Summary of Key Points Core Viewpoint - Jiangshan Oupai Door Industry Co., Ltd. has provided guarantees for its wholly-owned subsidiaries, Huamujian Company and Oupai Decoration Company, to secure loans from Industrial and Commercial Bank of China Jiangshan Branch, with a total guarantee amounting to RMB 8,030 million over a five-year period [2][9]. Group 1: Guarantee Details - The maximum guarantee amount for Huamujian Company is RMB 47.3 million, while for Oupai Decoration Company, it is RMB 33 million [2][8]. - Prior to this guarantee, the company had already provided a total of RMB 147.3 million in guarantees for Huamujian Company and RMB 113 million for Oupai Decoration Company [3]. - After this guarantee, the cumulative guarantee for Huamujian Company will be RMB 194.6 million, and for Oupai Decoration Company, it will be RMB 146 million [3]. Group 2: Internal Decision-Making Process - The company’s board of directors approved the guarantee and credit application for the subsidiaries during meetings held on April 28, 2025, and May 21, 2025 [4][16]. - The total credit guarantee limit approved for the subsidiaries is up to RMB 300 million, with a specific limit of RMB 40 million for each subsidiary [4]. Group 3: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary for the subsidiaries' daily operations and working capital needs, aligning with the overall development strategy of the company [14][16]. - The board believes that the company has sufficient understanding and control over the subsidiaries' operational and financial conditions, making the guarantee risk manageable [14][16]. Group 4: Cumulative Guarantee and Compliance - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 748.6 million, which represents 57.04% of the company's latest audited net assets [16]. - The company has not provided guarantees to controlling shareholders or related parties, ensuring compliance with regulations [16].

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | | 江山欧派门业股份有限公司 关于为全资子公司花木匠公司、欧派装饰公司提供担 保的进展公告 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法律责任。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | 江山花木匠家居有限公司（以下简 称"花木匠公司"） | | --- | --- | --- | --- | | | | 本次担保金额 | 4,730 万元 | | 担 保 象一 | 对 | 实际为其提供的担保余额 | 14,730 万元（不含本次） | | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | | 本次担保是否有反担保 | 是 □否 □不适用：_________ | | 担 保 | 对 | 被担保人名称 | 江山欧派装饰工程有限公司（以下 简称"欧派装饰公司"） | | | | 本次担保金额 ...

Group 1 - The core viewpoint of the articles indicates that Jiangshan Oupai (603208) has reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][2] - The total operating revenue for the company reached 868 million yuan, a year-on-year decrease of 39.82%, while the net profit attributable to shareholders was 10.08 million yuan, down 90.39% year-on-year [1] - In the second quarter, the operating revenue was 466 million yuan, reflecting a 42.9% decline year-on-year, and the net profit attributable to shareholders was 6.63 million yuan, a decrease of 91.3% [1] Group 2 - The company's gross margin was reported at 17.62%, a year-on-year decrease of 16.41%, and the net profit margin was 1.16%, down 83.85% year-on-year [1] - Total sales, management, and financial expenses amounted to 122 million yuan, accounting for 14.1% of revenue, which is a 40.9% increase year-on-year [1] - The company's return on invested capital (ROIC) for the previous year was 5.92%, indicating a generally low capital return rate, with a historical median ROIC of 18.06% since its listing [2] Group 3 - The company has a significant amount of accounts receivable, with accounts receivable accounting for 695.79% of the latest annual net profit [1][2] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 66.22% [2] - The earnings per share (EPS) was reported at 0.06 yuan, a decrease of 90.0% year-on-year, while the net asset per share was 7.08 yuan, down 2.84% year-on-year [1]

Core Viewpoint - Jiangshan Oupai Door Industry Co., Ltd. reported a significant decline in revenue and gross profit margins for the first half of 2025, indicating challenges in the furniture manufacturing sector [2][3]. Group 1: Main Business Performance by Product - The total revenue for the first half of 2025 was RMB 836.66 million, a decrease of 39.36% year-on-year [2]. - The gross profit margin for the overall business was 17.51%, down from the previous year [2]. - The revenue from plywood doors was RMB 405.42 million, down 49.84% year-on-year, with a gross profit margin of 12.31% [2]. - The revenue from solid wood composite doors was RMB 139.67 million, down 44.69% year-on-year, with a gross profit margin of 9.22% [2]. - The revenue from cabinet products was RMB 65.41 million, down 29.69% year-on-year, with a gross profit margin of 8.52% [2]. - Other products generated revenue of RMB 159.76 million, down 6.90% year-on-year, with a gross profit margin of 9.54% [2]. - Franchise service fees contributed RMB 66.40 million, an increase of 22.32% year-on-year, with a gross profit margin of 94.69% [2]. Group 2: Main Business Performance by Channel - Revenue from the agency distribution channel was RMB 493.86 million, down 44.42% year-on-year, with a gross profit margin of 8.52% [3]. - Revenue from the direct engineering channel was RMB 192.73 million, down 51.46% year-on-year, with a gross profit margin of 14.28% [3]. - Revenue from foreign trade exports was RMB 83.66 million, an increase of 109.82% year-on-year, with a gross profit margin of 121.90% [3]. - Franchise service channel revenue was RMB 66.40 million, with a gross profit margin of 94.69% [3]. Group 3: Changes in Agency Distributors - The total number of agency distributors was 72,092, with 9,010 new openings and 88 closures during the reporting period [4].

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | | 江山欧派门业股份有限公司 关于2025年半年度业绩说明会召开情况的公告 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。 江山欧派门业股份有限公司（以下简称"公司"或"江山欧派"）于2025年8 月29日（星期五）上午11:00-12:00在上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/）以网络文字互动的方式召开"2025年半年度 业绩说明会"。关于本次业绩说明会的召开事项，公司已于2025年8月22日在上 海证券交易所网站（www.sse.com.cn）及公司其他指定信息披露媒体披露了《江 山欧派关于召开2025年半年度业绩说明会的公告》（公告编号：2025-049）。现 将本次说明会召开情况公告如下： 一、本次说明会召开情况 答：尊敬的投资者，您好！公司目前拥有上游各类供应商1000余家，下游 ...

Core Viewpoint - Jiangshan Oupai (603208.SH) reported a significant decline in revenue and net profit for the first half of 2025, primarily due to shrinking industry demand, intensified product price competition, and delayed adjustments in fixed costs [1] Financial Performance - Revenue for the first half of the year was 868 million yuan, a year-on-year decrease of 39.82% [1] - Net profit fell to 10.08 million yuan, a dramatic drop of 90.39% [1] - Operating cash flow showed improvement with a net amount of -98.56 million yuan [1] Strategic Developments - The company is focusing on a product strategy centered around wooden doors, expanding into whole-house decoration, and launching new product lines including metal doors and windows, as well as cabinet products [1] - New scene-based solutions for hotels and wellness sectors have been introduced [1] Market Expansion - The overseas market is identified as a new growth point, with the establishment of a subsidiary in Saudi Arabia and accelerated expansion into the Middle East and Southeast Asia [1] Management Changes - Management changes occurred in July and August, with the resignation of Vice Chairman and General Manager Wang Zhong, and Vice General Managers Liu Jiji and Lu Jianhui [1] - Founder Wu Shuigen has resumed the role of General Manager, while his son Wu Ziyang has been appointed as a new director [1] - The CFO Wu Shuiyan reduced her holdings by 4.394 million shares, amounting to approximately 65.9 million yuan [1]

Group 1 - The core viewpoint of the article is that Jiangshan Oupai (603208.SH) reported a significant decline in its mid-year financial performance for 2025, with total operating revenue of 868 million yuan, representing a year-on-year decrease of 39.82% [1] - The net profit attributable to shareholders of the parent company was 10.08 million yuan, showing a substantial year-on-year decline of 90.39% [1] - The basic earnings per share for the company was reported at 0.06 yuan [1]

| | | 江山欧派门业股份有限公司 关于 2025 年半年度主要经营情况的公告 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《上市公司行业信息披露指引第十五号——家具制造 （2022 年修订）》的有关规定，江山欧派门业股份有限公司（以下简称"公司） 现将 2025 年半年度主要经营情况报告如下： 一、报告期经营情况 2025 年半年度代理经销商变动情况 注：由于代理商渠道和经销商渠道收入合并披露，相应的代理商和经销商数量也合并披露；公司对代 理经销商无开店要求。 注：上述表中数据尾差系四舍五入所致。 （二）2025 年半年度主营业务分渠道情况 单位：人民币万元 分产品 营业收入 营业成本 毛利率 （%） 营业收入同 比增减（%） 营业成本同 比增减（%） 毛利率同比 增减（%） 夹板模压门 40,541.52 35,551.76 12.31 -49.84 -44.54 -8.38 实木复合门 13,967.47 12,679.67 9.22 -44.69 -40.76 -6.02 柜类产品 6,540. ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This report confirms that the board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, disclosing unaudited status, non-applicability of profit distribution plans, forward-looking statement risks, and absence of non-operating fund occupation or irregular guarantees - The report is unaudited, and the company's负责人, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk)[6](index=6&type=chunk) - There is no non-operating occupation of funds by controlling shareholders or other related parties, nor are there any external guarantees provided in violation of decision-making procedures[8](index=8&type=chunk) - Forward-looking statements regarding development strategies and future plans in this report do not constitute a substantive commitment to investors, and investment risks are advised[7](index=7&type=chunk) [Section I: Definitions](index=4&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, industry jargon, financial units, and the reporting period, ensuring clear understanding of the content - The reporting period is defined as January to June 2025[14](index=14&type=chunk) - "Decrement Zero-Sum" refers to intense competition amid decreasing total resources, "Personalized Long-Tail" indicates fragmented and diverse user demands driving growth in personalized product markets, and "Exponential Matthew Effect" describes a polarization where the strong get stronger and the weak get weaker[13](index=13&type=chunk) [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 basic information, contact details, historical changes, and stock overview of Jiangshan Oupai Door Industry Co., Ltd., along with key accounting data and financial indicators for H1 2025, highlighting the significant year-over-year decline in net profit Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 江山欧派门业股份有限公司 | | Chinese Abbreviation | 江山欧派 | | Stock Abbreviation | 江山欧派 | | Stock Code | 603208 | | Listing Exchange | Shanghai Stock Exchange | | Legal Representative | 吴水根 | H1 2025 Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 867,786,693.25 yuan | 1,442,079,331.39 yuan | -39.82% | | Total Profit | 17,082,353.96 yuan | 117,899,708.53 yuan | -85.51% | | Net Profit Attributable to Parent Company Shareholders | 10,087,559.51 yuan | 104,932,310.21 yuan | -90.39% | | Net Cash Flow from Operating Activities | -98,556,616.04 yuan | -137,698,792.70 yuan | N/A | H1 2025 Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.06 | 0.60 | -90.00% | | Diluted Earnings Per Share (yuan/share) | 0.06 | 0.60 | -90.00% | | Weighted Average Return on Net Assets (%) | 0.77 | 6.61 | Decrease by 5.84 percentage points | - The significant decline in net profit is primarily due to an overall market downturn, shrinking market demand leading to reduced revenue, decreased direct sales receivables, lower gross profit margins from product price adjustments, and a lag in fixed cost reductions[24](index=24&type=chunk) H1 2025 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -407,093.93 | | Government Grants Recognized in Current Profit/Loss | 36,043,688.76 | | Gains/Losses from Entrusted Investments or Asset Management | 2,805,904.30 | | Reversal of Impairment Provisions for Receivables Individually Assessed for Impairment | 3,693,516.69 | | Other Non-operating Income and Expenses | 1,160,966.04 | | Less: Income Tax Impact | 5,916,427.90 | | **Total** | **37,380,553.96** | [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 analyzes the competitive landscape of the home furnishing industry, company strategy, and operational performance, noting significant declines in revenue and profit due to market downturns, while also detailing risks and progress on efficiency initiatives [Explanation of Industry and Main Business during the Reporting Period](index=8&type=section&id=%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 operates in a highly competitive home furnishing industry characterized by "decrement zero-sum, personalized long-tail, and exponential Matthew effect," maintaining a consistent strategic positioning while adapting tactical paths through business and management model adjustments - The home furnishing industry has entered an era of fierce competition, characterized by "decrement zero-sum, personalized long-tail, and exponential Matthew effect"[28](index=28&type=chunk) - The company's core development strategy is "one constant" (strategic positioning: mission, goals, culture, and systems) and "N variables" (tactical paths: rapid adjustments to business and management models in response to market changes)[29](index=29&type=chunk) - The company's mission and goals include "Happy Home · Oupai Door," "Synonym for Wooden Doors · Synonym for Doors and Windows · Oupai of China's Lixil," and "Oupai of Jiangshan · Oupai of China · Oupai of the World"[31](index=31&type=chunk)[32](index=32&type=chunk) - The company's core competitiveness lies in continuously building and leveraging technological and platform advantages, integrating industry chain resources through a partnership and sharing business model to provide a rich portfolio of high-quality and cost-effective products[49](index=49&type=chunk) - The business model is transitioning from heavy asset investment to light asset operation, including expanding from a single brand to multiple brands, from finished wooden doors to integrated home furnishing products and upstream/downstream services, and from domestic direct sales to international agency, combining online and offline channels[60](index=60&type=chunk) - Management models are simultaneously updated, with organizational structure transforming from "vertical" to "flat" and "matrix," management control establishing a "funnel" model, human resources focusing on sales and service team building and nurturing young key personnel, and performance appraisal adopting a "carrot and stick" approach[62](index=62&type=chunk)[63](index=63&type=chunk) - The company's main business centers on wooden door products, introducing integrated Oupai door and window healthy home furnishing products such as metal doors and windows and cabinets, and actively expanding into upstream raw material businesses[64](index=64&type=chunk) - The company operates multiple large-scale production bases in Jiangshan (Zhejiang), Lankao (Henan), and Yongchuan (Chongqing), featuring extensive production lines and vast capacity, forming a competitive advantage in rapid response and delivery[64](index=64&type=chunk) - The operating model is driven by "products + services," with product operations focusing on core advantageous products and service operations empowering franchisees through brand, technology, channels, management, and supply chain[71](index=71&type=chunk) - Procurement models include self-produced raw material procurement (promoting shared procurement) and OEM finished product procurement; production models combine self-production (standardized, large-scale) and OEM production (personalized, small-batch) to achieve light asset operation[72](index=72&type=chunk)[75](index=75&type=chunk) - Sales models are achieved through the synergistic operation of four major channels: agency distribution, direct engineering projects, foreign trade export, and franchise services[76](index=76&type=chunk) [Discussion and Analysis of Operations](index=19&type=section&id=%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, amidst a market downturn, the company focused on its core wooden door business, increased positive cash flow operations, and advanced its "going global" strategy, achieving 868 million yuan in operating revenue, with 79 million yuan from service fees - In H1 2025, the company achieved **operating revenue of 868 million yuan**, with service fee income approximately **79 million yuan**[81](index=81&type=chunk) - The company focuses on its core wooden door business, continuously increasing the proportion of positive cash flow operations, and firmly advancing its "going global" strategy[81](index=81&type=chunk) - The company continuously deepens its brand strategy, building brand assets through intellectual property protection, actively participating in industry events, launching new products (e.g., Oupai Heritage Copper Doors, Oupai AI Engraved Aluminum Doors), and winning multiple industry accolades to enhance brand awareness and reputation[82](index=82&type=chunk)[84](index=84&type=chunk) - In terms of products, the company adheres to product-driven innovation, iterating and upgrading existing wooden doors, wall panels, and cabinets, while accelerating the development of new products such as Oupai Healthy Wooden Doors, Oupai Security Entrance Doors, and Oupai AI Engraved Aluminum Doors, expanding its product portfolio from suite whole-house customization to villa, hotel, office, and elder care integrated solutions[85](index=85&type=chunk)[87](index=87&type=chunk) - Regarding channels, the agency distribution channel empowers partners through self-built e-commerce platforms and offline services; the direct engineering channel expands into new businesses like hotels, offices, hospitals, and elder care, while strengthening accounts receivable management; the foreign trade export channel shifts from "passive sales" to a "passive and active sales" approach, deeply focusing on the Middle East and Southeast Asian markets; the franchise service channel continues to promote cooperation with franchisees[88](index=88&type=chunk)[91](index=91&type=chunk) [Analysis of Core Competencies during the Reporting Period](index=21&type=section&id=%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 competitiveness is rooted in its strong brand influence, excellent product R&D and manufacturing capabilities, and a diversified national marketing network - As the first wooden door industry company listed on the main board in China, the company has established a positive corporate image of "Happy Home · Oupai Door" through multiple brands like "Oupai," "Ourola," and "Oumila," forming a multi-brand, full-category matrix[92](index=92&type=chunk)[93](index=93&type=chunk) - The company is a high-tech enterprise in the wooden door industry, holding **over 400 patents** and leading or participating in the formulation of approximately **50 industry standards**, continuously innovating products and technologies such as "bamboo-for-wood" technology and fire-resistant materials[95](index=95&type=chunk)[96](index=96&type=chunk) - The company has introduced international first-class equipment, including HOMAG from Germany, to build large-scale, automated, and intelligent production lines, combining standardization with flexibility to achieve mass production and rapid short-term delivery, thereby building a quick market response capability[97](index=97&type=chunk)[98](index=98&type=chunk) - The company's product strategy is transitioning from selling single products to selling full-category integrated home furnishing products, by "entering with popular items" (deepening downstream services, empowering upstream industries) and "following up with linked items" (expanding diversified配套linked items), and extending from single wooden doors to space solutions for suites, villas, offices, hotels, and elder care integrated solutions[99](index=99&type=chunk)[103](index=103&type=chunk) - The company has established a nationwide marketing network with **over 70,000 agency distributors**, expanding its sales layout from "direct sales" to "agency," from "cities" to "rural areas," and from "domestic" to "international," vigorously developing cash flow businesses primarily through agency distributors to enhance risk resistance[104](index=104&type=chunk)[106](index=106&type=chunk) [Key Operating Performance during the Reporting Period](index=25&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's H1 2025 financial performance, showing a 39.82% year-over-year decrease in operating revenue and an 85.51% decrease in total profit, with significant changes in financial statement items and strategic investments in new subsidiaries H1 2025 Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 867,786,693.25 | 1,442,079,331.39 | -39.82 | Overall market downturn in the industry | | Operating Cost | 714,844,914.00 | 1,138,028,104.13 | -37.19 | Decrease in revenue | | Selling Expenses | 67,164,772.33 | 93,368,597.22 | -28.06 | Decrease in employee compensation | | Financial Expenses | 14,091,257.53 | 7,350,462.06 | 91.71 | Decrease in interest income | | R&D Expenses | 33,261,901.27 | 45,712,511.53 | -27.24 | Decrease in R&D investment | | Net Cash Flow from Operating Activities | -98,556,616.04 | -137,698,792.70 | N/A | Decrease in cash flow from purchasing goods, paying taxes, and employee compensation | H1 2025 Asset and Liability Status Changes | Item Name | Current Period End Balance (yuan) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 386,152,647.86 | -43.33 | Maturing acceptance bills redeemed, wealth management product purchases, and cash dividend payments | | Trading Financial Assets | 88,862,000.00 | N/A | Wealth management products purchased in current period | | Notes Receivable | 333,179.73 | -95.18 | Notes collected upon maturity | | Short-term Borrowings | 1,179,823.85 | -96.67 | Short-term borrowings repaid in current period | | Notes Payable | 203,034,114.00 | -51.78 | Notes redeemed upon maturity | | Employee Compensation Payable | 33,392,320.44 | -52.31 | 2024 year-end bonuses paid in Q1 | - The scale of overseas assets is **269,893.60 USD**, accounting for **0.06%** of total assets[111](index=111&type=chunk) - During the reporting period, the company established Saudi Oupai Decoration Co., Ltd. (wholly-owned subsidiary, registered capital 500,000 Saudi Riyals) and Jiangshan Ourola Technology Co., Ltd. (wholly-owned subsidiary, registered capital 2 million yuan), and invested in Guizhou Wenju Furniture Co., Ltd. and Chengdu Qiangui Enterprise Management Co., Ltd. (now renamed: Sichuan Jiangshan Oupai Xiti Home Furnishing Co., Ltd.), with a **5%** stake in both[114](index=114&type=chunk)[117](index=117&type=chunk)[119](index=119&type=chunk) H1 2025 Operating Performance of Major Holding Subsidiaries | Company Name | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Oupai Wood Products Co. | 15,293.41 | 175.16 | 131.29 | | Oupai Security Co. | 4,163.96 | 113.05 | 113.06 | | Huamujiang Co. | 6,981.17 | -119.99 | -112.84 | | Jiangshan Ourola Technology Co. | 7,081.84 | -287.13 | -282.15 | | Jiangshan Oupai Decoration Co. | 21,815.68 | -690.67 | -672.52 | | Henan Oupai Co. | 4,704.53 | -898.18 | -959.63 | | Chongqing Oupai Co. | 2,765.66 | -1,042.92 | -1,043.62 | [Other Disclosures](index=30&type=section&id=%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from market volatility, OEM management, distributor management, brand infringement, and strategy execution, responding with a "platform empowerment, partnership sharing, marketing leadership, product-driven, supply-first" strategy to enhance shareholder returns - The company faces five major risks: market volatility and intensified competition, OEM manufacturer management, agency distributor management, brand infringement, and strategic implementation[121](index=121&type=chunk)[125](index=125&type=chunk) - The company adheres to a twenty-character strategic guideline of "platform empowerment, partnership sharing, marketing leadership, product-driven, supply-first," focusing on its main business, increasing the proportion of positive cash flow operations, and advancing its "going global" strategy[126](index=126&type=chunk)[127](index=127&type=chunk) - Since its listing, the company has consistently distributed cash dividends, with cumulative cash dividends and share repurchases totaling **1.085 billion yuan**, representing **242.95%** of the net proceeds from its initial public offering[128](index=128&type=chunk) - The company enhances interaction and communication with investors through various channels, including performance briefings, roadshows, broker strategy meetings, investor surveys, and investor hotlines/emails/SSE e-interaction platforms[129](index=129&type=chunk) [Section IV: Corporate Governance, Environment, and Society](index=33&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 details changes in the company's directors, supervisors, and senior management, confirms the non-applicability of profit distribution plans, and identifies a subsidiary included in the list of enterprises required to disclose environmental information - During the reporting period, Wang Zhong, Liu Jinan, and Lu Jianhui resigned from their positions as director/vice chairman/general manager/deputy general manager; Wu Shuigen was appointed general manager, and Wu Ziyang was elected as a director[131](index=131&type=chunk)[132](index=132&type=chunk) - The company's proposed semi-annual profit distribution plan or capital reserve to share capital increase plan is not applicable[133](index=133&type=chunk) Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Henan Oupai Door Industry Co., Ltd. | https://www.kaifeng.gov.cn/kfsrmzfwz/csthjl/pc/content/content_1921760655417622528.html | [Section V: Significant Matters](index=35&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 discloses the company's strict fulfillment of commitments related to IPO and refinancing, absence of non-operating fund occupation or irregular guarantees, ongoing major litigation, and significant guarantees provided to subsidiaries - All commitments made by the company's actual controller, shareholders, related parties, and the company itself, whether during the reporting period or ongoing, including share reductions, offering price commitments, information disclosure, avoidance of horizontal competition, and compensation measures, have been strictly fulfilled[137](index=137&type=chunk)[147](index=147&type=chunk) - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties, nor were there any irregular guarantees[148](index=148&type=chunk) - During the reporting period, the company, its controlling shareholders, and actual controllers maintained good credit standing, with no unfulfilled effective court judgments or large overdue debts[150](index=150&type=chunk) - The company has significant litigation and arbitration matters, as disclosed in the "Jiangshan Oupai Announcement on Company and Subsidiary Litigation and Litigation Progress" (Announcement No.: 2025-022)[149](index=149&type=chunk) Company Guarantee Total Amount | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period End (B) | 81,830 | | Total Guarantee Amount (A+B) | 81,830 | | Total Guarantee Amount as % of Company Net Assets | 62.35 | | Debt Guarantee Amount Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 58,100 | | Amount of Total Guarantee Exceeding 50% of Net Assets (E) | 16,204 | | Total of the Above Three Guarantee Amounts (C+D+E) | 74,304 | - The company expects to provide guarantees totaling no more than **3 billion yuan** for its wholly-owned subsidiaries, of which the estimated guarantee limit for subsidiaries with an asset-liability ratio of **70% or higher is 1.63 billion yuan**[157](index=157&type=chunk) [Section VI: Share Changes and Shareholder Information](index=46&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) During the reporting period, the company's total share capital and equity structure remained unchanged, with 11,069 ordinary shareholders at period-end, and key shareholders including Wu Shuigen, Wang Zhong, and Wu Shuiyan, who reduced her holdings - During the reporting period, the company's total share capital and equity structure remained unchanged[159](index=159&type=chunk) - As of the end of the reporting period, the total number of ordinary shareholders was **11,069**[160](index=160&type=chunk) Top Ten Shareholders' Shareholding at Period End | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Share Status | | :--- | :--- | :--- | :--- | | Wu Shuigen | 51,629,500 | 29.14 | No pledge, mark, or freeze | | Wang Zhong | 40,644,500 | 22.94 | No pledge, mark, or freeze | | Wu Shuiyan | 13,182,026 | 7.44 | No pledge, mark, or freeze | - Wu Shuiyan reduced her holdings by **4,393,974 shares** during the current reporting period[162](index=162&type=chunk)[165](index=165&type=chunk) - The company's special securities account for share repurchases holds **1,293,578 shares**, accounting for **0.73%** of the company's total share capital[163](index=163&type=chunk) - Wang Zhong is Wu Shuigen's elder brother-in-law, and Wu Shuiyan is Wu Shuigen's second sister[163](index=163&type=chunk) [Section VII: Bond-Related Information](index=49&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 details the issuance, holders, changes, and conversion status of the company's convertible bond "Jiangshan Convertible Bond," noting its good credit standing despite a negative rating outlook Convertible Corporate Bond Issuance Information | Indicator | Content | | :--- | :--- | | Bond Name | Jiangshan Convertible Bond | | Bond Code | 113625 | | Issue Date | June 11, 2021 | | Total Issue Amount | 583 million yuan | | Bond Term | 6 years (June 11, 2021 to June 10, 2027) | | Conversion Period | December 20, 2021 to June 10, 2027 | Convertible Bond Holder Information at Period End | Convertible Corporate Bond Holder Name | Bonds Held at Period End (yuan) | Holding Percentage (%) | | :--- | :--- | :--- | | Wu Shuigen | 132,104,000 | 22.68 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 26,040,000 | 4.47 | | Northwest Investment Management (Hong Kong) Co., Ltd. - Northwest Feilong Fund Co., Ltd. | 21,402,000 | 3.67 | Accumulated Convertible Bond Conversion Information for the Reporting Period | Indicator | Quantity | | :--- | :--- | | Converted Amount (yuan) in Reporting Period | 0 | | Accumulated Converted Shares (shares) | 4,964 | | Accumulated Converted Shares as % of Total Shares Issued Before Conversion | 0.0047 | | Unconverted Amount (yuan) | 582,536,000 | | Percentage of Unconverted Bonds to Total Issued Bonds (%) | 99.9204 | - The conversion price of "Jiangshan Convertible Bond" has been adjusted multiple times, with the latest conversion price at **19.84 yuan/share**[172](index=172&type=chunk)[174](index=174&type=chunk) - As of June 30, 2025, the company's total assets were **3.3197723 billion yuan**, with an asset-liability ratio of **61.17%**; the main credit rating is **AA-**, with a negative outlook[175](index=175&type=chunk) [Section VIII: Financial Report](index=52&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 presents the company's unaudited H1 2025 financial statements, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, detailing significant accounting policies, tax information, and financial risks [Audit Report](index=52&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[6](index=6&type=chunk) [Financial Statements](index=52&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides Jiangshan Oupai Door Industry Co., Ltd.'s H1 2025 consolidated and parent company financial statements, showing total assets of 3.32 billion yuan, liabilities of 2.03 billion yuan, and owners' equity of 1.29 billion yuan, with net profit significantly declining to 10.09 million yuan Consolidated Balance Sheet Summary (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 3,319,772,328.73 | | Total Liabilities | 2,030,590,193.76 | | Total Owners' Equity | 1,289,182,134.97 | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 867,786,693.25 | | Total Profit | 17,082,353.96 | | Net Profit | 10,087,559.51 | | Net Profit Attributable to Parent Company Shareholders | 10,087,559.51 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -98,556,616.04 | | Net Cash Flow from Investing Activities | -94,010,369.87 | | Net Cash Flow from Financing Activities | -67,378,032.46 | | Net Increase in Cash and Cash Equivalents | -259,211,090.97 | - Total owners' equity attributable to the parent company is **1,289,182,134.97 yuan**, a **1.78% decrease** from the prior year-end[23](index=23&type=chunk)[180](index=180&type=chunk) [Company Basic Information](index=70&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Jiangshan Oupai Door Industry Co., Ltd., established on July 31, 2006, and listed on the Shanghai Stock Exchange on February 10, 2017, with a registered capital of 177,172,674.00 yuan, primarily engages in the R&D, production, and sales of door products, expanding into integrated healthy home furnishing products - The company was established on **July 31, 2006**, and listed on the Shanghai Stock Exchange on **February 10, 2017**[211](index=211&type=chunk) - The company's registered capital is **177,172,674.00 yuan**, with a total of **177,172,674 shares**[211](index=211&type=chunk) - The company primarily operates in the wood processing industry, focusing on the R&D, production, and sales of door products, while also launching integrated healthy home furnishing products such as cabinets, windows, and wall panels[211](index=211&type=chunk) [Basis of Financial Statement Preparation](index=70&type=section&id=%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 operations for the next 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis[212](index=212&type=chunk) - There are no matters or circumstances that would cause significant doubt about the ability to continue as a going concern for the 12 months from the end of the reporting period[213](index=213&type=chunk) [Significant Accounting Policies and Estimates](index=70&type=section&id=%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 company's adherence to enterprise accounting standards for financial statement preparation, outlining specific accounting policies and estimates for financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[215](index=215&type=chunk) - The accounting year runs from January 1 to December 31 of the Gregorian calendar, with a short operating cycle, and 12 months are used as the liquidity classification standard for assets and liabilities[216](index=216&type=chunk)[217](index=217&type=chunk) - Specific accounting policies and estimates for transactions and events such as financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition are disclosed[214](index=214&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Period (years) | Salvage Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | | Buildings and Structures | 20 | 4% | 4.80% | | General Equipment | 3-5 | 4% | 19.20%-32.00% | | Machinery and Equipment | 10 | 4% | 9.60% | | Transportation Vehicles | 5 | 4% | 19.20% | - Revenue recognition principles are based on identifying distinct performance obligations, determining whether they are satisfied over time or at a point in time, and measuring revenue according to the transaction price allocated to each performance obligation[287](index=287&type=chunk)[288](index=288&type=chunk) - Specific revenue recognition methods include dealer revenue (recognized upon goods dispatch), engineering customer revenue (goods sales without installation recognized upon customer receipt, goods sales with installation recognized upon product installation completion), and export revenue (recognized upon obtaining bill of lading)[290](index=290&type=chunk) [Taxation](index=91&type=section&id=%E7%A8%8E%E9%A1%B9) This section outlines the company's and its subsidiaries' main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharges, property tax, land use tax, and stamp duty, noting various tax incentives Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Revenue from sales of goods and taxable services | 15%, 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15%, 16.5% | - The company, Chongqing Oupai Co., Huamujiang Co., and Oupai Security Co. enjoy high-tech enterprise income tax incentives, taxed at a **15% rate**[303](index=303&type=chunk)[304](index=304&type=chunk) - Ourola Co., Oupai Import & Export Co., and other small and micro-profit enterprise subsidiaries enjoy a corporate income tax preferential policy, taxed at a **20% rate**[305](index=305&type=chunk) - The company, Huamujiang Co., and Oupai Security Co. are eligible for a **5% additional deduction** for VAT for advanced manufacturing enterprises[306](index=306&type=chunk) - Hong Kong Oupai Co. is subject to profits tax at a rate of **8.25% or 16.5%**[306](index=306&type=chunk) [Notes to Consolidated Financial Statement Items](index=93&type=section&id=%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 notes on consolidated financial statement items, including monetary funds, accounts receivable, contract assets, and convertible bonds, highlighting significant bad debt provisions and guarantees Monetary Funds Composition (June 30, 2025) | Item | Period-end Balance (yuan) | | :--- | :--- | | Cash on Hand | 153,067.49 | | Bank Deposits | 331,954,624.03 | | Other Monetary Funds | 54,044,956.34 | | **Total** | **386,152,647.86** | | Of which: Funds deposited overseas | 1,932,060.32 | - Among other monetary funds, **48,947,939.37 yuan** are margin deposits for bank acceptance bills and letters of credit, and **3,586,653.01 yuan** are frozen funds due to pending litigation[308](index=308&type=chunk) Top Five Accounts Receivable and Contract Assets at Period End (June 30, 2025) | Unit Name | Period-end Balance of Accounts Receivable and Contract Assets (yuan) | Percentage of Total Accounts Receivable and Contract Assets at Period End (%) | Period-end Balance of Bad Debt Provision (yuan) | | :--- | :--- | :--- | :--- | | Unit 1 (Evergrande Real Estate and its related parties) | 597,044,245.45 | 34.82 | 597,044,245.45 | | Unit 2 | 59,957,513.53 | 3.50 | 4,618,199.79 | | Unit 3 | 35,728,196.69 | 2.08 | 1,786,409.83 | | Unit 4 | 33,217,988.28 | 1.94 | 1,660,899.41 | | Unit 5 | 30,388,812.64 | 1.77 | 21,272,168.85 | | **Total** | **756,336,756.59** | **44.11** | **626,381,923.33** | - The company has individually provided bad debt provisions of **738,848,947.03 yuan** for Evergrande Real Estate and its related parties, primarily due to their financial difficulties[321](index=321&type=chunk)[323](index=323&type=chunk) - As of the end of the reporting period, the company's total guarantee balance for subsidiaries was **818.3 million yuan**, accounting for **62.35%** of the company's net assets[156](index=156&type=chunk) - The period-end balance of "Jiangshan Convertible Bond" was **631,870,114.17 yuan**[429](index=429&type=chunk) Operating Revenue and Operating Cost (Jan-Jun 2025) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 836,659,935.78 | 690,190,310.37 | | Other Business | 31,126,757.47 | 24,654,603.63 | | **Total** | **867,786,693.25** | **714,844,914.00** | - Performance obligations for sales of goods are satisfied upon delivery, with the company acting as the principal and providing guarantee-type quality assurance[455](index=455&type=chunk) [Research and Development Expenses](index=153&type=section&id=%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) In H1 2025, the company's total R&D expenses amounted to 33,261,901.27 yuan, all expensed, primarily for employee compensation, materials, energy, depreciation, amortization, and external research and development services R&D Expenses Composition (Jan-Jun 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 20,371,254.31 | 19,398,929.23 | | Materials and Energy | 11,232,983.88 | 23,582,350.72 | | Asset Depreciation and Amortization | 734,121.88 | 2,176,482.83 | | External Research and Development Fees | 859,127.16 | 507,398.00 | | **Total** | **33,261,901.27** | **45,712,511.53** | | Of which: Expensed R&D Expenditure | 33,261,901.27 | 45,712,511.53 | - All R&D expenses in the current period were expensed, with no capitalized R&D expenditure[493](index=493&type=chunk) [Changes in Consolidation Scope](index=155&type=section&id=%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 expanded its consolidation scope by establishing two wholly-owned subsidiaries, Saudi Oupai Decoration Co. and Jiangshan Ourola Technology Co., to pursue overseas business and sales, though no capital contributions have been made yet Newly Added Subsidiaries in Reporting Period | Company Name | Method of Equity Acquisition | Time of Equity Acquisition | Equity Proportion | | :--- | :--- | :--- | :--- | | Saudi Oupai Decoration Co. | Establishment | January 2025 | 100.00% | | Jiangshan Ourola Technology Co. | Establishment | March 2025 | 100.00% | - As of June 30, 2025, the company has not yet made capital contributions to the newly established subsidiaries, Saudi Oupai Decoration Co. and Jiangshan Ourola Technology Co[495](index=495&type=chunk) [Interests in Other Entities](index=156&type=section&id=%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) This section outlines the company's corporate group structure, comprising 16 wholly-owned subsidiaries engaged in design, production, sales, installation, and services across various locations in China, Hong Kong, and Saudi Arabia - The company owns **16 wholly-owned subsidiaries**, with businesses covering design, production, sales, installation, and services[498](index=498&type=chunk)[500](index=500&type=chunk) - Subsidiaries' main operating locations include multiple provinces and cities within China, as well as Hong Kong, China, and Saudi Arabia, reflecting the company's domestic and international market presence[498](index=498&type=chunk) [Government Grants](index=158&type=section&id=%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company received total government grants of 1,426,500.00 yuan, with 39,713,607.66 yuan recognized in other income, and a significant portion of deferred income from government grants remaining asset-related Government Grant Liability Item Changes (June 30, 2025) | Financial Statement Item | Period-beginning Balance (yuan) | Grants Added in Current Period (yuan) | Recognized in Other Income in Current Period (yuan) | Period-end Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 210,182,996.52 | 1,426,500.00 | 9,247,016.40 | 202,362,480.12 | Asset Related | Government Grants Recognized in Current Profit/Loss (Jan-Jun 2025) | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset Related | 9,247,016.40 | 8,739,355.42 | | Income Related | 30,466,591.26 | 12,215,518.77 | | **Total** | **39,713,607.66** | **20,954,874.19** | [Risks Related to Financial Instruments](index=159&type=section&id=%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 credit, liquidity, and market risks (interest rate and foreign exchange risks), which it manages through credit assessments, bad debt provisions, diversified financing, and maintaining appropriate financial instrument portfolios - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[504](index=504&type=chunk)[509](index=509&type=chunk)[510](index=510&type=chunk) - Credit risk primarily arises from monetary funds and receivables; the company regularly assesses customer credit and has made significant bad debt provisions for receivables from customers like Evergrande Real Estate[506](index=506&type=chunk)[323](index=323&type=chunk) - As of June 30, 2025, **44.11%** of the company's accounts receivable and contract assets originated from its top five customers, indicating a certain degree of credit concentration risk[507](index=507&type=chunk) - The company has signed asset-for-debt agreements or factoring agreements for some real estate customers' accounts receivable balances as credit enhancement measures, including **186.864 million yuan** in asset-for-debt receivables (unaudited) and **1.1798 million yuan** in recourse factoring receivables[507](index=507&type=chunk) - Liquidity risk is managed through a comprehensive use of various financing methods such as bill settlement and bank borrowings, combined with an appropriate mix of long-term and short-term financing[508](index=508&type=chunk) Financial Liabilities by Remaining Maturity (June 30, 2025) | Item | Carrying Amount (yuan) | Undiscounted Contractual Amount (yuan) | Within 1 year (yuan) | 1-3 years (yuan) | Over 3 years (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Borrowings | 1,179,823.85 | 1,179,823.85 | 1,179,823.85 | | | | Notes Payable | 203,034,114.00 | 203,034,114.00 | 203,034,114.00 | | | | Bonds Payable | 631,870,114.17 | 701,955,880.00 | 14,563,400.00 | 687,392,480.00 | | | **Subtotal** | **1,597,133,123.27** | **1,667,218,889.10** | **979,826,409.10** | **687,392,480.00** | | - During the reporting period, the company transferred accounts receivable financing through factoring, discounting, and endorsement, including **34,447,551.94 yuan** in non-recourse factoring, resulting in a gain or loss of **-777,623.85 yuan**[512](index=512&type=chunk)[514](index=514&type=chunk) [Fair Value Disclosures](index=163&type=section&id=%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the reporting period, primarily comprising trading financial assets, other equity instrument investments, and accounts receivable financing, all measured using Level 3 fair value techniques Fair Value of Assets Measured at Fair Value at Period End (June 30, 2025) | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Trading Financial Assets (wealth management products) | 88,862,000.00 | 88,862,000.00 | | Other Equity Instrument Investments | 18,077,690.92 | 18,077,690.92 | | Accounts Receivable Financing | 139,929,536.74 | 139,929,536.74 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **246,869,227.66** | **246,869,227.66** | - The company's trading financial assets (wealth management products), other equity instrument investments, and accounts receivable financing are all measured using **Level 3 fair value measurement**[517](index=517&type=chunk)[518](index=518&type=chunk) - For unlisted equity, the company estimates fair value by comprehensively considering market approaches and future cash flow discounting; for bank wealth management investments, fair value is determined using investment cost[519](index=519&type=chunk) [Related Parties and Related Party Transactions](index=165&type=section&id=%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses the company's related party transactions with key management personnel, noting an increase in their compensation during the reporting period, with no other related party transactions disclosed Key Management Personnel Compensation | Item | Current Period Amount (ten thousand yuan) | Prior Period Amount (ten thousand yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 250.29 | 243.16 | - The company did not disclose other related party transactions such as purchases and sales of goods, provision and acceptance of labor services, entrusted management/contracting, related party leasing, related party guarantees, related party fund borrowings, or related party asset transfers/debt restructuring[522](index=522&type=chunk)[523](index=523&type=chunk) [Share-based Payment](index=167&type=section&id=%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) During the reporting period, the company did not disclose any information regarding equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor did it incur any share-based payment expenses - During the reporting period, the company did not disclose information related to equity incentive plans, employee stock ownership plans, or other employee incentive measures[134](index=134&type=chunk) - During the reporting period, the company did not incur any share-based payment expenses[526](index=526&type=chunk) [Commitments and Contingencies](index=167&type=section&id=%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure - As of the end of the reporting period, the company had no significant commitments or contingencies requiring disclosure[527](index=527&type=chunk) [Events After the Balance Sheet Date](index=168&type=section&id=%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) From the end of the reporting period until the approval date of the financial statements, the company had no significant non-adjusting events, profit distribution information, sales returns, or other events after the balance sheet date requiring disclosure - From the end of the reporting period until the approval date of the financial statements, the company had no significant non-adjusting events, profit distribution information, sales returns, or other events after the balance sheet date requiring disclosure[527](index=527&type=chunk) [Other Significant Matters](index=168&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses the company's H1 2025 non-recourse and recourse accounts receivable factoring activities, significant bad debt provisions for certain engineering clients, and confirms that no segment information is required as the main business is managed as a single entity - In H1 2025, the company and its subsidiaries conducted non-recourse accounts receivable factoring business with a principal of **34.4476 million yuan**, incurring factoring fees of **777,600 yuan**[529](index=529&type=chunk) - The company's accounts receivable balance from individual engineering clients (such as Evergrande Real Estate) totals **836.3368 million yuan**, with **738.8489 million yuan** individually provided as bad debt provisions due to client financial difficulties[529](index=529&type=chunk) - The company's main business is the production and sale of wooden custom furniture products, which is managed as a single entity, thus segment information disclosure is not required[528](index=528&type=chunk) [Notes to Parent Company Financial Statement Items](index=170&type=section&id=%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 provides detailed notes on the parent company's financial statement items, including accounts receivable, other receivables, and long-term equity investments, highlighting significant bad debt provisions for financially distressed clients Parent Company Accounts Receivable Aging Distribution (June 30, 2025) | Aging | Period-end Carrying Balance (yuan) | | :--- | :--- | | Within 1 year | 316,209,883.32 | | 1 to 2 years | 185,538,557.22 | | 2 to 3 years | 141,021,602.02 | | Over 3 years | 638,099,832.79 | | **Total** | **1,280,669,873.35** | - The parent company's accounts receivable balance at period-end was **1,280,669,873.35 yuan**, with **524,300,029.62 yuan** individually provided as bad debt provisions, primarily for financially distressed clients like Evergrande Real Estate and its related parties[533](index=533&type=chunk)[535](index=535&type=chunk) Parent Company Other Receivables by Nature (June 30, 2025) | Nature of Item | Period-end Carrying Balance (yuan) | | :--- | :--- | | Current Accounts | 175,931,798.35 | | Deposits and Guarantees | 11,771,009.45 | | Loans | 191,478,294.29 | | Temporary Receivables | 1,330,920.01 | | **Total** | **380,512,022.10** | - The parent company's investment in subsidiaries had a carrying value of **602,877,858.98 yuan**, with no impairment observed[557](index=557&type=chunk)[559](index=559&type=chunk) Parent Company Operating Revenue and Operating Cost (Jan-Jun 2025) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 548,247,302.62 | 430,831,089.11 | | Other Business | 23,440,570.70 | 17,121,240.22 | | **Total** | **571,687,873.32** | **447,952,329.33** | [Supplementary Information](index=182&type=section&id=%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary financial information, including a detailed breakdown of non-recurring gains and losses and key profitability metrics for H1 2025 H1 2025 Total Non-recurring Gains and Losses | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -407,093.93 | | Government Grants Recognized in Current Profit/Loss | 36,043,688.76 | | Gains/Losses from Entrusted Investments or Asset Management | 2,805,904.30 | | Reversal of Impairment Provisions for Receivables Individually Assessed for Impairment | 3,693,516.69 | | Other Non-operating Income and Expenses | 1,160,966.04 | | Less: Income Tax Impact | 5,916,427.90 | | **Total** | **37,380,553.96** | H1 2025 Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 0.77 | 0.06 | 0.06 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-recurring Gains and Losses | -2.07 | -0.16 | -0.16 |

证券日报网讯8月25日晚间，江山欧派（603208）发布公告称，公司未对控股股东和实际控制人及其关 联人提供担保；公司担保对象均为公司合并报表范围内的子公司，不存在违规担保和逾期担保的情况。 ...