profit attributable to shareholders was 1.86 million yuan, down from 7.93 million yuan, reflecting a significant decline in profitability [2][4]. - The net cash flow from operating activities was -32.46 million yuan, compared to -4.87 million yuan in the previous year, indicating increased cash outflows [2][4]. - Total assets increased by 4.56% to 1.57 billion yuan, while net assets attributable to shareholders rose slightly by 0.23% to 748.59 million yuan [2][4]. Industry Analysis - The dye industry in China is characterized by high concentration, with the country being the largest producer and consumer of dyes globally, accounting for approximately 70% of the world's total dye production [3][4]. - The textile printing and dyeing industry in China has shown slight growth in production and value, but overall market demand remains weak due to slowing income growth and consumption fatigue [3][4]. - The agricultural chemical industry is facing challenges such as strict regulations and intense market competition, leading to a significant price competition that compresses profit margins [3][4]. - The company is focusing on innovation and efficiency improvements to navigate the competitive landscape and enhance profitability [3][4][7]. Operational Highlights - The company has implemented a comprehensive management structure to improve operational efficiency and adapt to market changes [4][5]. - Emphasis on cost control and budget management has been prioritized to enhance operational quality and profitability [5][6]. - The company is actively optimizing its asset structure to improve risk resistance and resource allocation [5][6]. Competitive Advantages - The company has established a complete industrial chain from raw materials to finished products, which enhances production control and cost management [6][7]. - The "Yabang" brand has gained recognition in the industry, supported by a strong quality control system and comprehensive after-sales service [6][7]. - Continuous investment in research and development has positioned the company at the forefront of technological innovation in the dye industry [7][8].

Core Points - Jiangsu Yabang Dyeing Co., Ltd. reported a total asset of approximately 1.57 billion RMB at the end of the reporting period, reflecting a 4.56% increase compared to the previous year [1] - The company's operating income for the reporting period was approximately 402.13 million RMB, representing a 9.08% increase year-on-year [1] - However, the total profit decreased significantly by 72.95%, amounting to approximately 3.46 million RMB compared to 12.80 million RMB in the same period last year [1] - The net profit attributable to shareholders of the listed company was approximately 519.66 thousand RMB, a substantial recovery from a loss of approximately 2.95 million RMB in the previous year [1] - The net cash flow from operating activities was negative, amounting to approximately -32.46 million RMB, which is a significant decline of 566.92% compared to the previous year [1] Company Overview - The company is listed on the Shanghai Stock Exchange under the stock code 603188, with the stock name "Yabang Shares" [1] - The total number of shareholders at the end of the reporting period was 25,553 [1][2] - The largest shareholder, Jiangsu Guojing Holdings Group, holds 29.64% of the shares, amounting to 169 million shares [2] Financial Performance - The company's total assets increased from approximately 1.51 billion RMB to 1.57 billion RMB [1] - The operating income rose from approximately 368.67 million RMB to 402.13 million RMB [1] - The total profit dropped from approximately 12.80 million RMB to 3.46 million RMB [1] - The net profit attributable to shareholders improved from a loss of approximately 2.95 million RMB to a profit of approximately 519.66 thousand RMB [1] - The negative cash flow from operating activities increased from approximately -4.87 million RMB to -32.46 million RMB [1]

公司摊薄每股收益为0.00元，在已披露的同业公司中排名第140，较去年同报告期摊薄每股收益减少0.01元，同比较去年同期下降76.26%。 2025年8月29日，亚邦股份(603188.SH)发布2025年中报。 公司最新总资产周转率为0.26次，在已披露的同业公司中排名第67，较去年同期总资产周转率增加0.08次，同比较去年同期上涨44.71%。最新存货周转率为 1.44次，在已披露的同业公司中排名第133，较去年同期存货周转率增加0.19次，同比较去年同期上涨14.88%。 公司营业总收入为4.02亿元，在已披露的同业公司中排名第116，较去年同报告期营业总收入增加3345.97万元，同比较去年同期上涨9.08%。归母净利润为 186.43万元，在已披露的同业公司中排名第140，较去年同报告期归母净利润减少607.06万元，同比较去年同期下降76.50%。经营活动现金净流入为-3245.67 万元，在已披露的同业公司中排名第148，较去年同报告期经营活动现金净流入减少2759.00万元。 公司股东户数为2.56万户，前十大股东持股数量为2.16亿股，占总股本比例为37.82%，前十大股东持股情况如下： | ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section clarifies the specific definitions of key terms used throughout the report - In this report, "the Company," "our Company," "the listed company," "the joint-stock company," "Yabang Dye," and "Yabang Stock" all refer to Jiangsu Yabang Dyestuff Co, Ltd[11](index=11&type=chunk) - "Guojing Group" refers to Jiangsu Guojing Holding Group Co, Ltd, and "Wujin District SASAO" refers to the State-owned (Collective) Assets Supervision and Administration Office of Wujin District, Changzhou City[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=4&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) [Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) The company's Chinese name is Jiangsu Yabang Dyestuff Co, Ltd, abbreviated as Yabang Stock, with Lu Jianping as the legal representative - The company's Chinese name is Jiangsu Yabang Dyestuff Co, Ltd, with the Chinese abbreviation Yabang Stock[13](index=13&type=chunk) - The company's legal representative is Lu Jianping[13](index=13&type=chunk) [Contact Persons and Methods](index=4&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) The company's Board Secretary is Qian Gang and the Securities Affairs Representative is Zhang Lina, both located at Building 11, No 9 Caoxi Road, Niutang Town, Wujin District, Changzhou City, Jiangsu Province - The Board Secretary is Qian Gang, and the Securities Affairs Representative is Zhang Lina[14](index=14&type=chunk) - The contact address is Building 11, No 9 Caoxi Road, Niutang Town, Wujin District, Changzhou City, Jiangsu Province, with the telephone number 0519-88316008[14](index=14&type=chunk) [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 has been changed to Building 11, No 9 Caoxi Road, Niutang Town, Wujin District, Changzhou City, Jiangsu Province - The company's registered address has been changed to Building 11, No 9 Caoxi Road, Niutang Town, Wujin District, Changzhou City, Jiangsu Province[15](index=15&type=chunk) - The company's website is www.yabangdyes.com, and the email address is 603188@yabangdyes.com[15](index=15&type=chunk) [Changes in Information Disclosure and Document Location](index=5&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 discloses information in designated newspapers, on the Shanghai Stock Exchange website, and maintains its semi-annual report at the company's securities department - The designated newspapers for information disclosure are China Securities Journal, Shanghai Securities News, and Securities Times[16](index=16&type=chunk) - The semi-annual report is published on http://www.sse.com.cn and is available at the company's securities department[16](index=16&type=chunk) [Company Stock Profile](index=5&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 on the Shanghai Stock Exchange under the stock name Yabang Stock and stock code 603188 - The company's stock type is A-share, listed on the Shanghai Stock Exchange[17](index=17&type=chunk) - The stock name is Yabang Stock, and the stock code is 603188[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=5&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 H1 2025, revenue grew 9.08% YoY, but total profit and net profit attributable to shareholders fell 72.95% and 76.50% respectively, while net profit excluding non-recurring items turned positive with a 117.61% YoY increase, and net operating cash flow significantly worsened, dropping 566.92% [(I) Key Accounting Data](index=5&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 402,132,111.00 | 368,672,390.91 | 9.08 | | Total Profit (CNY) | 3,462,935.64 | 12,800,106.49 | -72.95 | | Net Profit Attributable to Shareholders (CNY) | 1,864,329.53 | 7,934,918.11 | -76.50 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | 519,657.68 | -2,950,385.38 | 117.61 | | Net Cash Flow from Operating Activities (CNY) | -32,456,665.27 | -4,866,654.84 | -566.92 | | Net Assets Attributable to Shareholders (End of Period) (CNY) | 748,586,966.66 | 746,834,333.81 | 0.23 | | Total Assets (End of Period) (CNY) | 1,573,758,793.53 | 1,505,116,858.24 | 4.56 | [(II) Key Financial Indicators](index=5&type=section&id=(%E4%BA%8C)%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Same Period Last Year | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/Share) | 0.0033 | 0.0139 | -76.50 | | Diluted Earnings Per Share (CNY/Share) | 0.0033 | 0.0139 | -76.50 | | Basic EPS (Excluding Non-recurring Items) (CNY/Share) | 0.0009 | -0.0052 | 117.61 | | Weighted Average Return on Equity (%) | 0.25 | 0.86 | Decrease of 0.61 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 0.07 | -0.32 | Increase of 0.39 percentage points | [Non-recurring Profit and Loss Items and Amounts](index=6&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) During the reporting period, the company's total non-recurring profit and loss amounted to CNY 1,344,671.85, primarily from government grants, debt restructuring gains, and other non-operating income and expenses Non-recurring Profit and Loss Items for H1 2025 | Non-recurring Profit and Loss Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -21,601.11 | | Government Grants Recognized in Current Profit or Loss | 907,448.98 | | Gains/Losses from Debt Restructuring | 1,433,677.55 | | Other Non-operating Income and Expenses | -1,126,493.37 | | Other Items Meeting the Definition of Non-recurring P&L | 85,120.97 | | Less: Income Tax Impact | -84,652.11 | | Minority Interest Impact (After Tax) | 18,133.28 | | **Total** | **1,344,671.85** | [Management Discussion and Analysis](index=7&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) [Industry and Main Business Overview](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business is the production, sales, and service of dyes and pesticides, featuring a vertically integrated industry chain, but faces challenges from economic slowdown, weak demand, low prices, and rising costs, with its pesticide business currently suspended [Dye Industry](index=7&type=section&id=%E6%9F%93%E6%96%99%E8%A1%8C%E4%B8%9A) - China is the world's largest producer and consumer of dyes, accounting for about **70% of global production**, with a high degree of industry concentration[24](index=24&type=chunk) - Since 2025, the global economy has been weak, domestic demand insufficient, and consumption sluggish, keeping dye prices at historic lows and putting immense cost pressure on printing and dyeing enterprises[24](index=24&type=chunk)[25](index=25&type=chunk) - The company will maintain its strategic focus, strengthen its main business through innovation, promote product development and technological advancement, actively explore external markets, and enhance operational efficiency and profitability[25](index=25&type=chunk) [Pesticide Industry](index=8&type=section&id=%E5%86%9C%E8%8D%AF%E8%A1%8C%E4%B8%9A) - China's pesticide industry has become a major global manufacturing hub but faces challenges such as stricter regulations, overcapacity, and intense price competition[25](index=25&type=chunk) - In H1 2025, the number of low-toxicity pesticide products continued to increase, with green and safe products becoming a key development trend[25](index=25&type=chunk) - The company's pesticide business is **currently suspended** due to market and regulatory factors, making it incomparable with industry peers[25](index=25&type=chunk) [Discussion and Analysis of Operations](index=8&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 H1 2025, despite a complex economic environment, the company achieved a 9.08% YoY increase in total operating revenue and a 117.61% YoY increase in net profit excluding non-recurring items through strategic measures - In H1 2025, the company achieved a **total operating revenue of CNY 402.13 million**, a YoY increase of 9.08%, and a net profit attributable to shareholders excluding non-recurring items of CNY 0.52 million, a YoY increase of 117.61%[26](index=26&type=chunk) - The company integrated Party building with corporate governance, re-establishing Party branches to ensure the Party committee's leadership role in setting direction, managing the overall situation, and ensuring implementation[26](index=26&type=chunk)[27](index=27&type=chunk) - The company optimized its organizational structure, clarified departmental responsibilities, and strengthened internal management mechanisms to improve operational efficiency and management effectiveness[27](index=27&type=chunk) - The company enhanced comprehensive budget management, cost control, production site management, marketing planning, procurement standardization, and financial management to improve business quality and profitability[27](index=27&type=chunk) - The company conducted a comprehensive review of existing assets, disposing of idle and inefficient assets to optimize resource allocation and enhance overall risk resilience[27](index=27&type=chunk) [Analysis of Core Competencies](index=9&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 are rooted in its vertically integrated industry chain, renowned "Yabang" brand, continuous R&D investment, leading safety and environmental management, and the platform advantages brought by state-owned controlling ownership [1. Vertically Integrated Full-Chain Advantage](index=9&type=section&id=1%E3%80%81%E4%BA%A7%E5%93%81%E7%BA%B5%E5%90%91%E4%B8%80%E4%BD%93%E5%8C%96%E7%9A%84%E5%85%A8%E4%BA%A7%E4%B8%9A%E9%93%BE%E4%BC%98%E5%8A%BF) - The company has established a vertically integrated "raw materials - intermediates - finished products" model, forming a complete industrial chain[29](index=29&type=chunk) - The company has the capability to **independently produce key intermediates**, providing significant advantages in production control, quality stability, and cost management[29](index=29&type=chunk) [2. Brand Advantage](index=9&type=section&id=2%E3%80%81%E5%B搧%E7%89%8C%E4%BC%98%E5%8A%BF) - Leveraging years of experience, the company has built the "Yabang" brand for anthraquinone disperse dyes and vat dyes, renowned for strict quality control and professional after-sales service[30](index=30&type=chunk) - The "Yabang" trademark has been recognized as a **"China Well-Known Trademark,"** and its products have been certified as "Famous Brand Products" and "Excellent Brand in the Yangtze River Delta Region"[30](index=30&type=chunk) [3. R&D Advantage](index=10&type=section&id=3%E3%80%81%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) - The company continuously attracts and accumulates industry-leading R&D talent, adhering to a path of technological innovation[30](index=30&type=chunk) - Utilizing platforms like the provincial-level enterprise technology center, the company strengthens R&D investment and collaboration with research institutions to develop new technologies and high-value-added products focused on clean production and a circular economy[30](index=30&type=chunk) [4. Safety and Environmental Advantage](index=10&type=section&id=4%E3%80%81%E5%AE%89%E5%85%A8%E7%8E%AF%E4%BF%9D%E4%BC%98%E5%8A%BF) - The company has comprehensively upgraded its safety and environmental standards, achieving a leading management level in the industry and serving as a drafting unit for national dye industry wastewater treatment standards[31](index=31&type=chunk) - The company focuses on technological advancements in waste acid utilization, waste gas and dust treatment, and wastewater treatment, promoting clean production and advancing automation for high-risk processes[31](index=31&type=chunk) [5. State-owned Platform Advantage](index=10&type=section&id=5%E3%80%81%E5%9B%BD%E8%B5%84%E5%B9%B3%E5%8F%B0%E4%BC%98%E5%8A%BF) - In October 2024, the company's controlling shareholder became Jiangsu Guojing Holding Group Co, Ltd, and the actual controller became the Wujin District SASAO, significantly enhancing its core competitiveness[31](index=31&type=chunk) - Guojing Group leverages its state-owned platform to empower the company in business synergy, financial support, and management standardization, providing strong support for high-quality development[31](index=31&type=chunk) [Key Operating Activities](index=11&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 period, revenue and costs rose due to increased sales, while financial expenses surged from higher borrowings; cash decreased significantly as receivables and inventory grew, and short-term debt and contract liabilities increased, with only one major subsidiary, Jiangsu Yabang Hualle Dyestuff, reporting a profit [(I) Main Business Analysis](index=11&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) Changes in Financial Statement Items | Item | Current Period (CNY) | Same Period Last Year (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 402,132,111.00 | 368,672,390.91 | 9.08 | Product sales recovered | | Operating Costs | 343,760,925.64 | 321,242,006.58 | 7.01 | Product sales recovered | | Selling Expenses | 6,380,206.91 | 6,604,684.77 | -3.40 | Cost-saving measures | | Administrative Expenses | 38,207,916.41 | 41,054,657.49 | -6.93 | Cost-saving measures | | Financial Expenses | 5,703,277.24 | 2,484,080.49 | 129.59 | Increased borrowings | | R&D Expenses | 8,917,096.93 | 9,328,759.42 | -4.41 | R&D work arrangements | | Net Cash Flow from Operating Activities | -32,456,665.27 | -4,866,654.84 | -566.92 | Use of funds to pay accounts payable | | Net Cash Flow from Investing Activities | -6,730,759.42 | 286,175,417.05 | -102.35 | No disposal of subsidiary business this period | | Net Cash Flow from Financing Activities | 35,815,945.96 | -311,535,042.26 | 111.50 | Increased borrowings | [(III) Analysis of Assets and Liabilities](index=11&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) Changes in Assets and Liabilities | Item | Current Period-End Balance (CNY) | % of Total Assets | Prior Year-End Balance (CNY) | % of Total Assets | YoY Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,070,837.71 | 0.20 | 31,476,553.20 | 2.09 | -90.24 | Decrease in restricted cash such as security deposits | | Accounts Receivable | 336,000,481.82 | 21.35 | 286,248,003.28 | 19.02 | 17.38 | Increase in company product sales | | Inventories | 277,764,289.89 | 17.65 | 198,552,970.07 | 13.19 | 39.89 | Stabilized production and restored inventory levels | | Fixed Assets | 636,843,409.88 | 40.47 | 664,925,116.26 | 44.18 | -4.22 | Depreciation and impairment of fixed assets | | Construction in Progress | 77,196,480.75 | 4.91 | 75,653,948.27 | 5.03 | 2.04 | Increased investment in ongoing projects | | Short-term Borrowings | 296,581,367.64 | 18.85 | 153,085,867.04 | 10.17 | 93.74 | Company increased financing | | Contract Liabilities | 10,431,577.45 | 0.66 | 3,127,130.24 | 0.21 | 233.58 | Increase in advance payments received from customers | [(IV) Investment Analysis](index=12&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) - The company had no significant equity investments during this period[36](index=36&type=chunk) Major Non-Equity Investment Projects | Project Name | Project Amount (CNY) | Project Progress | Investment This Year (CNY) | Cumulative Investment (CNY) | Project Return | | :--- | :--- | :--- | :--- | :--- | :--- | | Yabang Energy Acid Production Project | 269,000,000.00 | 50.00% | 237,606.12 | 84,690,356.86 | Project not yet completed | Financial Assets Measured at Fair Value | Asset Class | Opening Balance (CNY) | P&L Impact of FV Change (CNY) | Cumulative FV Change in Equity (CNY) | Impairment This Period (CNY) | Purchases This Period (CNY) | Sales/Redemptions This Period (CNY) | Other Changes (CNY) | Closing Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | 6,662,928.71 | | | | | | -4,893,946.57 | 1,768,982.14 | | Total | 6,662,928.71 | | | | | | -4,893,946.57 | 1,768,982.14 | [(VI) Analysis of Major Subsidiaries and Investees](index=14&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) Operating Performance of Major Subsidiaries | Company Name | Type | Main Business | Registered Capital (CNY 10k) | Total Assets (CNY 10k) | Net Assets (CNY 10k) | Operating Revenue (CNY 10k) | Operating Profit (CNY 10k) | Net Profit (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Yabang Import & Export Co, Ltd | Subsidiary | Import/export of goods and technology | 500.00 | 10,457.21 | 6,855.62 | 15,499.34 | 404.19 | 272.95 | | Jiangsu Yabang Hualle Dyestuff Co, Ltd | Subsidiary | Production/sales of disperse dye intermediates | 25,500.00 | 76,320.49 | 39,024.08 | 36,628.25 | 2,191.02 | 1,917.48 | | Lianyungang Saike Waste Disposal Co, Ltd | Subsidiary | Wastewater and solid waste disposal | 5,500.00 | 8,364.79 | 5,010.40 | 1,512.47 | -364.34 | -378.77 | | Lianyungang Yabang Acid Co, Ltd | Subsidiary | Production/sales of sulfuric acid, etc | 10,900.00 | 9,639.24 | 2,566.28 | - | -168.91 | -168.91 | | Gansu Yabang Energy Technology Co, Ltd | Subsidiary | Engineering, R&D, inorganic acid manufacturing | 10,000.00 | 9,149.15 | 4,574.28 | - | -84.52 | -84.52 | | Jiangsu Daobo Chemical Co, Ltd | Subsidiary | Production/sales of solvent/disperse dyes | 10,000.00 | 7,082.67 | -9,744.90 | 24.27 | -65.11 | -65.11 | | Jiangsu Jiamai Chemical Co, Ltd | Subsidiary | Production/sales of benzoic acid, etc | 14,000.00 | 529.77 | -3,695.22 | - | -11.07 | -10.58 | | Jiangsu Henglong Crop Protection Co, Ltd | Subsidiary | Production/sales of pesticides & intermediates | 22,000.00 | 27,489.55 | -29,894.89 | 0.58 | -64.26 | -64.26 | | Lianyungang Jintun Agrochemical Co, Ltd | Subsidiary | Production/sales of pesticides & intermediates | 12,000.00 | 3,050.18 | -17,475.29 | - | 37.14 | -12.86 | | Ningxia Yadong Chemical Co, Ltd | Subsidiary | Production/sales of pesticides & intermediates | 2,000.00 | 4,386.70 | -5,770.82 | 8.67 | -349.50 | -351.11 | | Lianyungang Yaran Housing Leasing Co, Ltd | Subsidiary | Leasing, consulting, engineering management | 2,000.00 | 4,820.69 | 4,687.25 | 36.82 | -215.93 | -215.93 | [Other Disclosures](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 multiple risks including intensified market competition, stricter environmental standards, rising raw material costs, a complex international trade environment, and macroeconomic and policy changes [(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 faces **market competition risk**, with significant price volatility and profitability affected by industry trends, product mix, capacity utilization, and competition[45](index=45&type=chunk) - The chemical industry faces **stricter safety and environmental regulations**, creating a more challenging external environment and requiring increased investment in safety and environmental technology and facilities[45](index=45&type=chunk) - Fluctuations in international crude oil prices impact raw material costs, and increased environmental protection investments lead to rigid cost growth, exposing the company to the **risk of rising costs**[45](index=45&type=chunk) - The **complex international trade environment**, including rising protectionism, geopolitical conflicts, declining international market demand, and exchange rate volatility, impacts the company's import and export business[46](index=46&type=chunk) - The company's operations are significantly influenced by **macroeconomic trends and industry policies**, requiring close monitoring and strategic adjustments to mitigate risks[47](index=47&type=chunk) [Corporate Governance, Environment, and Society](index=18&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) [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company appointed Shan Bo as Deputy General Manager and Qian Gang as Board Secretary, while Hong Bing resigned from both positions - The company appointed Shan Bo as Deputy General Manager and Qian Gang as Board Secretary[50](index=50&type=chunk) - Hong Bing resigned as Deputy General Manager and Board Secretary[50](index=50&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=18&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 company did not propose any semi-annual profit distribution or capitalization of capital reserve plan - The company's proposed semi-annual profit distribution plan and capitalization of capital reserve plan is "No"[51](index=51&type=chunk) - The number of bonus shares, cash dividends, and capitalization shares per 10 shares are all 0[51](index=51&type=chunk) [Environmental Information of Listed Companies and Major Subsidiaries Included in the List for Mandatory Environmental Information Disclosure](index=18&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 and four of its major subsidiaries have been included in the list for mandatory environmental information disclosure and have published relevant information through their respective local disclosure systems - A total of **4** of the company's enterprises are included in the list for mandatory environmental information disclosure[52](index=52&type=chunk) - These include Jiangsu Yabang Hualle Dyestuff Co, Ltd (Hualle and Yabang campuses), Lianyungang Saike Waste Disposal Co, Ltd, and Ningxia Yadong Chemical Co, Ltd[52](index=52&type=chunk)[53](index=53&type=chunk) - Relevant environmental information can be found on the enterprise environmental information disclosure systems of Jiangsu and Ningxia[52](index=52&type=chunk)[53](index=53&type=chunk) [Significant Matters](index=20&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) [Fulfillment of Commitments](index=20&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) The profit forecast compensation commitment from Henglong Crop's original shareholders was adjusted due to production suspension and is not yet fully fulfilled, while the controlling shareholder Guojing Group has strictly adhered to its commitments to avoid competition and regulate related-party transactions - The profit forecast compensation commitment from Henglong Crop's original shareholders was adjusted due to production suspension, with the commitment period set for 36 months starting from the month after production resumes, targeting net profits of **CNY 141 million, CNY 149 million, and CNY 155 million** respectively[56](index=56&type=chunk)[140](index=140&type=chunk) - The original shareholders of Henglong Crop committed not to engage in businesses similar to the company, Henglong Crop, or Jintun Agrochemical during the performance commitment period, and have strictly complied[56](index=56&type=chunk)[57](index=57&type=chunk) - Jiangsu Guojing Holding Group Co, Ltd has committed to avoiding competition with the listed company and its subsidiaries and to regulating related-party transactions, and has strictly fulfilled these commitments[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [Material Litigation and Arbitration](index=24&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company has filed a lawsuit to recover CNY 86.76 million it paid out due to a defaulted financing lease guarantee for its affiliate, Jiangsu Renxin Environmental Technology Co, Ltd - The company incurred a guarantee payment of **CNY 86.76 million** due to a default on a financing lease for its affiliate, Jiangsu Renxin Environmental Technology Co, Ltd[61](index=61&type=chunk) - On April 18, 2025, the company filed a lawsuit in the People's Court of Wujin District, Changzhou City, to recover the payment of CNY 86,632,470.84 plus interest losses from Renxin Environmental and related parties[61](index=61&type=chunk) - As of now, the court has accepted the case, but no hearing has been scheduled[61](index=61&type=chunk) [Material Contracts and Their Performance](index=26&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the period, guarantees for subsidiaries totaled CNY 64.5 million, with a year-end balance of CNY 138 million, representing 20.04% of net assets, including CNY 13.75 million for entities with asset-liability ratios over 70% [(II) Material Guarantees Performed and Outstanding During the Reporting Period](index=27&type=section&id=(%E4%BA%8C)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) - The total amount of guarantees provided to subsidiaries during the reporting period was **CNY 64.5 million**[66](index=66&type=chunk) - At the end of the reporting period, the total outstanding guarantee balance for subsidiaries was **CNY 138,250,000.00**, accounting for **20.04%** of the company's net assets[66](index=66&type=chunk) - This includes **CNY 13,750,000.00** in debt guarantees for entities with an asset-liability ratio exceeding 70%[66](index=66&type=chunk) [Changes in Share Capital and Shareholders](index=28&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) [Changes in Share Capital](index=28&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 number of shares and share capital structure remained unchanged during the reporting period - During the reporting period, the company's total number of shares and share capital structure did not change[68](index=68&type=chunk) - The company's total share capital is **570,170,000.00** shares[306](index=306&type=chunk) [Shareholders](index=28&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 25,553 common shareholders, with Jiangsu Guojing Holding Group Co, Ltd being the controlling shareholder holding 169 million shares, or 29.64% - As of the end of the reporting period, the total number of common shareholders was **25,553**[69](index=69&type=chunk) - Jiangsu Guojing Holding Group Co, Ltd holds **169,000,000 shares**, representing a **29.64%** stake, and is a state-owned legal entity shareholder[71](index=71&type=chunk) - Among the top ten shareholders, Hang Keda holds 20,541,225 shares, accounting for 3.60%[71](index=71&type=chunk) [Bond-related Matters](index=31&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) - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[76](index=76&type=chunk) - During the reporting period, the company had no convertible corporate bonds[76](index=76&type=chunk) [Financial Report](index=32&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) [Financial Statements](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the consolidated and parent company financial statements as of June 30, 2025, and for the six months then ended, offering a comprehensive view of the company's financial position, operating results, and cash flows [Consolidated Balance Sheet](index=32&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) [Parent Company Balance Sheet](index=34&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) [Consolidated Income Statement](index=36&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) [Parent Company Income Statement](index=38&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) [Consolidated Cash Flow Statement](index=40&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) [Parent Company Cash Flow Statement](index=42&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) [Consolidated Statement of Changes in Equity](index=44&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) [Parent Company Statement of Changes in Equity](index=46&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) [Company's Basic Information](index=49&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) Jiangsu Yabang Dyestuff Co, Ltd, established in 2006 and listed in 2014, became controlled by Jiangsu Guojing Holding Group (29.64% stake) in October 2024, with its main business in dyes and pesticides - The company was established on February 24, 2006, and was listed on the Shanghai Stock Exchange on September 9, 2014[103](index=103&type=chunk) - On October 11, 2024, Jiangsu Guojing Holding Group Co, Ltd acquired **169 million shares**, becoming the controlling shareholder with a **29.64%** stake[104](index=104&type=chunk) - The company's actual controller changed to the State-owned (Collective) Assets Supervision and Administration Office of Wujin District, Changzhou City[104](index=104&type=chunk) - The company and its subsidiaries are primarily engaged in the production, sales, and service of dyes and pesticides[104](index=104&type=chunk) [Basis of Preparation of Financial Statements](index=49&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, as the Board of Directors believes the company has sufficient working capital to continue operations for the foreseeable future - These financial statements are prepared on a **going concern basis**[105](index=105&type=chunk) - The Board of Directors believes the company has sufficient working capital to continue its operations for a foreseeable period of at least 12 months from the date of approval of the financial statements[106](index=106&type=chunk) [Significant Accounting Policies and Estimates](index=49&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates used in preparing the financial statements, covering areas such as accounting standards, financial instruments, inventory, fixed assets, and revenue recognition - The company's fiscal year is from January 1 to December 31, with a 12-month operating cycle[109](index=109&type=chunk)[110](index=110&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on the business model and contractual cash flow characteristics[122](index=122&type=chunk) - The provision for bad debts on accounts receivable is based on an expected credit loss model, with provision rates determined by aging analysis, such as a **5% provision for receivables within one year**[133](index=133&type=chunk)[136](index=136&type=chunk) - Inventories are accounted for at actual cost and valued using the weighted average method at the end of the month upon dispatch[145](index=145&type=chunk) - Fixed assets are depreciated using the straight-line method over their useful lives, with a **20-year period for buildings** and a **10-year period for machinery**, both with a 5% residual value[160](index=160&type=chunk) - Revenue is recognized when the customer obtains control of the goods or services, which for domestic sales is upon customer receipt and for export sales is upon obtaining the bill of lading[181](index=181&type=chunk)[183](index=183&type=chunk) [Taxes](index=73&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, Urban Construction and Maintenance Tax, Education Surcharge, Property Tax, and Corporate Income Tax, with subsidiary Jiangsu Yabang Hualle Dyestuff Co, Ltd benefiting from a reduced 15% income tax rate as a high-tech enterprise Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Balance of output tax minus deductible input tax | 13%, 9%, 6% | | Urban Construction and Maintenance Tax | Actual turnover tax paid | 7%, 5% | | Education Surcharge | Actual turnover tax paid | 5% | | Property Tax | For ad valorem tax, 1.2% of the residual value after a 30% deduction from the original property value | 1.2% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% & 16.50% | - The company's subsidiary, Jiangsu Yabang Hualle Dyestuff Co, Ltd, was certified as a high-tech enterprise in 2024 and is subject to a **reduced corporate income tax rate of 15%** for three years starting from 2024[197](index=197&type=chunk) [Notes to Consolidated Financial Statement Items](index=74&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 on the composition and changes of key items in the consolidated financial statements, including assets, liabilities, equity, and income statement accounts - Period-end cash and cash equivalents were **CNY 3.07 million**, a **decrease of 90.24%** from the beginning of the period, mainly due to a reduction in restricted cash such as security deposits[34](index=34&type=chunk)[199](index=199&type=chunk) - Period-end notes receivable were CNY 217.19 million, of which **CNY 210.06 million** were bank acceptance bills that had been endorsed or discounted but not derecognized[203](index=203&type=chunk)[201](index=201&type=chunk) - Period-end accounts receivable had a carrying amount of CNY 111.65 million with a bad debt provision of CNY 9.75 million, of which **CNY 6.03 million** was provisioned based on the aging portfolio[209](index=209&type=chunk)[211](index=211&type=chunk)[213](index=213&type=chunk) - Period-end inventory carrying amount was **CNY 277.76 million**, an **increase of 39.89%** from the beginning of the period, mainly due to stabilized production and restored inventory levels, with an inventory write-down provision of CNY 38.38 million[34](index=34&type=chunk)[239](index=239&type=chunk) - Period-end fixed assets carrying amount was **CNY 636.84 million**, a **decrease of 4.22%** from the beginning of the period, mainly due to depreciation and impairment[34](index=34&type=chunk)[248](index=248&type=chunk) - Period-end short-term borrowings were **CNY 296.58 million**, an **increase of 93.74%** from the beginning of the period, mainly due to increased financing[34](index=34&type=chunk)[286](index=286&type=chunk) - Operating revenue was **CNY 402.13 million**, a **YoY increase of 9.08%**, primarily due to a recovery in product sales volume[32](index=32&type=chunk)[315](index=315&type=chunk) - Financial expenses were **CNY 5.70 million**, a **YoY increase of 129.59%**, mainly due to increased borrowings[32](index=32&type=chunk)[321](index=321&type=chunk) - Credit impairment loss was **CNY 0.44 million**, compared to -CNY 19.57 million in the same period last year, mainly due to changes in bad debt losses on accounts receivable[325](index=325&type=chunk) - Asset impairment loss was **-CNY 8.21 million**, compared to CNY 0.76 million in the same period last year, mainly due to inventory write-downs and impairment of contract fulfillment costs[326](index=326&type=chunk) [R&D Expenditures](index=121&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's R&D expenses totaled CNY 8.92 million, a 4.41% YoY decrease, all of which were expensed and primarily consisted of employee compensation, material consumption, and depreciation R&D Expenditures by Nature | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 6,777,201.09 | 5,434,643.09 | | Depreciation and Amortization | 466,450.87 | 484,821.62 | | Material Consumption | 1,450,899.95 | 3,191,785.28 | | Others | 222,545.02 | 217,509.43 | | Total | 8,917,096.93 | 9,328,759.42 | | Of which: Expensed R&D | 8,917,096.93 | 9,328,759.42 | | Capitalized R&D | - | - | - R&D expenses for the current period **decreased by 4.41%** YoY, mainly due to the company's R&D work arrangements[32](index=32&type=chunk) [Changes in the Scope of Consolidation](index=122&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company's scope of consolidation did not change significantly, as there were no business combinations, reverse acquisitions, or disposals of subsidiaries leading to a loss of control - During the reporting period, the company did not engage in any business combinations under common or non-common control, reverse acquisitions, or disposals of subsidiaries leading to a loss of control[352](index=352&type=chunk)[353](index=353&type=chunk) [Interests in Other Entities](index=123&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company has 12 subsidiaries, including Jiangsu Yabang Import & Export, Lianyungang Saike Waste Disposal, Lianyungang Yabang Acid, Jiangsu Yabang Hualle Dyestuff, and others involved in chemical production, sales, and services Composition of the Corporate Group | Subsidiary Name | Main Operating Location | Registered Capital | Registered Location | Business Nature | Shareholding (%) Direct | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Yabang Import & Export Co, Ltd | Changzhou, Jiangsu | CNY 5 million | Changzhou, Jiangsu | Sales | 100.00 | Business combination under common control | | Lianyungang Saike Waste Disposal Co, Ltd | Lianyungang, Jiangsu | CNY 55 million | Lianyungang, Jiangsu | Service | 100.00 | Capital contribution | | Lianyungang Yabang Acid Co, Ltd | Lianyungang, Jiangsu | CNY 109 million | Lianyungang, Jiangsu | Production/Sales | 51.00 | Capital contribution | | Jiangsu Yabang Hualle Dyestuff Co, Ltd | Lianyungang, Jiangsu | CNY 255 million | Lianyungang, Jiangsu | Production/Sales | 100.00 | Capital contribution | | Jiangsu Daobo Chemical Co, Ltd | Lianyungang, Jiangsu | CNY 100 million | Lianyungang, Jiangsu | Production/Sales | 100.00 | Business combination not under common control | | Jiangsu Jiamai Chemical Co, Ltd | Lianyungang, Jiangsu | CNY 140 million | Lianyungang, Jiangsu | Production/Sales | 51.00 | Business combination not under common control | | Jiangsu Henglong Crop Protection Co, Ltd | Lianyungang, Jiangsu | CNY 220 million | Lianyungang, Jiangsu | Production/Sales | 70.60 | Business combination under common control | | Lianyungang Jintun Agrochemical Co, Ltd | Lianyungang, Jiangsu | CNY 120 million | Lianyungang, Jiangsu | Production/Sales | 100.00 (Indirect) | Business combination under common control | | Ningxia Yadong Chemical Co, Ltd | Zhongwei, Ningxia | CNY 20 million | Zhongwei, Ningxia | Production/Sales | 100.00 (Indirect) | Business combination not under common control | | Gansu Yabang Energy Technology Co, Ltd | Yumen, Gansu | CNY 100 million | Yumen, Gansu | Production/Sales | 100.00 (Indirect) | Capital contribution | | Changzhou Yabang New Energy Co, Ltd | Changzhou, Jiangsu | CNY 50 million | Changzhou, Jiangsu | Production/Sales | 100.00 | Capital contribution | | Lianyungang Yaran Housing Leasing Co, Ltd | Lianyungang, Jiangsu | CNY 20 million | Lianyungang, Jiangsu | Service | 100.00 | Capital contribution | Key Financial Information of Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Interest (%) | P&L Attributable to Minority Shareholders (CNY) | Dividends Declared to Minority Shareholders (CNY) | Period-End Minority Equity Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Lianyungang Yabang Acid Co, Ltd | 49.00% | -827,680.30 | - | 12,574,795.90 | | Jiangsu Henglong Crop Protection Co, Ltd | 29.40% | -4,282,338.75 | - | -71,149,152.93 | | Jiangsu Jiamai Chemical Co, Ltd | 49.00% | -105,790.55 | - | -3,695,220.00 | [Government Grants](index=127&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At period-end, deferred income from government grants was CNY 6.38 million, with CNY 0.90 million recognized in other income and a total of CNY 2.99 million recognized in current profit and loss Liability Items Involving Government Grants | Financial Statement Item | Opening Balance (CNY) | New Grants This Period (CNY) | Recognized in Non-operating Income (CNY) | Transferred to Other Income (CNY) | Other Changes (CNY) | Closing Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 7,273,129.25 | - | - | 897,448.98 | - | 6,375,680.27 | Asset-related | | Total | 7,273,129.25 | - | - | 897,448.98 | - | 6,375,680.27 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Grants related to daily activities directly in P&L | 2,096,919.6 | 1,612,191.57 | | Amortization of deferred income related to daily activities | 897,448.98 | 956,972.79 | | Total | 2,994,368.58 | 2,569,164.36 | [Risks Related to Financial Instruments](index=128&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces foreign exchange, credit, and liquidity risks, with the latter being significant due to current liabilities exceeding current assets, which will be managed through various financing and operational measures - The company's foreign exchange risk is mainly related to its USD-denominated cash and accounts receivable, but management considers this risk to be insignificant[364](index=364&type=chunk) - The company mitigates credit risk by controlling credit limits, conducting credit approvals, and making adequate provisions for bad debts at each balance sheet date[367](index=367&type=chunk) - The company faces **liquidity risk** as its current liabilities exceed its current assets at the period-end, and plans to address this through new bank loans, supplier credit management, accelerated asset turnover, receivables collection, cost reduction, and capital market financing[368](index=368&type=chunk)[369](index=369&type=chunk) [Disclosure of Fair Value](index=131&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's financial assets measured at fair value at period-end consist mainly of receivables financing totaling CNY 1,768,982.14, valued using Level 2 inputs where the carrying amount approximates fair value due to short maturity Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value (CNY) | Level 2 Fair Value (CNY) | Level 3 Fair Value (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | | | | | | (II) Receivables Financing | - | 1,768,982.14 | - | 1,768,982.14 | | Total Assets at Continuous Fair Value | - | 1,768,982.14 | - | 1,768,982.14 | - For receivables financing, the carrying amount approximates fair value due to its short remaining maturity, and the face value is used as the fair value[377](index=377&type=chunk) [Related Parties and Related Party Transactions](index=133&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's parent is Jiangsu Guojing Holding Group, with the ultimate controller being the Wujin District SASAO; key transactions include guarantee fees paid, services provided to an affiliate, and receiving guarantees totaling CNY 100 million - The company's parent is Jiangsu Guojing Holding Group Co, Ltd, with a 29.64% stake, and the ultimate controlling party is the State-owned (Collective) Assets Supervision and Administration Office of Wujin District, Changzhou City[381](index=381&type=chunk) Related Party Transactions for Goods/Services | Related Party | Transaction Content | Current Period Amount (CNY) | Approved Transaction Limit (if applicable) (CNY) | Exceeded Limit (if applicable) | Prior Period Amount (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Changzhou Wujin High-tech Financing Guarantee Co, Ltd | Guarantee Fee Payment | 1,200,000.00 | - | No | - | | Changzhou Yabang Pharmaceutical Co, Ltd | Solid Waste Treatment | 822,108.90 | - | No | - | Related Party Guarantees (Company as the Guaranteed Party) | Guarantor | Guarantee Amount (CNY) | Start Date | End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Changzhou Wujin High-tech Financing Guarantee Co, Ltd | 10,000,000.00 | 2025/2/28 | 2026/2/15 | No | | Changzhou Wujin High-tech Financing Guarantee Co, Ltd | 20,000,000.00 | 2025/6/11 | 2026/6/10 | No | | Changzhou Wujin High-tech Financing Guarantee Co, Ltd | 30,000,000.00 | 2025/4/23 | 2026/4/22 | No | | Changzhou Wujin High-tech Financing Guarantee Co, Ltd | 10,000,000.00 | 2025/2/28 | 2026/2/15 | No | | Changzhou Wujin High-tech Financing Guarantee Co, Ltd | 10,000,000.00 | 2025/3/27 | 2026/3/15 | No | | Changzhou Wujin High-tech Financing Guarantee Co, Ltd | 10,000,000.00 | 2025/2/28 | 2026/2/15 | No | | Changzhou Wujin High-tech Financing Guarantee Co, Ltd | 10,000,000.00 | 2025/6/11 | 2026/6/10 | No | | Changzhou Wujin High-tech Financing Guarantee Co, Ltd | 20,000,000.00 | 2025/3/28 | 2026/3/25 | Yes | - Key management personnel compensation for the current period was **CNY 2.09 million**, compared to CNY 1.07 million in the prior period[387](index=387&type=chunk) [Commitments and Contingencies](index=137&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant commitments or contingencies to disclose - The company has no significant commitments or contingencies to disclose[391](index=391&type=chunk) [Post-Balance Sheet Events](index=138&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) As of the report disclosure date, the company had no significant non-adjusting events, profit distribution plans, or sales returns to report as post-balance sheet events - As of the report disclosure date, the company has no significant non-adjusting events, profit distribution plans, or sales returns to report as post-balance sheet events[391](index=391&type=chunk) [Other Significant Matters](index=138&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The performance commitment for subsidiary Jiangsu Henglong Crop Protection has been amended due to production suspension, with compensation not yet fully fulfilled, while several other subsidiaries remain in a state of suspended production - The performance commitment for subsidiary Jiangsu Henglong Crop Protection was amended due to production suspension, with the commitment period set for 36 months after production resumes, targeting net profits of **CNY 141 million, CNY 149 million, and CNY 155 million**[393](index=393&type=chunk)[394](index=394&type=chunk) - The original shareholders of Henglong Crop have not yet fully agreed to the proposal of using outstanding share transfer payments as advance performance compensation[394](index=394&type=chunk) - Jiangsu Daobo Chemical, Jiangsu Henglong Crop Protection, and Lianyungang Jintun Agrochemical have remained suspended since May 2019, with multiple resumption applications not proceeding to the acceptance stage[395](index=395&type=chunk) - The company's subsidiary, Ningxia Yadong Chemical Co, Ltd, also remains in a state of suspended production[395](index=395&type=chunk) [Notes to Parent Company's Financial Statement Items](index=140&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details key items in the parent company's financial statements, noting a significant increase in accounts receivable due to intercompany balances and a rise in long-term equity investments from additional capital injection into a subsidiary - The parent company's accounts receivable balance at period-end was **CNY 90.46 million**, a significant increase from the beginning of the period, with intercompany receivables within the consolidated group amounting to CNY 6.79 million[397](index=397&type=chunk)[400](index=400&type=chunk) - The parent company's other receivables balance at period-end was **CNY 1.10 billion**, of which CNY 1.06 billion represents intercompany loans to subsidiaries[409](index=409&type=chunk)[411](index=411&type=chunk) - The parent company's long-term equity investments had a carrying value of **CNY 799.48 million** at period-end, an increase mainly due to an additional **CNY 145 million** investment in subsidiary Jiangsu Hualle Chemical Co, Ltd[418](index=418&type=chunk)[419](index=419&type=chunk) [Supplementary Information](index=151&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary details on non-recurring profit and loss, which totaled CNY 1.34 million, and reports a weighted average return on equity of 0.25% with a basic earnings per share of CNY 0.0033 Total Non-recurring Profit and Loss for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Total Non-recurring Profit and Loss | 1,344,671.85 | Return on Equity and Earnings Per Share for H1 2025 | Profit for the Reporting Period | Weighted Average ROE (%) | Basic EPS (CNY) | Diluted EPS (CNY) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 0.25 | 0.0033 | 0.0033 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | 0.07 | 0.0009 | 0.0009 |

一、 主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 染料 | 10,155.52 | 5,759.66 | 36,999.93 | | 染料中间体 | 2,210.90 | 374.28 | 2,208.15 | 二、 主要产品和原材料的价格变动情况 （一） 主要产品价格变动情况 | 主要产品 | | 2025 年 | 1 至 6 月平 | 2024 年 1 至 6 | | 月平 | 变动比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 均售价（元/吨） | | | 均售价（元/吨） | | | | | | 染料 | | | 64,239.84 | | 62,151.86 | | | 3.36% | | 染料中间体 | | | 58,996.80 | | 62,837.67 | | | -6.11% | 证券代码：603188 证券简称：亚邦股份 公告编号：2025-038 江苏亚邦染料股份有限公司 关于 ...

Core Points - Jiangsu Abang Dyeing Co., Ltd. plans to apply for a working capital loan of 20 million RMB from Jiangsu Bank Changzhou Branch, with a term of 12 months [2] - Wujin High-tech Financing Guarantee Co., Ltd. will provide a guarantee for this loan and charge a guarantee fee of 200,000 RMB at an annual rate of 1% [2] - Abang Dyeing's wholly-owned subsidiary, Jiangsu Abang Hual Dyeing Co., Ltd., will provide a joint liability counter-guarantee for the loan, using land and buildings as collateral [2][6] Guarantee Details - The total guarantee limit approved by the board is up to 1 billion RMB, with specific limits based on the debt-to-asset ratio of the units involved [2][8] - As of the announcement date, the company has utilized 273.25 million RMB of the approved guarantee amount, with 259.5 million RMB for units with a debt-to-asset ratio below 70% [2][8] - The counter-guarantee provided by Abang Hual is within the approved limit and involves a guarantee fee of 200,000 RMB [2][8] Internal Decision Process - The guarantee and counter-guarantee were approved in board meetings held on April 29, 2025, and May 20, 2025, respectively [2][8] - The board believes that the guarantee is necessary for the company's operational financing needs and will not adversely affect the company's financial status or operations [7][8] Collateral Information - The collateral provided includes a land area of 236,470 square meters and a building area of 101,483.11 square meters [6][7] - The collateral is intended to secure the total debt obligations under the guarantee agreement, including principal, interest, and any associated costs [6][7] Board's Opinion - The board has assessed the operational status and creditworthiness of the counter-guarantee provider and believes that the risks are manageable [8] - The board emphasizes that the guarantee arrangement aligns with the company's overall development strategy and supports its business growth [8]

Core Viewpoint - The company, Yabang Co., announced its intention to apply for a working capital loan of 20 million RMB from Jiangsu Bank Changzhou Branch, with a loan term of 12 months [1] Group 1 - The loan will be guaranteed by Changzhou Wujin High-tech Financing Guarantee Co., Ltd. [1] - Yabang Co.'s wholly-owned subsidiary, Jiangsu Yabang Hual Dye Co., Ltd., will provide joint liability counter-guarantee for the loan [1] - The company will offer land and buildings as collateral for the counter-guarantee [1]