智通财经APP讯，索通发展(603612.SH)发布2025年半年度报告，该公司营业收入为83.06亿元，同比增 长28.28%。归属于上市公司股东的净利润为5.23亿元，同比增长1568.52%。归属于上市公司股东的扣除 非经常性损益的净利润为5.22亿元，同比增长364.53%。基本每股收益为1.05元。 报告期内，预焙阳极所处的原铝产业链展现出良好发展态势，原铝价格上涨，市场需求旺盛，因此，预 焙阳极价格上涨。公司与下游优质客户合资的索通创新二期 34 万吨预焙阳极项目、陇西索通 30 万吨预 焙阳极项目产能稳步运行，预焙阳极产销量同比较大幅度增长。以上导致公司营业收入同比增长。 ...

3.计提工程物资减值准备 179.65 万元，主要系生产线更新改造，原有设备配 件不能满足使用要求，计提减值准备。 二、计提资产减值准备对公司的影响 证券代码：603612 证券简称：索通发展 公告编号：2025-040 索通发展股份有限公司 关于计提资产减值准备的公告 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。 为客观、公允地反映索通发展股份有限公司（以下简称"公司"）2025年半 年度的财务状况和资产价值，根据《企业会计准则》等相关规定，公司对合并报 表范围内的各类资产进行了分析和评估，基于谨慎性原则，公司对可能存在减值 迹象的资产进行减值测试，确认存在减值的，计提减值准备。公司于2025年8月19 日召开的第五届董事会第二十一次会议、第五届监事会第十四次会议审议并通过 《关于计提资产减值准备的议案》，现将有关情况公告如下： 一、计提资产减值准备情况 1.公司 2025 年半年度应收款项计提信用减值损失 596.69 万元，其中：应收票 据计提坏账准备 17.75 万元，应收账款计提坏账准备 578.46 万元，其他应 ...

证券代码：603612 证券简称：索通发展 公告编号：2025-042 索通发展股份有限公司 关于为控股子公司提供担保的公告 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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 15,000.00 | 云南索通云铝炭材料有限公司 万元 | | | --- | --- | --- | --- | --- | | 担保对象 | 实际为其提供的担保余额 | 160,750.91 | | 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：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | / | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 1,801,833.14 | | 对外担保总额占上市公司最近一 | 348.47 | | 期经审计净资产的比例（%） | | | ...

证券代码：603612 证券简称：索通发展 公告编号：2025-041 索通发展股份有限公司 关于召开2025年第三次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 至2025 年 9 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日期：2025年9月5日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系统 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》等有关 规定执行。 （七） 涉及公开征集股东投票权 否 二、 会议审议事项 本次股东会审议议案及投票股东类型 | 序号 | | 议案名称 ...

证券代码：603612 证券简称：索通发展 公告编号：2025-038 一、监事会会议召开情况 索通发展股份有限公司（以下简称"公司"）第五届监事会第十四次会议于 2025 年 8 月 9 日以电子邮件方式向全体监事发出会议通知，于 2025 年 8 月 18 日以电子邮件方式向全体监事发出会议补充通知，于 2025 年 8 月 19 日在公司会 议室以现场结合通讯的方式召开。本次会议应出席监事 5 名，实际出席监事 5 名。 会议由监事会主席张媛媛女士主持。本次会议的召集、召开符合有关法律、行政 法规、部门规章、规范性文件及《公司章程》规定。 二、监事会会议审议情况 1.审议并通过《关于<2025 年半年度报告>及其摘要的议案》。 索通发展股份有限公司 第五届监事会第十四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 表决结果：5 票赞成，0 票反对，0 票弃权，0 票回避。 表决结果：5 票赞成，0 票反对，0 票弃权，0 票回避。 监事会认为：公司《2025 年半年度报告》全文及摘要的编制和审议程序符 合 ...

证券代码：603612 证券简称：索通发展 公告编号：2025-037 索通发展股份有限公司 具体内容请见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《索 通发展股份有限公司 2025 年半年度报告》及《索通发展股份有限公司 2025 年半 年度报告摘要》。 2.审议并通过《关于 2025 年半年度利润分配方案的议案》。 表决结果：9 票赞成，0 票反对，0 票弃权，0 票回避。 具体内容请见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《索 通发展股份有限公司关于 2025 年半年度利润分配方案的公告》。 一、董事会会议召开情况 索通发展股份有限公司（以下简称"公司"）第五届董事会第二十一次会议 于 2025 年 8 月 9 日以电子邮件方式向全体董事发出会议通知，于 2025 年 8 月 18 日以电子邮件方式向全体董事发出会议补充通知，于 2025 年 8 月 19 日在公 司会议室以现场结合通讯方式召开。本次会议应出席董事 9 名，实际出席董事 9 名。会议由董事长郎光辉先生主持。本次会议的召集、召开符合有关法律、行政 法规、部门规章、规范性文件及《公司章程》 ...

索通发展股份有限公司 关于 2025 年半年度利润分配方案的公告 证券代码：603612 证券简称：索通发展 公告编号：2025-039 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。 每股分配金额：每股派发现金红利 0.21 元（含税）。 1.董事会会议的召开、审议和表决情况 本次利润分配将向权益分派实施公告指定的股权登记日可参与分配的股 东派发现金红利。截至本公告披露日，公司总股本为 498,104,459 股，扣减不参 与利润分配的回购专用证券账户的股份 2,700,000 股后，可参与分红的股份基数 为 495,404,459 股。若在实施权益分派的股权登记日前公司总股本发生变化，拟 维持每股分配比例不变，相应调整分配总额。 本次利润分配方案已经公司第五届董事会第二十一次会议、第五届监事 会第十四次会议审议通过，尚需提交公司股东会审议。 一、利润分配方案内容 截至 2025 年 6 月 30 日，公司母公司报表中期末未分配利润为人民币为 1,262,010,517.47 元。为进一步落实监管机构关于上市公司现金分红的政 ...

（文章来源：每日经济新闻） 索通发展（SH 603612，收盘价：24.48元）8月20日晚间发布公告称，2025年上半年，公司计提减值准 备共计7659.49万元，计提减值准备减少公司2025年半年度利润总额7659.49万元。以上数据未经审计， 最终以会计师事务所年度审计确认的金额为准。 2024年1至12月份，索通发展的营业收入构成为：预焙阳极占比89.3%，其他业务占比6.16%，负极分部 占比3.38%，电容器分部占比1.1%，生阳极占比0.07%。 ...

（文章来源：每日经济新闻） 索通发展（SH 603612，收盘价：24.48元）8月20日晚间发布半年度业绩报告称，2025年上半年营业收 入约83.06亿元，同比增加28.28%；归属于上市公司股东的净利润约5.23亿元，同比增加1568.52%；基 本每股收益1.05元，同比增加1650%。 ...

[Definitions](index=5&type=section&id=Section%201%20Definitions) [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines key terms and abbreviations used in the report, covering company entities, reporting periods, and industry-specific vocabulary related to core businesses such as prebaked anodes, lithium battery anode materials, and film capacitors, ensuring clear understanding of the report content - Company, Sunstone Development refers to Sunstone Development Co., Ltd[14](index=14&type=chunk) - Reporting Period refers to January 1, 2025 - June 30, 2025[14](index=14&type=chunk) - Multiple controlled subsidiaries and joint ventures are defined, including Jiayuguan Sunstone Prebaked Anode, Sunstone Qili, Sunstone Innovation, Sunstone Yunlv, Hubei Sunstone, Foshan Xinyuan, and others[14](index=14&type=chunk)[15](index=15&type=chunk) - Core industry terms such as prebaked anode, primary aluminum, petroleum coke, coal tar pitch, lithium-ion battery, anode material, artificial graphite anode material, and film capacitor are explained[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=7&type=section&id=I.%20Company%20Information) This section provides the company's basic identification information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's Chinese name is Sunstone Development Co., Ltd., and its Chinese abbreviation is Sunstone Development[17](index=17&type=chunk) - The company's legal representative is Lang Jing[17](index=17&type=chunk) [Contact Person and Contact Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section lists the names, contact addresses, telephone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Yuan Gang, and the Securities Affairs Representative is Liu Suning[18](index=18&type=chunk) - The contact number is **0534-2148011**, and the email address is **sunstone@sun-stone.com**[18](index=18&type=chunk) [Brief Introduction to Changes in Basic Information](index=7&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the company's registered address, office address, and official website, noting no relevant changes during the reporting period - The company's registered and office addresses are both on the north side of New National Highway 104, Hengyuan Economic Development Zone, Linyi County[19](index=19&type=chunk) - The company's website is **www.sun-stone.com**[19](index=19&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=7&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section specifies the company's designated newspapers and websites for information disclosure, and the location for storing semi-annual reports, ensuring transparency - The newspapers selected by the company for information disclosure include *China Securities Journal*, *Shanghai Securities News*, *Securities Times*, and *Securities Daily*[20](index=20&type=chunk) - The website address for publishing the semi-annual report is **www.sse.com.cn**[20](index=20&type=chunk) [Brief Introduction to Company Shares](index=7&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Shares) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[21](index=21&type=chunk) - The stock abbreviation is Sunstone Development, and the stock code is **603612**[21](index=21&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=8&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue grew by **28.28%**, and net profit attributable to shareholders surged by **1568.52%** to **CNY 1.05** per share, driven by higher prebaked anode prices, increased sales, and digital cost reduction, while operating cash flow turned negative due to rising raw material costs Key Accounting Data for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 8,306,421,528.09 | 6,475,261,831.93 | 28.28 | | Total Profit | 879,193,925.28 | 167,273,083.32 | 425.60 | | Net Profit Attributable to Shareholders of Listed Company | 523,092,440.06 | 31,350,715.66 | 1,568.52 | | Net Cash Flow from Operating Activities | -356,731,270.65 | 280,538,179.58 | -227.16 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 5,581,596,689.40 | 5,170,755,674.52 | 7.95 | | Total Assets (Period-end) | 18,887,723,096.25 | 17,614,880,204.84 | 7.23 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 1.05 | 0.06 | 1,650.00 | | Diluted Earnings Per Share (CNY/share) | 1.05 | 0.06 | 1,650.00 | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses (CNY/share) | 1.05 | 0.21 | 400.00 | | Weighted Average Return on Net Assets (%) | 9.73 | 0.56 | Increased by 9.17 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 9.71 | 2.00 | Increased by 7.71 percentage points | - The year-on-year increase in operating revenue was primarily due to rising prebaked anode prices and significant growth in production and sales volumes[24](index=24&type=chunk) - The company significantly improved profitability through digital cost reduction and efficiency enhancement, with net profit, earnings per share, and return on net assets showing substantial year-on-year increases[25](index=25&type=chunk) - Net cash outflow from operating activities was mainly due to increased raw material inventory for the Hubei Sunstone 1 million-ton calcined coke project, coupled with rising raw material prices[26](index=26&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses for the reporting period, totaling **CNY 1,002,689.75**, which had a positive impact on the company's net profit Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -10,032,657.17 | | Government Grants Recognized in Current Profit or Loss | 11,666,959.22 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises, Excluding Effective Hedging Related to Normal Business Operations | 2,944,898.74 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 311,030.22 | | Other Non-operating Income and Expenses Apart from the Above | -1,769,879.68 | | Less: Income Tax Impact | 714,685.88 | | Minority Interest Impact (After Tax) | 1,402,975.70 | | **Total** | **1,002,689.75** | [Management Discussion and Analysis](index=11&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=11&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) In H1 2025, prebaked anode and lithium battery markets showed strong performance with significant price and shipment growth, while petroleum coke prices rose but output declined; the company's main business focuses on prebaked anodes, lithium battery anode materials, and film capacitors, guided by a 'C+ strategy' for low-carbon intelligent manufacturing and global competitiveness Key Industry Market Data for H1 2025 | Market | June 2025 Monthly Average Price Index (CNY/ton) | Increase from January Monthly Average Price Index (%) | Total Output Year-on-Year Increase (%) | Domestic Consumption Year-on-Year Increase (%) | Export Volume Year-on-Year Increase (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Prebaked Anode | 4,939 | 22.71 | 2.44 | 2.44 | 8.50 | | Primary Aluminum | 20,466 | 2.21 | 2.44 | 2.19 | / | | Petroleum Coke | 2,471 | 13.04 | -6.55 | -5.90 | / | | Calcined Coke | 2,900 | 8.01 | 2.53 | 4.10 | / | | Coal Tar Pitch | 3,807 | 1.98 | 0.27 | -0.72 | / | | Lithium Battery (Global Shipments) | / | / | 48.3 (GWh) | / | / | | Lithium Battery (China Shipments) | / | / | 68 (GWh) | / | / | | Artificial Graphite Anode Material (China Shipments) | / | / | 46.3 (ten thousand tons) | / | / | - The company's main business involves the R&D, production, and sales of prebaked anodes, lithium battery anode materials, and film capacitors[35](index=35&type=chunk) - The company adopts the 'C+ (carbon) strategy: dual-drive, two-wing, low-carbon intelligent manufacturing' as its development direction, focusing on carbon material industries such as 'prebaked anodes + lithium battery anodes'[35](index=35&type=chunk) - The prebaked anode business primarily uses joint ventures with high-quality downstream customers and MTO (Make-to-Order) models, while the lithium battery anode material business relies on customer orders and sales forecasts, mainly adopting a direct sales model[35](index=35&type=chunk)[36](index=36&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company advanced its 'dual-drive, two-wing' strategy, achieving significant growth in production and sales across prebaked anodes, lithium battery anodes, and capacitors; ongoing projects progressed steadily, capacity layout expanded, and digital transformation efforts led to successful intelligent systems for cost reduction and efficiency, alongside active progress in green products and carbon reduction technologies Production and Sales Volumes of Main Products for H1 2025 | Product Category | Output (ten thousand tons/hundred million units) | Year-on-Year Growth (%) | Sales Volume (ten thousand tons/hundred million units) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | :--- | | Prebaked Anode | 176.05 | 12.23 | 169.01 | 9.82 | | Lithium Battery Anode Products | 4.29 | 84.91 | 4.40 | 120.00 | | Capacitor Products | 7.75 | 3.52 | 7.88 | 8.47 | - Prebaked anode export sales increased by **13.18%** year-on-year, while domestic sales grew by **8.66%** year-on-year[37](index=37&type=chunk) - The civil construction of the Guangxi 600,000-ton prebaked anode project, a joint venture with Geely Baikuang, is largely complete; the Jiangsu Sunstone 320,000-ton prebaked anode project, a joint venture with Huafeng Group, is steadily progressing in its preparatory phase; and the company signed its first overseas prebaked anode project 'Joint Development Agreement' with EGA[38](index=38&type=chunk) - The company deepened its digital transformation, launched multiple management assistance systems, upgraded automation equipment, had its Shandong production center recognized as an advanced intelligent factory in Shandong Province, and successfully implemented the 'Petroleum Coke Intelligent Procurement and Blending System' to achieve cost reduction[39](index=39&type=chunk) - Focusing on carbon reduction and efficiency, new low-zinc anode technology for high-purity aluminum achieved commercialization, trial products of low 'iron-carbon' contact voltage drop anodes received high customer recognition, and the company collaborated with key customers on carbon reduction technology to extend anode lifespan[40](index=40&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its forward-looking 'C+ strategy,' advanced production technology, innovative customer cooperation models, competitive comprehensive cost advantages, and innovation-driven new quality productive forces, particularly in strategic emerging industries like solid-state battery materials and flow batteries - The company adheres to the 'C+ strategy,' practicing its low-carbon mission through green manufacturing of carbon materials, with strategic depth covering green energy, green products, and green services[42](index=42&type=chunk) - The 'dual-drive' refers to prebaked anode carbon materials (targeting approximately **5 million tons** of contracted capacity by end of 2025) and raw material petroleum coke (global procurement advantage); the 'two-wings' refer to green carbon reduction in the aluminum industry chain and green electricity + new carbon materials (lithium battery anode materials, special carbon, carbon ceramics, silicon carbide, etc.)[42](index=42&type=chunk)[43](index=43&type=chunk) - The company has accumulated years of production process advantages in the prebaked anode industry, undertaking **7** innovation projects during the reporting period, completing **6** small-scale trials, **1** medium-scale trial, and achieving **1** commercialization[44](index=44&type=chunk) - As of June 30, 2025, the company holds **384** authorized patents (**82** of which are invention patents), operates **11** provincial and ministerial-level R&D platforms, and has led or participated in the formulation of **39** national and industry standards[45](index=45&type=chunk) - The company secures customer demand through joint ventures with high-quality downstream customers; its joint venture project with Malaysia Press Metal Aluminium Holdings Berhad has commenced operations, and an overseas joint venture project agreement has been signed with EGA[46](index=46&type=chunk) - The company possesses advantages in optimal plant location selection, centralized petroleum coke procurement scale, competitive financing costs, unit cost benefits from economies of scale, and cost reduction advantages from the deep integration of digital intelligence and AI technology into its business system[47](index=47&type=chunk)[48](index=48&type=chunk) - The company is deepening its layout in solid-state battery key material systems, collaborating with Beijing Institute of Technology to develop sulfide solid electrolytes and silicon-based anode interface matching technology, and advancing the industrialization of silicon-based anode materials[49](index=49&type=chunk)[50](index=50&type=chunk) - In the flow battery sector, the stack has achieved stable operation for hundreds of charge-discharge cycles, and the company plans to establish a joint venture with Beijing Beihuada Investment Co., Ltd. and others to promote the industrialization of all-iron flow battery technology[50](index=50&type=chunk) - Strategic investment in Suzhou Dongnanjia New Material Co., Ltd. has enabled domestic substitution for railway pantograph carbon slides; strategic investment in Beijing Digital Green Earth Technology Co., Ltd. explores AI-powered intelligent kiln operation and maintenance; progress is being made in hydrogen energy applications and hydrogen fuel cell development; and strategic investment in Beijing Zhongchen Zhigang Technology Co., Ltd. explores high-entropy alloy inert anode materials[51](index=51&type=chunk)[52](index=52&type=chunk) [Main Operating Conditions During the Reporting Period](index=17&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) In H1 2025, the company saw substantial growth in main business revenue and profit, despite increased operating cash outflow; asset-liability structure remained stable, with significant increases in accounts receivable financing and inventory; equity investments continued, expanding prebaked anode capacity and increasing subsidiary stakes, while key subsidiaries significantly contributed to prebaked anode and trade businesses [Analysis of Main Business](index=17&type=section&id=(I)%20Analysis%20of%20Main%20Business) This period saw a **28.28%** increase in operating revenue and a **425.60%** rise in total profit, driven by higher prebaked anode prices, increased sales, and a positive shift in fair value changes; however, net cash flow from operating activities turned negative due to rising raw material costs and increased inventory, while asset impairment losses grew due to inventory write-downs in the anode business Analysis Table of Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 8,306,421,528.09 | 6,475,261,831.93 | 28.28 | | Operating Cost | 6,938,880,750.64 | 5,861,142,743.77 | 18.39 | | Selling Expenses | 32,589,714.76 | 28,066,036.97 | 16.12 | | Administrative Expenses | 127,297,233.99 | 102,121,595.30 | 24.65 | | Financial Expenses | 107,321,941.51 | 110,997,625.96 | -3.31 | | R&D Expenses | 76,811,125.14 | 73,916,200.13 | 3.92 | | Net Cash Flow from Operating Activities | -356,731,270.65 | 280,538,179.58 | -227.16 | | Net Cash Flow from Investing Activities | -368,673,096.87 | -379,733,902.77 | Not applicable | | Net Cash Flow from Financing Activities | 241,485,674.10 | 982,679,364.30 | -75.43 | | Investment Income | -14,984,885.48 | -2,683,857.34 | Not applicable | | Gains from Changes in Fair Value | 2,944,898.74 | -85,296,009.64 | Not applicable | | Asset Impairment Losses | -70,628,029.74 | -10,611,177.97 | Not applicable | - The growth in operating revenue was primarily due to rising prebaked anode prices, strong market demand, and year-on-year increases in production and sales volumes from new capacity releases[53](index=53&type=chunk) - Net cash outflow from operating activities was mainly due to increased raw material inventory for the Hubei Sunstone 1 million-ton calcined coke project, coupled with rising raw material prices[54](index=54&type=chunk) - Gains from changes in fair value turned positive, mainly because the fair value change loss of performance compensation shares recognized in the prior period was repurchased and cancelled at the end of 2024, and thus no longer occurred in the current period[54](index=54&type=chunk) - The increase in asset impairment losses was primarily due to inventory write-downs in the anode business[54](index=54&type=chunk) [Analysis of Assets and Liabilities](index=18&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, both total assets and net assets attributable to shareholders increased; accounts receivable financing and inventory significantly rose due to business growth and higher raw material prices, while taxes payable also increased; additionally, some assets were restricted due to guarantees and pledges, with overseas assets accounting for **0.68%** of total assets Analysis of Changes in Asset and Liability Status | Item Name | Current Period-end Amount (CNY) | Proportion of Total Assets at Current Period-end (%) | Prior Period-end Amount (CNY) | Proportion of Total Assets at Prior Period-end (%) | Period-on-Period Change in Current Period-end Amount (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 1,525,821,636.41 | 8.08 | 1,165,239,268.37 | 6.62 | 30.94 | | Inventories | 3,920,129,612.32 | 20.75 | 2,741,875,971.89 | 15.57 | 42.97 | | Other Current Assets | 277,689,954.28 | 1.47 | 212,131,529.69 | 1.20 | 30.90 | | Notes Payable | 24,200,000.00 | 0.13 | 56,903,362.06 | 0.32 | -57.47 | | Taxes Payable | 177,971,328.36 | 0.94 | 87,202,158.89 | 0.50 | 104.09 | | Other Non-current Liabilities | 165,000,000.00 | 0.87 | 305,000,000.00 | 1.73 | -45.90 | - The period-end balance of overseas assets was **CNY 129,362,416.14**, accounting for **0.68%** of total assets[57](index=57&type=chunk) Main Asset Restrictions as of the End of the Reporting Period | Item | Period-end Carrying Amount (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 280,225,543.84 | Deposits | | Fixed Assets | 1,088,498,645.29 | Bank loan mortgage guarantee, financing sale-leaseback mortgage | | Intangible Assets | 94,841,319.38 | Bank loan mortgage guarantee | | **Total** | **1,463,565,508.51** | / | [Analysis of Investment Status](index=19&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company made equity investments aligned with its core business, including increasing the annual production capacity of its aluminum prebaked anode project from **300,000 tons** to **320,000 tons**, and acquiring an additional **23.9681%** stake in its controlled subsidiary Sunstone Innovation for **CNY 470 million** in cash, raising its total holding to **62.7444%**; the company also holds private equity funds and direct equity investments in cutting-edge industries - The company signed a supplementary agreement with Shanghai Fengou Trading Co., Ltd. and others to increase the designed capacity of its 300,000-ton per year aluminum prebaked anode project to **320,000 tons**[61](index=61&type=chunk) - The company's wholly-owned subsidiary, Linyi Industrial and Trade, acquired a **23.9681%** stake in Sunstone Innovation held by Dongfang Asset for **CNY 470 million** in cash, increasing the company's total equity holding in Sunstone Innovation to **62.7444%** after the transaction[62](index=62&type=chunk) - The company's financial assets measured at fair value include private equity fund investments and direct equity investments, with period-end balances of **CNY 22,618,087.18** and **CNY 60,050,000.00**, respectively, invested in cutting-edge industries related to its main business[63](index=63&type=chunk) - Private equity fund investments include Shanghai Feiyu Xinyan Investment Management Partnership (Limited Partnership) and Jinan Industrial Development Yuanchuang Semiconductor Equity Investment Fund Partnership (Limited Partnership), focusing on strategic emerging industries such as semiconductors and new materials[64](index=64&type=chunk) [Analysis of Major Controlled and Invested Companies](index=21&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) This section details the financial status and operating results of the company's major controlled subsidiaries, including Jiayuguan Sunstone Prebaked Anode, Jiayuguan Sunstone Carbon Materials, Linyi Sunstone International Industrial and Trade, Shandong Sunstone Innovation Carbon Materials, and Yunnan Sunstone Yunlv Carbon Materials, all of which significantly contribute to operating revenue and net profit in prebaked anode production and trade businesses Information on Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiayuguan Sunstone Prebaked Anode Co., Ltd. | Subsidiary | R&D, production and sales of prebaked anodes | 111,996,774.00 | 1,599,361,293.69 | 781,091,235.70 | 811,633,104.52 | 119,314,562.25 | 100,854,532.96 | | Jiayuguan Sunstone Carbon Materials Co., Ltd. | Subsidiary | R&D, production and sales of prebaked anodes | 434,957,993.00 | 2,091,925,249.92 | 935,754,553.13 | 842,771,518.89 | 135,002,721.21 | 107,391,388.21 | | Linyi Sunstone International Industrial and Trade Co., Ltd. | Subsidiary | Trade | 100,000,000.00 | 1,735,492,669.59 | 103,237,763.83 | 5,212,918,980.75 | 64,397,051.56 | 48,288,638.24 | | Shandong Sunstone Innovation Carbon Materials Co., Ltd. | Subsidiary | R&D, production and sales of prebaked anodes | 691,622,549.90 | 3,926,515,834.81 | 1,561,997,442.88 | 2,338,504,834.71 | 157,025,197.66 | 117,602,305.31 | | Yunnan Sunstone Yunlv Carbon Materials Co., Ltd. | Subsidiary | R&D, production and sales of prebaked anodes | 720,000,000.00 | 3,112,448,581.94 | 1,031,613,531.41 | 1,920,630,500.85 | 237,533,711.63 | 201,742,110.24 | [Other Disclosure Matters](index=24&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses various operational risks, including market and raw material price fluctuations, exchange rate risks, accounts receivable recovery risks, safety and environmental risks, overcapacity risks, and trade tariff risks; concurrently, the company actively implemented its 'Quality Improvement, Efficiency Enhancement, and Return' action plan, achieving significant progress in business development, R&D innovation, investor returns, and standardized operations [Potential Risks](index=24&type=section&id=(I)%20Potential%20Risks) The company faces multiple risks, including price fluctuations in prebaked anode products and raw materials, exchange rate volatility, accounts receivable recovery, safety and environmental concerns, overcapacity in prebaked anodes and lithium battery anode materials, and trade tariffs, all of which could adversely affect its operating performance and competitiveness - Prebaked anode product prices are influenced by macroeconomic conditions and industry cycles, with market price fluctuations introducing uncertainty to operating profits[68](index=68&type=chunk) - Price fluctuations of major raw materials like petroleum coke may change significantly in the short term, affecting the company's production costs and operating profits[69](index=69&type=chunk) - As a major export enterprise, fluctuations in the RMB exchange rate against foreign currencies may lead to exchange gains and losses volatility, affecting the company's performance stability[70](index=70&type=chunk) - The lithium battery anode material industry is experiencing rapid capacity expansion, leading to intensified market competition and risks of periodic and structural overcapacity[74](index=74&type=chunk) - Geopolitical conflicts and escalating trade barriers lead to frequent changes in global trade tariff policies, which may increase raw material procurement difficulties, production costs, and reduce product competitiveness[75](index=75&type=chunk) [Other Disclosure Matters](index=25&type=section&id=(II)%20Other%20Disclosure%20Matters) The company actively implemented its 'Quality Improvement, Efficiency Enhancement, and Return' action plan, achieving significant growth in main business production and sales in H1 2025, with new projects progressing steadily; R&D integration led to successful commercialization of new low-zinc anode technology for high-purity aluminum, and a joint venture is planned to industrialize all-iron flow battery technology; the company proposes a cash dividend of **CNY 2.1** per **10** shares and continues to enhance investor relations through ESG reporting and various communication channels - In H1 2025, prebaked anode output increased by **12.23%** year-on-year, and sales by **9.82%**; lithium battery anode product output increased by **84.91%**, and sales by **120.00%**; capacitor product output increased by **3.52%**, and sales by **8.47%**[76](index=76&type=chunk) - The Guangxi 600,000-ton prebaked anode project, Jiangsu Sunstone 320,000-ton prebaked anode project, and overseas joint venture projects are steadily progressing, and the company acquired a portion of minority shareholder equity in the high-quality subsidiary Sunstone Innovation[77](index=77&type=chunk) - New low-zinc anode technology for high-purity aluminum has successfully achieved commercialization, and trial products of low 'iron-carbon' contact voltage drop anodes have been promoted to customers[77](index=77&type=chunk) - The company plans to establish a joint venture with Beijing Beihuada Investment Co., Ltd. and others to further promote the industrialization of all-iron flow battery technology[78](index=78&type=chunk) - The company proposes a 2025 semi-annual profit distribution plan: a cash dividend of **CNY 2.1** (tax inclusive) per **10** shares to all shareholders, totaling **CNY 104,034,936.39** (tax inclusive)[78](index=78&type=chunk) - The company has continuously prepared and disclosed its 'Environmental, Social, and Governance (ESG) Report' for **three** consecutive years and continues to advance energy-saving and emission reduction measures[78](index=78&type=chunk) - The company strengthens investor relations management through multiple channels, including performance briefings, online investor collective reception days, investor hotlines, SSE E-Interaction, and on-site surveys[79](index=79&type=chunk) [Corporate Governance, Environment, and Society](index=27&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Company Directors, Supervisors, and Senior Management](index=27&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company's board of directors and senior management underwent several changes, including Ms. Lang Jing's election as a non-independent director and resignation as CFO, Ms. Zhang Xiawei's appointment as CFO, and Ms. Zhang Hong's election as an independent director following Mr. Zhang Jinchang's resignation - Ms. Lang Jing was elected as a non-independent director of the company's Fifth Board of Directors and serves as a member of the Board's Nomination Committee[81](index=81&type=chunk) - Ms. Lang Jing resigned from her position as Chief Financial Officer on **March 10, 2025**, and continues to serve as the company's Director and President[83](index=83&type=chunk) - Ms. Zhang Xiawei was appointed as the company's Chief Financial Officer[83](index=83&type=chunk) - Independent Director Mr. Zhang Jinchang resigned, and Ms. Zhang Hong was elected as an independent director of the company's Fifth Board of Directors, also serving as the convener of the Board's Audit Committee and a member of the Board's Nomination Committee[82](index=82&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=27&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company proposes a 2025 semi-annual profit distribution plan to pay a cash dividend of **CNY 2.1** (tax inclusive) per **10** shares to all shareholders, totaling **CNY 104,034,936.39**, balancing shareholder returns with sustainable company development - The company's net profit attributable to shareholders of the listed company for H1 2025 was **CNY 523,092,440.06**[85](index=85&type=chunk) - As of June 30, 2025, the parent company's distributable profit was **CNY 1,262,010,517.47**[85](index=85&type=chunk) - The proposed 2025 semi-annual profit distribution plan is: based on the company's total share capital on the dividend record date, a cash dividend of **CNY 2.1** (tax inclusive) per **10** shares will be distributed to all shareholders[85](index=85&type=chunk) - After deducting shares in the special repurchase securities account, the share base eligible for dividends is **495,404,459** shares, resulting in a total cash dividend of **CNY 104,034,936.39** (tax inclusive)[85](index=85&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=28&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company and **10** of its major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and have publicly disclosed environmental data through relevant platforms, demonstrating compliance in environmental governance and information transparency; Hubei Sunstone Carbon Materials Co., Ltd. is in the process of environmental information disclosure - The company and **10** major subsidiaries are included in the list of enterprises required to disclose environmental information by law[86](index=86&type=chunk) - Sunstone Development Co., Ltd., Sunstone Qili Carbon Materials Co., Ltd., Jiayuguan Sunstone Prebaked Anode Co., Ltd., Jiayuguan Sunstone Carbon Materials Co., Ltd., Inner Mongolia Xinyuan Graphene Technology Co., Ltd., Shandong Sunstone Innovation Carbon Materials Co., Ltd., Chongqing Jinqi Carbon Co., Ltd., Yunnan Sunstone Yunlv Carbon Materials Co., Ltd., Gansu Sunstone Shengyuan Carbon Materials Co., Ltd., and others have all disclosed environmental information in accordance with the law[86](index=86&type=chunk)[87](index=87&type=chunk) - Hubei Sunstone Carbon Materials Co., Ltd. is expected to complete its environmental information disclosure by the end of **2025**, as its 1 million-ton new carbon material project has not yet been fully constructed[87](index=87&type=chunk) [Significant Matters](index=30&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=30&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its controlling shareholder, directors, supervisors, senior management, and other related parties have strictly fulfilled all public commitments, including those related to information disclosure accuracy, avoiding horizontal competition, standardizing related-party transactions, asset ownership guarantees, and share lock-up periods, with no instances of unfulfilled commitments - The company, its controlling shareholder, directors, supervisors, and senior management all committed to strictly fulfilling information disclosure responsibilities, ensuring the report is true, accurate, and complete[90](index=90&type=chunk)[93](index=93&type=chunk)[95](index=95&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[102](index=102&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[114](index=114&type=chunk) - Controlling shareholder and actual controller Mr. Lang Guanghui committed to avoiding horizontal competition and reducing and standardizing related-party transactions with the listed company[105](index=105&type=chunk)[129](index=129&type=chunk)[132](index=132&type=chunk) - Mr. Xue Yong committed to avoiding businesses that constitute or may constitute horizontal competition with Sunstone Development, Xinyuan Shares, and other enterprises controlled by them, and to reducing and standardizing related-party transactions[131](index=131&type=chunk)[133](index=133&type=chunk) - The performance commitment party committed that the first phase, first step, 40,000-ton graphitization production line of Inner Mongolia Xinyuan Graphene Technology Co., Ltd. project would reach production no later than **March 31, 2023**, and to assist in fulfilling environmental impact assessment procedures for the second phase project[135](index=135&type=chunk) - Ms. Wang Ping, a shareholder holding over **5%** of shares, committed to the lock-up period and reduction intentions for her shares, and acts as a concerted party with Mr. Lang Guanghui[136](index=136&type=chunk)[137](index=137&type=chunk)[154](index=154&type=chunk) [Illegal Guarantees](index=48&type=section&id=III.%20Illegal%20Guarantees) During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures[8](index=8&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=48&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no instances of unfulfilled court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no adverse integrity issues such as unfulfilled effective court judgments or large overdue debts[138](index=138&type=chunk) [Significant Related-Party Transactions](index=48&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses the company's related-party transactions related to ordinary operations during the reporting period, primarily involving property and vehicle leases, with actual amounts totaling **CNY 490,000** [Related-Party Transactions Related to Ordinary Operations](index=48&type=section&id=(I)%20Related-Party%20Transactions%20Related%20to%20Ordinary%20Operations) The company engaged in ordinary operational related-party transactions with associated parties, including property and vehicle leases, with actual amounts totaling **CNY 490,000** Related-Party Transactions Related to Ordinary Operations | Related-Party Transaction Category | Related Party | Estimated Amount (2025 Annual, CNY 10,000) | Actual Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | | Property Lease | Lang Junhong | 12.00 | 3.00 | | Vehicle Lease | Tianjin Langtong International Trade Co., Ltd. | 46.00 | 46.00 | | Land and Property Lease | Xue Zhanqing | 274.17 | - | | **Total** | / | **332.17** | **49.00** | [Significant Contracts and Their Fulfillment](index=50&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section primarily discloses the company's significant guarantees executed and outstanding during the reporting period, indicating a substantial guarantee balance for subsidiaries, exceeding **100%** of net assets, with some guaranteed entities having high asset-liability ratios [Significant Guarantees Executed and Outstanding During the Reporting Period](index=51&type=section&id=(II)%20Significant%20Guarantees%20Executed%20and%20Outstanding%20During%20the%20Reporting%20Period) During the reporting period, the company's total guarantees for subsidiaries amounted to **CNY 4,204.8 million**, with a period-end guarantee balance of **CNY 7,414.0714 million**, representing **132.83%** of the company's net assets; among these, debt guarantees for entities with an asset-liability ratio exceeding **70%** totaled **CNY 1,702.4406 million** Total Guarantee Amount (Including Guarantees for Subsidiaries) | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Total Guarantees for Subsidiaries Incurred During the Reporting Period | 420,480.00 | | Total Guarantees for Subsidiaries Outstanding at Period-end (B) | 741,407.14 | | Total Guarantees (A+B) | 741,407.14 | | Proportion of Total Guarantees to Company's Net Assets (%) | 132.83 | | Debt Guarantees Provided Directly or Indirectly for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% (D) | 170,244.06 | | Amount of Total Guarantees Exceeding 50% of Net Assets (E) | 462,327.31 | | Total of the Above Three Guarantee Amounts (C+D+E) | 632,571.37 | [Share Changes and Shareholder Information](index=53&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=53&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[150](index=150&type=chunk) [Shareholder Information](index=53&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **37,363** common shareholders; controlling shareholder Mr. Lang Guanghui and his concerted party Ms. Wang Ping were the top two shareholders, collectively holding over **27%** of shares, with a portion of Mr. Lang Guanghui's shares pledged - As of the end of the reporting period, the total number of common shareholders was **37,363**[151](index=151&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Pledge, Mark, or Freeze Status - Share Status | Pledge, Mark, or Freeze Status - Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lang Guanghui | 82,434,966 | 16.55 | 0 | Pledged | 38,230,000 | Domestic Natural Person | | Wang Ping | 56,053,012 | 11.25 | 0 | Unknown | / | Domestic Natural Person | | Ningbo Ningju Asset Management Center (Limited Partnership) - Ningju Yingshanhong No. 3 Private Securities Investment Fund | 27,100,000 | 5.44 | 0 | Unknown | / | Other | | GF Bank Co., Ltd. - Guotai Juxin Value Advantage Flexible Allocation Mixed Securities Investment Fund | 6,700,000 | 1.35 | 0 | Unknown | / | Other | | Hong Kong Securities Clearing Company Limited | 5,366,758 | 1.08 | 0 | Unknown | / | Other | | Shanghai Kehui Equity Investment Center (Limited Partnership) | 5,268,906 | 1.06 | 0 | Unknown | / | Other | | Zhu Qing | 5,039,600 | 1.01 | 0 | Unknown | / | Domestic Natural Person | | Hangzhou Zhongcai Yanda Equity Investment Co., Ltd. | 4,151,090 | 0.83 | 0 | Unknown | / | Domestic Non-State-Owned Legal Person | | Wang Zhini | 3,418,300 | 0.69 | 0 | Unknown | / | Domestic Natural Person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 Exchange Traded Open-end Index Securities Investment Fund | 3,202,204 | 0.64 | 0 | Unknown | / | Other | - Mr. Lang Guanghui and Ms. Wang Ping have signed a 'Concerted Action and Voting Rights Entrustment Agreement' and are concerted parties[154](index=154&type=chunk) [Bond-Related Information](index=56&type=section&id=Section%207%20Bond-Related%20Information) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=56&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company did not issue or hold any corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[157](index=157&type=chunk) [Convertible Corporate Bonds](index=56&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[157](index=157&type=chunk) [Financial Report](index=57&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=57&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Financial Statements](index=57&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for H1 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows - Includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[159](index=159&type=chunk)[163](index=163&type=chunk)[167](index=167&type=chunk)[171](index=171&type=chunk)[175](index=175&type=chunk)[179](index=179&type=chunk)[181](index=181&type=chunk)[189](index=189&type=chunk) [Company Basic Information](index=80&type=section&id=III.%20Company%20Basic%20Information) Sunstone Development Co., Ltd. was restructured in **2010** and listed on the Shanghai Stock Exchange in **2017**, primarily engaging in R&D, production, and sales of prebaked anodes, lithium battery anode materials, and film capacitors, with its consolidated scope including the parent company and **24** subsidiaries - Sunstone Development Co., Ltd. was restructured from Sunstone Development Co., Ltd. in **December 2010** and listed on the Shanghai Stock Exchange on **July 18, 2017**, with stock code **603612**[193](index=193&type=chunk) - The company's registered capital is **CNY 498,104,459**, and its legal representative is Lang Jing[193](index=193&type=chunk) - The company's main business involves the R&D, production, and sales of prebaked anodes, lithium battery anode materials, and film capacitors[193](index=193&type=chunk) - The company's consolidated scope during the reporting period includes the parent company, Sunstone Development Co., Ltd., and **24** subsidiaries[194](index=194&type=chunk) [Basis of Financial Statement Preparation](index=80&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, confirming its ability to continue operations for at least **12** months from the reporting period-end, with no significant impacting matters - The company's financial statements are prepared on a going concern basis[195](index=195&type=chunk) - The company has the ability to continue as a going concern for at least **12** months from the end of the reporting period, with no significant matters affecting its going concern ability[196](index=196&type=chunk) [Significant Accounting Policies and Estimates](index=80&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including compliance with accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, financial instruments, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, R&D expenses, impairment of long-term assets, contract liabilities, employee benefits, provisions, share-based payments, revenue, government grants, deferred tax assets/liabilities, and leases - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[198](index=198&type=chunk) - The accounting year is from **January 1** to **December 31** of the Gregorian calendar, the operating cycle is **12** months, and the functional currency is RMB[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk) - Financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, with detailed explanations of recognition criteria, measurement methods, derecognition, and impairment testing methods[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, distinguishing between performance obligations satisfied over time or at a point in time[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk) - Fixed assets are depreciated using the straight-line method, intangible assets with finite useful lives are amortized using the straight-line method, and R&D expenses are divided into research phase (expensed) and development phase (capitalized when conditions are met)[237](index=237&type=chunk)[244](index=244&type=chunk)[248](index=248&type=chunk) [Taxation](index=105&type=section&id=VI.%20Taxation) This section details the company's and its subsidiaries' main tax categories and applicable rates, including VAT, urban maintenance and construction tax, and corporate income tax; the company and several subsidiaries enjoy a **15%** corporate income tax preferential rate due to their designation as high-tech enterprises or location in western development regions Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Payable on the difference between output tax and deductible input tax | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 15% | - Sunstone Development Co., Ltd. is recognized as a high-tech enterprise, applying a **15%** corporate income tax rate[284](index=284&type=chunk) - Subsidiaries Jiayuguan Sunstone Prebaked Anode Co., Ltd., Jiayuguan Sunstone Carbon Materials Co., Ltd., Yunnan Sunstone Yunlv Carbon Materials Co., Ltd., Gansu Sunstone Shengyuan Carbon Materials Co., Ltd., Inner Mongolia Xinyuan Graphene Technology Co., Ltd., and Longxi Sunstone Carbon Materials Co., Ltd. fall within the scope of the 'Catalogue of Encouraged Industries in Western Regions' and enjoy a **15%** preferential corporate income tax rate[284](index=284&type=chunk) - Subsidiaries Sunstone Qili Carbon Materials Co., Ltd. and Foshan Xinyuan Electronics Co., Ltd. are recognized as high-tech enterprises, applying a **15%** corporate income tax rate[284](index=284&type=chunk)[285](index=285&type=chunk) [Notes to Consolidated Financial Statement Items](index=107&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures for each item in the company's consolidated financial statements, including cash and bank balances, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, goodwill, short-term borrowings, long-term borrowings, operating revenue and costs, investment income, fair value change gains, credit impairment losses, and asset impairment losses, with explanations of period-end balances, reasons for changes, and accounting treatments - The period-end balance of cash and bank balances was **CNY 1,591,401,371.59**, of which restricted cash and bank balances amounted to **CNY 280,225,543.84**, primarily for deposits[287](index=287&type=chunk) - The period-end carrying amount of accounts receivable was **CNY 2,495,840,068.25**, with a bad debt provision of **CNY 122,853,009.04**[300](index=300&type=chunk) - The period-end carrying amount of inventories was **CNY 3,920,129,612.32**, with an inventory impairment provision of **CNY 64,155,125.03**, mainly comprising raw materials, work-in-progress, finished goods, semi-finished goods, and goods in transit[333](index=333&type=chunk) - The period-end carrying amount of fixed assets was **CNY 6,905,365,522.00**, primarily consisting of buildings, machinery and equipment, and industrial kilns[347](index=347&type=chunk) - The period-end carrying amount of construction in progress was **CNY 582,136,975.51**, with major projects including the 1 million-ton new carbon material project and the Tiandong Baikuang 600 kt/a prebaked anode carbon project[354](index=354&type=chunk) - The period-end original carrying amount of goodwill was **CNY 771,213,076.41**, with impairment provisions of **CNY 755,105,669.85** already made, primarily arising from the acquisition of Foshan Xinyuan Electronics Co., Ltd.[367](index=367&type=chunk)[369](index=369&type=chunk) - The period-end balance of short-term borrowings was **CNY 3,892,779,811.46**, and the period-end balance of long-term borrowings was **CNY 3,831,074,271.10**[387](index=387&type=chunk)[410](index=410&type=chunk) - Current period operating revenue was **CNY 8,306,421,528.09**, and operating cost was **CNY 6,938,880,750.64**[429](index=429&type=chunk) - Current period investment income was **CNY -14,984,885.48**, primarily consisting of losses from discounting notes receivable and investment income from the disposal of other non-current financial assets[442](index=442&type=chunk) - Current period gains from changes in fair value were **CNY 2,944,898.74**, mainly from other non-current financial assets[444](index=444&type=chunk) - Current period credit impairment losses were **CNY -5,966,895.54**, and asset impairment losses were **CNY -70,628,029.74**, primarily due to inventory write-downs in the anode business[446](index=446&type=chunk)[447](index=447&type=chunk) [R&D Expenses](index=163&type=section&id=VIII.%20R%26D%20Expenses) The company's total R&D expenses for H1 2025 amounted to **CNY 76,811,125.14**, all of which were expensed, primarily comprising direct materials and employee compensation R&D Expenses by Nature of Expense for H1 2025 | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 16,370,077.41 | 13,279,680.78 | | Direct Materials | 53,799,963.62 | 51,038,822.90 | | Fuel and Power | 1,197,498.05 | 2,426,604.60 | | Depreciation and Amortization | 3,507,965.23 | 3,429,699.99 | | Maintenance Expenses | 1,062,385.62 | 1,128,654.52 | | Travel Expenses | 123,060.31 | 157,387.32 | | Office Expenses | 34,821.67 | 38,172.67 | | Technical Service Fees | 32,469.81 | 10,130,097.09 | | Other R&D Expenses | 682,883.42 | 2,287,080.26 | | **Total** | **76,811,125.14** | **83,916,200.13** | | Of which: Expensed R&D Expenses | 76,811,125.14 | 73,916,200.13 | | Capitalized R&D Expenses | / | 10,000,000.00 | [Changes in Consolidation Scope](index=164&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope did not change due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - There were no business combinations not involving entities under common control in the current period[469](index=469&type=chunk) - There were no business combinations involving entities under common control in the current period[471](index=471&type=chunk) - There were no reverse acquisitions in the current period[472](index=472&type=chunk) - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[472](index=472&type=chunk) [Interests in Other Entities](index=167&type=section&id=X.%20Interests%20in%20Other%20Entities) During the reporting period, the company held interests in **24** subsidiaries across manufacturing and trade, with several non-wholly-owned subsidiaries significantly impacting financial performance; the company further consolidated control over Shandong Sunstone Innovation Carbon Materials Co., Ltd. through additional equity acquisition [Interests in Subsidiaries](index=167&type=section&id=1.%20Interests%20in%20Subsidiaries) The company owns **24** subsidiaries primarily engaged in prebaked anode production and trade, with non-wholly-owned subsidiaries such as Jiayuguan Sunstone Prebaked Anode, Shandong Sunstone Innovation Carbon Materials, and Yunnan Sunstone Yunlv Carbon Materials significantly contributing to the company's net profit - The company owns **24** subsidiaries, including Linyi Sunstone International Industrial and Trade Co., Ltd., Jiayuguan Sunstone Prebaked Anode Co., Ltd., Sunstone Hong Kong Materials Co., Ltd., Jiayuguan Sunstone Carbon Materials Co., Ltd., Shandong Sunstone Innovation Carbon Materials Co., Ltd., Yunnan Sunstone Yunlv Carbon Materials Co., Ltd., Hubei Sunstone Carbon Materials Co., Ltd., and Foshan Xinyuan Electronics Co., Ltd.[473](index=473&type=chunk)[474](index=474&type=chunk) - The directors appointed by the company hold controlling voting rights on the board of directors, enabling them to control the financial and operating policies of the investee entities[474](index=474&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiaries (Current Period Amounts) | Subsidiary Name | Minority Shareholding Proportion (%) | Current Period Profit or Loss Attributable to Minority Shareholders (CNY) | Current Period Dividends Declared to Minority Shareholders (CNY) | Period-end Minority Interest Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Jiayuguan Sunstone Prebaked Anode Co., Ltd. | 3.52 | 3,546,440.03 | 2,109,840.00 | 27,287,257.28 | | Jiayuguan Sunstone Carbon Materials Co., Ltd. | 3.52 | 3,777,617.02 | 3,517,600.00 | 32,749,198.37 | | Shandong Sunstone Innovation Carbon Materials Co., Ltd. | 37.26 | 57,199,905.38 | 22,797,865.58 | 582,015,111.10 | | Sunstone Qili Carbon Materials Co., Ltd. | 20.00 | 6,704,093.78 | / | 96,198,953.11 | | Yunnan Sunstone Yunlv Carbon Materials Co., Ltd. | 35.00 | 70,609,738.58 | / | 360,324,762.28 | | Longxi Sunstone Carbon Materials Co., Ltd. | 19.78 | 7,951,515.68 | / | 63,928,160.45 | | Hubei Sunstone Carbon Materials Co., Ltd. | 35.00 | 3,931,056.73 | / | 150,404,058.69 | | Foshan Xinyuan Electronics Co., Ltd. | 0.18 | -87,257.84 | / | 338,369.24 | | Chongqing Jinqi Carbon Co., Ltd. | 40.29 | 18,389,900.09 | / | 138,972,479.72 | [Transactions Where the Share of Owners' Equity in Subsidiaries Changes While Control is Retained](index=172&type=section&id=2.%20Transactions%20Where%20the%20Share%20of%20Owners'%20Equity%20in%20Subsidiaries%20Changes%20While%20Control%20is%20Retained) The company's wholly-owned subsidiary, Linyi Industrial and Trade, acquired a **23.97%** stake in Shandong Sunstone Innovation Carbon Materials Co., Ltd. from Dongfang Asset, increasing the company's shareholding in the subsidiary and resulting in an adjustment to capital reserve of **CNY 110,312,398.58** - In the current period, Linyi Industrial and Trade acquired a **23.97%** equity stake in Shandong Sunstone Innovation Carbon Materials Co., Ltd. from Dongfang Asset[480](index=480&type=chunk) Impact of Transaction on Minority Interests and Equity Attributable to Parent Company Owners | Item | Amount (CNY) | | :--- | :--- | | Purchase Cost/Disposal Consideration (Cash) | 470,000,000.00 | | Less: Share of Subsidiary's Net Assets Calculated Based on Acquired/Disposed Equity Proportion | 359,687,601.42 | | **Difference** | **110,312,398.58** | | Of which: Adjustment to Capital Reserve | 110,312,398.58 | [Government Grants](index=173&type=section&id=XI.%20Government%20Grants) During the reporting period, the company received new government grants of **CNY 3 million** and recognized a total of **CNY 9,309,013.38** in government grants into current profit or loss, with asset-related grants accounting for a larger proportion; the period-end deferred income still includes **CNY 96,996,927.98** in asset-related government grants Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (CNY) | Current Period New Grant Amount (CNY) | Current Period Amount Recognized in Non-operating Income (CNY) | Current Period Transferred to Other Income (CNY) | Current Period Other Changes (CNY) | Period-end Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 100,344,335.03 | 3,000,000.00 | / | 6,347,407.05 | / | 96,996,927.98 | Asset-Related | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Asset-Related | 6,347,407.05 | 5,742,151.73 | | Income-Related | 2,961,606.33 | 7,759,328.22 | | **Total** | **9,309,013.38** | **13,501,479.95** | [Risks Related to Financial Instruments](index=174&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks (including interest rate and exchange rate risks) in its operations; these risks are managed through stringent customer credit assessments, ample cash reserves, and hedging instruments to balance risk and return, maximizing shareholder interests [Risks of Financial Instruments](index=174&type=section&id=1.%20Risks%20of%20Financial%20Instruments) The company faces credit, liquidity, and market risks (interest rate, exchange rate, and other price risks); these are managed by assessing customer credit, contract management, maintaining sufficient cash and equivalents, monitoring bank borrowings, and potentially using interest rate swaps and forward foreign exchange contracts - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks) in its operations[484](index=484&type=chunk) - Credit risk primarily arises from cash and bank balances, notes receivable, accounts receivable, accounts receivable financing, etc., and is controlled through customer financial and credit status investigations, contract management, and other methods[485](index=485&type=chunk) - Liquidity risk is managed by maintaining and monitoring sufficient cash and cash equivalents[486](index=486&type=chunk) Undiscounted Contractual Cash Flows of Financial Liabilities by Maturity as of June 30, 2025 | Item | Period-end Balance (CNY) | Within 1 Year (CNY) | 1-2 Years (CNY) | 2-5 Years (CNY) | Over 5 Years (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 3,892,779,811.46 | 3,892,779,811.46 | / | / | / | | Notes Payable | 24,200,000.00 | 24,200,000.00 | / | / | / | | Accounts Payable | 1,585,862,497.62 | 1,585,862,497.62 | / | / | / | | Other Payables | 137,320,434.39 | 137,320,434.39 | / | / | / | | Other Non-current Liabilities Due Within One Year | 1,489,320,448.14 | 1,489,320,448.14 | / | / | / | | Long-term Borrowings | 3,831,074,271.10 | / | 1,743,168,325.76 | 1,837,551,486.72 | 250,354,458.62 | | Long-term Payables | 66,666,666.67 | / | 66,666,666.67 | / | / | | Lease Liabilities | 39,118,027.43 | / | 5,197,550.16 | 33,920,477.27 | / | | **Total** | **11,066,342,156.81** | **7,129,483,191.61** | **1,815,032,542.59** | **1,871,471,963.99** | **250,354,458.62** | - Interest rate risk is managed by determining the proportion of fixed-rate and floating-rate instruments, and potentially using interest rate swaps for hedging; exchange rate risk primarily arises from USD-denominated financial assets and liabilities, managed by monitoring foreign currency transactions and asset-liability scales, and potentially signing forward foreign exchange contracts or currency swap agreements to mitigate[489](index=489&type=chunk)[490](index=490&type=chunk) [Transfer of Financial Assets](index=176&type=section&id=3.%20Transfer%20of%20Financial%20Assets) The company transfers financial assets through endorsement or discounting of bills, resulting in derecognition for accounts receivable financing but not for notes receivable, indicating retention of some risks and rewards; financial assets derecognized due to transfer in the current period totaled **CNY 1,781,781,156.60**, generating a gain or loss of **CNY -14,685,841.07** Classification of Financial Asset Transfer Methods | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (CNY) | Derecognition Status | Basis for Derecognition Judgment | | :--- | :--- | :--- | :--- | :--- | | Bill Endorsement or Discounting | Notes Receivable | 138,598,862.72 | Not derecognized | Neither transferred nor retained substantially all risks and rewards | | Bill Endorsement or Discounting | Accounts Receivable Financing | 1,781,781,156.60 | Derecognized | Transferred substantially all risks and rewards | | **Total** | / | **1,920,380,019.32** | / | / | Financial Assets Derecognized Due to Transfer | Item | Method of Financial Asset Transfer | Amount of Derecognized Financial Assets (CNY) | Gains or Losses Related to Derecognition (CNY) | | :--- | :--- | :--- | :--- | | Bank Acceptance Bills | Endorsement or Discounting | 1,779,031,884.30 | -14,685,841.07 | | Accounts Receivable Creditor Certificates | Endorsement or Discounting | 2,749,272.30 | / | | **Total** | / | **1,781,781,156.60** | **-14,685,841.07** | Transferred Financial Assets with Continuing Involvement | Item | Asset Transfer Method | Amount of Assets Arising from Continuing Involvement (CNY) | Amount of Liabilities Arising from Continuing Involvement (CNY) | | :--- | :--- | :--- | :--- | | Bank Acceptance Bills | Endorsement or Discounting | 135,223,386.80 | 135,223,386.80 | | Commercial Acceptance Bills | Endorsement or Discounting | 3,375,475.92 | 3,375