Group 1 - The stock price of Suzhou Longjie is reported at 15.85 yuan, down 0.23 yuan or 1.43% from the previous trading day [1] - The company operates in the chemical fiber industry, focusing on the research, production, and sales of differentiated polyester filament and PTT fiber [1] - The total market capitalization of the company is 3.429 billion yuan, with a circulating market value also at 3.429 billion yuan [1] Group 2 - For the first half of 2025, the company reported operating revenue of 701 million yuan, a year-on-year decrease of 6.98% [1] - The net profit attributable to shareholders increased by 8.81% to 33.25 million yuan, with basic earnings per share at 0.16 yuan [1] - The net cash flow from operating activities was -50.16 million yuan, showing improvement compared to the same period last year [1] Group 3 - On August 25, the net outflow of main funds was 28.88 million yuan, accounting for 0.84% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 18.90 million yuan, representing 0.55% of the circulating market value [1]

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Suzhou Longjie Special Fiber Co., Ltd in the first half of 2025, indicating a decline in revenue but an increase in net profit attributed to effective cost management and product differentiation strategies [1][3]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately CNY 700.73 million, a decrease of 6.98% compared to CNY 753.31 million in the same period last year [3]. - The total profit for the period was CNY 34.52 million, down 3.21% from CNY 35.67 million year-on-year [3]. - The net profit attributable to shareholders increased by 8.81% to CNY 33.25 million from CNY 30.56 million in the previous year [3]. - The company's net assets at the end of the reporting period were CNY 1.25 billion, a slight decrease of 0.94% from CNY 1.27 billion at the end of the previous year [3]. Industry Overview - The chemical fiber industry experienced a stable operation in the first half of 2025, with limited new capacity additions and high operating rates, but slow demand growth [4][5]. - The report indicates that the polyester fiber market is facing challenges with excess supply and weak demand, particularly in the domestic market, despite strong export performance [4][5]. - The industry is characterized by a cyclical nature influenced by raw material prices and macroeconomic conditions, with a focus on differentiated products to meet evolving consumer demands [5][6]. Product Development and Innovation - The company specializes in differentiated polyester fibers, including PTT fibers and recycled eco-friendly fibers, with a strong emphasis on product innovation and development [6][9]. - The company has developed a range of high-performance fibers, including ultra-realistic animal fur fibers and environmentally friendly options, which have gained significant market recognition [9][11]. - The company holds over 60 national patents and has been recognized as a high-tech enterprise, contributing to the establishment of industry standards [9][10]. Operational Strategies - The company has adopted a strategy focused on improving gross margins by eliminating low-value products and enhancing product structure [6][9]. - The management emphasizes the importance of talent development and effective operational mechanisms to support long-term growth [12]. - The company aims to leverage its technological strengths to continue innovating and meeting market demands for comfort, aesthetics, and functionality in textile applications [11][12].

Core Viewpoint - Suzhou Longjie Special Fiber Co., Ltd. reported a decline in key financial metrics for the first half of the year, indicating challenges in revenue generation and profitability [1]. Financial Performance - Total assets decreased by 5.25% to CNY 1,450,369,115.66 compared to the end of the previous year [1]. - Operating revenue fell by 6.98% to CNY 700,730,431.04 year-on-year [1]. - Total profit decreased by 3.21% to CNY 34,521,547.28 [1]. - Net profit attributable to shareholders decreased by 8.81% to CNY 30,559,108.87 [1]. - Net profit after deducting non-recurring gains and losses dropped by 22.27% to CNY 20,235,291.63 [1]. - Cash flow from operating activities showed a significant improvement, moving from a negative CNY 234,491,193.55 to a negative CNY 50,156,495.81 [1]. - The weighted average return on net assets was 0.16% [1]. - Basic earnings per share increased to CNY 0.15, while diluted earnings per share also rose to CNY 0.15 [1]. Shareholder Structure - The largest shareholder, Zhangjiagang Longjie Investment Co., Ltd., holds 51.82% of the shares [2]. - Other notable shareholders include Xi Wenjie and Xi Liang, each holding 3.18% [2]. - The total number of shareholders as of the reporting period was 34,902 [1].

Group 1 - The company reported a revenue of 700,730,431.04 yuan for the first half of 2025, representing a year-on-year decrease of 6.98% [2] - The net profit attributable to shareholders of the listed company was 33,250,815.16 yuan, showing a year-on-year increase of 8.81% [2]

Core Insights - Suzhou Longjie (603332.SH) reported a net profit attributable to shareholders of 33.25 million yuan for the first half of 2025, representing a year-on-year increase of 8.81% [1] - The company's revenue for the same period was 701 million yuan, showing a year-on-year decrease of 6.98% [1] - The net profit excluding non-recurring items was 20.24 million yuan, which reflects a year-on-year decline of 22.27% [1] - Basic earnings per share stood at 0.16 yuan [1]

证券代码：603332 证券简称：苏州龙杰 公告编号：2025-041 | | 主要产品 | 年 2025 | 1-6 | 月不含 | 年 2024 | 月不含 1-6 | | 价格变动比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 税平均售价（元/吨） | | | 税平均售价（元/吨） | | | 例（%） | | FDY | 差别化产品 | | 8,456.12 | | | 9,877.15 | -14.39 | | | DTY | 差别化产品 | | 11,552.15 | | | 12,358.18 | | -6.52 | | POY | 差别化产品 | | 6,541.13 | | | 7,735.93 | | -15.44 | （二）主要原材料价格变动情况 | 主要原材料 | 年 2025 | 1-6 | 月不含 | 年 2024 1-6 | | 月不含 | 价格变动比例 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 税采购价（元/吨） | | | ...

[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 key terms used in the report, including company names, controlling shareholders, regulatory bodies, and specialized polyester fiber industry terms like PTT fiber, FDY, POY, and DTY, ensuring accurate understanding of the report content - Common terms used in the report, including company-related terms such as "the Company", "Suzhou Longjie", "Longjie Investment", and industry-specific terms like "polyester fiber", "polyester", "PTT fiber", "FDY", "POY", "DTY", are all explained in this section[13](index=13&type=chunk)[14](index=14&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 an overview of Suzhou Longjie Special Fiber Co., Ltd.'s basic information, contact details, stock profile, and key accounting data and financial indicators for H1 2025, along with a detailed list of non-recurring gains and losses, offering investors a quick glance at the company's profile and core financial performance [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) [II. Contact Person and Details](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) [III. Brief Introduction to 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) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%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) [V. Company Stock Profile](index=6&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) [VII. Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for H1 2025, including operating revenue, total profit, net profit, earnings per share, and return on net assets, comparing them with the prior year to illustrate the company's financial performance during the reporting period [(I) Key Accounting Data](index=6&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) 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 700,730,431.04 | 753,311,372.73 | -6.98 | | Total Profit | 34,521,547.28 | 35,666,365.89 | -3.21 | | Net Profit Attributable to Shareholders of Listed Company | 33,250,815.16 | 30,559,108.87 | 8.81 | | Net Profit Attributable to Shareholders of Listed Company, Excluding Non-recurring Gains/Losses | 20,235,291.63 | 26,033,152.55 | -22.27 | | Net Cash Flow from Operating Activities | -50,156,495.81 | -234,491,193.55 | N/A | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,253,605,847.91 | 1,265,523,111.26 | -0.94 | | Total Assets (Period-end) | 1,450,369,115.66 | 1,530,795,020.21 | -5.25 | [(II) Key Financial Indicators](index=6&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) 2025 H1 Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.16 | 0.14 | 14.29 | | Diluted Earnings Per Share (RMB/share) | 0.15 | 0.14 | 7.14 | | Basic EPS Excluding Non-recurring Gains/Losses (RMB/share) | 0.09 | 0.12 | -25.00 | | Weighted Average Return on Net Assets (%) | 2.59 | 2.43 | Increase of 0.16 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains/Losses (%) | 1.58 | 2.07 | Decrease of 0.49 percentage points | [IX. Non-recurring Gains/Losses Items and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the company's non-recurring gains and losses for H1 2025, totaling **13.02 million RMB**, primarily comprising government grants and fair value changes of financial assets, providing a basis for evaluating the company's sustainable profitability 2025 H1 Non-recurring Gains/Losses Items and Amounts | Non-recurring Gains/Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 6,622.50 | | Government Grants Recognized in Current Profit/Loss | 10,121,424.87 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities Held by Non-financial Enterprises and Disposal Gains/Losses | 5,156,077.64 | | Other Non-operating Income and Expenses | 28,255.61 | | Less: Income Tax Impact | 2,296,857.09 | | **Total** | **13,015,523.53** | [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 company's operating performance for H1 2025, covering industry environment, main business development, core competitiveness, financial performance, and risks, highlighting record-high production and sales, cost control, and challenges like insufficient demand and market competition [I. Overview of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the macroeconomic environment, supply-demand, cyclical, regional, and seasonal characteristics of the polyester filament industry in H1 2025, with the company focusing on differentiated polyester filament, PTT fiber, and recycled eco-friendly fibers, actively adjusting product structure to develop high-value-added products [Industry Overview and Trends](index=8&type=section&id=%E8%A1%8C%E4%B8%9A%E6%A6%82%E5%86%B5%E4%B8%8E%E8%B6%8B%E5%8A%BF) - In H1 2025, the polyester filament industry operated steadily despite crude oil price fluctuations, slower raw material capacity growth, declining polyester fiber output growth, and insufficient consumer demand, but faces the core issue of improving supply-demand dynamics[26](index=26&type=chunk) [Company Products and Applications](index=9&type=section&id=%E5%85%AC%E5%8F%B8%E4%BA%A7%E5%93%81%E4%B8%8E%E5%BA%94%E7%94%A8) - The company's products primarily include differentiated polyester filament, PTT fiber, and recycled eco-friendly fibers, covering FDY, POY, DTY composite yarns, widely used in civil textiles and some industrial fields, holding a leading domestic position in high/super-simulation animal fur polyester fiber production technology[29](index=29&type=chunk) [Operating Strategies and Achievements During the Reporting Period](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%BB%8F%E8%90%A5%E7%AD%96%E7%95%A5%E4%B8%8E%E6%88%90%E6%9E%9C) - Facing an oversupplied market, the company in H1 focused on "green, low-carbon, animal protection, performance-enhancing" innovation, upgraded its faux fur series, eliminated low-value-added products, significantly improved gross profit margins, and achieved record-high production and sales volumes[30](index=30&type=chunk)[31](index=31&type=chunk) [II. Discussion and Analysis of Operating Performance](index=10&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, amidst a complex macroeconomic environment, the company actively pursued its goal of "profit-centric, action-driven excellence," achieving significant results in R&D, production, sales, cost control, and management, including record-high production and sales, reduced costs, and increased profits - The company achieved record-high production, record-high sales volume, reduced costs, increased profits, significant achievements in original development and structural adjustment, and solid and effective safety production in H1[33](index=33&type=chunk) - During the reporting period, the company's original development of faux fur fibers maintained its leading position, new faux wool products continuously emerged, product structure was further optimized, quality upgrades for faux suede fibers were effective, and PTT fiber market share continued to rank among the top[33](index=33&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=10&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 competitiveness stems from strong R&D and technological advantages, including continuous innovation and industry standard-setting capabilities; a rich and high-quality product portfolio, especially leading in faux fur, faux suede, and PTT fiber niche markets; and a good brand reputation, experienced management team, and superior geographical location built over years [1. R&D and Technical Advantages](index=10&type=section&id=1%E3%80%81%E7%A0%94%E5%8F%91%E5%8F%8A%E6%8A%80%E6%9C%AF%E4%BC%98%E5%8A%BF) - The company possesses strong technical capabilities and R&D innovation, being one of the few domestic enterprises mastering high/super-simulation animal fur polyester fiber production technology, having obtained over **sixty national patents** (including **seventeen invention patents**), and leading or participating in drafting/revising multiple national and industry technical standards[34](index=34&type=chunk)[35](index=35&type=chunk) [2. Product Advantages](index=11&type=section&id=2%E3%80%81%E4%BA%A7%E5%93%81%E4%BC%98%E5%8A%BF) - The company's products are diverse and of excellent quality, with faux fur fibers, faux suede fibers, and PTT fibers ranking among the top in domestic niche markets, and products featuring high simulation, eco-friendliness, and good resilience, gaining widespread market recognition[36](index=36&type=chunk) [3. Brand Advantages](index=11&type=section&id=3%E3%80%81%E5%93%81%E7%89%8C%E4%BC%98%E5%8A%BF) - After over a decade of development and accumulation, the company has repeatedly won titles such as "Jiangsu Famous Brand Product" and "Jiangsu Provincial Famous Trademark," establishing a good reputation and brand image in the market[36](index=36&type=chunk) [4. Management Advantages](index=11&type=section&id=4%E3%80%81%E7%AE%A1%E7%90%86%E4%BC%98%E5%8A%BF) - The company's main management team members have years of industry experience, establishing standardized rules and regulations, efficient operating mechanisms, and a comprehensive target performance appraisal system, achieving a refined management model[38](index=38&type=chunk) [5. Geographical Advantages](index=12&type=section&id=5%E3%80%81%E5%8C%BA%E4%BD%8D%E4%BC%98%E5%8A%BF) - Located in the Yangtze River Delta region, the company is close to chemical fiber textile markets like Wujiang, Changshu, and Yancheng, and only two to three hours' drive from industrial clusters like Shaoxing Light Textile City, with its superior geographical location facilitating sales channel expansion and strengthening customer cooperation[38](index=38&type=chunk) [IV. Major Operating Performance During the Reporting Period](index=12&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section details the company's operating performance for H1 2025 through analysis of financial statement item changes and asset-liability status, showing a **6.98% year-on-year decrease in operating revenue** but an **8.81% year-on-year increase in net profit attributable to parent company shareholders**, with adjustments in asset-liability structure including significant decreases in cash and bank balances, notes receivable, accounts receivable, and notes payable, while receivables financing and other current assets substantially increased [(I) Main Business Analysis](index=12&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section analyzes changes in financial statement items related to the company's main business, indicating a year-on-year decrease in operating revenue and costs but an increase in net profit attributable to parent company shareholders, while explaining the main reasons for changes in financial expenses, net cash flow from operating activities, investing activities, and financing activities 2025 H1 Major Financial Statement Item Changes | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 700,730,431.04 | 753,311,372.73 | -6.98 | | Operating Cost | 640,059,592.43 | 680,794,676.77 | -5.98 | | Selling Expenses | 3,783,138.05 | 3,527,006.98 | 7.26 | | Administrative Expenses | 16,110,217.90 | 14,225,477.07 | 13.25 | | Financial Expenses | -657,637.57 | -4,054,000.95 | N/A | | R&D Expenses | 26,191,499.82 | 25,908,899.25 | 1.09 | | Net Cash Flow from Operating Activities | -50,156,495.81 | -234,491,193.55 | N/A | | Net Cash Flow from Investing Activities | 37,786,628.50 | -2,247,100.60 | N/A | | Net Cash Flow from Financing Activities | -31,109,670.78 | -14,369,203.94 | N/A | - The change in financial expenses was primarily due to a decrease in fixed deposit interest income compared to the prior period; the change in net cash flow from operating activities was mainly due to a decrease in cash paid for goods and services compared to the prior period; the change in net cash flow from investing activities was primarily due to an increase in net investment in wealth management products (redemptions - purchases) in the current period; the change in net cash flow from financing activities was mainly due to an increase in cash paid for dividend distribution compared to the prior period[39](index=39&type=chunk) [(III) Analysis of Assets and Liabilities](index=13&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This section analyzes significant changes in the company's period-end asset and liability status, including decreases in cash and bank balances, notes receivable, accounts receivable, and notes payable, alongside increases in receivables financing and other current assets, and discloses the period-end restricted assets 2025 H1 Major Changes in Asset and Liability Status | Item | Period-end Balance (RMB) | Change from Prior Year-end (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 83,984,668.96 | -33.47 | Primarily due to increased cash payments for dividend distribution and operating activities | | Notes Receivable | 12,623,834.51 | -48.64 | Primarily due to a decrease in non-6+9 bank acceptance bills held at period-end | | Accounts Receivable | 1,086,360.62 | -69.05 | Primarily due to a decrease in unsettled accounts receivable within the credit period at period-end | | Receivables Financing | 18,140,086.54 | 376.72 | Primarily due to an increase in unexpired 6+9 bank acceptance bills held at period-end | | Other Current Assets | 50,446,054.80 | 404.00 | Primarily due to an increase in large-denomination certificates of deposit held to maturity in the current period | | Construction in Progress | 10,336,816.47 | -71.16 | Primarily due to the transfer of some construction in progress to fixed assets in the current period | | Other Non-current Assets | 13,280,217.00 | 141.83 | Primarily due to an increase in prepaid equipment payments in the current period | | Notes Payable | 10,606,000.00 | -84.78 | Primarily due to the repayment of notes payable that matured in the prior period | | Employee Benefits Payable | 12,807,018.90 | -32.72 | Primarily due to the payment of bonuses accrued from the prior year in the current period | | Taxes Payable | 1,704,105.48 | 62.73 | Primarily due to an increase in VAT payable at period-end compared to prior year-end | | Other Current Liabilities | 10,928,676.55 | -56.79 | Primarily due to a decrease in unconfirmed endorsed but unexpired bills | Major Restricted Assets at Period-end | Item | Period-end Balance (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 1,415,164.80 | Margin deposits for bank acceptance bills or letters of credit, etc | | Fixed Assets | 19,768,888.01 | Pledge for loans and bills | | Land Use Rights | 6,165,583.92 | Pledge for loans and bills | | **Total** | **27,349,636.73** | | [V. Other Disclosures](index=14&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) This section discloses potential macroeconomic, operational, and technological risks faced by the company, and details the plan and progress of the company's "Quality Improvement, Efficiency Enhancement, and Investor Returns" special action, including focusing on main business to improve operational quality, emphasizing investor returns, strengthening "key minority" responsibilities, adhering to standardized operations, and enhancing investor communication [(I) Potential Risks](index=14&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 risks from changes in the macroeconomic environment, performance fluctuations, market competition, raw material price volatility, and technological risks, which may adversely affect its operating performance and profitability[45](index=45&type=chunk)[46](index=46&type=chunk) [(II) Other Disclosure Items](index=15&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section details the company's plan and progress in response to the "Quality Improvement, Efficiency Enhancement, and Investor Returns" special action, including focusing on main business to improve operational quality, emphasizing investor returns, strengthening "key minority" responsibilities, adhering to standardized operations, and enhancing investor communication - The company actively responded to the "Quality Improvement, Efficiency Enhancement, and Investor Returns" special action, formulated a plan, and achieved significant progress, including record-high production and sales volumes in H1, reduced costs, significant achievements in original development and structural adjustment, and implemented the 2024 annual profit distribution in June 2025, distributing a cash dividend of **47.44 million RMB**[48](index=48&type=chunk) - The company strengthened corporate governance, enhanced compliance capabilities, and improved investor communication by standardizing board operations, revising **21 items** of the Articles of Association and supporting systems, timely disclosing information, setting up an investor hotline, and holding performance briefings, actively conveying company value[49](index=49&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=16&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 the company's governance, environmental, and social responsibilities, including changes in directors and senior management, H1 profit distribution proposal, progress and performance assessment results of the employee stock ownership plan, and environmental information disclosed as an environmentally information-mandated enterprise [I. Changes in Company Directors and Senior Management](index=16&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section discloses changes in the company's directors and senior management, including the resignation of Deputy General Manager Pan Zhenliang and the appointment of Qian Xiadong, as well as the resignation of non-independent director Guan Le and her election as an employee representative director - During the reporting period, Deputy General Manager Pan Zhenliang resigned, and Qian Xiadong was appointed as Deputy General Manager; non-independent director Guan Le resigned from her directorship and was elected as an employee representative director[52](index=52&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) This section clarifies that the company will not undertake profit distribution or capital reserve conversion into share capital for H1 2025 - No profit distribution or capital reserve conversion into share capital will be undertaken for H1 2025[6](index=6&type=chunk)[53](index=53&type=chunk) [III. Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=17&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) This section details the unlocking arrangements and performance assessment requirements for the company's 2024 employee stock ownership plan, noting that the first tranche unlocking ratio was **0%** due to unmet 2024 product sales targets, with the unvested portion deferred to the second tranche assessment [Employee Stock Ownership Plan Status](index=17&type=section&id=%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%83%85%E5%86%B5) - The company's 2024 product sales did not meet the performance assessment requirements for the first tranche unlocking of the employee stock ownership plan, resulting in a **0%** unlocking ratio for the first tranche, with the unvested portion deferred to the second tranche assessment and unlocking[56](index=56&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](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) This section discloses that the company, as a listed entity included in the list of enterprises legally required to disclose environmental information, has published its environmental data on the "Jiangsu Enterprise Environmental Profile" information disclosure platform of the Jiangsu Provincial Department of Ecology and Environment - The company is included in the list of enterprises required to disclose environmental information by law and has published environmental information on the "Jiangsu Enterprise Environmental Profile" information disclosure platform of the Jiangsu Provincial Department of Ecology and Environment[57](index=57&type=chunk) [Section V Important 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) This section details the fulfillment of important commitments during and continuing to the end of the reporting period, including those by controlling shareholders, actual controllers, and the company regarding horizontal competition, related party transactions, share price stability, immediate return compensation, and share lock-up, confirming no illegal guarantees, major lawsuits, arbitrations, or significant related party transactions during the period [I. 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) This section lists the commitments made by controlling shareholders, actual controllers, and the company regarding horizontal competition, related party transactions, share price stability, immediate return compensation, and share lock-up, confirming that all commitments have been strictly fulfilled - Controlling shareholders, actual controllers Xi Wenjie, Xi Liang, and Longjie Investment committed to resolving horizontal competition and standardizing related party transactions, and have strictly fulfilled these commitments[60](index=60&type=chunk)[61](index=61&type=chunk) - The company, controlling shareholders, directors, and senior management have issued relevant commitments regarding share price stability, compensation for diluted immediate returns, restrictive measures for non-fulfillment of commitments, and the truthfulness of the prospectus, all of which have been strictly fulfilled[61](index=61&type=chunk)[62](index=62&type=chunk) [III. Irregular Guarantees](index=25&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) This section confirms that the company did not provide any external guarantees in violation of prescribed decision-making procedures during the reporting period - During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures[8](index=8&type=chunk)[65](index=65&type=chunk) [VII. Major Lawsuits and Arbitrations](index=25&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) This section confirms that the company had no major lawsuits or arbitrations during the reporting period - During the reporting period, the company had no major lawsuits or arbitrations[66](index=66&type=chunk) [X. Significant Related Party Transactions](index=25&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section confirms that the company had no significant related party transactions during the reporting period, including those related to daily operations, asset/equity acquisitions or disposals, joint external investments, or related party creditor-debtor relationships - During the reporting period, the company had no significant related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships[67](index=67&type=chunk)[68](index=68&type=chunk) [Section VI Share Changes and Shareholder Information](index=27&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital structure and shareholder information for H1 2025, noting no changes in total shares or capital structure, and listing the top ten shareholders at period-end, with controlling shareholder Longjie Investment holding **51.82%** and Xi Wenjie and Xi Liang jointly controlling **58.18%** of the company's shares [I. Share Capital Changes](index=27&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) This section states that there were no changes in the company's total shares or share capital structure during the reporting period - During the reporting period, there were no changes in the company's total shares or share capital structure[70](index=70&type=chunk) [II. Shareholder Information](index=27&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the total number of shareholders, the top ten shareholders, and the top ten shareholders with unrestricted shares at the end of the reporting period, and explains the shareholding relationship of the actual controllers and their related parties [(I) Total Number of Shareholders](index=27&type=section&id=(%E4%B8%80)%20%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0) - As of the end of the reporting period, the total number of ordinary shareholders was **34,902**[70](index=70&type=chunk) [(II) Top Ten Shareholders and Top Ten Unrestricted Shareholders at Period-end](index=28&type=section&id=(%E4%BA%8C)%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) Top Ten Shareholders at Period-end | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Zhangjiagang Longjie Investment Co., Ltd. | 112,112,000 | 51.82 | Domestic Non-state-owned Legal Person | | Xi Wenjie | 6,886,880 | 3.18 | Domestic Natural Person | | Xi Liang | 6,886,880 | 3.18 | Domestic Natural Person | | Yang Xiaoqin | 4,015,206 | 1.86 | Domestic Natural Person | | He Xiaolin | 2,882,880 | 1.33 | Domestic Natural Person | | Suzhou Longjie Special Fiber Co., Ltd. - 2024 Employee Stock Ownership Plan | 2,292,000 | 1.06 | Other | | Pan Zhenliang | 910,000 | 0.42 | Domestic Natural Person | | BARCLAYS BANK PLC | 790,749 | 0.37 | Overseas Legal Person | | Suzhou Longjie Special Fiber Co., Ltd. Repurchase Special Securities Account | 693,920 | 0.32 | Other | | Yu Hongzhong | 681,000 | 0.31 | Domestic Natural Person | - Xi Wenjie and Xi Liang are father and daughter; Yang Xiaoqin and Xi Liang are mother and daughter; Xi Wenjie and Xi Liang are the joint actual controllers of Longjie Investment, jointly controlling **58.18%** of the company's shares[73](index=73&type=chunk)[91](index=91&type=chunk) [III. Directors and Senior Management Information](index=28&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) This section states that there were no changes in the shareholdings of the company's directors and senior management during the reporting period [Section VII Bond-Related Information](index=29&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 states that the company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds[76](index=76&type=chunk) [Section VIII Financial Report](index=30&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 provides Suzhou Longjie Special Fiber Co., Ltd.'s unaudited financial report for H1 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, accompanied by detailed financial statement notes covering the company's basic information, significant accounting policies, taxes, notes to consolidated financial statement items, and other supplementary information, comprehensively reflecting the company's financial position and operating results [I. Audit Report](index=30&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This section states that the company's H1 2025 semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=30&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's core financial statements for H1 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, visually illustrating the company's asset-liability structure at period-end, profitability during the period, cash flow, and changes in shareholders' equity [Balance Sheet](index=30&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Balance Sheet Summary as of June 30, 2025 | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Current Assets | 908,381,414.32 | 971,545,904.68 | | Total Non-current Assets | 541,987,701.34 | 559,249,115.53 | | **Total Assets** | **1,450,369,115.66** | **1,530,795,020.21** | | Total Current Liabilities | 132,432,758.03 | 187,020,126.51 | | Total Non-current Liabilities | 64,330,509.72 | 78,251,782.44 | | **Total Liabilities** | **196,763,267.75** | **265,271,908.95** | | Total Owners' Equity | 1,253,605,847.91 | 1,265,523,111.26 | [Income Statement](index=32&type=section&id=%E5%88%A9%E6%B6%A6%E8%A1%A8) Income Statement Summary for Jan-Jun 2025 | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 700,730,431.04 | 753,311,372.73 | | Operating Cost | 640,059,592.43 | 680,794,676.77 | | Total Profit | 34,521,547.28 | 35,666,365.89 | | Net Profit | 33,250,815.16 | 30,559,108.87 | | Basic Earnings Per Share (RMB/share) | 0.16 | 0.14 | | Diluted Earnings Per Share (RMB/share) | 0.15 | 0.14 | [Cash Flow Statement](index=33&type=section&id=%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Cash Flow Statement Summary for Jan-Jun 2025 | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -50,156,495.81 | -234,491,193.55 | | Net Cash Flow from Investing Activities | 37,786,628.50 | -2,247,100.60 | | Net Cash Flow from Financing Activities | -31,109,670.78 | -14,369,203.94 | | Net Increase in Cash and Cash Equivalents | -43,479,538.09 | -251,107,478.33 | | Cash and Cash Equivalents at Period-end | 82,569,504.16 | 66,177,361.77 | [Statement of Changes in Owners' Equity](index=35&type=section&id=%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) - In H1 2025, the company's total owners' equity decreased from **1,265,523,111.26 RMB** at the beginning of the period to **1,253,605,847.91 RMB** at the end of the period, primarily due to the impact of profit distribution and share-based payments recognized in capital reserves[87](index=87&type=chunk)[88](index=88&type=chunk) [III. Company Basic Information](index=38&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces Suzhou Longjie Special Fiber Co., Ltd.'s establishment, share capital evolution, and equity structure, stating that as of June 30, 2025, the company's registered capital was **216.35 million RMB**, with controlling shareholder Longjie Investment holding **51.82%**, and Xi Wenjie and Xi Liang as joint actual controllers - The company's registered capital and paid-in capital (share capital) as of June 30, 2025, were both **216.35 million RMB**[91](index=91&type=chunk) - Zhangjiagang Longjie Investment Co., Ltd. holds **51.82%** of the company's equity and is its controlling shareholder; Xi Wenjie and Xi Liang are the ultimate controlling parties of the company[91](index=91&type=chunk)[106](index=106&type=chunk) [IV. Basis of Financial Statement Preparation](index=38&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) This section clarifies that the company's financial statements are prepared on a going concern basis and confirms no factors significantly adversely affecting the company's going concern ability exist for at least 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[96](index=96&type=chunk) - Based on a comprehensive evaluation, there are no factors that would significantly adversely affect the company's ability to continue as a going concern for at least **12 months** from the end of this reporting period[97](index=97&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=39&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, including compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, financial instrument classification and measurement, impairment provisions for receivables, inventory valuation and write-downs, fixed asset depreciation, construction in progress capitalization, borrowing cost capitalization, intangible asset amortization, long-term asset impairment, employee compensation, provisions, share-based payments, revenue recognition, government grants, and deferred income tax, providing a foundation for understanding the financial statements - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[99](index=99&type=chunk) - The company uses one year (**12 months**) as its normal operating cycle, and its functional currency is RMB[101](index=101&type=chunk)[102](index=102&type=chunk) - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[106](index=106&type=chunk) [VI. Taxes](index=56&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including VAT, urban construction and maintenance tax, education surcharges, local education surcharges, corporate income tax, and property tax, noting that as an advanced manufacturing enterprise, the company enjoys VAT additional deduction policies, and as a high-tech enterprise, it benefits from a **15%** corporate income tax preferential rate Main Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Operating Revenue | 13% | | Urban Construction and Maintenance Tax | Taxable Turnover Tax Amount | 7% | | Education Surcharge | Taxable Turnover Tax Amount | 3% | | Local Education Surcharge | Taxable Turnover Tax Amount | 2% | | Corporate Income Tax | Taxable Income | 15% | | Property Tax | 70% of Original Value of Self-used Property | 1.2% | - As an advanced manufacturing enterprise, the company enjoys a **5%** additional VAT deduction policy from January 1, 2023, to December 31, 2027[160](index=160&type=chunk) - The company was recognized as a high-tech enterprise on November 6, 2023, and can enjoy a preferential corporate income tax rate of **15%** for H1 2025[161](index=161&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=57&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 notes for each major item in the consolidated financial statements, including cash and bank balances, financial assets held for trading, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, deferred income tax, short-term borrowings, notes payable, employee benefits payable, deferred income, share capital, capital reserves, retained earnings, operating revenue and costs, various expenses and income, explaining their composition, reasons for changes, and accounting treatment methods - Cash and bank balances at period-end were **83,984,668.96 RMB**, a **33.47% decrease** from the beginning of the period, primarily due to increased cash payments for dividend distribution and operating activities[41](index=41&type=chunk)[163](index=163&type=chunk) - Financial assets held for trading at period-end were **411,756,109.59 RMB**, mainly consisting of non-fixed income wealth management products[164](index=164&type=chunk) - Operating revenue for the current period was **700,730,431.04 RMB**, and operating cost was **640,059,592.43 RMB**, representing year-on-year decreases of **6.98%** and **5.98%**, respectively[39](index=39&type=chunk)[262](index=262&type=chunk) - Net cash flow from operating activities was **-50,156,495.81 RMB**, a significant improvement from **-234,491,193.55 RMB** in the prior period, primarily due to a decrease in cash paid for goods and services in the current period[39](index=39&type=chunk)[84](index=84&type=chunk) [VIII. R&D Expenses](index=100&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section lists the company's R&D expenses for H1 2025, totaling **26,191,499.82 RMB**, primarily composed of direct input, employee compensation, and share-based payment expenses, all of which were expensed and not capitalized 2025 H1 R&D Expense Details | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Direct Input | 12,820,342.26 | 13,252,022.43 | | Employee Compensation | 11,460,730.50 | 11,224,069.55 | | Share-based Payment Expense | 1,482,363.36 | 1,003,836.67 | | Depreciation and Amortization | 428,063.70 | 427,710.60 | | Other | 0.00 | 1,260.00 | | **Total** | **26,191,499.82** | **25,908,899.25** | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses[303](index=303&type=chunk) [IX. Changes in Consolidation Scope](index=101&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) This section states that during the reporting period, the company experienced no changes in its consolidation scope, such as business combinations under common control, business combinations not under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control - During the reporting period, the company experienced no changes in its consolidation scope, such as business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control[305](index=305&type=chunk) [X. Interests in Other Entities](index=102&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) This section states that during the reporting period, the company had no significant subsidiaries, joint ventures, or associates, nor any interests in unconsolidated structured entities - During the reporting period, the company had no significant subsidiaries, joint ventures, or associates, nor any interests in unconsolidated structured entities[305](index=305&type=chunk) [XI. Government Grants](index=103&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the company's government grants received in H1 2025, with a period-end deferred income balance of **59,339,509.72 RMB** for government grants, and a total of **16,920,291.55 RMB** recognized in current profit or loss, primarily asset-related 2025 H1 Government Grant Liability Item Changes | Financial Statement Item | Period-start Balance (RMB) | Transferred to Other Income in Current Period (RMB) | Period-end Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 73,260,782.44 | 13,921,272.72 | 59,339,509.72 | Asset-related | | **Total** | **73,260,782.44** | **13,921,272.72** | **59,339,509.72** | | 2025 H1 Government Grants Recognized in Current Profit/Loss | Type | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Asset-related | 13,921,272.72 | 0.00 | | Income-related | 2,999,018.83 | 342,860.00 | | **Total** | **16,920,291.55** | **342,860.00** | [XII. Risks Related to Financial Instruments](index=103&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) This section states that the company did not engage in hedging activities for risk management, apply hedge accounting, or have any financial asset transfers during the reporting period - During the reporting period, the company did not engage in hedging activities for risk management, nor did it apply hedge accounting[308](index=308&type=chunk)[309](index=309&type=chunk) - During the reporting period, the company had no financial asset transfers[309](index=309&type=chunk) [XIII. Disclosure of Fair Value](index=104&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) This section discloses the company's period-end assets and liabilities measured at fair value, with total assets continuously measured at fair value amounting to **19,896,196.13 RMB**, primarily including financial assets held for trading and receivables financing, and explains the valuation techniques and parameters for Level 2 and Level 3 fair value measurements Period-end Assets and Liabilities Measured at Fair Value | Item | Period-end Fair Value (RMB) | | :--- | :--- | | **I. Recurring Fair Value Measurements** | | | (I) Financial Assets Held for Trading | 1,756,109.59 | | 1. Financial assets measured at fair value through profit or loss | 1,756,109.59 | | (VI) Receivables Financing | 18,140,086.54 | | **Total Assets Continuously Measured at Fair Value** | **19,896,196.13** | - The company's Level 2 fair value measurement items (bank floating-rate wealth management products) use the expected rate of return determined by the best estimate of expected risk level as the basis for fair value[312](index=312&type=chunk) - Receivables financing (bank acceptance bills) are valued at their face amount due to their short remaining maturity[313](index=313&type=chunk) [XIV. Related Parties and Related Party Transactions](index=106&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) This section discloses the company's parent company, ultimate controlling parties, and other related party information, and lists related party transactions that occurred during the reporting period, primarily including services received from Zhangjiagang Shengji Freight Co., Ltd., and unsettled items payable to related parties at period-end - The company's parent company is Zhangjiagang Longjie Investment Co., Ltd., holding **51.82%** of shares; the ultimate controlling parties are Xi Wenjie and Xi Liang[316](index=316&type=chunk) 2025 H1 Related Party Transactions for Purchase and Sale of Goods, Provision and Receipt of Services | Related Party | Related Party Transaction Content | Current Period Amount (RMB) | Approved Transaction Limit (RMB) | Exceeded Limit? | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhangjiagang Shengji Freight Co., Ltd. | Services Received | 1,323,994.57 | 3,000,000.00 | No | 1,024,956.20 | 2025 H1 Key Management Personnel Compensation | Item | Current Period Amount (ten thousand RMB) | Prior Period Amount (ten thousand RMB) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 254.14 | 215.04 | Unsettled Items Payable to Related Parties at Period-end | Item Name | Related Party | Book Balance at Period-end (RMB) | Book Balance at Period-start (RMB) | | :--- | :--- | :--- | :--- | | Accounts Payable | Zhangjiagang Shengji Freight Co., Ltd. | 409,578.92 | 28,656.56 | [XV. Share-based Payment](index=108&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) This section discloses the company's share-based payment information for H1 2025, noting that **10,000 shares** with an amount of **39,600.00 RMB** were forfeited due to the equity incentive plan for directors, senior management, and core technical (business) personnel, with the cumulative amount of equity-settled share-based payments recognized in capital reserves totaling **5,337,978.34 RMB**, and current period share-based payment expense being **2,274,338.34 RMB** 2025 H1 Changes in Equity Instruments | Grantee Category | Number of Shares Forfeited in Current Period (shares) | Amount Forfeited in Current Period (RMB) | | :--- | :--- | :--- | | Directors, Senior Management, and Core Technical (Business) Personnel | 10,000 | 39,600.00 | | **Total** | **10,000** | **39,600.00** | - The cumulative amount of equity-settled share-based payments recognized in capital reserves is **5,337,978.34 RMB**, and the current period share-based payment expense is **2,274,338.34 RMB**[327](index=327&type=chunk)[328](index=328&type=chunk) [XVI. Commitments and Contingencies](index=109&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) This section states that the company had no significant commitments or contingencies requiring disclosure at the end of the reporting period - At the end of the reporting period, the company had no significant commitments requiring disclosure[329](index=329&type=chunk) - At the end of the reporting period, the company had no significant contingencies requiring disclosure[329](index=329&type=chunk) [XVII. Post-Balance Sheet Events](index=110&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) This section states that between the balance sheet date and the report disclosure date, the company experienced no significant non-adjusting events, profit distribution, sales returns, or other major post-balance sheet events - During the reporting period, the company experienced no significant non-adjusting events, profit distribution, sales returns, or other major post-balance sheet events[329](index=329&type=chunk)[330](index=330&type=chunk) [XVIII. Other Important Matters](index=110&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) This section states that during the reporting period, the company experienced no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, segment information, or other important transactions and matters affecting investor decisions - During the reporting period, the company experienced no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, segment information, or other important transactions and matters affecting investor decisions[330](index=330&type=chunk)[331](index=331&type=chunk) [XIX. Notes to Parent Company Financial Statement Major Items](index=111&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 states that the notes to the parent company's financial statement major items are similar to those for the consolidated financial statements, and there were no significant changes or separately disclosable situations for major items such as accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income during the reporting period - The notes to the parent company's financial statement major items are similar to those for the consolidated financial statements, and there were no significant changes or separately disclosable situations for major items such as accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income during the reporting period[334](index=334&type=chunk) [XX. Supplementary Information](index=115&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 financial information for the company for H1 2025, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, further refining the company's earnings quality and shareholder returns 2025 H1 Detailed Statement of Non-recurring Gains/Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 6,622.50 | | Government Grants Recognized in Current Profit/Loss | 10,121,424.87 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities Held by Non-financial Enterprises and Disposal Gains/Losses, excluding effective hedging activities related to normal business operations | 5,156,077.64 | | Other Non-operating Income and Expenses | 28,255.61 | | Less: Income Tax Impact | 2,296,857.09 | | **Total** | **13,015,523.53** | 2025 H1 Return on Net Assets and Earnings Per Share | Item | Return on Net Assets (%) | Basic EPS (RMB) | Diluted EPS (RMB) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 2.59 | 0.16 | 0.15 | | Net Profit Attributable to Ordinary Shareholders of the Company, Excluding Non-recurring Gains/Losses | 1.58 | 0.09 | 0.09 |

Group 1 - The company Suzhou Longjie (603332.SH) reported a revenue of 701 million yuan for the first half of 2025, representing a year-on-year decrease of 6.98% [1] - The net profit attributable to shareholders of the listed company was 33.25 million yuan, showing a year-on-year increase of 8.81% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 20.24 million yuan, which is a year-on-year decrease of 22.27% [1] - The basic earnings per share were reported at 0.16 yuan [1]

| 002164 | 宁波东力 | 13.21 | 20.73 | 1212.80 | 16021.05 | 机械设 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 备 | | 603332 | 苏州龙杰 | 15.83 | 15.61 | 948.62 | 15016.71 | 基础化 | | | | | | | | 工 | | 002190 | 成飞集成 | 40.32 | 18.42 | 360.38 | 14530.40 | 汽车 | | 002167 | 东方锆业 | 14.62 | 10.51 | 944.36 | 13806.61 | 有色金 属 | | 003022 | 联泓新科 | 21.22 | 3.43 | 632.21 | 13415.42 | 电力设 | | | | | | | | 备 | | 605303 | 园林股份 | 16.56 | 15.09 | 807.02 | 13364.18 | 建筑装 | | | | | | | | 饰 | | 002722 | 物产金轮 | 19.35 | 12.24 | 6 ...

Group 1 - The upcoming military parade on September 3 will showcase a new generation of weaponry, marking the first major display of China's modernized military capabilities [6][7][9] - The parade will feature over a hundred types of domestically produced main battle equipment, including advanced technologies such as hypersonic weapons, air defense systems, and strategic missiles [9][11][10] - The military industry has seen a resurgence, with the sector experiencing a cumulative increase of over 35% since April, driven by geopolitical tensions and technological advancements [13][15] Group 2 - The stock market reacted positively to the news of the parade, with significant short-term gains in aerospace, satellite navigation, and military stocks, although some stocks retreated after initial highs [2][3] - Notable stock performances include Zhongtian Rocket, which achieved a 9.99% increase, and Yunnan Zhiye, which also saw a 9.99% rise, among others [4][5] - Historical data indicates that major military parades typically catalyze military stock performance, with significant gains observed in the months leading up to such events [17]